Max Keiser Report Summer Solutions: The World Economy and The Precariat – The Dangerous New Class — Videos

Posted on August 4, 2015. Filed under: American History, Banking, Blogroll, British History, College, Computers, Corruption, Cult, Culture, Demographics, Economics, Education, Employment, European History, Federal Government, Fiscal Policy, Fraud, government, history, Inflation, Investments, Law, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Radio, Rants, Raves, Strategy, Talk Radio, Taxation, Taxes, Technology, Unemployment, Unions, Video, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , |

Keiser Report: Summer Solutions (E792 ft. Prof. Steve Keen)

Keiser Report: The Precariat – The Dangerous New Class (E791)

Keiser Report: Solutions to World Economy Part I (E790)

Keiser Report: Bigger Fannie Freddie are back! (E789)

Keiser Report: Property Bubble (E788)

Max Keiser the impending second wave of the latest mortgage crisis

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

The Federal Reserve Opposes More Congressional Oversight and Audit Proposed By Senator Rand Paul — Audit The Fed and Then End The Fed — Videos

Posted on February 8, 2015. Filed under: American History, Banking, Blogroll, Business, College, Economics, Education, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government, government spending, history, History of Economic Thought, Homes, Illegal, Immigration, Inflation, Investments, Law, Legal, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, People, Philosophy, Photos, Politics, Press, Raves, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 411: February 5, 2015

Pronk Pops Show 410: February 4, 2015

Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

Pronk Pops Show 407: January 30, 2015

Pronk Pops Show 406: January 29, 2015

Pronk Pops Show 405: January 28, 2015

Pronk Pops Show 404: January 27, 2015

Pronk Pops Show 403: January 26, 2015

Pronk Pops Show 402: January 23, 2015

Pronk Pops Show 401: January 22, 2015

Pronk Pops Show 400: January 21, 2015

Pronk Pops Show 399: January 16, 2015

Pronk Pops Show 398: January 15, 2015

Pronk Pops Show 397: January 14, 2015

Pronk Pops Show 396: January 13, 2015

Pronk Pops Show 395: January 12, 2015

Pronk Pops Show 394: January 7, 2015

Pronk Pops Show 393: January 5, 2015

Pronk Pops Show 392: December 19, 2014

Pronk Pops Show 391: December 18, 2014

Pronk Pops Show 390: December 17, 2014

Pronk Pops Show 389: December 16, 2014

Pronk Pops Show 388: December 15, 2014

Pronk Pops Show 387: December 12, 2014

Pronk Pops Show 386: December 11, 2014

Pronk Pops Show 385: December 9, 2014

Pronk Pops Show 384: December 8, 2014

Pronk Pops Show 383: December 5, 2014

Pronk Pops Show 382: December 4, 2014

Pronk Pops Show 381: December 3, 2014

Pronk Pops Show 380: December 1, 2014

Pronk Pops Show 379: November 26, 2014

Pronk Pops Show 378: November 25, 2014

Pronk Pops Show 377: November 24, 2014

Pronk Pops Show 376: November 21, 2014

Pronk Pops Show 375: November 20, 2014

Pronk Pops Show 374: November 19, 2014

Pronk Pops Show 373: November 18, 2014

Pronk Pops Show 372: November 17, 2014

Pronk Pops Show 371: November 14, 2014

Pronk Pops Show 370: November 13, 2014

Pronk Pops Show 369: November 12, 2014

Pronk Pops Show 368: November 11, 2014

Pronk Pops Show 367: November 10, 2014

Pronk Pops Show 366: November 7, 2014

Pronk Pops Show 365: November 6, 2014

Pronk Pops Show 364: November 5, 2014

Pronk Pops Show 363: November 4, 2014

Pronk Pops Show 362: November 3, 2014

Story 1: The Federal Reserve Opposes More Congressional Oversight and Audit Proposed By Senator Rand Paul — Audit The Fed and Then End The Fed — Videos

rand Paul

janet-yellen

Fed-Funds 03_Fed Balance SheetCentral-bank-balance-sheetsfed_funds_rate_qe_1_2_3Fed-AssetsFed-Balance-sheetFed-Balance-Sheet-SP500-010815 Fed-Balance-Sheet-VS-SP500-112013Federal-Reserve-Asset-Composition-QE (1)
gold federal balance sheet Mortgage-Backed-Securities-held-by-the-Federal-Reserve-All-Maturities.1 peter-catranis-fed-funds1 sp federal balance sheet

Rand Paul – Audit the Fed!

Major Move! House Passes Bill to Audit Federal Reserve!

Senator Vitter (R-LA) asks Janet Yellen about Audit the Fed (S.209)

Rand Paul on Janet Yellen, Transparency At The Fed, And Nsa Spying Bloomberg

Rand Paul: ‘Audit the Fed’ – CNBC 5/22/2013

Audit the Fed. by Ron Paul. Harry Reid gets slammed –

Fed fires back at Rand Paul

The Federal Reserve is lashing out at Sen. Rand Paul’s plan to give Congress more oversight over the central bank, a proposal that could gain traction in the new Republican-led Congress.

The Kentucky Republican reintroduced his “Audit the Fed” legislation last month with 30 co-sponsors, including other potential 2016 GOP hopefuls, Sens. Ted Cruz (Texas) and Marco Rubio (Fla.).

The proposal — once championed by his father, former Rep. Ron Paul (R-Texas) —would subject the central bank to an audit by the Government Accountability Office (GAO).

Regional bank presidents from around the country are decrying the plan, which they argue could damage the economy.

“Who in their right mind would ask the Congress of the United States — who can’t cobble together a fiscal policy — to assume control of monetary policy?” Richard Fisher, president of the Federal Reserve Bank of Dallas, said during an interview with The Hill.

Fed Chairwoman Janet Yellen has already vowed to fight the legislation, and President Obama would likely veto it.

Still, Fed watchers note that Paul has become emboldened by the new Republican majority in Congress. And he possesses an ever louder national microphone, as he moves closer to a 2016 presidential run.

Together, those factors could elevate the issue in the coming months, a prospect that has spurred strong words from bank officials.

Philadelphia Fed President Charles Plosser told The Hill that financial auditing “already exists” for the Fed, and warned that Paul’s plan would empower Congress “to audit and question monetary policy decisions in real time.”

“This runs the risk of monetary policy decisions being based on short-term political considerations instead of the longer-term health of the economy,” Plosser said.

Paul pushed back against the criticism, saying Fed officials “will say and do anything to keep their business hidden from the American people.”

For Paul, the legislation allows him to burnish his Republican-libertarian credentials.

And he appears to want to make it part of his early presidential campaigning. On Friday, Paul will hold an Audit the Fed rally in Des Moines, Iowa, as part of a weekend trip to the early presidential caucus state.

The issue could give Paul an opening to tap into the public’s mistrust of the government, more than six years after the federal bailouts that followed the 2008 economic crisis.

“This secretive government-run bureaucracy promotes policies that have impacted the lives of all Americans,” Paul said. “Citizens have the right to know why the Fed’s policies have resulted in a stagnant economy and record numbers of people dropping out of the workforce.”

Fisher said lawmakers are looking to shift blame, having proven “unable to get together with their own colleagues on a working fiscal policy or construct a regulatory regime that incentivizes investment and job creation.”

“So they simply find it convenient to create a boogeyman out of an entity that does its job efficiently — the Federal Reserve,” Fisher said. “To some outsiders the Fed appears to be some kind of combination of Hogwarts, the Death Star, and Ebenezer Scrooge — especially to those who don’t take the time to read the copious amounts of reports and speeches and explanations we emit.”

The twelve presidents of the Fed’s regional banks are well connected, their boards of directors stacked with influential business leaders. They are likely to intensify their opposition to Paul’s proposal.

On Wednesday, Cleveland Fed President Loretta Mester criticized the legislation as “misguided” during public remarks in Columbus, Ohio.

“They really are about allowing political considerations to influence monetary policy decisions,” Mester said in her speech. “This would be a tremendous mistake, because it would ultimately lead to poorer economic performance.”

Yellen, who met with Senate Democrats last week on Capitol Hill, is scheduled to testify before Congress later this month. The appearance will be her first since Republicans seized control of the Senate, and she will likely face questions on the legislation.

Senate Banking Committee Chairman Richard Shelby (R-Ala.), whose panel has jurisdiction on the bill, has also said he is interested in holding hearings on the issue.

http://thehill.com/policy/finance/231822-fed-fires-back

Rand Paul Slams Federal Reserve’s Secrecy, Reintroduces Bill to ‘Audit the Fed’

Sen. Rand Paul is reviving his push to audit the Federal Reserve.

The Kentucky Republican and presumptive 2016 presidential candidate said he wants to bring several of the Fed’s monetary activities under congressional oversight.

In a statement released Monday, Paul said it was time to end the secrecy behind the Fed. He believes an audit is the best way to do it.

“[An] audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington.” Paul said.
He slammed the Fed’s current operating practices, saying it works “under a cloak of secrecy and it has gone on for too long.”

Paul concluded that “the American people have a right to know what the Federal Reserve is doing with our nation’s money supply.”

>>> Much More to Friedman Than Rule-Based Monetary Policy

Calls for a Fed audit increased after the 2008 financial crisis. The ensuing collapse in the housing market and financial industry sparked an ongoing effort to bring more sunlight to the agency.

Norbert Michel, a research fellow in financial regulations at The Heritage Foundation, told The Daily Signal he agreed with the senator.

“There is no justification for secrecy,” Michel said. “They should have a full policy audit and the Federal Open Market Committee’s full transcript, not just the minutes, should be released.”

Although the main goal of Paul’s legislation is to have a full audit of the Fed, completed within six months, there are several other reforms he’d like to implement. They include eliminating restrictions on the Government Accountability Office’s ability to conduct oversight and giving Congress oversight of Fed policies like quantitative easing.

>>> House Republicans Attempt to Lift ‘Veil of Secrecy’ From Federal Reserve

The bill has already gained popularity in the Republican caucus with 30 co-sponsors, including Sens. Ted Cruz, R-Texas, and Marco Rubio, R-Fla., potential presidential rivals in 2016.

“The Fed has expanded its balance sheet fivefold, yet economic growth is still tepid, businesses are sitting on cash, and median income and household wealth are depressed,” Cruz noted in a statement.

Cruz also slammed the Fed for its secrecy.

“Enough is enough,” Cruz said. “The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on. This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term.”

http://dailysignal.com/2015/01/29/rand-paul-slams-federal-reserves-secrecy-reintroduces-bill-audit-fed/

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 408-411

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 )

John B. Taylor — First Principles: Five Keys To Restoring America’s Prosperity — Videos

Posted on February 8, 2015. Filed under: American History, Banking, Blogroll, Books, British History, Business, College, Communications, Constitution, Documentary, Economics, Education, Employment, European History, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, history, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, Monetary Policy, Money, Non-Fiction, People, Philosophy, Photos, Politics, Raves, Regulations, Talk Radio, Tax Policy, Unemployment, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , |

john-taylor-economisatFirstPrinciplesjohn taylor

Uncommon Knowledge with John B. Taylor

5 Keys to Restoring America’s Prosperity: John B. Taylor

Steine Lecture Series with John B. Taylor

getting off track

Crisis Management with John Taylor

global_financial_warrios

John B Taylor – Policy Options to Restore Prosperity – 26 June 2014

John Taylor: Economic Freedom, Wealth and the Alleviation of Poverty

John Taylor Receives the Bradley Prize — 2010

John B. Taylor, the George P. Shultz Senior Fellow in Economics at the Hoover Institution, is perhaps best known for formulating an equation on setting interest rates that has become known as the Taylor rule. The economist has also, however, been recognized throughout his career for his contributions to teaching, research, and public service, in addition to policy making. On June 16, 2010, the Lynde and Harry Bradley Foundation awarded one of its four 2010 Bradley Prizes to Taylor. The Bradley Prizes, awarded annually, are given to prominent scholars and engaged citizens for outstanding achievement in their fields of endeavor.

John B. Taylor

From Wikipedia, the free encyclopedia
For other people named John Taylor, see John Taylor (disambiguation).
John B. Taylor
JohnBTaylor.jpg

John B. Taylor
Born December 8, 1946(age 68)
Yonkers, New York
Nationality United States
Institution Stanford University
Field Monetary economics
School or tradition
New Keynesian economics
Alma mater Shady Side Academy
Stanford University
Princeton University
Influences Milton Friedman
John Maynard Keynes
Paul Volcker
E. Philip Howrey
Contributions Taylor rule
Information at IDEAS / RePEc

John Brian Taylor (born December 8, 1946) is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University’s Hoover Institution.[1]

Born in Yonkers, New York, he graduated from Shady Side Academy[2] and earned his A.B. from Princeton University in 1968 and Ph.D. from Stanford in 1973, both ineconomics. He taught at Columbia University from 1973–1980 and the Woodrow Wilson School and Economics Department of Princeton University from 1980–1984 before returning to Stanford. He has received several teaching prizes and teaches Stanford’s introductory economics course as well as Ph.D. courses in monetary economics.[3]

In research published in 1979 and 1980 he developed a model of price and wage setting—called the staggered contract model—which served as an underpinning of a new class of empirical models with rational expectations and sticky prices—sometimes called new Keynesian models.[4] [5] In a 1993 paper he proposed the Taylor rule,[6]intended as a recommendation about how nominal interest rates should be determined, which then became a rough summary of how central banks actually do set them. He has been active in public policy, serving as the Under Secretary of the Treasury for International Affairs during the first term of the George W. Bush Administration. His book Global Financial Warriors chronicles this period.[7] He was a member of the President’s Council of Economic Advisors during the George H. W. Bush Administration and Senior Economist at the Council of Economic Advisors during the Ford and Carter Administrations.

In 2012 he was included in the 50 Most Influential list of Bloomberg Markets Magazine. Thomson Reuters lists Taylor among the ‘citation laureates’ who are likely future winners of the Nobel Prize in Economics.[8]

Academic contributions

Taylor’s research—including the staggered contract model, the Taylor rule, and the construction of a policy tradeoff (Taylor) curve[9] employing empirical rational expectations models[10]–has had a major impact on economic theory and policy.[11] Federal Reserve Chairman Ben Bernanke has said that Taylor’s “influence on monetary theory and policy has been profound,”[12] and Federal Reserve Vice Chair Janet Yellen has noted that Taylor’s work “has affected the way policymakers and economists analyze the economy and approach monetary policy.”[13]

Taylor contributed to the development of mathematical methods for solving macroeconomic models under the assumption of rational expectations, including in a 1975Journal of Political Economy paper, in which he showed how gradual learning could be incorporated in models with rational expectations; a 1979 Econometrica paper in which he presented one of the first econometric models with overlapping price setting and rational expectations, which he later expanded into a large multicountry model in a 1993 book Macroeconomic Policy in a World Economy; and a 1982 Econometrica paper,[14] in which he developed with Ray Fair the first algorithm to solve large-scale dynamic stochastic general equilibrium models which became part of popular solution programs such as Dynare and EViews.[15]

In 1977, Taylor and Edmund Phelps, simultaneously with Stanley Fischer, showed that monetary policy is useful for stabilizing the economy if prices or wages are sticky, even when all workers and firms have rational expectations.[16] This demonstrated that some of the earlier insights of Keynesian economics remained true under rational expectations. This was important because Thomas Sargent and Neil Wallace had argued that rational expectations would make macroeconomic policy useless for stabilization;[17] the results of Taylor, Phelps, and Fischer showed that Sargent and Wallace’s crucial assumption was not rational expectations, but perfectly flexible prices.[18]

Taylor then developed the staggered contract model of overlapping wage and price setting, which became one of the building blocks of the New Keynesian macroeconomics that rebuilt much of the traditional macromodel on rational expectations microfoundations.[19] [20]

Taylor’s research on monetary policy rules traces back to his undergraduate studies at Princeton.[21][22] He went on in the 1970s and 1980s to explore what types of monetary policy rules would most effectively reduce the social costs of inflation and business cycle fluctuations: should central banks try to control the money supply, the price level, or the interest rate; and should these instruments react to changes in output, unemployment, asset prices, or inflation rates? He showed[23] that there was a tradeoff—later called the Taylor curve[24]—between the volatility of inflation and that of output. Taylor’s 1993 paper in the Carnegie-Rochester Conference Series on Public Policy proposed that a simple and effective central bank policy would manipulate short-term interest rates, raising rates to cool the economy whenever inflation or output growth becomes excessive, and lowering rates when either one falls too low. Taylor’s interest rate equation has come to be known as the Taylor rule, and it is now widely accepted as an effective formula for monetary decision making.[25]

A key stipulation of the Taylor rule, sometimes called the Taylor principle,[26] is that the nominal interest rate should increase by more than one percentage point for each one-percent rise in inflation. Some empirical estimates indicate that many central banks today act approximately as the Taylor rule prescribes, but violated the Taylor principle during the inflationary spiral of the 1970s.[27]

Recent research

Taylor’s recent research has been on the financial crisis that began in 2007 and the world economic recession. He finds that the crisis was primarily caused by flawed macroeconomic policies from the U.S. government and other governments. Particularly, he focuses on the Federal Reserve which, under Alan Greenspan, a personal friend of Taylor, created “monetary excesses” in which interest rates were kept too low for too long, which then directly led to the housing boom in his opinion.[28] He also believes that Freddie Mac and Fannie Mae spurred on the boom and that the crisis was misdiagnosed as a liquidity rather than a credit risk problem.[29] He wrote that, “government actions and interventions, not any inherent failure or instability of the private economy, caused, prolonged, and worsened the crisis.”[30]

Taylor’s research has also examined the impact of fiscal policy in the recent recession. In November 2008, writing for The Wall Street Journal opinion section, he recommended four measures to fight the economic downturn: (a) permanently keeping all income tax rates the same, (b) permanently creating a worker’s tax credit equal to 6.2 percent of wages up to $8,000, (c) incorporating “automatic stabilizers” as part of overall fiscal plans, and (d) enacting a short-term stimulus plan that also meets long term objectives against waste and inefficiency. He stated that merely temporary tax cuts would not serve as a good policy tool.[31]His research[32] with John Cogan, Tobias Cwik, and Volcker Wieland showed that the multiplier is much smaller in new Keynesian than in old Keynesian models, a result that was confirmed by researchers at central banks.[33] He evaluated the 2008 and 2009 stimulus packages and argued that they were not effective in stimulating the economy.[34]

In a June 2011 interview on Bloomberg Television, Taylor stressed the importance of long term fiscal reform that sets the U.S. federal budget on a path towards being balanced. He cautioned that the Fed should move away from quantitative easing measures and keep to a more static, stable monetary policy. He also criticized fellow economist Paul Krugman‘s advocacy of additional stimulus programs from Congress, which Taylor said will not help in the long run.[35] In his 2012 book First Principles: Five Keys to Restoring America’s Prosperity, he endeavors to explain why these reforms are part of a broader set of principles of economic freedom.

Selected publications

  • Taylor, John B. (1975), ‘Monetary Policy During a Transition to Rational Expectations.’ Journal of Political Economy 83 (5), pp. 1009–1021.
  • Phelps, Edmund S., and John B. Taylor (1977), ‘Stabilizing powers of monetary policy under rational expectations.’ Journal of Political Economy 85 (1), pp. 163–90.
  • Taylor, John B. (1979), ‘Staggered wage setting in a macro model’. American Economic Review, Papers and Proceedings 69 (2), pp. 108–13. Reprinted in N.G. Mankiw and D. Romer, eds., (1991), New Keynesian Economics, MIT Press.
  • Taylor, John B. (1979), ‘Estimation and control of a macroeconomic model with rational expectations’. Econometrica 47 (5), pp. 1267–86.
  • Taylor, John B. (1986), ‘New econometric approaches to stabilization policy in stochastic models of macroeconomic fluctuations’. Ch. 34 of Handbook of Econometrics, vol. 3, Z. Griliches and M.D. Intriligator, eds. Elsevier Science Publishers.
  • Taylor, John B. (1993), ‘Discretion versus policy rules in practice’. Carnegie-Rochester Conference Series on Public Policy 39, pp. 195–214.
  • Taylor, John B. (1999), ‘An historical analysis of monetary policy rules’. Ch. 7 of John B. Taylor, ed., Monetary Policy Rules, University of Chicago Press. Paperback edition (2001): ISBN 0-226-79125-4.
  • Taylor, John B. (2007) Global Financial Warriors, WW Norton, N.Y.
  • Taylor, John B. (2007), “Housing and Monetary Policy,” in Jackson Hole Symposium on Housing, Housing Finance, and Monetary Policy, Federal Reserve Bank of Kansas City.
  • Taylor, John B. (2008), “The Financial Crisis and the Policy Response: An Empirical Analysis of What Went Wrong,” Festschrift in Honor of David Dodge’s Contributions to Canadian Public Policy, Bank of Canada, Nov., pp. 1–18.
  • Taylor, John B. (2009), “Getting Off Track: How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis,” Hoover Institution Press. ISBN 0-8179-4971-2
  • Scott, Kenneth E., George P. Shultz, and John B. Taylor (2010), “Ending Government Bailouts as We Know Them,” Hoover Institution Press. ISBN 0-8179-1124-3
  • Taylor, John B. (2012), “First Principles: Five Keys to Restoring America’s Prosperity,” W. W. Norton & Company. ISBN 0-393-07339-4

See also

References

  1. Jump up^ “Hoover Institution Senior Fellow: Biography”. Hoover Institution. Retrieved 2011-10-27.
  2. Jump up^ Shady Side Academy list of notable alumni
  3. Jump up^ Curriculum vitae, John B. Taylorhttp://www.stanford.edu/~johntayl/cv/TaylorCV-Jan-2012.pdf
  4. Jump up^ Taylor, John B. (1979) “Staggered Wage Setting in a Macro Model,” American Economic Review, Papers and Proceedings, 69 (2), May, pp. 108–113, Reprinted in N. Gregory Mankiw and David Romer (Eds.) New Keynesian Economics, MIT Press, Cambridge, 1991.
  5. Jump up^ Taylor, John B. (1980) “Aggregate Dynamics and Staggered Contracts,” Journal of Political Economy, 88 (1), February, pp. 1–23.
  6. Jump up^ Taylor. John B. (1993) “Discretion Versus Policy Rules in Practice,” Carnegie-Rochester Series on Public Policy, North-Holland, 39, pp. 195–214.
  7. Jump up^ Taylor, John B, (2007) Global Financial Warriors: The Untold Story of International Finance in the Post- 9/11 World, W.W. Norton.
  8. Jump up^ Thomson-Reuters list of ‘citation laureates’ in economics
  9. Jump up^ Taylor, John B, (1979) “Estimation and Control of a Macroeconomic Model with Rational Expectations,” Econometrica, 47 (5), September, pp. 1267–1286. Reprinted in R.E. Lucas and T.J. Sargent (Eds.) Rational Expectations and Econometric Practice, University of Minnesota Press, 1981
  10. Jump up^ Taylor, John B. (1993) Macroeconomic Policy in a World Economy: From Econometric Design to Practical Operation, W.W. Norton
  11. Jump up^ Ben Bernanke refers to the “three concepts named after John that are central to understanding our macroeconomic experience of the past three decades—the Taylor curve, the Taylor rule, and the Taylor principle.” in “Opening Remarks,” Conference on John Taylor’s Contributions to Monetary Theory and Policy
  12. Jump up^ Bernanke, Ben (2007), “Opening Remarks”, Remarks at the Conference on John Taylor’s Contributions to Monetary Theory and Policy.
  13. Jump up^ Yellen, Janet (2007), “Policymaker Roundtable”, Remarks at the Conference on John Taylor’s Contributions to Monetary Theory and Policy.
  14. Jump up^ Fair, Ray C. and John B. Taylor (1983) “Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models,” Econometrica, 51 (4), July, pp. 1169–1185
  15. Jump up^ Kenneth Judd, Felix Kubler, and Karl Schmedders “Computational Methods for Dynamic Equilibria with Heterogeneous Agents,” In Advances in Economics and Econometrics: Theory and Applications, Vol 3. Mathias Dewatripont, Lars Peter Hansen, Stephen J. Turnovsky, Cambridge University Press, 2003, p. 247, and “Eviews Users Guide II.”
  16. Jump up^ Phelps, Edmund and John B. Taylor (1977), “Stabilizing Powers of Monetary Policy under Rational Expectations”, Journal of Political Economy, 85 (1), February, pp. 163–190.
  17. Jump up^ Sargent, Thomas and Wallace, Neil (1975), “‘Rational’ Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule,” Journal of Political Economy 83 (2): 241–254.
  18. Jump up^ Blanchard, Olivier (2000), Macroeconomics, 2nd ed., Ch. 28, p. 543. Prentice Hall, ISBN 0-13-013306-X.
  19. Jump up^ . King, Robert G. and Alexander Wolman (1999), “What Should the Monetary Authority Do When Prices are Sticky?” in Taylor, John B. (1999), Monetary Policy Rules, University of Chicago Press
  20. Jump up^ Taylor, John B. (1999). “Staggered Price and Wage Setting in Macroeconomics” in John B. Taylor and Michael Woodford (Eds.) Handbook of Macroeconomics, North-Holland, Elsevier, pp. 1009–1050.
  21. Jump up^ Taylor, John B. (1968) “Fiscal and Monetary Stabilization Policies in a Model of Cyclical Growth,” (1968), Undergraduate Thesis, Princeton University, April
  22. Jump up^ Taylor, John B. (1968). “Fiscal and Monetary Stabilization Policies in a Model of Endogenous Cyclical Growth”. Research Memorandum No. 104 (Econometric Research Program, Princeton University, October).
  23. Jump up^ Taylor, John B, (1979) “Estimation and Control of a Macroeconomic Model with Rational Expectations,” Econometrica, 47 (5), September, pp. 1267–1286.
  24. Jump up^ Bernanke, Ben (2004), “The Great Moderation”, Remarks at the meeting of the Eastern Economic Association.
  25. Jump up^ A. Orphanides, Athanasios (2007), ‘Taylor rules‘, Finance and Economics Discussion Series 2007–18, Federal Reserve Board.
  26. Jump up^ Davig, Troy and Eric Leeper (2005) “Generalizing the Taylor Principle,” NBER Working Paper 11874.
  27. Jump up^ Clarida, Richard; Mark Gertler; and Jordi Galí (2000), “Monetary policy rules and macroeconomic stability: theory and some evidence.”Quarterly Journal of Economics 115. pp. 147–180.
  28. Jump up^ Taylor, John B. (2007), “Housing and Monetary Policy,” in Housing, Housing Finance, and Monetary Policy, Federal Reserve Bank of Kansas City, September, pp. 463–476.
  29. Jump up^ Taylor (2007), “Housing and Monetary Policy” in Taylor, John B. (2008), “The Financial Crisis and the Policy Response: An Empirical Analysis of What Went Wrong” in Festschrift in Honour of David Dodge’s Contributions to Canadian Public Policy, Bank of Canada, November, pp. 1–18.
  30. Jump up^ Taylor, John B. (2009), “How Government Created the Financial Crisis,” Wall Street Journal, Feb. 9, 2009, p. A19.
  31. Jump up^ Taylor, John B. (November 25, 2008). “Why Permanent Tax Cuts Are the Best Stimulus”. The Wall Street Journal. Retrieved June 30,2011.
  32. Jump up^ Cogan, John F., Tobias Cwik, John B Taylor and Volker Wieland (2010), “New Keynesian versus Old Keynesian Government Spending Multipliers,” Journal of Economic Dynamics and Control, 34 (3), March, pp. 281–295.
  33. Jump up^ Guenter Coenen, et al. (2012), “Effects of Fiscal Stimulus in Structural Models,” American Economic Journal: Macroeconomics, Vol. 4, No. 1, January, pp. 22–68.
  34. Jump up^ Taylor, John B. (2011), “An Empirical Analysis of the Revival of Fiscal Activism in the 2000s,” Journal of Economic Literature, 49 (3), September, pp. 686–702.
  35. Jump up^ “Taylor Says U.S. Needs `Sound’ Monetary, Fiscal Policies”.Bloomberg Television thru Washington Post. June 27, 2011. RetrievedJune 30, 2011.

