Securities and Exchange Commission

Sam Vaknin — Malignant Self Love: Narcissism Revisited — Vidoes

Posted on July 30, 2016. Filed under: American History, Articles, Blogroll, Business, Central Intelligence Agency (CIA), Communications, Congress, Constitution, Corruption, Crime, Crisis, Culture, Documentary, Economics, Education, Elections, Employment, Entertainment, Faith, Farming, Federal Bureau of Investigation (FBI), Federal Bureau of Investigation (FBI), Federal Government Budget, Fiscal Policy, Foreign Policy, Fraud, Freedom, Friends, government, government spending, history, History of Economic Thought, Homicide, Illegal, Immigration, IRS, Law, Legal, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Microeconomics, Money, Movies, Music, Narcissism, National Security Agency (NSA), National Security Agency (NSA_, People, Philosophy, Photos, Police, Political Correctness, Politics, Presidential Candidates, Press, Programming, Psychology, Radio, Rants, Raves, Raymond Thomas Pronk, Religious, Securities and Exchange Commission, Speech, Strategy, Talk Radio, Tax Policy, Taxation, Taxes, Video, War, Water, Wealth, Weapons | Tags: , , , , , |

malignant_self_love_narcissism_revisited

Narcissistic Personality Disorder, Villains & Anti-heroes in Hollywood Sam Vaknin / Nancy Fulton

Trump, Clinton – Narcissists? “Experts” Spew NONSENSE!

Narcissistic and Psychopathic Politicians and Leaders

Narcissist: Confabulations, Lies

Narcissist’s Vulnerability: Grandiosity Hangover

Unmasking Narcissists, Psychopaths, and Their Abuse with RUTH JACOBS in CAMBRIDGE, UK (In the Booth)

Sam Vaknin: Obama is a Psychopathic Narcissist

Good People Ignore Abuse and Torture: Why?

Why Victims of Narcissists Can’t Let Go of the Narcissist?

Victim of Narcissist: Move On!

How to Manipulate the Narcissist

What is Gaslighting

How to Take Revenge On A Narcissist

Trump: Narcissist in the White House?

Narcissist: Is He or Isn’t He?

Narcissist’s Projection, Projective Identification and Victim’s Introjective Identification

Cold Empathy Garners Narcissistic Supply (Edwin Rutsch and Sam Vaknin)

Narcissist: You All Exist Only in My Mind (Hive or Swarm False Self and Ego Functions)

Psychopath -Full Documentary (Mind of a psychopath)

PSYCHOPATH NIGHT!

Read Full Post | Make a Comment ( None so far )

Obama The Tyrant Races To Have The United Nations Security Council Pass The Traitorous Terrorist Treaty Before Congress Votes It Down — Congress and President Betray The United States Constitution –Just Walk Way From Both Political Parties — Never Again Fasicism — Videos

Posted on July 20, 2015. Filed under: American History, Ammunition, Articles, Babies, Banking, Blogroll, Bomb, Books, British History, Bunker Busters, Business, Central Intelligence Agency (CIA), College, Communications, Congress, Constitution, Corruption, Crime, Crisis, Defense Intelligence Agency (DIA), Diasters, Dirty Bomb, Documentary, Drones, Economics, Education, Ethic Cleansing, European History, Faith, Family, Federal Bureau of Investigation (FBI), Federal Bureau of Investigation (FBI), Federal Communications Commission, Federal Government Budget, Fiscal Policy, Fraud, Freedom, Friends, Genocide, government, government spending, Illegal, Immigration, Islam, Language, Law, Legal, liberty, Life, media, Middle East, Missiles, Monetary Policy, Money, Music, National Security Agency (NSA_, Natural Gas, Non-Fiction, Nuclear, Nuclear Proliferation, Oil, Philosophy, Photos, Pistols, Police, Politics, Press, Public Sector, Radio, Rants, Raves, Regulations, Religious, Resources, Securities and Exchange Commission, Security, Speech, Talk Radio, Tax Policy, Taxation, Taxes, Terrorism, Unemployment, Union, Unions, Video, War, Wealth, Weapons, Weapons of Mass Destruction, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 508: July 20, 2015

Pronk Pops Show 507: July 17, 2015

Pronk Pops Show 506: July 16, 2015

Pronk Pops Show 505: July 15, 2015

Pronk Pops Show 504: July 14, 2015

Pronk Pops Show 503: July 13, 2015

Pronk Pops Show 502: July 10, 2015

Pronk Pops Show 501: July 9, 2015

Pronk Pops Show 500: July 8, 2015

Pronk Pops Show 499: July 6, 2015

Pronk Pops Show 498: July 2, 2015

Pronk Pops Show 497: July 1, 2015

Pronk Pops Show 496: June 30, 2015

Pronk Pops Show 495: June 29, 2015

Pronk Pops Show 494: June 26, 2015

Pronk Pops Show 493: June 25, 2015

Pronk Pops Show 492: June 24, 2015

Pronk Pops Show 491: June 23, 2015

Pronk Pops Show 490: June 22, 2015

Pronk Pops Show 489: June 19, 2015

Pronk Pops Show 488: June 18, 2015

Pronk Pops Show 487: June 17, 2015

Pronk Pops Show 486; June 16, 2015

Pronk Pops Show 485: June 15, 2015

Pronk Pops Show 484: June 12, 2015

Pronk Pops Show 483: June 11, 2015

Pronk Pops Show 482; June 10, 2015

Pronk Pops Show 481: June 9, 2015

Pronk Pops Show 480: June 8, 2015

Pronk Pops Show 479: June 5, 2015

Pronk Pops Show 478: June 4, 2015

Pronk Pops Show 477: June 3, 2015

Pronk Pops Show 476: June 2, 2015

Pronk Pops Show 475: June 1, 2015

Pronk Pops Show 474; May 29, 2015

Pronk Pops Show 473: May 28, 2015

Pronk Pops Show 472: May 27, 2015

Pronk Pops Show 471: May 26, 2015

Pronk Pops Show 470: May 22, 2015

Pronk Pops Show 469: May 21, 2015

Pronk Pops Show 468: May 20, 2015

Pronk Pops Show 467: May 19, 2015

Pronk Pops Show 466: May 18, 2015

Pronk Pops Show 465: May 15, 2015

Pronk Pops Show 464; May 14, 2015

Pronk Pops Show 463; May 13, 2015

Pronk Pops Show 462: May 8, 2015

Pronk Pops Show 461: May 7, 2015

Pronk Pops Show 460; May 6, 2015

Pronk Pops Show 459: May 4, 2015

Pronk Pops Show 458: May 1, 2015

Pronk Pops Show 457: April 30, 2015

Pronk Pops Show 456: April 29, 2015

Pronk Pops Show 455: April 28, 2015

Pronk Pops Show 454: April 27, 2015

Pronk Pops Show 453: April 24, 2015

Pronk Pops Show 452: April 23, 2015

Pronk Pops Show 451: April 22, 2015

Pronk Pops Show 450: April 21, 2015

Pronk Pops Show 449: April 20, 2015

Pronk Pops Show 448: April 17, 2015

Pronk Pops Show 447: April 16, 2015

Pronk Pops Show 446: April 15, 2015

Pronk Pops Show 445: April 14, 2015

Pronk Pops Show 444: April 13, 2015

Pronk Pops Show 443: April 9, 2015

Pronk Pops Show 442: April 8, 2015

Pronk Pops Show 441: April 6, 2015

Pronk Pops Show 440: April 2, 2015

Pronk Pops Show 439: April 1, 2015

Story 1: Obama The Tyrant Races To Have The United Nations Security Council Pass The Traitorous Terrorist Treaty Before Congress Votes It Down — Congress and President Betray The United States Constitution — Just Walk Way From Both Political Parties — Never Again Fasicism — Videos

Incredible! New George S Patton speech! Iran & modern warfare

The Iran nuclear deal. Good deal or bad deal?

George Pataki: Iran deal is bad for civilized world

White House, Democrats divided over Iran nuclear deal

KEY POINTS OF HISTORIC IRAN NUCLEAR DEAL

Bolton: Nuke Deal ‘Paves the Way’ for Iran to Get Nuclear Weapons

Mitch McConnell Fox News Sunday. McConnell On Iran Deal, Ted Cruz, Donald Trump

July 14, 2015 Fiorina on nuclear deal with Iran: Bad behavior pays

Trump reacts to Obama’s Iran deal presser, El Chapo’s escape

Key Republican Senator Corker Angry Over Iran Nuclear Deal

Blackburn: Iran Nuclear Deal is Bad for the United States

Levin: ‘U.S. Senate Just Capitulated To Obama,’ And Rewrote The Constitution’s Treaty Provision

Just Walk Way From Both Political Parties

Discusses Iran Nuclear Agreement Review Act on FOX News Channel’s “The O’Reilly Factor”

“TREATY” – The Word Congress Won’t Use

Judge Napolitano : Obama pushes World Government by signing U.N. Arms Trade Treaty (Sep 26, 2013)

Obama Bringing Iran Deal to UN, Bypassing Congress

The Four Tops Walk Away Renee

Four Tops – It’s The Same Old Song (1966)

UN ENDORSES IRAN NUCLEAR DEAL WITH 6 WORLD POWERS

The U.N. Security Council on Monday unanimously endorsed the landmark nuclear deal between Iran and six world powers and authorized a series of measures leading to the end of U.N. sanctions that have hurt Iran’s economy.

