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The six Gulf Cooperation Council states should form a joint currency as soon as possible, the chairman of Singapore-based Rogers Holdings said at a conference in Dubai Monday.
This figure implies an increase of the Fed's leverage from 22 to 50. As we have seen there are large new positions of dubious quality on the Federal Reserve balance sheet. More specifically, should only 2% of the Fed's assets go into default.
“By expanding the monetary base at an appropriate rate, the FOMC can signal that it intends to avoid the risk of further deflation and the possibility of a deflation trap,” Bullard said ...
If you take a look at these charts I think you will understand why Meredith Whitney, Nassim Taleb, and Nouriel Roubini are so worried about the state of banking in the US and EU. The charts cover 2007 to 2009.
"Let's give the Fed some competition. Abolish legal tender laws and see whose money people trust."
In this short video clip Bob Rodriguez and Art Cashen discuss the fact that the Fed has a lot of new debt (treasuries) to sell and they won't admit it. But the critical fact is the Fed will have to pay much higher interest rates to reward relucta
The "real" cost of capital is rising as the slump deepens. This is textbook debt deflation. It was not supposed to happen. The Bernanke doctrine assumes that the Fed can bring down the whole structure of interest costs, first by slashing th
This article provides a brief overview of a concept called open money and discusses the pros and cons of a community currency vs. gold, silver, or the Federal Reserve Note. It also is an introduction to the tallysticks.org project.
If a hedge fund defaults to the Fed, its collateral is the securities themselves. There also are no margin calls, meaning the Fed can't demand additional payments of cash from borrowers if the underlying securities fall in value.
Still, he said, “the man in the street would say, ‘We’re paying to fix somebody else’s mistake by paying the very people who are part of the system that produced the mistake.’”
Total of Treasury & Agency Debt held by foreign central bank rose just $2.661 billion in the week. That’s clearly not enough to support all the contemplated T-bill sales in the medium term, so Doomers should watch over the next while to see if that n
"Well, I wrote two years ago a report entitled 'Is America becoming a banana republic?' And there are some features that characterize banana republics- totalitarian states, very strong government intervention into the economy, and the po
Since August 15, 1971 the US dollar has been an irredeemable paper currency. Every irredeemable paper currency in history has failed. Yet, the experiment of the US dollar and the rest of the fiat paper world continues.
Is this a capitalist system or is it a communist one? Do we have a rule of law? Are regulations transparent, clean, and above-board, or have we become a command economy worse than the former USSR in which private property is literally destroyed and
The Treasury Borrowing Advisory Committee expressed concern on Wednesday over the sharp jump in net borrowing needs – which market analysts estimate could reach $1,500bn to $2,500bn for the 2009 financial year.
Before the US House of Representatives, February 4, 2009, introducing the The Federal Reserve Board Abolition Act, H.R. 833.
Feb 3: The Fed extends the life of five liquidity programs plus a network of swap lines with 14 central banks by six months until Oct. 30, 2009. You can see the complete CHRONOLOGY in the article.
These powers would override all regulators and apply to all types of financial firms and markets, according to the Financial Services Roundtable plan to reform the U.S. regulatory system.
US government officials seeking to revamp the financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health, the Wall Street Journal said, citing people familiar with the matter.
Bank seizures are “going to happen,” Senator Bob Corker, a Tennessee Republican, said in an interview after a meeting between Obama and Republican lawmakers in Washington yesterday. “I know it. They know it. The banks know it.”
It is rare that Freedom's Phoenix - which bills itself as an outside-the-box/major media - runs an article that reads like it could be disinformation from Fox News itself. Mr. Sumcads' articles on the Fed are uninformed, belligerent, and con
Read Letter
Obama says he's going to blow $1 trillion on a "stimulus" package, the other $350 billion of the TARP was released, the GAO says we're going to run well north of a Trillion in deficits, and people are wondering why the bond market e
Congress is moving to create strong new oversight of the financial sector that would likely give the Federal Reserve authority to examine the workings of a wide range of companies in an attempt to address one of the key failures that led to the finan
“Given that they have $4.5 trillion of risk out there, $100 billion is a drop in the bucket,” Miller said. “Given the fact that their risk profile on these loans is greater than they led everyone to believe, greater than $100 billion in losses on eac
Straight Light
When nosey-snoopy characters volunteer a diagnosis of the ills of our financial system and fault them all on the role of the Federal Reserve, misleading exaggeration rears its ugly head.
Straight Light
The Federal Reserve is not a bogeyman to fear … only the fearful fear their own shadow. Our national debt – large it may be – created what America is today. To say we became fish on dry land because of it is a lie.
The combined affect is a “circular bailout” with the Treasury borrowing… in order to lend money to banks… that then lend it back by purchasing more Treasuries. Of course, the expense of this entire bailout scheme ultimately falls onto the back of the
Banks have some real challenges," Bair said during a CNBC interview. "But I think it needs to be emphasized and re-emphasized these banks are solvent, they're well-capitalized overwhelmingly, and that really is what creditors and deposi
This is a short video interview from about three weeks ago.
With promises of more U.S. government intervention, we are going to be in a situation of hyperinflation and a dollar that is absolutely doomed, warns Kirby Daley, senior strategist at the Newedge Group. Daley & Dodge Dorland, CIO at Landor Capital Ma