External links

http://en.wikipedia.org/wiki/John_B._Taylor

 

John B. Taylor

Mary and Robert Raymond Professor of Economics at Stanford University
George P. Shultz Senior Fellow in Economics at the Hoover Institution and Chair of Working Group on Economic Policy

Contact Information   One-Page Bio   Curriculum Vitae   Photo   Other Pictures

Blog Economics One EconomicsOne.com

Twitter @EconomicsOne

 

Recent Books

First Principles: Five Keys to Restoring America’s Prosperity, New Paperback Edition  (with new introduction), 2013, Hardcover or Kindle Edition, 2012

Bankruptcy Not Bailout: A Special Chapter 14, with Kenneth Scott (Eds.) Hoover Press, 2012, Hardcover on Amazon or Kindle version

Government Policies and the Delayed Economic Recovery, with L. Ohanian and I. Wright, (Eds.), Hoover Press, 2012, Hardcover on Amazon or  Kindle version 

Ending Government Bailouts as We Know Them with Kenneth Scott and George Shultz (Eds.) 2010, Hardcover or Kindle or Download Chapters in PDF Formats

The Road Ahead for the Fed with John Ciorciari (Eds.) 2009 Hardcover or Kindle or Download Chapters in PDF Formats

Getting Off Track  How Government Actions and Interventions Caused, Prolonged, and Worsened the Financial Crisis Kindle edition ($2.40), February 2009.

GlobalFinancialWarriors.com The Untold Story of International Finance in the Post-9/11 World Paperback Edition, 2008

Principles of Economics, Macroeconomics, and Microeconomics: Seventh Edition introductory economics text, 2012 Kindle version

 

Interviews and Biographical

Game Changers Interview, MONEY Magazine, August 2012

Interview on Research on Policy and the Response to the Crisis, Region Focus, Federal Reserve Bank of Richmond, First Quarter 2012, pp,29-33.

Interview on Economic Policy, Citadel Conversation, June 2012

Fiscal Follies, Monetary Mischief, Barron’s Interview with Gene Epstein, April 2012

Interview on Teaching Economics with Simon Bowmaker, in The Heart of Teaching Economics: Lessons from Leading Minds, 2011

Bradley Prize Recipient 2010, YouTube of Award Ceremony at John F. Kennedy Center, Written version of acceptance remarks

One Economist’s Solution for Financial Reform and Government Policy and the Recovery, Interviews with Motley Fool, March 2010

The Quest for Rules, Interview in Finance and Development, International Monetary Fund, March 2008

Adam Smith Award, National Association of Business Economics, September 2007

NZZ Profile on Monetary Policy, Translation, Neue Zurcher Zeitung, Zurich, September 2007

Back to the World of Ideas Article about returning to research and teaching after Washington, February 2007

Interview on Global Imbalances and Monetary Policy Rules, Special Report, Citigroup Global Economic and Market Analysis, 2006

Interview on Monetary Research and Policy, From The Region, Federal Reserve Bank of Minneapolis, June 2006

Shorter Interview on Monetary Research and Policy, From Hoover Digest, Fall 2006, adapted from The Region

Profile on International Policy Making, From The Washington Diplomat, December 2005

Interview about Research in the 1990s, From Conversations with Leading Economists, 1999

Profile on Teaching, From Stanford Today, 1998

 

Books and Collections of Articles on Monetary Policy and International Finance

The Taylor Rule and the Transformation of Monetary Policy, Even Koenig, Robert Leeson, and George Kahn (Eds.), Stanford: Hoover Press, 2012

Contributions to Macroeconomics in Honor of John Taylor, Journal of Monetary Economics, Vol. 55, Pages S1-S126, October 2008.

Dallas Fed Conference on “John Taylor’s Contributions to Monetary Theory and Policy,” October 2007

Policies in International Finance 2001-2005: Speeches and testimony given as Treasury Under Secretary with short background pieces, 2005

Monetary Policy Rules Home Page

Conference Recognizing 10th Anniversary of the Taylor Rule (Nov 2002) Conference Volume, Journal of Monetary Economics Vol. 50, No. 5
Monetary Policy Rules, (Editor), University of Chicago Press, 1999

Macroeconomic Policy in a World Economy also available on line  WW Norton

Inflation, Unemployment, and Monetary Policy, (with Robert Solow), MIT Press

Handbook of Macroeconomics, (Editor with Michael Woodford)

 

Recent Papers

 

Using Hybrid Macro-Econometric Models to Design and Evaluate Fiscal Consolidation Strategies , presented at AEA Annual Meetings, January 5, 2015

Inflation Targeting in Emerging Markets: the Global Experience, Keynote Address at the Conference on Fourteen Years of Inflation Targeting in South Africa and The Challenge of a Changing Mandate, South African Reserve Bank Conference Centre, Pretoria, South Africa, October 30, 2014

Introduction to Frameworks for Central Banking in the Next Century, with Michael Bordo, A Special Issue of the Journal of Economic Dynamics and Control, forthcoming

Foreword to Sovereign Debt Management , Rosa M. Lastra and Lee Buchheit (Eds,) Oxford University Press, New York, NY, 2014, pp. vii-ix

Re-Normalize, Don’t New-Normalize Monetary Policy, October 2014

The Federal Reserve in a Globalized World Economy, Federal Reserve Bank of Dallas, September 19, 2014

Rapid Growth or Stagnation: An Economic Policy Choice, Journal of Policy Modeling, May/June 2014

The Role of Policy in the Great Recession and the Weak Recovery, American Economic Review, Papers and Proceedings, May 2014

Causes of the Financial Crisis and the Slow Recovery: A 10-Year Perspective, Prepared for the October 1, 2013 Brookings/Hoover Financial Crisis Conference, December 2013

International Monetary Policy Coordination: Past, Present and Furture, Prepared for the 12th BIS Conference, June 21, 2013

Simple Rules for Financial Stability, Dinner Keynote Address at the Financial Markets Conference, Federal Reserve Bank of Atlanta, Stone Mountain, Georgia, April 9, 2013

Fiscal Consolidation Strategy: An Update for the Budget Reform Proposal of March 2013, with John F. Cogan, Volker Wieland, Maik Wolters, SIEPR Discussion Paper, 2013

Remarks on Monetary Policy Challenges, Bank of England Conference on “Challenges to Central Banks in the 21st Century” in Honor of Mervyn King, March 26, 2013

International Monetary Coordination and the Great Deviation, Journal of Policy Modeling, March 2013, Wkg Paper, presented at the AEA Annual Meetings, January 5, 2013

The Effectiveness of Central Bank Independence Versus Policy Rules, Business Economics, Vol 48, No 3, Wkg Paper, presented at AEA Annual Meetings, January 4, 2013

Monetary Policy During the Past 30 Years With Lessons for the Next 30 Years, Presented at Cato Institute’s 30th Annual Monetary Conference on Money, Markets and Government: The Next 30 Years, November 15, 2012

Questions about Recent Monetary Policy, Presented at the Centennial Celebration of Milton Friedman and the Power of Ideas, University of Chicago, November 9, 2012

Fiscal Consolidation Strategy, with John F. Cogan, Volker Wieland, and Maik Wolters, Journal of Economic Dynamics and Control, February 2013 (Sept 21, 2012 version posted)

Monetary Policy Rules Work and Discretion Doesn’t: A Tale of Two Eras, Journal of Money Credit and Banking, September 2012

Surprising Comparative Properties of Monetary Models: Results from a New Monetary Model Database with Volker Wieland, Review of Economics and Statistics, August 2012

Estimated Impact of the Federal Reserve’s  Mortgage-Backed Securities Purchase Program with Johannes C. Stroebel, International Journal of Central Banking June 2012

Commentary on Capital Flows and the Risk-Taking Channel of Monetary Policy, Discussion at BIS conference, June 2012

Why We Still Need To Read Hayek, The Hayek Prize Lecture (with introduction by Paul Gigot), May 31, 2012

A Comparison of Government Regulation of Risk  in the Financial Services and Nuclear Power Industries with F.A. Wolak, The Nuclear Enterprise, S. Drell and G. Shultz (Eds.) Hoover Press, Stanford, 2012

Towards an Exit Strategy: Discretion or Rules? Published in English and Italian with introduction by Alberto Mingardi and Andrea Battista, 2012, e-book on Kindle

Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation, (with Andrew Levin), in Michael Bordo and Athanasios Orphanides. (Eds.) The Great Inflation University of Chicago Press, 2012

What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package, (with John F. Cogan), in Government Policies and the Delayed Economic Recovery, Lee Ohanian, John B. Taylor, Ian Wright (Eds,) Hoover Press, Stanford, 2012

Swings in the Rules-Discretion Balance, In Rethinking Expectations: The Way Forward for Macroeconomics, Roman Frydman and Edmunds Phelps, (eds.), Princeton University Press, 2012.

 

Less Recent Papers

1968-2011

 

Recent Congressional Testimony

Requirements for Policy Rules for the Fed, Testimony before the Committee on Financial Services, U.S. House of Representatives, July 10, 2014

After Unconventionnal Monetary Policy, Testimony before the Joint Economic Committee of Congress, March 26, 2014

Monetary Policy and the State of the Economy, Testimony before the Committee on Financial Services, U.S. House of Representatives, February 11, 2014

Too Big to Fail, Title II of the Dodd-Frank Act and Bankruptcy Reform, Testimony Before The Oversight and Investigations Subcommittee Committee on Financial Services, U.S. House of Representatives, May 15, 2013

A Steadier Course for Monetary Policy, Testimony before the Joint Economic Committee of Congress, April 18, 2013

A Review of Recent Monetary Policy, Testimony before the Subcommittee on Monetary Policy and Trade Committee on Financial Services US House of Representatives, March 5, 2013

Government Regulatory Policies and the Delayed Economic Recovery, Testimony before the Committee on the Judiciary, September 20, 2012

Testimony before the Subcommittee on Domestic Monetary Policy of the Committee on Financial Services at the Hearing on “Improving the Federal Reserve System: Examining Legislation to Reform the Fed and Other Alternatives,” May 8, 2012

A Regulatory Moratorium as Part of a Comprehensive Economic Strategy, Testimony before the Subcommittee on Courts, Commercial and Administrative Law, Committee on the Judiciary, February 27, 2012

Testimony before the Joint Economic Committee at the Hearing on “Monetary Policy Going Forward: Why a Sound Dollar Boosts Growth and Employment,” March 27, 2012

The Need for a Comprehensive Economic Strategy, Testimony before the Committee on Finance Subcommittee on Fiscal Responsibility and Economic Growth, U.S. Senate, September 13, 2011

An Assessment of the President’s Proposal to Stimulate the Economy and Create Jobs, Testimony Before the Committee on Oversight and Goverment Reform Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending, U.S. House of Representatives, September 13, 2011

Why a Credible Budget Strategy Will Reduce Unemployment and Increase Economic Growth Testimony Before the Joint Economic Committee of the Congress of the U.S., June 21, 2011
Slides to Accompany Why a Credible Budget Strategy Will Reduce Unemployment and Increase Economic Growth Testimony, June 21, 2011

Evaluating the TARP, Senate Banking Committee Written Testimony, March 17, 2011

The 2009 Stimulus Package: Two Years Later, Testimony before the Committee on Oversight and Government Reform Subcommittee on Regulatory Affairs, February 16, 2011

Economic Growth and Job Creation: The Road Forward, Testimony before the Committee on Financial Services, U.S. House of Representatives, January 26, 2011

Assessing the Federal Policy Response to the Economic Crisis, Testimony before the Senate Budget Committee, September 22, 2010

Testimony before the Committee on the Budget, U.S. House of Representatives, July 1, 2010

An Exit Rule for Monetary Policy, Testimony before the Committee on Financial Services, U.S. House of Representatives, March 25, 2010

Response to Questions from the Financial Crisis Inquiry Commission, November 2009

Testimony, Committee on the Judiciary, Subcommittee on Commercial and Administrative Law, U.S. House of Representatives, October 22, 2009

Monetary Policy and Systemic Risk Regulation, Committee on Financial Services, U.S. House of Representative, July 9, 2009

Monetary Policy and the Recent Extraordinary Measures Taken by the Federal Reserve, Committee on Financial Services, U.S. House of Representatives, Feb. 26, 2009

The State of the Economy and Principles for Fiscal Stimulus, Committee on the Budget, U.S. Senate, Nov. 19, 2008

Monetary Policy and the State of the Economy, Committee on Financial Services, U.S. House of Representatives, Feb. 26, 2008

 

Papers on the Long Boom and the Great Moderation

Monetary Policy and the Long Boom

Remarks on “Recent Changes in Trend and Cycle”

The Long Boom: Sosa, McGwire, and Greenspan (slides)

 

Op-Eds and Articles

A New Twist in Online Learning at Stanford, Wall Street Journal, September 1, 2014

The Fed’s Ad Hoc Departures from Rule-Based Monetary Policy Has Hurt the Economy, Wall Street Journal, July 22, 2014

How to Spark Another ‘Great Moderation’, Wall Street Journal, July 15, 2014

The Fed Needs to Return to Monetary Rules, Wall Street Journal, June 26, 2014

Obama and the IMF Are Unhappy With Congress? Good, Wall Street Journal, February 14, 2014

The Economic Hokum of ‘Secular Stagnation’, Wall Street Journal, January 1, 2014

Economic Failure Causes Political Polarization, Wall Street Journal, October 28, 2013

The Weak Recovery Explains Rising Inequality, Not Vice Versa, Wall Street Journal, September 9, 2013

Once Again, the Fed Shies Away From the Exit Door, Wall Street Journal, July 12, 2013

Please Be Sure to Share Your Thoughts, Mr Governor, Financial Times, July 2, 2013

How to Let Too-Big-To-Fail Banks Fail (with Kenneth E. Scott), Wall Street Journal, May 15, 2013

A Better Strategy for Faster Growth (with George P. Shultz, Gary S. Becker, Michael J. Boskin, John F. Cogan, Allan H. Meltzer), Wall Street Journal, March 24, 2013

How the House Budget Would Boost the Economy, Wall Street Journal, March 18, 2013

Sequester Impact Small, Says Stanford Professor: Chart, Bloomberg, March 1, 2013

Fed Policy Is a Drag on the Economy, Wall Street Journal, January 29, 2013

Raw Deal, A critique of Michael Grunwald’s review of the stimulus, Foreign Policy, November 2012

Intro to Romneynomics, Defining Ideas, October 29, 2012

The Romney Cure for Obama-Induced Economic Ills, Wall Street Journal, October 4, 2012

The Magnitude of the Mess We’re In (with George P. Shultz, Michael J. Boskin, John F. Cogan, Allan H. Meltzer), Wall Street Journal, September 17, 2012

The Hidden Costs of Monetary Easing (with Phil Gramm), Wall Street Journal,September 12, 2012

When Volcker Ruled, Wall Street Journal,September 8, 2012

The Road to Recovery, City Journal, Vol. 22, No. 3, Summer 2012

Monetary Policy and the Next Crisis, Wall Street Journal, July 5, 2012

Slowing Foreclosures Will Harm Housing Market, San Francisco Chronicle (with Doug Holtz-Eakin), July 2, 2012

Rules for America’s Road to Recovery, Wall Street Journal, June 1, 2012

The Dangers of an Interventionist Fed, Wall Street Journal, March 29, 2012

A Better Grecian Bailout, Wall Street Journal, February 22, 2012

Economics for the Long Run, Wall Street Journal, January 25, 2012

Less recent op-eds and articles

 

Videos of Interviews and Talks

Fed’s Policy ‘Disappointing’ CNBC Squawk Box, September 10, 2014

Revolutionizing Higher Education CNBC Squawk Box, September 10, 2014

Nice-Squared Bretton Woods Conference , September 2, 2014

Legislation to Reform the Federal Reserve on Its 100-year Anniversary Testimony before the Committee on Financial Services, U.S. House of Representatives, July 10, 2014

Time to Reform the Fed CNBC Squawk Box, July 10, 2014

Sudden Interest Rate Hike Could Shake Markets: Pro CNBC Squawk Pretrade, June 25, 2014

John Taylor’s Growth Outlook CNBC’s Street Signs, May 29, 2014

Fed policy Under Fire CNBC’s Santelli Exchange, April 30, 2014

Fed policy hasn’t worked well: Expert CNBC’s Santelli Exchange, March 21, 2014 (2:34)

Federal Reserve Announces Pull Back on Stimulus as Bernanke Nears End of Tenure PBS NewsHour, December 18, 2013 (12:37)

Interview with Rick Santelli on the Fed (after his auction report) CNBC’s Santelli Exchange, December 18, 2013 (3:41)

Debate with Alan Greenspan and John Taylor (1) The Kudlow Report, December 10, 2013 (4:27)

Debate with Alan Greenspan and John Taylor (2) The Kudlow Report, December 10, 2013 (4:23)

After 100 years, What’s Next for the Fed Chart Cast from Hoover Retreat, November 12, 2013 (26:25)

John Taylor Urges Fed Return to Predictable Policy, Bloomberg’s Market Makers November 1, 2013 (6:04)

Yellen to return to old Fed policies? Fox Business, November 1, 2013 (3:59)

A Climate Change in Economic Policy Speech at Dallas Fed, October 3, 2013 (12:54)

Summers out, Yellen in? CNBC’s Kudlow Report, September 17, 2013 (11:28)

Is Janet Yellen the likely pick for Fed? Fox Business, September 16, 2013 (6:20)

The Debt Limit Showdown CNBC’s Rise Above, August 27, 2013 (7:22)

Fed Should Be Deliberative on Tapering, Taylor Says Bloomberg’s Street Smart , August 23, 2013 (7:57)

The 5 Principles to Restoring the U.S. Economy Fox Business , August 22, 2013 (5:56)

Will We See the Fed Begin to Taper in September? Bloomberg TV, Bottom Line, July 31, 2013 (5:39)

First Principles: Five Keys to Restoring America’s Prosperity Book TV , July 29, 2013 (19:19)

Taper Talk & the Fed Debate on the Kudlow Report , June 14, 2013 (8:30)

Introduction to Yang Jisheng, author of Tombstone 2013 Hayek Prize winner, May 29, 2013 (7:14)

Worst Recovery We’ve Seen in Years CNBC, April 30, 2013 (4:24)

Complete US Growth Likely 3 Percent in First Quarter Bloomberg TV, April 22, 2013 (6:27)

Bulging Budget Bothers Market Master CNBC’s, Squawk Box, April 12, 2013 (4:31)

Slowest Recovery in History  Wall Street Journal, Uncommon Knowledge, April 2013 (2:29)

Is There Anything We Can Do? Wall Street Journal, Uncommon Knowledge. April, 2013 (1:46)

Complete Interview on the Economic Recovery Wall Street Journal, Uncommon Knowledge, April 2013 (34:32)

Economic Freedom, Wealth, and the Alleviation of Poverty, Lecture in Stanford’s Ethics of Wealth Series, March 14, 2013 (1:23:51)

Beyond the Cuts, CNBC, March 5, 2013 (3:59)

How Uncertainty is Hurting the Economy, CNBC’s Squawk Box, February 7, 2013 (2:38)

Why the Economy is Stuck in Neutral, CNBC’s Squawk Box, February 7, 2013 (5:09)

John Taylor on Spending Cuts, Fox Business, February 7, 2013 (3:42)

Where’s the Inflation?, Wall Street Journal’s Opinion Journal, February 7, 2013 (4:50)

John Taylor on Fed’s Dual Mandate, Bloomberg’s Bottom Line, February 7, 2013 (5:37)

Slow Growth Is Biggest Economic Challenge Facing Incoming President, (with Austan Goolsbee), PBS NewsHour November 2, 2012 (11:39)

Our Unemployment Number is a Tragedy, Bloomberg’s in the Loop, November 2, 2012, (4:24)

We Could Be Doing Better, CNN, November 2, 2012 (2:56)

Recovery Would Have Been Better Without Quantitative Easing, Fox Business News, October 26, 2012

Part II of Recovery Would Have Been Better…, Fox Business News, October 26, 2012

Taylor: Romney Did a Terrific Job on Economy October 4, 2012, Bloomberg’s In the Loop (2:35)

Discussion-Debate with Kenneth Arrow on the Economy and the 2012 Election, October 9, 2012 (1:26:54)

Is This a Recovery in Name Only? September 21, 2012, CNBC’s Squawk Box (7:44)

Will Fed’s Sprint to Print Ease Economic Woes?  September 21, 2012, CNCB’s Squawk Box (7:43)

Will Bernanke Announce Policy Changes in Jackson Hole? August 30, 2012, Fox Business (6:38)

Will Americans Buy Romney’s Proposals to Turn Around the Economy? August 28, 2012, PBS Newshour (8:41)

Taylor Says Fed Should Return to Rules-Based Policy August 28, 2012, Bloomberg Street Smart (9:11)

The Biggest Threats to the U.S. Economy August 23, 2012, Fox Business Willis Report (4:53)

Romney’s Economic Proposal Gaining Support Among Economists?, August 21, 2012 Fox Business (4:04)

What Can the Fed Do to Prop Up the Economy July 31, 2012, Fox Business (3:47)

Interview on Hayek and Policy Rules with Rick Santelli June 26, 2012, CNBC’s Squawk on the Street (6:25)

Interview on Economics, Leading Economists Series, Center for Advanced Studies in Economic Efficiency, December 2011

How US Can Reclaim Its Economic Strength? June 8, 2012, CNBC’s Squawk Box (6:25)

The Eighth Annual Hayek Lecture June 1, 2012, The Manhattan Institute for Policy Research (57:48)

Monetary, Fiscal Policies Stall Growth, Taylor Says May 31, 2012, Bloomberg Television’s Inside Track (4:34)

First Principles: Five Keys to Restoring America’s Prosperity April 19, 2012, C-Span (37:47)

Tracking Gains in the Job Market April 9, 2012, CNBC’s Squawk Box (6:53)

The Power of the Markets April 9, 2012, CNBC’s Squawk Box (3:55)

Economic Debate: John Taylor and Larry Summers April 4, 2012, SIEPR (1:14:00)

Five Keys to Restoring America’s Prosperity April 3, 2012, Reason TV (5:31)

Stocks Swing Higher March 8, 2012, CNBC’s Squawk Box (7:27)

Bernanke’s Testimony and the Economy March 1, 2012, CNBC’s Squawk Box (8:46)

First Principles: Five Keys to Restoring America’s Prosperity February 24, 2012, The Heritage Foundation (37:20)

The Greek Bailout Equation February 22, 2012, Wall Street Journal TV  (6:36)

Taylor on U.S. Budget Deficit February 21, 2012, Bloomberg Television’s Street Smart  (4:10)

Will Greece Get Bailout Package? February 14, 2012, CNBC (3:13)

Taylor on U.S. Deficit, Fed, Greece February 6, 2012, Bloomberg TV (7:09)

Economics for the Long Run January 24, 2012, Wall Street Journal TV (8:27)

Restoring Prosperity: Trust Markets, Not Bailouts January 24, 2012, The Street (3:13)

John Taylor’s Spending Rules to Live By January 23, 2012, Wall Street Journal TV (8:27)

The 5 Steps to Fixing the Economy January 20, 2012, Fox Business’ Willis Report (4:24)

Taylor on Fed Policy, US Economy January 20, 2012, Bloomberg’s Surveillance Midday (12:51)

Carnegie’s Meltzer on Fed Policy, Taylor Rule January 20, 2012, Bloomberg’s Surveillance Midday with Allan Meltzer (7:22)

Principles to Restore the Economy January 20, 2012, CNBC’s Squawk Box (9:58)

Market Anticipates FOMC January 20, 2012, CNBC’s Squawk Box, segment on monetary policy with Steve Liesman (6:55)

“Economic Principles for Growth” January 20, 2012, CNBC’s Squawk Box (1:30)

Less recent videos of interviews and talks

 

Podcasts

John Taylor on the John Batchelor Show June 3, 2014, John Bachelor Show.

Taylor on Hays Advantage May 29, 2014, Hays Advantage, Bloomberg Radio.

Taylor on the Larry Kudlow Show March 22, 2014, The Larry Kudlow Show (86:34).

Taylor on the Larry Kudlow Show February 15, 2014, The Larry Kudlow Show (78:28).

John Taylor on the John Batchelor Show January 14, 2014, John Bachelor Show (19:27).

Extreme Policies Are a Big Problem, Despite Naysayer November 5, 2013, John Batchelor Show (10:07).

What Will It Take to Get the US Economy Moving? October 3, 2013, National Press Club Update-1 (9:47).

Republican Convention Coverage Part 2 August 30, 2012, WNYC’s Brian Lehrer Show (44:25).

