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Keyword: monetarypolicy

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  • Fed Can Print Money, But It Can't Print Jobs

    04/17/2014 6:32:50 AM PDT · by SeekAndFind · 23 replies
    IBD ^ | 04/17/2014 | Alan Reynolds
    We have all been watching a long mystery with no ending: What the Federal Reserve governors are trying to do, how they intend to do it and why they imagine their efforts will work. The key questions boil down to two: (1) What target should the Fed aim at, and (2) what policy instruments should it use to hit that target? The Fed's only explicit target — an unemployment rate of 6.5% — was shrewdly discarded as "outdated" as that target grew near. Actually, the idea of focusing on unemployment is outdated, since it presumes that high unemployment guarantees low...
  • Is There a Monetary Story Behind the College Bubble?

    02/07/2014 5:29:22 AM PST · by SeekAndFind · 15 replies
    RCM ^ | 02/07/2014 | By Jeffrey Snider
    It is hard to know exactly how to interpret the plight of the modern college student. The term "lost generation" isn't exactly original, having been used to describe grads during the three "jobless" recoveries of the interest rate targeting age, but the current predicament is much more dire and unrelenting. At least the graduate population after the dot-com recession had a housing bubble to look forward to, as the current iteration of asset inflation holds little such "hope." The labor force participation rate for those people 25 years and older with a Bachelor's degree peaked around 1995 at 81%. After...
  • Yellen’s Path From Liberal Theorist to Fed Voice for Jobs

    10/09/2013 7:30:44 PM PDT · by Tailgunner Joe · 19 replies
    nytimes.com ^ | October 9, 2013 | BINYAMIN APPELBAUM
    Ms. Yellen decided to pursue a doctorate at Yale University after hearing a speech by James Tobin, the economist whom she still regards as her intellectual hero. Mr. Tobin was a staunch defender of the view that government policy could lift an economy from recession. .... “While admirers of capitalism, we also to a certain extent believe it has limitations that require government intervention in markets to make them work,” Ms. Yellen said in a 2012 interview with Berkeley’s business school magazine. .... In a related debate in 1995, Ms. Yellen argued that reducing high unemployment should sometimes be the...
  • Obama’s Revolting Bankers

    06/27/2013 8:55:37 AM PDT · by Kaslin · 11 replies
    Townhall.com ^ | June 27, 2013 | John Ransom
    On June 17, Barack Obama had one of his most awesome reality TV events of the year when he fired central bank chairman Ben Bernanke on PBS with liberal mope and host Charlie Rose moderating. “He essentially fired Ben Bernanke on the spot and gave him a fairly tepid testimonial afterward,” said former Fed Governor Laurence Meyer, in an interview on CNBC the next day. And the bankers have been in revolt ever since.  The government, meanwhile, has revised the economy’s performance downward. The newest do-over by government economists comes three months after they gave the economy one of the...
  • More Fed Follies.... Paper

    02/22/2013 1:11:36 PM PST · by SatinDoll · 1 replies
    The Market-ticker ^ | Feb.22,2013 | Karl Denninger
    This one's rich: “The combination of a massively expanded central bank balance sheet and an unsustainable public debt trajectory is a mix that has the potential to substantially reduce the flexibility of monetary policy,” the economists write. “This mix could induce a bias toward slower exit or easier policy, and be seen as the first step toward fiscal dominance. It could thereby be the cause of longer-term inflation expectations and raise the risk of inflation overall.” There is no flexibility and it is the direct and proximate consequence of Congress and The Adminstration ignoring the fundamental realities of arithmetic --...
  • Profs Channeling Ron Paul?

