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Monthly Newsletter - January 2016

Banknotes

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Did “Tight” Fed Policy Cause the Financial Crisis?DECEMBER16,2015—RobertP.Murphy

RecentlySenatorTedCruzaggressivelyquestionedJanetYellen on the Fed’s possible role in causingthe financial crisis and subsequent recession. Inparticular,heclaimedthat“inthesummerof2008”theFed“toldmarketsthatitwasshiftingtoatightermonetary policy,” and that this announcement “setoffascrambleforcash,whichcausedthedollar tosoar, asset prices to collapse, and CPI [growth—RPM] to fall below zero, which set the stage forthe crisis.” Cruz asked Yellen if she agreed withBernanke’s view from his new book, in which hesaystheFedmadeamistakebynotcuttingratesinSeptember2008.

In response, Yellen at first seemed befuddled byCruz’slineofinquiry.Shesaidthatwithoutfurtherreviewshewasn’tgoingtosecond-guessBernanke’sopinionthattheFedshould’vecutratessooner.Butshewas quite sure that the Fed’s possibly delayedreactiondidn’tcausethefinancialcrisis,andinanyevent,YellenremindedCruzthatbyDecember2008the Fed had cut the federal funds rates down to 0percent.

Several prominent “Market Monetarists” (such asScott Sumner and David Beckworth) applaudedCruz’sposition,becauseitdovetailsnicelywiththeirexplanationthatitwasactuallytheFed’sincrediblytightmonetarypolicythatwasultimatelyresponsiblefor the financial crisis and the Great Recession.In their view, “real factors” such as the collapsinghousing market may have generated a run-of-the-millrecession,butitwasFedtimiditythatturnedit

intotheworsteconomysincethe1930s.

The Market Monetarists chose their name out ofdeference to their intellectual heritage, namely themonetarism ofMilton Friedman. Just as Friedmanand Schwartz overturned the traditionalKeynesianexplanationoftheGreatDepression,byarguingthatitwasFedinactionintheearly1930sthatmadethedepressionGreat,sotoodoSumneretal.inourtimesaythatitwas“tightmoney”thatultimatelycausedtheGreatRecession.

The Fed Dunnit, But Through Tight or Easy Money?

Ironically,manyfansofthefreemarketareattractedtoFriedman’sexplanationoftheGreatDepression,and the modernMarketMonetarist explanation oftheGreatRecession,because thesehypothesesstillblamegovernmentandexoneratecapitalism.Yetintheinterestofaccuracyandintellectualhonesty,wehave to ask: Do these explanations actually makesense?

ThestandardAustrianviewisarguablytheopposite oftheFriedmanite/MarketMonetaristviews.RatherthanblamingtheFedfor“tightmoney”intheearly1930sandthenagainin2008,theorthodoxAustriansays that the Fed caused unsustainable boomsthrough“easymoney”inthe1920sandinthe2000s.

For more specifics, the interested reader shouldconsultthislectureatMisesUniversitywhereIsketchthedifferentapproachestotheGreatDepression.Fora longer treatmenthere isMurrayRothbard’sbookonthecausesofthe1929crashandHoover’sroleinstartingtheGreatDepression.

Regarding the housing bubble of our time, here isMark Thornton’s prescient 2004 mises.org article.

http://www.infinitebanking.org/banknotes/

BankNotes -NelsonNash’sMonthlyNewsletter-January2016

2www.infinitebanking.org [email protected]

AndalthoughIcertainlyhavenotbeenNostradamusat every turn, in the fall of 2007 (ayearbefore thecrisis)onthesepagesIusedAustrianbusinesscycletheorytowarnthattheUSwasinstoreforarecessionthatcouldbetheworstindecades.

Does Cruz’s Story Make Sense?

For a detailed critique of the Market Monetaristapproach from anAustrian perspective, see ShawnRitenour’s2013article.Forourpurposesinthepresentpiece,letmetryadifferentapproachtoshowcasetheweaknessoftheapproach.

Remember, Ted Cruz told Janet Yellen that in thesummer of 2008, the “Fed toldmarkets that itwasshifting to a tightermonetary policy,” and that thisis what ultimately caused the financial crisis a fewmonthslater.Inotherwords,Cruzisnot blaming“realforces”suchasanunsustainablecapitalstructureandthe need to reallocate resources after the housingbubble.Instead,CruzisblamingtheFedforshiftingexpectationsinawaythatincreasedthedemandformoney, and then not providing themarketwith themoneyitsodesperatelywanted.

Inorder todemonstratehowemptythisexplanationis,belowIwillreproducethreedifferentFedpolicystatements.Twoofthestatementshadnonoticeableeffectonmarkets.However,oneoftheFedstatementsbelowcomesfromthesummerof2008,andso(ifCruzisright)isresponsibleforcreatingaglobalfinancialpanicandtheworsteconomysincethe1930s.

Somyquestionforthereader:CanyoutellwhichofthefollowingthreeFedstatementswastheoneCruzis referring to?Which of the below caused globalpanic,andwhichtwodidinvestorsshrugoff?Ihavestrippedoutthelevelofinterestratesandafewkeyphrases tokeep thingsambiguousabout thedateoftheannouncement,butnotinawaythatchangesthetone of the three Fed statements as they originallyappearedtomarkets.

FedStatement#1:

TheFederalOpenMarketCommitteedecidedtodaytokeepitstargetforthefederalfundsrateat_____percent.

Economicgrowthhasmoderatedfromitsquitestrongpace earlier this year, partly reflecting a gradualcoolingof_______________andthelaggedeffectsofincreasesininterestratesandenergyprices.

Readingsoncoreinflationhavebeenelevatedinrecentmonths,andthehighlevelsofresourceutilizationandof thepricesofenergyandothercommoditieshavethepotentialtosustaininflationpressures.However,inflationpressuresseemlikelytomoderateovertime,reflecting contained inflation expectations and thecumulative effects of monetary policy actions andotherfactorsrestrainingaggregatedemand.

Nonetheless, the Committee judges that someinflationrisksremain.Theextentand timingofanyadditional firming that may be needed to addresstheseriskswilldependontheevolutionoftheoutlookforbothinflationandeconomicgrowth,asimpliedbyincominginformation.

FedStatement#2:


Recent information indicates that overall economicactivity continues to expand, partly reflecting somefirming in household spending. However, labormarketshavesoftenedfurtherandfinancialmarketsremain under considerable stress. Tight creditconditions,theongoing____________,andtherisein energy prices are likely to weigh on economicgrowthoverthenextfewquarters.

The Committee expects inflation to moderate laterthis year and next year. However, in light of thecontinuedincreasesinthepricesofenergyandsomeother commodities and the elevated state of someindicatorsofinflationexpectations,uncertaintyabouttheinflationoutlookremainshigh.