But the measure also provides a mechanism for U.N. sanctions to “snap back” in place if Iran fails to meet its obligations.

Both U.S. Ambassador Samantha Power and Iran’s U.N. Ambassador Gholamali Khoshroo called the agreement an important achievement for diplomacy, the Iranian promising to be “resolute in fulfilling its obligations” and the American pledging to be vigilant in ensuring they are carried out.

The resolution had been agreed to by the five veto-wielding council members, who along with Germany negotiated the nuclear deal with Iran. It was co-sponsored by all 15 members of the Security Council. The European Union’s foreign ministers endorsed the agreement later Monday in Brussels and pledged to implement it.

Under the agreement, Iran’s nuclear program will be curbed for a decade in exchange for potentially hundreds of billions of dollars’ worth of relief from international sanctions. Many key penalties on the Iranian economy, such as those related to the energy and financial sectors, could be lifted by the end of the year.

Iran insists its nuclear program is purely peaceful, aimed at producing nuclear energy and medical isotopes, but the United States and its Western allies believe Tehran’s real goal is to build atomic weapons. U.S. President Barack Obama has stressed that all of Iran’s pathways to a nuclear weapon are cut off for the duration of the agreement and Iran will remove two-thirds of its installed centrifuges and get rid of 98 percent of its stockpile of uranium.

Britain’s U.N. Ambassador Matthew Rycroft said “the world is now a safer place in the knowledge that Iran cannot now build a nuclear bomb.” But Israel’s U.N. Ambassador Ron Prosor told reporters immediately after the vote that the Security Council had “awarded a great prize to the most dangerous country in the world,” calling it “a very sad day” not only for Israel but the entire world.

The document specifies that seven resolutions related to U.N. sanctions will be terminated when Iran has completed a series of major steps to curb its nuclear program and the International Atomic Energy Agency has concluded that “all nuclear material in Iran remains in peaceful activities.”

All provisions of the U.N. resolution will terminate in 10 years, including the “snap back” provision on sanctions.

But last week the six major powers – the U.S., Russia, China, Britain, France and Germany – and the European Union sent a letter, seen by The Associated Press, informing U.N. Secretary-General Ban Ki-moon that they have agreed to extend the snap back mechanism for an additional five years. They asked Ban to send the letter to the Security Council.

Obama told reporters the vote will send a strong message of international support for the agreement as the best way to ensure “that Iran does not get a nuclear weapon.” He faces strong opposition in the Republican-controlled Congress and expressed hope that members will pay attention to the vote.

Power, the U.S. ambassador, said the nuclear deal doesn’t change the United States’ “profound concern about human rights violations committed by the Iranian government or about the instability Iran fuels beyond its nuclear program, from its support for terrorist proxies to repeated threats against Israel to its other destabilizing activities in the region.”

She urged Iran to release three “unjustly imprisoned” Americans and to determine the whereabouts of Robert Levinson, a former FBI agent who vanished in Iran in 2007.

The message that diplomacy can work ran through many speeches from council members.

Iran’s Khoshroo stressed that only if commitments are fully honored “can diplomacy prevail over conflict and war in a world that is replete with violence, suffering and oppression.”

Russia’s U.N. Ambassador Vitaly Churkin said the agreement “clearly demonstrates that where there’s a political will based on realism and respect for legitimate mutual interests of the international community, the most complex tasks can be resolved.”

“Today, the Security Council has confirmed the inalienable right of Iran to develop its peaceful nuclear program, including to enrich uranium, while ensuring the comprehensive control by the IAEA,” Churkin said.

http://hosted.ap.org/dynamic/stories/U/UN_UNITED_NATIONS_IRAN_NUCLEAR_DEAL?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2015-07-20-12-04-13

 

Article II, Section 2, Clause 2 of the United States Constitution, includes the Treaty Clause, which empowers the President of the United States to propose and chiefly negotiate agreements, which must be confirmed by the Senate, between the United States and other countries, which become treaties between the United States and other countries after the advice and consent of a supermajority of the United States Senate.

Full text of the clause

[The President] shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur…

One of three types of international accord

In the United States, the term “treaty” is used in a more restricted legal sense than in international law. U.S. law distinguishes what it calls treaties from congressional-executive agreements and sole-executive agreements.[1] All three classes are considered treaties under international law; they are distinct only from the perspective of internal United States law. Distinctions among the three concern their method of ratification: by two-thirds of the Senate, by normal legislative process, or by the President alone, respectively. The Treaty Clause [2] empowers the President to make or enter into treaties with the “advice and consent” of two-thirds of theSenate. In contrast, normal legislation becomes law after approval by simple majorities in both the Senate and the House of Representatives.

Throughout U.S. history, the President has also made international “agreements” through congressional-executive agreements (CEAs) that are ratified with only a majority from both houses of Congress, or sole-executive agreements made by the President alone.[1] Though the Constitution does not expressly provide for any alternative to the Article II treaty procedure, Article I, Section 10 of the Constitution does distinguish between treaties (which states are forbidden to make) and agreements (which states may make with the consent of Congress).[3] The Supreme Court of the United States has considered congressional-executive and sole-executive agreements to be valid, and they have been common throughout American history. Thomas Jefferson explained that the Article II treaty procedure is not necessary when there is no long-term commitment:

It is desirable, in many instances, to exchange mutual advantages by Legislative Acts rather than by treaty: because the former, though understood to be in consideration of each other, and therefore greatly respected, yet when they become too inconvenient, can be dropped at the will of either party: whereas stipulations by treaty are forever irrevocable but by joint consent….[4]

A further distinction embodied in U.S. law is between self-executing treaties, which do not require additional legislative action, and non-self-executing treaties which do require the enactment of new laws.[1][5] These various distinctions of procedure and terminology do not affect the binding status of accords under international law. Nevertheless, they do have major implications under U.S. domestic law. In Missouri v. Holland, the Supreme Court ruled that the power to make treaties under the U.S. Constitution is a power separate from the other enumerated powers of the federal government, and hence the federal government can use treaties to legislate in areas which would otherwise fall within the exclusive authority of the states. By contrast, a congressional-executive agreement can only cover matters which the Constitution explicitly places within the powers of Congress and the President.[1] Likewise, a sole-executive agreement can only cover matters within the President’s authority or matters in which Congress has delegated authority to the President.[1] For example, a treaty may prohibit states from imposing capital punishment on foreign nationals, but a congressional-executive agreement or sole-executive agreement cannot.

In general, arms control agreements are often ratified by the treaty mechanism.[6] At the same time, trade agreements (such as the North American Free Trade Agreement and United States accession to the World Trade Organization) are generally voted on as a CEA, and such agreements typically include an explicit right to withdraw after giving sufficient written notice to the other parties.[7] If an international commercial accord contains binding “treaty” commitments, then a two-thirds vote of the Senate may be required.[8]

Between 1946 and 1999, the United States completed nearly 16,000 international agreements. Only 912 of those agreements were treaties, submitted to the Senate for approval as outlined in Article II of the United States Constitution. Since the Franklin Roosevelt presidency, only 6% of international accords have been completed as Article II treaties.[1] Most of these executive agreements consist of congressional-executive agreements.

Repeal

American law is that international accords become part of the body of U.S. federal law.[1] Consequently, Congress can modify or repeal treaties by subsequent legislative action, even if this amounts to a violation of the treaty under international law. This was held, for instance, in the Head Money Cases. The most recent changes will be enforced by U.S. courts entirely independent of whether the international community still considers the old treaty obligations binding upon the U.S.[1]

Additionally, an international accord that is inconsistent with the U.S. Constitution is void under domestic U.S. law, the same as any other federal law in conflict with the Constitution. This principle was most clearly established in the case of Reid v. Covert.[9] The Supreme Court could rule an Article II treaty provision to be unconstitutional and void under domestic law, although it has not yet done so.

In Goldwater v. Carter,[10] Congress challenged the constitutionality of then-president Jimmy Carter‘s unilateral termination of a defense treaty. The case went before the Supreme Court and was never heard; a majority of six Justices ruled that the case should be dismissed without hearing an oral argument, holding that “The issue at hand … was essentially a political question and could not be reviewed by the court, as Congress had not issued a formal opposition.” In his opinion, Justice Brennan dissented, “The issue of decision making authority must be resolved as a matter of constitutional law, not political discretion; accordingly, it falls within the competence of the courts”. Presently, there is no official ruling on whether the President has the power to break a treaty without the approval of Congress, and the courts also declined to interfere when President George W. Bush unilaterally withdrew the United States from the ABM Treaty in 2002, six months after giving the required notice of intent.[11]

Scope of presidential powers

Presidents have regarded the Article II treaty process as necessary where an international accord would bind a future president. For example, Theodore Roosevelt explained:

The Constitution did not explicitly give me power to bring about the necessary agreement with Santo Domingo. But the Constitution did not forbid my doing what I did. I put the agreement into effect, and I continued its execution for two years before the Senate acted; and I would have continued it until the end of my term, if necessary, without any action by Congress. But it was far preferable that there should be action by Congress, so that we might be proceeding under a treaty which was the law of the land and not merely by a direction of the Chief Executive which would lapse when that particular executive left office. I therefore did my best to get the Senate to ratify what I had done.[12]

A sole-executive agreement can only be negotiated and entered into through the president’s authority (1) in foreign policy, (2) as commander-in-chief of the armed forces, (3) from a prior act of Congress, or (4) from a prior treaty.[1] Agreements beyond these competencies must have the approval of Congress (for congressional-executive agreements) or the Senate (for treaties).

