James Grant Interviewed by James Turk–Federal Reserve, National Debt, Money, Gold — Videos
James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA
The Coming U.S. Stock and Bond Market Crash of 2013-2014 — The Stock and Bond Big Bubble Burst — Central Banks Buying Gold! — Videos
BREAKING 2013 Economic Collapse Peter Schiff
Overdose: The Next Financial Crisis
David Stockman: We’re in a Monetary Fantasy Land
Ben Bernanke Is The Most Dangerous Man In US History
US BOND BUBBLE’S READY TO BURST!
Max Keiser: Propped Up Bond Market Set To Burst In April
U.S. Government Bond Bubble to Burst, Faber Says
James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA
USA Will Die – Economic Collapse 2013 – Jim Rogers
JIM ROGERS – 2013 to Be Bad, ‘God Knows What Will Happen in 2014′
Jim Rogers Predicts Global Depression In 2013-2014
Peter Schiff on Max Keiser – Stopping the Global Financial Crisis
Keiser Report: Psyops & Debt Diets
Max Keiser: Will the next crash be on Bonds?
MAX KEISER: Colossal Collapse Coming! Keiser Report
MAX KEISER: Colossal Collapse Coming! Keiser Report
ALEX JONES & Max Keiser 2013, Year of The GREAT CRASH!
Peter Schiff – Dollar Could Collapse This Fall 2013
Peter Schiff – Economic Collapse 2013
Fed Will Keep Printing Until The Dollar Collapses~ Jim Rickards
Jim Rickards Gold is Money ($7,000 Gold Price)
James Rickards Predicts US Inflation in 2013 due to the Devaluation of the US dollar
Currency Wars: Jim Rickards
Financial Pearl Harbor’ is a Real Threat Warns a Pentagon Adviser
CNBC Global Recession Is Coming – Marc Faber
Dr. Marc Faber – US is in 50-100 trillion worth of debt!
Marc Faber ‘We Are in the End Game’ Part 1
Marc Faber ‘We Are in the End Game Part 2
Marc Faber – We Could See a 1987-Like Market Crash – Be Prepared and Get OUT!
Marc Faber-No Government Complies With Anything
Total Economic Collapse, Death of the Dollar, Impovershment, WWIII, Marc Faber Interview
Gerald Celente Deal Or No Debt Deal, The Debt Still Exists
Bill Gross: Economy Faces Structural Headwinds, “I Think We Are Facing Bubbles Almost Everywhere”
ECONOMIC CRASH WORLDWIDE STARTING
Harry Dent predicts global economic crash in 2013
Planned Economic Collapse 2013-2014
Background Articles and Videos
Meltdown (pt 1-4) The Secret History of the Global Financial Collapse 2010
Meltdown (pt 2-4) The Secret History of the Global Financial Collapse 2010
Meltdown (pt 3-4) The Secret History of the Global Financial Collapse.2010
Meltdown – pt 4-4 The Secret History of the Global Financial Collapse (2010)
The Fall of Lehman Brothers
Goldman Sachs: Power and Peril – Documentary
The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd. 1-5 (Full Documentary)
The Fall of the Dollar – The Death of a Fiat Currency part 1
The Fall of the Dollar – The Death of a Fiat Currency part 2
The First 12 Hours of a US Dollar Collapse
LIFE HIDDEN TRUTH 2013 GLOBAL FINANCIAL CRISIS
Billionaires Dumping Stocks, Economist Knows Why
Despite the 6.5% stock market rally over the last three months, a handful of billionaires are quietly dumping their American stocks . . . and fast.
Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of “disappointing performance” in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.
In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.
With 70% of the U.S. economy dependent on consumer spending, Buffett’s apparent lack of faith in these companies’ future prospects is worrisome.
Unfortunately Buffett isn’t alone.
Fellow billionaire John Paulson, who made a fortune betting on the subprime mortgage meltdown, is clearing out of U.S. stocks too. During the second quarter of the year, Paulson’s hedge fund, Paulson & Co., dumped 14 million shares of JPMorgan Chase. The fund also dumped its entire position in discount retailer Family Dollar and consumer-goods maker Sara Lee.
Finally, billionaire George Soros recently sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.
So why are these billionaires dumping their shares of U.S. companies?
After all, the stock market is still in the midst of its historic rally. Real estate prices have finally leveled off, and for the first time in five years are actually rising in many locations. And the unemployment rate seems to have stabilized.
It’s very likely that these professional investors are aware of specific research that points toward a massive market correction, as much as 90%.
One such person publishing this research is Robert Wiedemer, an esteemed economist and author of the New York Times best-selling book Aftershock.
Editor’s Note: Wiedemer Gives Proof for His Dire Predictions in This Shocking Interview.
Before you dismiss the possibility of a 90% drop in the stock market as unrealistic, consider Wiedemer’s credentials.
In 2006, Wiedemer and a team of economists accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States. They published their research in the book America’s Bubble Economy.
The book quickly grabbed headlines for its accuracy in predicting what many thought would never happen, and quickly established Wiedemer as a trusted voice.
A columnist at Dow Jones said the book was “one of those rare finds that not only predicted the subprime credit meltdown well in advance, it offered Main Street investors a winning strategy that helped avoid the forty percent losses that followed . . .”
The chief investment strategist at Standard & Poor’s said that Wiedemer’s track record “demands our attention.”
And finally, the former CFO of Goldman Sachs said Wiedemer’s “prescience in (his) first book lends credence to the new warnings. This book deserves our attention.”
In the interview for his latest blockbuster Aftershock, Wiedemer says the 90% drop in the stock market is “a worst-case scenario,” and the host quickly challenged this claim.
Wiedemer calmly laid out a clear explanation of why a large drop of some sort is a virtual certainty.
It starts with the reckless strategy of the Federal Reserve to print a massive amount of money out of thin air in an attempt to stimulate the economy.
“These funds haven’t made it into the markets and the economy yet. But it is a mathematical certainty that once the dam breaks, and this money passes through the reserves and hits the markets, inflation will surge,” said Wiedemer.
“Once you hit 10% inflation, 10-year Treasury bonds lose about half their value. And by 20%, any value is all but gone. Interest rates will increase dramatically at this point, and that will cause real estate values to collapse. And the stock market will collapse as a consequence of these other problems.”
Read Latest Breaking News from Newsmax.com http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola#ixzz2RhO2R5ey
Urgent: Should Obamacare Be Repealed? Vote Here Now!
The Run On The Fed–Countries Demanding Their Gold Reserves Back–The Currency War Gets Hot–Videos
Germany Repatriates Gold From France and US
James Turk on the Central Bank Gold Heist and Bundesbank Accounting Shenaniga
Bringing in the bullion Germany to repatriate gold from US and France
Germany Moves To Relocate Gold From New York Fed to Bundesbank
Germany Wants Its Gold Back From the Fed
Keiser Report: Welcome Home German Gold (E395)
Is Germany About to Start a Run on Gold Held at the New York Fed?
German lawmakers are to review Bundesbank controls of and management of Germany’s gold reserves. Parliament’s Budget Committee will assess how the central bank manages its inventory of Germany’s gold bullion bars that are believed to be stored not only in Frankfurt, but at locations outside Germany, according to German newspaper Bild.
What’s most interesting about all this is that Germany may follow in Hugo Chavez’s footsteps and repatriate their gold to Germany so as to have direct possession of and ownership of their gold reserves. It’s really the only way to protect a central bank’s gold ownership, since by simply going in and asking the New York Fed to show Germany “their” gold, the Fed can walk them in and show them a pile of gold and tell them that it is theirs. The next day they can walk Chinese officials in and show the Chinese the exact same pile of gold and tell them that the gold is theirs.
Possession is the only sure protection.
Germany’s huge gold reserves – 3,396.3 tonnes of gold are some 73.7% of Germany’s national foreign exchange reserves, and are held not only in Germany but at the New York Fed, in London and in Paris. Dumb.
What kind of pressure will the U.S. put on Germany to prevent them from repatriating their gold? The banksters clearly have German Chancellor Merkel in their pocket, but this is unlikely to be influence that is deep into German political leaders. Thus, a run on gold, started by Germany, is not an impossibility.
In this scenario, the noise you would hear is the spike in gold as Bernanke prints more dollars for open market purchases of gold to fill demand for delivery by various central banks. Yikes.
(ViaJamesMiller)
http://www.economicpolicyjournal.com/2012/03/is-germany-about-to-start-run-on-gold.html
U.S. Dollar Collapse: Where is Germany’s Gold?
By Peter Schiff
The financial world was shocked this month by a demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad. By 2020, Germany wants 50% of its total gold reserves back in Frankfurt – including 300 tons from the Federal Reserve. The Bundesbank’s announcement comes just three months after the Fed refused to submit to an audit of its holdings on Germany’s behalf. One cannot help but wonder if the refusal triggered the demand.
Either way, Germany appears to be waking up to a reality for which central banks around the world have been preparing: the dollar is no longer the world’s safe-haven asset and the US government is no longer a trustworthy banker for foreign nations. It looks like their fears are well-grounded, given the Fed’s seeming inability to return what is legally Germany’s gold in a timely manner. Germany is a developed and powerful nation with the second largest gold reserves in the world. If they can’t rely on Washington to keep its promises, who can?
Where is Germany’s Gold?
The impact of Germany’s repatriation on the dollar revolves around an unanswered question: why will it take seven years to complete the transfer?
The popular explanation is that the Fed has already rehypothecated all of its gold holdings in the name of other countries. That is, the same mound of bullion is earmarked as collateral for a host of different lenders. Since the Fed depends on a fractional-reserve banking system for its very existence, it would not come as a surprise that it has become a fractional-reserve bank itself. If so, then perhaps Germany politely asked for a seven-year timeline in order to allow the Fed to save face, and to prevent other depositors from clamoring for their own gold back – a ‘run’ on the Fed.
Now, the Fed can always print more dollars and buy gold on the open market to make up for any shortfall, but such a move could substantially increase the price of gold. The last thing the Fed needs is another gold price spike reminding the world of the dollar’s decline.
Speculation Aside
None of these theories are substantiated, but no matter how you slice it, Germany’s request for its gold does not bode well for the future of the dollar. In fact, the Bundesbank’s official statements are all you need to confirm the Germans’ waning faith in the US.
Last October, after the Bundesbank had requested an audit of its Fed holdings, Executive Board Member Carl-Ludwig Thiele was asked in an interview why the bank kept so much of Germany’s gold overseas. His response emphasized the importance of the dollar as the world’s reserve currency:
Thiele’s statement can lead us to only one conclusion: by keeping fewer reserves in the US, Germany foresees less future need for “US dollar-denominated liquidity.””Gold stored in your home safe is not immediately available as collateral in case you need foreign currency. Take, for instance, the key role that the US dollar plays as a reserve currency in the global financial system. The gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity.”
History Repeats
The whole situation mirrors the late 1960s, during a period that led up to the “Nixon Shock.” Back then, the world was on the Bretton Woods System – an attempt on the part of Western central bankers to pin the dollar to gold at a fixed rate, while still allowing the metal to trade privately as a commodity. This led to a gap between the market price of gold as a commodity and the official price available from the Treasury.
As the true value of gold separated further and further from its official rate, the world began to realize the system was unsustainable, and many suspected the US was not serious about maintaining a strong dollar. West Germany moved first on these fears by redeeming its dollar reserves for gold, followed by France, Switzerland, and others. This eventually culminated in Nixon “closing the gold window” in 1971 by ending any link between the dollar and gold. This “Nixon Shock” spurred chronic inflation throughout the ’70s and a concurrent rally in gold.
Perhaps the entire international community is thinking back to the ’60s, because Germany isn’t the only country maneuvering away from the dollar today. The Netherlands and Azerbaijan are also discussing repatriating their foreign gold holdings. And every month, we hear about central banks increasing gold reserves. The latest are Russia and Kazakhstan, but in the last year, countries from Brazil to Turkey have been adding to their gold holdings in order to diversify away from fiat currency reserves.
And don’t forget China. Once the biggest purchaser of US bonds, it is now a net seller of Treasuries, while simultaneously gobbling up gold. Some sources even claim that China has unofficially surpassed Germany as the second largest holder of gold in the world.
Unlike the ’60s, today there is no official gold window to close. There will be no reported “shock” indicator of a dollar flight. This demand by Germany may be the closest indicator we’re going to get. Placing blame where it’s due, let’s call it the “Bernanke Shock.”
It Takes One to Know One
In last month’s Gold Letter, I wrote about the three pillars supporting the US Treasury’s persistently low interest rates: the Fed, domestic investors, and foreign central banks – led by Japan. I examined how Japan’s plans to radically devalue the yen may undermine that country’s ability to continue buying Treasuries, which could cause the other pillars to become unstable as well.
While private investors and even the Fed might be deluding themselves into believing US bonds are still a viable investment, Germany’s repatriation news makes it clear that foreign governments are no longer buying the propaganda. And why should they? If anyone should appreciate the real constraints the US government is facing, it is other governments.
Our sovereign creditors know that Ben Bernanke and Barack Obama are just regular men in fancy suits. They know the Fed isn’t harboring some ingenious plan for raising interest rates while successfully selling back its worthless mortgage and government securities. Instead, the Fed is like a drug addict making any excuse to get its next fix. [See Bernanke's tell-all interview with Oprah where he confesses to economic doping!]
US investors should be as shocked as the Bundesbank about the Fed’s deception. While we cannot redeem our dollars for gold with the Fed, we can still buy gold with them in the open market. As more investors and governments choose to save in precious metals, the dollar’s value will go into steeper and steeper decline – thereby driving more investors into metals. That’s when the virtuous circle upon which the dollar has coasted for a generation will quickly turn vicious.
Peter Schiff is president of Euro Pacific Capital and author of The Little Book of Bull Moves in Bear Markets and Crash Proof: How to Profit from the Coming Economic Collapse. His latest book is The Real Crash: America’s Coming Bankruptcy, How to Save Yourself and Your Country.
http://www.globalresearch.ca/u-s-dollar-collapse-where-is-germanys-gold/5321894
Read Full Post | Make a Comment ( None so far )American History–Panic of 1893–Videos
Murray Rothbard on Economic Recessions
The Panic of 1893 with Lawrence Reed
William Jennings Bryan’s Cross of Gold Speech
Background Articles and Videos
American Monarchy
The Wizard of Oz and the 1896 Presidential Election
Excerpt from NPR program on the hypothesis that the book, The Wizard of Oz, was based on the 1896 presidential election and the controversy over gold vs. silver as a monetary standard. It might be noted that the hypothesis is still a matter of controversy.