The substantial easing of monetary policy to date,combined with ongoing measures to foster marketliquidity, should help to promote moderate growthovertime.Althoughdownsideriskstogrowthremain,they appear to have diminished somewhat, and theupside risks to inflation and inflation expectations


BankNotes -NelsonNash’sMonthlyNewsletter-January2016have increased. The Committee will continue tomonitor economic and financial developments andwillactasneeded topromotesustainableeconomicgrowthandpricestability.

FedStatement#3:


Recentindicatorshavebeenmixedandtheadjustmentin the ______ sector is ongoing. Nevertheless, theeconomy seems likely to continue to expand at amoderatepaceovercomingquarters.

Recentreadingsoncoreinflationhavebeensomewhatelevated. Although inflation pressures seem likelyto moderate over time, the high level of resourceutilizationhasthepotentialtosustainthosepressures.

Inthesecircumstances,theCommittee'spredominantpolicyconcernremainstheriskthatinflationwillfailtomoderate as expected. Future policy adjustmentswill depend on the evolution of the outlook forboth inflation and economic growth, as implied byincominginformation

Scoring the Test

How did you do? I intentionally picked three Fedstatementswhere the initial announcementwas thatthe target interest rate was the same, so that any“signal”about loosenessor tightnesswouldhave tobeinferredfromtheirdiscussionofthefuture.Couldyoutellwhichtwooftheaboveannouncementswereinnocuous,andwhichonesignaledanewtightmoneystance that caused a global financial crash not seensincethe1930s?

The answers are thatStatement 1was fromAugust2006,Statement2wasfromJune2008,andStatement3wasfromMarch2007.Doesitreallysoundplausiblethat the middle statement above was provocativeenoughtocauseLehmanBrotherstofailandamajormoneymarketfundto“breakthebuck”afewmonthslater?

Conclusion

It has been said that inAustrian theory “monetary

factorscausethecyclebutrealphenomenaconstituteit.” In his canonical treatment, Ludwig von Misescertainly admitted that the commercial banks —throughtheirpoliciesofcreditcontractionandinterestratemovements—couldinfluencetheprecisetimingof a crash. However, once an unsustainable boomwas underway, a crash was inevitable. It would befoolish to think that a recessionwas duemerely totheunwillingnessofbankstocontinuewithmonetaryinflationandartificiallylowinterestrates.

Ted Cruz and the Market Monetarists are right toblame the Fed for the financial crisis, but they arefocusingonthewrongend.TherealproblemwastheFed’s inflationoftheearlyandmid-2000sthatfueledthehousingbubbleandrelatedmalinvestments.

Yes,afteracredit-fueledboom,theprecisetimingofthecrashwillprobablyoccurwhenthecentralbank“tightens.”Yetthathardlymeanstherecessionisthefaultoftimidity.Ultimately,theonlywaytopreventpainfulbusts is toavoid thepleasurablebooms thatprecedethem.

Comment by R. Nelson Nash – This article first appeared in Mises Daily. We are proud to have Robert P. Murphy, PhD as one of the Directors of The Nelson Nash Institute.

Bubble Watch: No-Down-Payment Jumbo Mortgage Makes a Comeback byPaul-MartinFoss

December11,2015

AcreditunioninSanFranciscoisofferinga$2million,nodownpaymentmortgage loan toborrowers.Andwhile this is being offered by a credit union, creditunions of necessity being more cautious lendersthan banks, and the credit union will no doubt vetpotential borrowers very carefully, what could bemoreindicativeofabubblethananodownpayment,adjustable rate jumbo loan? Sure, this may not beaNINJA loan, but it's being offered because of thehugeamountofeasymoneypumpedintothefinancialsystembytheFederalReserve.



No, "Big Data" Can’t Predict the FuturePerBylundDecember7,2015

WithGoogle’sdominanceintheonlinesearchenginemarketweenteredtheAgeofFree.Indeed,servicesofferedonlinearenowadaysexpectedtobeofferedatnocost.Which,ofcourse,doesnotmeanthat there

SanFrancisco'srealestatemarketiswidelyregardedasbeinginabubble,boostedbythemoneyflowingintothetechindustry.Thetechindustry,ofcourse,isalsoregardedasbeingitsownbubble,broughtaboutby the massive amounts of money poured into thefinancialsystembytheFederalReserveinresponsetothe2008financialcrisis.WiththeFedpossiblyonthecuspofraisingrates,onehastowonderhowmuchlongerthetechbubblewilllast.Theamazinglyhugevaluations of tech companies that, even years intotheiroperations, haveyet tomakeprofits anywhereclose to projections (assuming they’re in the blackatall)pointtoinjectionsofmassiveamountsofeasymoney.

Intheageofzerointerestrates,investorsaredesperateforareturn,andthushavecreatedDotcom2.0.Whenthetechbubbleeventuallycollapses,theSanFranciscohousingmarketwillgodownwithit.Borrowerswhothoughtthattheirbigtechpayoutswouldmeanthata$2millionmortgagewouldbenobigdealtopayoffwillfind themselves ina toughspot.Andwithverylittle equity in their house, the temptation to walkawayfromtheirmortgageswillbeimmense.Allthemoney flowing into real estate in recent yearsmayhavefinancialinstitutionsthinkingthingsareA-OK,but jumbo loansaren’ta foolproofbet.Richpeopledefaulttoo,solet’shopethecredituniondoesagoodjobinvettingtherecipientsofitsloans.

FromtheCarlMengerCenter.

Comment by R. Nelson Nash – The “fool’s paradise”continues! The day of reckoning will appear. It is the inevitable result of putting confidence in the demi-gods of the banking industry. The obvious remedy is to take the banking function in your life away from them by Becoming Your Own Banker.

is no cost to it, only that the consumerdoesn’t payit.Earlyattemptsfinancedtheserviceswithads,butwe soon saw amove towardmaking the consumerthe product. Today, free and unfree services alikecompete for “users” and then make money off thedatatheycollect.

Datahas alwaysbeenused,butwhat’snew forourtimeistheverylow(orevenzero)marginalcostforcollectingandanalyzinghugeamountsofdata.Theconceptof“BigData”istakingoverandispredictedtobe“thefuture”ofbusiness.

There’s a problem here, and it is the over-relianceontheLawofLargeNumbersinsocialforecasting.Statisticalprobabilitiesforeventsmaymathematicallyconvergetothemean,butisitapplicableintherealworld?Theanswerismostdefinitelyyesinthenaturalsciences.Repeatedcontrolledexperimentswillweedouterroneousexplanationsorcausestophenomena,at least assuming we’re good enough at separatingandcontrollingthosecauses.

