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Federal Reserve

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Telegraph.co.uk/

 After two smugglers were stopped last week with what at first appeared to be $134bn in US state bonds, the tension and paranoia surrounding the fate of the dollar hit a new high.

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CNBC

The Treasury announced Thursday a record $104 billion worth of bond auctions for next week, part of its herculean efforts to finance a rescue of the world's largest economy.

The sales will exceed the previous record of $101 billion set in auctions that took place in the last week of April and consist of two-year, five-year and seven-year securities. That record was matched by another $101 billion week in May.

Though next week's total was broadly in line with expectations, worries about supply have weighed on the U.S. government bond market, which will see a mammoth $2 trillion worth of new debt issued this year.

"Maybe the Treasury market reacted a little negatively and it will continue to be like this," said Suvrat Prakash, U.S. interest rate strategist with BNP Paribas in New York. "Supply

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news.goldseek.com/GoldenJackass/

 China will continue to encircle the US dollar, to encircle the vast supply chain, and pursue what should be regarded as a tight noose around the neck of the US Govt. and US economy. Call it a pair of leashes as they walk the dog...

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Market-ticker.denninger.net

I mean, c'mon, $165 billion in Treasuries for sale in the next week? $31 billion in 3-month, $27 billion in 7-year, $40 billion in 2-year, $37 billion in 5-year, $30 billion in 6-month. Annualized this is $8.58 trillion dollars!

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www.huffingtonpost.com/

The effort to increase the transparency of the Federal Reserve's operations has picked up surprising momentum over the last month, and has now surged past the 218 votes needed for passage in the House of Representatives.

The bill boasts 222 cosponsors, with more and more rank-and-file members of Congress steadily signing on to a bill introduced in February by Rep. Ron Paul (R-Texas) to expand the authority of the Government Accountability Office to audit the Fed.

On Tuesday, Rep. John Boehner of Ohio, the Republican Leader, signed on. On Thursday, Sen. Jim DeMint of South Carolina, one of the chamber's most conservative members, joined Sen. Bernie Sanders of Vermont, perhaps the Senate's most liberal member, in cosponsoring a companion bill.

More than 50 Democrats have joined more than 150 Republicans so far to back HR 1207. A similar bill sponsored by Rep. Dennis Kucinich (D-Ohio) also has momentum and is on pace for a congression

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Debbie Morgan- Take Back Washington

The question we should all be asking is, “Does Ms Hill really not know that the Federal Reserve is not “federal” or is she, and the Washington Post, by extension, feeding the public blatantly false information so as to keep them from realizing what is going on?

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AP

Aimed at preventing a repeat of the worst economic crisis in seven decades, the changes would begin to reverse a determined campaign pressed in the 1980s by President Ronald Reagan to cut back on federal regulations.

Obama's plan, spelled out in an 88-page white paper, would do little to streamline the alphabet soup of agencies that oversee the financial sector. But it calls for fundamental shifts in authority that would eliminate one regulatory agency, create another and both enhance and undercut the authority of the powerful Federal Reserve.

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LewRockwell.com

 
But not for real estate. It will continue downward. Families' net worth will continue to fall. There will be deals. Commercial rents will continue to fall. There will be deals. Small local banks will continue to go belly-up. There will be deals . . . for big banks.

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YouTube

Congressman Ron Paul gives the latest exciting news on his legislation to audit the Federal Reserve and explains the possible next steps for the bill. 

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Counterpunch.com/

 
Ben Bernanke is getting ready to pull another rabbit out of his hat and he's hoping no one figures out what he's up to. Here's the scoop; the Fed chief needs to "borrow up to $3.25 trillion in the fiscal year ending Sept. 30" without triggering a run on the dollar.

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Market-ticker.denninger.net

 
If in fact previous administrations were issuing "off-book" Treasury debt in this fashion to sovereigns then implications are truly explosive as such issues are blatant and outrageous unlawful acts...

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Daniel Heller

Texas Congressman Ron Paul (R) is trying hard to pass a bill to audit the Federal Reserve. The question is why? Second: what exactly is the Federal Reserve? And, lastly, aside from those exhilarating finance majors who constantly watched CNBC as you drank too much beer in college, who cares?

News Link • Global Reported By Daniel Heller
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NY Times

Since March, when the Fed stepped in to fill the lending vacuum left by banks and Wall Street firms, officials have been dragged into murky battles over the creditworthiness of narrow-bore industries like motor homes, rental cars, snowmobiles, recreational boats and farm equipment — far removed from the central bank’s expertise.

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Rawstory

After months of activism and lobbying by Congressman Ron Paul’s supporters, House Resolution 1207, the Federal Reserve Transparency Act, will move out of committee to be debated by the full House of Representatives.

In a show of cross-party unity, Ohio Democratic Congressman Dennis Kucinich became the bill’s 218th co-sponsor, pushing it over the threshold for debate in Congress.

 

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Market-Ticker.Denninger.net/

 
Italy’s financial police (Guardia italiana di Finanza) has seized US bonds worth US 134.5 billion from two Japanese nationals at Chiasso (40 km from Milan) on the border between Italy and Switzerland. They include 249 US Federal Reserve bonds worth US$ 500 million each...

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Wired.com

MELBOURNE, Florida — In a sparsely decorated office suite two floors above a neighborhood of strip malls and car dealerships, former oncologist Douglas Jackson is struggling to resuscitate a dying dream. Jackson, 51, is the maverick founder of E-Gold, the first-of-its-kind digital currency that was once used by millions of people in more than a hundred countries. Today the currency is barely alive. Stacks of cardboard evidence boxes in the office, marked “U.S. Secret Service,” help explain why, as does the pager-sized black box strapped to Jackson’s ankle: a tracking device that tells his probation officer whenever he leaves or enters his home. “It’s supposed to be jail,” he says. “Only it’s self-administered.”

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