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What 80 percent of economists call “Recovery” is a “Cover up”. Trillions in losses papered over with trillions of phantom dollars printed out of thin air and backed by nothing produce nothing except the mirage of recovery. The dollar’s dive and gold’
Congress put American taxpayers on the hook for $700 billion last year when it approved the massive bailout to paper over imprudent lending decisions of nine Wall Street giants: Bank of America, Citigroup, Wells Fargo, JP Morgan Chase, Goldman Sachs
Before Henry Paulson become Secretary of the Treasury, he was required by law to sell all of his shares in Goldman Sachs. He was allowed to sell all of his shares of Goldman Sachs stock tax-free. Thus, by becoming Secretary of the Treasure, he was
The prospect of Goldman Sachs awarding record bonuses in the wake of the financial collapse has the potential to incite a broad-based populist backlash, argues Martin Sieff. He explores how Wall Street has roused the public's ire in much the same way
Recently we presented our extended thoughts on how it was that the Fed first encouraged massive dollar-denominated, underfunding global positions, and subsequently, when funding became scarce, provided unprecedented capital bailouts to foreign Centra
The big event for the day will be the announcement of US auction sizes for next week. RBS economists estimate that we'll see $44bn in 2 years, $41bn in 5-years, $30bn in 7 years, and $7bn in a 5 year TIPS reopening which would all be a $1bn upsizes v
It seems nobody in this country wants to take responsibility for the secular decline in the value of the U.S. dollar. When Fed Chairman Ben Bernanke is asked about the currency's decline, he refers the query to the Treasury Department. When the presi
The US Federal Reserve continues to talk about their urgent Exit Strategy. My theory is they will be doing mostly talking and almost no doing. The nations that talk the least will be hiking interest rates the most, like Australia. The US might be
The Dollar Carry Trade and the lost Petro-Dollar advantage will work to destroy the USDollar as the global reserve currency. The USFed will have to resort to unusual means to keep the world ‘interested’ and ‘involved’ in the USDollar at all. When the
Watching the Dominos Fall: Glenn Beck call Charles Goyette, author of the new book The Dollar Meltdown, to war game scenarios for a currnecy crisis. When the U.S. dollar goes, what does it take with it? Charles outlines simple steps that you can t
Mad scientist Ben Bernanke, with his new tool of paying interest on Fed reserves may have created the monster that we have been warning about.
The bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, but would not allow Congress to review the Fed's inflation of the money supply or the its agreements with foreign cen
Sounds like it to me. These are truly remarkable words coming from inside the Fed.
Proponents of auditing the Federal Reserve have a new bill to support their cause. Sen. Jeff Merkley (D., Ore.) and Sen. Bob Corker (R., Tenn.) introduced legislation today to require the Government Accountability Office to audit several of the centr
Some of the nation’s largest financial companies, including Citigroup (NYSE: C), GE Capital (NYSE: GE), JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) and others will no longer have certain debt guaranteed by the fed
When the financial system almost imploded in the fall of 2008, one of the primary responses by the Federal Reserve was the issuance of an unprecedented amount of FX liquidity lines in the form of swaps to foreign Central Banks.
We diligently await the retorts from Senators Kyl and Hagan on how this is an "unnecessary" piece of transparency-promoting legislation, which will merely attempt to prevent the destruction of the endangered species better known as Americanus Middlec
As everyone else has been cheering the revival of the housing bubble, one person has been busy offloading a significant portion of his exposure to housing: Bill Gross. And the direct sponsor of billions of dollars hitting Mr. Gross' Wells Fargo banki
During that long summer between the collapse of Bear Stearns and the collapse of Lehman Brothers, Hank Paulson held a secret meeting with the board of Goldman Sachs in Moscow.
If a cheap dollar doesn't produce prosperity, could the gnomes in the Treasury and at the Federal Reserve have other reasons to opt for the devaluation of the dollar? They go about their subterranean toil, undermining the dollar seemingly heedless of
The US Federal Reserve was founded in 1913 and allowed America to enter World War I four years later. It has been estimated that only 21 percent of the war effort was funded through taxation. 56 percent of the spending came from Fed-backed borrowing
The continuing financial crisis has made clear to many people the deep problems that exist within our financial system. One of the key decisions to be made in any of the reform proposals floating around deals with the Federal Reserve System and its p
Martin here with the most shocking new numbers I’ve seen in my lifetime. My conclusion: Fed Chairman Bernanke has dumped so much funny money into the U.S. banking system and has done so little to manage how that money is used, the fate of our enti
Four banks in particular are foundering, including one that has acknowledged its executives cooked its books.
The financial crisis has spotlighted the importance of dealing with global imbalances in trade and capital flows, Federal Reserve Chairman Ben Bernanke said. "The crisis has ... highlighted the need for many policy reforms that range from improving f
Gee, who saw this one? Anyway, the point stands. The FDIC is clearly out of money, and this is nothing more than yet another legalized accounting fraud game, where they'll get "the money" now but allow the banks to "recognize" that "charge" over
The U.S. dollar started the week under pressure, sinking Monday after the Fed Bank of New York released a statement clarifying some recent activity that market participants had interpreted as preparation for removing some liquidity from the financial
No way will the Fed raise rates when politicians want them to be kept low,This morning on CNBC, a good discussion between Richard Bernstein and Dennis Gartman on the challenge facing the Fed. Neither think a rate hike is coming anytime soon, with Ber
The demise of the G7 financial systems, currencies and economies continues to march along as incomes collapse. The social welfare states and their banking system’s Ponzi finance-based economies are BROKE, their obligations and promises irredeemable