The Romney Economic Plan August 29, 2012, NPR’s On Point (47:31).

Taylor on a Gold Standard and a Rules Based Fed Policy August 27, 2012, Hays Advantage (15:29).

First Principles and the Rule of Law June 26, 2012, John Bachelor Show.

First Principles: Five Keys to Restoring America’s Prosperity June 18, 2012, Money, Riches, and Wealth (21:55).

Fixing the weak US economy requires more long-term policy June 5, 2012, Market Place (4:04).

John Taylor’s 2012 Hayek Prize May 15, 2012, John Batchelor Show.

2012 Hayek Prize for First Principles May 15, 2012, John Batchelor Show (39:47).

John Batchelor Show Debate at the Hoover Institution, April 28-29, 2012

Keynes and Hayek, with attention to Milton Friedman’s conversation on Keynes and Hayek. Nicholas Wapshott, John Taylor, Michael Boskin, Russ Roberts. (Three segments broadcast on April 28 and 29, 2012 on the John Batchelor Show)

Segment 1

Segment 2

Segment 3

Taylor on Rules, Discretion and First Principles April 30, 2012, EconTalk. 1:02:34

Taylor on the John Batchelor Show April 3, 2012, John Batchelor Show.

First Principles: Five Keys to Restoring America’s Prosperity March 3, 2012, Larry Kudlow Show.

John Taylor on Returning Economy to Prosperity February 27, 2012, The Foundry (7:27).

Rebecca Costa’s Interview with John B. Taylor February 17, 2012, The Costa Report (51:20).

Five Keys to Restoring America’s Prosperity February 16, 2012, KQED’s Forum (52:00).

John Taylor on Payne Nation January 25, 2012, Payne Nation.

John Taylor on the Tom O’Brien Show January 25, 2012, Tom O’Brien Show (starts around 1:21:00).

Stanford’s Taylor Says Economic Crisis Not Over January 20, 2010, Bloomberg’s Surveillance (13:50).

First Principles Broadcast on January 17, 2012, John Batchelor Show (starts at 19:27).

Less recent podcasts

 

Economics Teaching

Monetary Theory and Policy Lecture Slides and Syllabus for Stanford Ph.D. course, Spring 2013

Lessons From the Financial Crisis for Teaching Economics, Slide Presentation for AEA Conference on Teaching. June 2011

Economics 1A  Debt Charts from Lecture 2, S&P 500 Box, Adam Smith on the Woolen Coat; Smith Bio, The Role of Private Organizations, Rose Friedman, McKinnon on China, Lehman Weekend, JPMorgan-Money Multiplier, Monetary Imbalance Table-GDW, Phelps On Tunisia, Shultz on Steady as You Go, Requirements for Policy Rules for the FOMC

Caps for Sale: The Economic Side of the Story Stanford Economics Graduation, June 2008

Remarks at Stanford Economics Graduation Ceremony 1999

Economics 169, Spring 2008

Economics 212, Spring 2008

Ideas for the Economics Lecture Innovative Techniques for Teaching Economics

Surprise Side Economics: Ideas for Introductory Economics

Teaching Modern Macroeconomics at the Principles Level

 

Earlier Editions of Textbooks

Economics, Second Edition, Houghton Mifflin

Economics, Third Edition, Houghton Mifflin

Economics, Fifth Edition, Houghton Mifflin

Economics, Sixth Edition, Houghton Mifflin

Principles of Microeconomics, Second Edition, Houghton Mifflin

Principles of Microeconomics, Third Edition, Houghton Mifflin

Principles of Microeconomics, Fourth Edition, Houghton Mifflin

Principles of Microeconomics, Fifth Edition, Houghton Mifflin

Principles of Microeconomics, Sixth Edition, Houghton Mifflin

Principles of Macroeconomics, Second Edition, Houghton Mifflin

Principles of Macroeconomics, Third Edition, Houghton Mifflin

Principles of Macroeconomics, Fourth Edition, Houghton Mifflin

Principles of Macroeconomics, Fifth Edition, Houghton Mifflin

Principles of Macroeconomics, Sixth Edition, Houghton Mifflin

Macroeconomics , Principles Text for Australian Economy with Bruce Littleboy, Third Edition, John Wiley

Microeconomics, Principles Text for Australian Economy with Lionel Frost), Third Edition, John Wiley

Handbook of Macroeconomics, (Editor with Michael Woodford)

Macroeconomics Intermediate Text with Robert E. Hall and David Papell, Sixth Edition, WW

 

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

Niall Ferguson — The Ascent of Money: A Financial History of The World, Financial Crisis, Empire, Descent of Money and Beyond The War of The World — Videos

Posted on December 24, 2014. Filed under: American History, Banking, Blogroll, Books, College, Communications, Computers, Corruption, Crisis, Documentary, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, history, History of Economic Thought, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, People, Philosophy, Photos, Politics, Psychology, Rants, Raves, Tax Policy, Technology, Video, War, Wealth, Welfare, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

Ascent_of_Moneyascent of moneyferguson_2164225b

The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd 1 5 Full Documentary

Professor Niall Ferguson – The Descent of Money

Niall Ferguson on importance of civil institutions and more, at Norwegian Nobel Institute

Niall Ferguson on the recent financial meltdown

Niall Ferguson – The Ascent of Money

Niall Ferguson at Charlie Rose 2011

[BBC Parliament] Niall Ferguson Lecture on his new book, The Ascent of Money – 14-12-08

Niall Ferguson Interview: Books, Financial History, Cash Nexus, Economics, Ascent of Money (2004)

Ferguson: Fiscal Crises and Imperial Collapses

Niall Ferguson: Fiscal Crises and Imperial Collapses: Historical Perspective on Current Predicaments

China and the West: Divergence and Convergence

NEED TO KNOW Niall Ferguson on the Tea Party, budget cuts and the economy

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 1/5

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 2/5

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 3/5

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 4/5

Niall Ferguson – Empire: How Britain Made the Modern World – Why Britain? 5/5

Conversations with History: Niall Ferguson

war of the world

The War of the World — Episode 1

The War of the World — Episode 2

The War of the World — Episode 3

The War of the World — Episode 4

The War of the World — Episode 5

The War of the World — Episode 6

 

Niall Ferguson

From Wikipedia, the free encyclopedia
Not to be confused with Niels Ferguson.
Niall Ferguson
Born Niall Campbell Douglas Ferguson
18 April 1964 (age 50)
Glasgow, Scotland
Nationality British
Fields International history, economic history, American and British imperial history
Institutions Harvard University
Stanford
New York University
New College of the Humanities
Jesus College, Oxford
Alma mater Magdalen College, Oxford
Known for Empire: How Britain Made the Modern World
Influences Thomas Hobbes, Norman Stone,A. J. P. Taylor, Kenneth Clark,Adam Smith, Friedrich Hayek,Milton Friedman, John Maynard Keynes, David Landes
Spouse Sue Douglas (1987–2011)
Ayaan Hirsi Ali (2011–present)

Niall Campbell Douglas Ferguson (/ˈnl ˈfɜr.ɡə.sən/; born 18 April 1964)[1] is a Scottish historian. He is the Laurence A. Tisch Professor of History at Harvard University. He is also a Senior Research Fellow of Jesus College, University of Oxford, a Senior Fellow of the Hoover Institution, Stanford University and visiting professor at the New College of the Humanities. His specialties are international history, economic history, particularly hyperinflation and the bond markets, and British and Americanimperialism.[2] He is known for his provocative, contrarian views.[3]

Ferguson’s books include Empire: How Britain Made the Modern World, The Ascent of Money: A Financial History of the World and Civilization: The West and the Rest, all of which he has presented as Channel 4 television series.

In 2004, he was named as one of the 100 most influential people in the world by Time magazine. Since 2011,[dated info] he has been a contributing editor for Bloomberg Television[4][5] and a columnist for Newsweek.

Ferguson was an advisor to John McCain’s U.S. presidential campaign in 2008, and announced his support for Mitt Romney in 2012 and has been a vocal critic of Barack Obama.[6][7]

Early life

Ferguson was born in Glasgow, Scotland, on 18 April 1964. His father was a doctor and his mother a physics teacher.[8][9] He attended The Glasgow Academy.[10] He was brought up as, and remains, an atheist.[11]

Ferguson cites his father as instilling in him a strong sense of self-discipline and of the moral value of work, while his mother encouraged his creative side.[12] His journalist maternal grandfather encouraged him to write.[12] Unable to decide on studying an English or a history degree at university, Ferguson cites his reading of War and Peace as persuading him towards history.[9]

University of Oxford

Ferguson received a Demyship (half-scholarship) at Magdalen College, Oxford.[13] While there he wrote the 90 minute student film ‘The Labours of Hercules Sprote’ and became best friends with Andrew Sullivan, based on a shared affinity for right-wing politics and punk music.[14] He had become a Thatcherite by 1982, identifying the position with “the Sex Pistols‘ position in 1977: it was a rebellion against the stuffy corporatism of the 70s.”[9] While at university “He was very much a Scot on the make … Niall was a witty, belligerent bloke who seemed to have come from an entirely different planet,” according to Simon Winder.[14]Ferguson has stated that “I was surrounded by insufferable Etonians with fake Cockney accents who imagined themselves to be working-class heroes in solidarity with the striking miners. It wasn’t long before it became clear that the really funny and interesting people on campus were Thatcherites.”[14]

He graduated with a first-class honours degree in history in 1985.[13] He received his D.Phil from Magdalen College in 1989, and his dissertation was entitled “Business and Politics in the German Inflation: Hamburg 1914–1924”.[15]

Career

Academic career

Ferguson is a Senior Research Fellow of Jesus College, University of Oxford, and a Senior Fellow of the Hoover Institution, Stanford University. He is a resident faculty member of the Minda de Gunzburg Center for European Studies, and an advisory fellow of the Barsanti Military History Center at the University of North Texas.

In May 2010, he announced that the Education Secretary Michael Gove in the UK’s Conservative/Lib Dem government had invited him to advise on the development of a new history syllabus—”history as a connected narrative”—for schools in England and Wales.[17][18] In June 2011, he joined other academics to set up the New College of the Humanities, a private college in London.[19]

Fellow academics have questioned Ferguson’s commitment to scholarship. Benjamin Wallace-Wells, an editor of The Washington Monthly, comments that

The House of Rothschild remains Ferguson’s only major work to have received prizes and wide acclaim from other historians. Research restrains sweeping, absolute claims: Rothschild is the last book Ferguson wrote for which he did original archival work, and his detailed knowledge of his subject meant that his arguments for it couldn’t be too grand.”[20]

John Lewis Gaddis, a Cold War era historian, characterised Ferguson as having unrivaled “range, productivity and visibility” at the same time as criticising his work as being “unpersuasive”. Gaddis goes on to state that “several of Ferguson’s claims, moreover, are contradictory”.[21]

Marxist historian Eric Hobsbawm has praised Ferguson as an excellent historian.[22] However, he has also criticised Ferguson, saying, on the BBC Radio programme Start the Week, that he was a “nostalgist for empire”.[23] Ferguson responded to the above criticisms in a Washington Post “Live Discussions” online forum in 2006.[24] [clarification needed]

Business career

In 2007, Ferguson was appointed as an investment management consultant by GLG Partners, focusing on geopolitical risk as well as current structural issues in economic behaviour relating to investment decisions.[25] GLG is a UK-based hedge fund management firm headed by Noam Gottesman.[26]

Career as commentator

In October 2007, Ferguson left The Sunday Telegraph to join the Financial Times where he was a contributing editor.[27][28] He also writes for Newsweek.[17]

Ferguson has often described the European Union as a disaster waiting to happen,[29] and has criticised President Vladimir Putin of Russia for authoritarianism. In Ferguson’s view, certain of Putin’s policies, if they continue, may stand to lead Russia to catastrophes equivalent to those that befell Germany during the Nazi era.[30]

Books

The Cash Nexus

In his 2001 book, The Cash Nexus, which he wrote following a year as Houblon-Norman Fellow at the Bank of England,[28] Ferguson argues that the popular saying, “money makes the world go ’round”, is wrong; instead he presented a case for human actions in history motivated by far more than just economic concerns.

Colossus and Empire

In his books Colossus and Empire, Ferguson presents a reinterpretation of the history of the British Empire and in conclusion proposes that the modern policies of the United Kingdom and the United States, in taking a more active role in resolving conflict arising from the failure of states, are analogous to the ‘Anglicization’ policies adopted by the British Empire throughout the 19th century.[31][32] In Colossus, Ferguson explores the United States’ hegemony in foreign affairs and its future role in the world.[33][34]

War of the World

The War of the World, published in 2006, had been ten years in the making and is a comprehensive analysis of the savagery of the 20th century. Ferguson shows how a combination of economic volatility, decaying empires, psychopathic dictators, and racially/ethnically motivated (and institutionalised) violence resulted in the wars and the genocides of what he calls “History’s Age of Hatred”. The New York Times Book Reviewnamed War of the World one of the 100 Notable Books of the Year in 2006, while the International Herald Tribune called it “one of the most intriguing attempts by an historian to explain man’s inhumanity to man“.[35]Ferguson addresses the paradox that, though the 20th century was “so bloody”, it was also “a time of unparalleled [economic] progress”. As with his earlier work Empire,[36] War of the World was accompanied by aChannel 4 television series presented by Ferguson.[37]

The Ascent of Money

Published in 2008, The Ascent of Money examines the long history of money, credit, and banking. In it he predicts a financial crisis as a result of the world economy and in particular the United States using too much credit. Specifically he cites the ChinaAmerica dynamic which he refers to as Chimerica where an Asian “savings glut” helped create the subprime mortgage crisis with an influx of easy money.[38] While researching this book, in early 2007, he attended a conference in Las Vegas where a hedge fund manager stated there would never be another recession, Ferguson stood up and challenged him on it. Later the 2 agreed a 7 to 1 bet, that there would be another recession, for $14,000, with Ferguson paying that amount if he lost and winning $98,000. “I said, ‘Never is a very bad timeframe,'” Ferguson said. “‘Let’s say five years.'” Ferguson collected his winnings as he knew having researched the book and written several papers on economics in history, so knew another recession would definitely occur and with this bet placed a timeline of it occurring before 2012.[39]

Civilization

Published in 2011, Civilization: The West and the Rest examines what Ferguson calls the most “interesting question” of our day: “Why, beginning around 1500, did a few small polities on the western end of the Eurasian landmass come to dominate the rest of the world?” He attributes this divergence to the West’s development of six “killer apps” largely missing elsewhere in the world – “competition, science, the rule of law, medicine, consumerism and the work ethic”.[17] A related documentary Civilization: Is the West History? was broadcast as a six-part series on Channel 4 in March and April 2011.[40]

Opinions and research

World War I

In 1998, Ferguson published the critically acclaimed The Pity of War: Explaining World War One, which with the help of research assistants he was able to write in just five months.[13][14] This is an analytic account of what Ferguson considered to be the ten great myths of the Great War. The book generated much controversy, particularly Ferguson’s suggestion that it might have proved more beneficial for Europe if Britain had stayed out of the First World War in 1914, thereby allowing Germany to win.[41] Ferguson has argued that the British decision to intervene was what stopped a German victory in 1914–15. Furthermore, Ferguson expressed disagreement with the Sonderweg interpretation of German history championed by some German historians such as Fritz Fischer, Hans-Ulrich Wehler, Hans Mommsen and Wolfgang Mommsen, who argued that the German Empire deliberately started an aggressive war in 1914. Likewise, Ferguson has often attacked the work of the German historian Michael Stürmer, who argued that it was Germany’s geographical situation in Central Europe that determined the course of German history.

On the contrary, Ferguson maintained that Germany waged a preventive war in 1914, a war largely forced on the Germans by reckless and irresponsible British diplomacy. In particular, Ferguson accused the British Foreign Secretary Sir Edward Grey of maintaining an ambiguous attitude to the question of whether Britain would enter the war or not, and thus confusing Berlin over just what was the British attitude towards the question of intervention in the war.[42] Ferguson accused London of unnecessarily allowing a regional war in Europe to escalate into a world war. Moreover, Ferguson denied that the origins of National Socialismcould be traced back to Imperial Germany; instead Ferguson asserted the origins of Nazism could only be traced back to the First World War and its aftermath.

Ferguson attacked a number of ideas which he called “myths” in the book. They are listed here, (with his counter-arguments in parentheses):

  • Germany was a highly militarist country before 1914. (Ferguson argued that Germany was Europe’s most anti-militarist country when compared to countries like Britain and France.)[43]
  • The naval threat posed by Germany drove Britain into an informal alliance with France and Russia before 1914. (Ferguson argues that the British decided to align themselves with Russia and France seeing them as more influential and powerful than Germany.)[44]
  • British policy was due to a legitimate fear of Germany. (Ferguson shows how Germany posed no significant threat to Britain and British fears were driven by propaganda and economic self interest.)[45]
  • The pre-1914 arms race was consuming increasingly larger portions of national budgets at an unsustainable rate. (Ferguson demonstrates using actual budget information of the European powers that the only limitations on more military spending before 1914 were political, not economic.)[46]
  • That World War I was an act of aggression on the part of Germany that provoked the British to stop Germany from conquering Europe. (Ferguson infers that if Germany had been victorious over France and Russia, something like the European Union would have been created in 1914. It would have been for the best if Britain had chosen to opt out of war in 1914, as Germany just wanted its “place in the sun.”)[47]
  • Most people were enthusiastic when the war started in 1914. (Ferguson claims that most Europeans were saddened by the start of war, especially when it dragged on long after it was supposed to end.)[48]
  • That propaganda was successful in making men wish to fight. (Ferguson states that propaganda was not nearly as effective as most experts argue.)[49]
  • The Allies utilized their economic resources to the fullest. (Ferguson argues that the allies made poor use of their vast economic resources such as those coming from their colonies as well as corruption in the war time governments. France and Britain both possessed huge colonial possessions that offered a plethora of resources as well as man power.)[50]
  • That the British and the French possessed better armies than the central powers. (Ferguson claims that the German Army was superior, with better equipment and leadership.)[51]
  • The Allies were better at killing Germans throughout the war. (Ferguson statistically shows that the Germans were actually far superior in exacting casualties than the Allies, this is due to German strategy and use of poison gas.)[52]
  • The majority of soldiers hated fighting in the war due to intolerable conditions. (Ferguson asserts that most soldiers fought due to nationalism and a sense of duty.)[53]
  • The British treated German prisoners more humanely than the Germans did. (Ferguson cites numerous occasions in which British officers ordered the killing of German prisoners of war.)[54]
  • Germany was faced with reparations that could not be paid except at the expense of the German economy. (Ferguson attempts to prove that Germany could have paid reparations if they had been willing.)[55]

Another controversial aspect of The Pity of War is Ferguson’s use of counterfactual history also known as “speculative” or “hypothetical” history. In the book, Ferguson presents a hypothetical version of Europe being, under Imperial German domination, a peaceful, prosperous, democratic continent, without ideologies like communism or fascism.[56] In Ferguson’s view, had Germany won World War I, then the lives of millions would have been saved, something like the European Union would have been founded in 1914, and Britain would have remained an empire as well as the world’s dominant financial power.[56]

Rothschilds

Ferguson wrote two volumes about the prominent Rothschild family:

  • The House of Rothschild: Volume 1: Money’s Prophets: 1798–1848[57]
  • The House of Rothschild: Volume 2: The World’s Banker: 1849–1999[58]

The books won the Wadsworth Prize for Business History and were also short-listed for the Jewish Quarterly-Wingate Literary Award and the American National Jewish Book Award.[28]

Counterfactual history

Ferguson sometimes champions counterfactual history, also known as “speculative” or “hypothetical” history, and edited a collection of essays, titled Virtual History: Alternatives and Counterfactuals (1997), exploring the subject.

Ferguson likes to imagine alternative outcomes as a way of stressing the contingent aspects of history. For Ferguson, great forces don’t make history; individuals do, and nothing is predetermined. Thus, for Ferguson, there are no paths in history that will determine how things will work out. The world is neither progressing nor regressing; only the actions of individuals determine whether we will live in a better or worse world.

His championing of the method has been controversial within the field.[59]

In a 2011 review of Ferguson’s book Civilization: The West and the Rest, Noel Malcolm (Senior Research Fellow in History at All Souls College at Oxford University) stated that: “Students may find this an intriguing introduction to a wide range of human history; but they will get an odd idea of how historical argument is to be conducted, if they learn it from this book.”[60]

Henry Kissinger

In 2003, former U.S. Secretary of State Henry Kissinger provided Ferguson with access to his White House diaries, letters, and archives for what Ferguson calls a “warts-and-all biography” of Kissinger.[61]

Colonialism

Ferguson is critical of what he calls the “self-flagellation” that he says characterises modern European thought.

“The moral simplification urge is an extraordinarily powerful one, especially in this country, where imperial guilt can lead to self-flagellation,” he told a reporter. “And it leads to very simplistic judgments. The rulers of western Africa prior to the European empires were not running some kind of scout camp. They were engaged in the slave trade. They showed zero sign of developing the country’s economic resources. Did Senegal ultimately benefit from French rule? Yes, it’s clear. And the counterfactual idea that somehow the indigenous rulers would have been more successful in economic development doesn’t have any credibility at all.”[17]

Richard Drayton, Rhodes Professor of Imperial History at the University of London, has stated that it is correct to associate “Ferguson with an attempt to ‘rehabilitate empire’ in the service of contemporary great power interests”.[62]

Bernard Porter attacked Empire in The London Review of Books as a “panegyric to British colonialism”.[63] Ferguson in response to this drew Porter’s attention to the conclusion of the book, where he writes: “No one would claim that the record of the British Empire was unblemished. On the contrary, I have tried to show how often it failed to live up to its own ideal of individual liberty, particularly in the early era of enslavement, transportation and the ‘ethnic cleansing’ of indigenous peoples.” Ferguson argues however that the British Empire was preferable to the alternatives:

‘The 19th-century empire undeniably pioneered free trade, free capital movements and, with the abolition of slavery, free labour. It invested immense sums in developing a global network of modern communications. It spread and enforced the rule of law over vast areas. Though it fought many small wars, the empire maintained a global peace unmatched before or since. In the 20th century too the empire more than justified its own existence. For the alternatives to British rule represented by the German and Japanese empires were clearly – and they admitted it themselves – far worse. And without its empire, it is inconceivable that Britain could have withstood them.’[63]

Exchange with Pankaj Mishra

In November 2011 Pankaj Mishra reviewed Civilisation: The West and the Rest unfavourably in the London Review of Books.[64] Ferguson demanded an apology and threatened to sue Mishra on charges of libel due to allegations of racism.[65]

Islam and “Eurabia”

Matthew Carr wrote in Race & Class that

“Niall Ferguson, the conservative English [sic] historian and enthusiastic advocate of a new American empire, has also embraced the Eurabian idea in a widely reproduced article entitled ‘Eurabia?’,”[66]

in which he laments the ‘de-Christianization of Europe’ and its culture of secularism that leaves the continent ‘weak in the face of fanaticism’.” Carr adds that

“Ferguson sees the recent establishment of a department of Islamic studies in his Oxford college as another symptom of ‘the creeping Islamicization of a decadent Christendom”,

and that in a 2004 lecture at the American Enterprise Institute entitled ‘The End of Europe?’,[67]

“Ferguson struck a similarly Spenglerian note, conjuring the term ‘impire’ to depict a process in which a ‘political entity, instead of expanding outwards towards its periphery, exporting power, implodes – when the energies come from outside into that entity’. In Ferguson’s opinion, this process was already under way in a decadent ‘post-Christian’ Europe that was drifting inexorably towards the dark denouement of a vanquished civilisation and the fatal embrace of Islam.”[68]

Iraq War

Ferguson supported the 2003 Iraq War, and he is on record as not necessarily opposed to future western incursions around the world.

“It’s all very well for us to sit here in the West with our high incomes and cushy lives, and say it’s immoral to violate the sovereignty of another state. But if the effect of that is to bring people in that country economic and political freedom, to raise their standard of living, to increase their life expectancy, then don’t rule it out”.[17]

Economic policy

In its 15 August 2005 edition, The New Republic published “The New New Deal”, an essay by Ferguson and Laurence J. Kotlikoff, a professor of economics at Boston University. The two scholars called for the following changes to the American government’s fiscal and income security policies:

  • Replacing the personal income tax, corporate income tax, Federal Insurance Contributions Act tax (FICA), estate tax, and gift tax with a 33% Federal Retail Sales Tax (FRST), plus a monthly rebate, amounting to the amount of FRST that a household with similar demographics would pay if its income were at the poverty line. See also: FairTax
  • Replacing the old age benefits paid under Social Security with a Personal Security System, consisting of private retirement accounts for all citizens, plus a government benefit payable to those whose savings were insufficient to afford a minimum retirement income
  • Replacing Medicare and Medicaid with a Medical Security System that would provide health insurance vouchers to all citizens, the value of which would be determined by one’s health
  • Cutting federal discretionary spending by 20%

In November 2012, Ferguson stated in a video with CNN that the U.S. has enough energy resources to move towards energy independence and could possibly enter a new economic golden age due to the related socio-economic growth—coming out of the post-world economic recession doldrums.[69]

Ferguson was an attendee of the 2012 Bilderberg Group meeting, where he was a speaker on economic policy.[70]

Exchanges with Paul Krugman

In May 2009, Ferguson became involved in a high-profile exchange of views with economist Paul Krugman (2008 Nobel Laureate in Economics) arising out of a panel discussion hosted by PEN/New York Review on 30 April 2009, regarding the U.S. economy. Ferguson contended that the Obama administration’s policies are simultaneously Keynesian and monetarist, in an “incoherent” mix, and specifically claimed that the government’s issuance of a multitude of new bonds would cause an increase in interest rates.[71]

Krugman argued that Ferguson’s view is “resurrecting 75-year old fallacies” and full of “basic errors”. He also stated that Ferguson is a “poseur” who “hasn’t bothered to understand the basics, relying on snide comments and surface cleverness to convey the impression of wisdom. It’s all style, no comprehension of substance.”[72][73][74][75]

In 2012, Jonathan Portes, the director of the National Institute of Economic and Social Research, said that subsequent events had shown Ferguson to be wrong: “As we all know, since then both the US and UK have had deficits running at historically extremely high levels, and long-term interest rates at historic lows: as Krugman has repeatedly pointed out, the (IS-LM) textbook has been spot on.”[76]

Later in 2012, after Ferguson wrote a cover story for Newsweek arguing that Mitt Romney should be elected in the upcoming US presidential election, Krugman wrote that there were multiple errors and misrepresentations in the story, concluding “We’re not talking about ideology or even economic analysis here – just a plain misrepresentation of the facts, with an august publication letting itself be used to misinform readers. The Times would require an abject correction if something like that slipped through. Will Newsweek?”[77] Ferguson denied that he had misrepresented the facts in an online rebuttal.[78] Matthew O’Briencountered that Ferguson was still distorting the meaning of the CBO report being discussed, and that the entire piece could be read as an effort to deceive.[79]

In 2013, Ferguson, naming Dean Baker, Josh Barro, Brad DeLong, Matthew O’Brien, Noah Smith, Matthew Yglesias and Justin Wolfers, attacked “Krugman and his acolytes,” in his three-part essay on why he hates Paul Krugman,[80] whose title is originally made by Noah Smith.[81]

Remarks on Keynes’ sexual orientation

At a May 2013 investment conference in Carlsbad, California, Ferguson was asked about his views on economist John Maynard Keynes‘s quotation that “in the long run we are all dead.” Ferguson stated that Keynes was indifferent to the future because he was gay and did not have children.[82]

The remarks were widely criticised for being offensive, factually inaccurate, and a distortion of Keynes’ ideas.[83][84]

Ferguson posted an apology for these statements shortly after reports of his words were widely disseminated, saying his comments were “as stupid as they were insensitive”.[85] In the apology, Ferguson stated: “My disagreements with Keynes’s economic philosophy have never had anything to do with his sexual orientation. It is simply false to suggest, as I did, that his approach to economic policy was inspired by any aspect of his personal life.”[86]

Personal life

Ferguson married journalist Susan Douglas, whom he met in 1987 when she was his editor at the Daily Mail. They have three children.[87]

In February 2010, news media reported that Ferguson had separated from Douglas and started dating former Dutch MP Ayaan Hirsi Ali.[88][89][90] Ferguson and Douglas divorced in 2011.