Murray Rothbard vs Nationalization pt2
Anarchism and Terrorism in the 1890s | by Jeff Riggenbach
Read Full Post | Make a Comment ( None so far )
I Got The Obama Gasoline Price Blues–From $1.79 Per Gallon in January 2009 to $3.59 Per Gallon in February 2012–$5 Per Gallon By July 4, 2012!–Purchasing Power Plummets–Speculation Starves Society–Hope for Regime Change–Videos
Government Theft May 1, 1933
http://gasbuddy.com/gb_retail_price_chart.aspx
http://gasbuddy.com/gb_retail_price_chart.aspx
Quantitative Easing Explained
U.S. Inflation Calculator
http://www.usinflationcalculator.com/
U.S. Debt Clock
Ron Paul: The Worst Thing You Can Do For A People Is Purposely Devalue The Dollar
Obama’s Got America Singin’ the Blues
As Gas Prices Rise, White House Goes on Offensive, Defensive
Ron Paul tells the real reason for the oil prices in 2007 and today
END FED: Bernanke Explains How To Devalue the Dollar, Quantitative Easing AKA Asset Purchase
Glenn Beck – Devaluing The Dollar
Beck: Devaluing the Dollar
Iran Sanctions, War, Israel & Gas Prices
Ron Paul Doubles Down On War Stance
Armed Chinese Troops in Texas!
Why Gas Prices Are Rising
Playing the oil prices money game
Secret Exemptions Allowed Speculators to Distort Futures Markets
Regulations on Speculation Weak, But Better Than Nothing
The Price Of Oil
Bill Black: What I’d Demand of the Fed
Bill Black’s eye-popping opening statement at House FinServ hearing on Lehman Bros.
END FED: Goldman Sachs To Blame For Global Food-Oil Price Crisis; Speculators Outnumber Hedgers
CFTC Commissioner: “A Hair Trigger Away from Economic Calamity”
Will CFTC Limit Excessive Speculation?
Oil Supply and Demand and the Next Oil Price Spike
Bio-fuels, Speculation, Land Grabs = Food Crisis
Speculation And The Frenzy In Food Markets
Food, Speculation and Parasitical Trading
Speculation Drives Up Coffee Prices
Food Speculation
Oil Speculators
Oil speculation and oil prices
The Real TRUTH Behind The OIL PRICES
Banks Behind High Gas Prices?
Rising Gas Prices Slowing Economy
Gas Prices Soaring
Ripple Effect Of Rising Gas Prices Hits Consumers
Krauthammer: Obama’s “war on fossil fuels” causes rising gas prices
Obama Wanted High Gas Prices…Gradually (2008 Election Campaign)
Ron Paul Expains High Gas Prices & War in 2008
Can We Stop A War With Iran?
Obama admits his intentions are to skyrocket oil prices
Ford O’Connell On Fox News – February 24, 2012
Ron Paul Expains High Gas Prices & War in 2007
Obama gas prices
A Coincidence Over High Gasoline Prices- MoneyTV with Donald Baillargeon
Obama Admits the Truth: He Can’t Do Much about Gas Prices
James Grant
Jim Grant – Bloomberg Interview (30/6/11)
Press Conference with Chairman of the FOMC, Ben S. Bernanke
Blame High Oil Prices on Speculators and Bernanke
Seven Bucks A Gallon For Gas!
2012 Energy Prices
Ed Wallace
“…That’s right, we not only reduced our overall gasoline use in America, reversing a century-long trend, but in 2011 we dropped our demand for gasoline once again. This likely explains why in December WTI oil jumped by close to $7 a barrel, but the futures market for gasoline barely budged, moving just a few cents in either direction.
Another way to look at it is in the percentage of utilization of our refineries for this time of year. According to the government’s data, the last week of December our refineries ran at 84.2 percent of capacity. But if one compares that week to the same week in the boom years, 2003 to 2007, our refineries were running at 91.7 percent, 94.2 percent, 88.9 percent, 90.9 percent and 89.4 percent. For those who have forgotten, that last figure in that chain, marking the last week of December 2007, also denotes the month we officially slipped into a recession. Interestingly, data released by the International Energy Agency in September of 2008 showed oil and fuel demand falling worldwide starting in August of 2007.
And yet with our refinery utilization running at far below normal, we managed to have the all-time-record year for the exportation of refined fuels. While the media speculation on where oil’s price is going is almost solely based on “Asian Demand” or the prospect of a total embargo on Iranian oil, the real problem is something completely different.
What is it? It’s refiners trying to find ways to get the price of gasoline on the futures market more in line with the high price of oil. To this end it appears that three refineries in the Northeast, including Sunoco’s Marcus Hook and Philadelphia refinery, along with Conoco’s Trainer unit, will be closed. To be sure, both Conoco and Sunoco claim their first choice is to sell those refineries, but failing that they will be closed.
What does that mean to you and me?
Dow Jones Newswire quoted Gene McGillian, an energy analyst with Tradition Energy, as saying, “Gasoline futures prices are based on New York Harbor prices. When you start to see disruptions in that Northeast market, it’s definitely reflected in gasoline futures.”
Translation: Close refineries and you can bump the futures price of gasoline – and by extension the retail price – regardless of where the price of oil is.
How does oil speculation raise gas prices?
by Josh Clark
“…An oil futureis simply a contract between a buyer and seller, where the buyer agrees to purchase a certain amount of a commodity — in this case oil — at a fixed price
. Futures offer a way for a purchaser to bet on whether a commodity will increase in price down the road. Once locked into a contract, a futures buyer would receive a barrel of oil for the price dictated in the future contract, even if the market price was higher when the barrel was actually delivered.
As in all cases, Wall Street heard the word "bet" and flocked to futures, taking the market to strange new places on the fringe of legality. In the 19th and early 20th centuries it bet on grain. In the 21st century it was oil. Despite U.S. petroleum reserves being at an eight-year high, the price of oil rose dramatically beginning in 2006. While demand rose, supply kept pace. Yet, prices still skyrocketed. This means that the laws of supply and demand no longer applied in the oil markets. Instead, an artificial market developed.
Artificial markets are volatile; they’re difficult to predict and can turn on a dime. As a result of the artificial oil market, the average price per barrel of crude oil increased from $31.61 in July 2004 to $137.11 in July 2008 1. The average cost for a gallon of regular unleaded gas in the United States grew from $1.93 to $4.09 over the same period 1.
So what happened? …"
"…What speculators do is bet on what price a commodity will reach by a future date, through instruments called <strong>derivatives</strong>. Unlike an investment in an actual commodity (such as a barrel of oil), a derivative’s value is based on the value of a commodity (for example, a bet on whether a barrel of oil will increase or decrease in price). Speculators have no hand in the sale of the commodity they’re betting on; they’re not the buyer or the seller.
By betting on the price outcome with only a single futures contract, a speculator has no effect on a market. It’s simply a bet. But a speculator with the capital to purchase a sizeable number of futures derivatives at one price can actually sway the market. As energy researcher F. William Engdahl put it, "[s]peculators trade on rumor, not fact" 1. A speculator purchasing vast futures at higher than the current market price can cause oil producers to horde their commodity in the hopes they’ll be able to sell it later on at the future price. This drives prices up in reality — both future and present prices — due to the decreased amount of oil currently available on the market.
Investment firms that can influence the oil futures market stand to make a lot; oil companies that both produce the commodity and drive prices up of their product up through oil futures derivatives stand to make even more. Investigations into the unregulated oil futures exchanges turned up major financial institutions like Goldman Sachs and Citigroup. But it also revealed energy producers like Vitol, a Swiss company that owned 11 percent of the oil futures contracts on the New York Mercantile Exchange alone 1.
As a result of speculation among these and other major players, an estimated 60 percent of the price of oil per barrel was added; a $100 barrel of oil, in reality, should cost $40 1. And despite having an agency created to prevent just such speculative price inflation, by the time oil prices skyrocketed, the government had made a paper tiger out of it. …"
<a href="http://money.howstuffworks.com/oil-speculation-raise-gas-price.htm">http://money.howstuffworks.com/oil-speculation-raise-gas-price.htm</a>
</div>
</div>
</div>
</div>
<h4></h4>
<h4>It’s no secret that speculators are driving up fuel prices. The surprise? It’s the Fed’s fault, writes Ed Wallace</h4>
<h4>"…The Fed’s Cheap Liquidity Flood</h4>
The problem starts with Ben Bernanke, no matter how many of his Fed presidents claim they are not to blame for the high price of oil. The fact is that when you flood the market with far too much liquidity at virtually no interest, funny things happen in commodities and equities. It was true in the 1920s, it was true in the last decade, and it’s still true today.
When Richard Fisher, president of the Dallas Federal Reserve, spoke in Germany late in March, Reuters quoted him as saying: "We are seeing speculative activity that may be exacerbating price rises in commodities such as oil." Fisher added that he was seeing the signs of the same speculative trading that had fueled the first financial meltdown.
Here Fisher is in good company. Kansas City Fed President Thomas Hoenig, who has been a vocal critic of the current Fed policy of zero interest and high liquidity, has suggested that markets don’t function correctly under those circumstances. And David Stockman, Ronald Reagan’s former budget director, recently wrote a scathing article for MarketWatch, "Federal Reserve’s Path of Destruction," in which he criticizes current Fed policy even more pointedly. Stockman wrote: "This destruction is namely the exploitation of middle-class savers; the current severe food and energy squeeze on lower income households … and the next round of bursting bubbles building up among the risk asset classes."
Let’s not kid ourselves. Oil in today’s world is worth far more than the $25 a barrel it sold for over a decade ago. But the ability of markets to function properly, based on real supply and demand equations, has been destroyed by allowing ridiculous leverage and the unlimited ability to borrow the leverage at historically low interest rates.
Fortunately for our elected officials, they’ve got the public convinced that the biggest threat from government is taxation and deficits. In reality the public should be infuriated with the rising costs of nondiscretionary items such as food and gasoline, which current Fed policy actively enables. …"
<a href="http://www.businessweek.com/investor/content/apr2011/pi20110419_786652_page_2.htm">http://www.businessweek.com/investor/content/apr2011/pi20110419_786652_page_2.htm</a>
<p style="text-align: left;"><strong>Price of petroleum</strong></p>
"…The <strong>price of petroleum</strong> as quoted in news generally refers to the spot price per barrel (159 liters) of either WTI/light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe.
The price of a barrel of oil is highly dependent on both its grade, determined by factors such as its specific gravity or API and its sulphur content, and its location. Other important benchmarks include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price".
The demand for oil is highly dependent on global macroeconomic conditions. According to the International Energy Agency, high oil prices generally have a large negative impact on the global economic growth.<sup>[1]</sup>
The Organization of the Petroleum Exporting Countries (OPEC) was formed in 1960<sup>[2]</sup> to try and counter the oil companies cartel, which had been controlling posted prices since the so-called 1927 Red Line Agreement and 1928 Achnacarry Agreement, and had achieved a high level of price stability until 1972.
The price of oil underwent a significant decrease after the record peak of US$145 it reached in July 2008. On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2010 began, and traded at between US$35 a barrel and US$82 a barrel in 2009.<sup>[3]</sup> On 31 January 2011, the Brent price hit $100 a barrel for the first time since October 2008, on concerns about the political unrest in Egypt.<sup>[4]</sup>
Price history before 2003
A low point was reached in January 1999 of 17 USD per barrel, after increased oil production from Iraq coincided with the Asian Financial Crisis, which reduced demand. Prices then increased rapidly, more than doubling by September 2000 to $35, then fell until the end of 2001 before steadily increasing, reaching $40–50 by September 2004.<sup>[5]</sup>
<h3>Price history from 2003 onwards</h3>
<div>Main article: 2003 to 2011 world oil market chronology</div>
<div>Further information: 2000s energy crisis</div>
<h4>Benchmark pricing</h4>
<div>Main article: Benchmark (crude oil)</div>
After the collapse of the OPEC-administered pricing system in 1985, and a short lived experiment with netback pricing, oil-exporting countries adopted a market-linked pricing mechanism.<sup>[6]</sup> First adopted by PEMEX in 1986, market-linked pricing received wide acceptance and by 1988 became and still is the main method for pricing crude oil in international trade.<sup>[6]</sup> The current reference, or pricing markers, are Brent, WTI, and Dubai/Oman.<sup>[6]</sup>
<h4> Market listings</h4>
<div>Main article: Commodities markets</div>
Oil is marketed among other products in commodities markets. See above for details. Widely traded oil futures, and related natural gas futures, include:<sup>[7]</sup>
<ul>
<li>Petroleum
<ul>
<li>Nymex Crude Future</li>
<li>Dated Brent Spot</li>
<li>WTI Cushing Spot</li>
<li>Nymex Heating Oil Future</li>
<li>Nymex RBOB Gasoline Future</li>
</ul>
</li>
<li>Natural gas
<ul>
<li>Nymex Henry Hub Future</li>
<li>Henry Hub Spot</li>
<li>New York City Gate Spot</li>
</ul>
</li>
</ul>
Most of the above oil futures have delivery dates in all 12 months of the year.<sup>[8]</sup>
<h4>Speculation</h4>
The surge in oil prices in the past several years has led some commentators to argue that at least some of the rise is due to speculation in the futures markets.<sup>[9]</sup>
<h4> Future price changes</h4>
In 2009, Seismic Micro-Technology conducted a survey of geophysicists and geologists about the future of crude oil. Of the survey participants 80 percent predicted the price for a barrel of oil will rise to be somewhere between $50 and $100 per barrel by June 2010.<sup>[10]</sup> Another 50 percent saying it will rise even further to $100 to $150 a barrel in the next five years.<sup>[10]</sup>
Oil prices could go to $200- $300 a barrel if the world’s top crude exporter Saudi Arabia is hit by serious political unrest, according to former Saudi oil minister Sheikh Yamani. Yamani has said that underlying discontent remained unresolved in Saudi Arabia. "If something happens in Saudi Arabia it will go to $200 to $300. I don’t expect this for the time being, but who would have expected Tunisia?" Yamani told Reuters on the sidelines of a conference of the Centre for Global Energy Studies (CGES) which he chaired on April 5th 2011.<sup>[11]</sup>
<h4>CFTC investigation</h4>
The U.S. Commodity Futures Trading Commission (CFTC) announced "Multiple Energy Market Initiatives" on May 29, 2008. Part 1 is "Expanded International Surveillance Information for Crude Oil Trading." The CFTC announcement stated it has joined with the United Kingdom Financial Services Authority and ICE Futures Europe in order to expand surveillance and information sharing of various futures contracts.<sup>[12]</sup> This announcement has received wide coverage in the financial press, with speculation about oil futures price manipulation.<sup>[13]</sup><sup>[14]</sup><sup>[15]</sup>
The interim report by the Interagency Task Force, released in July, found that speculation had not caused significant changes in oil prices and that fundamental supply and demand factors provide the best explanation for the crude oil price increases. The report found that the primary reason for the price increases was that the world economy had expanded at its fastest pace in decades, resulting in substantial increases in the demand for oil, while the oil production grew sluggishly, compounded by production shortfalls in oil-exporting countries.
The report stated that as a result of the imbalance and low price elasticity, very large price increases occurred as the market attempted to balance scarce supply against growing demand, particularly in the last three years. The report forecast that this imbalance would persist in the future, leading to continued upward pressure on oil prices, and that large or rapid movements in oil prices are likely to occur even in the absence of activity by speculators. The task force continues to analyze commodity markets and intends to issue further findings later in the year.