    02/04/2013 1:09:15 PM PST · by Academiadotorg · 1 replies
    Accuracy in Academia ^ | February 4, 2013 | Malcolm A. Kline
    A trio of academic economists have taken a hard look at the Federal Reserve System and found it wanting, to put it mildly. In a working paper for the libertarian Cato Institute, George Selgin, William D. Lastrapes and Lawrence H White write that, “Drawing on a wide range of recent empirical research, we find the following: “(1) The Fed‘s full history (1914 to present) has been characterized by more rather than fewer symptoms of monetary and macroeconomic instability than the decades leading to the Fed‘s establishment. “(2) While the Fed‘s performance has undoubtedly improved since World War II, even its...
  • Let It Be Known That No Financial Crisis Was Ever Caused by Stable Money

    10/16/2012 5:29:24 AM PDT · by SeekAndFind · 11 replies
    Forbes ^ | 10/16/2012 | Nathan Lewis
    There aren’t many blanket statements you can make about economics. Usually, “it depends.” But, there’s one thing I can say with a fairly high degree of confidence: No economic crisis was ever caused by stable money. For some reason, the gold standard system has gained a reputation for causing crises. This is mostly from the Keynesian camp: they need floating currencies to play their funny money games. The purpose of funny money is to solve some kind of problem whose fundamental cause is typically not monetary at all. For example, we are now in a process of trying to solve...
  • Bernanke's Act of Terrorism

    09/15/2012 4:56:05 AM PDT · by tselatysr · 7 replies
    Tea Party Tribune ^ | 2012-09-14 23:46:19 | mrcurmudgeon
    By Mr. Curmudgeon:While Islamic militants riot outside U.S. embassies overseas, and kill American counselor officials and their support personnel, another terrorist act just as deadly took place on American soil. Federal Reserve Chairman Ben Bernanke announced his independent, in your face, answer-to-no-one agency will flood the U.S. economy with $40-billion-a-month in counterfeit greenbacks to buy worthless mortgage-backed securities. He said the Fed would continue the policy "until such improvement is achieved in a context of price stability." That's Fed speak for "Forever."Commodity prices, like oil for instance, soared after Benny boy's announcement. So much for "price stability."As if to prove...
  • Republicans Eye Return to Gold Standard

    08/23/2012 3:42:23 PM PDT · by barmag25 · 54 replies
    CNBC ^ | Thursday, 23 Aug 2012 | Robin Harding and Anna Fifield
    The gold standard has returned to mainstream U.S. politics for the first time in 30 years, with a “gold commission” set to become part of official Republican party policy. Drafts of the party platform, which it will adopt at a convention in Tampa Bay, Florida, next week, call for an audit of Federal Reserve monetary policy and a commission to look at restoring the link between the dollar and gold. The move shows how five years of easy monetary policy — and the efforts of congressman Ron Paul — have made the once-fringe idea of returning to gold-as-money a legitimate...
  • Ryan's Fed policy views well outside mainstream

    08/19/2012 11:05:21 AM PDT · by mdittmar · 26 replies
    Yahoo! ^ | 8/19/12 | Pedro Nicolaci da Costa Reuters
    WASHINGTON (Reuters) - Paul Ryan doesn't quite want to end the Fed. But if Mitt Romney's pick for vice president had his way, he might curb the central bank's powers enough to make it harder for policymakers to respond aggressively to economic downturns. The Wisconsin Republican has supported controversial legislation that would strip the U.S. Federal Reserve of its mission to seek maximum employment, and has been a harsh critic of the central bank's continued loose monetary policy. Further, he has hinted at sympathy for the days when the U.S. dollar was tied to gold, a regime that constrained the...
  • Paul Ryan's Nutty Views on Monetary Policy (Left-wing economists attack)

    08/15/2012 6:53:17 AM PDT · by SeekAndFind · 11 replies
    Economist View ^ | 08/15/2012 | Mark Thoma, Professor of Economics, University of Oregon
    <p>What did Ayn Rand teach Paul Ryan about monetary policy?, by Brad Plumer: In 2005, Paul Ryan explained that he often looks to Ayn Rand’s novel “Atlas Shrugged” as inspiration for his views on monetary policy. “I always go back to, you know, Francisco d’Anconia’s speech, at Bill Taggart’s wedding, on money when I think about monetary policy,”...he said in a speech at the Atlas Society. So what are Ryan’s views on this front? And what do they have to do with Ayn Rand? ...</p>
  • Politically Incorrect Money Guide

    05/09/2012 10:28:11 AM PDT · by Academiadotorg
    Accuracy in Academia ^ | May 8, 2012 | Malcolm A. Kline
    Judy Shelton, an economist not on a university payroll, has sought to satiate this widespread curiosity in her book, Fixing The Dollar Now: Why U. S. Money Lost Its Integrity And How We Can Restore It... ... our first Secretary of the Treasury, Alexander Hamilton—widely thought to be, with some justification, an advocate of a strong, central government. “To emit an unfunded paper as the sign of value ought not to continue a formal part of the constitution, nor ever hereafter to be employed; being, in its nature, pregnant with abuses, and liable to be made the engine of imposition...
  • What if the austerity measures and balancing budget won't work? The worst may be still on the way...