Ferguson married Hirsi Ali in September 2011[91] and Hirsi Ali gave birth to their son in December 2011.[92][93][94]

Ferguson dedicated his book Civilization to “Ayaan”. In an interview with The Guardian, Ferguson spoke about his love for Ali, who, he writes in the preface, “understands better than anyone I know what Western civilisation really means – and what it still has to offer the world”.[17] Ali, he continued,

…grew up in the Muslim world, was born in Somalia, spent time in Saudi Arabia, was a fundamentalist as a teenager. Her journey from the world of her childhood and family to where she is today is an odyssey that’s extremely hard for you or I [sic] to imagine. To see and hear how she understands western philosophy, how she understands the great thinkers of the Enlightenment, of the 19th-century liberal era, is a great privilege, because she sees it with a clarity and freshness of perspective that’s really hard for us to match. So much of liberalism in its classical sense is taken for granted in the west today and even disrespected. We take freedom for granted, and because of this we don’t understand how incredibly vulnerable it is.[17]

Ferguson’s self confessed workaholism has placed strains on his personal relations in the past. Ferguson has commented that:

…from 2002, the combination of making TV programmes and teaching at Harvard took me away from my children too much. You don’t get those years back. You have to ask yourself: “Was it a smart decision to do those things?” I think the success I have enjoyed since then has been bought at a significant price. In hindsight, there would have been a bunch of things that I would have said no to.[12]

Ferguson was the inspiration for Alan Bennett‘s play The History Boys (2004), particularly the character of Irwin, a history teacher who urges his pupils to find a counterintuitive angle, and goes on to become a television historian.[8] Bennett’s character “Irwin” gives the impression that “an entire career can be built on the trick of contrariness.”[8]

Bibliography

Publications

As contributor

  • “Let Germany Keep Its Nerve”, The Spectator, 22 April 1995, pages 21–23[95]
  • “Europa nervosa”, in Nader Mousavizadeh (ed.), The Black Book of Bosnia (New Republic/Basic Books, 1996), pp. 127–32
  • “The German inter-war economy: Political choice versus economic determinism” in Mary Fulbrook (ed.), German History since 1800 (Arnold, 1997), pp. 258–278
  • “The balance of payments question: Versailles and after” in Manfred F. Boemeke, Gerald D. Feldman and Elisabeth Glaser (eds.), The Treaty of Versailles: A Reassessment after 75 Years (Cambridge University Press, 1998), pp. 401–440
  • “‘The Caucasian Royal Family’: The Rothschilds in national contexts” in R. Liedtke (ed.), ‘Two Nations’: The Historical Experience of British and German Jews in Comparison (J.C.B. Mohr, 1999)
  • “Academics and the Press”, in Stephen Glover (ed.), Secrets of the Press: Journalists on Journalism (Penguin, 1999), pp. 206–220
  • “Metternich and the Rothschilds: A reappraisal” in Andrea Hamel and Edward Timms (eds.), Progress and Emancipation in the Age of Metternich: Jews and Modernisation in Austria and Germany, 1815–1848(Edwin Mellen Press, 1999), pp. 295–325
  • “The European economy, 1815–1914” in T.C.W. Blanning (ed.), The Short Oxford History of Europe: The Nineteenth Century (Oxford University Press, 2000), pp. 78–125
  • “How (not) to pay for the war: Traditional finance and total war” in Roger Chickering and Stig Förster (eds.), Great War, Total War: Combat and Mobilization on the Western Front (Cambridge University Press, 2000), pp. 409–34
  • “Introduction” in Frederic Manning, Middle Parts of Fortune (Penguin, 2000), pp. vii–xviii
  • “Clashing civilizations or mad mullahs: The United States between informal and formal empire” in Strobe Talbott (ed.), The Age of Terror (Basic Books, 2001), pp. 113–41
  • “Public debt as a post-war problem: The German experience after 1918 in comparative perspective” in Mark Roseman (ed.), Three Post-War Eras in Comparison: Western Europe 1918-1945-1989 (Palgrave-Macmillan, 2002), pp. 99–119
  • “Das Haus Sachsen-Coburg und die europäische Politik des 19. Jahrhunderts”, in Rainer von Hessen (ed.), Victoria Kaiserin Friedrich (1840–1901): Mission und Schicksal einer englischen Prinzessin in Deutschland (Campus Verlag, 2002), pp. 27–39
  • “Max Warburg and German politics: The limits of financial power in Wilhelmine Germany”, in Geoff Eley and James Retallack (eds.), Wilhelminism and Its Legacies: German Modernities, Imperialism and the Meaning of Reform, 1890–1930 (Berghahn Books, 2003), pp. 185–201
  • “Introduction”, The Death of the Past by J. H. Plumb (Palgrave Macmillan, 2003), pp. xxi–xlii
  • “Globalization in historical perspective: The political dimension”, in Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson (eds.), Globalisation in Historical Perspective (National Bureau of Economic Research Conference Report) (University of Chicago Press, 2003)
  • “Introduction to Tzvetan Todorov” in Nicholas Owen (ed.), Human Rights, Human Wrongs: Oxford Amnesty Lectures (Amnesty International, 2003)
  • “The City of London and British imperialism: New light on an old question”, in Youssef Cassis and Eric Bussière (eds.), London and Paris as International Financial Centres in the Twentieth Century (Oxford University Press, 2004), pp. 57–77
  • “A bolt from the blue? The City of London and the outbreak of the First World War”, in Wm. Roger Louis (ed.), Yet More Adventures with Britainnia: Personalities, Politics and Culture in Britain (I.B. Tauris, 2005), pp. 133–145
  • “The first ‘Eurobonds’: The Rothschilds and the financing of the Holy Alliance, 1818–1822”, in William N. Goetzmann and K. Geert Rouwenhorst (eds.), The Origins of Value: The Financial Innovations that Created Modern Capital Markets (Oxford University Press, 2005), pp. 311–323
  • “Prisoner taking and prisoner killing in the age of total war”, in George Kassemiris (ed.), The Barbarization of Warfare (New York University Press, 2006), pp. 126–158
  • “The Second World War as an economic disaster”, in Michael Oliver (ed.), Economic Disasters of the Twentieth Century (Edward Elgar, 2007), pp. 83–132
  • “The Problem of Conjecture: American Strategy after the Bush Doctrine”, in Melvyn Leffler and Jeff Legro (eds.), To Lead the World: American Strategy After the Bush Doctrine (Oxford University Press, 2008)

Television documentaries

BBC Reith Lectures

Niall Ferguson recording the third of his 2012 BBC Reith Lecture atGresham College

In May 2012 the BBC announced Niall Ferguson was to present its annual Reith Lectures – a prestigious series of radio lectures which were first broadcast in 1948. These four lectures, titled The Rule of Law and its Enemies, examine the role man-made institutions have played in the economic and political spheres.[96]

In the first lecture, held at the London School of Economics, titled The Human Hive, Ferguson argues for greater openness from governments, saying they should publish accounts which clearly state all assets and liabilities. Governments, he said, should also follow the lead of business and adopt the Generally Accepted Accounting Principlesand, above all, generational accounts should be prepared on a regular basis to make absolutely clear the inter-generational implications of current fiscal policy. In the lecture, Ferguson says young voters should be more supportive of government austerity measures if they do not wish to pay further down the line for the profligacy of the baby boomergeneration.[97]

In the second lecture, The Darwinian Economy, Ferguson reflects on the causes of the global financial crisis, and erroneous conclusions that many people have drawn from it about the role of regulation, such as whether it is in fact “the disease of which it purports to be the cure”.

The Landscape of Law was the third lecture, delivered at Gresham College. It examines the rule of law in comparative terms, asking how far the common law‘s claims to superiority over other systems are credible, and whether we are living through a time of ‘creeping legal degeneration’ in the English-speaking world.

The fourth and final lecture, Civil and Uncivil Societies, focuses on institutions (outside the political, economic and legal realms) designed to preserve and transmit particular knowledge and values. It asks whether the modern state is quietly killing civil society in the Western world, and what non-Western societies can do to build a vibrant civil society.

The first lecture was broadcast on BBC Radio 4 and the BBC World Service on Tuesday, 19 June 2012.[98] The series is available as a BBC podcast.[99]

See also

References

Notes

  1. Jump up^ Biography Niall Ferguson
  2. Jump up^ “Harvard University History Department — Faculty: Niall Ferguson”. History.fas.harvard.edu. Retrieved 15 September 2013.
  3. Jump up^ “Turning Points”. The New York Times. Retrieved 16 September2013.
  4. Jump up^ “Niall Ferguson Says China `Hard Landing’ Unlikely”. bloomberg.com. 29 September 2011. Retrieved 17 June 2012.
  5. Jump up^ “Spain Bank Crisis Is Not Over, Niall Ferguson Says”. bloomberg.com. 11 June 2012. Retrieved 17 June 2012.
  6. Jump up^ “Why Obama Needs to Go,” Newsweek, 9 August 2012
  7. Jump up^ “Newsweek’s anti-Obama cover story: Has the magazine lost all credibility?” The Week, 21 August 2012
  8. ^ Jump up to:a b c Smith, David (18 June 2006). “Niall Ferguson: The empire rebuilder”. The Observer (Guardian News and Media).
  9. ^ Jump up to:a b c Templeton, Tom (18 January 2009). “This much I know: Niall Ferguson, historian, 44, London”. The Observer (Guardian News and Media).
  10. Jump up^ Tassel, Janet (2007). “The Global Empire of Niall Ferguson”.Harvard Magazine. Retrieved 17 June 2012.
  11. Jump up^ Ferguson, Niall (4 January 2008). “Niall Ferguson on Belief”. Big Think. Retrieved 17 June 2012. Recorded on: October 31, 2007
  12. ^ Jump up to:a b c Duncan, Alistair (19 March 2011). “Niall Ferguson: My family values”. The Guardian (Guardian News and Media).
  13. ^ Jump up to:a b c Niall Ferguson, Senior Fellow Hoover Institution, 30 November 2011
  14. ^ Jump up to:a b c d Robert Boynton Thinking the Unthinkable: A profile of Niall Ferguson The New Yorker, 12 April 1999
  15. Jump up^ Dissertation Abstracts International: The Humanities and Social sciences 53. University Microfilms. 1993. p. 3318.
  16. Jump up^ “LSE IDEAS appoints Professor Niall Ferguson to chair in international history”. London School of Economics. 25 March 2009. Archived from the original on 28 March 2010. Retrieved 17 June2012. Philippe Roman Chair in History and International Affairs, for 2010–2011
  17. ^ Jump up to:a b c d e f g William Skidelsky (20 February 2011). “Niall Ferguson: ‘Westerners don’t understand how vulnerable freedom is'”. The Observer (Guardian News and Media). Retrieved 24 February 2011.
  18. Jump up^ Higgins, Charlotte (31 May 2010). “Empire strikes back: rightwing historian to get curriculum role”. guardian.co.uk (Guardian News and Media). Retrieved 31 May 2010.
  19. Jump up^ Cook, Chris (5 June 2011). “Star professors set up humanities college”. Financial Times. Retrieved 17 June 2012.(registration required)
  20. Jump up^ Benjamin Wallace-Wells Right Man’s Burden Washington Monthly, June 204
  21. Jump up^ “The Last Empire, for Now”. New York Times. 25 July 2004. Retrieved 5 May 2012.
  22. Jump up^ Globalisation, democracy and terrorism, Eric Hobsbawm (Abacus 2008)
  23. Jump up^ Start the Week BBC Radio 4, 12 June 2006
  24. Jump up^ Ferguson, Niall (7 November 2006). “Book World Live”. The Washington Post. Retrieved 20 May 2010.
  25. Jump up^ “Meet The Hedge Fund Historian”. Forbes.com. 30 September 2007. Retrieved 20 December 2008.
  26. Jump up^ “GLG Company Description”. Retrieved 20 December2008.[dead link]
  27. Jump up^ Tryhorn, Chris (23 October 2007). “Niall Ferguson joins FT”.MediaGuardian (Guardian News and Media). Retrieved 20 May 2010.
  28. ^ Jump up to:a b c “Niall Ferguson: Biography”. Retrieved 14 July 2008.[dead link]
  29. Jump up^ “The End of Europe?”. American Enterprise Institute for Public Policy Research. 4 March 2004.
  30. Jump up^ Ferguson, Niall (1 May 2005). “Look back at Weimar – and start to worry about Russia”. The Telegraph. Retrieved 5 May 2012.
  31. Jump up^ Porter, Andrew (April 2003). “Empire: How Britain Made the Modern World”. Reviews in History. Institute of Historical Research, University of London. Retrieved 17 February 2011.
  32. Jump up^ Wilson, Jon (8 February 2003). “False and dangerous: Revisionist TV history of Britain’s empire is an attempt to justify the new imperial order”. guardian.co.uk (Guardian News and Media). Retrieved17 February 2011.
  33. Jump up^ Waslekar, Sundeep (July 2006). “A Review of: Colossus by Prof Niall Ferguson”. StrategicForesight.com. Strategic Foresight Group. Retrieved 17 February 2011.[dead link]
  34. Jump up^ Roberts, Adam (14 May 2004). “Colossus by Niall Ferguson: An empire in deep denial”. The Independent. Retrieved 17 February2011.
  35. Jump up^ “100 Notable Books of the Year”. The New York Times. 22 November 2006. Retrieved 14 July 2008.
  36. Jump up^ Ferguson, Niall. “Empire and globalisation”. Channel 4. Retrieved14 July 2008.[dead link]
  37. ^ Jump up to:a b “The War of the World”. Channel 4. Retrieved 14 July2008.[dead link]
  38. Jump up^ McRae, Hamish (31 October 2008). “The Ascent of Money, By Niall Ferguson”. The Independent. Retrieved 30 November 2008.
  39. Jump up^ http://belfercenter.hks.harvard.edu/publication/18873/spotlight.html?breadcrumb=%2Fexperts%2F946%2Fsasha_talcott%3Fback_url%3D%252Fpublication%252F18738%252Fharvard_kennedy_schools_john_p_holdren_named_obamas_science_advisor%26back_text%3DBack%2520to%2520publication%26page%3D3
  40. Jump up^ “Civilization: Is the West History?”. Retrieved 4 April 2011.
  41. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 460–461
  42. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 154–156
  43. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 27–30
  44. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 52–55
  45. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 68–76
  46. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 87–101 & 118–125
  47. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 168–173
  48. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 197–205
  49. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 239–247
  50. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 267–277
  51. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 310–317
  52. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 336–338
  53. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 357–366
  54. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 380–388
  55. Jump up^ Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 412–431
  56. ^ Jump up to:a b Ferguson, Niall The Pity of War, Basic Books: New York, 1998, 1999 pages 168–173 & 460–461
  57. Jump up^ Ferguson, Niall (1999). The House of Rothschild: Money’s Prophets, 1798–1848. Volume 1. New York: Penguin Books. ISBN 0-14-024084-5.
  58. Jump up^ Ferguson, Niall (2000). The House of Rothschild: The World’s Banker 1849–1998. Volume 2. New York: Penguin Books. ISBN 0-14-028662-4.
  59. Jump up^ Kreisler, Harry (3 November 2003). “Conversation with Niall Ferguson: Being a Historian”. Conversations with History. Regents of the University of California. Retrieved 15 July 2008.
  60. Jump up^ Malcolm, Noel (13 March 2011). “Civilisation: The West and the Rest by Niall Ferguson: review”. The Daily Telegraph. The patient testing of evidence must give way to startling statistics, gripping anecdotes and snappy phrase-making. Niall Ferguson is never unintelligent and certainly never dull. Students may find this an intriguing introduction to a wide range of human history; but they will get an odd idea of how historical argument is to be conducted, if they learn it from this book
  61. Jump up^ Hagan, Joe (27 November 2006). “The Once and Future Kissinger”. New York Magazine. Retrieved 14 July 2008.
  62. Jump up^ “Letters: The British empire and deaths in Kenya”. The Guardian. 16 June 2010.
  63. ^ Jump up to:a b Tell me where I’m wrong London Review of Books, 19 May 2005
  64. Jump up^ Mishra, Pankaj (3 November 2011). “Watch this man (review of ‘Civilisation’ by Niall Ferguson)”. London Review of Books 33 (21): 10–12. Retrieved 2 June 2013.
  65. Jump up^ Beaumont, Peter (26 November 2011). “Niall Ferguson threatens to sue over accusation of racism”. The Guardian. Retrieved4 September 2012.
  66. Jump up^ Niall Ferguson The way we live now: 4-4-04; Eurabia? New York Times, 4 April 2004
  67. Jump up^ Niall Ferguson The end of Europe?[dead link] American Enterprise Institute Bradley Lecture, 1 March 2004
  68. Jump up^ Carr, M. (2006). “You are now entering Eurabia”. Race & Class 48: 1–0. doi:10.1177/0306396806066636. edit
  69. Jump up^ “Top News Today | New age of U.S. prosperity? | Home | cnn.com”. Home.topnewstoday.org. 23 November 2012. Retrieved15 September 2013.
  70. Jump up^ http://www.bilderbergmeetings.org/participants2012.html
  71. Jump up^ Joe Weisenthal (6 May 2013). “Niall Ferguson’s Horrible Track Record On Economics”. Business Insider. Retrieved 29 May 2013.
  72. Jump up^ Paul Krugman (2 May 2009). “Liquidity preference, loanable funds, and Niall Ferguson (wonkish)”. New York times.
  73. Jump up^ Paul Krugman (22 May 2009). “Gratuitous ignorance”. New York Times.
  74. Jump up^ The Conscience of a Liberal
  75. Jump up^ Paul Krugman (17 August 2009). “Black cats”. New York Times.
  76. Jump up^ Portes, Jonathan (25 June 2012). “Macroeconomics: what is it good for? [a response to Diane Coyle]”. Retrieved 26 June 2012.
  77. Jump up^ Kavoussi, Bonnie. “Paul Krugman Bashes Niall Ferguson’s Newsweek Cover Story As ‘Unethical'”. The Huffington Post. Retrieved28 August 2012.
  78. Jump up^ Ferguson, Niall. “Ferguson’s Newsweek Cover Rebuttal: Paul Krugman Is Wrong”. The Daily Beast. Retrieved 28 August 2012.
  79. Jump up^ O’Brien, Matthew. “The Age of Niallism: Ferguson and the Post-Fact World”. The Atlantic. Retrieved 28 August 2012.
  80. Jump up^ Niall Ferguson, Krugtron the Invincible, Part 1, Krugtron the Invincible, Part 2, Krugtron the Invincible, Part 3
  81. Jump up^ Noah Smith, KrugTron the Invincible
  82. Jump up^ Paul Harris (4 May 2013): Niall Ferguson apologises for remarks about ‘gay and childless’ Keynes The Guardian, retrieved 7 May 2013
  83. Jump up^ Blodget, Henry. “Harvard’s Niall Ferguson Blamed Keynes’ Economic Philosophy On His Being Childless And Gay”.
  84. Jump up^ Kostigen, Tom. “Harvard Professor Trashes Keynes For Homosexuality”.
  85. Jump up^ Harris, Paul (4 May 2012). “Niall Ferguson apologises for remarks about ‘gay and childless’ Keynes”. guardian.co.uk. Retrieved 5 May2013.
  86. Jump up^ Niall Ferguson (5 May 2013): An Unqualified Apology Homesite, retrieved 7 May 2013
  87. Jump up^ Lynn, Matthew (23 August 2009). “Professor Paul Krugman at war with Niall Ferguson over inflation”. Times Online. Retrieved25 October 2009.(subscription required)
  88. Jump up^ Gray, Sadie (14 February 2010). “PROFILE: Niall Ferguson”.Times Online.(subscription required)
  89. Jump up^ Hale, Beth (8 February 2010). “The historian, his wife and a mistress living under a fatwa”. Mail Online (Associated Newspapers).
  90. Jump up^ “Niall Ferguson and Ayaan Hirsi Ali”. The Independent. 25 February 2010.
  91. Jump up^ Eden, Richard (18 December 2011). “Henry Kissinger watches historian Niall Ferguson marry Ayaan Hirsi Ali under a fatwa”. The Telegraph. Retrieved 27 September 2011.
  92. Jump up^ Numann, Jessica (30 December 2011). “Ayaan Hirsi Ali (42) bevalt van een zoon”. Elsevier. Retrieved 30 December 2011.
  93. Jump up^ “Ayaan Hirsi Ali gives birth to baby boy”. DutchNews.nl (online magazine). 30 December 2011. Retrieved 9 June 2012.
  94. Jump up^ “Ayaan Hirsi Ali is bevallen van zoon Thomas”. Volkskrant. 30 December 2011. Retrieved 9 June 2012.
  95. Jump up^ “Brad DeLong : Keynesian Economics: The Gay Science?”. Delong.typepad.com. 7 May 2013. Retrieved 15 September 2013.
  96. Jump up^ “BBC News — Historian Niall Ferguson named 2012 BBC Reith Lecturer”. Bbc.co.uk. 11 May 2012. Retrieved 15 September 2013.
  97. Jump up^ Niall, Prof (17 June 2012). “BBC News — Viewpoint: Why the young should welcome austerity”. Bbc.co.uk. Retrieved 15 September 2013.
  98. Jump up^ BBC Radio 4 – The Reith Lectures
  99. Jump up^ BBC – Podcasts and Downloads – Reith Lectures

General references

External links

 

Related Posts On Pronk Palisades

The Ascent of Money–Videos

Fouad Ajami–The Foreigner’s Gift–Videos

Michael Barone–Our First Revolution–Videos

Philip Bobbitt–Terror and Consent–Videos

Patrick J. Buchanan–Churchill, Hitler, and The Unnecessary War–Videos

Ron Chernow–Alexander Hamilton–Videos

Thomas J. DiLorenzon–Hamilton’s Curse: How Jefferson’s Arch Enemy Betrayed the American Revolution – And What It Means for Americans Today–Videos

Joseph J. Ellis–His Excellency: George Washington–Videos

Bruce Feiler–Walking the Bible–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Brigitte Gabriel–Because They Hate: A Survivor of Islamic Terror Warns America–Videos

Brigitte Gabriel–They Must Be Stopped: Why We Must Defeat Radical Islam and How We Can Do It –Videos

Jonah Goldberg–Liberal Fascism–Videos

David Goodwillie–American Subversive–A Novel

Victor Davis Hansen–A War Like No Other–Videos

Peter Huber–The Bottomless Well–Videos

Donald Kagan–On The Origins Of War–Videos

George Lakoff–Videos

Mark Levin–Liberty and Tyranny: A Conservative Manifesto–Videos

Barack Obama Cartoon Concisely Communicates What’s Wrong With Progressive Radical Socialism–Why Do We Need Jobs For?–A Hayek and Mises Moment!

Andrew C. McCarthy–Willful Blindness–Videos

Melanie Phillips–Londonistan–Videos

Melanie Phillips–The World Turned Upside Down: The Global Battle over God, Truth, and Power–Video

James Piereson–Camelot and The Cultural Revolution–Videos

Paul Rahe–Soft Despotism, Democracy’s Drift: Montesquieu, Rousseau, Tocqueville, and the Modern Prospect–Videos

Ayn Rand–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Yaron Brook On Capitalism and Atlas Shrugged–Videos

Roy Spencer–The Great Global Warming Blunder: How Mother Nature Fooled the World’s Top Climate Scientists –Videos

Mark Steyn–America Alone: The End of The World As We Know It–Videos

John Stossel On Ayn Rand’s Atlas Shrugged

Daniel Suarez–Daemon and Freedom TM–Videos

Peter Robinson–Conversations With Authors–Videos

Murry Rothbard–For A New Liberty: The Libertarian Manifesto–Audio Book

Murray Rothbard– What Has Government Done to Our Money?–Videos

Amity Shlaes–The Forgotten Man–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell–Black Rednecks and White Liberals–The Missing Nobel Laureates–Videos

Thomas Sowell–Intellectuals and Society–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Marc Thiessen’s Courting Disaster–A Clear and Present Danger To The American People–President Barack Obama!