<h4>Future projections</h4>
<div>Main article: Oil depletion</div>
<div>Main article: Peak oil</div>
Peak oil is the period when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. It relates to a long term decline in the available supply of petroleum. This, combined with increasing demand, will significantly increase the worldwide prices of petroleum derived products. Most significant will be the availability and price of liquid fuel for transportation.
The US Department of Energy in the Hirsch report indicates that “The problems associated with world oil production peaking will not be temporary, and past “energy crisis” experience will provide relatively little guidance.”<sup>[16] …"</sup>
<a href="http://en.wikipedia.org/wiki/Price_of_petroleum">http://en.wikipedia.org/wiki/Price_of_petroleum</a>
<p style="text-align: left;"><strong>Gas prices soar on dollar devaluation even as consumption drops to 10-year lows </strong></p>
<strong>Written By Kenneth Schortgen Jr on Monday, February 13, 2012</strong>
"…One of the biggest misnomers in finance and economics today is that prices work according to supply and demand. This was true when America performed in actual capitalist system, but since we moved to both fascism and crony capitalism, where corporations, banks, and government all work together at the betterment of themselves and not society, prices are fixed due to other factors such as dollar devaluation.
<div style="padding-left: 30px;"><strong><em>U.S. drivers used 2.8 percent less motor gasoline last year and consumed the smallest amount since 1999, the U.S. Department of Energy said Wednesday. Officials credited the decrease to more fuel-efficient cars and an aging population taking few trips.</em></strong></div>
<div style="padding-left: 30px;"><strong><em>Meanwhile, U.S. domestic oil production increased by more than 2 percent last year to 5.6 million barrels per day. – </em></strong><a href="http://www.desmoinesregister.com/article/20120209/BUSINESS/302090065/-1/TERMSOFSERVICE/Gas-consumption-lowest-since-1999"><strong><em>Des Moines Register</em></strong></a></div>
So… if consumption is way down, and production is actually up, should not gasoline prices be falling? They should, except if you take into consideration the amount of money printing and currency devaluation being done by the Federal Reserve over the past four years, the amount of inflation is being created by our own banking system, and not by a lack of products, or by higher demand.
In the end, Americans are being deceived by Fed Chairman Ben Bernanke. …"
<a href="http://www.thedailyeconomist.com/2012/02/gas-prices-soar-on-dollar-devaluation.html">http://www.thedailyeconomist.com/2012/02/gas-prices-soar-on-dollar-devaluation.html</a>
<h3 style="text-align: left;"></h3>
<h3 style="text-align: left;">Gasoline Prices Are Not Rising, the Dollar Is Falling</h3>
<strong><a href="http://blogs.forbes.com/louiswoodhill/">Louis Woodhill</a></strong>
"…Panic is in the air as gasoline prices move above $4.00 per gallon. Politicians and pundits are rounding up the usual suspects, looking for someone or something to blame for this latest outrage to middle class family budgets. In a rare display of bipartisanship, President Obama and Speaker of the House <a href="http://www.forbes.com/profile/john-boehner/">John Boehner</a> are both wringing their hands over the prospect of seeing their newly extended Social <a href="http://www.forbes.com/security/">Security</a> tax cut gobbled up by rising gasoline costs.
Unfortunately, the talking heads that are trying to explain the reasons for high oil prices are missing one tiny detail. Oil prices aren’t high right now. In fact, they are unusually low. Gasoline prices would have to rise by another $0.65 to $0.75 per gallon from where they are now just to be “normal”. And, because gasoline prices are low right now, it is very likely that they are going to go up more—perhaps a lot more.
What the politicians, analysts, and pundits are missing is that prices are ratios. Gasoline prices reflect crude oil prices, so let’s use West Texas Intermediate (WTI) crude oil to illustrate this crucial point.
As this is written, West Texas Intermediate crude oil (WTI) is trading at $105.88/bbl. All this means is that the market value of a barrel of WTI is 105.88 times the market value of “the dollar”. It is also true that WTI is trading at €79.95/bbl, ¥8,439.69/barrel, and £67.13/bbl. In all of these cases, the market value of WTI is the same. What is different in each case is the value of the monetary unit (euros, yen, and British pounds, respectively) being used to calculate the ratio that expresses the price.
In terms of judging whether the price of WTI is high or low, here is the price that truly matters: 0.0602 ounces of gold per barrel (which can be written as Au0.0602/bbl). What this number means is that, right now, a barrel of WTI has the same market value as 0.0602 ounces of gold.
During the 493 months since January 1, 1971, the price of WTI has averaged Au0.0732/bbl. It has been higher than that during 225 of those months and lower than that during 268 of those months. Plotted as a graph, the line representing the price of a barrel of oil in terms of gold has crossed the horizontal line representing the long-term average price (Au0.0732/bbl) 29 times.
At Au0.0602/bbl, today’s WTI price is only 82% of its average over the past 41+ years. Assuming that gold prices remained at today’s $1,759.30/oz, WTI prices would have to rise by about 22%, to $128.86/bbl, in order to reach their long-term average in terms of gold. As mentioned earlier, such an increase would drive up retail gasoline prices by somewhere between $0.65 and $0.75 per gallon.
At this point, we can be certain that, unless gold prices come down, gasoline prices are going to go up—by a lot. And, because the dollar is currently a floating, undefined, fiat currency, there is no inherent limit to how far the price of gold in dollars can rise, and therefore no ultimate ceiling on gasoline prices. …"
<strong>Why Gas Prices Are Actually Falling </strong>
<div><strong>By Gary Gibson</strong></div>
"…It’s not gold and silver prices that are volatile. Those have been incredibly consistent for thousands of years in terms of commodities they could buy. And because of the increasing standard of living being raised by free market economies, in a very real sense these eternal monies actually buy more. It’s the dollar that has been erratic in its overall declining trend ever since it’s been cut loose from gold (and silver).
Again, people looking at the cost of a gallon of gas, or of milk, or the cost of a nice suit, or rent from behind their piles of gold and silver are finding very little to worry about. In fact, to them, prices are lower than normal and declining.
Also the price of oil has tended to track the price of silver awfully closely for about as long as oil has been industrially useful. And so it’s no mistake that you can still get a gallon of gas for about about $0.20…as long as that $0.20 is composed of a pre-1964 90% silver dimes. …"
<a href="http://raymondpronk.files.wordpress.com/2012/02/silver_quarter.png"><img class="aligncenter size-full wp-image-55554" title="silver_quarter" src="http://raymondpronk.files.wordpress.com/2012/02/silver_quarter.png" alt="" width="544" height="195" /></a>
"…You see, the pre-1965 quarter is worth $6.38 as I type this. The pre-1965 dime is worth $2.55. These coins hail from a time when the dollar was still tied to gold (at the official price of $35 per ounce prior to Nixon nixing the gold standard). The dollar was still as good as gold — even though Americans themselves were forbidden to own gold bullion from 1933 till 1974 — and there was actual silver in the coinage until that content was reduced in 1964 and eliminated in 1965.
Those old silver coins shine the harsh light on the strength of the currency and the abuse that currency suffers from the feds and the Federal Reserve.
If you’d been saving in gold, then from your point of view gas prices have been coming down for the past few years. If you’d been saving in that old “junk” silver (pre-1965 quarters, dimes and half dollars), then gas prices are a downright bargain, too. …"
<a href="http://whiskeyandgunpowder.com/why-gas-prices-are-actually-falling/">http://whiskeyandgunpowder.com/why-gas-prices-are-actually-falling/</a>
<h4><strong>Consequences to Expect if the U.S. Invades Iran </strong></h4>
<h4><strong>By Whiskey Contributor<small>Feb 22nd, 2012</small></strong></h4>
<h4><strong>Exploding Oil Prices</strong></h4>
The U.S. has had a ban on Iranian oil imports since 1979, however, Iran still supplies about 5% of the global oil market. This might not seem like much, but Iran also has the means and ability to shut down the Straight of Hormuz, which is one of two major petroleum choke points in the world. Around 17 million barrels of oil per day are shipped through the Straight of Hormuz, or about 20% of all oil traded worldwide.
<p align="center"><img src="http://www.ezimages.net/WHISKEY/022212_pic2.png" alt="" width="363" height="208" /></p>
"…In 2006, during the last major Iran war scare, experts predicted gasoline price increases in excess of <a href="http://money.cnn.com/2006/02/07/news/international/iran_oil/" target="_blank">$10 a gallon if Iran was invaded.</a>
This would devastate the U.S. economy, which is already hanging by a thin thread. Iran has announced this past weekend it will cease all oil shipments to Britain and France in protest of their support of economic sanctions. This alone is causing oil to spike today. A global energy crisis will financially decimate average citizens who will have their savings sapped by extreme price inflation, not just in gasoline, but in all goods that require the use of gasoline in their production and shipping. If you like this idea, then by all means, support an invasion of Iran.
<strong>War Domino Effect</strong>
In January of 2010, I wrote an article for Neithercorp Press entitled <a href="http://www.alt-market.com/neithercorp/press/2010/01/will-globalists-trigger-yet-another-world-war/" target="_blank">“Will Globalists Trigger Yet Another World War</a>“. In that article, I warned about the dangers of an invasion of Iran or Syria being used to foment a global conflict, in order to create a crisis large enough to distract the masses away from the international banker created economic collapse.
In 2006, Iran signed a mutual defense pact with its neighbor, Syria, which is also in the middle of its own turmoil and possible NATO intervention. Syria has strong ties to Russia, and even has a revamped Russian naval base off its coast, a fact rarely mentioned by the mainstream media. Both Russia and China have made their opposition clear in the case of any Western intervention in Iran or Syria. An invasion by the U.S. or Israel in these regions could quickly intensify into wider war between major world powers. If you like the idea of a world war which could eventually put you and your family in direct danger, then by all means, support an invasion of Iran.
<strong>Dollar Collapse</strong>
Make no mistake, the U.S. dollar is already on the verge of collapse, along with the U.S. economy. Bilateral trade agreements between BRIC and ASEAN nations are sprouting up everywhere the past couple months, and these agreements are specifically designed to end the dollar’s status as the world reserve currency. An invasion of Iran will only expedite this process. If global anger over the resulting chaos in oil prices doesn’t set off a dump of the dollar, the eventual debt obligation incurred through the overt costs of war will. Ron Paul has always been right; it doesn’t matter whether you think invasion is a good idea or not. We simply CANNOT afford it. America is bankrupt. Our only source of income is our ability to print money from thin air. Each dollar created to fund new wars brings our currency ever closer to its demise. …"
<a href="http://whiskeyandgunpowder.com/consequences-to-expect-if-the-u-s-invades-iran/">http://whiskeyandgunpowder.com/consequences-to-expect-if-the-u-s-invades-iran/</a>
<h1 style="text-align: center;">Background Articles and Videos</h1>
<h4 style="text-align: center;"></h4>
<h4 style="text-align: center;"></h4>
<h4 id="watch-headline-title" style="text-align: center;">Introduction to Futures</h4>
<p style="text-align: center;"></p>
<h4 id="watch-headline-title" style="text-align: center;">What is a Future?</h4>
<p style="text-align: center;"></p>
<h4 id="watch-headline-title" style="text-align: center;">Investopedia Video: How Do Futures Contracts Work?</h4>
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<h4 id="watch-headline-title" style="text-align: center;">Commodity futures margin accounts</h4>
<p style="text-align: center;"></p>
<div><strong> Security Futures—Know Your Risks, or Risk Your Future</strong></div>
<div>
<strong>"…Margin & Leverage</strong>
When a brokerage firm lends you part of the funds needed to purchase a security, such as common stock, the term "margin" refers to the amount of cash, or down payment, the customer is required to deposit. By contrast, a security futures contract is an obligation not an asset and has no value as collateral for a loan. When you enter into a security futures contract, you are required to make a payment referred to as a "margin payment" or "performance bond" to cover potential losses.
For a relatively small amount of money (the margin requirement), a futures contract worth several times as much can be bought or sold. The smaller the margin requirement in relation to the underlying value of the futures contract, the greater the leverage. Because of this leverage, small changes in price can result in large gains and losses in a short period of time.
<strong>Example:</strong> Assuming a security futures contract is for 100 shares of stock, if a security futures contract is established at a contract price of $50, the contract has a nominal value of $5,000 (see definition below). The margin requirement may be as low as 20 percent, which would require a margin deposit of $1,000. Assume the contract price rises from $50 to $52 (a $200 increase in the nominal value). This represents a $200 profit to the buyer of the futures contract, and a 20 percent return on the $1,000 deposited as margin.
The reverse would be true if the contract price decreased from $50 to $48. This represents a $200 loss to the buyer, or 20 percent of the $1,000 deposited as margin. Thus, leverage can either benefit or harm an investor.
Note that a 4 percent decrease in the value of the contract resulted in a loss of 20 percent of the margin deposited. A 20 percent decrease in the contract price ($50 to $40) would mean a drop in the nominal value of the contract from $5,000 to $4,000, thereby wiping out 100 percent of the margin deposited on the security futures contract. …"
</div>
<div><a href="http://www.finra.org/Investors/InvestmentChoices/P005912">http://www.finra.org/Investors/InvestmentChoices/P005912</a></div>
<div></div>
<div>
<h4>Futures Margins<a href="http://www.dpbolvw.net/click-2519541-10992963" target="_blank"> </a></h4>
<!– google_ad_section_start –>Participants in a futures contract are required to post performance bond margins in order to open and maintain a futures position.
Futures margin requirements are set by the exchanges and are typically only 2 to 10 percent of the full value of the futures contract.
Margins are financial guarantees required of both buyers and sellers of futures contracts to ensure that they fulfill their futures contract obligations.
<h4>Initial Margin</h4>
Before a futures position can be opened, there must be enough available balance in the futures trader’s margin account to meet the initial margin requirement. Upon opening the futures position, an amount equal to the initial margin requirement will be deducted from the trader’s margin account and transferred to the exchange’s clearing firm. This money is held by the exchange clearinghouse as long as the futures position remains open.
<h4>Maintenance Margin</h4>
The maintenance margin is the minimum amount a futures trader is required to maintain in his margin account in order to hold a futures position. The maintenance margin level is usually slightly below the initial margin.
If the balance in the futures trader’s margin account falls below the maintenance margin level, he or she will receive a margin call to top up his margin account so as to meet the initial margin requirement.
<h4>Example</h4>
Let’s assume we have a speculator who has $10000 in his trading account. He decides to buy August Crude Oil at $40 per barrel. Each Crude Oil futures contract represents 1000 barrels and requires an initial margin of $9000 and has a maintenance margin level set at $6500.
Since his account is $10000, which is more than the initial margin requirement, he can therefore open up one August Crude Oil futures position.
One day later, the price of August Crude Oil drops to $38 a barrel. Our speculator has suffered an open position loss of $2000 ($2 x 1000 barrels) and thus his account balance drops to $8000.