What about the social sciences? In this age ofscientism,asHayekcalledit,we’retold“BigData”will completely transformproduction, logistics, andsales.The reason for this is that vendors canbettertarget customers and even foreseewhat theymightwantnext.Amazon.comdoes thison theirweb siteincrudeform,wheretheymakesuggestionsbasedonyour purchase history andwhat otherswith similarpurchase histories have searched for. Sometimes itworks,andsometimesitdoesn’t.

Thereissomeregularitytoourinterestsandbehavior.All of us are, after all, humanbeings—andwe’reformed in certain cultures. So one American withinterestsx,y,andzmayhaveotherinterestssimilartoanotherAmericanwhoalsohasaninterestinx,y,andz.

Human Behavior Is Unpredictable

But similarity is not the same thing as prediction.Amazon.com’ssuggestionsorthehighlyannoyingadsfollowingyouaroundwebsitesareusefulmethodsforsellersbecausetheycansomewhataccuratelyidentifywhatnot tooffer.Exclusionofvery low-probability


BankNotes -NelsonNash’sMonthlyNewsletter-January2016interests increases the probability for suggestingsomethingthatthepersonbehindtheeyeballsfocusingonthecomputerscreenmaybeinterestedin.

Touseasprediction,however,exclusionofalmost-zeroprobabilityeventsisfarfromsufficient.Indeed,prediction requires that we are able to accuratelyexclude all but one or a couple highly probableoutcomes.Andwehavetobeabletorelyonthatthesepredictionsturnouttobetrue.Otherwisewe’rejustplayinggames, andsowe’remakingguesses.Sure,they’re educated guesses (because we’ve excludedthe impossible and almost-impossible), but they’restillgamesandguesses.

Where Big Data Fails

Speakingofguesses,Microsoft’sBingsearchengine,whichpowerstheWindowsdigitalassistantCortanaamongotherthings,hasproducedapredictionenginewiththepurposeofpredictingsportsandotherresults.They rely on very advanced algorithms and hugeamountsofcollecteddata.

Amazingly,theydidverywellinitiallyandpredictedtheoutcomesoftheWorldCupperfectly.SomaybewecanuseBigDatatogetaglimpseofthefuture?

No, not so. The Bing teams are learning a lessononly Austrians and, more specifically, Misesianpraxeologists, seem to be alone in grasping: thattherearenoconstantsinhumanaction,andthereforethatpredictionsofsocialphenomenaareimpossible.Pattern predictions, asHayek called them,may notbe impossible, but predictions of exact magnitudesare.Forinstance,wecanrelyoneconomiclaw(suchas “demand curves slope downward”) to estimateanoutcomesuchas“thepricewillbe lower than itotherwisewouldhavebeen,”butwecan’tsayexactlywhatthatpricewillbe.

When it comes to sports, reality shows and othercompetitionsbetweenindividualsorteams,thestoryisexactlythesame.Theteamwithabettertrackrecorddoesn’t always win. Why? They have objectivelyperformed better than the other team, perhapsexclusivelyso,butthisdoesn’tsayanythingaboutthefuture.We’renotherereferringto thephilosophical

doubtas in“will the sunshine tomorrow?” (maybesomething changes completely the sun’s ability toshineduringthenight).

The Social Sciences Are Different

In the social sciences we’re dealing with complexphenomena. Action and, especially, its outcome istheresultofacomplexsystemofsocial interaction,psychology,andmuchmore.Aretheplayersinbothteamsasmotivatedandfocusedastheywerebefore?Did anything in their personal lives affect theirmindsetsorpsyches?Howdotheplayerswithintheirteamsandplayersinotherteamsreactoneachotherbeforeandduringthegame?Ateamwithapoortrackrecord can upset a team with an objectively bettertrackrecord;thishappensallthetime.Sometimesforthesolereasonthatthebetterteamunderestimatestheworseteam,orbecausetheunderdogfeelsnopressuretoperformandthereforeplayslessdefensively.

Bing’spredictionenginestruggleswiththis,justaswewouldpredict.AsWindowsCentralreportedrecently,thepredictionenginehadits“worstweekyet”pickingonlyfouroffourteenwinnersintheNFL.Overall,itstrackrecordwasapproximatelytwo-thirdsrightandone-third wrong (95–53). It’s definitely better thantossingacoin,butprettyfarfromactuallypredictingtheresults.

Inotherwords,ifyou’replacingbetsyoumaywanttousetheBingpredictionengine.Thatis,unlessyouhavethetypeoftacit,implicitunderstandingofwhat’sgoingonthattheengineismissing.Maybeyoucanbeatit,ormaybenot.Ineithercase,youcannotcountoncomingoutavictoreachandeverytime.

Thereasonforthisisthattheoutcomesimplycannotbepredictedperfectly—orevenclosetoit.Eventheplayersthemselvescannotpredictwho’llwinagame,buttheymayhaveinsideinformationaboutwhethertheirownteamseemsmotivatedandfocused.Itisnotaperfectmethod,however,anditcertainlycannotbescientific.

Evenwith BigData there’s no predicting of socialevents— there’s onlyguessing.Yes, guessingwithaccesstohugeamountsofdataiseasier,atleastifthe



dataisreliableandrelevant.Butagoodguessisnotthesamethingasaprediction;itisstillaguess,anditcanbewrong.Winningeverytimerequiresluck.

Comment by R. Nelson Nash -- It is just like Per Bylund says early in this article: Human Activity is Unpredictable.

PC Is About Control, Not EtiquetteDECEMBER28,2015—JeffDeist

[This article appears in the November–December2015issueofThe Austrian.]

I’dliketospeaktodayaboutwhatpoliticalcorrectnessis,at least in itsmodernversion,what it isnot,andwhatwemightdotofightagainstit.

To begin, we need to understand that politicalcorrectnessisnotaboutbeingnice.It’snotsimplyasocialissue,orasubsetoftheculturewars.

It’s not about politeness, or inclusiveness, or goodmanners.It’snotaboutbeingrespectfultowardyourfellowhumans,andit’snotaboutbeingsensitiveorcaringoravoidinghurtfeelingsandunpleasantslurs.

Butyou’veheardthisargument,I’msure.PCisaboutsimple respect and inclusiveness, they tell us. Asthoughweneedprogressives,theculturalenforcers,tohelpusunderstandthatweshouldn’tcallsomeoneretarded,orusethe“N”word,makehurtfulcommentsaboutsomeone’sappearance,ortoleratebullies.