In 1972, Congress passed legislation requiring the president to notify Congress of any executive agreements that are formed.[13]

Although the nondelegation doctrine prevents Congress from delegating its legislative authority to the executive branch, Congress has allowed the executive to act as Congress’s “agent” in trade negotiations, such as by setting tariffs, and, in the case of Trade Promotion Authority, by solely authoring the implementing legislation for trade agreements. The constitutionality of this delegation was upheld by the Supreme Court in Field v. Clark (1892).

See also

Further reading

Warren F. Kimball, Alliances, Coalitions, and Ententes – The American alliance system: an unamerican tradition

https://www.youtube.com/watch?v=atT1erLYbOE

 

HAMILTON’S WARNING AGAINST OBAMA AND THE IRAN DEAL – FEDERALIST NO. 75

“An ambitious man might make his own aggrandizement, by the aid of a foreign power, the price of his treachery to his constituents.” Thus did Alexander Hamilton warn the American people, in Federalist No. 75, against allowing the president to make treaties alone.

Hamilton, while a supporter of executive power, nevertheless argued for the Senate’s treaty role, because “it would be utterly unsafe and improper to intrust that power to an elective magistrate of four years’ duration.”

It would be unsafe, he said, because even the most virtuous individuals, with the best of intentions, would fall prey to the temptations that negotiations with foreign powers would certainly provide.

How much more so does his advice apply to a president of lesser virtue, such as Barack Obama, who intends to decrease the power of the United States as a matter of ideological conviction, and who seeks narcissistic satisfaction in the attention a deal with Iran would temporarily provide!

Hamilton also anticipated the greed allegedly displayed by Hillary Clinton as Secretary of State, whose perambulations around the globe in service of the president’s dubious foreign policy agenda coincided with generous donations from foreign governments to her family’s personal foundation.

“An avaricious man might be tempted to betray the interests of the state to the acquisition of wealth,” Hamilton warns, prescribing the review powers of the Senate as the remedy.

And lest apologists for Obama argue that the nuclear deal with Iran is not actually a “treaty,” but merely an “executive agreement,” Hamilton leaves no doubt as to the scope of arrangements to which the Senate’s review power applies.

“The power of making treaties,” he says, concerns “CONTRACTS with foreign nations, which have the force of law, but derive it from the obligations of good faith” (original emphasis).

Congress should heed Hamilton’s warning before it is too late.

http://www.breitbart.com/big-government/2015/03/28/alexander-hamiltons-warning-against-obama-and-the-iran-deal/

 

The President… shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur….

ARTICLE II, SECTION 2, CLAUSE 2

Teacher’s Companion Lesson (PDF)

The Treaty Clause has a number of striking features. It gives the Senate, in James Madison’s terms, a “partial agency” in the President’s foreign-relations power. The clause requires a supermajority (two-thirds) of the Senate for approval of a treaty, but it gives the House of Representatives, representing the “people,” no role in the process.

Midway through the Constitutional Convention, a working draft had assigned the treaty-making power to the Senate, but the Framers, apparently considering the traditional role of a nation-state’s executive in making treaties, changed direction and gave the power to the President, but with the proviso of the Senate’s “Advice and Consent.” In a formal sense, then, treaty-making became a mixture of executive and legislative power. Most people of the time recognized the actual conduct of diplomacy as an executive function, but under Article VI treaties were, like statutes, part of the “supreme Law of the Land.” Thus, as Alexander Hamilton explained in The Federalist No. 75, the two branches were appropriately combined:

The qualities elsewhere detailed as indispensable in the management of foreign relations point out the executive as the most fit in those transactions; while the vast importance of the trust and the operation of treaties as laws plead strongly for the participation of the whole or a portion of the legislative body in the office of making them.

Another reason for involving both President and Senate was that the Framers thought American interests might be undermined by treaties entered into without proper reflection. The Framers believed that treaties should be strictly honored, both as a matter of the law of nations and as a practical matter, because the United States could not afford to give the great powers any cause for war. But this meant that the nation should be doubly cautious in accepting treaty obligations. As James Wilson said, “Neither the President nor the Senate, solely, can complete a treaty; they are checks upon each other, and are so balanced as to produce security to the people.”

The fear of disadvantageous treaties also underlay the Framers’ insistence on approval by a two-thirds majority of the Senate. In particular, the Framers worried that one region or interest within the nation, constituting a bare majority, would make a treaty advantageous to it but prejudicial to other parts of the country and to the national interest. An episode just a year before the start of the Convention had highlighted the problem. The United States desired a trade treaty with Spain, and sought free access to the Mississippi River through Spanish-controlled New Orleans. Spain offered favorable trade terms, but only if the United States would give up its demands on the Mississippi. The Northern states, which would have benefited most from the trade treaty and cared little about New Orleans, had a majority, but not a supermajority, in the Continental Congress. Under the Articles of Confederation, treaties required assent of a supermajority (nine out of thirteen) of the states, and the South was able to block the treaty. It was undoubtedly that experience that impelled the Framers to carry over the supermajority principle from the Articles of Confederation.

At the Convention, several prominent Framers argued unsuccessfully to have the House of Representatives included. But most delegates thought that the House had substantial disadvantages when it came to treaty-making. For example, as a large body, the House would have difficulty keeping secrets or acting quickly. The small states, wary of being disadvantaged, also preferred to keep the treaty-making power in the Senate, where they had proportionally greater power.

The ultimate purpose, then, of the Treaty Clause was to ensure that treaties would not be adopted unless most of the country stood to gain. True, treaties would be more difficult to adopt than statutes, but the Framers realized that an unwise statute could simply be repealed, but an unwise treaty remained a binding international commitment, which would not be so easy to unwind.

Other questions, however, remained. First, are the provisions of the clause exclusive—that is, does it provide the only way that the United States may enter into international obligations?

While the clause does not say, in so many words, that it is exclusive, its very purpose—not to have any treaty disadvantage one part of the nation—suggests that no other route was possible, whether it be the President acting alone, or the popularly elected House having a role. On the other hand, while the Treaty Clause was, in the original understanding, the exclusive way to make treaties, the Framers also apparently recognized a class of less-important international agreements, not rising to the level of “treaties,” which could be approved in some other way. Article I, Section 10, in describing restrictions upon the states, speaks of “Treat[ies]” and “Agreement[s]…with a foreign Power” as two distinct categories. Some scholars believe this shows that not all international agreements are treaties, and that these other agreements would not need to go through the procedures of the Treaty Clause. Instead, the President, in the exercise of his executive power, could conclude such agreements on his own. Still, this exception for lesser agreements would have to be limited to “agreements” of minor importance, or else it would provide too great an avenue for evasion of the protections the Framers placed in the Treaty Clause.

A second question is how the President and Senate should interact in their joint exercise of the treaty power. Many Framers apparently thought that the President would oversee the actual conduct of diplomacy, but that the Senate would be involved from the outset as a sort of executive council advising the President. This was likely a reason that the Framers thought the smaller Senate was more suited than the House to play a key role in treaty-making. In the first effort at treaty-making under the Constitution, President George Washington attempted to operate in just this fashion. He went to the Senate in person to discuss a proposed treaty before he began negotiations. What is less clear, however, is whether the Constitution actually requires this process, or whether it is only what the Framers assumed would happen. The Senate, of course, is constitutionally authorized to offer “advice” to the President at any stage of the treaty-making process, but the President is not directed (in so many words) as to when advice must be solicited. As we shall see, this uncertainty has led, in modern practice, to a very different procedure than some Framers envisioned. It seems clear, however, that the Framers expected that the Senate’s “advice and consent” would be a close review and not a mere formality, as they thought of it as an important check upon presidential power.

A third difficult question is whether the Treaty Clause implies a Senate power or role in treaty termination. Scholarly opinion is divided, and few Framers appear to have discussed the question directly. One view sees the power to make a treaty as distinct from the power of termination, with the latter being more akin to a power of implementation. Since the Constitution does not directly address the termination power, this view would give it to the President as part of the President’s executive powers to conduct foreign affairs and to execute the laws. When the termination question first arose in 1793, Washington and his Cabinet, which included Hamilton and Thomas Jefferson, embraced this view. All of them thought Washington could, on his own authority, terminate the treaty with France if necessary to keep the United States neutral.

A second view holds that, as a matter of the general eighteenth-century understanding of the legal process, the power to take an action (such as passing a statute or making a treaty) implies the power to undo the action. This view would require the consent of the President and a supermajority of the Senate to undo a treaty. There is, however, not much historical evidence that many Framers actually held this view of treaty termination, and it is inconsistent with the common interpretation of the Appointments Clause (under which Senate approval is required to appoint but not to remove executive officers).

The third view is that the Congress as a whole has the power to terminate treaties, based on an analogy between treaties and federal laws. When the United States first terminated a treaty in 1798 under John Adams, this procedure was adopted, but there was little discussion of the constitutional ramifications.