Thomas E. Woods Jr.–Meltdown–Videos

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

National Security Agency (NSA) Wants To Build Supercomputer To Crack All Encryption — Videos

Posted on January 2, 2014. Filed under: American History, Blogroll, Communications, Computers, Constitution, Crime, Data Storage, Economics, External Hard Drives, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Law, liberty, Life, Links, Literacy, media, People, Philosophy, Politics, Press, Psychology, Raves, Regulations, Security, Technology, Video, War, Wealth, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , |

NSA wants a supercomputer to crack all encryption

NSA picks locks of Internet encryption

How did the NSA hack our emails?

Glenn Greenwald: The NSA Can “Literally Watch Every Keystroke You Make”

A history of NSA wiretapping, Prism, Edward Snowden, William Binney and Thomas Drake – Truthloader

Spying On Americans By NSA Prism Collection Details Rand Paul On Hannity

NSA and the One Trillion Dollar scam [Empire]

The Truth About Edward Snowden

Vindication for Snowden? Obama Panel Backs Major Curbs on NSA Surveillance, Phone Record Data Mining

A White House-appointed task force has proposed a series of curbs on key National Security Agency surveillance operations exposed by Edward Snowden. On Thursday, the panel recommended the NSA halt its bulk collection of billions of U.S. phone call records, citing ‘potential risks to public trust, personal privacy, and civil liberty.’ The panel says telecommunications providers or a private third party should store the records instead. The panel also calls for banning the NSA from ‘undermining encryption’ and criticizes its use of computer programming flaws to mount cyber-attacks. And it backs the creation of an independent review board to monitor government programs for potential violations of civil liberties. We discuss the panel’s findings with two guests: Ben Wizner, Snowden’s legal advisor and director o

Construction of the NCI supercomputer – timelapse video

NSA’s Largest Spy Center Located in Utah (What you need to know)

What You Should Know About The New NSA Utah Data Center

How NSA Spys On You With Utah Data Center Super Computer

The End of Internet Privacy? Glenn Greenwald On Secret NSA Program to Crack Online Encryption

NSA and the One Trillion Dollar scam [Empire]

NSA seeks to build quantum computer that could crack most types of encryption

By  and Barton Gellman, Updated: Thursday, January 2, 4:00 PM

In room-size metal boxes, secure against electromagnetic leaks, the National Security Agency is racing to build a computer that could break nearly every kind of encryption used to protect banking, medical, business and government records around the world.

According to documents provided by former NSA contractor Edward Snowden, the effort to build “a cryptologically useful quantum computer” — a machine exponentially faster than classical computers — is part of a $79.7 million research program titled, “Penetrating Hard Targets.” Much of the work is hosted under classified contracts at a laboratory in College Park.

[Read an annotated description of the Penetrating Hard Targets project]

The development of a quantum computer has long been a goal of many in the scientific community, with revolutionary implications for fields like medicine as well as for the NSA’s code-breaking mission. With such technology, all forms of public key encryption would be broken, including those used on many secure Web sites as well as the type used to protect state secrets.

Physicists and computer scientists have long speculated whether the NSA’s efforts are more advanced than those of the best civilian labs. Although the full extent of the agency’s research remains unknown, the documents provided by Snowden suggest that the NSA is no closer to success than others in the scientific community.

“It seems improbable that the NSA could be that far ahead of the open world without anybody knowing it,” said Scott Aaronson, an associate professor of electrical engineering and computer science at MIT.

The NSA appears to regard itself as running neck and neck with quantum computing labs sponsored by the European Union and the Swiss government, with steady progress but little prospect of an immediate breakthrough.

“The geographic scope has narrowed from a global effort to a discrete focus on the European Union and Switzerland,” one NSA document states.

Seth Lloyd, professor of quantum mechanical engineering at MIT, said the NSA’s focus is not misplaced. “The E.U. and Switzerland have made significant advances over the last decade and have caught up to the U.S. in quantum computing technology,” he said.

The NSA declined to comment for this story.

The documents, however, indicate that the agency carries out some of its research in large, shielded rooms known as Faraday cages, which are designed to prevent electromagnetic energy from coming in or out. Those, according to one brief description, are required “to keep delicate quantum computing experiments running.”

[Read a document describing classification levels related to quantum computing efforts]

The basic principle underlying quantum computing is known as “quantum superposition,” the idea that an object simultaneously exists in all states. A classical computer uses binary bits, which are either zeroes or ones. A quantum computer uses quantum bits, or qubits, which are simultaneously zero and one.

This seeming impossibility is part of the mystery that lies at the heart of quantum theory, which even theoretical physicists say no one completely understands.

“If you think you understand quantum mechanics, you don’t understand quantum mechanics,” said the late Nobel laureate Richard Feynman, who is widely regarded as the pioneer in quantum computing.

Here’s how it works, in theory: While a classical computer, however fast, must do one calculation at a time, a quantum computer can sometimes avoid having to make calculations that are unnecessary to solving a problem. That allows it to home in on the correct answer much more quickly and efficiently.

Quantum computing is so difficult to attain because of the fragile nature of such computers. In theory, the building blocks of such a computer might include individual atoms, photons or electrons. To maintain the quantum nature of the computer, these particles would need to be carefully isolated from their external environments.

“Quantum computers are extremely delicate, so if you don’t protect them from their environment, then the computation will be useless,” said Daniel Lidar, a professor of electrical engineering and the director of the Center for Quantum Information Science and Technology at the University of Southern California.

A working quantum computer would open the door to easily breaking the strongest encryption tools in use today, including a standard known as RSA, named for the initials of its creators. RSA scrambles communications, making them unreadable to anyone but the intended recipient, without requiring the use of a shared password. It is commonly used in Web browsers to secure financial transactions and in encrypted e-mails. RSA is used because of the difficulty of factoring the product of two large prime numbers. Breaking the encryption involves finding those two numbers. This cannot be done in a reasonable amount of time on a classical computer.

In 2009, computer scientists using classical methods were able to discover the primes within a 768-bit number, but it took almost two years and hundreds of computers to factor it. The scientists estimated that it would take 1,000 times longer to break a 1,024-bit encryption key, which is commonly used for online transactions.

A large-scale quantum computer, however, could theoretically break a 1,024-bit encryption much faster. Some leading Internet companies are moving to 2,048-bit keys, but even those are thought to be vulnerable to rapid decryption with a quantum computer.

Quantum computers have many applications for today’s scientific community, including the creation of artificial intelligence. But the NSA fears the implications for national security.

“The application of quantum technologies to encryption algorithms threatens to dramatically impact the US government’s ability to both protect its communications and eavesdrop on the communications of foreign governments,” according to an internal document provided by Snowden.

Experts are not sure how feasible a quantum computer is in the near future. A decade ago, some experts said that developing a large quantum computer was likely 10 to 100 years in the future. Five years ago, Lloyd said the goal was at least 10 years away.

Last year, Jeff Forshaw, a professor at the University of Manchester, told Britain’s Guardian newspaper, “It is probably too soon to speculate on when the first full-scale quantum computer will be built but recent progress indicates that there is every reason to be optimistic.”

“I don’t think we’re likely to have the type of quantum computer the NSA wants within at least five years, in the absence of a significant breakthrough maybe much longer,” Lloyd told the Post in a recent interview.

However, some companies claim to already be producing small quantum computers. A Canadian company, D-Wave Systems , says it has been making quantum computers since 2009. In 2012, it sold a $10 million version to Google, NASA and the Universities Space Research Association, according to news reports.

That quantum computer, however, would never be useful for breaking public key encryption like RSA.

“Even if everything they’re claiming is correct, that computer, by its design, cannot run Shor’s algorithm,” said Matthew Green, a research professor at the Johns Hopkins Information Security Institute, referring to the algorithm that could be used to break encryption like RSA.

Experts believe that one of the largest hurdles to breaking encryption with a quantum computer is building a computer with enough qubits, which is difficult given the very fragile state of quantum computers. By the end of September, the NSA expected to be able to have some basic building blocks, which it described in a document as “dynamical decoupling and complete quantum control on two semiconductor qubits.”

“That’s a great step, but it’s a pretty small step on the road to building a large-scale quantum computer,” Lloyd said.

A quantum computer capable of breaking cryptography would need hundreds or thousands more qubits than that.

The budget for the National Intelligence Program, commonly referred to as the “black budget,” details the “Penetrating Hard Targets” project and noted that this step “will enable initial scaling towards large systems in related and follow-on efforts.”

Another project, called the “Owning the Net,” is using quantum research to support the creation of new quantum-based attacks on encryptions like RSA, documents show.

“The irony of quantum computing is that if you can imagine someone building a quantum computer that can break encryption a few decades into the future, then you need to be worried right now,” Lidar said.

http://www.washingtonpost.com/world/national-security/nsa-seeks-to-build-quantum-computer-that-could-crack-most-types-of-encryption/2014/01/02/8fff297e-7195-11e3-8def-a33011492df2_print.html

Background Articles and Videos

130607_PRISM_ppt_1.jpg.CROP.original-original

nsa-prism-slide

nsa_prism

prism-slide-2

prism-slide-5

prism-slide-6

top-secret-nsa-prism-slide-7

prism-slide-8

INTERVIEW with NSA WHISTLEBLOWER: Confirm EVERYONE in US is under VIRTUAL SURVEILLANCE since 9/11

He told you so: Bill Binney talks NSA leaks

Related Posts On Pronk Palisades

National Security Agency (NSA) Intercepts FedX and UPS Packages To Install Malware Software — Bugs iPhones and Laptops — Videos

No Such Agency — NSA — National Security Agency — Threat To The Liberty and Privacy of The American People — None Of Their Damn Business — Still Trust The Federal Government? — Videos

Enemy Of The State: Life Imitating Art –National Security Agency Targets American People — Vidoes

Big Brother Barack Targets All The American People As Enemies of The State and Democratic Party — National Security Agency’s PRISM Is The Secret Security Surveillance State (S4) Means of Invading Privacy and Limiting Liberty — Outrageous Overreach–Videos

National Security Agency (NSA) and Federal Bureau Investigation (FBI) Secret Security Surveillance State (S4) Uses Stellar Wind and PRISM To Create Secret Dossiers On All American Citizen Targets Similar To East Germany Stasi Files–Videos

NSA’s PRISM Political Payoff: 40 Million Plus Foreigners Are In USA As Illegal Aliens! — 75% Plus Lean Towards Democratic Party — Pathway To One Party Rule By 2025 If Senate Bill Becomes Law Giving Illegal Aliens Legal Status — 25 Million American Citizens Looking For Full Time Jobs! — Videos

Amnesty Before Enforcement — Congressional Gangsters’ Comprehensive Immigration “Reform” Bill Targets American Citizens For Unemployment — American Citizens Want All Illegal Aliens Deported Not Rewarded With Legal Status — Target The Amnesty Illegal Alien Gangsters For Defeat — Videos

U.S. Hacking China and Hong Kong — Videos

Digital Campaigns Using Microtargeting and Data Mining To Target Voters — Videos

Sasha Issenberg — The Victory Lab: The Secret Science of Winning Campaigns — Videos

Related Posts on Pronk Pops

Pronk Pops Show 112, June 7, 2013, Segment 0: Marxist-Leninists Go To The Wall With Holder — The Man Who Knows Where The Bodies Are Buried Enjoys President Obama’s Full Confidence Says Political Fixer Valerie Jarrett — Wall Street Wants Holder To Hang On — American People Say Hit The Road Jack — Videos

Pronk Pops Show 112, June 7, 2013: Segment 1: U.S. Real Gross Domestic Product Growth Still Stagnating At 2.4% in First Quarter of 2013 As Institute for Supply Management Factory Index Sinks to 49.0 Lowest Since June 2009 — Videos

Pronk Pops Show 112, June 7, 2013, Segment 2: Federal Advisory Council (FAC) May 17, 2013 Report — No Exit To A Bridge Over Troubled Waters — Keyboarding Money — We’re screwed! — Videos

Pronk Pops Show 112, June 7, 2013, Segment 3: Official Unemployment Rate Rises To 7.6% with 11.8 Million Americans Unemployed and Only 175,000 Jobs Created in May — Videos

Pronk Pops Show 112, June 7, 2013, Segment 4: No Such Agency — NSA — National Security Agency — Threat To The Liberty and Privacy of The American People — None Of Their Damn Business — Still Trust The Federal Government? — Videos

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

No Tapering! — Spending Addiction Disorder (SAD) — Fed Must Continue Massive Financing of Deficits and Debt of Federal Government — Digital Electronic Money (DEM) Creation Continues At $85 Billion Per Month or $1,020 Billion Per Year Pace — U.S. Economy Stagnating Below 3 Percent GDP Growth Trend Line — U.S. Dollar Devalued — Currency War Continues — Abolish The Fed Videos

Posted on September 19, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, History of Economic Thought, Inflation, Investments, IRS, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Photos, Politics, Programming, Psychology, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

5-reasons-the-fed-taper-will-kick-off-in-september

Tracking-the-Fed-September

U.S. National Debt Clock

BUREAU OF THE FISCAL SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  08/13

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112
     DECEMBER                                                                  269,508                270,699                  1,191
     JANUARY                                                                   272,225                269,342                 -2,883
     FEBRUARY                                                                  122,815                326,354                203,539
     MARCH                                                                     186,018                292,548                106,530
     APRIL                                                                     406,723                293,834               -112,889
     MAY                                                                       197,182                335,914                138,732
     JUNE                                                                      286,627                170,126               -116,501
     JULY                                                                      200,030                297,627                 97,597
     AUGUST                                                                    185,370                333,293                147,923

       YEAR-TO-DATE                                                          2,472,542              3,227,888                755,345

http://www.fms.treas.gov/mts/mts0813.txt

civilian_labor_participation_rate

InflationAug2013

US-Fed-Funds-Target-Rate

savings

fed_taper_bets

When-To-Taper

fed_taper

wrong_way

US Chairman of the Federal Reserve Ben Bernanke listens to questions as he testifies before a House Budget Committee on Capitol Hill in Washington

2013-09-17-bernanke-hands-over-control

janet_yellen

Tracking-the-Fed-September

Federal Reserve Vice Chair Janet Yellen addresses a conference in Washington

No Fed Taper: What Does It Mean for Your Money? (9/18/13)

Federal Reserve: No Taper (9/18/13)

Ron Paul: Fed Decision To Not Taper Is A Really Bad Sign

Ron Paul: Taper Fakeout Means Fed Is Worried

Breaking News: Federal Reserve Will Not Taper

Rick Santelli Reacts to Federal Reserve No Taper

Why The Fed. Will INCREASE, NOT DECREASE, It’s QE/Money Printing. By Gregory Mannarino

In Business – Fed Taper Pause Fuels Commodities Rally

To Taper, or Not to Taper

FED Says No Taper — We Need A War, Gun Confiscation And Control Of Internet First — Episode 166

JIM RICKARDS: Fed Will TAPER in September or Never, and the Looming MONETARY System COLLAPSE [50]

James Rickards on “Why The Fed Will NOT Taper Quantitative Easing”

Peter Schiff: “The party is coming to an end”.

JIM ROGERS – When the FED stops PRINTING FIAT CURRENCY the COLLAPSE will be here. PREPARE NOW

Fed decision Just idea of tapering caused huge ruckus

Background Articles and Videos

Milton Friedman – Abolish The Fed

Milton Friedman On John Maynard Keynes

Free to Choose Part 3: Anatomy of a Crisis (Featuring Milton Friedman)

Murray Rothbard – To Expand And Inflate

The Founding of the Federal Reserve | Murray N. Rothbard

The Origin of the Fed – Murray N. Rothbard

Murray Rothbard on Hyperinflation and Ending the Fed

Murray N. Rothbard on Milton Friedman (audio – removed noise) part 1/5

Keynes the Man: Hero or Villain? | Murray N. Rothbard

WASHINGTON (AP) — The Federal Reserve has decided against reducing its stimulus for the U.S. economy, saying it will continue to buy $85 billion a month in bonds because it thinks the economy still needs the support.

The Fed said in a statement Wednesday that it held off on tapering because it wants to see more conclusive evidence that the recovery will be sustained.

Stocks spiked after the Fed released the statement at the end of its two-day policy meeting.

In the statement, the Fed says that the economy is growing moderately and that some indicators of labor market conditions have shown improvement. But it noted that rising mortgage rates and government spending cuts are restraining growth.

The bond purchases are intended to keep long-term loan rates low to spur borrowing and spending.

The Fed also repeated that it plans to keep its key short-term interest rate near zero at least until unemployment falls to 6.5 percent, down from 7.3 percent last month. In the Fed’s most recent forecast, unemployment could reach that level as soon as late 2014.

Many thought the Fed would scale back its purchases. But interest rates have jumped since May, when Fed Chairman Ben Bernanke first said the Fed might slow its bond buys later this year. But Bernanke cautioned that the reduction would hinge on the economy showing continued improvement.

In its statement, the Fed says that the rise in interest rates “could slow the pace of improvement in the economy and labor market” if they are sustained.

The Fed also lowered its economic growth forecasts for this year and next year slightly, likely reflecting its concerns about interest rates.

The statement was approved on a 9-1 vote. Esther George, president of the Federal Reserve Bank of Kansas City, dissented for the sixth time this year. She repeated her concerns that the bond purchases could fuel the risk of inflation and financial instability.

The decision to maintain its stimulus follows reports of sluggish economic growth. Employers slowed hiring this summer, and consumers spent more cautiously.

Super-low rates are credited with helping fuel a housing comeback, support economic growth, drive stocks to record highs and restore the wealth of many Americans. But the average rate on the 30-year mortgage has jumped more than a full percentage point since May and was 4.57 percent last week — just below the two-year high.

The unemployment rate is now 7.3 percent, the lowest since 2008. Yet the rate has dropped in large part because many people have stopped looking for work and are no longer counted as unemployed — not because hiring has accelerated. Inflation is running below the Fed’s 2 percent target.

The Fed meeting took place at a time of uncertainty about who will succeed Bernanke when his term ends in January. On Sunday, Lawrence Summers, who was considered the leading candidate, withdrew from consideration.

Summers’ withdrawal followed growing resistance from critics. His exit has opened the door for his chief rival, Janet Yellen, the Fed’s vice chair. If chosen by President Barack Obama and confirmed by the Senate, Yellen would become the first woman to lead the Fed.

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

Ben Bernanke Boom Bubble Blower Busted By The Bubble Film — Videos

Posted on May 1, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, government, government spending, history, History of Economic Thought, Homes, Inflation, Investments, Language, Law, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Taxes, Technology, Transportation, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

bubble_poster_large

bernanke_blowing_bubbles

house_senate_twins_impressed

Federal_funds_rate

QE-Fed-BalanceSheet-SP500-020413

federal_reserve_balance_sheet

Fed-Reserve-Balance-Sheet

fed-balance-sheet-2016

fed-dollars-2003-2012

cpi_changes

alt-cpi-home2

sgs-cpi

burstbubble

Ben Bernanke Is The Most Dangerous Man In US History

BREAKING 2013 Economic Collapse Peter Schiff

The Bubble film official trailer

Raw footage of Jim Rogers interview – The Bubble film

Raw Footage of Doug Casey Interview from The Bubble

Raw footage of Jim Grant interview from The Bubble film

Raw footage of Peter Schiff Interview from The Bubble

The Bubble – Raw footage of Marc Faber interview

Raw Footage of Peter Wallison Interview from The Bubble

Raw Footage of Joseph Salerno Interview from The Bubble

Raw Footage of Robert Murphy interview from The Bubble

Raw footage of Roger Garrison Interview from The Bubble

Raw footage of Ron Paul interview from The Bubble film

The Bubble film panel at Freedom Fest 2012

U.S. Debt Clock

http://www.usdebtclock.org/

Background Articles and Videos

The American Dream By The Provocateur Network

Slow “growth”,GDP makeover, Keynesians demand more debt and inflation

The Fed, Ben Bernanke & the Economy (4/30/13)

Coming Economic Collapse Peter Schiff RT America

Austrian Theory of the Trade Cycle | Roger W. Garrison

Tom Woods Discusses his New Documentary, The Bubble

Director of “The Bubble” Jimmy Morrison interview with ManifestLiberty.com Part 1/2

Director of “The Bubble” Jimmy Morrison interview with ManifestLiberty.com Part 2/2

Fed Keeps Interest Rates Low, Continues Bond Buying Program

The Federal Reserve held fast to its ultra-accommodative monetary policy Wednesday, solidified by what board members described as an economy weakened by fiscal policy.

Interest rates will remain at historically low levels while the U.S. central bank will not alter its $85 billion a month asset purchasing program, the Fed’s Open Markets Committee decided at this week’s meeting.

While recent meetings have been remarkable for signs of dissent over the long-standing Fed policy, the sentiment this month turned towards concerns about “downside risks” to growth, though the FOMC made no mention of the recent set of weak economic data.

The Federal Reserve held fast to its ultra-accommodative monetary policy Wednesday, solidified by what board members described as an economy weakened by fiscal policy.

Interest rates will remain at historically low levels while the U.S. central bank will not alter its $85 billion a month asset purchasing program, the Fed’s Open Markets Committee decided at this week’s meeting.

While recent meetings have been remarkable for signs of dissent over the long-standing Fed policy, the sentiment this month turned towards concerns about “downside risks” to growth, though the FOMC made no mention of the recent set of weak economic data.

While stocks have soared to new highs, the economy remains in slow-growth mode as it has throughout Chairman Ben Bernanke’s term, which began just before the onset of the financial crisis.

The stock market reacted little to the 2 pm news, maintaining an earlier selloff spurred over jobs fears.

Fed officials have long bemoaned Washington fiscal policy, with Congress and the White House in a continued stalemate that has resulted in a raft of mandated tax increases and spending cuts known as the sequester.

The May FOMC statement kept up the heat.

“Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth,” the statement said.

The Fed’s decision came the same day as a report on private payrolls fell well below expectations, indicating just 119,000 new jobs created, a seven-month low.

While critics worry about inflation, the Fed continued to conclude that “expectations have remained stable.”

The Fed has vowed to keep interest rates exceptionally low until unemployment falls to 6.5 percent from its current 7.6 percent and until inflation reaches 2.5 percent from its current 1.5 percent.

-By CNBC.com Senior Writer Jeff Cox.

http://www.cnbc.com/id/100695681

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

97% Owned–Video

Posted on January 2, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, government, government spending, history, History of Economic Thought, Inflation, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Raves, Video, Wealth, Wisdom | Tags: , , , , , , , |

money

97% Owned – Monetary Reform documentary

97% owned present serious research and verifiable evidence on our economic and financial system. This is the first documentary to tackle this issue from a UK-perspective and explains the inner workings of Central Banks and the Money creation process.

When money drives almost all activity on the planet, it’s essential that we understand it. Yet simple questions often get overlooked, questions like; where does money come from? Who creates it? Who decides how it gets used? And what does this mean for the millions of ordinary people who suffer when the monetary, and financial system, breaks down?

Produced by Queuepolitely and featuring Ben Dyson of Positive Money, Josh Ryan-Collins of The New Economics Foundation, Ann Pettifor, the “HBOS Whistleblower” Paul Moore, Simon Dixon of Bank to the Future and Nick Dearden from the Jubliee Debt Campaign.

Political philosopher John Gray, commented, “We’re not moving to a world in which crises will never happen or will happen less and less.  We are in a world in which they happen several times during a given human lifetime and I think that will continue to be the case”
If you have decided that crisis as a result of the monetary system is not an event you want to keep revisiting in your life-time then this documentary will equip you with the knowledge you need, what you do with it is up to you.

Background Articles and Videos

The American Dream – Understanding Money and the Banking System

Money, Banking and the Federal Reserve

The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd 1-5

The Ascent of Money:  A Financial History of The World by Niall Ferguson Epsd 6

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

Ben Bernanke Creates More Digital Electronic Money (DEM) with Quantitative Easing 3–The Crime of The Century Continues Against The American People–The Not So Hidden Inflation Tax–Videos

Posted on September 14, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Resources, Talk Radio, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , |

Fed Launches Third Attempt to Stimulate Economy

Marc Faber on Hedging the Bernanke Put and QE3 with Gold, Land and Equities! 

Ben Bernanke / Federal Reserve Announces QE3 – How Will Printing Fiat Money Improve The Economy?

QE3 Warfare Against The Dollar, Its People and U.S. Sovereignty

 

Fed risks political fallout from QE3

By Robin Harding and James Politi in Washington

“…High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.  http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#ixzz26f7jO8MB

The US Federal Reserve was always going to catch a few political bullets if  it launched an  aggressive new easing only eight weeks before a presidential election.

Mitt Romney, the Republican candidate, duly opened fire on Friday after the  Fed began an open-ended third round of quantitative easing (QE3), under which it  will buy $40bn of mortgage-backed securities a month.

In some of the most aggressive comments he has made on the Fed, Mr Romney  said QE3 was nothing but a “sugar high”, and would fail to get the economy  moving.

“Recognise that, as the Federal Reserve keeps on trying to stimulate the  economy by printing more money, that there’s a cost to that,” said Mr Romney in  remarks at a fundraiser.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.  http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#ixzz26f7jO8MB

The US Federal Reserve was always going to catch a few political bullets if  it launched an  aggressive new easing only eight weeks before a presidential election.

Mitt Romney, the Republican candidate, duly opened fire on Friday after the  Fed began an open-ended third round of quantitative easing (QE3), under which it  will buy $40bn of mortgage-backed securities a month.

In some of the most aggressive comments he has made on the Fed, Mr Romney  said QE3 was nothing but a “sugar high”, and would fail to get the economy  moving.

“Recognise that, as the Federal Reserve keeps on trying to stimulate the  economy by printing more money, that there’s a cost to that,” said Mr Romney in  remarks at a fundraiser.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.  http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#ixzz26f81Vjb0

Some conservative economists think the Fed is over-interpreting the  employment side of the dual mandate – and by lowering interest rates and making  it easier for the US to finance debt in the bond markets, this removes the  pressure from Congress to strike a deal on deficit reduction.

The most visible effort to clip the Fed’s wings is a bill introduced in the  House of Representatives by Kevin Brady, a Republican from Texas, who is  vice-chair of the Joint Economic Committee of Congress. His bill would limit the  central bank’s mandate  to inflation, not employment, and restrict its monetary policy operations to  short-term Treasury securities.

Were his bill now law, Mr Brady told the Financial Times, “the Fed would not  be able to embark on this third round of quantitative easing”. He said the bill  had taken off faster than he had hoped and already had 48 co-sponsors in  Congress. “Everyone, whether they agree or not, believes it is the right time to  have this discussion.”

