If Mary Shelly were around today, she might have a cause of action against the Federal Reserve for copyright infringement. The Fed has stolen the storyline Shelly’s 1818 gothic novel, Frankenstein, The Modern Prometheus. The case against the Fed’s criminal usurpation of intellectual property is strong; any schoolboy would see the obvious plagiarism, including the plot, the central characters, and even some of the dialog of the original science fiction horror story. Here is a summary of the plaintiff’s brief of the case:
A prominent alchemist living in the Washington DC area, Dr. Alan Greenspan, frustrated by his inability to turn lead into gold, turns to economics to find fame and for-tune. Economists have a much easier task than metallurgists or other scientists that must deal with laws of physics. Greenspan reasoned, ‘Economists can just make up their ‘laws’ out of whole cloth; intuition and whimsy are much easier to document than any scientific experiment. I’ll just have to mumble, to make it difficult for others to truly understand what I am saying.’
So, to reach his altruistic goal of prosperity for all US citizens, Dr. Greenspan decided to create a benevolent protg, The Modern Prometheus, out of a sleepy quasi-government agency, The Federal Reserve. By cobbling together a few cast-off, and defunct economic policies, many taken verbatim from an ancient tome written by J. M Keynes, the eccentric Dr. G. patches together a snip of low interest rate, a massive chunk of long term bonds, marinated in a special sauce which he called ‘ Phillips Curve Elixir and Healing Tonic’. At the critical moment, Dr. Greenkenstein pulls the lever sending a massive electrical charge through his ‘creature’, that twitches, then opens his yellow eyes, causing the Dr. to shout ‘It’s alive!’ The creature grows taller and more massive when Dr. G. feeds it billions of long term bonds each month, eventually reaching $4 Trillion in the weighty, long term assets.
This post was published at Gold-Eagle on September 3, 2014.