    05/07/2012 6:16:02 AM PDT · by se99tp · 8 replies
    Christian Concepts Daily ^ | May 7th, 2012 | Norman Bailey, Alexander Mirtchev
    Other than the stock market crash of 1987, which was seen at the time as the harbinger of another great depression, the worst was avoided due to excellent Federal Reserve policies directed specifically at market psychology. The effectiveness of the Fed aside, it should be noted that the short and medium cycles did not coincide during that period. After the mid-point of the decade of 2000, they did, so that a long-wave theorist could hypothesize that the collapse phase of the long wave was delayed by about a decade, when the three cycles did, in fact, coincide. The confluence of...
  • Paul Ryan Bashes Bernanke For Killing Savings, Distorting Markets

    02/02/2012 9:37:14 AM PST · by Hunton Peck · 23 replies
    Forbes ^ | 2/02/2012 @ 11:49AM | Agustino Fontevecchia
    In a fascinating exchange between Federal Reserve Chairman Ben Bernanke and Congressman Paul Ryan, the Republican from Wisconsin accused the Fed of eroding peoples’ savings, creating a false sense of security by manipulating the yield curve, and bailing people out by indirectly engaging in fiscal policy. Bernanke hasn’t been comfortable the last couple of times he was forced to testify in Congress. On Thursday, the Fed Chairman was questioned by the House Budget Committee on the state of the economy. After giving his usual description of the economic outlook (inflation has remained moderate, unemployment is high, Fed will do whatever...
  • Under Obama, Price of Gas Has Jumped 83 Percent, Ground Beef 24 Percent, Bacon 22 Percent

    01/24/2012 4:25:59 PM PST · by OPS4 · 41 replies
    CNS news ^ | 1/24/12 | Christopher Goins
    So far, during the presidency of Barack Obama, the price of a gallon of gasoline has jumped 83 percent, according to data from the Bureau of Labor Statistics. (AP Photo) During the same period, the price of ground beef has gone up 24 percent and price of bacon has gone up 22 percent. When Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79, according to the BLS. (The figures are in nominal dollars: not adjusted for inflation.) Five months later in June, unleaded gasoline was $2.26 per gallon,...
  • Why Gold Isn’t Higher (don’t worry about timing the gold market, unless you trust paper money)

    01/15/2012 8:56:13 AM PST · by SeekAndFind · 23 replies
    Townhall Finance ^ | 01/14/2012 | Chris Poindexter
    If you follow the discussions in the financial world, you might have heard talking heads going on about the death of the gold bull. Don’t believe it. First off, I maintain that it’s a false premise that there are gold bull or bear markets at all because very few people buy gold as a speculative investment. Gold doesn’t split, gold doesn’t pay a dividend or report earnings every quarter and gold doesn’t buy back its own shares. If you want a growth investment, there are better options. What gold has going for it is that it’s a finite resource with...
  • The True Cost of Keynes (of trying to get something for nothing

    12/05/2011 4:57:33 PM PST · by MegaSilver · 2 replies
    PrudentBear ^ | 5 December 2011 | Martin Hutchinson
    Adolf Hitler, Joseph Stalin and Mao Zedong each killed tens of millions of people, and John Maynard Keynes was a pacifist who never fired a shot in anger. However economically, when the billions come to be totted up, it may well be the case that Keynes was the most destructive of the four. He cannot entirely be blamed for mistakes in monetary policy, which he never understood, and even his “stimulus” ideas owed much to those who came before him – for example Arthur Pigou – and after him – for example Joan Robinson. Yet the other value destroyers had...
  • Leaping Toward The Keynesian Dream