Finally, there is a question of the limits of the treaty power. A treaty presumably cannot alter the constitutional structure of government, and the Supreme Court has said that executive agreements—and so apparently treaties—are subject to the limits of the Bill of Rights just as ordinary laws are. Reid v. Covert (1957). InGeofroy v. Riggs (1890), the Supreme Court also declared that the treaty power extends only to topics that are “properly the subject of negotiation with a foreign country.” However, at least in the modern world, one would think that few topics are so local that they could not, under some circumstances, be reached as part of the foreign-affairs interests of the nation. Some have argued that treaties are limited by the federalism interests of the states. The Supreme Court rejected a version of that argument in State of Missouri v. Holland (1920), holding that the subject matter of treaties is not limited to the enumerated powers of Congress. The revival of interest in federalism limits on Congress in such areas as state sovereign immunity, see Seminole Tribe of Florida v. Florida (1996), and the Tenth Amendment, see Printz v. United States (1997), raises the question whether these limits also apply to the treaty power, but the Court has not yet taken up these matters.

Turning to modern practice, the Framers’ vision of treaty-making has in some ways prevailed and in some ways been altered. First, it is not true—and has not been true since George Washington’s administration—that the Senate serves as an executive council to advise the President in all stages of treaty-making. Rather, the usual modern course is that the President negotiates and signs treaties independently and then presents the proposed treaty to the Senate for its approval or disapproval. Washington himself found personal consultation with the Senate to be so awkward and unproductive that he abandoned it, and subsequent Presidents have followed his example.

Moreover, the Senate frequently approves treaties with conditions and has done so since the Washington administration. If the President makes clear to foreign nations that his signature on a treaty is only a preliminary commitment subject to serious Senate scrutiny, and if the Senate takes seriously its constitutional role of reviewing treaties (rather than merely deferring to the President), the check that the Framers sought to create remains in place. By going beyond a simple “up-or-down” vote, the Senate retains some of its power of “advice”: the Senate not only disapproves the treaty proposed by the President but suggests how the President might craft a better treaty. As a practical matter, there is often much consultation between the executive and members of the Senate before treaties are crafted and signed. Thus modern practice captures the essence of the Framers’ vision that the Senate would have some form of a participatory role in treaty-making.

A more substantial departure from the Framers’ vision may arise from the practice of “executive agreements.” According to the Restatement of Foreign Relations Law of the United States, the President may validly conclude executive agreements that (1) cover matters that are solely within his executive power, or (2) are made pursuant to a treaty, or (3) are made pursuant to a legitimate act of Congress. Examples of important executive agreements include the Potsdam and Yalta agreements of World War II, the General Agreement on Tariffs and Trade, which regulated international trade for decades, and the numerous status-of-forces agreements the United States has concluded with foreign governments.

Where the President acts pursuant to a prior treaty, there seems little tension with the Framers’ vision, as Senate approval has, in effect, been secured in advance. Somewhat more troublesome is the modern practice of so-called congressional–executive agreements, by which some international agreements have been made by the President and approved (either in advance or after the fact) by a simple majority of both houses of Congress, rather than two-thirds of the Senate. Many of these agreements deal particularly with trade-related matters, which Congress has clear constitutional authority to regulate. Congressional–executive agreements, at least with respect to trade matters, are now well established, and recent court challenges have been unsuccessful. Made in the USA Foundation v. United States (2001). On the other hand, arguments for “complete interchangeability”—that is, claims that anything that can be done by treaty can be done by congressional–executive agreement—seem counter to the Framers’ intent. The Framers carefully considered the supermajority rule for treaties and adopted it in response to specific threats to the Union; finding a complete alternative to the Treaty Clause would in effect eliminate the supermajority rule and make important international agreements easier to adopt than the Framers wished.

The third type of executive agreement is one adopted by the President without explicit approval of either the Senate or the Congress as a whole. The Supreme Court and modern practice embrace the idea that the President may under some circumstances make these so-called sole executive agreements. United States v. Belmont (1937); United States v. Pink (1942). But the scope of this independent presidential power remains a serious question. The Pink and Belmont cases involved agreements relating to the recognition of a foreign government, a power closely tied to the President’s textual power to receive ambassadors (Article II, Section 3). The courts have consistently permitted the President to settle foreign claims by sole executive agreement, but at the same time have emphasized that the Congress has acquiesced in the practice. Dames & Moore v. Regan (1981);American Insurance Ass’n v. Garamendi (2003). Beyond this, the modern limits of the President’s ability to act independently in making international agreements have not been explored. With respect to treaty termination, modern practice allows the President to terminate treaties on his own. In recent times, President James Earl Carter terminated the U.S.–Taiwan Mutual Defense Treaty in 1977, and President George W. Bush terminated the ABM Treaty with Russia in 2001. The Senate objected sharply to President Carter’s actions, but the Supreme Court rebuffed the Senate in Goldwater v. Carter (1979). President Bush’s action was criticized in some academic quarters but received general acquiescence. In light of the consensus early in Washington’s administration, it is probably fair to say that presidential termination does not obviously depart from the original understanding, inasmuch as the Framers were much more concerned about checks upon entering into treaties than they were about checks upon terminating them.

Profile photo of Michael D. Ramsey

Michael D. Ramsey
Professor of Law
University of San Diego School of Law

http://www.heritage.org/constitution#!/articles/2/essays/90/treaty-clause

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 500-508

Listen To Pronk Pops Podcast or Download Show 490-499

Listen To Pronk Pops Podcast or Download Show 480-489

Listen To Pronk Pops Podcast or Download Show 473-479

Listen To Pronk Pops Podcast or Download Show 464-472

Listen To Pronk Pops Podcast or Download Show 455-463

Listen To Pronk Pops Podcast or Download Show 447-454

Listen To Pronk Pops Podcast or Download Show 439-446

Listen To Pronk Pops Podcast or Download Show 431-438

Listen To Pronk Pops Podcast or Download Show 422-430

Listen To Pronk Pops Podcast or Download Show 414-421

Listen To Pronk Pops Podcast or Download Show 408-413

Listen To Pronk Pops Podcast or Download Show 400-407

Listen To Pronk Pops Podcast or Download Show 391-399

Listen To Pronk Pops Podcast or Download Show 383-390

Listen To Pronk Pops Podcast or Download Show 376-382

Listen To Pronk Pops Podcast or Download Show 369-375

Listen To Pronk Pops Podcast or Download Show 360-368

Listen To Pronk Pops Podcast or Download Show 354-359

Listen To Pronk Pops Podcast or Download Show 346-353

Listen To Pronk Pops Podcast or Download Show 338-345

Listen To Pronk Pops Podcast or Download Show 328-337

Listen To Pronk Pops Podcast or Download Show 319-327

Listen To Pronk Pops Podcast or Download Show 307-318

Listen To Pronk Pops Podcast or Download Show 296-306

Listen To Pronk Pops Podcast or Download Show 287-295

Listen To Pronk Pops Podcast or Download Show 277-286

Listen To Pronk Pops Podcast or Download Show 264-276

Listen To Pronk Pops Podcast or Download Show 250-263

Listen To Pronk Pops Podcast or Download Show 236-249

Listen To Pronk Pops Podcast or Download Show 222-235

Listen To Pronk Pops Podcast or Download Show 211-221

Listen To Pronk Pops Podcast or Download Show 202-210

Listen To Pronk Pops Podcast or Download Show 194-201

Listen To Pronk Pops Podcast or Download Show 184-193

Listen To Pronk Pops Podcast or Download Show 174-183

Listen To Pronk Pops Podcast or Download Show 165-173

Listen To Pronk Pops Podcast or Download Show 158-164

Listen To Pronk Pops Podcast or Download Show 151-157

Listen To Pronk Pops Podcast or Download Show 143-150

Listen To Pronk Pops Podcast or Download Show 135-142

Listen To Pronk Pops Podcast or Download Show 131-134

Listen To Pronk Pops Podcast or Download Show 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Shows 93

Listen To Pronk Pops Podcast or Download Shows 92

Listen To Pronk Pops Podcast or Download Shows 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09

Read Full Post | Make a Comment ( None so far )

Asset Price Bubble Bursts Coming In October With 69 Months of Near Zero Federal Funds Interest Rates! — Interest Rate Suppression or Price Control and Manipulation Will Blow Up Economy — Suppressing Savings and Investment With Low Interest Rates Is A Formula For Diaster and Depression — Panic Time — Start A War Over Oil — Meltdown America –Videos

Posted on September 21, 2014. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Computers, Constitution, Crisis, Culture, Demographics, Diasters, Documentary, Economics, Education, European History, Faith, Family, Federal Government, Federal Government Budget, Films, Fiscal Policy, Food, Foreign Policy, Fraud, Freedom, Friends, Genocide, Government Land Ownership, government spending, Health Care, history, Illegal, Immigration, Inflation, Investments, IRS, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, Natural Gas, Non-Fiction, Obamacare, Oil, People, Philosophy, Photos, Politics, Press, Programming, Public Sector, Radio, Radio, Rants, Raves, Securities and Exchange Commission, Talk Radio, Tax Policy, Taxes, Technology, Terrorism, Unemployment, Unions, Video, War, Water, Wealth, Weapons, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 332: September 18 2014

