Abby Martin speaks with Andreas Antonopoulos, founder of Root Eleven and co-host of let’s Talk Bitcoin, discussing how Bitcoin works, and why it’s so important to have a decentralized system of money.
Tag Archives | Federal Reserve
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It’s no secret that the only reason the markets have been roaring – since bottoming out in March 2009, the DOW is up approximately 125% and The S&P 500 approximately 120% – is because of unlimited quantitative easing to the tune of $85 billion a month, a last resort, desperate measure that the FOMC began in 2012 to maintain its ‘growth’ targets. The end result of this program has essentially been the transfer of wealth from Main Street to Wall Street.
“In terms of types of financial wealth, the top one percent of households have 35% of all privately held stock, 64.4% of financial securities, and 62.4% of business equity. The top ten percent have 81% to 94% of stocks, bonds, trust funds, and business equity, and almost 80% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.”
click to enlarge – source
How this plays out with the ‘government shutdown’ and the fears that we will enter a recession if the U.S.
Does a Texas legislative session resemble a Yosemite Sam Looney Toons clip? Because that’s what I’m picturing. The Fort Worth Star-Telegram reports:
Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas. A bill from Rep. Giovanni Capriglione would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co. and stored by the Federal Reserve.
The idea isn’t entirely new. Gold-standard-backing Ron Paul has raised repeated concerns about the safety of states’ gold supplies. “If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible,” Paul told The Texas Tribune on Thursday.
“If we own it,” Perry said, “It’s not someone else’s determination whether we can take possession of it back or not.”
Ron Paul is going to be asking the “Fed Question” until the day he dies. Probably the day after too. But will anyone else pick up the mantle? From the Wall Street Journal:
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It has been a tough summer and fall for Ron Paul.
In June, he conceded the Republican presidential nomination. In August, he turned down a chance to speak at the Republican convention when he reportedly was told he would have to fully endorse Mitt Romney. A video tribute to Mr. Paul ran instead.
His delegates were barred from and accused of disrupting the party proceedings.
And now through three presidential debates, the Texas congressman’s pet issue, monetary policy, has been ignored. “They don’t want to talk about it,” Mr. Paul said in an interview Tuesday.
He added sarcastically: “It’s not important enough. It’s only half of every single transaction in the world.”
You would think that even if Ron Paul the presidential candidate has failed, Ron Paul the Fed critic would be alive and well, front and center in the national debate.
The digital rag Business Insider (run by Henry Blodget, the unabashed Wall Street Internet booster) goes for more SEO-friendly conspiracy bashing:
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The economy has sparked a wide variety of truly bizarre conspiracy theories. Despite the fact that they have no basis in truth, people continue to believe them with almost religious zeal.
The internet has given them a wider forum and audience, and has proved to be fertile ground for these ideas to spread.
These are the myths, conspiracy theories, and flat out falsehoods that just won’t die.
The Federal Reserve is a private corporation run for the profit of its shareholder banks.
Origin: This one’s been kicking around almost since the creation of the Federal Reserve in 1913. It’s the subject of a three hour documentary called “The Money Masters”.
The reality: Nationally chartered banks do hold stock in their regional Federal Reserve Banks, and receive a small portion (6 percent of their stock) of the profits of their regional banks, which is presumably the origin of this theory.