    11/30/2011 8:46:50 PM PST · by blam · 16 replies
    The Daily Reckoning ^ | 11-30-2011 | Jeffery Tucker
    Leaping Toward The Keynesian Dream By Jeffrey Tucker 11/30/11 The Fed’s latest inflationary scheme sounds like a technocratic innovation. It lowered the costs of currency swaps between central banks of the world with the idea that the Fed would do for the globe what Europe, England, and China are too shy to do, which is run the printing presses 24/7 to bail out failing institutions and economies. In effect, the Fed has promised to be the lender of last resort for the entire global economy. It sounds new, but it is not. Following the Second World War, John Maynard Keynes...
  • Fed Chairman Game:"So you want to be in charge of monetary policy"

    11/18/2011 6:25:30 PM PST · by dynachrome · 8 replies
    www.frbsf.org/ ^ | 2011 | Federal Reserve Bank of SF
    Raise or lower interest rates just like the feds and see the results on inflation and employment. A little teaching game. Interesting results
  • RAHN: Abolish central banks

    10/25/2011 6:23:33 AM PDT · by SeekAndFind · 6 replies
    Washington Times ^ | 10/25/2011 | Richard Rahn
    Should the Federal Reserve be abolished as Rep. Ron Paul and others have demanded? The Republican presidential candidates have agreed that they would like to replace Ben S. Bernanke as chairman of the Fed, and many have been equally critical of former Fed Chairman Alan Greenspan. The view that both Mr. Bernanke and Mr. Greenspan have done poor jobs is also shared by many economists and financial writers. But, if not Mr. Bernanke, who? And if not the Fed, what? One of the criticisms of the Fed and other central banks is that they were engaged in inflation targeting -...
  • Plan To Return America To the Gold Standard Set To Be Offered at Washington (5-year transition)

    09/27/2011 6:25:19 AM PDT · by SeekAndFind · 32 replies
    New York Sun ^ | 09/27/2011 | Seth Lipsky
    NEW YORK — The next big step in the gold standard debate is going to be taken next month at Washington, when one of the original members of the Reagan-era United States Gold Commission offers a five-step plan to return America to sound money. The architect of the plan, Lewis Lehrman, a businessman and scholar, will present his program in an address October 5 at a conference in Washington on the how to return to a stable dollar. He will outline a five-step program to return America to a gold-backed currency within five years. What is significant about the event...
  • Abandoning the gold standard was a seminal moment, and one we're now all paying for

    08/15/2011 8:09:31 AM PDT · by SeekAndFind · 11 replies
    The Telegraph ^ | 08/15/2011 | Edmund Conway
    Roll out the bunting. Tomorrow is the 40th anniversary of the modern global economy. That's right: come Monday morning we will have managed to survive four decades of fiat money – though, given the chaos in markets in recent weeks, it is anyone's guess how much longer it will last. On 15 August 1971, with the US public finances straitened by the cost of the war in Vietnam, Richard Nixon finally cut the link between the US dollar and gold. Until then, the US Treasury was duty bound to exchange an ounce of gold with central banks willing to pay...
  • Fed Lawyer Alvarez: “The Federal Reserve Does NOT Own Any Gold at All”

    06/05/2011 10:07:45 AM PDT · by David · 17 replies
    Gold News.Com ^ | June 2, 2011
    The article is based on a summary of a testimony exchange between Dr. Ron Paul and Scott Alvarez, an attorney of house counsel to the Federal Reserve at a hearing before House Financial Services Subcommittee on Monetary Policy. The actual transactions involving ownership of US Gold which were implemented at the time the Federal Reserve Act of 1913 was adopted have been shrouded in an effort to obfuscate the long term rights of the parties. The historical received wisdom has been to believe that the Fed owned the US gold subject to a right in the Treasury to get the...
  • Mark Steyn : Discredited. The Fed’s policy is accelerating American collapse

    05/01/2011 6:15:41 AM PDT · by SeekAndFind · 58 replies
    National Review ^ | 04/30/2011 | Mark Steyn
    <p>The other day Paul O’Neill said that . . .</p> <p>Oh, wait. I suppose I ought to explain who Paul O’Neill is. A decade ago, he was President Bush’s first Treasury secretary. I have no very clear memory of him except that he toured Africa with Bono and they were photographed in matching tribal dress looking like Colonel Qaddafi’s Mini-Me twins at a Tripoli sleepover. Other than the dress-up fun, I’ve no idea why they were in Africa, but you paid for it, so I’m sure there was a good reason.</p>
  • Supreme Court Sides With People; Federal Reserve Must Tell Us Who Received Money