Although his balance is now lower than the initial margin requirement, he did not get the margin call as it is still above the maintenance level of $6500.
Unfortunately, on the very next day, the price of August Crude Oil crashed further to $35, leading to an additional $3000 loss on his open Crude Oil position. With only $5000 left in his trading account, which is below the maintenance level of $6500, he received a call from his broker asking him to top up his trading account back to the initial level of $9000 in order to maintain his open Crude Oil position.
This means that if the speculator wishes to stay in the position, he will need to deposit an additional $4000 into his trading account.
Otherwise, if he decides to quit the position, the remaining $5000 in his account will be available to use for trading once again. …"
<a href="http://www.theoptionsguide.com/futures-margin.aspx">http://www.theoptionsguide.com/futures-margin.aspx</a>
</div>
<div></div>
<div></div>
<div><strong>Federal Regulation of Margin in the Commodities Futures Industry: History and Theory</strong></div>
<div>
<div>
<div>
<h4><a href="http://www.nationalaglawcenter.org/assets/bibarticles/markham_margin.pdf">http://www.nationalaglawcenter.org/assets/bibarticles/markham_margin.pdf</a></h4>
<h4></h4>
<h4></h4>
<h4>How does oil speculation raise gas prices?</h4>
<h4>by Josh Clark</h4>
</div>
</div>
</div>
<div align="left">
"…The next time you drive to the gas station, only to find prices are still sky high compared to just a few years ago, take notice of the rows of <a href="http://money.howstuffworks.com/personal-finance/debt-management/foreclosure.htm">foreclosed</a> houses you’ll pass along the way. They may seem like two parts of a spell of economic bad luck, but high gas prices and home foreclosures are actually very much interrelated. Before most people were even aware there was an <a href="http://money.howstuffworks.com/government-bailout.htm">economic crisis</a>, investment managers abandoned failing <a href="http://money.howstuffworks.com/mortgage-backed-security.htm">mortgage-backed securities</a> and looked for other lucrative investments. What they settled on was oil futures.
An <strong>oil future</strong> is simply a contract between a buyer and seller, where the buyer agrees to purchase a certain amount of a commodity — in this case <a href="http://science.howstuffworks.com/environmental/energy/oil-refining.htm">oil</a>– at a fixed price
1. Futures offer a way for a purchaser to bet on whether a commodity will increase in price down the road. Once locked into a contract, a futures buyer would receive a barrel of oil for the price dictated in the future contract, even if the market price was higher when the barrel was actually delivered. …”
“…What speculators do is bet on what price a commodity will reach by a future date, through instruments called derivatives. Unlike an investment in an actual commodity (such as a barrel of oil), a derivative’s value is based on the value of a commodity (for example, a bet on whether a barrel of oil will increase or decrease in price). Speculators have no hand in the sale of the commodity they’re betting on; they’re not the buyer or the seller.
By betting on the price outcome with only a single futures contract, a speculator has no effect on a market. It’s simply a bet. But a speculator with the capital to purchase a sizeable number of futures derivatives at one price can actually sway the market. As energy researcher F. William Engdahl put it, “[s]peculators trade on rumor, not fact”
. A speculator purchasing vast futures at higher than the current market price can cause oil producers to horde their commodity in the hopes they’ll be able to sell it later on at the future price. This drives prices up in reality — both future and present prices — due to the decreased amount of oil currently available on the market.
Investment firms that can influence the oil futures market stand to make a lot; oil companies that both produce the commodity and drive prices up of their product up through oil futures derivatives stand to make even more. Investigations into the unregulated oil futures exchanges turned up major financial institutions like Goldman Sachs and Citigroup. But it also revealed energy producers like Vitol, a Swiss company that owned 11 percent of the oil futures contracts on the New York Mercantile Exchange alone
.
As a result of speculation among these and other major players, an estimated 60 percent of the price of oil per barrel was added; a $100 barrel of oil, in reality, should cost $40
. And despite having an agency created to prevent just such speculative price inflation, by the time oil prices skyrocketed, the government had made a paper tiger out of it. …”
http://money.howstuffworks.com/oil-speculation-raise-gas-price.htm
Highlights
“…U.S. crude oil refinery inputs averaged just under 14.9 million barrels per
day during the week ending February 17, 170 thousand barrels per day
above the previous week’s average. Refineries operated at 85.5 percent
of their operable capacity last week. Gasoline production increased
last week, averaging nearly 9.0 million barrels per day. Distillate fuel
production decreased last week, averaging just under 4.3 million barrels
per day.
U.S. crude oil imports averaged nearly 9.1 million barrels per day last
week, up by 335 thousand barrels per day from the previous week. Over
the last four weeks, crude oil imports have averaged about 8.8 million
barrels per day, 211 thousand barrels per day above the same four-week
period last year. Total motor gasoline imports (including both finished
gasoline and gasoline blending components) last week averaged 845
thousand barrels per day. Distillate fuel imports averaged 122 thousand
barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) increased by 1.6 million barrels from the previous
week. At 340.7 million barrels, U.S. crude oil inventories are in the
upper limit of the average range for this time of year. Total motor
gasoline inventories decreased by 0.6 million barrels last week and are
in the upper limit of the average range. Finished gasoline inventories
decreased while blending components inventories increased last week.
Distillate fuel inventories decreased by 0.2 million barrels last week and
are in the middle of the average range for this time of year. Propane/
propylene inventories decreased by 1.6 million barrels last week and are
above the upper limit of the average range. Total commercial petroleum
inventories increased by 3.3 million barrels last week.
Total products supplied over the last four-week period have averaged
about 18.1 million barrels per day, down by 6.7 percent compared to
the similar period last year. Over the last four weeks, motor gasoline
product supplied has averaged 8.2 million barrels per day, down by 6.1
percent from the same period last year. Distillate fuel product supplied
has averaged about 3.6 million barrels per day over the last four weeks,
down by 5.9 percent from the same period last year. Jet fuel product
supplied is 9.1 percent lower over the last four weeks compared to the
same four-week period last year.
WTI was $103.27 per barrel on February 17, 2012, $4.59 more than
last week’s price and $18.24 above a year ago. The spot price for
conventional gasoline in the New York Harbor was $3.023 per gallon,
$0.022 more than last week’s price and $0.483 above last year. The
spot price for No. 2 heating oil in the New York Harbor was $3.185 per
gallon, $0.002 less than last week’s price but $0.474 above a year ago.
The national average retail regular gasoline price increased for the fourth
week in a row to $3.591 per gallon on February 20, 2012, $0.068 per
gallon more than last week and $0.402 above a year ago. The national
average retail diesel fuel price also increased for the fourth straight week
in a row to $3.960 per gallon, $0.017 per gallon more than last week and
$0.387 above a year ago. …”
Inflation: Calculating the rate of inflation
Historical CPI-U data from 1913 to the present
“…For just current CPI data, see CPI page. The following table provides all the Consumer Price Index data CPI-U from 1913 to the Present.
The Consumer Price Index (CPI-U) is compiled by the Bureau of Labor Statistics and is based upon a 1982 Base of 100. A Consumer Price Index of 158 indicates 58% inflation since 1982. The commonly quoted inflation rate of say 3% is actually the change in the Consumer Price Index from a year earlier. By looking at the change in the Consumer Price Index we can see that what cost an average of 9.9 cents in 1913 would cost us about $1.82 in 2003 and $2.02 in 2007.
To find Prior Consumer Price Index (CPI) data on this table (back through 1913) click on the date range links below the table.
For Inflation data rather than Consumer Price Index data go to the Historical Inflation page. If you would like to calculate the inflation rate between two dates using the Consumer Price Index data from this chart, use our handy easy to use Inflation calculator or you might prefer to use our Cost of Living Calculator to compare the costs in two cities. You can find links to Inflation and Consumer Price Index data for other countries HERE. A chart of Inflation by decade, Annual Inflation and Confederate Inflation is also available. Menu navigation is available on the menu bar on the left of every page. We have a complete listing of all of our Articles on inflation, including Inflation Definitions, Which is better High or Low Inflation, and How to Calculate Inflation.
You might also be interested in the wide variety of articles on our sister site Financial Trend Forecaster a complete list of the articles on Financial Trend Forecaster is at the FTF Article Archives.
Note Effective January 2007 the BLS began publishing the CPI index to three decimal places (prior to that it was only one decimal place). But InflationData.com is still the only place to get the Inflation Rate calculated to two decimal places.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 226.665 | ||||||||||||
| 2011 | 220.223 | 221.309 | 223.467 | 224.906 | 225.964 | 225.722 | 225.922 | 226.545 | 226.889 | 226.421 | 226.230 | 225.672 | 224.939 |
| 2010 | 216.687 | 216.741 | 217.631 | 218.009 | 218.178 | 217.965 | 218.011 | 218.312 | 218.439 | 218.711 | 218.803 | 219.179 | 218.056 |
| 2009 | 211.143 | 212.193 | 212.709 | 213.240 | 213.856 | 215.693 | 215.351 | 215.834 | 215.969 | 216.177 | 216.330 | 215.949 | 214.537 |
| 2008 | 211.080 | 211.693 | 213.528 | 214.823 | 216.632 | 218.815 | 219.964 | 219.086 | 218.783 | 216.573 | 212.425 | 210.228 | 215.303 |
| 2007 | 202.416 | 203.499 | 205.352 | 206.686 | 207.949 | 208.352 | 208.299 | 207.917 | 208.490 | 208.936 | 210.177 | 210.036 | 207.342 |
| 2006 | 198.300 | 198.700 | 199.800 | 201.500 | 202.500 | 202.900 | 203.500 | 203.900 | 202.900 | 201.800 | 201.500 | 201.800 | 201.600 |
| 2005 | 190.700 | 191.800 | 193.300 | 194.600 | 194.400 | 194.500 | 195.400 | 196.400 | 198.800 | 199.200 | 197.600 | 196.800 | 195.300 |
| 2004 | 185.200 | 186.200 | 187.400 | 188.000 | 189.100 | 189.700 | 189.400 | 189.500 | 189.900 | 190.900 | 191.000 | 190.300 | 188.900 |
| 2003 | 181.700 | 183.100 | 184.200 | 183.800 | 183.500 | 183.700 | 183.900 | 184.600 | 185.200 | 185.000 | 184.500 | 184.300 | 183.960 |
| 2002 | 177.100 | 177.800 | 178.800 | 179.800 | 179.800 | 179.900 | 180.100 | 180.700 | 181.000 | 181.300 | 181.300 | 180.900 | 179.880 |
| 2001 | 175.100 | 175.800 | 176.200 | 176.900 | 177.700 | 178.000 | 177.500 | 177.500 | 178.300 | 177.700 | 177.400 | 176.700 | 177.100 |
| 2000 | 168.800 | 169.800 | 171.200 | 171.300 | 171.500 | 172.400 | 172.800 | 172.800 | 173.700 | 174.000 | 174.100 | 174.000 | 172.200 |
| 1999 | 164.300 | 164.500 | 165.000 | 166.200 | 166.200 | 166.200 | 166.700 | 167.100 | 167.900 | 168.200 | 168.300 | 168.300 | 166.600 |
| 1998 | 161.600 | 161.900 | 162.200 | 162.500 | 162.800 | 163.000 | 163.200 | 163.400 | 163.600 | 164.000 | 164.000 | 163.900 | 163.000 |
| 1997 | 159.100 | 159.600 | 160.000 | 160.200 | 160.100 | 160.300 | 160.500 | 160.800 | 161.200 | 161.600 | 161.500 | 161.300 | 160.500 |
| 1996 | 154.400 | 154.900 | 155.700 | 156.300 | 156.600 | 156.700 | 157.000 | 157.300 | 157.800 | 158.300 | 158.600 | 158.600 | 156.900 |