Pronk Pops Show 331: September 17, 2014

Pronk Pops Show 330: September 16, 2014

Pronk Pops Show 329: September 15, 2014

Pronk Pops Show 328: September 12, 2014

Pronk Pops Show 327: September 11, 2014

Pronk Pops Show 326: September 10, 2014

Pronk Pops Show 325: September 9, 2014

Pronk Pops Show 324: September 8, 2014

Pronk Pops Show 323: September 5, 2014

Pronk Pops Show 322: September 4, 2014

Pronk Pops Show 321: September 3, 2014

Pronk Pops Show 320: August 29, 2014

Pronk Pops Show 319: August 28, 2014

Pronk Pops Show 318: August 27, 2014 

Pronk Pops Show 317: August 22, 2014

Pronk Pops Show 316: August 20, 2014

Pronk Pops Show 315: August 18, 2014

Pronk Pops Show 314: August 15, 2014

Pronk Pops Show 313: August 14, 2014

Pronk Pops Show 312: August 13, 2014

Pronk Pops Show 311: August 11, 2014

Pronk Pops Show 310: August 8, 2014

Pronk Pops Show 309: August 6, 2014

Pronk Pops Show 308: August 4, 2014

Pronk Pops Show 307: August 1, 2014 

Pronk Pops Show 306: July 31, 2014

Pronk Pops Show 305: July 30, 2014

Pronk Pops Show 304: July 29, 2014

Pronk Pops Show 303: July 28, 2014

Pronk Pops Show 302: July 24, 2014

Pronk Pops Show 301: July 23, 2014

Pronk Pops Show 300: July 22, 2014

Pronk Pops Show 299: July 21, 2014

Pronk Pops Show 298: July 18, 2014

Pronk Pops Show 297: July 17, 2014

Pronk Pops Show 296: July 16, 2014

Pronk Pops Show 295: July 15, 2014

Pronk Pops Show 294: July 14, 2014

Pronk Pops Show 293: July 11, 2014

Pronk Pops Show 292: July 9, 2014

Pronk Pops Show 291: July 7, 2014

Pronk Pops Show 290: July 3, 2014

Pronk Pops Show 289: July 2, 2014

Pronk Pops Show 288: June 30, 2014

Pronk Pops Show 287: June 27, 2014

Pronk Pops Show 286: June 26, 2014

Pronk Pops Show 285 June 25, 2014

Pronk Pops Show 284: June 23, 2014

Pronk Pops Show 283: June 20, 2014

Pronk Pops Show 282: June 19, 2014

Pronk Pops Show 281: June 17, 2014

Pronk Pops Show 280: June 16, 2014

Pronk Pops Show 279: June 13, 2014

Pronk Pops Show 278: June 12, 2014

Pronk Pops Show 277: June 11, 2014

Pronk Pops Show 276: June 10, 2014

Pronk Pops Show 275: June 9, 2014

Pronk Pops Show 274: June 6, 2014

Pronk Pops Show 273: June 5, 2014

Pronk Pops Show 272: June 4, 2014

Pronk Pops Show 271: June 2, 2014

Story 1: Asset Price Bubble Bursts Coming In October With 69 Months of Near Zero Federal Funds Interest Rates! — Interest Rate Suppression or Price Control and Manipulation Will Blow Up Economy — Suppressing Savings and Investment With Low Interest Rates Is A Formula For Diaster and Depression — Panic Time — Start A War Over Oil — Meltdown America –Videos

U.S. Debt Clock

Current Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
09/17/2014 12,767,522,798,389.80 4,997,219,915,398.95 17,764,742,713,788.75

 

TABLE I -- SUMMARY OF TREASURY SECURITIES OUTSTANDING, AUGUST 31, 2014
(Millions of dollars)
                                              Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
                                              By the Public         Holdings
Marketable:
  Bills.......................................        1,450,293                     1,704                1,451,998
  Notes.......................................        8,109,269                     7,365                8,116,634
  Bonds.......................................        1,521,088                        57                1,521,144
  Treasury Inflation-Protected Securities.....        1,031,836                        52                1,031,888
  Floating Rate Notes  21  ...................          109,996                         0                  109,996
  Federal Financing Bank  1  .................                0                    13,612                   13,612
Total Marketable  a...........................       12,222,481                    22,790 2             12,245,271
Nonmarketable:
  Domestic Series.............................           29,995                         0                   29,995
  Foreign Series..............................            2,986                         0                    2,986
  State and Local Government Series...........          105,440                         0                  105,440
  United States Savings Securities............          177,030                         0                  177,030
  Government Account Series...................          193,237                 4,993,277                5,186,514
  Hope Bonds 19...............................                0                       494                      494
  Other.......................................            1,443                         0                    1,443
Total Nonmarketable  b........................          510,130                 4,993,771                5,503,901
Total Public Debt Outstanding ................       12,732,612                 5,016,561               17,749,172
TABLE II -- STATUTORY DEBT LIMIT, AUGUST 31, 2014
(Millions of dollars)
                                              Amount Outstanding
Title                                         Debt Held             Intragovernmental         Totals
                                                 By the Public 17, 2Holdings
Debt Subject to Limit: 17, 20
  Total Public Debt Outstanding...............       12,732,612                 5,016,561               17,749,172
  Less Debt Not Subject to Limit:
    Other Debt ...............................              485                         0                      485
    Unamortized Discount  3...................           15,742                    12,421                   28,163
    Federal Financing Bank  1     ............                0                    13,612                   13,612
    Hope Bonds 19.............................                0                       494                      494
  Plus Other Debt Subject to Limit:
    Guaranteed Debt of Government Agencies  4                 *                         0                        *
  Total Public Debt Subject to Limit .........       12,716,386                 4,990,033               17,706,419
  Statutory Debt Limit  5.....................................................................                   0
COMPILED AND PUBLISHED BY
THE BUREAU OF THE FISCAL SERVICE
www.TreasuryDirect.gov

Interest Expense on the Debt Outstanding

The Interest Expense on the Debt Outstanding includes the monthly interest for:

Amortized discount or premium on bills, notes and bonds is also included in the monthly interest expense.

The fiscal year represents the total interest expense on the Debt Outstanding for a given fiscal year. This includes the months of October through September. View current month details (XLS Format, File size 199KB, uploaded 09/05/2014).

Note: To read or print a PDF document, you need the Adobe Acrobat Reader (v5.0 or higher) software installed on your computer. You can download the Adobe Acrobat Reader from the Adobe Website.

If you need help downloading…

Interest Expense Fiscal Year 2014
August $27,093,517,258.24
July $29,260,530,745.98
June $97,565,768,696.69
May $32,081,384,628.40
April $31,099,852,014.96
March $26,269,559,883.36
February $21,293,863,450.50
January $19,498,592,676.78
December $88,275,817,263.03
November $22,327,099,682.97
October $16,451,313,332.09
Fiscal Year Total $411,217,855,816.94
Available Historical Data Fiscal Year End
2013 $415,688,781,248.40
2012 $359,796,008,919.49
2011 $454,393,280,417.03
2010 $413,954,825,362.17
2009 $383,071,060,815.42
2008 $451,154,049,950.63
2007 $429,977,998,108.20
2006 $405,872,109,315.83
2005 $352,350,252,507.90
2004 $321,566,323,971.29
2003 $318,148,529,151.51
2002 $332,536,958,599.42
2001 $359,507,635,242.41
2000 $361,997,734,302.36
1999 $353,511,471,722.87
1998 $363,823,722,920.26
1997 $355,795,834,214.66
1996 $343,955,076,695.15
1995 $332,413,555,030.62
1994 $296,277,764,246.26
1993 $292,502,219,484.25
1992 $292,361,073,070.74
1991 $286,021,921,181.04
1990 $264,852,544,615.90
1989 $240,863,231,535.71
1988 $214,145,028,847.73

chart

fredgraph

fredgraph

BND-10-Year-Treasury-Yield-09122014

 JIM ROGERS Financial disaster coming – Dollar collapse – Countries Move Away From USD

US Fed signals move to normalize monetary policy

Dollar Meltdown, Massive Financial Bubble, Economic Collapse Marc Faber

Peter Schiff Iraq Crisis Threatens Global Economy

Peter Schiff – Fantasy About US Recovery Is Not Going To Materialize

Most important video Americans will see today – Doug Casey Interview

James Grant: Two Alternative Outcomes From Fed Policy – Much Higher Inflation or More Money Printing

Investor Jim Grant on Bubbles And Bargains

Jim Rogers Discusses Concern Over The Market

Jim Rogers On Economic Collapse And The US Debt‬

US Economy 2014 Collapse – *Peter Schiff* – FED will cause Huge Economic Crisis!

US ECONOMY COLLAPSE WILL LEAVE MILLIONS IN POVERTY

There Will Be No Economic Recovery. Prepare Yourself Accordingly

US Massive Financial Crisis Coming

Dan Mitchell Discussing Harvard Survey, Arguing for Growth over Class Warfare

The Coming Stock Market Crash and The Death of Money with Jim Rickards

Market Crash, Economic collapse 2014, The coming of World War 3 – Stock Market

Forbes: Obama’s Economic Reforms Are the Definition of Insanity

Why America Should Default and You Should Live Abroad: Q&A with Doug Casey

Doug Casey-No Way Out-Stock, Bond and Real Estate Markets Will Collapse

Russia conspired to destroy US dollar with China – clip from Meltdown America documentary

http://www.caseyresearch.com/lg/meltdown-video

 

 

Here a bubble, there a bubble: Ol’ Marc Faber

Even after the Dow and the S&P 500 closed at new all-time highs, closely followed contrarian Marc Faber keeps sounding the alarm.