IfPCtrulywasaboutkindnessandrespect,itwouldn’tneedtobeimposedonus.Afterall,wealreadyhavea mechanism for the social cohesion PC is said torepresent: it’scalledmanners.Andwealreadyhavespecific individualschargedwith insuring thatgoodmanners are instilled and upheld: they’re calledparents.

Political Correctness Defined

ButwhatexactlyisPC?Letmetakeastabatdefiningit: Political correctness is the conscious, designedmanipulationoflanguageintendedtochangethewaypeoplespeak,write,think,feel,andact,infurtheranceofanagenda.

PCisbestunderstoodaspropaganda,which ishowI suggest we approach it. But unlike propaganda,whichhistoricallyhasbeenusedbygovernments towin favor foraparticularcampaignoreffort,PC isall-encompassing.Itseeksnothinglessthantomoldus into modern versions of Marx’s un-alienatedsociety man, freed of all his bourgeois pretensionsandhumdrumsocialconventions.

Like all propaganda, PC fundamentally is a lie. Itis about refusing todealwith theunderlyingnatureof reality, in fact attempting to alter that reality bylegislativeandsocialfiat.AisnolongerA.

ToquoteHans-HermannHoppe:

[T]hemasters…stipulatethataggression,invasion,murder and war are actually self-defense, whereasself-defense is aggression, invasion, murder andwar.Freedom is coercion, andcoercion is freedom.… Taxes are voluntary payments, and voluntarilypaid prices are exploitative taxes. In a PC world,metaphysicsisdivertedandrerouted.Truthbecomesmalleable, to serve a bigger purpose determinedbyoursuperiors.

Butwheredidallthiscomefrom?SurelyPC,inallitsvariousforms,isnothingnewunderthesun.Ithinkwecansafelyassumethatfeudalchiefs,kings,emperors,and politicians have ever and always attempted tocontrol thevarious forms, isnothingnewunder thesun.Ithinkwecansafelyassumethatfeudalchiefs,kings,emperors,andpoliticianshaveeverandalwaysattemptedtocontrolthelanguage,thoughts,andthusthe actions of their subjects. Thought police havealwaysexisted.

Tounderstandtheoriginsofpoliticalcorrectness,wemightlooktotheaforementionedMarx,andlatertheFrankfurtschool.WemightconsidertheworkofLeoStrauss for its impacton thewar-hungry think tankworld. We might study the deceptive sloganeeringof Saul Alinsky. We might mention the Frenchphilosopher Foucault, who used the term “politicalcorrectness”inthe1960sasacriticismofunscientificdogma.

But if you really want to understand the black art


BankNotes -NelsonNash’sMonthlyNewsletter-January2016ThetechniquesBernaysemployedarestillverymuchbeingusedtoshapepoliticalcorrectnesstoday.

First,heunderstoodhowall-powerfultheherdmindand herd instinct really is. We are not the specialsnowflakes we imagine, according to Bernays.Insteadwearetimorousandmalleablecreatureswhodesperatelywant tofit inandwinacceptanceof thegroup.

Second, he understood the critical importance ofusing third party authorities to promote causes orproducts. Celebrities, athletes, models, politicians,andwealthyelitesarethepeoplefromwhomtheherdtakesitscues,whetherthey’reendorsingtransgenderawareness or selling luxury cars. So when GeorgeClooneyorKimKardashianendorsesHillaryClinton,itresonateswiththeherd.

Third,heunderstoodtherolethatemotionsplayinourtastesandpreferences.It’snotaparticularcandidateorcigaretteorawatchorahandbagwereallywant,it’stheemotionalcomponentoftheadthataffectsus,howeversubconsciously.

What We Can Do About It

Sothequestionwemightaskourselvesisthis:howdo we fight back against PC?What can we do, asindividualswithfiniteamountsoftimeandresources,withseriousobligationstoourfamilies, lovedones,andcareers,toreversethegrowingtideofdarkness?

First,wemust understand thatwe’re in a fight. PCrepresents a war for our very hearts, minds, andsouls.Theothersideunderstandsthis,andsoshouldyou.Thefightistakingplaceonmultiplefronts:thestate-linguistic complex operates not only withingovernment,butalsoacademia,media, thebusinessworld, churches and synagogues, nonprofits, andNGOs.Sounderstandtheforcesalignedagainstyou.

UnderstandthatthePCenforcersarenotaskingyou,they’renotdebatingyou,and theydon’tcareaboutyourvote.Theydon’tcarewhether theycanwinattheballotbox,orwhethertheyuseextralegalmeans.There are millions of progressives in the US whoabsolutely would criminalize speech that does notcomportwiththeirsenseofsocialjustice.

ofPCpropaganda,letmesuggestreadingoneofitsforemostpractitioners,EdwardBernays.

Bernayswasaremarkableman,someonewholiterallywrotethebookonpropagandaanditssofterguiseofpublic relations. He is little discussed in theWesttoday,despitebeingthegodfatherofmodernspin.

HewasthenephewofSigmundFreud,andlikeMiseswas born inAustria in the late nineteenth century.UnlikeMises,however,hefortuitouslycametoNewYorkCityasaninfantandthenproceededtoliveanastonishing103years.

OneofhisfirstjobswasasapressagentforPresidentWoodrowWilson’sCommitteeonPublicInformation,an agency designed to gin up popular support forUS entry intoWW1 (GermanAmericans and IrishAmericansespeciallywereopposed).ItwasBernayswho coined the infamous phrase “Make theWorldSafeforDemocracy”usedbythecommittee.

After thewar, he asked himselfwhether one could“applyasimilartechniquetotheproblemsofpeace.”Andby“problems,”Bernaysmeantsellingstuff.HedirectedverysuccessfulcampaignspromotingIvorySoap,forbaconandeggsasahealthybreakfast,andballet.Hedirectedseveralverysuccessfuladvertisingcampaigns,mostnotablyforLuckyStrikeinitseffortstomakesmokingsociallyacceptableforwomen.

The Role of “Herd Psychology”

Bernayswasquiteopenandevenproudofengagingin the “manufacturing of consent,” a term used byBritish surgeon and psychologistWilfredTrotter inhis seminal Instincts of the Herd in Peace and War publishedin1919.

Bernaystooktheconceptofherdpsychologytoheart.Theherdinstinctentailsthedeepseatedpsychologicalneedtowinapprovalofone’ssocialgroup.Theherdoverwhelms any other influence; as social humans,ourneedtofitinisparamount.

But however ingrained, inBernays’s view the herdinstinctcannotbetrusted.Theherdis irrationalanddangerous, andmust be steered bywisermen in athousandimperceptibleways—andthisiskey.Theymustnotknowtheyarebeingsteered.



Onepollsuggests51percentofDemocratsand1/3ofallAmericanswoulddojustthat.