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.  http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#ixzz26f89yxsV

But while Mr Romney has criticised QE3, it would be a huge leap to eliminate  the employment mandate once in office. “I think you can do a lot without changes  to the Federal Reserve Act,” says Prof Swagel. “Romney will probably look to  appoint the next Fed chair as someone who is aligned with his views.”

That is the most realistic political consequence of the Fed’s actions: that  when Mr Bernanke’s term expires at the end of January 2014, a new chairman is  appointed who opposes them.

Once settled in the White House, however, even Mr Romney would have to  consider whether a tight monetary policy was actually in his interest, given  that re-election would probably depend on delivering strong economic growth.

Whether QE3 has any lasting political consequences for the Fed will probably  depend on how well it works. “It puts critics of the Fed in a difficult  position,” said John Makin, a resident scholar at the American Enterprise  Institute in Washington, who called the programme of open-ended easing a “bold  experiment”.

The Fed is trying to bring down  high unemployment and, while the experiment is in progress, critics will  struggle to make headway. If the experiment fails, however, and inflation rises  sharply before unemployment comes down, the Fed may find itself hard-pressed to  resist the proposals of Mr Brady and his colleagues. …”

http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#axzz26f3NWTyR

Marc Faber: If I Were Bernanke, I Would Resign

By: Shai Ahmed CNBC Associate Editor

“…Central bankers are “counterfeit money printers” and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, Marc Faber, author of the Gloom, Doom and Boom, told CNBC on Friday.

He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis.

“If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by a crash,” Faber said.

Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed “Dr Doom” for his negative predictions, said: “This unlimited QE (quantitative easing) , buying mortgage-backed securities (MBS) and continuing operation twist  has the implication of simply having asset prices go up and the money flows down to the Mayfair economy,” Faber said.

A Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the “man on the street”.

“QE helps rich people whose asset prices go up and whose net worth then increases but it doesn’t flow to the man on the street who is faced with higher costs of living with price rises. You just have a small economy that is booming but the majority of the economy is damaged by QE,” he said.

Bernanke announced on Thursday that the Fed would buy $40 billion a month in MBS, giving the impression that this time around there would be no time limit to the program, which would only stop once a sustained uptick in employment is visible.

“The money printers are responsible for this crisis. If we continue with this expansionist monetary policy we won’t be facing a fiscal cliff it will be a fiscal grand canyon,” he added.

Mike Konczal, fellow at the Roosevelt Institute disagreed claiming that this latest round of QE — aggressive as it was — would expand the scope of Federal Reserve policy and was “great for main street”. Crucially, he said, it tackles the issue of employment which would underpin future wealth.

“If anything, monetary policy has been too tight in recent years. We’ve seen a collapse in GDP growth, no wage growth and huge rises in unemployment. Wealth is collapsing because of a collapse in the housing market and prolonged, mass unemployment ,” Konczal said.

Faber poured scorn on the notion that QE helps the economy, declaring that commentators like Konczal would have said the same in 2001 when low interest rates led to the biggest housing bubble in the United States. That in turn led to the financial crisis of 2008.

“If we have an economic crisis in the Western world it’s because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people’s freedom,” he said.

 http://www.cnbc.com/id/49029923

Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s  why

by Jim Picht

“…Federal Reserve Chairman Ben Bernanke’s decision to engage in a third round  of “quantitative easing” (QE3) drew immediate celebration from Wall Street, but  it was also met by a reduction in America’s credit rating. Ratings firm  Egan-Jones reduced its rating of U.S. government debt from “AA” to “AA-,” claiming that the $40 billion-per-month money infusion announced by the Fed will  badly hurt the economy.

Bernanke got his nickname, “Helicopter Ben,” for comments like this: “The  U.S. government has a technology, called a printing press (or today, its  electronic equivalent), that allows it to produce as many U.S. dollars as it  wishes at no cost.”

He goes on to argue, in the words of Milton Friedman before him, that a “helicopter drop” of money might be made into the economy to avoid  deflation.

That is, during a recession when there’s a threat of deflation, the  government should just drop bales of money on the population to help prevent a  depression.

The primary threat facing the economy right now isn’t deflation, and  quantitative easing isn’t exactly a helicopter drop, but it is, in the words of  critics, a sugar rush.

If the problem with our economy were simply insufficient aggregate demand,  sugar would be nutritious food, but it’s not. Short term interest rates are  already low, and the Fed risks pushing long-term rates low enough that people  will simply start keeping their money under the mattress. Not only is the Fed’s  monetization likely to be ineffective, it’s likely to result in economic  stagnation.

The Fed is not producing “as many U.S. dollars as it wishes at no cost.” There is a very real cost. Our fiscal situation is a disaster, inflation is  pressing onto the economy, and business costs are set to rise. This will have a  negative impact on jobs, and real wages will decline. This open-ended  quantitative easing will make the situation worse and worse.

If the Fed were to drop millions of carats of diamonds from helicopters,  diamond rings would be found in cereal boxes, not jewelry stores. If the streets  were paved with gold, gold would be as cheap as asphalt. If we continue to dump  massive amounts of money into the economy, money will be worth less than the  paper (or electrons) it’s printed on.

The stock market responded to QE3 with enthusiasm. A big reason for that is  that this signals Bernanke’s determination to keep interest rates low (close to  zero). With bond returns in the basement, investors have no place to go but  stocks.

Sugar rushes always end in a crash. Everyone knows that QE3 is a stop-gap  measure. Bernanke considers it necessary because President Obama’s economic  policies aren’t working to break us out of a sluggish jobs market and the  slowest recovery in memory.

But neither did QE1 and QE2.  QE3 will fail.

Its purpose is to put money into the hands of lenders, then small businesses,  but business owners realize that the bill on our current economic policies will  be coming due sooner rather than later, and they’re not likely to run out and  borrow money with the uncertainties of the Affordable Care Act, the debt  ceiling, and tax hikes (only for the wealthy, but that, oddly enough, includes a  lot of small businesses) looming ahead.

Eventually Bernanke or his successor will have to change course. The money  supply will have to be reduced, interest rates will rise, and investors will  flee from stocks into bonds. As the stock market declines, the fizzy, buoyant  feeling from the wealth effect created by the rising market will go as flat as  last week’s champagne. As you and other Americans see your wealth decline,  you’ll cut back on major purchases, and the economy will take another body  blow.

Bernanke is a very, very smart man, and he knows better than most of us  what’s at stake here. Why, then, this economic bandaid? Cynics argue that he’s  caved to pressure from Democrats like Senator Charles Schumer (D-NY) to give  Obama enough breathing room for reelection.

Stagnation is fine in six months, but not before November.

That explanation is too dismissive of Bernanke, whose history gives plenty of  evidence that he’s both honest and is reacting in a way he sees as correct. More  likely, he sees economic disaster ahead, and he’s simply run out of tools he can  use to stop it. Like anyone else in serious trouble and without options, he’s  kicking the can down the road, hoping against hope that a miracle will come  along before disaster strikes.

That this might help Obama and the Democrats is just a side effect, not the  goal of the policy. Anyway, given the lack of success of QE1 and QE2, the policy  may not give the Democrats as large a boost as they expect.

The truth is that both Obama and Bernanke are running out of options. A $16  trillion debt has left the federal government with no fiscal flexibility at all,  and the Fed’s usual tools to manipulate money through interest rates are useless  with those rates close to zero. QE3 isn’t a new hope for the economy; it’s a  clear sign of desperation.

After the sugar rush wears off, then what? Bernanke will be left with  nothing. That thought should give everyone in Washington pause. If they were  rational, it might even prompt some serious thinking outside the current  stimulus-QE-bailout box before that box turns into a prison, but the odds on  that look worse by the day.

Read more: Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why | Washington Times Communities Follow us: @wtcommunities on Twitter

Read more: Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why | Washington Times Communities

Peter Schiff’s take on QE3: Operation Screw! The Fed goes All-In! (Got Operation Weimar FreeFall?)

The geniuses at the Federal Reserve have concocted a bold new plan to revive the U.S. economy — print a bunch of money, loan it to Americans at super low interest rates so they can speculate on rising real estate prices, extract the appreciated equity and spend it on consumer goods. In other words, build an economy of real estate, by real estate, and for real estate. The only problem is we’ve been there and done that. The last time it almost destroyed the U.S.economy. I guess almost isn’t quite good enough for the Fed, so now it’s determined to finish the job.

These actions will destroy Americans’ savings and hurt people on fixed incomes. To protect yourself, I recommend a strategy of foreign equities, commodities, and gold and silver. To buy gold and silver, contact my company Euro Pacific Precious Metals at 888-GOLD-160, or visit http://www.europacmetals.com. For your stock portfolio, contact my brokerage firm Euro Pacific Capital at 888-727-7922, or visit http://www.europac.net. …”

http://www.dailypaul.com/254886/peter-schiffs-take-on-qe3-operation-screw-the-fed-goes-all-in-how-about-operation-weimar-freefall

Background Articles and Videos

Quantitative Easing Explained 

Ben Bernanke Press Conference and Comments on QE3

Money, Banking & The Federal Reserve 

The Creature From Jekyll Island (by G. Edward Griffin) 

97% Owned – Monetary Reform documentary – Directors Cut 

The Money Masters ~ Full Movie

“…The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole…Their secret is that they have annexed from governments, monarchies, and republics the power to create the world’s money…” THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned “central” bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers. Segments: The Problem; The Money Changers; Roman Empire; The Goldsmiths of Medieval England; Tally Sticks; The Bank of England; The Rise of the Rothschilds; The American Revolution; The Bank of North America; The Constitutional Convention; First Bank of the U.S.; Napoleon’s Rise to Power; Death of the First Bank of the U.S. / War of 1812; Waterloo; Second Bank of the U.S.; Andrew Jackson; Fort Knox; World Central Bank …”

 

The Secret of Oz – Winner, Best Docu of 2010 v.1.09.11 

This version finally cuts several bogus quotes which have festered in the monetary reform literature for decades.
The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a “National Debt”. Remember: It’s not what backs the money, it’s who controls its quantity.

The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd. 1-5 (Full Documentary) 

Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it’s the sinews of war. To revolutionaries, it’s the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What’s more, he reveals financial history as the essential backstory behind all history.

Through Ferguson’s expert lens familiar historical landmarks appear in a new and sharper financial focus. Suddenly, the civilization of the Renaissance looks very different: a boom in the market for art and architecture made possible when Italian bankers adopted Arabic mathematics. The rise of the Dutch republic is reinterpreted as the triumph of the world’s first modern bond market over insolvent Habsburg absolutism. And the origins of the French Revolution are traced back to a stock market bubble caused by a convicted Scot murderer.

With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. What is money? What do banks do? What’s the difference between a stock and a bond? Why buy insurance or real estate? And what exactly does a hedge fund do?

This is history for the present. Ferguson travels to post-Katrina New Orleans to ask why the free market can’t provide adequate protection against catastrophe. He delves into the origins of the subprime mortgage crisis.

Perhaps most important, The Ascent of Money documents how a new financial revolution is propelling the world’s biggest countries, India and China, from poverty to wealth in the space of a single generation—an economic transformation unprecedented in human history.

Yet the central lesson of the financial history is that sooner or later every bubble bursts—sooner or later the bearish sellers outnumber the bullish buyers, sooner or later greed flips into fear. And that’s why, whether you’re scraping by or rolling in it, there’s never been a better time to understand the ascent of money.

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

Obama Boy and Obama Girl Have A Crush on Obama–Reality Check–Out of The Mouths of Babes–Videos

Posted on July 5, 2012. Filed under: American History, Babies, Blogroll, Business, College, Communications, Economics, Education, Federal Government, government, government spending, Health Care, history, Language, Law, liberty, Life, People, Philosophy, Politics, Rants, Raves, Taxes | Tags: , , , , , , , , , , , , |

“Pleasure chasing and dissipation are ineffective palliatives. Where people live autonomous lives and are not badly off, yet are without abilities or opportunities for creative work or useful action, there is no telling to what desperate and fantastic shifts they might resort in order to give meaning and purpose to their lives.”

Eric Hoffer, True Believer, page 54

Best of Obama Girl:      Crush On Obama

Obama Boy – I Have A Crush On Obama

“It is the true believer’s ability to “shut his eyes and stop his ears” to facts that do not deserve to be either seen or heard which is the source of his unequaled fortitude and constancy. He cannot be frightened by danger nor disheartened by obstacle not baffled by contradictions because he denies their existence.”

~Eric Hoffer, The True Believer, page 76

Reality Check–Crush Obama

DEBT LIMIT – A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY

The Collapse of The American Dream Explained in Animation

President Obama’s Spending

“…Spending has gone up from $2.98 trillion in 2008—the year before Obama came into office—to a proposed $3.80 trillion in 2013. That is a 28-percent increase in five years, which represents a compound annual growth rate of 5.0 percent. Because the economy has stagnated during this period, spending has increased as a share of GDP. …”

http://www.cato-at-liberty.org/president-obamas-spending/

Recent US Federal Deficit Numbers

Obama Deficits

Bush Deficits

FY 2013*: $901 billion

FY 2009: $1,413 billion

FY 2012*: $1,327 billion

FY 2008: $459 billion

FY 2011: $1,300 billion

FY 2007: $161 billion

FY 2010: $1,293 billion

Although the federal deficit is the amount each year by which federal outlays in the federal budget exceed federal receipts, the gross federal debt increases each year by substantially more than the amount of the deficit each year. That is because a substantial amount of federal borrowing is not counted in the budget.

http://www.usgovernmentspending.com/federal_deficit_chart.html

U.S. Debt Clock

http://www.usdebtclock.org/

George Carlin – You are a slave

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

Jamie Dimon–Videos

Posted on May 19, 2012. Filed under: Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Technology, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , |

Jamie Dimon Reacts to $2 Billion Trading Loss

Charlie Rose – Jamie Dimon 

Jamie Dimon Discusses the State of the Economy 

Jamie Dimon on Ben Bernanke 

Jamie Dimon Questions Ben Bernanke on New Bank Rules

GLOBAL AFFAIRS AND THE GLOBAL ECONOMY

IBM THINK Forum | A Conversation on Leading in Times of Deep Structural Change

A conversation with Jamie Dimon, Chairman and Chief Executive Officer, JP Morgan Chase & Co.; Dr. Victor K. Fung, Li & Fung Limited; Jim McNerney, Chairman, President and Chief Executive Officer, The Boeing Company; Moderated by Dr. Fareed Zakaria, CNN Host, Fareed Zakaria GPS, Editor-at-Large, TIME, Columnist, The Washington Post, and Author

Jamie Dimon of Chase speaks in Seattle on Nov. 2, 2011

The Jamie Dimon Interview With Shaili Chopra At Davos

The Jamie Dimon Interview with Shaili Chopra Part 2

Jamie Dimon:  Address to HBS MBA Class of 2009, Class Day June 21, 2009

Background Articles and Videos

THE TRUTH ABOUT JAMIE DIMON PART 1 – BAILED OUT CEO CONTINUES POOR DECISION MAKING

Jamie Dimon’s Letter: The Highlights

“…The CEO of the nation’s largest bank has written a 38-page letter to shareholders this year, laying out his company’s positions on everything from the sentiment toward banks to how he values J.P. Morgan shares.

“…JPM Stock: Dimon doesn’t normally talk about share prices. But as Buffett did while laying out Berkshire’s share repurchase plans, Dimon attempts to explain how he thinks about the value of JPM stock: “Our tangible book value per share is a good, very conservative measure of shareholder value…If you like our businesses, buying back stock at tangible book value is a very good deal. So you can assume that we are a buyer in size around tangible book value….Currently, above $45 a share, we plan to continue to buy back the amount of stock that we issue every year for employee compensation – we think this is just good discipline. As for the excess capital, we will either find good investments to make or simply use it to more quickly achieve our new Basel III targets. Rest assured, the Board will continuously reevaluate our capital plans and make changes as appropriate but will authorize a buyback of stock only when we think it is a great deal for you, our shareholders.”

Mortgage problems keeping J.P. Morgan from $24 billion in profits — “The main reason for the difference between what we are earning and what we should be earning continues to be high costs and losses in mortgage and mortgage-related issues. While these losses are increasingly less severe, they will still persist at elevated levels for a while longer.”

Mortgage crisis is brutal – “I suspect that the mortgage crisis will be the worst financial catastrophe of our lifetime. What the world experienced was almost a collective brain freeze…We need to write a letter to the next generation that says, ‘Never forget: 80% loan to value and verify appropriate income.’”

But housing is improving — “Housing is getting better – there, I said it … However, if one looks at the leading indicators, all signs are flashing green – the turn is coming if it is not here already. We don’t want to be blindly optimistic, but the facts are the facts… More jobs, more households, more Americans, good value – it’s just a matter of time” …”

http://blogs.wsj.com/deals/2012/04/04/jamie-dimons-letter-the-highlights/

Related Posts On Pronk Palisades

JPMorgan Chase & Co., Jaime Dimon, The Volker Rule and Too Big To Fail–Videos

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

JPMorgan Chase & Co., Jaime Dimon, The Volker Rule and Too Big To Fail–Videos

Posted on May 15, 2012. Filed under: American History, Blogroll, Business, Communications, Computers, Culture, Economics, Education, Employment, Federal Government, government spending, history, Inflation, Investments, Law, liberty, Life, Links, media, People, Philosophy, Politics, Regulations, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , |

 

JPMorgan Chase CEO Jamie Dimon with Fareed Zakaria

Whalen: Too Much Regulation Caused JP Morgan $2 Billion Loss

“…May 17 (Bloomberg Law) — Last week JP Morgan Chase acknowledged a trading loss of at least $2 billion, fueling calls by some observers for more regulation of financial institutions. Chris Whalen, a Senior Managing Director at Tangent Capital Partner, tells Bloomberg Law’s Lee Pacchia that it was actually too much regulation that led to the loss. Jeff Madrick, a Senior Fellow at the Roosevelt Institute, maintains instead that regulators need to clamp down on financial institutions if the dangers of such losses are to be minimized….”

Could JP Morgan Losses Have Been Prevented?

JPMorgan Says Farewell to a Top Executive Amid Fallout

PRESS Pass: JPMorgan Chase CEO Jamie Dimon

http://video.msnbc.msn.com/meet-the-press/47400688#47400688

Sens. Levin, Corker Debate Implementing Financial Regulation

Should Jamie Dimon’s J.P. Morgan Duties Be Broken Up?

J.P. Morgan Moves to Protect Dimon

CBS Evening News with … : Three JPMorgan Chase executives resign

Inside Story Americas – Can US banks be trusted to self-regulate?

 

JP Morgan’s $2 Billion Trading Loss: Potential Impact

Jamie Dimon’s pivot from bravado to humility – Rough Cuts

After JPMorgan’s Huge Loss, Is More Regulation Needed?

Keiser Report: Countdown to Armageddon (Pt 1)

Keiser Report: Countdown to Armageddon (Pt 2)

$2 Billion Dollar ‘Mistake’ By JP Morgan CEO Jamie Dimon

Gerald Celente calls out Jamie “two-bit” Dimon and his Financial Crime Syndicate

Bloomberg Rewind (5/10) JPMorgan’s Trading Loss

http://www.bloomberg.com/video/92515511/

JPMorgan Unit’s London Staff May Risk Dismissal

http://www.bloomberg.com/video/92563143/

JPMorgan Trading Loss Own Words

http://www.bloomberg.com/video/92481695/

JP Morgan’s $2 Billion Trading Loss: Potential Impact

JAMIE DIMON WRITTEN UP AND ISSUED A CORRECTIVE & DISCIPLINARY ACTION OVER $2B TRADING

    J.P. Morgan’s $2B Trading Loss: Too Big to Manage?

“We Screwed Up”: JP Morgan CEO Jamie Dimon To Fox Business Network

Hedge Funds Profit as J.P. Morgan Sees Losses

JPMorgan Chase Acknowledges $2B Trading Loss 

P Morgan’s “Unicorn Hedge” Fairy Tale Harpoons the London Whale!

Financial Checkup: JP Morgan Loses 2 Billion

What should happen now to JPMorgan Chase’s CEO?

Bank of America’s Scarff on JPMorgan’s Trading Loss Implications

‘London Whale’ Rattles Debt Market

In recent weeks, hedge funds and other investors have been puzzled by unusual movements in some credit markets, and have been buzzing about the identity of a deep-pocketed trader dubbed “the London whale.” That trader, according to people familiar with the matter, is a low-profile, French-born J.P. Morgan Chase & Co. employee named Bruno Michel Iksil. Mr. Iksil has taken large positions for the bank in insurance-like products called credit-default swaps. Lately, partly in reaction to market movements possibly resulting from Mr. Iksil’s trades, some hedge funds and others have made heavy opposing bets, according to people close to the matter.

The “London Whale” Swamps JPMorgan

Raw Footage of Peter Wallison Interview from The Bubble

The Bubble is a feature length documentary that ask those who predicted the greatest recession since the Great Depression, why did it happen and what are we facing? The documentary is an adaptation of Tom Woods’ New York Times bestseller Meltdown. Filmmaker Jimmy Morrison is releasing each interview in full for free every month until the film’s release.

Peter J. Wallison, a codirector of AEI’s program on financial policy studies, researches banking, insurance, and securities regulation. As general counsel of the U.S. Treasury Department, he had a significant role in the development of the Reagan administration’s proposals for the deregulation of the financial services industry. He also served as White House counsel to President Ronald Reagan and is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency (Westview Press, 2002). His other books include Competitive Equity: A Better Way to Organize Mutual Funds (2007); Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (2004); The GAAP Gap: Corporate Disclosure in the Internet Age (2000); and Optional Federal Chartering and Regulation of Insurance Companies(2000). He also writes for AEI’s Financial Services Outlook series.

A Big Think Interview With Peter Wallison

Peter Wallison’s Dissent from the Majority Report of the Financial Crisis Inquiry Commission

Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet

The economic consequences of JPMorgan Chase & Co.’s $2 billion losses

Investment trading losses exceeding $2 billion at J.P. Morgan Chase & Co resulted in employees losing their jobs and a failing stock price. Will it lead to more banking regulations and bailouts?

On May 10 J.P. Morgan’s  Chief Executive, Jamie Dimon, disclosed losses on a derivatives trade of more than $2 billion at the London office of the bank.  These investments were supposed to hedge the risk of the bank’s other assets including the bank’s entire loan portfolio. These hedging investments actually lead not to less investment risk but significant investment losses that were disclosed by the bank before the investment position or trade was reversed.

The entire investment staff at the bank’s London office, which was responsible for the trading losses, may be at risk of losing their jobs, according to Bloomberg. The bank’s losses have led to the retirement, resignation, termination and reassignment of employees at the bank. Chief Investment Officer, Ina Drew, who was responsible for $360 billion in investments retired on May 14. However, the bank continues to employs Bruno Iksil, the investment trader, known as the London Whale, who used derivatives to bet on credit default swap indices. This trade was responsible for the bank’s losses. Dimon characterized the trade as “flawed, complex, poorly reviewed, poorly executed and poorly monitored.”

Since the end of the first quarter, the bank’ stock price has declined more than $10 per share to about $36. JPMorgan Chase & Co., the largest U.S. bank, is considered to be one of the better managed U.S. banks as evidenced by the growth in profits and shareholder equity under the Dimon’s leadership. Last year the bank earned $19 billion in profits and had shareholders common equity of $184 billion. Even if the trading losses were to double or triple, the bank’s profits would more than cover these trading losses.

The Volker rule was mandated as part of the Dodd Frank Act and is named after former chairman of the Federal Reserve, Paul Volker. The rule is in the process of being finalized and would prohibit commercial banks from engaging in proprietary trading, where the bank invests or bets its own money. However, investment portfolio hedging is exempted under the Volker rule. Therefore, even if the Volker rule was operative, it would not have prevented the bank’s trading losses.

Existing government bank regulation failed to prevent the bank’s losses. There is no reason to believe more government bank regulation would stop future investment losses. Government intervention into the economy in the form of bank regulation has repeatedly failed to prevent bank insolvencies that may lead to financial crises.

The topic is important because the vast majority of Americans do not want the federal government bailing out banks that are “too big to fail”. This was confirmed by Rasmussen Reports on May 16 in a report titled, “71% Say Government Should Let Big Troubled Banks Fail.”

I oppose government intervention in the economy including government banking regulation. The market regulates business far better than government bank regulators. JPMorgan Chase & Co.’s poor management of investment risk resulted in losses and a falling stock price. The bank’s employees paid a price by losing their jobs and the bank’s shareholders paid a price by a significant decline in the bank’s stock price. This is exactly how free market capitalism works. The federal government should not “socialize losses” by bailing out insolvent financial institution that are “too big to fail” with taxpayer money. An insolvent financial institution should be liquated with their assets sold to other successful business firms.

Ludwig von Mises said it best: “Big business depends entirely on the patronage of those who buy its products: the biggest enterprises lose its power and its influence when it loses its customers.”

Background Articles and Videos

GLOBAL AFFAIRS AND THE GLOBAL ECONOMY

IBM THINK Forum | A Conversation on Leading in Times of Deep Structural Change

A conversation with Jamie Dimon, Chairman and Chief Executive Officer, JP Morgan Chase & Co.; Dr. Victor K. Fung, Li & Fung Limited; Jim McNerney, Chairman, President and Chief Executive Officer, The Boeing Company; Moderated by Dr. Fareed Zakaria, CNN Host, Fareed Zakaria GPS, Editor-at-Large, TIME, Columnist, The Washington Post, and Author

Jamie Dimon of Chase speaks in Seattle on Nov. 2, 2011

Jamie Dimon:  Address to HBS MBA Class of 2009, Class Day June 21, 2009

How will JPMorgan’s $2B loss affect banking rules?

By DANIEL WAGNER | Associated Press

“…The $2 billion trading loss at JPMorgan Chase has renewed calls for stricter oversight of Wall Street banks. Two years after Congress passed an overhaul of financial rules, many of those changes have yet to be finalized.

JPMorgan’s misstep gives advocates of stronger regulation an opening to argue that regulators should toughen their approach.

The Obama administration has argued that it went as hard on banks as possible without further upsetting global finance. Now Democratic lawmakers and administration officials say JPMorgan case proves that more change is needed.

Still, many in the industry warn against reading too much into one trading loss. They say losing money is an inevitable part of taking risk, as banks must.

Some fear that after JPMorgan’s announcement, regulators will greet industry concerns with more skepticism as they flesh out key parts of the overhaul law.