    03/22/2011 7:08:49 PM PDT · by seamus · 28 replies
    Somewhat Reasonable (The Heartland Institute) ^ | March 22, 2011 | Steve Stanek
    The Federal Reserve does not want the world to know details of "emergency loans" it made to banks in the financial panic of 2008, but the Supreme Court this week effectively said the Fed must tell us. It did this by today rejecting an appeal of a lower court ruling to force the Fed to reveal the information. This leaves intact a court order that gives the Fed five days to release the records.
  • St. Louis Fed’s Bullard: The U.S. Economic Situation and Recent Monetary Policy Developments

    12/15/2010 9:28:26 AM PST · by DannyTN · 2+ views
    Federal Reserve Bank of St. Louis ^ | DECEMBER 02, 2010 | Federal Reserve Bank of St. Louis
    WASHINGTON, D.C. - In remarks Thursday at a meeting of the National Economists Club, St. Louis Fed President James Bullard discussed his perspective on the recent Federal Open Market Committee policy decision to pursue additional quantitative easing. In his presentation, “The U.S. Economic Situation and Recent Monetary Policy Developments,” Bullard also addressed some of the risks and criticisms of the FOMC policy decision. Bullard said that while this policy carries both risks and rewards, he believes the benefits outweigh the risks. On November 3, the FOMC announced it would purchase Treasury securities at a pace of about $75 billion per...
  • Why Bernanke Is Dead Wrong, And What It Means for Investors

    11/21/2010 9:39:15 AM PST · by deniss60 · 50 replies
    Fed chairman Ben Bernanke's big speech... leaves U.S. policymakers off the hook and takes their focus further away from the free-market reforms within their control to make -- the policy changes that would do much more to save what's left of the U.S. economy than anything China might do. Bernanke would have been more constructive taking direct and sustained aim at U.S. policymakers in both parties -- it's their bad policy moves and avoidance of tough decisions over more than 30 years that's responsible for America's economic underperformance. The metaphor that comes to mind is of an overweight runner blaming...
  • The 3 Reasons Bernanke Can't Win

    11/12/2010 7:08:45 AM PST · by EBH · 10 replies
    Yahoo/AP ^ | 11/12/2010
    ... monetary policy has suddenly become a turkey. In ordinary times, nobody has much of an opinion on monetary policy -- beyond Fed staffers, wonks and professional bond investors. For heated discussion on the finer points, you have to tune into CNBC or sift through impenetrable papers at academic conferences. But these days, monetary policy is lighting up Facebook and talk radio. In a recent speech, Sarah Palin showed she's a Mama Grizzly Bear, not a Mama Grizzly Bull. "All this pump priming will come at a serious price," she said, complaining about Federal Reserve Chairman Ben Bernanke's latest plans...
  • QE2: What would Milton Friedman do?

    11/02/2010 7:16:03 AM PDT · by WebFocus · 5 replies
    Financial Post ^ | 11/02/2010 | Terence Corcoran
    A cottage industry is building around the question: What would Milton Friedman do? With the U.S. Federal Reserve on the brink of announcing a new round of quantitative easing to pump a fresh supply of money into the U.S. economy, people are looking around for economic guidance. Prof. Friedman, the Nobel-winning free-market economist who died in 2006, earned his Nobel on the basis of his monetary-policy work. He was a “monetarist” who promoted the idea that steady and stable increases in the money supply were needed to keep growth high and inflation low. The consensus, more or less, appears...
  • Fed President James Bullard Is Now Warning Of "Dramatic" Trouble If The Fed Gets Too Aggressive