Theothersideisfightingdeliberatelyandtactically.Sorealizeyou’reinafight,andfightback.Culturally,thisreallyisamatteroflifeanddeath.

We Still Have Freedom to Act

AsbadasPCcontaminationmaybeatthispoint,weare not likeMises, fleeing a fewdays ahead of theNazis.Wehavetremendousresourcesatourdisposalin a digital age.We can still communicate globallyandcreatecommunitiesofoutspoken,anti-PCvoices.We can still read and share anti-state books andarticles.Wecan still read real history and thegreatun-PCliteraryclassics.Wecanstillhomeschoolourkids.Wecanstillholdeventslikethisonetoday.

ThisisnottosaythatbuckingPCcan’thurtyou:thepossible loss of one’s job, reputation, friends, andeven family is very serious.But defeatism is nevercalledfor,anditmakesusunworthyofourancestors.

Use humor to ridicule PC. PC is absurd, andmostpeople sense it.And its practitioners suffer from acomicallackofself-awarenessandirony.Useeverytoolatyourdisposaltomock,ridicule,andexposePCforwhatitis.

Neverforgetthatsocietycanchangeveryrapidlyinthewakeofcertainprecipitatingevents.WecertainlyallhopethatnogreatcalamitystrikesAmerica,intheformofaneconomiccollapse,acurrencycollapse,aninabilitytoprovideentitlementsandwelfare,energyshortages,foodandwatershortages,naturaldisasters,orcivilunrest.Butwecan’tdiscountthepossibilityofthesethingshappening.

And if theydo, I suggest thatPC languageandPCthinkingwillbethefirstornamentofthestatetogo.Onlyrich,modern,societiescanaffordtheluxuryofamindsetthatdoesnotcomportwithreality,andthatmindsetwillbeswiftlysweptasideasthe“rich”partofAmericafrays.

Menandwomenmight start to rediscover that theyneedandcomplementeachotherifthewelfarestatebreaks down. Endless hours spent on social mediamightgivewaytorebuildingsocialconnectionsthat

reallymatterwhenthechipsaredown.

More traditional family structures might suddenlyseem less oppressive in the face of great economicuncertainty.Schoolsanduniversitiesmightrediscoverthe value of teaching practical skills, instead ofwhitewashed history and grievance studies. One’ssexual preferences might not loom as large in theschemeofthings,certainlynotasasourceofrights.Theruleoflawmightbecomesomethingmorethananabstractiontobediscardedinordertofurthersocialjusticeanddenyprivilege.

Play the Long Game

I’mafraiditmightnotbepopulartosayso,butwehave to be prepared for a long and hard campaign.Let’s leave the empty promises of quick fixes tothe politicians. Progressives play the long gamemasterfully. They’ve taken 100 years to ransackour institutions inch by inch. I’m not suggestingincrementalismtoreclaimthoseforegoneinstitutions,whicharebyallaccounttoofargone—buttocreateourown.

PCenforcersseektodivideandatomizeus,byclass,race,sex,andsexuality.Solet’s takethemuponit.Let’s bypass the institutions controlled by them infavorofourown.Whosayswecan’tcreateourownschools,ourownchurches,ourownmedia,ourownliterature,andourowncivicandsocialorganizations?Starting fromscratchcertainly is lessdaunting thanfightingPConitsownturf.

Conclusion

PCisavirusthatputsus—libertylovingpeople—onourheels.Whenweallowprogressives to framethedebateandcontrol thenarrative,we losepoweroverourlives.Ifwedon’taddresswhatthestateanditsagentsaredoingtocontrolus,wemighthonestlywonderhowmuchlongerorganizationsliketheMisesInstitutearegoingtobefreetoholdeventslikethisonetoday.

Is it really that unimaginable that you might wakeup one day and find sites with anti-state and anti-egalitariancontentblocked—siteslikemises.organdlewrockwell.com?


BankNotes -NelsonNash’sMonthlyNewsletter-January2016Or that social media outlets like Facebook mightsimplyeliminateopinionsnotdeemedacceptable inthenewAmerica?

Infact,headFacebookcreepMarkZuckerbergrecentlywasoverheardataUNsummittellingAngelaMerkelthathewouldget toworkonsuppressingFacebookcomments by Germans who have the audacity toobjecttothegovernment’shandlingofmigrants.

Here’stheFacebookstatement:

We are committed to working closely with theGermangovernmentonthisimportantissue.Wethinkthebest solutions todealingwithpeoplewhomakeracistandxenophobiccommentscanbefoundwhenservice providers, government, and civil society allworktogethertoaddressthiscommonchallenge.

Chilling, isn’t it?Andcomingsoontoaservernearyou,unlessweallgetbusy.

Comment by R. Nelson Nash—Jeff Deist gives us another insidious example of how The State attempts to control our every action. There is always a hidden objective in everything it does.

VISION byLeonardE.Read

Note - Frequent readers of BANKNOTES are aware of my relationship with Leonard E. Read and my admiration for his works during his lifetime. In the following issues I will be sharing his book, VISION, one chapter per month. It was written in 1978. What a privilege it was for me to know this great man! -- R. Nelson Nash

Chapter7

CHANGESANDEXCHANGES

Weepnotthattheworldchanges-diditkeepastable,changelessstate“twerecauseindeedtoweep.-WilliamCullenBryant

Thoughalawyerandlong-timeeditor,WilliamCullenBryant(1794–1878),wasmostfamousasapoetofnature.Thepaperwhichheeditedandpartlyowned- The New York Evening Post - was renowned forits literarycorrectnessandwasa leadingfree trade,

antislaveryjournal.

Herewehaveatop-rankingfreedomdevoteewhohadanunusualgraspofnature–creation–andcouldputthe truthshegrasped intoenlighteningverse,as theabovetestifies.

Notonlyistheuniverseinconstantchangebutsoiseachofus.Mostofus,however,strivefor“astable,changelessstate”anaffronttonaturallaw.

Changesintheuniverseareofavarietyandvelocitybeyondourcomprehension.Ourgalaxyisbutoneofaseeminglyinfinitenumberofgalaxiesinanexpandinguniverse;ithassome30billionstars,eachofeachofwhichisinconstantenormouschange.Thatcloudintheskyneverhadanotherlikeitintheworld’shistory,nor is it the same as itwas a second ago. No twoatomsorsnowflakesorbladesofgrasshaveeverbeenthesame.Theentireuniverseisamoving,changingphenomenon.

Thereisatinyplanetinthatuniverse,andoneoftheinhabitants of the tinyplanet –man– is amoving,changingphenomenon, as is all else in nature. Wehumans, as do the clouds or suns of galaxies differfrommomenttomoment.