“We have a bubble in everything, everywhere,” the publisher of The Gloom, Boom & Doom Report told CNBC’s “Squawk Box” on Friday. Faber has long argued that the Federal Reserve’s massive asset purchasing programs and near-zero interest rates have inflated stock prices.

The catalyst for a market decline, as he sees it, could be a “raise in interest rates, not engineered by the Fed,” referring an increase in bond yields.

 

Faber also expressed concern about American consumers. “Their cost of living have gone up more than the salary increases, so they’re getting squeezed. So that’s why retailing is not doing particularly well.”

A real black swan event, he argued, would be a global recession. “The big surprise will be that the global economy slows down and goes into recession. And that will shock markets.”

If economies around the world can’t recovery with the Fed and other central banks pumping easy money into the system, that would send a dire message, Faber added. He believes the best way for world economies to recover is to cut the size of government.

Read MoreBond market hears Fed hawks; stocks see doves

There’s a dual-economy in the U.S. and around the world with the rich doing really well and others struggling, he said. “[But] the rich will get creamed one day, especially in Europe, on wealth taxes.”

On the other end of the market spectrum, longtime stock market bull Jeremy Siegel told CNBC on Tuesday (ahead of Wednesday’s Fed policy statement leaving interest rate guidance unchanged) that he stands by his Dow 18,000 prediction.

The Wharton School professor sees second half economic growth of 3 to 4 percent, S&P 500 earnings near $120, and the start of Fed rate hikes in the spring or summer of 2015

http://www.cnbc.com/id/102016166

 

Fed and TWTR Overvaluation, Evidence of Looming Market Crash: Stockman

The Federal Reserve Wednesday reassured investors that it will hold interest rates near zero for a “considerable time” after it ends the bond-buying program known as quantitative easing in October. In response, the Dow Jones Industrial Average (^DJI) closed at a new record high.

Former Director of the Office of Management and Budget and author of the book, The Great Deformation, David Stockman, has significant concerns about that very policy.

“I’m worried… that we’ve got the greatest bubble created by a central bank in human history,” he told Yahoo Finance.

In a recent blog post, Stockman offered a handful of high-flying stocks as evidence of what he sees as “madness.”

                                               “…Twitter, is all that is required to remind us that once

                                               again markets are trading in the nosebleed section

                                               of history, rivaling even the madness of March 2000.”

Behind the madness

In an interview with Yahoo Finance, Stockman blamed Fed policy for creating that madness.

“We have been shoving zero-cost money into the financial markets for 6-years running,” he said. “That’s the kerosene that drives speculative trading – the carry trades. That’s what the gamblers use to fund their position as they move from one momentum play and trade to another.”

And that, he says, is not sustainable. While Stockman believes tech stocks are especially overvalued, he warns that it’s not just tech valuations that are inflated. “Everything’s massively overvalued, and it’s predicated on zero-cost overnight money that continues these carry trades; It can’t continue.”

And he still believes, as he has for some time – so far, incorrectly – that there will be a day of reckoning.

“When the trades begin to unwind because the carry cost has to normalize, you’re going to have a dramatic re-pricing dislocation in these financial markets.”

As Yahoo Finance’s Lauren Lyster points out in the associated video, investors who heeded Stockman’s advice last year would have missed out on a 28% run-up in stocks. But Stockman remains steadfast in his belief that the current Fed policy and the resultant market behavior can not continue. “I think what the Fed is doing is so unprecedented, what is happening in the markets is so unnatural,” he said. “This is dangerous, combustible stuff, and I don’t know when the explosion occurs – when the collapse suddenly is upon us – but when it happens, people will be happy that they got out of the way if they did.”

 

 

Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: Thursday, September 11, 2014
Release dates | Data Download Program (DDP) | About | Announcements | Technical Q&As
Current release  Other formats: Screen reader | ASCII | PDF (21 KB)


Try data download now image link

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 11, 2014

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Reserve Bank credit 4,377,690 +    4,183 +  761,693 4,379,719
Securities held outright1 4,159,537 +    2,675 +  765,361 4,160,521
U.S. Treasury securities 2,439,657 +    2,671 +  401,376 2,440,637
Bills2          0          0          0          0
Notes and bonds, nominal2 2,325,368 +    2,678 +  386,333 2,326,351
Notes and bonds, inflation-indexed2     97,755          0 +   11,737     97,755
Inflation compensation3     16,534 –        7 +    3,306     16,531
Federal agency debt securities2     41,562          0 –   22,868     41,562
Mortgage-backed securities4 1,678,317 +        4 +  386,851 1,678,322
Unamortized premiums on securities held outright5    208,963 –      219 +    5,815    208,907
Unamortized discounts on securities held outright5    -18,664 +       21 –   12,958    -18,654
Repurchase agreements6          0          0          0          0
Loans        291 –        8 +       18        352
Primary credit         10 –       18 –        8         53
Secondary credit          0          0          0          0
Seasonal credit        247 +        9 +       94        266
Term Asset-Backed Securities Loan Facility7         34          0 –       68         34
Other credit extensions          0          0          0          0
Net portfolio holdings of Maiden Lane LLC8      1,664 –        1 +      171      1,665
Net portfolio holdings of Maiden Lane II LLC9         63          0 –        1         63
Net portfolio holdings of Maiden Lane III LLC10         22          0          0         22
Net portfolio holdings of TALF LLC11         44          0 –       80         44
Float       -675 –       69 +       94       -627
Central bank liquidity swaps12         77 +        1 –      243         77
Other Federal Reserve assets13     26,369 +    1,784 +    3,517     27,349
Foreign currency denominated assets14     22,933 –      353 –      737     22,801
Gold stock     11,041          0          0     11,041
Special drawing rights certificate account      5,200          0          0      5,200
Treasury currency outstanding15     46,103 +       14 +      820     46,103
Total factors supplying reserve funds 4,462,967 +    3,844 +  761,776 4,464,863

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks
Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Currency in circulation15 1,292,467 –      442 +   84,956 1,291,993
Reverse repurchase agreements16    266,584 +      818 +  173,996    267,602
Foreign official and international accounts    102,228 –      296 +    9,640    107,303
Others    164,356 +    1,115 +  164,356    160,299
Treasury cash holdings        165 +        4 +       23        164
Deposits with F.R. Banks, other than reserve balances     52,715 –    6,170 –   19,233     53,117
Term deposits held by depository institutions          0          0          0          0
U.S. Treasury, General Account     39,081 –    3,787 +      530     31,872
Foreign official      5,432 –    1,134 –    3,562      5,241
Other17      8,202 –    1,248 –   16,201     16,004
Other liabilities and capital18     63,991 –        1 +      818     63,033
Total factors, other than reserve balances,
absorbing reserve funds
1,675,922 –    5,792 +  240,561 1,675,910
Reserve balances with Federal Reserve Banks 2,787,045 +    9,636 +  521,214 2,788,954

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of
the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements.
7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
8. Refer to table 4 and the note on consolidation accompanying table 9.
9. Refer to table 5 and the note on consolidation accompanying table 9.
10. Refer to table 6 and the note on consolidation accompanying table 9.
11. Refer to table 7 and the note on consolidation accompanying table 9.
12. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned
to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the
foreign central bank.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.  Also, includes Reserve Bank premises and equipment net of allowances for depreciation.
14. Revalued daily at current foreign currency exchange rates.
15. Estimated.
16. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
17. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
18. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. Refer to table 8 and table 9.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

1A. Memorandum Items

Millions of dollars

Memorandum item Averages of daily figures Wednesday
Sep 10, 2014
Week ended
Sep 10, 2014
Change from week ended
Sep 3, 2014 Sep 11, 2013
Securities held in custody for foreign official and international accounts 3,338,309 –      417 +   61,832 3,343,937
Marketable U.S. Treasury securities1 3,010,563 –      456 +   86,414 3,016,027
Federal agency debt and mortgage-backed securities2    285,805 +       28 –   29,008    285,934
Other securities3     41,942 +       12 +    4,427     41,976
Securities lent to dealers     10,669 +    1,648 –    1,429     11,123
Overnight facility4     10,669 +    1,648 –    1,429     11,123
U.S. Treasury securities      9,860 +    1,721 –    1,405     10,373
Federal agency debt securities        810 –       72 –       23        750

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 8, and 9.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, September 10, 2014

Millions of dollars

Remaining Maturity Within 15
days
16 days to
90 days
91 days to
1 year
Over 1 year
to 5 years
Over 5 year
to 10 years
Over 10
years
All
Loans1        118        234          0          0          0        352
U.S. Treasury securities2
Holdings          0         90      3,194 1,037,162    742,261    657,930 2,440,637
Weekly changes          0          0          0 +    1,615 –        1 +    2,037 +    3,651
Federal agency debt securities3
Holdings      1,556      1,329      3,584     32,746          0      2,347     41,562
Weekly changes          0          0          0          0          0          0          0
Mortgage-backed securities4
Holdings          0          0          0         10      4,698 1,673,614 1,678,322
Weekly changes          0          0          0          0 +      863 –      857 +        6
Asset-backed securities held by
TALF LLC5
         0          0          0          0          0          0          0
Repurchase agreements6          0          0          0
Central bank liquidity swaps7         77          0          0          0          0          0         77
Reverse repurchase agreements6    267,602          0    267,602
Term deposits          0          0          0          0

Note: Components may not sum to totals because of rounding.
…Not applicable.