| 1995 | 150.300 | 150.900 | 151.400 | 151.900 | 152.200 | 152.500 | 152.500 | 152.900 | 153.200 | 153.700 | 153.600 | 153.500 | 152.400 |
| 1994 | 146.200 | 146.700 | 147.200 | 147.400 | 147.500 | 148.000 | 148.400 | 149.000 | 149.400 | 149.500 | 149.700 | 149.700 | 148.200 |
| 1993 | 142.600 | 143.100 | 143.600 | 144.000 | 144.200 | 144.400 | 144.400 | 144.800 | 145.100 | 145.700 | 145.800 | 145.800 | 144.500 |
| 1992 | 138.100 | 138.600 | 139.300 | 139.500 | 139.700 | 140.200 | 140.500 | 140.900 | 141.300 | 141.800 | 142.000 | 141.900 | 140.300 |
| 1991 | 134.600 | 134.800 | 135.000 | 135.200 | 135.600 | 136.000 | 136.200 | 136.600 | 137.200 | 137.400 | 137.800 | 137.900 | 136.200 |
| 1990 | 127.400 | 128.000 | 128.700 | 128.900 | 129.200 | 129.900 | 130.400 | 131.600 | 132.700 | 133.500 | 133.800 | 133.800 | 130.700 |
| 1989 | 121.100 | 121.600 | 122.300 | 123.100 | 123.800 | 124.100 | 124.400 | 124.600 | 125.000 | 125.600 | 125.900 | 126.100 | 124.000 |
| 1988 | 115.700 | 116.000 | 116.500 | 117.100 | 117.500 | 118.000 | 118.500 | 119.000 | 119.800 | 120.200 | 120.300 | 120.500 | 118.300 |
| 1987 | 111.200 | 111.600 | 112.100 | 112.700 | 113.100 | 113.500 | 113.800 | 114.400 | 115.000 | 115.300 | 115.400 | 115.400 | 113.600 |
| 1986 | 109.600 | 109.300 | 108.800 | 108.600 | 108.900 | 109.500 | 109.500 | 109.700 | 110.200 | 110.300 | 110.400 | 110.500 | 109.600 |
| 1985 | 105.500 | 106.000 | 106.400 | 106.900 | 107.300 | 107.600 | 107.800 | 108.000 | 108.300 | 108.700 | 109.000 | 109.300 | 107.600 |
| 1984 | 101.900 | 102.400 | 102.600 | 103.100 | 103.400 | 103.700 | 104.100 | 104.500 | 105.000 | 105.300 | 105.300 | 105.300 | 103.900 |
| 1983 | 97.800 | 97.900 | 97.900 | 98.600 | 99.200 | 99.500 | 99.900 | 100.200 | 100.700 | 101.000 | 101.200 | 101.300 | 99.600 |
| 1982 | 94.300 | 94.600 | 94.500 | 94.900 | 95.800 | 97.000 | 97.500 | 97.700 | 97.900 | 98.200 | 98.000 | 97.600 | 96.500 |
| 1981 | 87.000 | 87.900 | 88.500 | 89.100 | 89.800 | 90.600 | 91.600 | 92.300 | 93.200 | 93.400 | 93.700 | 94.000 | 90.900 |
| 1980 | 77.800 | 78.900 | 80.100 | 81.000 | 81.800 | 82.700 | 82.700 | 83.300 | 84.000 | 84.800 | 85.500 | 86.300 | 82.400 |
| 1979 | 68.300 | 69.100 | 69.800 | 70.600 | 71.500 | 72.300 | 73.100 | 73.800 | 74.600 | 75.200 | 75.900 | 76.700 | 72.600 |
| 1978 | 62.500 | 62.900 | 63.400 | 63.900 | 64.500 | 65.200 | 65.700 | 66.000 | 66.500 | 67.100 | 67.400 | 67.700 | 65.200 |
| 1977 | 58.500 | 59.100 | 59.500 | 60.000 | 60.300 | 60.700 | 61.000 | 61.200 | 61.400 | 61.600 | 61.900 | 62.100 | 60.600 |
| 1976 | 55.600 | 55.800 | 55.900 | 56.100 | 56.500 | 56.800 | 57.100 | 57.400 | 57.600 | 57.900 | 58.000 | 58.200 | 56.900 |
| 1975 | 52.100 | 52.500 | 52.700 | 52.900 | 53.200 | 53.600 | 54.200 | 54.300 | 54.600 | 54.900 | 55.300 | 55.500 | 53.800 |
| 1974 | 46.600 | 47.200 | 47.800 | 48.000 | 48.600 | 49.000 | 49.400 | 50.000 | 50.600 | 51.100 | 51.500 | 51.900 | 49.300 |
| 1973 | 42.600 | 42.900 | 43.300 | 43.600 | 43.900 | 44.200 | 44.300 | 45.100 | 45.200 | 45.600 | 45.900 | 46.200 | 44.400 |
| 1972 | 41.100 | 41.300 | 41.400 | 41.500 | 41.600 | 41.700 | 41.900 | 42.000 | 42.100 | 42.300 | 42.400 | 42.500 | 41.800 |
| 1971 | 39.800 | 39.900 | 40.000 | 40.100 | 40.300 | 40.600 | 40.700 | 40.800 | 40.800 | 40.900 | 40.900 | 41.100 | 40.500 |
| 1970 | 37.800 | 38.000 | 38.200 | 38.500 | 38.600 | 38.800 | 39.000 | 39.000 | 39.200 | 39.400 | 39.600 | 39.800 | 38.800 |
| 1969 | 35.600 | 35.800 | 36.100 | 36.300 | 36.400 | 36.600 | 36.800 | 37.000 | 37.100 | 37.300 | 37.500 | 37.700 | 36.700 |
| 1968 | 34.100 | 34.200 | 34.300 | 34.400 | 34.500 | 34.700 | 34.900 | 35.000 | 35.100 | 35.300 | 35.400 | 35.500 | 34.800 |
| 1967 | 32.900 | 32.900 | 33.000 | 33.100 | 33.200 | 33.300 | 33.400 | 33.500 | 33.600 | 33.700 | 33.800 | 33.900 | 33.400 |
| 1966 | 31.800 | 32.000 | 32.100 | 32.300 | 32.300 | 32.400 | 32.500 | 32.700 | 32.700 | 32.900 | 32.900 | 32.900 | 32.400 |
| 1965 | 31.200 | 31.200 | 31.300 | 31.400 | 31.400 | 31.600 | 31.600 | 31.600 | 31.600 | 31.700 | 31.700 | 31.800 | 31.500 |
| 1964 | 30.900 | 30.900 | 30.900 | 30.900 | 30.900 | 31.000 | 31.100 | 31.000 | 31.100 | 31.100 | 31.200 | 31.200 | 31.000 |
| 1963 | 30.400 | 30.400 | 30.500 | 30.500 | 30.500 | 30.600 | 30.700 | 30.700 | 30.700 | 30.800 | 30.800 | 30.900 | 30.600 |
| 1962 | 30.000 | 30.100 | 30.100 | 30.200 | 30.200 | 30.200 | 30.300 | 30.300 | 30.400 | 30.400 | 30.400 | 30.400 | 30.200 |
| 1961 | 29.800 | 29.800 | 29.800 | 29.800 | 29.800 | 29.800 | 30.000 | 29.900 | 30.000 | 30.000 | 30.000 | 30.000 | 29.900 |
| 1960 | 29.300 | 29.400 | 29.400 | 29.500 | 29.500 | 29.600 | 29.600 | 29.600 | 29.600 | 29.800 | 29.800 | 29.800 | 29.600 |
| 1959 | 29.000 | 28.900 | 28.900 | 29.000 | 29.000 | 29.100 | 29.200 | 29.200 | 29.300 | 29.400 | 29.400 | 29.400 | 29.100 |
| 1958 | 28.600 | 28.600 | 28.800 | 28.900 | 28.900 | 28.900 | 29.000 | 28.900 | 28.900 | 28.900 | 29.000 | 28.900 | 28.900 |
| 1957 | 27.600 | 27.700 | 27.800 | 27.900 | 28.000 | 28.100 | 28.300 | 28.300 | 28.300 | 28.300 | 28.400 | 28.400 | 28.100 |
| 1956 | 26.800 | 26.800 | 26.800 | 26.900 | 27.000 | 27.200 | 27.400 | 27.300 | 27.400 | 27.500 | 27.500 | 27.600 | 27.200 |
| 1955 | 26.700 | 26.700 | 26.700 | 26.700 | 26.700 | 26.700 | 26.800 | 26.800 | 26.900 | 26.900 | 26.900 | 26.800 | 26.800 |
| 1954 | 26.900 | 26.900 | 26.900 | 26.800 | 26.900 | 26.900 | 26.900 | 26.900 | 26.800 | 26.800 | 26.800 | 26.700 | 26.900 |
| 1953 | 26.600 | 26.500 | 26.600 | 26.600 | 26.700 | 26.800 | 26.800 | 26.900 | 26.900 | 27.000 | 26.900 | 26.900 | 26.700 |
| 1952 | 26.500 | 26.300 | 26.300 | 26.400 | 26.400 | 26.500 | 26.700 | 26.700 | 26.700 | 26.700 | 26.700 | 26.700 | 26.500 |
| 1951 | 25.400 | 25.700 | 25.800 | 25.800 | 25.900 | 25.900 | 25.900 | 25.900 | 26.100 | 26.200 | 26.400 | 26.500 | 26.000 |
| 1950 | 23.500 | 23.500 | 23.600 | 23.600 | 23.700 | 23.800 | 24.100 | 24.300 | 24.400 | 24.600 | 24.700 | 25.000 | 24.100 |
| 1949 | 24.000 | 23.800 | 23.800 | 23.900 | 23.800 | 23.900 | 23.700 | 23.800 | 23.900 | 23.700 | 23.800 | 23.600 | 23.800 |
| 1948 | 23.700 | 23.500 | 23.400 | 23.800 | 23.900 | 24.100 | 24.400 | 24.500 | 24.500 | 24.400 | 24.200 | 24.100 | 24.100 |
| 1947 | 21.500 | 21.500 | 21.900 | 21.900 | 21.900 | 22.000 | 22.200 | 22.500 | 23.000 | 23.000 | 23.100 | 23.400 | 22.300 |
| 1946 | 18.200 | 18.100 | 18.300 | 18.400 | 18.500 | 18.700 | 19.800 | 20.200 | 20.400 | 20.800 | 21.300 | 21.500 | 19.500 |
| 1945 | 17.800 | 17.800 | 17.800 | 17.800 | 17.900 | 18.100 | 18.100 | 18.100 | 18.100 | 18.100 | 18.100 | 18.200 | 18.000 |
| 1944 | 17.400 | 17.400 | 17.400 | 17.500 | 17.500 | 17.600 | 17.700 | 17.700 | 17.700 | 17.700 | 17.700 | 17.800 | 17.600 |
| 1943 | 16.900 | 16.900 | 17.200 | 17.400 | 17.500 | 17.500 | 17.400 | 17.300 | 17.400 | 17.400 | 17.400 | 17.400 | 17.300 |
| 1942 | 15.700 | 15.800 | 16.000 | 16.100 | 16.300 | 16.300 | 16.400 | 16.500 | 16.500 | 16.700 | 16.800 | 16.900 | 16.300 |
| 1941 | 14.100 | 14.100 | 14.200 | 14.300 | 14.400 | 14.700 | 14.700 | 14.900 | 15.100 | 15.300 | 15.400 | 15.500 | 14.700 |
| 1940 | 13.900 | 14.000 | 14.000 | 14.000 | 14.000 | 14.100 | 14.000 | 14.000 | 14.000 | 14.000 | 14.000 | 14.100 | 14.000 |
| 1939 | 14.000 | 13.900 | 13.900 | 13.800 | 13.800 | 13.800 | 13.800 | 13.800 | 14.100 | 14.000 | 14.000 | 14.000 | 13.900 |
| 1938 | 14.200 | 14.100 | 14.100 | 14.200 | 14.100 | 14.100 | 14.100 | 14.100 | 14.100 | 14.000 | 14.000 | 14.000 | 14.100 |
| 1937 | 14.100 | 14.100 | 14.200 | 14.300 | 14.400 | 14.400 | 14.500 | 14.500 | 14.600 | 14.600 | 14.500 | 14.400 | 14.400 |
| 1936 | 13.800 | 13.800 | 13.700 | 13.700 | 13.700 | 13.800 | 13.900 | 14.000 | 14.000 | 14.000 | 14.000 | 14.000 | 13.900 |
| 1935 | 13.600 | 13.700 | 13.700 | 13.800 | 13.800 | 13.700 | 13.700 | 13.700 | 13.700 | 13.700 | 13.800 | 13.800 | 13.700 |
| 1934 | 13.200 | 13.300 | 13.300 | 13.300 | 13.300 | 13.400 | 13.400 | 13.400 | 13.600 | 13.500 | 13.500 | 13.400 | 13.400 |
| 1933 | 12.900 | 12.700 | 12.600 | 12.600 | 12.600 | 12.700 | 13.100 | 13.200 | 13.200 | 13.200 | 13.200 | 13.200 | 13.000 |
| 1932 | 14.300 | 14.100 | 14.000 | 13.900 | 13.700 | 13.600 | 13.600 | 13.500 | 13.400 | 13.300 | 13.200 | 13.100 | 13.700 |
| 1931 | 15.900 | 15.700 | 15.600 | 15.500 | 15.300 | 15.100 | 15.100 | 15.100 | 15.000 | 14.900 | 14.700 | 14.600 | 15.200 |
| 1930 | 17.100 | 17.000 | 16.900 | 17.000 | 16.900 | 16.800 | 16.600 | 16.500 | 16.600 | 16.500 | 16.400 | 16.100 | 16.700 |
| 1929 | 17.100 | 17.100 | 17.000 | 16.900 | 17.000 | 17.100 | 17.300 | 17.300 | 17.300 | 17.300 | 17.300 | 17.200 | 17.100 |
| 1928 | 17.300 | 17.100 | 17.100 | 17.100 | 17.200 | 17.100 | 17.100 | 17.100 | 17.300 | 17.200 | 17.200 | 17.100 | 17.100 |
| 1927 | 17.500 | 17.400 | 17.300 | 17.300 | 17.400 | 17.600 | 17.300 | 17.200 | 17.300 | 17.400 | 17.300 | 17.300 | 17.400 |
| 1926 | 17.900 | 17.900 | 17.800 | 17.900 | 17.800 | 17.700 | 17.500 | 17.400 | 17.500 | 17.600 | 17.700 | 17.700 | 17.700 |
| 1925 | 17.300 | 17.200 | 17.300 | 17.200 | 17.300 | 17.500 | 17.700 | 17.700 | 17.700 | 17.700 | 18.000 | 17.900 | 17.500 |
| 1924 | 17.300 | 17.200 | 17.100 | 17.000 | 17.000 | 17.000 | 17.100 | 17.000 | 17.100 | 17.200 | 17.200 | 17.300 | 17.100 |
| 1923 | 16.800 | 16.800 | 16.800 | 16.900 | 16.900 | 17.000 | 17.200 | 17.100 | 17.200 | 17.300 | 17.300 | 17.300 | 17.100 |
| 1922 | 16.900 | 16.900 | 16.700 | 16.700 | 16.700 | 16.700 | 16.800 | 16.600 | 16.600 | 16.700 | 16.800 | 16.900 | 16.800 |
| 1921 | 19.000 | 18.400 | 18.300 | 18.100 | 17.700 | 17.600 | 17.700 | 17.700 | 17.500 | 17.500 | 17.400 | 17.300 | 17.900 |
| 1920 | 19.300 | 19.500 | 19.700 | 20.300 | 20.600 | 20.900 | 20.800 | 20.300 | 20.000 | 19.900 | 19.800 | 19.400 | 20.000 |
| 1919 | 16.500 | 16.200 | 16.400 | 16.700 | 16.900 | 16.900 | 17.400 | 17.700 | 17.800 | 18.100 | 18.500 | 18.900 | 17.300 |
| 1918 | 14.000 | 14.100 | 14.000 | 14.200 | 14.500 | 14.700 | 15.100 | 15.400 | 15.700 | 16.000 | 16.300 | 16.500 | 15.100 |
| 1917 | 11.700 | 12.000 | 12.000 | 12.600 | 12.800 | 13.000 | 12.800 | 13.000 | 13.300 | 13.500 | 13.500 | 13.700 | 12.800 |
| 1916 | 10.400 | 10.400 | 10.500 | 10.600 | 10.700 | 10.800 | 10.800 | 10.900 | 11.100 | 11.300 | 11.500 | 11.600 | 10.900 |
| 1915 | 10.100 | 10.000 | 9.900 | 10.000 | 10.100 | 10.100 | 10.100 | 10.100 | 10.100 | 10.200 | 10.300 | 10.300 | 10.100 |
| 1914 | 10.000 | 9.900 | 9.900 | 9.800 | 9.900 | 9.900 | 10.000 | 10.200 | 10.200 | 10.100 | 10.200 | 10.100 | 10.000 |
| 1913 | 9.800 | 9.800 | 9.800 | 9.800 | 9.700 | 9.800 | 9.900 | 9.900 | 10.000 | 10.000 | 10.100 | 10.000 | 9.900 |
To calculate inflation from a month and year to a later month and year, try our Inflation calculator
http://inflationdata.com/Inflation/Consumer_Price_Index/HistoricalCPI.aspx
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| Year | Gross Debt in Billions undeflated[10] | as % of GDP | Debt Held By Public ($Billions) | as % of GDP |
|---|---|---|---|---|
| 1910 | 2.6 | unk. | 2.6 | unk. |
| 1920 | 25.9 | unk. | 25.9 | unk. |
| 1928 | 18.5[11] | unk. | 18.5 | unk. |
| 1930 | 16.2 | unk. | 16.2 | unk. |
| 1940 | 50.6 | 52.4 | 42.8 | 44.2 |
| 1950 | 256.8 | 94.0 | 219.0 | 80.2 |
| 1960 | 290.5 | 56.0 | 236.8 | 45.6 |
| 1970 | 380.9 | 37.6 | 283.2 | 28.0 |
| 1980 | 909.0 | 33.4 | 711.9 | 26.1 |
| 1990 | 3,206.3 | 55.9 | 2,411.6 | 42.0 |
| 2000 | 5,628.7 | 58.0 | 3,409.8 | 35.1 |
| 2001 | 5,769.9 | 57.4 | 3,319.6 | 33.0 |
| 2002 | 6,198.4 | 59.7 | 3,540.4 | 34.1 |
| 2003 | 6,760.0 | 62.6 | 3,913.4 | 35.1 |
| 2004 | 7,354.7 | 63.9 | 4,295.5 | 37.3 |
| 2005 | 7,905.3 | 64.6 | 4,592.2 | 37.5 |
| 2006 | 8,451.4 | 65.0 | 4,829.0 | 37.1 |
| 2007 | 8,950.7 | 65.6 | 5,035.1 | 36.9 |
| 2008 | 9,985.8 | 70.2 | 5,802.7 | 40.8 |
| 2009 | 12,311.4 | 86.1 | 7,811.1 | 54.6 |
| 2010 (2 Nov) | 13,724.0 | 93.2 (3rd Q) | 9,133.6 | 62.0 (3rd Q) |
| 2010 (est.) | 14,456.3 | 98.1 | 9,881.9 | 67.1 |
| 2011 (est.) | 15,673.9 | 101.0 | 10,873.1 | 70.1 |
| 2012 (est.) | 16,565.7 | 100.6 | 11,468.4 | 69.6 |
| 2013 (est.) | 17,440.2 | 99.7 | 12,027.1 | 68.7 |
| 2014 (est.) | 18,350.0 | 99.8 | 12,594.8 | 68.5 |
Note: 2010-2014 are projections
http://en.wikipedia.org/wiki/United_States_public_debt
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“The surest way to destroy a nation is to debauch its currency.”