Difficult to imagine is the fact that a quintillion(1,000,000,000,000,000,000)atomsexchangeineachindividualeverysecond!Fromwhenceandtowhereintheuniversenooneknowsoreverwill.Weshouldgrasptheprofoundmeaningofthisiswearetoprospermaterially, intellectually, morally and spiritually.SeveralsagesshareBryant’sunderstanding:

Look abroad thro’ Nature’s range, Nature’s mighty law is change. –Burns

All things are changed, and with them, we, too, Change. Now this way and now that turns fortune’s Wheel --LothariusI

All things must change To something new, to something strange.–Longfellow

There’s nothing constant in the universe, All ebb and flow, and every shape that’s born Bears in its womb the seeds of change. –Ovid

There is nothing permanent except change.



–Heraclituus

In the course of time, we grow to love things we once hated and hate things we loved. --Stevenson.

OvertheyearsIhaveknownnumerousindividualswhooncelovedcommunismandchangedtothepointo hating that ignoble creed. Later? Someof themloved liberty! Also,over thepast60years, Ihaveobservedcountlesscitizens–fromallwalksoflife–whoonceclaimedtolovelibertywhoselovechangedtohate.Now?Theylovetheplannedeconomyandthewelfarestate.Inwhatrespectdoesthiswelfarismdiffer “from each according to his ability, to eachaccordingtohisheed–communism?Notonewhit!

As related to slavery and freedom, Robert LouisStevenson’s statement is valid; love and hate areappropriate. And in ever somany relationshipshissentencecouldberephrasedtoread:Inthecourseoftime,wegrow to like the thingswe oncedislikedand todislike things formerly liked. Reflecton thethingslikedandnowdisliked.Or,onthepersonswhohave switched allegiance. “Nature’smighty law ischange,”indeed!

In their blindness to reality, many present-dayAmericans strive for a “Stable, changeless state” –an affront to nature’s law. And this accounts in nosmallmeasurefortheU.S.A.’splungeintosocialism–“causeindeedtoweep.”

So,letustrytoexplainthatchangesandexchangesaretwoinseparablepartsofnature’slawatthehumanlevel.Itisthechangethatgivesrisetotheneedforexchange; and the former without the latter has tospelldisaster.

Our countrymen by the millions, particularly ourelected and appointed political representatives– Federal, state and local – unaware of our ever-changingnature,aredeterminedtostabilizeexistingconditions,maintainastatusquo!

Whatacoincidence!WhileonaflighttoSt.Louis,andjustafterwritingtheaboveparagraph,Ioverheardaspiritedconversationacrosstheaisleandcaughtthisremark:“Ramitdowntheirnecks!”Whoaresome

of these“rammers”?Theyarethestabilizers, thosewhowouldcoercivelycastusintheirimages.Briefly,they would freeze us at their own level. They areunwittinglyenemiesofhumanevolution.

Implicitinevolvingistransformationtoeverhigherlevels. The evolution of mankind does not stemfrom individuals stagnated at this or that level –fromastable,changelessstate–but fromagrowthinawareness,perception,consciousness.Wereitnotforgrowth–changing—mankindwouldstillbeattheCro-Magnonlevel.Buttheknow-it-allsareblindtothisfactinhumannature.

WroteSirWilliamHamilton:“Thehighestreachofhumanscienceisthescientificrecognitionofhumanignorance.”

Reach, indeed! No one can move away fromignoranceandtowardintelligencewhoisnotforeverreaching, striving for enlightenment. One does notgrowoldorignorant.Onebecomesoldandignorantbynotgrowing!

Recognition”Whatisitwemustgrasp?Notonlyhowinfinitesimalisourknow-howandtheenormityofourignorance,buthowvastlyeachofusdiffersfromallothers!And,thisaboveall:The ever-changing self?

Whenanyindividualgainsanawarenessofnature’slaw, hewill never approve of “a stable, changelessstate.”Suchwouldbecomparabletomakinghumantombstonesofourselves–adeadenedhumanity.

Whatdoesthegoodliferequire?Freeandunfetteredexchanges,bearinginmindthetiny,bitsofexperiencewhich must constantly flow if we are to prospermateriallyandintellectually.Isitnotself-evidentthatIcannotliveonmyever-changing“bits.”noryouonyours?

Theissueis,shallwefreezeoffree?Havingnofaithin human tombstones, and believing in freedom ofchoices and free exchange ofall creative actions, Ichoosefreedom.

Letusferventlypraythatafewothersmaysochoose:

LETFREEDOMREIGN!


BankNotes -NelsonNash’sMonthlyNewsletter-January2016Thanks, Janet Yellen: Homeownership in US Falls to 25-Year Low December11,2015RyanMcMakenIdonotregardhomeownershipratesasaproxymeasureofeconomicprosperity.But,intheUnitedStates,increasinghomeownershiphaslongbeenagoaloffederalpolicymakers,andFederalReservepolicyisoftendefended on the grounds that itmakes homeownershipmore affordable through its efforts to force downinterestrates.Moreover,homeownershipdoesremainbroadlypopularintheUnitedStatesasacommonlifegoalandasanindicatorofhavingachievedtheso-called"Americandream."However,inrecentyears,yearsoffederalstimulusandaccommodativeFedpolicyhasdoneaterriblejobofmakinghousingmoreaffordable.Infact,thankstotheFed'seffortstopropupassetprices,housinghasbecomeexceptionallyunaffordableasbothrentsandhomepurchasecostshaverisentonewhighsandoutpacedwagegrowth.Let'slookatsomeofthestatsthatprovidesomeindicatorsoftheFed'slegacyinrecentyears.First of all, let's note themost recent quarterly homeownership numbers released by theCensusBureau.Duringthethirdquarterof2015,thehomeownershipratewas63.7percent.That'supslightlyfromthesecondquarterofthisyear,butit'sdownfromthethirdquarterof2014whentheratewas64.4.Morenotably,therateisdownconsiderablyfromthethirdquarterof2006whenthehomeownershipratewas69percent.Thatwaslikelyanall-timehigh,butsincethen,thehomeownershipratehasfallenbacktothesameplaceitwasin1990.Thehomeownershipratewas63.7percentduringthesecondquarterof1990.Infact,from2013to2014,thehomeownershiprateseemedtobeinnear-freefall.

Sowhyarehomeownershipratesfallingsorapidly?Someofitissimplyduetothefactthathomepriceshaveclimbedoutofreachofmanyfamilies.AccordingtotheCase-Shiller20-citycompositeindex,year-over-year


BankNotes -NelsonNash’sMonthlyNewsletter-January2016homepricegrowthhasbeenupyear-over-yearforthepast39months,andformostofthatperiodhasexceededfivepercentgrowth.(Note:forthesakeofconsistency,noneofthenumbersdiscussedbelowareadjustedforinflation.)