THE VOLCKER RULE

This provision restricts banks’ ability to trade for their own profit, a practice known as proprietary trading. It is named for former Federal Reserve Chairman Paul Volcker.

— Battle lines: Banks say it disrupts two of their core functions: Creating markets for customers who want to buy financial products and managing their own risk to prevent major losses.

They say proprietary trading was not a cause of the 2008 financial crisis and the rule is a means of political revenge on an unpopular industry. Advocates of stronger regulation argue that the rule would have prevented JPMorgan’s loss. They say the trades were made to boost bank profits, not to protect against market-wide risk.

— State of play: A draft of the rule satisfied neither side. It includes exceptions for hedging against risk and for market-making, but banks say they the exceptions are too narrow and difficult to enforce. It’s nearly impossible to tell whether a bank bought or sold something for itself or for customers.

— JPMorgan effect: Attitudes about the Volcker rule are likely to shift as a result of JPMorgan’s disclosure, experts say. Even if JPMorgan’s trades truly were a failed attempt to protect against risk, the resulting loss strengthens the argument that regulators should err on the side of scrutinizing trades. …”

http://news.yahoo.com/jpmorgans-2b-loss-affect-banking-rules-064405501–finance.html

Dissent from the Majority Report of the Financial Crisis Inquiry Commission
Peter J. Wallison | AEI Online
January 26, 2011

“…Read the dissent in full as an Adobe Acrobat PDF.

The question I have been most frequently asked about the Financial Crisis Inquiry Commission (the “FCIC” or the “Commission”) is why Congress bothered to authorize it at all. Without waiting for the Commission’s insights into the causes of the financial crisis, Congress passed and President Obama signed the Dodd-Frank Act (DFA), far-reaching and highly consequential regulatory legislation. Congress and the President acted without seeking to understand the true causes of the wrenching events of 2008, perhaps following the precept of the President’s chief of staff: “Never let a good crisis go to waste.” Although the FCIC’s work was not the full investigation to which the American people were entitled, it has served a useful purpose by focusing attention again on the financial crisis and whether–with some distance from it–we can draw a more accurate assessment than the media did with what is often called the “first draft of history.”

To avoid the next financial crisis, we must understand what caused the one from which we are now slowly emerging, and take action to avoid the same mistakes in the future. If there is doubt that these lessons are important, consider the ongoing efforts to amend the Community Reinvestment Act of 1977 (CRA). Late in the last session of the 111th Congress, a group of Democratic Congress members introduced H.R. 6334. This bill, which was lauded by House Financial Services Committee Chairman Barney Frank as his “top priority” in the lame duck session of that Congress, would have extended the CRA to all “U.S. nonbank financial companies,” and thus would apply to even more of the national economy the same government social policy mandates responsible for the mortgage meltdown and the financial crisis. Fortunately, the bill was not acted upon. Because of the recent election, it is unlikely that supporters of H.R. 6334 will have the power to adopt similar legislation in the next Congress, but in the future, other lawmakers with views similar to Barney Frank’s may seek to mandate similar requirements. At that time, the only real bulwark against the government’s use of private entities for social policy purposes will be a full understanding of how these policies were connected to the financial crisis of 2008. …”

JPMorgan case is complicated

Robert J. Samuelson 

“…The trading loss at JPMorgan is good for the system — though not for JPMorgan — because it reminds people that risk is unavoidable and because it may identify specific practices that, if they became widespread, could spawn a broader crisis. The time for genuine worry is when everyone agrees that the outlook is bright and risks are few. This suggests the wishful thinking that often precedes financial “bubbles.” Government regulation often follows a perverse cycle: too loose when the economy is strong; too rigid when it’s weak.

We don’t yet know all the details of JPMorgan’s loss. How did trades initially intended to hedge risk — to reduce it — end up having the opposite effect? Until we can answer that, the wider implications for government regulation, including the Volcker Rule, remain unsettled.

But we ought to avoid simple morality tales of avaricious bankers versus virtuous regulators. The real world is more complicated. The global financial system’s complexities and interconnections have grown. Some of these can be restrained; few can be repealed. Bankers and regulators are hostage to a rapidly changing, poorly understood system.

One lesson is obvious: Banks and other major financial institutions need ample capital. The dangers lie not in what we know — but in what we don’t.”

http://www.dispatch.com/content/stories/editorials/2012/05/16/jpmorgan-case-is-complicated.html

By Dawn Kopecki – May 14, 2012 9:41 AM CT

http://www.bloomberg.com/news/2012-05-13/jpmorgan-executives-said-to-depart-this-week-after-trading-loss.htmlhttp://www.bloomberg.com/news/2012-05-13/jpmorgan-executives-said-to-depart-this-week-after-trading-loss.html

JP Morgan Biography Federal Reserve Act History

Related Posts On Pronk Palisades

Peter Wallison–Dissent from the Majority Report of the Financial Crisis Inquiry Commission —Videos

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

The American People’s Solution To Economic Stagnation: Increase National Debt Ceiling By $2,000 Billion To $16,300 Billion In Exchange For Passage of A Balanced Budget Amendment And The FairTax Bills And Repealing The Income Tax 16th Amendment To U.S. Constitution–A Balanced, Fair And Transparent Approach To Creating Jobs and Growing A Peace and Prosperity Economy–Videos

Posted on July 18, 2011. Filed under: Banking, Blogroll, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Investments, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Talk Radio, Taxes, Technology, Unemployment, Unions, Video, War, Wealth | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

Pronk Pops Show 37:July 20, 2011

Pronk Pops Show 36:July 13, 2011

Pronk Pops Show 35:July 6, 2011

Pronk Pops Show 34:June 29, 2011

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 22 (Part 2)-26

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 1-9

Stop Spending Our Future – The Crisis

 

The Story of Spending

 

Smoke and Mirrors on Spending Cuts

 

 

Spending Restraint, Part I: Lessons from Ronald Reagan and Bill Clinton

 

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

 

The National Debt Road Trip

 

How To Balance the Obama Budget

 

It’s Simple to Balance The Budget Without Higher Taxes

 

National Debt- How Much Is A Billion Dollars? Dave Walker  

 

Obama: I’m Willing to Compromise

 

We Cannot Bind a Future Congress

 

GOP: We Need a Balanced Budget Amendment

 

Obama: We don’t need a balanced budget amendment

 

A Balanced Budget Amendment: The Path to Fiscal Sanity

 

The Time is NOW – Balanced Budget Amendment

 

Senator Lee Introduces Cut, Cap, Balance Act as a Sensible Solution for Raising the Debt Ceiling

 

Our Troubling Tax System

 

 

Barack Obama will raise Capital Gains Taxes…even if it means less tax revenue!!

 

Ron Paul & Judge Napolitano on FOX News 03/10/11

 

 

The FairTax: It’s Time

 

Lugar Cosponsors the FairTax

 

Herman Cain on Taxes

 

Flat Tax vs. National Sales Tax

 

Ron Paul – THE FAIRTAX REVOLUTION

 

Mike Huckabee – What is the “Fair Tax?”  

 

Fair Tax Panel with Grover Norquist on FOX Business

 

Ron Paul Opposes Raising Debt Limit

 

Bachmann Stands Strong Against Raising Debt Ceiling

 

 

 

Milton Friedman on Libertarianism (Part 4 of 4)

 

How To Amend The U.S. Constitution

 

How To Amend the U.S. Constitution

 

Cut, Cap & Balance! Senators Paul, Lee and Vitter want a Constitutional Amendment

 

Cut, Cap and Balance…A Great Way To Keep Our Debt From Overtaking Our Future

 

Ron Paul Ad – Conviction Not Compromise

 

Ron Paul Will Beat Obama In 2012

 

 

 

I agree with Ron Paul and Michele Bachmann that the National Debt ceiling should not be increased.

I support and have signed the cut, cap, and balance pledge.

Only if both the balanced budget amendment and FairTax bills are passed with a provision  repealing the income tax 16th Amendment would I support the raising of the National Debt ceiling by an amount not exceeding $2,000 billion.

This would require the Democratic Party in both the House of Representatives and Senate to vote for this and the President signing these bills.

Barring this, the President needs to start informing nonessential government employees that their jobs have been terminated.

The priorities for Federal Government outlays should be as follows:

1. Interest on the national debt

2. Social Security

3. Medicare and Medicaid

5. Department of Treasury

6. Department of Justice

7. Department of State

8. Department of Defense (60% of total budget outlays)  with salaries of military personnel on active duty paid first.

The above is about 65% of total government expenditures or outlays.

The Federal government should start selling all of its real estate asset and gold  to make up any shortfall in tax revenues.

The remaining Federal Departments need to be closed and only operations that are absolutely essential should continue operating.

It should take a minimum of two to five years to have the necessary 38 states ratify the Balanced Budget Amendment and an Amendment repealing the income tax 16th Amendment to the Consitution to the United States.

Until these amendments are ratified the U.S. Federal Government budget should be balanced and the income tax replaced by the consumption tax–The FairTax.

The Budget for Fiscal Year 2012 should not exceed $3,000 billion not the proposed $3,500 billion Republican budget which has a deficit of nearly $1,000 billion.

Congress should balance the budget starting in Fiscal Year 2013 at $ 3,000 billion or less.

Time for the House of Representatives to call President Obama’s bluff.

The American people want Federal Government spending to be drastically cut and all U.S. Federal Government budgets balanced starting no later than Fiscal year 2013.

The American people want all Federal Government  taxes to be replaced with a national retail consumption sales tax on all new goods and services–the FairTax.

The FairTax should go into operation on January 1, 2013 at the latest and would replace all Federal Government taxes including income, payroll, gift and estate taxes. 

The time has come to call the President’s bluff. 

If the Democrats vote against this, then the American people will blame them for shutting down the Federal Government.

 

 

Background Articles and Videos

 

Legendary investor Jim Rogers- “Ron Paul is the only politician that has a clue”

 

 

http://en.wikipedia.org/wiki/Economy_of_the_United_States

 

Summary of Outlays, Revenues (Receipts), Deficits, Surpluses Fiscal Years 1980-2010(Nominal Dollars in Millions)
Fiscal Year Outlays Revenues (Receipts) Deficits (-), Surpluses
1980 590,941 517,112 -73,830
1981 678,241 599,272 -78,968
1982 745,743 617,766 127,977
1983 808,364 600,562 -207,802
1984 851,805 666,488 -185,367
1985 946,344 734,037 -212,308
1986 990,382 769,155 -221,277
1987 1,004,017 854,288 -149,730
1988 1,064,417 854,288 -155,178
1989 1,143,744 991,105 -152,639
1990 1,252,994 1,031,958 -221,036
1991 1,324,226 1,054,988 -269,238
1992 1,381,529 1,091,208 -290,321
1993 1,409,386 1,154,335 -255,051
1994 1,461,753 1,258,566 203,186
1995 1,515,742 1,351,790 -163,392
1996 1,560,484 1,453,053 -107,431
1997 1,601,116 1,579,232 -21,884
1998 1,652,458 1,721,728 69,270
1999 1,701,842 1,827,452 125,610
2000 1,788,950 2,025,191 236,241
2001 1,862,846 1,991,082 128,236
2002 2,010,894 1,853,136 157,758
2003 2,159,899 1,782,314 -377,585
2004 2,292,841 1,880,114 -412,727
2005 2,471,957 2,153,611 -318,346
2006 2,655,050 2,406,869 -248,181
2007 2,728,686 2,567,985 -160,701
2008 2,982,544 2,523,991 -458,553
2009 3,517,677 2,104,989 -1,412,688
2010 3,456,213 2,162,724 -1,293,489

 

 

FINANCIAL MANAGEMENT SERVICE
                                                  STAR – TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  06/11

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   135,293                311,656                176,363
     NOVEMBER                                                             133,563                253,850                120,287
     DECEMBER                                                               218,919                310,329                 91,410
     JANUARY                                                                205,239                247,873                 42,634
     FEBRUARY                                                             107,520                328,429                220,909
     MARCH                                                                     153,358                218,745                 65,387
     APRIL                                                                       245,260                327,950                 82,689
     MAY                                                                          146,794                282,721                135,927
     JUNE                                                                         251,048                319,470                 68,422
     JULY                                                                         155,546                320,588                165,043
     AUGUST                                                                   163,998                254,524                 90,526
     SEPTEMBER                                                          245,207                279,813                 34,607

       YEAR-TO-DATE                                             2,161,746              3,455,949           1,294,204

   CURRENT YEAR

     OCTOBER                                                                145,951                286,384                140,432
     NOVEMBER                                                          148,970                299,364                150,394
     DECEMBER                                                           236,875                315,009                 78,134
     JANUARY                                                            226,550                276,346                 49,796
     FEBRUARY                                                          110,656                333,163                222,507
     MARCH                                                                 150,894                339,047                188,153
     APRIL                                                                    289,543                329,929                 40,387
     MAY                                                                       174,936                232,577                 57,641
     JUNE                                                                      249,658                292,738                 43,080

       YEAR-TO-DATE                                           1,734,033              2,704,557           970,524

http://www.fms.treas.gov/mts/mts0611.txt

 

U.S. Federal Government Budget Receipts and Outlays
Totals Include On-Budget and Off-Budget Amounts
From Coolidge To Obama, In Billions of Dollars

  Total Budget   Percent of G.D.P.
President Fiscal
Year
Receipts Outlays Surplus orDeficits G.D.P. Receipts Outlays Surplus orDeficit
Calvin Coolidge 1930 4.1 3.3 0.7 97.4 4.2 3.4 .8
Herbert Hoover 1931 3.1 3.6 -0.5 83.9 3.7 4.3 -0.6
  1932 1.9 4.7 -2.7 67.6 2.8 6.9 -4.9
  1933 2.0 4.6 -2.6 57.6 3.5 8.0 -4.5
F.D.Roosevelt 1934 3.0 6.5 -3.6 61.2 4.8 10.7 -5.9
  1935 3.6 6.4 -2.8 69.6 5.2 9.2 -4.0
  1936 3.9 8.2 -4.3 78.5 5.0 10.5 -5.5
  1937 5.4 7.6 -2.2 87.8 6.1 8.6 -2.5
  1938 6.8 6.8 -0.1 89.0 7.6 7.7 -0.1
  1939 6.3 9.1 -2.8 89.1 7.1 10.3 -3.2
  1940 6.5 9.5 -2.9 96.8 6.8 9.8 -3.0
  1941 8.7 13.7 -4.9 114.1 7.6 12.0 -4.3
  1942 14.6 35.1 -20.5 144.3 10.1 24.3 -14.2
  1943 24.0 78.6 -54.6 180.3 13.3 43.6 -30.3
  1944 43.7 91.3 -47.6 209.2 20.9 43.6 -22.7
  1945 45.2 92.7 -47.6 221.4 20.4 41.9 -21.5
  1946 39.3 55.2 -15.9 222.6 17.7 24.8 -7.2
Harry S.Truman 1947 38.5 34.5 4.0 233.2 16.5 14.8 1.7
  1948 41.6 29.8 11.8 256.6 16.2 6.9 4.6
  1949 39.4 38.8 0.6 271.3 14.5 14.3 0.2
  1950 39.4 38.8 0.6 273.1 14.4 15.6 -1.1
  1951 51.6 45.5 6.1 320.2 16.1 14.2 1.9
  1952 66.2 67.7 -1.5 348.7 19.0 19.4 -0.3
  1953 60.7 70.9 -6.5 372.5 18.7 20.4 -1.7
D.D.Eisenhower 1954 69.7 70.9 -1.2 377.0 18.5 18.8 -0.3
  1955 65.5 68.4 -3.07 395.9 16.5 17.3 -.8
  1956 74.6 70.6 3.9 427.0 17.5 16.5 0.9
  1957 80.0 76.6 3.4 450.9 17.7 17.0 0.8
  1958 79.6 82.4 -2.8 460.0 17.3 17.9 -0.6
  1959 79.2 92.1 -12.8 490.2 16.2 18.8 -2.6
  1960 92.5 92.2 0.3 518.9 17.8 17.8 0.1
  1961 94.4 97.7 -3.3 529.9 17.8 18.4 -1.3
John F.Kennedy 1962 99.7 106.8 -4.8 567.8 17.6 18.8 -1.3
  1963 106.6 111.3 -4.8 599.2 17.8 18.4 -0.6
Lyndon B.Johnson 1964 112.6 118.5 -5.9 641.5 17.6 18.5 -0.9
  1965 116.8 118.2 -1.4 687.5 17.0 17.2 -0.2
  1966 130.8 134.5 -3.7 755.8 17.3 17.8 -0.5
  1967 148.8 157.5 -8.6 810.0 18.4 19.4 -1.1
  1968 153.0 178.1 -25.2 868.4 17.6 20.5 -2.9
  1969 186.9 183.6 3.2 948.1 19.7 19.4 -0.3
Richard N.Nixon 1970 192.8 195.6 -2.8 1,012.7 19.0 19.3 -0.3
  1971 187.1 210.2 -23.0 1,080.0 17.3 19.5 -2.1
  1972 207.3 230.7 -23.4 1,176.5 17.6 19.6 -2.0
  1973 230.8 245.7 -14.9 1,310.6 17.6 18.7 -1.1
  1974 263.2 269.4 -6.1 1,438.5 18.3 18.7 -0.4
Gerald R.Ford 1975 279.1 332.3 -53.2 1,560.2 17.9 21.3 -3.4
  1976 298.1 371.8 -73.7 1,738.16 17.1 21.4 -4.2
  TQ 81.2 96.0 -14.7 459.4 17.7 20.0 -3.2
  1977 355.6 409.2 -53.7 1,973.5 18.0 20.7 -2.7
Jimmy Carter 1978 399.6 458.7 -59.2 2,217.5 18.0 20.7 -2.7
  1979 463.3 504.0 -40.7 2,501.4 18.5 20.1 -1.6
  1980 517.1 590.9 -73.8 2,724.2 19.0 21.7 -2.7
  1981 599.3 678.2 -79.0 3,057.0 19.6 22.2 -2.6
Ronald Reagan 1982 617.8 745.7 -128.0 3,223.7 19.2 23.1 -4.0
  1983 600.6 808.4 -207.8 3,440.7 17.5 23.5 -6.0
  1984 666.4 851.8 -185.4 3,844.4 17.3 22.2 -4.8
  1985 734.0 946.3 -212.3 4,146.3 17.7 22.8 -5.1
Ronald Reagan 1986 769.2 990.4 -212.2 4,403.9 17.5 22.5 -4.9
  1987 854.3 1,004.0 -149.7 4,651.4 18.4 21.6 -3.2
  1988 909.2 1,064.4 -155.2 5,008.5 18.2 21.3 -3.0
  1989 991.1 1,143.7 -152.6 5,399.5 18.4 21.2 -4.9
George H.W.Bush 1990 1,032.0 1,253.0 -221.0 5,734.5 18.0 21.9 -3.9
  1991 1,055.0 1,324.2 -269.2 5,930.5 17.8 22.3 -4.5
  1992 1,091.2 1,381.5 -290.3 6,242.0 17.5 22.1 -4.7
  1993 1,154.3 1,409.4 -255.1 6,587.3 17.5 21.4 -3.9
William J. Clinton 1994 1,258.6 1,461.8 -203.2 6,976.6 2.8 6.9 -4.9
  1995 1,351.8 1,515.8 -164.0 7,341.1 18.4 20.6 -2.2
  1996 1,453.1 1,560.5 -107.4 7,718.3 18.8 20.2 -1.4
  1997 1,579.2 1,601.1 -21.9 8,211.7 19.2 19.5 -0.3
William J. Clinton 1998 1,721.7 1,652.5 69.3 67.6 19.9 19.1 0.8
  1999 1,827.5 1,701.8 125.6 9,208.4 19.8 18.5 1.4
  2000 2,025.2 1,789.0 236.2 9,821.0 20.6 18.2 2.4
  2001 1,991.1 1,862.9 128.2 10,225.3 19.5 18.2 1.3
George W.Bush 2002 1,853.1 2,010.9 -157.8 10,543.9 17.6 19.1 -1.5
  2003 1,782.3 2,159.9 -377.6 10,979.8 16.2 19.7 -3.4
  2004 1,880.1 2,292.9 -412.7 11,685.6 16.1 19.6 -3.5
  2005 2,153.6 2,472.0 -318.3 12,445.7 17.3 19.9 -2.6
George W.Bush 2006 2,406.0 2,655.1 -248.2 13,224.9 18.2 20.1 -1.9
  2007 2,568.0 2,728.7 -160.7 13,896.0 18.5 19.6 -1.2
  2008 2,524.0 2,982.6 -458.6 14,439.0 17.5 20.7 -3.2
  2009 2,105.0 3,517.7 -1,412.7 14,237.2 14.8 24.7 -9.9
Barack H.Obama 2010 2,165.1 3,720.7 -1,555.6 14,623.9 14.8 25.4 -10.6
estimates 2011 2,567.2 3,833.9 -1,266.7 15,299.0 16.8 25.1 -8.3
estimates 2012 2,926.4 3,754.9 -828.5 16,203.3 18.1 23.2 -5.1

Prior to fiscal year 1977 the Federal fiscal years began on July 1 and ended on June 30. For example, John F. Kennedy assumed office on January 20, 1961, but the FY 1961 budget was prepared by the Eisenhower Administration.

In calendar year 1976 the July-September period was a separate accounting period (known as the transition quarter or TQ) to bridge the period required to shift to the new fiscal year.

The Fiscal Year begins on October 1 of the previous year. For example, Fiscal Year 2012 begins on October 1, 2011. For this reason, budget years appear to not correspond with a president’s administration. For example, Barack H. Obama took office in January 2009, but the FY 2009 budget was prepared by the Bush Administration.

http://www.presidency.ucsb.edu/data/budget.php

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

Thomas M. Hoenig–Is The Federal Reserve Following The Appropriate Monetary Policy?–Videos

Posted on June 4, 2011. Filed under: Agriculture, Banking, Blogroll, Books, Business, College, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, Investments, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Rants, Raves, Regulations, Security, Taxes, Video, War, Wealth, Wisdom | Tags: , , , , , |

Federal Money Manipulation just more lies.

Fed’s Hoenig Says More QE May Spark Bubbles, Inflation

 

Dr. Thomas M. Hoenig – Sowing the Seeds: Monetary Policy and  the Ag Economy

Background Articles and Videos

Web Extra: Fed Official Calls for Rate Hike

 

Thomas Hoenig, Federal Reserve Bank of Kansas City President

Thomas Michael Hoenig

“…Thomas Michael Hoenig[1] (born September 6, 1946) took office October 1, 1991, as the eighth chief executive of the Tenth District Federal Reserve Bank, in Kansas City, United States. He is currently serving a full term that began March 1, 2001. In 2010, he is serving as a voting member of the Federal Open Market Committee, as one of five of the twelve Federal Reserve Bank presidents that sit on the Committee on a yearly rotating basis. He is known as an inflation hawk.[2] …”

Hoenig was born in Fort Madison, Iowa, where his father owned a plumbing business. He was raised Catholic and attended Catholic schools.[3][4] Hoenig earned a B.A. in economics and mathematics from St. Benedict’s College (now Benedictine College), Atchison, Kansas, and M.A. and Ph.D. degrees in economics from Iowa State University.[5]

Hoenig joined the Federal Reserve Bank of Kansas City in 1973 as an economist in the banking supervision area. He was named a vice president in 1981 and senior vice president in 1986.

According to Fed salary figures released for 2010, Hoenig earns $374,400 per year, in the mid-range for the twelve regional bank chairs and considerably more than Fed chair Ben Bernanke ($199,700), whose pay is limited by law.[6]

He has served as an instructor of economics at the University of Missouri-Kansas City and lectured on the U.S. banking and regulatory system for the People’s Bank of China. Dr. Hoenig is a member of the Board of Trustees of the Ewing Marion Kauffman Foundation and serves on the boards of directors of Midwest Research Institute and Union Station.

On March 25, 2011 Hoenig announced his intent to retire on October 1, 2011, as required under the Federal Reserve Board’s mandatory retirement rules for Federal Reserve Bank Presidents. The retirement marks 20 years as president for Hoenig whose first day as Bank president was October 1, 1991, and 38 years of total service to the Federal Reserve.[7] …”

http://en.wikipedia.org/wiki/Thomas_M._Hoenig

Related Posts On Pronk Palisades

Banking And The Federal Reserve System

Fiat Empire–Why The Federal Reserve Violates The U.S. Constitution–VideosKeynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Money Masters–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

Monetary Economic Policy

Pushing On A G-String–No Job Recovery And Declining Prices Results In Federal Reserve Buying Govenment Debt To Spur Economic Growth By Expanding Money Supply–Videos

Fiat Empire–Why The Federal Reserve Violates The U.S. Constitution–Videos

Keynes Is Dead—-Obama Digging Up Keynes–Free Market Capitalism Lives

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

The Battle Between Keynes and Monetarism in the UK–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

The Big Economic Picture–Some Perspectives–Videos

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

The Monetarization of The Debt and Quantitative Easing: The Federal Reserve is printing $1,000,000,000,000!–Run-Away Inflation Coming Soon! 

Thomas E. Woods, Jr.–Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

Richard Ebeling–America’s New Road to Serfdom and the Continuing Relevance of Austrian Economics –Videos

Milton Friedman–Videos

Milton Friedman–Capitalism and Freedom–Videos

Milton Friedman On Business–Videos

Milton Friedman On Education–Videos

Milton Friedman On Monetary Policy–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Milton Friedman–Economic Myths–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

David Gordon–Five Best Books on the Current Crisis–Video

David Gordon–The Confused Literature of Globalization–Videos

Friedrich Hayek–Videos

Friedrich A. Hayek–Interviews–Videos

Inside the Hayek Equation: An Interview with Friedrich von Hayek–Video

An Interview with Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

Robert Higgs–The Great Depression and the Current Recession–Videos

Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Paul Krugman–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

Liberal Fascism–Jonah Goldberg–Videos

Carl Menger and The Marginalist Revolution–Videos

Dan Mitchell–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–Videos

Gary North–Keynes and His Influence–Take The North Challenge–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Paul Craig Roberts–How The Economy Was Lost–The War Of The Worlds–Videos

Paul Craig Roberts–Peak Jobs–Videos

Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos

Murray Rothbard–Videos

Murray N. Rothbard–The Federal Reserve and The Power Elite–Videos

Murray Rothbard–A History of Money and Banking in The United States–Videos

Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos

Murray Rothbard–The Case Against The Fed–Videos

Murray N. Rothbard–Introduction to Economics: A Private Seminar–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Murray Rothbard– What Has Government Done to Our Money?–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Econ Talk With Thomas Sowell–Videos

Joseph Stiglitz – An Agenda for Reforming Economic Theory–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Calamity of Anti-Capitalism: A Brief American History–Video

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Thomas Woods–The Great Depression, World War II, and American Prosperity–Videos

Tom Woods–Lectures On Liberty–Videos

Thomas E. Woods–The Market Economy–Videos

Tom Woods On Personal Rights and Property Ownership

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

 

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

Paul McKeever On Understanding Money and Banking–Videos

Posted on April 17, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, government, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Raves, Taxes, Video, Wealth, Wisdom | Tags: , , , , , |

Understanding Money & Banking Pt. 1: What is Money?