~Vladimir Ilyich Lenin
“Inflation is running at rates that are too low.”
~Ben Bernanke, Chairman of The Federal Reserve System
“The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments.”
“The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard.”
~Ludwig von Mises
Pulp Fiction – You’re The Weak – Extended Version
Jules: Well there’s this passage I got memorized. Ezekiel 25:17. “The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men. Blessed is he who, in the name of charity and good will, shepherds the weak through the valley of the darkness. For he is truly his brother’s keeper and the finder of lost children. And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers. And you will know I am the Lord when I lay my vengeance upon you.” I been sayin’ that shit for years. And if you ever heard it, it meant your ass. I never gave much thought what it meant. I just thought it was some cold-blooded shit to say to a motherfucker before I popped a cap in his ass. I saw some shit this mornin’ made me think twice. See now I’m thinkin’, maybe it means you’re the evil man. And I’m the righteous man. And Mr. 9 Milimeter here, he’s the shepherd protecting my righteous ass in the valley of darkness. Or it could mean you’re the righteous man and I’m the shepherd and it’s the world that’s evil and selfish. Now I’d like that. But that shit ain’t the truth. The truth is you’re the weak. And I’m the tyranny of evil men. But I’m tryin’, Ringo. I’m tryin’ real hard to be a shepherd.
Pulp Fiction written by Quentin Tarantino & Roger Avary
http://www.whysanity.net/monos/jules.html
Peter Schiff It’s Scary How Clueless Bernanke Is
The Dollar is now collapsing – Peter Schiff | Part 1
The Dollar is now collapsing – Peter Schiff | Part 2
The Dollar is now collapsing – Peter Schiff | Part 3
Peter Schiff: Deflation vs. Inflation Argument on FSN
Inflation or Deflation?
Irwin Stelzer on Inflation vs Deflation
Inflation or Deflation?
What is Inflation or Deflation?
Deflation Dangers
Highlights of Marc Faber and Deflation
NBR | Japan Deflation | PBS
NBR | Food Prices Could Signal Deflation Ahead | PBS
Inflation Deflation Debate Rages On: 2010 Economic Collapse
Hyperinflation Nation Part 1/3
Hyperinflation Nation Part 2/3
Hyperinflation Nation Part 3/3
The Boom & Bust Years P1
The Boom & Bust Years P2
The Boom & Bust Years P3
The Boom & Bust Years P4
The Boom & Bust Years P5
The Boom & Bust Years P6
Fall of the Republic HQ full length version
Fall Of The Republic 1/14: The Presidency Of Barack H Obama
Fall Of The Republic 2/14: The Presidency Of Barack H Obama
Fall Of The Republic 3/14: The Presidency Of Barack H Obama
Fall Of The Republic 4/14: The Presidency Of Barack H Obama
Fall Of The Republic 5/14: The Presidency Of Barack H Obama
Fall Of The Republic 6/14: The Presidency Of Barack H Obama
Fall Of The Republic 7/14: The Presidency Of Barack H Obama
Fall Of The Republic 8/14: The Presidency Of Barack H Obama
Fall Of The Republic 9/14: The Presidency Of Barack H Obama
Fall Of The Republic 10/14: The Presidency Of Barack H Obama
Fall Of The Republic 11/14: The Presidency Of Barack H Obama
Fall Of The Republic 12/14: The Presidency Of Barack H Obama
Fall Of The Republic 13/14: The Presidency Of Barack H Obama
Fall Of The Republic 14/14: The Presidency Of Barack H Obama
Bailout
“Capitalism means free enterprise, sovereignty of the consumers in economic matters, and sovereignty of the voters in political matters. Socialism means full government control of every sphere of the individuals life and the unrestricted supremacy of the government in its capacity as central board of production management.”
“A man who chooses between drinking a glass of milk and a glass of a solution of potassium cyanide does not choose between two beverages; he chooses between life and death. A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society. Socialism is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.”
“There is simply no other choice than this: either to abstain from interference in the free play of the market, or to delegate the entire management of production and distribution to the government. Either capitalism or socialism: there exists no middle way.”
~Ludwig von Mises
Pulp Fiction – Just be Jules
Background Articles and Videos
The Massive Fraud In Mortgages Continues–Crooks and Corrupt Politicians In Charge–Videos
Inflation and Debt: The Interaction of Fiscal and Monetary Policy (Part 1)
Inflation and Debt: The Interaction of Fiscal and Monetary Policy (Part 2)
Inflation and Debt: The Interaction of Fiscal and Monetary Policy (Part 3)
Inflation and Debt: The Interaction of Fiscal and Monetary Policy (Part 4)
Inflation and Debt: The Interaction of Fiscal and Monetary Policy (Part 5)
Inflation and Debt: The Interaction of Fiscal and Monetary Policy (Part 6)
Inflation and Debt: The Interaction of Fiscal and Monetary Policy (Part 7)
Richard W. Fisher Speech: Historical Perspectives on the Current Financial Crisis (Part 1)
(Part 2) Richard W. Fisher Speech: Historical Perspectives on the Current Financial Crisis
(Part 3) Richard W. Fisher Speech: Historical Perspectives on the Current Financial Crisis
Peter Schiff
“…Peter David Schiff (pronounced /ˈʃɪf/; born March 23, 1963) is an American businessman, author, financial commentator, and a former 2010 Republican primary candidate for the United States Senate.[12]
Schiff is president and chief global strategist of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut.[1] Schiff frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is often quoted in major financial publications[13] and is a frequent guest on internet radio[14][15][16] as well as the former host of the podcast Wall Street Unspun[17] and the current host of the The Peter Schiff Show.
He is known for his bearish views on the dollar and dollar denominated assets, while bullish on investment in tangible assets, as well as foreign stocks and currencies.
Financial career
Schiff began his career as a financial consultant at a Shearson Lehman Brothers brokerage.[1] In 1996 Schiff and a partner acquired a small brokerage firm that had been founded in 1980, reincorporated it in California and renamed it Euro Pacific Capital.[18] The company today has more than 15,000 clients[citation needed] and six offices nationwide, with its headquarters in Westport, Connecticut.[19][19] [20]
According to a 2005 article in The Advocate of Stamford, Connecticut Schiff relocated the firm to Darien, Connecticut to find brokers “who think like him”. The New York Metropolitan Area, Schiff says, has the biggest concentration of brokers in the country, making it easier to recruit employees.[21] The company has offices in Newport Beach, California as well as in Scottsdale, Arizona, Palm Beach, Florida, Los Angeles and New York. Euro Pacific Capital also holds the exclusive rights to broker some Perth Mint gold products in the United States.[22]
Economic forecasting
Schiff attributes his economic forecasts to an understanding of the Austrian School,[23] a school of economic thought generally categorized as heterodox (or non-mainstream).[23][24][25] Schiff voices strong support for the Austrian School, and says it was first introduced to him by his father, Irwin Schiff.[26] Schiff admits his economic views are not mainstream, and like the Austrian School, he makes judgments without a strict adherence to economic statistics.[citation needed]
U.S. bear market
In his 2007 book, Crash Proof, Schiff writes that the current United States economic policies are fundamentally unsound, and predicts that in the future the United States dollar will lose much of its value.[3]
Schiff feels that the imbalance between the amount of goods the U.S. consumes and what it produces will eventually lead to problems for the U.S. economy.[27][28] As a remedy Schiff favors increased personal savings and production which he says will stimulate economic growth.[29] Schiff cites the U.S.’s low personal savings rate as one of the causes of the its transformation from the world’s largest creditor nation in the 1970s to the largest debtor nation in the year 2000.[30] Schiff attributes the low savings rate to higher inflation and the artificially low interest rates set by the Federal Reserve.[31]
In a 2002 interview with Southland Today, Schiff predicted that the economic downturn triggered by the bursting of the stock market bubble would lead to a bear market likely to last “another 5 to 10 years.”[32][33] In November 2002, US stocks began a bull market uptrend which held steady for at least five years,[34] until reversing course in 2008, when the Dow, NASDAQ, and S&P 500 began a decline to less than half of their peak 2008 values,[35] followed in 2009 by the Dow climbing 61% from its low point over the following year.[36] After interviewing Schiff in 2009, journalist and finance author Eric Tyson, referenced various Schiff predictions during the 2000s and stated that “On all of these counts, Schiff wasn’t just wrong but ended up being hugely wrong.”[37] Schiff later released a video stating that, “When I gave that interview in 2002, I had no way of knowing how irresponsible the Fed was going to be … But I recognized that early: back in 2003 and 2004 I changed my forecast … if you look at what happened to the Dow in terms of gold [and not U.S. dollars], my forecast was extremely accurate.”[32]
In an August 2006 interview he said: “The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship… I see a real financial crisis coming for the United States.”[38] On December 31, 2006 in debate on Fox News, Schiff forecast that “what’s going to happen in 2007″ is that “real estate prices are going to come crashing back down to Earth”.[38]
As part of these exchanges on Fox News and his repeated appearances on financial news network CNBC, Schiff had mentioned factors such as speculators and “the absence of lending standards” which are now seen by many[39][40] to indeed be contributing factors to the housing crisis of 2007-2009. On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry.[41] Following this observation, it was soon reported on December 23, 2007 by the Associated Press that “The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP… At the same time, defaults — when lenders essentially give up hope of ever being repaid and write off the debt — rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission.”[42]
Since 2007, Schiff has stated many times that if the government doesn’t change course there will be hyperinflation in the US.[3] Schiff is one of a minority of economists credited with accurately predicting the financial crisis of 2007–2010 while “nearly all [macroeconomists] failed to foresee the recession despite plenty of warning signs”.[43][44] In his book Crash Proof, he described several aspects of the U.S. economy that would lead to a recession.[3] …”
http://en.wikipedia.org/wiki/Peter_Schiff
Remarks by Governor Ben S. Bernanke
Before the National Economists Club, Washington, D.C.
November 21, 2002 Deflation: Making Sure “It” Doesn’t Happen Here
“…Deflation: Its Causes and Effects
Deflation is defined as a general decline in prices, with emphasis on the word “general.” At any given time, especially in a low-inflation economy like that of our recent experience, prices of some goods and services will be falling. Price declines in a specific sector may occur because productivity is rising and costs are falling more quickly in that sector than elsewhere or because the demand for the output of that sector is weak relative to the demand for other goods and services. Sector-specific price declines, uncomfortable as they may be for producers in that sector, are generally not a problem for the economy as a whole and do not constitute deflation. Deflation per se occurs only when price declines are so widespread that broad-based indexes of prices, such as the consumer price index, register ongoing declines.
The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand–a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.1 Likewise, the economic effects of a deflationary episode, for the most part, are similar to those of any other sharp decline in aggregate spending–namely, recession, rising unemployment, and financial stress.
However, a deflationary recession may differ in one respect from “normal” recessions in which the inflation rate is at least modestly positive: Deflation of sufficient magnitude may result in the nominal interest rate declining to zero or very close to zero.2 Once the nominal interest rate is at zero, no further downward adjustment in the rate can occur, since lenders generally will not accept a negative nominal interest rate when it is possible instead to hold cash. At this point, the nominal interest rate is said to have hit the “zero bound.”
Deflation great enough to bring the nominal interest rate close to zero poses special problems for the economy and for policy. First, when the nominal interest rate has been reduced to zero, the real interest rate paid by borrowers equals the expected rate of deflation, however large that may be.3 To take what might seem like an extreme example (though in fact it occurred in the United States in the early 1930s), suppose that deflation is proceeding at a clip of 10 percent per year. Then someone who borrows for a year at a nominal interest rate of zero actually faces a 10 percent real cost of funds, as the loan must be repaid in dollars whose purchasing power is 10 percent greater than that of the dollars borrowed originally. In a period of sufficiently severe deflation, the real cost of borrowing becomes prohibitive. Capital investment, purchases of new homes, and other types of spending decline accordingly, worsening the economic downturn. …”
“….Conclusion
Sustained deflation can be highly destructive to a modern economy and should be strongly resisted. Fortunately, for the foreseeable future, the chances of a serious deflation in the United States appear remote indeed, in large part because of our economy’s underlying strengths but also because of the determination of the Federal Reserve and other U.S. policymakers to act preemptively against deflationary pressures. Moreover, as I have discussed today, a variety of policy responses are available should deflation appear to be taking hold. Because some of these alternative policy tools are relatively less familiar, they may raise practical problems of implementation and of calibration of their likely economic effects. For this reason, as I have emphasized, prevention of deflation is preferable to cure. Nevertheless, I hope to have persuaded you that the Federal Reserve and other economic policymakers would be far from helpless in the face of deflation, even should the federal funds rate hit its zero bound.19
http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm
Alex Jones
“…Alexander Emerick Jones (born February 11, 1974) is an American talk radio host, actor and filmmaker. His syndicated news/talk show The Alex Jones Show, based in Austin, Texas, airs via the Genesis Communication Network over sixty AM, FM, and shortwave radio stations across the United States and on the Internet.[1] His websites include Infowars.com and PrisonPlanet.com.[2]
Mainstream news sources have referred to him as right-wing,[3][4][5] conservative,[6][7][8][9] and a conspiracy theorist.[10][11][12]
Jones sees himself as a libertarian, and rejects being described as a right-winger.[13] He has also called himself a paleoconservative.[14] In a promotional biography he is described as an “aggressive constitutionalist”.[15][16]
Jones was born on February 11, 1974 in Dallas, Texas,[17] and grew up in the suburb of Rockwall. His father is a dentist.[18] He graduated from Anderson High School in northwest Austin, Texas in 1993. After high school he briefly attended Austin Community College.