    10/25/2010 1:30:21 PM PDT · by blam · 1 replies
    The Business Insider ^ | 10-25-2010 | Joe Weisenthal
    Bi-Polar Fed President James Bullard Is Now Warning Of "Dramatic" Trouble If The Fed Gets Too Aggressive Joe Weisenthal Oct. 25, 2010, 3:40 PM Image: CNBC We're beginning to think that St. Louis Fed President James Bullard is seriously bi-polar or schizophrenic or has split-personality disorder when it comes to monetary policy. Remember, Bullard was the one who wrote the paper, Seven Faces Of The Peril (.pdf), which sounds like a kung-fu or horror movie title to describe the dangers of deflation. He's known as an uber-dove. But now he's sounding more like fellow FOMC member Thomas Hoenig, warning about...
  • It’s Official: Obama Has Now Borrowed $3 Trillion

    10/18/2010 6:45:13 PM PDT · by JSDude1 · 1 replies
    CNSNEWS.com | Oct. 18, 2010 | Terence P. Jeffrey
    It's official: The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department. It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion
  • The Fed's Monetary Dissident (Thomas Hoenig)

    05/15/2010 6:46:50 AM PDT · by reaganaut1 · 1 replies · 290+ views
    Wall Street Journal ^ | May 15, 2010 | MARY ANASTASIA O'GRADY
    In the aftermath of the 2008 financial panic centered on Wall Street, it's easy to forget that this part of America has its own bitter history of wild speculation that ended in disaster. But Kansas City Federal Reserve Bank President Thomas Hoenig remembers the 1970s all too well. It was a lesson that still shapes his thinking about the role of the Fed's monetary policy in creating asset bubbles. Mr. Hoenig is [...] a voting member of the [FOMC], which sets U.S. monetary policy. In recent months he's been the committee's sole dissident on the Fed's promise to keep interest...
  • Meltup (Video Documentary)

    05/13/2010 6:15:04 PM PDT · by Razzz42 · 15 replies · 1,229+ views
    NIA ^ | 5/13/10 | NIA
    NIA believes Meltup is the most important economic documentary ever produced in world history. The Second American Revolution has begun! Please share this documentary with all of your friends and family members immediately!
  • What Happens If Greece Really Defaults?

    03/16/2010 12:25:38 AM PDT · by ErnstStavroBlofeld · 29 replies · 1,204+ views
    U.S. News via Yahoo Finance ^ | 3/16/2010 | Matthew Bandyk
    Earlier this week, Greek Prime Minister George Papandreou traveled to the United States to promote a message: We're in this together. The debt crisis that has threatened the Greek economy and the stability of the European Union's monetary policies "very much involves America's interests," Papandreou stated in a speech at the Brookings Institution in Washington. The prime minister--who was born in St. Paul, Minn.--even connected the current crisis to the Great Depression as well as the Great Recession. "If the European crisis metastasizes, it could create a new global financial crisis with implications as grave as the U.S.-originated crisis two...
  • Vice Chairman of Fed to Retire, Letting Obama Reshape Board

    03/02/2010 6:12:34 AM PST · by La Lydia · 9 replies · 336+ views
    New York Times ^ | March 2, 2010 | Sewell Chan
    The vice chairman of the Federal Reserve announced on Monday that he would retire in June, giving President Obama an expanded opportunity to put his stamp on the central bank as it faces a difficult balance between heading off inflation and addressing high levels of unemployment. The departure of the vice chairman, Donald L. Kohn, a 40-year Fed veteran, means Mr. Obama has three seats to fill on the Fed’s seven-member board of governors at a time when the central bank is weighing how aggressively to reverse the easy-money policy it pursued during the financial crisis and recession. The vacancies...
  • Argentina president picks ally to head bank

    02/05/2010 1:12:36 AM PST · by Cheap_Hessian · 246+ views
    Financial Times ^ | February 3, 2010 | Jude Webber
    Argentina’s new central bank head on Thursday promised to maintain current monetary policy as she sought to calm market fears that her appointment would damage the bank’s independence. Mercedes Marcó del Pont has close links to the government and was appointed this week by Cristina Fernández, Argentina’s president, after a bitter political battle to remove the former chief for failing to hand over reserves to pay off debt. “I want to transmit calm,” Ms Marcó del Pont said. “We’re planning policies that maintain current monetary and exchange rate policies, and that of the administered exchange rate.”
  • America's Impending Master Class Dictatorship