1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Maiden Lane LLC, Maiden Lane II LLC, Maiden
Lane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY’s statement of condition consistent with consolidation
under generally accepted accounting principles.
2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the
original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.
6. Cash value of agreements.
7. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name Wednesday
Sep 10, 2014
Mortgage-backed securities held outright1 1,678,322
Commitments to buy mortgage-backed securities2     80,643
Commitments to sell mortgage-backed securities2          0
Cash and cash equivalents3          4
1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 8 and table 9.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane LLC1      1,665
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.

5. Information on Principal Accounts of Maiden Lane II LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane II LLC1         63
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to subsidiaries of American
International Group, Inc. in accordance with the asset purchase agreement. The fair value of this payment and accrued interest payable are
included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.

6. Information on Principal Accounts of Maiden Lane III LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Net portfolio holdings of Maiden Lane III LLC1         22
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc.3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after
this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions. Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG.

7. Information on Principal Accounts of TALF LLC

Millions of dollars

Account name Wednesday
Sep 10, 2014
Asset-backed securities holdings1          0
Other investments, net         44
Net portfolio holdings of TALF LLC         44
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2          0
Accrued interest payable to the Federal Reserve Bank of New York2          0
Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable3          0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.
3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.

Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under theauthority of section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extended loans with a term of up to five years to holders of eligible asset-backed securities. The Federal Reserve closed the TALF for new loan extensions in 2010. The loans provided through the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY.

TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Prior to January 15, 2013, the U.S. Treasury’s Troubled Asset Relief Program (TARP) committed backup funding to TALF LLC, providing credit protection to the FRBNY. However, the accumulated fees and income collected through the TALF and held by TALF LLC now exceed the remaining amount of TALF loans outstanding. Accordingly, the TARP credit protection commitment has been terminated, and TALF LLC has begun to distribute excess proceeds to the Treasury and the FRBNY. Any remaining funds will be shared by the FRBNY and the U.S. Treasury.

8. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital Eliminations from consolidation Wednesday
Sep 10, 2014
Change since
Wednesday Wednesday
Sep 3, 2014 Sep 11, 2013
Assets
Gold certificate account     11,037          0          0
Special drawing rights certificate account      5,200          0          0
Coin      1,930 +        8 –       62
Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,351,126 +    3,534 +  756,847
Securities held outright1 4,160,521 +    3,657 +  763,739
U.S. Treasury securities 2,440,637 +    3,651 +  399,549
Bills2          0          0          0
Notes and bonds, nominal2 2,326,351 +    3,661 +  385,784
Notes and bonds, inflation-indexed2     97,755          0 +   10,546
Inflation compensation3     16,531 –       10 +    3,219
Federal agency debt securities2     41,562          0 –   22,654
Mortgage-backed securities4 1,678,322 +        6 +  386,844
Unamortized premiums on securities held outright5    208,907 –      132 +    5,820
Unamortized discounts on securities held outright5    -18,654 +       19 –   12,787
Repurchase agreements6          0          0          0
Loans        352 –       10 +       75
Net portfolio holdings of Maiden Lane LLC7      1,665 +        1 +      167
Net portfolio holdings of Maiden Lane II LLC8         63          0 –        1
Net portfolio holdings of Maiden Lane III LLC9         22          0          0
Net portfolio holdings of TALF LLC10         44          0 –       68
Items in process of collection (0)         94 –       22 –       31
Bank premises      2,255          0 –       29
Central bank liquidity swaps11         77 +        1 –      243
Foreign currency denominated assets12     22,801 –      404 –      925
Other assets13     25,095 +    2,704 +    3,719
Total assets (0) 4,421,408 +    5,821 +  759,373

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

8. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital Eliminations from consolidation Wednesday
Sep 10, 2014
Change since
Wednesday Wednesday
Sep 3, 2014 Sep 11, 2013
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,247,980 –    2,086 +   84,510
Reverse repurchase agreements14    267,602 +   17,296 +  175,438
Deposits (0) 2,842,072 –    8,612 +  499,663
Term deposits held by depository institutions          0          0          0
Other deposits held by depository institutions 2,788,954 –   24,799 +  513,312
U.S. Treasury, General Account     31,872 +   10,836 +    1,852
Foreign official      5,241 –    1,326 –    3,524
Other15 (0)     16,004 +    6,676 –   11,978
Deferred availability cash items (0)        721 –      482 –      163
Other liabilities and accrued dividends16      6,693 –      299 –    1,529
Total liabilities (0) 4,365,067 +    5,817 +  757,919
Capital accounts
Capital paid in     28,170 +        2 +      726
Surplus     28,170 +        2 +      726
Other capital accounts          0          0          0
Total capital     56,341 +        4 +    1,454

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation accompanying table 9.
8. Refer to table 5 and the note on consolidation accompanying table 9.
9. Refer to table 6 and the note on consolidation accompanying table 9.
10. Refer to table 7 and the note on consolidation accompanying table 9.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.
12. Revalued daily at current foreign currency exchange rates.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
16. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal
Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014

Millions of dollars

Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Assets
Gold certificate account     11,037        352      4,125        338        464        824      1,349        706        278        173        291        880      1,257
Special drawing rights certificate acct.      5,200        196      1,818        210        237        412        654        424        150         90        153        282        574
Coin      1,930         32         94        124        123        320        222        276         25         46        153        182        332
Securities, unamortized premiums and discounts, repurchase agreements,
and loans
4,351,126     88,009 2,670,390    104,231     94,993    243,168    240,542    177,833     53,725     26,795     57,330    132,586    461,524
Securities held outright1 4,160,521     84,160 2,553,576     99,673     90,839    232,534    229,991    170,046     51,317     25,497     54,804    126,772    441,311
U.S. Treasury securities 2,440,637     49,370 1,497,974     58,470     53,288    136,409    134,917     99,752     30,104     14,957     32,149     74,367    258,881
Bills2          0          0          0          0          0          0          0          0          0          0          0          0          0
Notes and bonds3 2,440,637     49,370 1,497,974     58,470     53,288    136,409    134,917     99,752     30,104     14,957     32,149     74,367    258,881
Federal agency debt securities2     41,562        841     25,509        996        907      2,323      2,298      1,699        513        255        547      1,266      4,409
Mortgage-backed securities4 1,678,322     33,949 1,030,093     40,207     36,644     93,803     92,777     68,595     20,701     10,285     22,107     51,139    178,021
Unamortized premiums on securities held outright5    208,907      4,226    128,220      5,005      4,561     11,676     11,548      8,538      2,577      1,280      2,752      6,365     22,159
Unamortized discounts on securities held outright5    -18,654       -377    -11,449       -447       -407     -1,043     -1,031       -762       -230       -114       -246       -568     -1,979
Repurchase agreements6          0          0          0          0          0          0          0          0          0          0          0          0          0
Loans        352          1         44          0          0          0         34         11         61        132         20         17         33
Net portfolio holdings of Maiden
Lane LLC7      1,665          0      1,665          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
Lane II LLC8         63          0         63          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of Maiden
Lane III LLC9         22          0         22          0          0          0          0          0          0          0          0          0          0
Net portfolio holdings of TALF LLC10         44          0         44          0          0          0          0          0          0          0          0          0          0
Items in process of collection         94          0          0          0          0          0         93          0          0          1          0          0          0
Bank premises      2,255        121        434         74        110        222        209        198        124         97        243        224        200
Central bank liquidity swaps11         77          4         25          6          6         16          4          2          1          0          1          1         11
Foreign currency denominated assets12     22,801      1,037      7,335      1,714      1,813      4,754      1,311        629        192         96        240        381      3,299
Other assets13     25,095        535     15,039        739        546      1,547      1,374      1,014        356        219        347        798      2,580
Interdistrict settlement account          0 +   10,547 –   58,585 +    2,678 +    9,252 +      197 +    8,040 –   10,297 –   10,950 –    2,083 –      134 +    2,635 +   48,701
Total assets 4,421,408    100,833 2,642,468    110,114    107,543    251,460    253,799    170,787     43,900     25,434     58,623    137,969    518,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014 (continued)