He began his career in Austin with a live, call-in format cable access television program. In 1996, Jones switched format to KJFK, hosting a show named The Final Edition.[19] In 1998, he released his first film, America Destroyed By Design
In 1998, Jones spearheaded an effort to build a memorial for the members who died at the David Koresh-led Branch Davidian compound/church near Waco, Texas, including the ATF officers who died.[citation needed] He often featured the project on his cable access program and claimed that Koresh and his followers were peaceful people who were murdered by Attorney General Janet Reno and the ATF in the infamous Waco Siege.[19]
In 1999, he tied with Shannon Burke for that year’s “Best Austin Talk Radio Host” poll as voted by The Austin Chronicle readers.[20] Later that year, he was fired from KJFK-FM. According to the station’s operations manager, Jones was fired because his viewpoints made the show hard to sell to advertisers and he refused to broaden his topics.[19] Jones argued: “It was purely political, and it came down from on high,” and, “I was told 11 weeks ago to lay off Clinton, to lay off all these politicians, to not talk about rebuilding the church, to stop bashing the Marines, A to Z.”[19]
In early 2000, Jones was one of seven Republican candidates for state representative in Texas House District 48, an open seat swing district based in Austin, Texas. Jones stated that he was running, “to be a watchdog on the inside.”[21] He aborted his campaign and withdrew before the March primary when polls indicated he had little chance of winning.
In July 2000, a group of Austin Community Access Center (ACAC) programmers claimed that Jones used legal proceedings and ACAC policy to intimidate them or get their shows thrown off the air. The programmers made their views known via radio broadcast and websites.[22] Also in 2000, Jones and assistant Mike Hanson infiltrated Bohemian Grove and filmed the opening weekend ceremony, known as the Cremation of Care, claiming it to be mock child sacrifice in front of a 40-foot-tall (12 m) stone owl of Moloch.
On June 8, 2006, while on his way to cover a meeting of the Bilderberg group in Ottawa, Canada, Jones was stopped and detained at the Ottawa airport by Canadian authorities who confiscated his passport, camera equipment, and most of his belongings. He was later allowed to enter Canada lawfully. Jones said regarding the reason for his immigration hold, “I want to say, on the record, it takes two to tango. I could have handled it better.”[23]
On September 8, 2007, he was arrested while protesting at 6th Avenue and 48th Street in New York City. He was charged with operating a bullhorn without a permit. Two others were also cited for disorderly conduct when his group crashed a live television show featuring Geraldo Rivera. In an article, one of Jones’s fellow protesters said “It was … guerilla information warfare.”[24]
Media
The Alex Jones Show
The Alex Jones Show syndicated radio program is broadcast nationally by Genesis Communications Network to more than 60 AM and FM radio stations in the United States, and to WWCR Radio shortwave. Live-broadcast times are weekdays 11:00 a.m. to 2:00 p.m. CST and Sundays from 4:00 to 6:00 p.m. CST. The Sunday broadcast is also broadcast by Emmis Communications’ KLBJ Radio. All broadcasts are also available online at prisonplanet.com and infowars.com for live, streaming, podcast or smartphone listening.[25]
Guests have included congressman Ron Paul, country music icon Willie Nelson, former Minnesota governor Jesse Ventura, author and speaker Jordan Maxwell, actor Charlie Sheen, rapper KRS-One, musician Shooter Jennings, Muse frontman Matthew Bellamy, British politicians Nigel Farage and Christopher Monckton, trends researcher Gerald Celente, musician Dave Mustaine of Megadeth, antiwar activist Cindy Sheehan, writer David Icke, the Rev. Ted Pike,[26] the Rev. Lindsey Williams, as well as various other guests.
Websites
Alex Jones is also the operator of several web sites centered on news and information about civil liberties issues, global government, and a wide variety of current events topics. The best known of these sites are http://www.infowars.com and http://www.prisonplanet.com.[citation needed]
http://en.wikipedia.org/wiki/Alex_Jones_%28radio_host%29
Is Glenn Beck for Real?
Who Really Runs the New World Order Exposed: Part 2 of “Is Glenn Beck for Real?”
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Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–Videos
Gary North–Keynes and His Influence–Take The North Challenge–Videos
The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand
George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos
Paul Craig Roberts–How The Economy Was Lost–The War Of The Worlds–Videos
Paul Craig Roberts–Peak Jobs–Videos
Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos
Murray Rothbard–Videos
Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos
Murray N. Rothbard–Introduction to Economics: A Private Seminar–Videos
Murray Rothbard–Libertarianism–Video
Rothbard On Keynes–Videos
Murray Rothbard– What Has Government Done to Our Money?–Videos
Peter Schiff–Videos
Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!
Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos
L. William Seidman on The Economic Crisis: Causes and Cures–Videos
Amity Shlaes–Videos
Julian Simon–Videos
Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos
Thomas Sowell and Conflict of Visions–Videos
Thomas Sowell On The Housing Boom and Bust–Videos
Econ Talk With Thomas Sowell–Videos
Peter Thiel–Videos
Thomas E. Woods, Jr.–Videos
Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos
Tom Woods–Lectures On Liberty–Videos
Thomas E. Woods–The Market Economy–Videos
Tom Woods On Personal Rights and Property Ownership
Tom Woods–Smashing Myths and Restoring Sound Money–Videos
Tom Woods–Who Killed The Constitution
Tom Wright On The FairTax–Videos
Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record
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Kelly’s Heroes–Videos
Kelly’s Heroes part 1
Kelly’s Heroes part 2
Kelly’s Heroes part 3
Kelly’s Heroes part 4
Kelly’s Heroes part 5
Kelly’s Heroes part 6
Kelly’s Heroes part 7
Kelly’s Heroes part 8
Kelly’s Heroes part 9
Kelly’s Heroes part 10
Kelly’s Heroes part 11
Kelly’s Heroes part 12
Kelly’s Heroes part 13
Kelly’s Heroes part 14
Kelly’s Heroes part 15
Kelly’s Heroes part 16
Kelly’s Heroes part 17
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Movies
1984-Videos
A Brave New World–Videos
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Before The Fall or Napola–Videos
The Chronicles of Narnia–Videos
The Chronicles Of Narnia – Prince Caspian–Videos
Dr. Strangelove–Videos
Ghostbusters–Videos
Ghostbusters 2–Videos
Rain Drops Keep Falling Upon My Head–40th Anniversity of The Release of Butch Cassidy and The Sundance Kid
Gattaca–Videos
Hitler: The Rise of Evil–Videos
Me and The Colonel–Videos
Outer Limits – Dead Man’s Switch –Videos
Pleasantville–Videos
Richard The Lionheart–Videos
Saving Private Ryan–Video
The Hitler Gang–Videos
The Patriot–Videos
The Wave–Videos
Read Full Post | Make a Comment ( None so far )Glenn Beck On The Economy and Your Investment Portfolio–Videos
Glenn Beck-09/01/10-A
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Read Full Post | Make a Comment ( None so far )Glenn Beck On The Revivial Of Faith, Hope, Charity and The Gold Standard
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.”
~Alan Greespan
Glenn Beck-05/19/10-A
Weiner Facts.com
http://www.weinerfacts.com/weiner/
Glenn Beck-05/19/10-B
Glenn Beck-05/19/10-C
Glenn Beck-05/19/10-D
Gold and the Good Guys | Thomas E. Woods, Jr.
The Truth About The Economy: Total Collapse
“I can see, and that is why I can be happy, in what you call the dark, but which to me is golden. I can see a God-made world, not a manmade world.”
~Helen Keller
Background Articles and Videos
The Gold Standard Before the Civil War | Murray N. Rothbard
Milton Friedman on The Gold Standard
Gold Standard
“… The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. Three distinct kinds of gold standard can be identified. The gold specie standard is a system in which the monetary unit is associated with circulating gold coins, or with the unit of value defined in terms of one particular circulating gold coin in conjunction with subsidiary coinage made from a lesser valuable metal. The gold exchange standard may involve only the circulation of silver coins, or coins made of other metals, but the authorities will have guaranteed a fixed exchange rate with another country that is on the gold standard, hence creating a de facto gold standard, in that the value of the silver coins has a fixed external value in terms of gold that is independent of the inherent silver value. The gold bullion standard is a system in which gold coins do not actually circulate as such, but in which the authorities have agreed to sell gold bullion on demand at a fixed price in exchange for the circulating currency.
The gold specie standard
A gold specie standard existed in some of the great empires of earlier times, such as in the case of the Byzantine Empire which used a gold coin known as the Byzant. But with the ending of the Byzantine Empire, the civilized world tended to use the silver standard, such as in the case of the silver pennies that became the staple coin of Britain around the time of King Offa in the year 796 AD. The Spanish discovery of the great silver deposits at Potosi in the 16th century, led to an international silver standard in conjunction with the famous pieces of eight, which carried on in earnest until the nineteenth century. In modern times the British West Indies was one of the first regions to adopt a gold specie standard. The gold standard in the British West Indies, that followed from Queen Anne’s proclamation of 1704, was a ‘de facto’ gold standard based on the Spanish gold doubloon coin. In the year 1717, Sir Isaac Newton, who was master of the Royal Mint, established a new mint ratio as between silver and gold that had the effect of driving silver out of circulation and putting Britain on a gold standard. But it wasn’t until the year 1821, following the introduction of the gold sovereign coin by the new Royal Mint at Tower Hill in the year 1816, that the United Kingdom was formally put on a gold specie standard. The United Kingdom was the first of the great industrial powers to switch from the silver standard to a gold specie standard. Soon to follow was Canada in 1853, Newfoundland in 1865, and the USA and Germany ‘de jure’ in 1873. The USA used the American Gold Eagle as their unit, and Germany introduced the new gold mark, while Canada adopted a dual system based on both the American Gold Eagle and the British Gold Sovereign. Australia and New Zealand adopted the British gold standard, as did the British West Indies, while Newfoundland was the only British Empire territory to introduce its own gold coin as a standard. Royal Mint branches were established in Sydney, New South Wales, Melbourne, Victoria, and Perth, Western Australia for the purposes of minting gold sovereigns from Australia’s rich gold deposits.
The gold exchange standard
Towards the end of the nineteenth century some of the remaining silver standard countries began to peg their silver coin units to the gold standards of the United Kingdom or the USA. In 1898, British India pegged the silver rupee to the pound sterling at a fixed rate of 1s 4d, while in 1906, the Straits Settlements adopted a gold exchange standard against the pound sterling with the silver Straits dollar being fixed at 2s 4d. Meanwhile at the turn of the century, the Philippines pegged the silver Peso/dollar to the US dollar at 50 cents. A similar pegging at 50 cents occurred at around the same time with the silver Peso of Mexico and the silver Yen of Japan. When Siam adopted a gold exchange standard in 1908, this left only China and Hong Kong on the silver standard.
The gold bullion standard
The gold specie standard ended in the United Kingdom and the rest of the British Empire at the outbreak of World War I. Treasury notes replaced the circulation of the gold sovereigns and gold half sovereigns. However, legally the gold specie standard was not repealed. The end of the gold standard was successfully effected by appeals to patriotism when somebody would request the Bank of England to redeem their paper money for gold specie. It was only in the year 1925 when Britain returned to the gold standard in conjunction with Australia and South Africa, that the gold specie standard was officially ended. The British act of parliament that introduced the gold bullion standard in 1925 simultaneously repealed the gold specie standard. The new gold bullion standard did not envisage any return to the circulation of gold specie coins. Instead, the law compelled the authorities to sell gold bullion on demand at a fixed price. This gold bullion standard lasted until 1931. In 1931, the United Kingdom was forced to suspend the gold bullion standard due to large outflows of gold across the Atlantic Ocean. Australia and New Zealand had already been forced off the gold standard by the same pressures connected with the Great Depression, and Canada quickly followed suit with the United Kingdom. …”
http://en.wikipedia.org/wiki/Gold_standard
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Read Full Post | Make a Comment ( None so far )Ron Paul Moves To End The Federal Reserve On January 20, 2010 in Congress–Videos
Ron Paul 1/20/2010 Moves To End The Federal Reserve
Ron Paul Gold and Silver – Free Competition in Currency Act HR 4248
Background Articles and Videos
Money, Banking and the Federal Reserve
End the Fed
12/14/09 Ron Paul: The Fed’s Money Monopoly
Ron Paul on Glenn Beck “Powerful Elite will have a World Currency…People really have to Wake Up!”
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The Bankers’ Cartel
Mises Daily: Monday, August 03, 2009 by David Gordon
[The Case Against the Fed • By Murray N. Rothbard • Ludwig von Mises Institute, 1994 • 158 pages
"...Murray Rothbard begins this outstanding book by calling attention to a paradox. The Federal Reserve System enjoys virtual immunity from congressional investigation. The few who propose to subject the Fed to even minimal scrutiny, such as Henry Gonzales of Texas, at once find a consensus arrayed against them (pp. 1ff.). They threaten the stability of the market, since – it is alleged – only the Fed's independence blocks the onset of uncontrollable inflation.
Here lies the paradox. Inflation results from the infusion of new money into the economy, and it is the Fed that is responsible for its creation. "The culprit solely responsible for inflation, the Federal Reserve, is continually engaged in raising a hue-and-cry about 'inflation' for which virtually everyone else in society seems to be responsible" (p. 11). How did this odd situation come about?
As one would expect from a top-flight economist, Rothbard responds by tracing the problem to its roots. He briefly and clearly explains how money originated in a barter economy. Some commodities are much easier to market than others, and "[o]nce any particular commodity starts to be used as a medium, this very process has a spiraling or snowballing effect” (p. 13).
Soon, one or two commodities emerge into general use as a medium of exchange. And this, precisely, is money. Gold and silver have almost always been the commodities that win the competition for marketability. “Accordingly, every modern currency unit originated as a unit of weight of gold or silver” (p. 17).
Why has Rothbard gone to such pains to describe a historical process that seems very remote from the Fed? By beginning with a simple case, he can elucidate the basic mechanism that underlies the Fed’s operation. To explain a complex event by starting with a simple method and gradually complicating it is a basic procedure of modern science. Galileo termed this “resoluto-compositive” method, and Descartes described it at length. Once one grasps how money has emerged, the key to understanding the mysteries of the Fed lies at hand. ..”
What Has Government Done to Our Money?
by Murray N. Rothbard
Copyright 1980 by The Ludwig von Mises Institute
A Review of “End the Fed” by Ron Paul
Written by Charles Scaliger
”…Now, with Congressman Paul’s bill H.R.1207 calling for a congressional audit of the Federal Reserve gaining traction in the House with more than 284 cosponsors, Ben Bernanke is beginning to feel real political heat. For the first time in the Fed’s nearly century-long history, large numbers of Americans and not a few political leaders, led by Ron Paul, are waking up to the realities of central banking and the Fed’s role in causing the value of the dollar to depreciate and the economy to oscillate between boom and bust.