    01/29/2010 8:29:11 PM PST · by STD · 13 replies · 937+ views
    www.kitco.com ^ | Jan 22 2010 2:24PM | Stewart Dougherty
    America's Impending Master Class Dictatorship By Stewart Dougherty Jan 22 2010 2:24PM www.kitco.com FOREWORD: At certain times, focusing on the big picture is important not just for investment success, but for personal welfare, and even survival. We believe such times are here. It is estimated that 98% of Americans have never held a gold coin in their hands. Yet 100% of Americans regularly handle Federal Reserve Notes. From a contrarian standpoint, the financial message from those two statistics is clear. Even so, gold is much more than money or an investment medium; it stands for liberty and throughout history has...
  • Deflationary myth is poor excuse for irresponsible policy excesses

    01/22/2010 9:30:08 PM PST · by Cheap_Hessian · 162+ views
    Telegraph (UK) ^ | December 19, 2010 | Liam Halligan
    New figures show that UK inflation was 1.9pc during the 12 months to the end of November, up from 1.5pc the month before. That was "above consensus estimates". Having said that, British inflation, to use investment bank parlance, has "surprised on the upside" pretty much every month for the past two years. Ever since this crisis began, economists in the City of London have underestimated UK inflation and warned, instead, that "deflation" looms. As a result of this threat, policymakers have had "no choice" but to take "bold action". Such action, as we've seen, has meant loading up the national...
  • China's future inflation is a present headache

    01/22/2010 4:53:45 AM PST · by Cheap_Hessian · 3 replies · 254+ views
    Reuters ^ | January 22, 2010 | Aileen Wang and Alan Wheatley
    BEIJING (Reuters) - Wang Zihua's last pay rise was two years ago and the 56-year-old post office worker in the northern Chinese city of Harbin is concerned his 1,200 yuan monthly salary is being eaten away by rising prices. Chinese inflation remains tame, but prices have been creeping up in the past few months and policymakers may not only have to step up their rhetoric but also the pace of monetary tightening to prevent Wang's fears from becoming a reality. "I really worry that prices may rise more quickly in the future, especially for rice, meat and vegetables. After all,...
  • The Fed's Money Monopoly (Ron Paul)

    12/14/2009 4:27:18 PM PST · by rabscuttle385 · 14 replies · 910+ views
    Last week, in the name of protecting the little guy from Wall Street, the House passed HR 4173 to increase the little guy’s false sense of security in the financial system. This mammoth piece of legislation would massively increase government regulation and oversight in the banking industry under the misguided reasoning that more government could have stopped faulty lending practices, when in actuality it caused them. This bill would also greatly increase the powers of the Federal Reserve, which too many in Congress still see as savior rather than perpetrator in this mess. One silver lining is that the amendment...
  • Bernanke crook or not? Poll

    12/07/2009 10:21:14 AM PST · by DBlake · 7 replies · 450+ views
    Youpolls ^ | 12-07-2009 | CBSNews
    Inflation will not get out of control, Bernanke promises...
  • Fed Creating Another Bubble

    10/08/2009 1:11:55 PM PDT · by fiscon1 · 10 replies · 532+ views
    The Provocateur ^ | 10/08/2009 | Mike Volpe
    So says famed economic analyst, Nouriel Roubini, The Federal Reserve is running the risk of creating another bubble, and needs an exit strategy from its credit easing policy, says former Clinton White House economist Nouriel Roubini. The sharp increase in the stock market and commodities, and narrowing of credit spreads since March, are partly due to a wall of global liquidity chasing assets and already causing asset inflation, Roubini writes in The Wall Street Journal.
  • Inflation, Deflation, Peak Oil and Complex Systems (inflation? deflation?)

