I.O.U.S.A., I Want a Refund

I.R.I.P.O.F.F.U.S.A.

After the conclusion of the film, the premier’s rather schizophrenic benediction was staged by panelists Walker, Peterson, billionaire investor Warren Buffet, chairman William Niskanen of the pro-Fed CATO Institute, and some hack from AARP. In their best ‘Ah Shucks, folks’ corn pone delivery, they told their assembled Omaha audience (and the multitudes in theaters coast-to-coast, struggling both to keep awake and their dinners down) that the scary bad old film really didn’t mean it. Everything is really alright with the U.S.A. We’ve been in tight scrapes before and we always pulled through. Americans simply must save more and spend less. We need to tighten our belts and cut out all that nasty partisanship in Congress. I kept waiting for Mickey Rooney, Judy Garland, and the Andrew Sisters to rush onstage and break out in a chorus of Zip-A-Dee-Doo-Dah! Nothing was ever said about our draconian welfare-warfare state, its American Empire based in 130 countries, and their sinister symbiotic relationship with their enablers, the Federal Reserve, the real source of the problem supposedly addressed in the film. But then no one ever expected them to either.

The I.O.U.S.A. Scam

Writes Tim Moore: “The initial impression of this circus was somewhat promising, until the marquee lit up. The farcical exhibit was nothing more than a marketing vehicle in brand recognition for Peterson, Walker, and Novelli. All of whom are fully involved in the ServiceNation national servitude movement and their upcoming summit in NYC on Sept. 11/12. As expected, McBama will be headlining and any reference to the memory hole will be obliterated.”

Movie: Save the State

Writes Keith Mercer: “I just read the posts about IOUSA. I am quite familiar with Bonner and Wiggins work and went to see the film because they were involved. I was quite disappointed, not so much surprised, but disappointed.

“It started out OK with an amusing clip with Steve Martin.

“There was also an unintentionally amusing part later. They portrayed Bill Clinton as an heroic, paragon of fiscal responsibility, which caused a significant portion of the theater to literally laugh out loud.

“The theme for the movie can be summed up in one section. We are told that Eisenhower forced the British to leave the Suez Canal by threatening to trash their currency. The British had to comply because they were dependent on us to finance their debt. Then we were told in an ominous tone, that many historians consider that moment to be the end of the British empire.

“The message of the movie is clear. The state is in trouble and it is time for all good Americans to come to its aid by paying more taxes and saving more money, by force if need be.

“We were shown clips from the 40’s of various celebrities encouraging Americans to buy bonds. We were told that our parents and grandparents faced similar crisis and pulled together to pay higher taxes and buy govt. bonds.

“In case anyone missed it, the point was driven home several times during the panel discussion, which was worse than the movie. We were told repeatedly by Buffett that we don’t pay enough taxes. And the idea of forced savings was received warmly.

“When the event was over, my impression was that they are all statists and they are all in a panic because the state is in trouble and they want us to save it.”

Tim Moore notes how the some of the same people responsible for I.O.U.S.A. are also coalition members and sponsers of Service Nation.

He links to blog of bile too which is nice to see. In a weeks time we get plugged on FTL, Stefan Molyneux trying to log into blog of bile the other day (i’m assuming, username attempted was ‘freedomainradio’ and ’stefbot’ and they came from Canada, the login IP wasn’t in my visitor log oddly enough) and linked from one of the highest ranked libertarian blogs available.

By the guy that brought you Wordplay.

Looks good. I enjoy that some people are calling it ‘The Inconvenient Truth.’ Looks like Ron Paul supporters are generally in agreement that it’s worth seeing. From what I can gather it’s a bit on the simplistic side. Not in that it fails to go into economic theory but that it fails to show the whole picture and connect all the dots. Do they explain the Federal Reserve? Why it truly exists? How its used? How it led to what the movie’s about? I suppose it’s a start.

Update:

Looks like I was right. From Stephen Fairfax over at the LewRockwell.com blog:

I.O.U.S.A., I Want a Refund

The film was billed as inspired by Empire of Debt, but it is an extraordinarily poor and biased rendering of a very good book. While Bonner and Wiggins provided a thoughtful and entertaining exposition of the entire problem of excessive debt and credit, the movie focussed entirely on government debt.

…

The notion that government is the source of this problem and unlikely to be the solution was never raised. The book made this point clear, the movie carefully ignored it. The movie focussed exclusively on the problems of paying this government debt; the book explored other, more realistic options, such as repudiation and inflation. The book explored the enormous malinvestments, misallocation of resources, folly, and harm caused by the same policies that allow such a monstrous pyramid of debt and credit to be created in the first place. The movie studiously ignored any mention of the harm these policies have caused to civil society.