COLBY STEPHENS
A Gown for Lady Liberty
​Federal Reserve Act 1913, bust, armature.

The gown, the centerpiece of the exhibition, is made up of nearly 100 copies of the Federal Reserve act of 1913. While originally around 30 pages, the document now exceeds 3000 pages due to amendments and changes made over the last 100 years.

Each letter "A" and "a" has been printed in red​: A direct reference to The Scarlet Letter. With such reference, the gown prods at the idea of an adulteration of American liberties manifested by the fact that Congress gave up its power over the economy to a private central bank in December 1913.

A photo catalog of the Normalcy, Not Nostrums exhibition at Sierra Arts, October 2012.
click the images for a slideshow of detail photos.
Zero Percent Interest
Honey, vegetable oil, glass jar.
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In the book of Proverbs, King Solomon admonishes his son against adultery saying, "the lips of the adulterous woman drip honey, and her speech is smoother than oil; but in the end she is bitter as gall." The title of the piece refers to the Federal Funds Rate, as some economists suggest that even a 0% interest rate may not be low enough to jumpstart the U.S. economy. The current rate is 0.25%.

The Federal Funds Rate is the interest rate banks pay on loans they take out from other banks. Because of Fractional Reserve Lending, banks loan out up to 9 times as much money as they have in reserve. They sometimes need to borrow money from other banks to continue loaning money out to clients when they have reached their maximum loan amount. The theory goes that if the Federal Funds Rate is very low, banks can loan money out to clients at lower rates. These low prices will encourage people to take out loans. The problem is that the bank is generating a market for which there may be little to no demand, generating another economic bubble that is bound to burst - and ultimately is as bitter as gall.
​Pay No Attention (The Chairman's Confession)​​
​Digital Video, cinema box.​

The Wizard of Oz, written in 1900, can be read as an allegory for the monetary crisis of the 1890s. In the book, the Emerald City is not actually green, but those who live there are required to wear glasses with green lenses that are locked onto their heads with a key. As an allegorical reference, this may refer to Lincoln's "Greenbacks" -- money printed to fund the Civil War. It was fiat money -- meaning it was not backed by any valuable good (i.e.: gold.) This was an unpopular solution proposed in the 1890s as a means to expanding the money supply. Fiat money is currently America's form of currency.

In the video, The Chairman quotes the Wizard, saying: "My people have worn green glasses for so long that most of them think it really is an emerald city." It is the Wizard's confession after he was found out to be just a man behind a curtain.
Revolution
​Woodcut print, Appropriated composition, Henry Ford paraphrase.

These prints are a direct appropriation of compositions from Pre-Soviet Russia in the early 20th century. The imagery used here is to maintain the aesthetics of the early 20th century, as well as to refer to other ideas associated with bringing about economic stability during germination of the Federal Reserve. Ultimately, it leads to a layering of content.
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This composition was originally called, "The Motherland Needs Your Help: Buy War Bonds." At that time, Imperial Russia was trying to fund their involvement in WWI. Viewers can see the original composition in the drawing on the wall behind the prints. The recontextualized phrase says, "It is well that people do not understand their monetary system, for if they did, there would be revolution before morning," a paraphrase of a statement by Henry Ford.

Believe, Regret the Centennial
​Woodcut print, Appropriated composition.

These prints are a direct appropriation of a composition from Soviet Russia in the early 20th century. The imagery used here is to maintain the aesthetics of the early 20th century, as well as to refer to other ideas associated with bringing about economic stability during the germination of the Federal Reserve. Ultimately, it leads to a layering of content.
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This composition was originally called,"(I) Believe (We) Will Celebrate the 100 Years." A farm laborer and an industrial laborer agree that the Soviet Revolution will provide economic and political stability. Viewers can see the original composition in the drawing on the wall behind the prints. The recontextualized phrase says, "Believe, Regret the Centennial," referring to the 100 year anniversary of the Federal Reserve which has failed to produce a stable economy.

Endless Money Forms the Sinews of War.
​Woodcut print, Appropriated composition.

These prints are a direct appropriation of a composition from Soviet Russia in the early 20th century. The imagery used here is to maintain the aesthetics of the early 20th century, as well as to refer to other ideas associated with bringing about economic stability during germination of the Federal Reserve. Ultimately, it leads to a layering of content.
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This composition was originally called, "Beat the Whites with the Red Wedge," referring to the Bolshevik Army (the Reds) overtaking the Imperial government (the Whites.) Viewers can see the original composition in the drawing on the wall behind the prints. The recontextualized phrase says in Latin, "Endless Money Forms the Sinews of War." In this case it is a reference to the way the U.S. funds its foreign wars, or the political battles at home about monetary policy issues.
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Several other interpretations are possible, depending on relationships one finds between the symbols. For reference, an inverted American flag is a symbol for great distress -- a symbol to be used when a military base is about to be overrun, or a battle ship is about to sink, etc. The eagle is the symbol for the Federal Reserve.

Nowhere But In The U.S. Congress
​Woodcut print, Appropriated composition.

These prints are a direct appropriation of compositions from Soviet Russia in the early 20th century. The imagery used here is to maintain the aesthetics of the early 20th century, as well as to refer to other ideas associated with bringing about economic stability during the germination of the Federal Reserve. Ultimately, it leads to a layering of content.
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This composition was originally called, "Nowhere But In Mosselprom." It referred to the location where the people were supposed to obtain their goods from the state-sponsored supplier. The recontextualized phrase says, "Nowhere But In The U.S. Congress," referring to the location where money and value should Constitutionally be made.

Untitled.
Inkjet print on watercolor paper.


Precipice.​
A written piece, presented aloud at the gallery reception on October 26, 2012.
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We are poised on a precipice of profound significance. On the one side is an entropic debt, destined toward our ultimate obscurity. On the other side is a path illuminated by a dim truth. It is a truth that perforates a reality constructed to prevent us from acknowledging our precarious position. It is a truth prodding at a revolution.
What we require are not nostrums, but to pursue normalcy.

But we do not perceive our position as on a precipice: For it is a precipice obfuscated by a fog of nostrums. Can we burn away the fog like the morning sun? Can we utilize our position here to survey substantial solutions to our ever imminent demise?

Yes! What we require are not nostrums, but to pursue normalcy.

We must reject plans that generate short-term prosperity, for they do nothing more than postpone and augment our troubles. To adopt such plans is like drinking absinthe to treat a cancer. In so doing, we slough off our responsibilities onto our posterity in favor of immediate comfort.
No! What we require are not nostrums, but to pursue normalcy.

And yet something much more than a critique of a broken system is necessary. To simply critique the system is to administer another nostrum, temporarily relieving one of his responsibility for the problem. The process of rectifying a problem is rarely pleasant for those involved, but this says nothing of the necessity of such a process. Action beckons us to confront that which threatens to undermine and obliterate our Liberty.

What we require are not nostrums, but to pursue normalcy.

The surgeon's skillful mutilation is rarely desired, but is often preferred to ignorance. But ignorance is our current state of being — either by our own passivity or by malicious distortion by the Establishment. Instead, let us prefer a thoughtful engagement of our precarious position. Let us choose the scalpel over the Soma. Let us choose the chemo over the coma.
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What we, the People, require are not nostrums, but to pursue normalcy.