Byanothermeasure,(theFHFAexpanded-dataindex)quarterlyhomepricemeasureshavebeenupyear-over-yearforthepast14quarters,withgrowthexceedingfivepercentforthepast12quarters:

Forpeoplewhoalreadyownrealestate,thisdoesn'tnecessarilypresentaproblem.Thosewhoalreadyown


BankNotes -NelsonNash’sMonthlyNewsletter-January2016houseswillselltheirhousesatthenewhigherpricesbeforebuyinganewone.Forfirst-timebuyers,ontheotherhand,continuallyincreasingpricespresentsaproblem.Andthisiseventrueinanageofeasymoney.Whiletherewasasignificanttighteningoflendingstandardsfrom2009to2012,standardshavecontinuallyloosenedoverthepasttwoyears.Sowhileit'sstillnotaseasytogetahomeloanasitwasduring,say,2005,itsstillgettingeasytogetaloanevenifonedoesn'thavemoneyforameaningfuldownpayment,andhasfewassets.Indeed,sub-primelendingismakingaquickcomebackasWashington,DCturnsthescrewsonbankstokeepthemoneyflowing.Theneedtokeeptheeasymoneyflowingstemsfromtheserelentlessincreasesinhomeprices.Ifassetpricescontinuetoclimb,thethinkinggoes,wejustneedtokeepshovelingmoremoneytoborrowerstogettheminahouse.Andthen,oncetheyhaveahouse,they'llspendabunchofmoneyandtheeconomywilltakeoff.Unfortunatelyfortheborrowers,however,thislineofthinkingmeansthatthenexttimearecessioncomesalong,they'llquicklybecomeunderwaterontheirhomeloansandfindthemselvestrapped.Thedrivetowardlowdownpaymentsandsubprimelendingmakesitfarmorelikelythatborrowerswillfindthemselveswithahousetheycan'tsellforasmuchastheyowe.Or,thehomeownermaysimplycontinuelivinginahomewherehe'smakingpaymentsbasedoninflatedvalues.Forborrowerswhomilkthesystemandjust"walkaway"fromtheirhomes,that'snobigdeal.Theoneswhowillbepunishedthemost,however,willbethepeoplewhoplaybytherulesandtrytomakegoodontheirmortgagepayments.Yes,thelenderswillsuffertoo,butthey'llgetbailedoutcourtesyofthetaxpayers.Theborrowerswon'tbesolucky.Buthey,risingpricesarenotbigdealaslongaswageskeepup,right?Maybe,butthebigbummerhereisthatwagesarenotkeepingupwithhomepriceinflation.Alookataverageweeklyearningssuggestswagesarenotkeepingup.Weeklyearningsconsistentlycomeinatunder3percentgrowthyearoveryear(theyaxis=%change):

Ifyourearningsareonlyincreasingatarateoftwotothreepercentwhilehomepricesareincreasingtoatuneof4percenttotenpercent,thingsaren'tlookinggoodforyou.Andthat'sforindividuals.Ifwelookatmedianhouseholdincome,wefindevenlessgrowth.Indeed,since


BankNotes -NelsonNash’sMonthlyNewsletter-January20162008,medianhouseholdincomehasincreasedbylessthan2percentperyear(yaxis=%change):

Ashomepricesoutpacewages,peoplewhoresorttomoredebttoaffordahouse.We'veseenthismoviebefore.Andwhatifbuyingahouseisjusttotallyoutofreach?Theycanjustrentahouseoranapartmentright?Well,it'sgettingharderandmoreexpensivetodothat,since,wewe'veseeninrecentyears,thevacancyratenationwidehasfallentoatwentyyearlow:

Ashomebuyingbecomeslesseconomicallyattractive,vacanciesinrentalunitsgodown.Andthistendstothen


BankNotes -NelsonNash’sMonthlyNewsletter-January2016driveuprents,althoughsluggishwagegrowthwilloftensomewhatlimitrentgrowth.So,notsurprisingly,rentgrowthappearstoheadingbackuptowhereitwasbeforethe2008financialcrisis.Rentgrowth,accordingtotheCensusBureau'srentmeasure,toppedsixpercentduringthesecondandthirdquartersofthisyear.Clearly,wagesaren'tkeepingupwithrenteither(yaxis=%change):

Naturally,itmakessensethatrentsshouldincreaseashomepricesincrease.Rentalhomesandowner-occupanthomesare,afterall,substitutegoods.You'reunlikelytoseethepriceofhotdogsdouble,forexample,withoutseeinganincreaseinthepriceofhamburgersaswell.Attimeslikethese,REALTORS®andhomebuildersliketotalkabouthowthere'sneverbeenabettertimetobuybecauserentgrowthwillsimplyincreasethedemandforhomeownership.Afterall,youmaybeabletogetyourselfintoamortgagewherethemonthlypaymentislowerthanmonthlyrent.That'sswellforpeoplewhocanpullthatoff,butit'slikelythataffordabilityisstillasignificantissueformanyhouseholds.Ifitweren't,it'sunlikelythehomeownershipratewouldbefallingsoquickly.Late lastmonth, JanetYellen testily responded to an open letter fromRalphNaderwho pointed out thatYellen'spolicieswerehurtingmiddle-andlow-incomesaversandinvestors.YellenretortedthattheFedhadrescuedtheeconomy"bymakingconsumerpurchasesmoreaffordable."Whichconsumergoodstowhichshewasreferringremainsunclear,butgiventhathousingisusuallyaperson'ssinglelargestexpense,it'shardtoseewhat'sgetting"moreaffordable."Moreover,inspiteofYellen'scrowingaboutjobgrowth,herpolicieshavealsoworkedtodrivedownrealwagessincepurchasingpowerisn'texactlygoingupifhousingcostsgoupmonthaftermonth.Intruth,theFedhaslittleinterestintheaffordabilityofhomestoordinarypeople.Fedpolicyisreallybeingdrivenrightbyadeterminationtopropupassetpricesforthesakeofthebigbanks'portfolios.Ifhomepricescollapse,sowillthevaluesofmanybanks'assets,alongwiththeportfoliosoftheFed'sWallStreetcronies.Comment by R. Nelson Nash - It still amazes me that nowadays the accepted definition of “homeownership” is when a person has title to a house – but has a mortgage (lien) that exceeds the value of it! That is an absurd concept. One doesn’t own something until there is no debt against it.



