Play All (40:34)
Section 1 - What does the Federal Reserve do? (1:32)
Section 2 - Will the Euro survive? (10:04)
Section 3 - What is the Fed doing about Europe's liquidity crisis? (2:44)
Section 4 - Will the Fed backstop Europe? (0:57)
Section 5 - Explain a swap line of credit. (1:43)
Section 6 - Many people believe that the Euro won't survive. (2:50)
Section 7 - What effect would a Euro failure have on U.S. exports? (1:15)
Section 8 - U.S. exports and GDP growth. (:58)
Section 9 - Engines of growth in 2012. (5:48)
Section 10 - What about consumer debt? (2:30)
Section 11 - If the world economy is slowing, how will U.S. exports be an engine of growth? (1:38)
Section 12 - Do you see a QE3? (1:17)
Section 13 - Do you see inflation in the future? (1:24)
Section 14 - Can the U.S. economy grow with Europe in recession? (1:12)
Section 15 - Why do you not see a recession? (3:11)
Section 16 - Why did the Fed want a recession in 2008? (2:58)

Throughout 2011, we gave you our thoughts on the European financial crisis as well as the U.S. economy. To give you another perspective, we invited Dr. Wayne Angell, Governor of the Federal Reserve Board from 1984 to 1994, to share his thoughts on these same topics.

This conversation took place in the library of Century Management, in Austin, Texas, on December 21, 2011. Dr. Angell was joined by Century Management’s Arnold Van Den Berg, CEO and Co-Chief Investment Officer, Jim Brilliant, CFO and Co-Chief Investment Officer, and Scott Van Den Berg, President and COO. You can either choose to play all and view the 40 minute, 34 second discussion uninterrupted, or you can choose to play one section at a time. We hope you enjoy this program.

Dr. Angell's Bio

“CM” = Century Management.

This video presentation of CMs client luncheon and review should not be deemed, nor is it intended to be considered, investment advice or an investment recommendation. Furthermore, this is not a solicitation to buy or sell any security.

Past performance is no guarantee of future results.

Certain statements included herein contain forward-looking statements, comments, beliefs, assumptions, and opinions that are based on CM’s current expectations, estimates, projections, assumptions and beliefs. Words such as "expects," "anticipates," "believes," "estimates," and any variations of such words or other similar expressions are intended to identify such forward-looking statements.

These statements, beliefs, comments, opinions and assumptions are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements.

Viewers of this video are cautioned not to place undue reliance on these forward-looking statements, which reflect CM’s judgment only as of the date hereof. CM disclaims any responsibility to update its views, as well as any of these forward-looking statements to reflect new information, future events or otherwise.

Factual material is obtained from sources believed to be reliable and is provided without warranties of any kind, including, without limitation, no warranties regarding the accuracy or completeness of the material. No part of this material may be reproduced in part or in full without permission.

If you have any questions regarding the contents of this video, please contact Scott Van Den Berg at the CM corporate office in Austin, Texas. The toll-free number is 1-800-664-4888. We can also be reached on the web at www.centman.com or by mail at 805 Las Cimas Parkway, Suite 430, Austin, Texas 78746.