Tag Archives | Federal Reserve
The bureaucracy, inefficiency, waste, national debt, loss of states’ rights, erosion of individual rights, my experience in the public schools, and the military interventionism of our government caused me to become a libertarian capitalist, until recently. In my younger, college days, I was very concerned about poverty and world hunger. My parents were quite alarmed when I told them I was a democratic socialist. I also believed that a democratic, world federal government would abolish the foolish wars that result from national rivalry. My favorite expression was from Karl Marx: “From each according to his ability, to each according to his need.” Years later, my concern about environmental degradation motivated me to attend the first national conference of the Green Movement in 1987.  Six people from Indiana attended, and I was one of them.
So whether it is the result of being wishy-washy or seeing the limitations of various political ideologies, I can say I have been on both sides of the fence. … Read the rest
By David DeGraw & Max Keiser, AmpedStatus Report:
… Read the rest
The following article is the third-part of a six-part report titled: “The Financial Oligarchy Reigns: Democracy’s Death Spiral From Greece to the United States.” The full report is available here.
In the aftermath of Goldman Sachs’ public flogging before the world in Congress, and while under investigation, on the very day that Congress was voting on the “break up the too big to fail banks” amendment and cutting behind the scenes deals to gut the audit of the Federal Reserve, the stock market had its greatest sudden drop in history, plummeting 700 points in ten minutes – shades of September 29, 2008 all over again.
If you recall, back in September ‘08, as Congress was voting down the first bailout, the big banks made the market plunge a record 778 points in one day, fear and panic then led Congress to pass the bailout.
It’s both amusing and exasperating to see such great effort to bolster the authenticity of our currency. Especially knowing it holds no “real” value to begin with. Here’s what newmoney.gov has to say about it:
… Read the rest
Officials from the U.S. Department of the Treasury, the Federal Reserve Board and the United States Secret Service today unveiled the new design for the $100 note. Complete with advanced technology to combat counterfeiting, the new design for the $100 note retains the traditional look of U.S. currency.
“As with previous U.S. currency redesigns, this note incorporates the best technology available to ensure we’re staying ahead of counterfeiters,” said Secretary of the Treasury Tim Geithner.
“When the new design $100 note is issued in TBD, the approximately 6.5 billion old design $100s already in circulation will remain legal tender,” said Chairman of the Federal Reserve Board Ben S. Bernanke. “U.S. currency users should know they will not have to trade in their old design notes when the new notes begin circulating.”
The redesigned $100 note includes two new advanced counterfeit-deterrent security features, in addition to effective security features from the previous design.
This is the special Alan Greenspan bubble addition in which Max takes out several props and we talk about the scandals of financial crisis “show trials” in America; Citigroup alleges they could not possibly have predicted the collapse of a very obvious housing bubble; and former Fed Chairman, Alan Greenspan, tells the show trial commissioners that the financial world is far too complex for mere mortals. In the second half of the show, Max talks to economist Dean Baker about Citigroup’s alleged profits:
The year is 2010 and to anyone not in denial, the industrialized nations have entered the greatest calamity the world has ever known:
- 35 Million Americans on Food Stamps: 12 Percent of U.S. Population on Food Stamps Highest Since Records Kept in 1969, and that’s before the Obama administration announced a planned three-year budget freeze on government discretionary spending. (My Budget 360)
- 18 Million empty houses in the United States and 39 million Americans who are no longer working or looking for work, and that’s before Federal Reserve finishes rewriting the rules of American “capitalism” as US Housing, the Automobile Industry and the American Dream are dismantled. (The 31-Year-Old in Charge of Dismantling G.M., David E. Sanger)
“There are now well over 150 million Americans who feel stress over these things on a consistent basis. Over 60 percent of Americans now live paycheck to paycheck.” (The Economic Elite vs.… Read the rest
In an effort to explain our escalating financial crisis, an American Nightmare (an Environmental Dream), the pundits are focusing their angst on the 44th POTUS, who might very well go down as the single most inept president in all of American history. (How to Squander the Presidency in One Year, David Michael Green)
Barack Obama is not inept, greedy or stupid and he isn’t one of “us”.
He rose from obscurity to power with his top economics adviser, Zbigniew Brzezinski, the co-founder of David Rockefeller’s Trilateral Commission and he travels in the same circles as other members of the super-secret Skull & Bones Society at Yale University, who pretend to be running for president every four years.
The decision to have Obama preside over the greatest financial calamity since the Great Depression was made five years ago; the November election was a formality. (Why Joseph Biden will be the Next Vice President of the United States)
To believe otherwise, is to ignore the Bradley/Palin effect and the decision by John McCain to wait until his concession speech to shed the image of a nasty “grumpy old man.”
In September 2008, when the Obama campaign seemed to be slumping and their candidate’s long-standing lead in the polls had evaporated, the senator’s supporters openly worried that a potential victory might be slipping away.… Read the rest
Via the Onion:
… Read the rest
WASHINGTON — The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct.
Calling it “basically no more than five rectangular strips of paper,” Fed chairman Ben Bernanke illustrates how much “$200″ is actually worth.
What began as a routine report before the Senate Finance Committee Tuesday ended with Bernanke passionately disavowing the entire concept of currency, and negating in an instant the very foundation of the world’s largest economy.
“Though raising interest rates is unlikely at the moment, the Fed will of course act appropriately if we … if we …” said Bernanke, who then paused for a moment, looked down at his prepared statement, and shook his head in utter disbelief. “You know what? It doesn’t matter. None of this — this so-called ‘money’ — really matters at all.”
“It’s just an illusion,” a wide-eyed Bernanke added as he removed bills from his wallet and slowly spread them out before him.
You can almost predict the oft-repeated explanations the pundits offer up every time the precious metals behave irresponsibly.
- The trouble with being a contrarian is that you can never be quite contrarian enough. We began having doubts about the ‘feds inflate…gold soars’ hypothesis last year. It was too easy…too obvious. And if it were that easy to inflate a nation’s currency, how come the Japanese couldn’t get the hang of it in the ’90s?
- Inflation, yes…but not for a while. And gold? Well, we are in it for the long run. In the short run, anything could happen.
- To clarify our view on gold, The Daily Reckoning is not bearish on the metal. It is not bullish on the metal either. It is buggish. We are gold bugs. In the long run, gold will retain its value. Since that’s all we ask of it, we are always satisfied. Even if it is down in the short run – and it went through an 18-year down cycle from 1980 to 1998 – it will come back in the long run.