Nelson’s Newly Added Book Recommendations

https://infinitebanking.org/books/The Brothers Karamazov byFyodorDostoyevsky

Anatomy of the State byMurrayRothbard

Wealth, Poverty and PoliticsbyThomasSowell

Nelson’s Favorite Quotes

“Thereisnomeansofavoidingthefinalcollapseofaboombroughtaboutbycreditexpansion.Thealternativeisonlywhetherthecrisisshouldcomesoonerastheresultofvoluntaryabandonmentoffurthercreditexpansion,orlaterasafinalandtotalcatastropheofthecurrencysysteminvolved.”LudwigvonMises

“Aboveall,don’tlietoyourself.Themanwholiestohimselfandlistenstohisownliecomestoapointthathecannotdistinguishthetruthwithinhim,oraroundhim,andsolosesallrespectforhimselfandforothers.Andhavingnorespectheceasestolove.”–FyodorDostoyevsky,The Brothers Karamazov

You can view the entire practitioner listing on our website using the Practitioner Finder.IBC Practitioner’shavecompletedtheIBC Practitioner’s Program and have passed the program exam to ensurethat they possess a solid foundation in the theory andimplementation of IBC, as well as an understandingofAustrian economics and its unique insights into ourmonetaryandbanking institutions.The IBC Practitionerhasabroadbaseofknowledgetoensureaminimallevelofcompetencyinalloftheareasafinancialprofessionalneeds,inordertoadequatelydiscussIBCwithhisorherclients.

• BryanNelson-SantaAna,CA• JayTu-CosCob,CT• OliviaPhamDabbous-BlueBell,PA• CharlieJackson-Hillsboro,TX• RichardCanfield-Edmonton,AB,Canada• CharlieNowlin-Birmingham,AL• JonathanWebster-Chandler,AZ• DonHooser-KailuaKona,HI• AllanJohnson-PrinceGeorge,BC,Canada• SteveParisi-Allentown,PA• JohnBlalock-Birmingham,AL

ThefollowingproducersjoinedorrenewedtheirmembershiptoourAuthorized Infinite Banking Concepts Practitioners teamthismonth:

Welcome the newest IBC Practitionershttps://www.infinitebanking.org/finder/

http://infinitebanking.org/finder/

http://infinitebanking.org/finder/



Announcing Three Upcoming IBC Training Opportunities

10-11-12-13 February, Birmingham, AL

1. The Whole Truth About Money SeminarExamining the Pros & Cons of Common Financial Vehicles

February, 10th, Birmingham, ALThisseminarisopentoeveryone,sospacewillbelimited!

Listen toToddLangford thedeveloperofTruth Concepts software,withKimButler, foradaylongseminarlookingindepthatThe Whole Truth About Money – Examining the Pros & Cons of Common Financial Vehicles.Thisseminarisaimedatthefinancialprofessional.

Click Here to connect with the Whole Truth About Money seminar landing page for more details.

2. The IBC Work ShopFebruary, 13th, Birmingham, AL

TheWorkShopisafour-hourIBCintroductoryseminarforthepublic.

Click Here to to connect with the IBC Work Shop landing page for more details.

ListentoR.NelsonNash,thecreatoroftheInfinite Banking Concept,andbest-sellingauthoroftheclassicBecoming Your Own BankerliveinBirmingham!

Nelsonwillbe joinedonstagebyRobertP.Murphy,Ph.Deconomist,andL.CarlosLara,authorsofthebookHow Privatized Banking Really Works.

Doyouhavethefeelingthatthereissomethingwrongwithtoday’sfinancialenvironment?

Doyoufeelthatyouarenotincontrolofyourmoney,andwonderwhois?

Ifyoucoulddosomethingaboutit,thenwouldyou?

Ifyouanswered“yes”totheseimportantquestions,thenyouarenotgoingtowanttomisstheIBCWorkShop!

Click Here to to connect with the IBC Work Shop landing page for more details.

http://infinitebanking.org/the-whole-truth-about-money-a-seminar-for-financial-professionals/

http://infinitebanking.org/the-whole-truth-about-money-a-seminar-for-financial-professionals/

http://events.constantcontact.com/register/event?llr=z88o8ecab&oeidk=a07eboc7qtz30778c03

http://events.constantcontact.com/register/event?llr=z88o8ecab&oeidk=a07eboc7qtz30778c03



3. The IBC Practitioners Think Tank SymposiumFebruary 11th and 12th, Birmingham AL

TheIBC Practitioner Think Tank SymposiumisaninvitationonlyeventforMemberIBCPractitioners.

BecauseNelsonhaspubliclyannouncedthathewillnolongerleadhisground-breakingBecoming Your Own Banker Seminar after November, 2016, I encourage all IBCPractitionerstomakeeveryefforttoattendthisyear'sThinkTankandspendsomequalitytimewithNelson.

This yearwe are encouraging IBCPractitionerStudents to attend as long as they alsoregisterfor,andtakethecoursefinalexampriortothestartoftheeventortaketheexamat theThinkTank event venue during one of two exam sessions offered either on theafternoonofthe10thorthemorningofthe11th.Oncetheexamiscompletedandgraded(passingscoreis80%),annualmembershipapplicationswillbetaken,thennewmemberswillattendtheThinkTank.AnyIBCPractitionerStudentthatdecidestotakeadvantageofthisopportunitywillhavetoregisterandpayfortheThinkTankandregisterforthefinalexamsessionbeforearrivinginBirmingham.

IBC Practitioners and Students, please use your restricted website dashboard page to access the Think Tank landing page which contains the agenda, registration pages and

discount coupons.

NOTE:WeareofferingdiscountstoIBCPractitionersandstudentsforThe Whole Truth About Money seminar that enable them to attend the seminar for $200 single, or $250couples.Theregularcostfortheseminaris$499forsingleattendanceor$599forcouples.ThediscountcouponsareontheIBCPractitionerorStudentrestricteddashboardwebsitepage;signinthewww.infinitebanking.orgthengotoyourstudentorpractitionerdashboardand look forThe Whole Truth About Money discount coupons. If you are planningonattending theThinkTankandwould like to takeadvantageof thisopportunity to learnfromToddandKim,Iencourageyoutoregisterfortheseminarquickly.

NOTE:WeencourageIBCPractitionerstostayoverinBirminghamonSaturday,the13thtojoinNelson,DrRobertMurphyandCarlosLaraattheIBC Work Shop atnoadditionalcost.WearealsoofferingourPractitionersdiscountcouponsfortheWork Shopthatcanbeused for clients or prospects.Thediscount coupon is onyour restricted dashboardwebsitepage;signinthewww.infinitebanking.orgthengotoyourstudentorpractitionerdashboardandlookforPractitioner IBC Work Shop Discount Coupons.

2957 old rocky ridge road birmingham, alabama 35243 ...jan+2016.pdf · 2957 old rocky ridge road...

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