    09/30/2009 5:57:08 PM PDT · by dynachrome · 6 replies · 609+ views
    whiskeyandgunpowder.com ^ | 9-30-09 | James Howard Kunstler
    All of it begs the question not only whether you or I will have two nickels to rub together, or two gold eagles, or a bundle of six month US Treasury bills, or a zillion shares of Apple, or a gainful vocation, or a roof over our heads, or a hot meal at the end of the day, or a safe place to sleep, or a country we can recognize. I’ve done my share of forecasting, with some episodes of notably bad timing. I don’t do it for grandstanding effect but to provide some basis for knowing what to do...
  • Some Thoughts on the Fed Minutes

    09/23/2009 3:47:22 PM PDT · by fiscon1 · 1 replies · 216+ views
    The Provocateur ^ | 09/23/2009 | Mike Volpe
    The Fed released its minutes a few hours ago. These are the most predictable minutes that I can remember. To no one's surprise the Fed kept the Fed Funds Rate at its current levels. Also to no one's surprise, the Fed analyzed the current state of the economy as bottoming out and steadying. Information received since the Federal Open Market Committee met in August suggests that economic activity has picked up following its severe downturn. Conditions in financial markets have improved further, and activity in the housing sector has increased. Household spending seems to be stabilizing, but remains constrained by...
  • The Federal Reserve as Pay Czar?

    09/21/2009 6:38:02 PM PDT · by fiscon1 · 2 replies · 291+ views
    The Provocateur ^ | 09/21/2009 | Mike Volpe
    It's hard to fathom that the Federal Reserve might soon get even more power than they already have but an idea being floated now will do just that. Policies that set the pay for tens of thousands of bank employees nationwide would require approval from the Federal Reserve as part of a far-reaching proposal to rein in risk-taking at financial institutions. The Fed's plan would, for the first time, inject government regulators deep into compensation decisions traditionally reserved for the banks' corporate boards and executives
  • Auditing the Fed is Economic Suicide?

    08/31/2009 12:58:27 PM PDT · by fiscon1 · 13 replies · 610+ views
    The Provocateur ^ | 08/31/2009 | Mike Volpe
    That's the view from this particular blog. The free market understands that auditing the fed is a very dangerous line to cross. If crossed, U.S. inflation will likely skyrocket over the next decade to unseen levels. U.S. economy tanks. Bond investors lose money as interest rates rise. Stock investors earn negative real return as equity risk premium rises and aggregate PE ratio tank. The US Dollar erodes due to higher domestic inflation relative to foreign inflation. Gold and commodity prices rise.
  • Frank Said to Back Broader Fed Audits

    08/31/2009 11:49:09 AM PDT · by fiscon1 · 4 replies · 210+ views
    Wall Street Journal ^ | 08/31/2009 | Sudeep Ruddy
    Rep. Ron Paul said he has a commitment from the chairman of the House Financial Services Committee, Barney Frank, to advance the Texas Republican's legislation opening the Federal Reserve to broader federal audits.
  • Auditing the Fed Nears

    08/30/2009 11:55:43 AM PDT · by fiscon1 · 2 replies · 249+ views
    The Provocateur ^ | 08/30/2009 | Mike Volpe
    If you've been to any tea party, then you've probably seen someone that supports H.R. 1207. That's a bill sponsored by Ron Paul that would mandate a full and complete audit. Now, if you're unfamiliar with the matter, you might be shocked. You'd probably assume that the finances and balance sheets of our own Central Bank would already be a matter of public record. Not so. The public doesn't know exactly what the central bank owes and owns. That appears to be coming to an end. H.R. 1207 is favored overwhelmingly. More than that, it gets support from a cross...
  • The Dubious Language of Fed Chairman Bernanke

    08/25/2009 8:11:45 PM PDT · by fiscon1 · 1 replies · 193+ views
    The Provocateur ^ | 08/25/2009 | Mike Volpe
    This morning Ben Bernanke said two very curious statements. First there's this one. We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable financial and economic environment in which opportunity can again flourish and in which Americans’ hard work and creativity can receive their proper rewards.
  • Obama will nominate Federal Reserve Chairman Ben Bernanke to second term

    08/25/2009 6:44:06 AM PDT · by fiscon1 · 4 replies · 212+ views
    L.A. Times ^ | 08/25/2009 | Jim Puzzanghera and Christi Parsons
    Reporting from Martha'S Vineyard, Mass., and Washington -- Federal Reserve Chairman Ben S. Bernanke, a scholar of the Great Depression who moved boldly last fall to prevent another economic catastrophe, will be nominated by President Obama to a second four-year term as head of the nation's increasingly powerful central bank, a senior administration official said Monday night.