Millions of dollars

Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Liabilities
Federal Reserve notes outstanding 1,443,974     44,572    489,349     42,766     65,118    103,568    212,875     94,569     37,360     21,242     36,783    115,911    179,862
Less: Notes held by F.R. Banks    195,994      5,311     63,063      6,357      8,870     11,177     20,690     11,915      4,937      4,278      5,302     25,736     28,359
Federal Reserve notes, net 1,247,980     39,261    426,285     36,409     56,248     92,391    192,186     82,654     32,423     16,964     31,481     90,175    151,503
Reverse repurchase agreements14    267,602      5,413    164,244      6,411      5,843     14,956     14,793     10,937      3,301      1,640      3,525      8,154     28,385
Deposits 2,842,072     53,409 2,030,175     62,876     40,791    131,999     42,547     75,315      7,510      6,356     22,882     38,429    329,783
Term deposits held by depository institutions          0          0          0          0          0          0          0          0          0          0          0          0          0
Other deposits held by depository institutions 2,788,954     53,397 1,977,410     62,837     40,788    131,731     42,538     75,306      7,510      6,355     22,881     38,428    329,774
U.S. Treasury, General Account     31,872          0     31,872          0          0          0          0          0          0          0          0          0          0
Foreign official      5,241          2      5,214          3          3          8          2          1          0          0          0          1          6
Other15     16,004         11     15,679         36          0        260          7          7          0          0          1          0          3
Deferred availability cash items        721          0          0          0          0          0        611          0          0        110          0          0          0
Interest on Federal Reserve notes due
to U.S. Treasury16
     1,693         19      1,199         20         10         23         86         73         20         12         20         54        155
Other liabilities and accrued
dividends17
     5,000        167      2,179        211        208        544        361        282        142        118        126        208        454
Total liabilities 4,365,067     98,270 2,624,083    105,927    103,101    239,913    250,583    169,261     43,395     25,200     58,034    137,021    510,279
Capital
Capital paid in     28,170      1,282      9,193      2,093      2,221      5,773      1,608        763        252        117        295        474      4,099
Surplus     28,170      1,282      9,193      2,093      2,221      5,773      1,608        763        252        117        295        474      4,099
Other capital          0          0          0          0          0          0          0          0          0          0          0          0          0
Total liabilities and capital 4,421,408    100,833 2,642,468    110,114    107,543    251,460    253,799    170,787     43,900     25,434     58,623    137,969    518,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

9. Statement of Condition of Each Federal Reserve Bank, September 10, 2014 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis.  For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation below.
8. Refer to table 5 and the note on consolidation below.
9. Refer to table 6 and the note on consolidation below.
10. Refer to table 7 and the note on consolidation below.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Revalued daily at current foreign currency exchange rates.
13. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
16. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the amount necessary to equate surplus with capital paid-in.
17. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation below.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. has written credit default swap contracts. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed Securities Loan Facility.

The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 8).

10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral Wednesday
Sep 10, 2014
Federal Reserve notes outstanding 1,443,974
Less: Notes held by F.R. Banks not subject to collateralization    195,994
Federal Reserve notes to be collateralized 1,247,980
Collateral held against Federal Reserve notes 1,247,980
Gold certificate account     11,037
Special drawing rights certificate account      5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,231,743
Other assets pledged          0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,160,521
Less: Face value of securities under reverse repurchase agreements    257,508
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,903,013

Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Release dates | Data Download Program (DDP) | About | Announcements | Technical Q&As
Current release   Other formats: Screen reader | ASCII | PDF (21 KB)

Statistical releases


The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 328-332

Listen To Pronk Pops Podcast or Download Show 319-327

Listen To Pronk Pops Podcast or Download Show 307-318

Listen To Pronk Pops Podcast or Download Show 296-306

Listen To Pronk Pops Podcast or Download Show 287-295

Listen To Pronk Pops Podcast or Download Show 277-286

Listen To Pronk Pops Podcast or Download Show 264-276

Listen To Pronk Pops Podcast or Download Show 250-263

Listen To Pronk Pops Podcast or Download Show 236-249

Listen To Pronk Pops Podcast or Download Show 222-235

Listen To Pronk Pops Podcast or Download Show 211-221

Listen To Pronk Pops Podcast or DownloadShow 202-210

Listen To Pronk Pops Podcast or Download Show 194-201

Listen To Pronk Pops Podcast or Download Show 184-193

Listen To Pronk Pops Podcast or Download Show 174-183

Listen To Pronk Pops Podcast or Download Show 165-173

Listen To Pronk Pops Podcast or Download Show 158-164

Listen To Pronk Pops Podcast or Download Show 151-157

Listen To Pronk Pops Podcast or Download Show 143-150

Listen To Pronk Pops Podcast or Download Show 135-142

Listen To Pronk Pops Podcast or Download Show 131-134

Listen To Pronk Pops Podcast or Download Show 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Shows 93

Listen To Pronk Pops Podcast or Download Shows 92

Listen To Pronk Pops Podcast or Download Shows 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09

Read Full Post | Make a Comment ( None so far )

The Coming Stock Market Crash and Recession? The End of American As You Know It? — Videos

Posted on March 3, 2014. Filed under: American History, Banking, Blogroll, Business, Climate, College, Communications, Economics, Education, Employment, Energy, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government spending, history, History of Economic Thought, Inflation, Investments, IRS, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Photos, Politics, Press, Radio, Raves, Regulations, Resources, Securities and Exchange Commission, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Video, War, Wealth | Tags: , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 220: February 27, 2014

Pronk Pops Show 219: February 26, 2014

Pronk Pops Show 218: February 25, 2014

Pronk Pops Show 217: February 24, 2014

Pronk Pops Show 216: February 21, 2014

Pronk Pops Show 215: February 20, 2014

Pronk Pops Show 214: February 19, 2014

Pronk Pops Show 213: February 18, 2014

Pronk Pops Show 212: February 17, 2014

Pronk Pops Show 211: February 14, 2014 

Pronk Pops Show 210: February 13, 2014

Pronk Pops Show 209: February 12, 2014

Pronk Pops Show 208: February 11, 2014

Pronk Pops Show 207: February 10, 2014

Pronk Pops Show 206: February 7, 2014

Pronk Pops Show 205: February 5, 2014

Pronk Pops Show 204: February 4, 2014

Pronk Pops Show 203: February 3, 2014

Pronk Pops Show 202: January 31, 2014

Pronk Pops Show 201: January 30, 2014

Pronk Pops Show 200: January 29, 2014

Pronk Pops Show 199: January 28, 2014

Pronk Pops Show 198: January 27, 2014

Pronk Pops Show 197: January 24, 2014

Pronk Pops Show 196: January 22, 2014

Pronk Pops Show 195: January 21, 2014

Pronk Pops Show 194: January 17, 2014

Pronk Pops Show 193: January 16, 2014

Pronk Pops Show 192: January 14, 2014

Pronk Pops Show 191: January 13, 2014

Pronk Pops Show 190: January 10, 2014

Pronk Pops Show 189: January 9, 2014

Pronk Pops Show 188: January 8, 2014

Pronk Pops Show 187: January 7, 2014

Pronk Pops Show 186: January 6, 2014

Pronk Pops Show 185: January 3, 2014

Pronk Pops Show 184: December 19, 2013

Pronk Pops Show 183: December 17, 2013

Pronk Pops Show 182: December 16, 2013

Pronk Pops Show 181: December 13, 2013

Pronk Pops Show 180: December 12, 2013

Pronk Pops Show 179: December 11, 2013

Pronk Pops Show 178: December 5, 2013

Pronk Pops Show 177: December 2, 2013

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 211-220

Listen To Pronk Pops Podcast or DownloadShow 202-210

Listen To Pronk Pops Podcast or Download Show 194-201

Listen To Pronk Pops Podcast or Download Show 184-193

Listen To Pronk Pops Podcast or Download Show 174-183

Listen To Pronk Pops Podcast or Download Show 165-173

Listen To Pronk Pops Podcast or Download Show 158-164

Listen To Pronk Pops Podcast or Download Show 151-157

Listen To Pronk Pops Podcast or Download Show 143-150

Listen To Pronk Pops Podcast or Download Show 135-142

Listen To Pronk Pops Podcast or Download Show 131-134

Listen To Pronk Pops Podcast or Download Show 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Shows 93

Listen To Pronk Pops Podcast or Download Shows 92

Listen To Pronk Pops Podcast or Download Shows 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09

Story 1: The Coming Stock Market Crash and Recession? The End of American As You Know It? — Videos

Obama ObamaCare Economic Collapse stock-market-crash-1929 20141929-IS-A-MOLEHILL-COMPARED-TO-THIS-MOUNTAINdow-today-vs-1929-feb-5

01 - 140121 Strongest + Logest Bull Cycles in the DJIA since 1900stockMCrash

transfer payment

Bubble, Stock Market Crash Coming Like 1929

Bubble, Stock Market Crash Coming New uptade Economic Monitor 2014

Keiser Report: Guest Dough Casey

Doug Casey on Stupidity, Evil, and the Decline of the U.S.

Jim Rogers Stock Market Crash, The Fed Will Come To The Rescue

EU European Union Economic Crisis 2013 2014

Market Crash, Global Economic Shocks Coming in 2014, World War 3 Gerald Celente

World Economy : Chart shows similarities between 1929 Stock Market Crash and Today

Glenn Beck: 1929 vs. 2014

Peter Schiff Market Crash 2014 | London Real

Peter Schiff – Market Crash 2014 | London Real

There Will Be No Economic Recovery. Prepare Yourself Accordingly.

Read Full Post | Make a Comment ( None so far )

Inside the Madoff Scandal — Videos

Posted on November 19, 2013. Filed under: Blogroll, Books, Communications, Crime, Diasters, Economics, Federal Government, Fraud, government, government spending, IRS, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Religion, Securities and Exchange Commission, Security, Taxes, Technology, Video, Wealth, Wisdom, Writing | Tags: , , , , , , , , , , |

Inside the Madoff Scandal: Chapter One

Inside the Madoff Scandal: Chapter Two

Related Posts On Pronk Palisades

Harry Markopolos — No One Would Listen: A True Financial Thriller — Videos

Read Full Post | Make a Comment ( None so far )

Liked it here?
Why not try sites on the blogroll...