But why take so drastic a measure as to end the Fed, after so long? Is it not better, as so many of Paul’s detractors have argued, to merely reform the institution? No, declares Paul, since the Fed, with its power to destroy the dollar and fund the operations of government by other means than up-front taxation, is, like all modern central banks, a fundamentally dishonest and immoral institution. The Founding Fathers understood very well the evils of paper money, and while granting Congress the authority in the Constitution to “coin [not print!] money,” forbade the states from making “anything but gold and silver coin a tender in payment of debts.” Entries in the journals of the Continental Congress observed that “paper currency … is multiplied beyond the rules of good policy. No truth being more evident, than that where the quantity of money … exceeds what is useful as a medium of commerce, its comparative value must be proportionately reduced.”
Unfortunately, Congressman Paul notes with rare cynicism, “the two weakest arguments for any issue on the House floor are moral and constitutional.” The immorality of the Fed should be evident to everyone, since “the moral principles that would guarantee sound money, and our not needing a central bank to manage it, are honesty, which would reject fraud, and keeping one’s word. Contracts [meaning monetary contracts, whose integrity depends on a sound dollar] should be protected, not undermined by government.”
Nor does Paul mince words about his congressional colleagues: “Members of Congress, when they knowingly endorse this system of fraud because of the benefits they receive, commit an immoral act. Financing spending in an irresponsible manner, through Fed action or future debt burdens, provides immediate political benefits to politicians.”
But all of this would come to an end if the people themselves held their political leadership to a higher moral standard. Americans have become accustomed to a government that promises them security and benefits instead of merely protecting their freedoms and enforcing their contracts. End the Fed is a plea to Americans to educate themselves about money and free-market economics — and then demand an end to the system that has systematically devalued the dollar and held ordinary Americans in thrall for several generations. If we do not soon abolish the Federal Reserve and return to sound money, we will likely experience national insolvency and an end to our dwindling political liberties. End the Fed is, simply put, a must-read for every American who can spell his name. …”
http://www.thenewamerican.com/index.php/reviews/books/1860-%20a-review-of-end-the-fed-by-ron-paul
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Peter Thiel–Videos
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Read Full Post | Make a Comment ( None so far )Gold Standard And Sound Money–Videos
Ludwig von Mises
“Sound money still means today what it meant in the nineteenth century: the gold standard.”
The Theory of Money and Credit, page 490
“The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments.”
Economic Policy, page 65
Monetary Lessons from America’s Past
The Gold Dollar
Milton Friedman on The Gold Standard
Gold and the Good Guys
The Gold Standard Before the Civil War
The Gilded Age and the Gold Standard
The Costs of a Gold Standard
Entrepreneurship Under the Gold Standard
The Gold Standard
Gold, Peace, and Prosperity [Part 1]
Gold, Peace, and Prosperity [Part 2]
The Founding of the Federal Reserve
Why the Meltdown Should Have Surprised No One
Ending the Monetary Fiasco and Returning to Sound Money
Ludwig von Mises
“Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.”
On the Manipulation of Money and Credit, page 48
“Every nation, whether rich or poor, powerful or feeble, can at any hour once again adopt the gold standard.”
Omnipotent Government, page 252
Background Articles and Videos
The Shrinking Value of the Dollar
The CPI inflation calculator uses the average Consumer Price Index for a given calendar year. This data represents changes in prices of all goods and services purchased for consumption by urban households. This index value has been calculated every year since 1913. For the current year, the latest monthly index value is used. In 2008, for example, it took $21.57 to buy what $1 bought in 1913. Note that in 1920, it cost $2.02, and declined in 1925 and through the 1930s, illustrating the effect of the Great Depression, when prices slumped. Prices did not pass $2 again until 1950.
| Year | Amount it took to equal $1 in 1913 |
|---|---|
| 1913 | $1.00 |
| 1920 | 2.02 |
| 1925 | 1.77 |
| 1930 | 1.69 |
| 1935 | 1.38 |
| 1940 | 1.41 |
| 1945 | $1.82 |
| 1950 | 2.43 |
| 1955 | 2.71 |
| 1960 | 2.99 |
| 1965 | 3.18 |
| 1970 | 3.92 |
| 1975 | $5.43 |
| 1980 | 8.32 |
| 1985 | 10.87 |
| 1990 | 13.20 |
| 1995 | 15.39 |
| 2000 | 17.39 |
| 2001 | $17.89 |
| 2002 | 18.17 |
| 2003 | 18.59 |
| 2004 | 19.08 |
| 2005 | 19.73 |
| 2006 | 20.18 |
| 2007 | 20.94 |
| 2008 | 21.57 |
Sound Money vs. Fiat Money -Bob Chapman on Economics 101
Austrian Monetary Economics
FDR Ends Gold Standard in 1933
Nixon Ends Bretton Woods International Monetary System
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US Debt Clock
The Pew Research Center for the People & the Press
Reasons for America’s Success
“…Although many Americans are distrustful of government, wary of the news media and disinterested in politics, they resoundingly endorse the economic and democratic systems on which the nation is grounded. When looking back on the accomplishments of the 20th century, overwhelming majorities agree that the Constitution (85%), free elections (84%), and the free enterprise system (81%) are major reasons for the success that the U.S. has enjoyed during the past 100 years. The public may be frustrated by how the system operates, but they like the design. …”
http://people-press.org/report/?pageid=282
Glenn Beck-10-28-09-A
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The political elites should pay attention to what the American people believe is responsible for America’s success.
Politicians and political parties can and will be replaced when they propose plans and programs that undermine the US Constitution, free elections and free enterprise.
The progressive radical socialists will be defeated and eliminated should they attempt to overthrow these institutions and ignore the will of the American people.
“Capitalism means free enterprise, sovereignty of the consumers in economic matters, and sovereignty of the voters in political matters. Socialism means full government control of every sphere of the individuals life and the unrestricted supremacy of the government in its capacity as central board of production management.”
~Ludwig von Mises
Background Articles and Videos
Author Jonah Goldberg on Glenn Beck 2/20 – Liberal Fascism
Free Enterprise, the Economy and Monetary Policy
“…Free enterprise is the freedom of individuals and businesses to operate and compete with a minimum of government interference or regulation. It enables individuals and businesses to create, produce, transform, develop, innovate and compete in the marketplace. As they are able and willing, enterprising people produce goods and services for profit, offer their labor for wages and own the resources needed to produce and sell goods and services. In this system, no one forces people to be creative, productive or enterprising. Instead, they pursue what they believe to be best for them. By producing the goods and services that society values most highly, a free enterprise system results in the greatest efficiency, or lowest costs, of any economic system. It is the system most compatible with individual freedom and political democracy.
Free enterprise means men and women have the opportunity to own economic resources, such as land, minerals, manufacturing plants and computers, and to use those tools to create goods and services for sale.
What prompts people to take the financial and emotional risk of starting a business? The main motivator is the potential to earn a profit. People also go into business for personal reasons, such as the desire for independence and the drive to be creative.
Others have no intention of starting a business. If they choose, they can offer their labor, another economic resource, for wages and salaries. The key to free enterprise is that all these people, whether they start a business of their own or work for someone else, do so voluntarily. By allowing people to pursue their own interests, a free enterprise system can produce phenomenal results. Running shoes, walking shoes, mint toothpaste, gel toothpaste, skim milk, chocolate milk, cellular phones and BlackBerrys are just a few of the millions of products created as a result of economic freedom. …”
http://www.dallasfed.org/educate/everyday/ev5.html
Fed & Treasury total money supply
All major Fed operations (plus custodials), showing the running total of all Fed & Treasury controlled money creation or destruction actions.
http://www.nowandfutures.com/key_stats.html
The Money Supply
Money Supply Measures
The Federal Reserve publishes weekly and monthly data on two money supply measures M1 and M2. The money supply data, which the Fed reports at 4:30 p.m. every Thursday, appear in some Friday newspapers, and they are available online as well. The Fed publishes measures of large time deposits on a quarterly basis in the Flow of Funds Accounts statistical release.
The money supply measures reflect the different degrees of liquidity—or spendability—that different types of money have. The narrowest measure, M1, is restricted to the most liquid forms of money; it consists of currency in the hands of the public; travelers checks; demand deposits, and other deposits against which checks can be written. M2 includes M1, plus savings accounts, time deposits of under $100,000, and balances in retail money market mutual funds.
The chart below shows the relative sizes of the two monetary aggregates. In April 2008, M1 was approximately $1.4 trillion, more than half of which consisted of currency. While as much as two-thirds of U.S. currency in circulation may be held outside the United States, all currency held by the public is included in the money supply because it can be spent on goods and services in the U.S. economy. M2 was approximately $7.7 trillion and largely consisted of savings deposits.
The Money Supply |
|
Money Supply
“…In economics, money supply or money stock, is the total amount of money available in an economy at a particular point in time.[1] There are several ways to define “money”, but standard measures usually include currency in circulation and demand deposits.[2][3]
Money supply data are recorded and published, usually by the government or the central bank of the country. Public and private-sector analysts have long monitored changes in money supply because of its possible effects on the price level, inflation and the business cycle.[4]
That relation between money and prices is historically associated with the quantity theory of money. There is strong empirical evidence of a direct relation between long-term price inflation and money-supply growth. These underlie the current reliance on monetary policy as a means of controlling inflation.[5][6] This causal chain is however contentious, with heterodox economists arguing that the money supply is endogenous and that the sources of inflation must be found in the distributional structure of the economy.[7]
Money is used in final settlement of a debt and as a ready store of value. Its different functions are associated with different empirical measures of the money supply. Since most modern economic systems are regulated by governments through monetary policy, the supply of money is broken down into types of money based on how much of an effect monetary policy can have on each. Narrow measures include those more directly affected by monetary policy, whereas broader measures are less closely related to monetary-policy actions.[6] Each measure can be classified by placing it along a spectrum between narrow and broad monetary aggregates. The different types of money are typically classified as Ms. The number of Ms usually range from M0 (narrowest) to M3 (broadest) but which Ms are actually used depends on the system. The typical layout for each of the Ms is as follows:
- M0: Notes and coins (currency) in circulation and in bank vaults.[8] In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.[9]
- MB: Equals M0 + reserves which commercial banks hold in their accounts with the central bank (minimum reserves and excess reserves). MB is referred to as the monetary base or total currency.[10] This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply. [11]
- M1: M1 includes funds that are readily accessible for spending. M1 consists of: (1) currency outside Federal Reserve Banks, and the vaults of depository institutions; (2) traveler’s checks of nonbank issuers; (3) demand deposits; and (4) other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. [12] Bank reserves are not included in M1.
- M2: Equals M1 + savings deposits, time deposits less than $100,000 and money market deposit accounts for individuals. M2 represents money and “close substitutes” for money.[13] M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions. M2 is a key economic indicator used to forecast inflation.[14]
- M3: Equals M2 + large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets.[15] M3 is no longer published or revealed to the public by the US central bank.[16] However, it is estimated by the web site Shadow Government Statistics. [17]
- MZM: Money with zero maturity. This measure equals M2 plus all money market funds, minus time deposits. It measures the supply of financial assets redeemable at par on demand.
Fractional-reserve banking
The different forms of money in government money supply statistics arise from the practice of fractional-reserve banking. Whenever a bank gives out a loan in a fractional-reserve banking system, a new sum of money is created. This new type of money is what makes up the non-M0 components in the M1-M3 statistics. In short, there are two types of money in a fractional-reserve banking system[18][19]:
-
- central bank money (physical currency, government money)
- commercial bank money (money created through loans) – sometimes referred to as private money, or checkbook money[20]
In the money supply statistics, central bank money is M0 while the commercial bank money is divided up into the M1-M3 components. Generally, the types of commercial bank money that tend to be valued at lower amounts are classified in the narrow category of M1 while the types of commercial bank money that tend to exist in larger amounts are categorized in M2 and M3, with M3 having the largest.
Reserves are deposits that banks have received but have not loaned out. In the USA, the Federal Reserve regulates the percentage that banks must keep in their reserves before they can make new loans. This percentage is called the minimum reserve. This means that if a person makes a deposit for $1000.00 and the bank reserve mandated by the FED is 10% then the bank must increase its reserves by $100.00 and is able to loan the remaining $900.00. The amount of money the banking system generates with each dollar of reserves is called the money multiplier, and is calculated as the reciprocal of the minimum reserve. For a reserve of 10% the money multiplier, followed by the infinite geometric series formula, is the reciprocal of 10%, which is 10. …”
http://en.wikipedia.org/wiki/Money_supply
Peter Schiff Vlog-Market Sell Off,-Homebuyer Tax Credit-Inflation & Rents
10/27/2009 Peter Schiff On Fast Money: Dollar Rally Only Temporary?
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May I suggest you pay attention to these videos.
I have reached very similiar conclusions–get the big picture!
Protect yourself and your family.
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Background Articles and Videos
Donald S. McAlvany
“…Donald S. McAlvany is an American Christian conservative political and economics commentator, podcaster, and newsletter author.
McAlvany attended the University of Texas. In 1972, McAlvany founded International Collectors Associates (ICA), headquartered in Durango, Colorado. The firm is described as a “securities, precious metals brokerage, insurance and consultation firm serving clients in over 20 countries.” In 1976 McAlvany began publishing the McAlvany Intelligence Advisor, a monthly newsletter that analyzes economic, political, and financial issues, globally. in recent years he has also produced a monthly podcast on economic and “hard money” investing.[1]
He has been a lecturer at Christian, political, monetary and investment conferences “in Western Europe, Africa, Australia, the Middle East, Hong Kong, Singapore, as well as all over the North American continent and Latin America.”
He serves on the board of The Conservative Caucus, is a member of the Council for National Policy[2], is chairman of the Council on Southern Africa, was “a founder of the Industry Council on Tangible Assets (ICTA), and one of the founding directors of the fellowship of Christian Financial Advisors.”[3]
He was formerly the editor of The African Intelligence Digest.[4] …”
“…McAlvany gained some notoriety for his prediction of a possible Y2K catastrophe, before 2000. In 1999, McAlvany self-published the book Y2K Tidal Wave: Year 2000 Economic Survival[5]. Like economists Dr. Gary North, Ed Yourdon[6] and Ed Yardeni[7], and many others, McAlvany suggested that a Y2K date-rollover failure of the global Information Technology (IT) infrastructure might precipitate severe disruption and perhaps even an economic collapse. A concerted last-minute effort by IT professionals prevented this catastrophe, but McAlvany later described Y2K as “a close one.” …”
http://en.wikipedia.org/wiki/Don_McAlvany
ICA, a McAlvany Financial Company
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Banking 1
Banking 2: A bank’s income statement
Banking 3: Fractional Reserve Banking
Banking 4: Multiplier effect and the money supply
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Banking 6: Bank Notes and Checks
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Banking 17: What happened to the gold?
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