Understanding Money & Banking Pt. 2: Anatomy of a Bank Loan

Understanding Money & Banking Pt. 3: Quantity of Money

Understanding Money & Banking Pt. 4: Counterfeiter’s Motto

Understanding Money & Banking, Pt. 6 – Legal Tender

Fractional Reserve Banking versus Ayn Rand’s Ethics

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

Mark Thoma–Monetary Theory and Policy–University of Oregon–Videos

Posted on January 21, 2011. Filed under: Blogroll, Communications, Economics, Language, Law, liberty, Life, Monetary Policy, Taxes, Video, Wealth, Wisdom | Tags: , , , , , |

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 1

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 2

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 3

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 4

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 5

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 6

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 7

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 8

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 9

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 10

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 11

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 12

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 13

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 14

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 15

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 16

Economics 470 – Monetary Theory and Policy – Fall 2009 – Tuesday 9/29/2009 – Lecture 17

Read Full Post | Make a Comment ( 1 so far )

The History of Money–Videos

Posted on December 18, 2010. Filed under: Banking, Blogroll, Communications, Demographics, Economics, government, history, Investments, Language, Law, liberty, Links, Monetary Policy, Money, People, Philosophy, Politics, Raves, Religion, Resources, Taxes, Video | Tags: , , , , , , , , |

The History of Money – Part 1

 

The History of Money – Part 2

The History of Money – Part 3

 

The History of Money – Part 4

 

The History of Money – Part 5

 

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

George Soros–The Boy Who Cried Wolf or A Wolf In Sheep’s Clothing?–Videos

Posted on November 10, 2010. Filed under: Banking, Blogroll, College, Communications, Culture, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Resources, Security, Strategy, Taxes, Technology, Video, War, Wisdom | Tags: , , , , , , , |

Soros Lecture – part 2

 

Soros Lecture – part 3

 

Soros Lecture – part 4

 

Soros Lecture – part 5

 

Soros Lecture – part 6

 

Soros Lecture – part 7

 

Soros Lecture – part 8

 

Soros Lecture – part 9

Soros Channel 1 of 6 Oct 30, 2009 George Soros, Lecture Five final at Central European University FT

 

Soros Channel 2 of 6 Oct 30, 2009 George Soros, Lecture Five final at Central European University FT

 

Soros Channel 3 of 6 Oct 30, 2009 George Soros, Lecture Five final at Central European University FT

 

Soros Channel 4 of 6 Oct 30, 2009 George Soros, Lecture Five final at Central European University FT

 

Soros Channel 5 of 6 Oct 30, 2009 George Soros, Lecture Five final at Central European University FT

 

Soros Channel 6 of 6 Oct 30, 2009 George Soros, Lecture Five final at Central European University FT

 

Background Articles and Videos

George Soros

 

George Soros on commodieties

 

George Soros on Greenback

 

Related Posts On Pronk Palisades

Beck On Soros–Obama’s Puppet Master–Collapsing U.S Dollar–Videos

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeter

George Soros On Reflexivity And Fallibility–Videos

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

Quantitative Easing 2–The Shot Heard Around The World–The Coming Currency Wars!

Posted on November 8, 2010. Filed under: Banking, Blogroll, Business, Communications, Demographics, Economics, Education, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Law, liberty, Life, Links, Money, People, Philosophy, Politics, Regulations, Taxes, Video, Wisdom | Tags: , , , , , |

Global Currency War Brewing

 

Ron Paul: Bernanke and Krugman are Destroying the Dollar

 

Inside Story – Printing more dollars

 

China criticizes US for printing paper money to cause the world inflation

 

Germany Criticizes U.S. for Printing More Money

 

Reinhart Says Enlarging Balance Sheet Is Fed’s Only Tool

 

New $600B Fed Stimulus Fuels Fears of US Currency War Part 1

 

 

New $600B Fed Stimulus Fuels Fears of US Currency War Part 2

 

 Video: Market Overview: QE2, payrolls and US midterm elections, clues for future growth?

Quantitative Easing Explained

Bonds and Quantitative Easing For Dummies

Background Articles and Videos

Allan Meltzer – Testimony on FED Power Expansion – Commitee Hearing – HR 1207 Audit the FED 7-9-09

 

Related Posts On Pronk Palisades

Milton Friedman On The Federal Reserve’s Printing Money Or Quantitative Easing Monetary Policy To Increase Inflation and Reduce Unemployment–Absolutely Not! 

The Day The Dollar Crashes–What’s Next? What’s Next? What’s Next?–Videos

Federal Reserve’s Nonconventional Monetary Policy of Quantitative Easing–Printing Money and The Coming Inflation–Videos

Paul Craig Roberts On The Federal Reserve’s Quantitative Easing (QE2) Monetary Policy And The Impotence of Elections–Videos

Why We Are In So Much Debt–Videos

Federal Reserve Monetizes U.S. Government Treasury Debt By Printing Money–Quantitative Easing (QE2)–Devalues U.S Currency–Banks Steal American People’s Purchasing Power!

The Obama Depression Deepens–Federal Reserve Executes–QE II Plan–”Operation Pawnshop”–$2,500 Billion In Quantitative Easing–Money Printing–Will It Be Enough?

The Ruling Establishment’s Robbery Of The American People–Deflation–Inflation–Hyperinflation–Bust–Bailout–Boom–Bubble–The Fall Of The American Republic–The Rise of One World Government and Currency–Videos

The American People Paid Off The Bets (Credit Default Swaps) Of Wall Street Investment Banks–Videos

The Massive Fraud In Mortgages Continues–Crooks and Corrupt Politicians In Charge–Videos

Quantitative Easing–Videos

Deflation, Inflation and Uncertainty–Videos

The Trillion Dollar Bet–Videos

U.S. Labor Force Participation Rate Normally Between 66%-67.5% Hits New Twenty-Five Year Low of 64.5%!

October, 2010 U.S. Unemployment Rates–9.6% (U3) and 17.0% (U-6) With 14,843,000 and 26,163,00 Americans Respectively Seeking Work–Higher Than Great Depression!

Obama Depression: 20 Months Of Unemployment Over 8% For Official U-3 Rate and Over 15% For Total U-6 Rate–Over 26 Million Americans Looking For A Full Time Job and 41.8 Million On Food Stamps!–Followed By 36 More Months Of Over 8% Official Unemployment U-3 Rate and 15% Total Unemployment U-6 Rate!

The Ascent of Money–Videos

Niall Ferguson–”The Ascent of Money–Videos

G. Edward Griffin- On Individualism vs. Collectivism–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

Heritage Foundation 2010 Budget Charts–Federal Spending

Heritage Foundation 2010 Budget Charts–Federal Revenue

Heritage Foundation 2010 Budget Charts–Federal Debt and Deficits

Heritage Foundation 2010 Budget Charts–Federal Entitlements

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

Niall Ferguson–“The Ascent of Money–Videos

Posted on June 22, 2010. Filed under: Blogroll, Books, Communications, Economics, Fiscal Policy, government, government spending, Investments, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Resources, Technology, Video, War, Wisdom | Tags: , , , , , , , , , |

Conversations with History – Niall Ferguson

Background Articles and Videos

The Ascent of Money–Videos 

Harvard Prof. Niall Ferguson on Decline of America and Rise of a New Global Economic Order 1/3

Harvard Prof. Niall Ferguson on Decline of America and Rise of a New Global Economic Order 2/3

Harvard Prof. Niall Ferguson on Decline of America and Rise of a New Global Economic Order 3/3

 The Descent of Finance

 

Niall Ferguson: Don’t Trust Democrats to Fix Economy

Conversations with History – Niall Ferguson

Related Posts On Pronk Palisades

The Ascent of Money–Videos

Fouad Ajami–The Foreigner’s Gift–Videos

Michael Barone–Our First Revolution–Videos

Philip Bobbitt–Terror and Consent–Videos

Patrick J. Buchanan–Churchill, Hitler, and The Unnecessary War–Videos

Ron Chernow–Alexander Hamilton–Videos

Thomas J. DiLorenzon–Hamilton’s Curse: How Jefferson’s Arch Enemy Betrayed the American Revolution – And What It Means for Americans Today–Videos

Joseph J. Ellis–His Excellency: George Washington–Videos

Bruce Feiler–Walking the Bible–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Brigitte Gabriel–Because They Hate: A Survivor of Islamic Terror Warns America–Videos

Brigitte Gabriel–They Must Be Stopped: Why We Must Defeat Radical Islam and How We Can Do It –Videos

Jonah Goldberg–Liberal Fascism–Videos

David Goodwillie–American Subversive–A Novel

Victor Davis Hansen–A War Like No Other–Videos

Peter Huber–The Bottomless Well–Videos

Donald Kagan–On The Origins Of War–Videos

George Lakoff–Videos

Mark Levin–Liberty and Tyranny: A Conservative Manifesto–Videos

Barack Obama Cartoon Concisely Communicates What’s Wrong With Progressive Radical Socialism–Why Do We Need Jobs For?–A Hayek and Mises Moment!

Andrew C. McCarthy–Willful Blindness–Videos

Melanie Phillips–Londonistan–Videos

Melanie Phillips–The World Turned Upside Down: The Global Battle over God, Truth, and Power–Video

James Piereson–Camelot and The Cultural Revolution–Videos

Paul Rahe–Soft Despotism, Democracy’s Drift: Montesquieu, Rousseau, Tocqueville, and the Modern Prospect–Videos

Ayn Rand–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Yaron Brook On Capitalism and Atlas Shrugged–Videos

Roy Spencer–The Great Global Warming Blunder: How Mother Nature Fooled the World’s Top Climate Scientists –Videos

Mark Steyn–America Alone: The End of The World As We Know It–Videos

John Stossel On Ayn Rand’s Atlas Shrugged

Daniel Suarez–Daemon and Freedom TM–Videos

Peter Robinson–Conversations With Authors–Videos

Murry Rothbard–For A New Liberty: The Libertarian Manifesto–Audio Book

Murray Rothbard– What Has Government Done to Our Money?–Videos

Amity Shlaes–The Forgotten Man–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell–Black Rednecks and White Liberals–The Missing Nobel Laureates–Videos

Thomas Sowell–Intellectuals and Society–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Marc Thiessen’s Courting Disaster–A Clear and Present Danger To The American People–President Barack Obama!

Thomas E. Woods Jr.–Meltdown–Videos

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

Bilderberg Group–Videos

Posted on May 8, 2010. Filed under: Blogroll, Books, Communications, Computers, Crime, Cult, Culture, Demographics, Economics, Education, Employment, Energy, Entertainment, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Immigration, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Taxes, Technology, Uncategorized, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

“…Synopsis

Delving into a world once shrouded in complete mystery and impenetrable security, this investigative report provides a fascinating account of the annual meetings of the world’s most powerful people—the Bilderberg Group. Since its inception in 1954 at the Bilderberg Hotel in the small Dutch town of Oosterbeek, the Bilderberg Group has been comprised of European prime ministers, American presidents, and the wealthiest CEOs of the world, all coming together to discuss the economic and political future of humanity. The working press has never been allowed to attend, nor have statements ever been released on the attendees’ conclusions or discussions, which have ramifications on the citizens of the world. Using methods that resemble the spy tactics of the Cold War—and in several instances putting his own life on the line—the author did what no one else has managed to achieve: he learned what was being said behind the closed doors of the opulent hotels and has made it available to the public. This second edition includes an entirely new chapter and updated information on topics such as an earlier attempt to break up Canada and the portents of a North American union. ”

http://search.barnesandnoble.com/True-Story-of-the-Bilderberg-Group/Daniel-Estulin/e/9780977795345 

Who Is Bilderburg And What Are They Up To ?

Icon Jim Tucker Reveals New Location for Bilderberg 2010 Meeting on The Alex Jones Show 1/2

Icon Jim Tucker Reveals New Location for Bilderberg 2010 Meeting on The Alex Jones Show 2/2

Bilderberg Group

Daniel Estulin on Bilderberg 2009

 

Bilderberg is meeting in Athens, Greece Right Now!!

 

 

Monopoly Men Part 4

 

 Monopoly Men Part 5

 

YouTube- Conspiracy Theory Jesse Ventura Bilderberg Group 1 of 4

 

YouTube- Conspiracy Theory Jesse Ventura Bilderberg Group 2 of 4

 

YouTube- Conspiracy Theory Jesse Ventura Bilderberg Group 3 of 4

 

YouTube- Conspiracy Theory Jesse Ventura Bilderberg Group 4 of 4

 

Bilderberg exposed – Part 1/6

 

Bilderberg exposed – Part 2/6

 

Bilderberg exposed – Part 3/6

 

Bilderberg exposed – Part 4/6

 

Bilderberg exposed – Part 5/6

 

Bilderberg exposed – Part 6/6

 

 

Background Articles and Videos

Daniel Estulin on Bilderberg 2009

Alex Jones – Jim Tucker:Bilderberg 2009 Pt1

 

Alex Jones – Jim Tucker:Bilderberg 2009 Pt2

Jim Tucker on Bilderberg 2009

Brzezinski on CFR, Bilderberg, and Trilateral Commission

 

 

Investigative Author, Daniel Estulin Exposes Bilderberg Group Plans

International best-selling investigative author Daniel Estulin has received from his sources the 73-page Bilderberg Group meeting wrap-up for participants.

“…— International best-selling investigative author Daniel Estulin has received from his sources the 73-page Bilderberg Group meeting wrap-up for participants. In the report no one is identified by name, only as an American or European, or by a description of the speaker’s position, i.e. member of the IMF. There appears to be some disagreement about who was in attendance at this year’s secretive conclave held at a 5-star resort in Greece. According to sources in Greece and the Bilderberg Netherlands “office,” US Treasury Secretary Timothy Geithner and US General David Petraeus were at this year’s gathering. Both men have denied this, according to a conversation held with a Washington, DC reporter, who stated that Mr. Geithner was attending a private function and General Petraeus was at Central Command.

Using a purported participant list, a “smear” campaign has seemingly been launched against Estulin. On a French “left-wing” website (www.bellaciao.org/fr/), and then posted in English on a populist forum in the US (http://forum.prisonplanet.com), it is claimed that Estulin was a known participant in this year’s conference. “Hardly,” said Estulin, who laughed at the prospect, saying that the Group has tried many things to keep him from reporting on its activities, but had never asked him to attend. Estulin did his reporting this year from Spain, knowing from years of coverage that the location in Greece physically precluded any photographing of the participants. His book on the shadowy clique, ”The True Story of the Bilderberg Group” broke through the barrier that the Group even existed with help from numerous photographs exposing the elite that were taken by Estulin from 600-800 meters. The book has been translated into 48 languages and sold millions of copies worldwide. Estulin’s reportage of the annual meetings has led to many correct predictions of world events, including the timing of the 2003 Iraqi War, the rise and fall of oil prices, as well as the current economic calamity and housing mess. …”

http://www.prweb.com/releases/Bilderberg_Group_Meeting/Daniel_Estulin/prweb2453144.htm

Bilderberger Group

“… The Bilderberg Group, Bilderberg conference, or Bilderberg Club is an annual, unofficial, invitation-only conference of around 130 guests, most of whom are people of influence in the fields of politics, banking, business, the military and media. Each conference is closed to the public and the press.

Origin

The original conference was held at the Hotel de Bilderberg, near Arnhem in The Netherlands, from 29 May to 31 May 1954. It was initiated by several people, including Józef Retinger, concerned about the growth of anti-Americanism in Western Europe, who proposed an international conference at which leaders from European countries and the United States would be brought together with the aim of promoting atlanticism – better understanding between the cultures of the United States and Western Europe in order to foster cooperation on political, economic, and defense issues.[1] Retinger approached Prince Bernhard of the Netherlands, who agreed to promote the idea, together with Belgian Prime Minister Paul Van Zeeland, and the head of Unilever at that time, Dutchman Paul Rijkens. Bernhard in turn contacted Walter Bedell Smith, then head of the CIA, who asked Eisenhower adviser Charles Douglas Jackson to deal with the suggestion.[2] The guest list was to be drawn up by inviting two attendees from each nation, one of each to represent conservative and liberal points of view.[1] Fifty delegates from 11 countries in Western Europe attended the first conference along with 11 Americans.[3]

The success of the meeting led the organizers to arrange an annual conference. A permanent Steering Committee was established, with Retinger appointed as permanent secretary. As well as organizing the conference, the steering committee also maintained a register of attendee names and contact details, with the aim of creating an informal network of individuals who could call upon one another in a private capacity.[citation needed] Conferences were held in France, Germany, and Denmark over the following three years. In 1957, the first US conference was held in St. Simons, Georgia, with $30,000 from the Ford Foundation. The foundation supplied further funding for the 1959 and 1963 conferences.[2]

Organizational structure

Meetings are organized by a steering committee with two members from each of around eighteen nations.[4] Official posts, in addition to a chairman, include an Honorary Secretary General.[5] There is no such category in the group’s rules as a “member of the group”. The only category that exists is “member of the Steering Committee”.[6] In addition to the committee, there also exists a separate advisory group, though membership overlaps.[7]

Dutch economist Ernst van der Beugel took over as permanent secretary in 1960, upon Retinger’s death. Prince Bernhard continued to serve as the meeting’s chairman until 1976, the year of his involvement in the Lockheed affair. The position of Honorary American Secretary General has been held successively by Joseph E. Johnson of the Carnegie Endowment, William Bundy of Princeton, Theodore L. Eliot, Jr., former U.S. Ambassador to Afghanistan, and Casimir A. Yost of Georgetown’s Institute for the Study of Diplomacy.[8]

A 2008 press release from the American Friends of Bilderberg stated that “Bilderberg’s only activity is its annual Conference. At the meetings, no resolutions are proposed, no votes taken, and no policy statements issued” and noted that the names of attendees were available to the press.[9] The Bilderberg group unofficial headquarters is the University of Leiden in the Netherlands.[10]

According to the American Friends of Bilderberg, the 2008 agenda dealt “mainly with a nuclear free world, cyber terrorism, Africa, Russia, finance, protectionism, US-EU relations, Afghanistan and Pakistan, Islam and Iran”.[9]

Chairmen

Prince Bernhard of the Netherlands (1954–1975)[11]
Alec Douglas-Home (1977–1980)[11]
Walter Scheel[3]
Eric Roll (1986–1989)[12]
Lord Carrington (1990–1998)[3]
Étienne Davignon[4]
Conspiracy theories
Because of its secrecy and refusal to issue news releases, the group is frequently accused of secretive and nefarious plots. Critics include the John Birch Society, a producerist advocacy group in the United States,[21] Canadian writer Daniel Estulin, British writer David Icke, American writer Jim Tucker, politician Jesse Ventura and radio host Alex Jones. The Bilderberg Group was the topic of a 2009 episode of the TruTV series Conspiracy Theory with Jesse Ventura.[22]

Bilderberg founding member and, for 30 years, a steering committee member, Denis Healey has said:[23]

To say we were striving for a one-world government is exaggerated, but not wholly unfair. Those of us in Bilderberg felt we couldn’t go on forever fighting one another for nothing and killing people and rendering millions homeless. So we felt that a single community throughout the world would be a good thing.
In 2005 the then chairman Etienne Davignon discussed these accusations with the BBC.

It is unavoidable and it doesn’t matter. There will always be people who believe in conspiracies but things happen in a much more incoherent fashion…When people say this is a secret government of the world I say that if we were a secret government of the world we should be bloody ashamed of ourselves.[24]
G. William Domhoff, a research professor in psychology and sociology who studies theories of power, sees the role of social clubs such as Bilderberg as being nothing more than a means to create social cohesion within a power elite. He adds that those understandings of the clubs such as the Bilderberg fit with the perceptions of the members of the elite. In a 2004 interview with New Internationalist magazine, Domhoff warns progressives against getting distracted by conspiracy theories which demonize and scapegoat such clubs. He argues that the opponents of progressivism are corporate elite, the Republican Party, and conservative Democrats. It is the same people more or less, but it puts them in their most important roles, as capitalists and political leaders, which are visible.[25]

 Origins of conspiracy theories

Before the 2001 meeting, a report in the Guardian stated:

…the press have never been allowed access and all discussions are under Chatham House rules (no quoting). Not surprisingly, such ground rules, while attracting publicity-shy financiers, have also fuelled the fantasies of conspiracy theorists.[26]
Jonathan Duffy, writing in BBC News Online Magazine states:

No reporters are invited in and while confidential minutes of meetings are taken, names are not noted… In the void created by such aloofness, an extraordinary conspiracy theory has grown up around the group that alleges the fate of the world is largely decided by Bilderberg.[27]
Investigative journalist Chip Berlet, notes the existence of Bilderberger conspiracy theories as early as 1964 in the writings of conservative political activist Phyllis Schlafly. In Berlet’s 1994 report Right Woos Left, published by Political Research Associates, he writes:

The views on intractable godless communism expressed by Schwarz were central themes in three other bestselling books which were used to mobilize support for the 1964 Barry Goldwater campaign. The best known was Phyllis Schlafly’s A Choice, Not an Echo, which suggested a conspiracy theory in which the Republican Party was secretly controlled by elitist intellectuals dominated by members of the Bilderberger group, whose policies would pave the way for global communist conquest.[28]

http://en.wikipedia.org/wiki/Bilderberg_Group

 

Related Posts On Pronk Palisades

Carroll Quigley Interview–Videos

Eugenics–Rockefeller–United Nations–Population Control–Holdren–Abortions/Sterilization–Browner–Cap and Trade–Obama–Compulsory Socialized Medicine–Euthanasia–Transhuman–Brave New World!–Videos

In Lies We Trust–Videos

John Holdren–Science Czar–Videos

John Holdren: Global Warming: What Do We Know and Should Do–Videos 

Barack Obama’s Socialist Green Commissar Carol Browner

Crazy Corrupt Climate Cult Czarina Carol’s Crystal Clear Criminal Communication–Coverup!

Obama’s Hidden Agenda and Covert Cadre of Marxists, Communists, Progressives, Radicals, Socialists–Far Left Democrats Destroying Capitalism and The American Republic

Green Jobs Czar and Communist Commissar Van Jones: Redistributing The Wealth=Black and Red Race Reparations=Social Justice?

Apollo Alliance and Obama’s Green Czar Van Jones: Greens on The Outside–Reds On The Inside–Big Greens, Big Unions, Big Foundations, Big Business, Big Bucks, Big Taxes–Videos

Mark Lloyd, FCC Diversity Czar, and Cass Sustein, Regulatory Czar: Progressive Radical Socialist Silencing of Free Speech On Internet Blogs and Talk Radio

Obama’s Civilian National Security Force–Youth Corp Wave–Friendly Fascism Faces–Cons–Crooks–Communists–Communities–Corps!

Obama Youth–Civilian National Security Force–National Socialism–Hitler Youth–Brownshirts– Redux?–Collectivism! 

Obama: First We Kill The Babies, Then We Kill The Elderly, Then We Kill The Veterans–Your Life, Your Choices–Your Time Is Up!

Cloward Piven Strategy–The Crisis Strategy Of Barack Obama

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

Obama–Ayers–Chicago Annenberg Challenge–ACORN–Radical Socialists–Terrorist Bombers–Videos

Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

President Barack Obama Puppet of Trilateral Commission?–Videos

Soros Funded and Obama’s Manufactured Hate Generator–The Southern Poverty Law Center–Disinformation Propaganda Campaign

George Soros: Barack Obama’s Money Man and Agenda Puppeter

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

The Empty Suit or Hollow Man–Barrack Obama–An Legend In His Own Mind

T. J. Rogers–Free-Market In Energy–No Subsidies!: Stop The Cap and Trade CO2 Energy Tax–”CO2 is not a pollutant and it is not a poison”–”CO2 is absolutely essential for life on earth.”–William Happer

Cap and Trade Carbon Dioxide Tax: Gore’s and Obama’s Revenge on The American People–Let Them Freeze and Sweat!

Time To Sound The Alarm: Call Your Representative and Senators–Cap and Trade Bill to be Voted in U.S. House on Friday–Kill The Cap and Trade Energy Tax Today! UPDATED

Green Government Gestapo Goons: Global Warming Police Force Invades Your Home And Living in Your Home May Be A Crime!

White House Memo: Carbon Dioxide Is Not A Pollutant and A Cap And Trade Program (Carbon Dioxide Tax) Serious Economic Impact –The Smoking Gun Video!

Save Your Job and Life–Abolish The Environmental Protection Agency!

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE–Videos

Cap and Trade Carbon Dioxide Tax: Gore’s and Obama’s Revenge on The American People–Let Them Freeze and Sweat!

Barack Obama’s Socialist Green Commissar Carol Browner

ANWR: Pristine–Pristine–Pristine–Desolute–Desolute–Desolute–Drill–Drill–Drill– McCain/Romney: Drill Here. Drill Now. Pay Less!

Al Gore 2.0 and The Coming Renewable Energy Ice Age–The Big Chill

National Center for Policy Analysis–A Global Warming Primer

Global Warming is The Greatest Hoax, Scam and Disinformation Campaign in History

Global Warming Videos

Global Warming Books

Global Warming Sites

Facing Fundamental Facts

Let Them Eat Cake Act: American Elites Killing and Starving The American People

Clinton’s Cap and Trade Tax on The American People for Consuming Electricity and Driving Cars, SUVs and Trucks!

The Heidelberg Appeal: Beware of False Gods and Prophets

Saving The World: The Importance of Getting The Priorities Right

Cap and Trade Carbon Dioxide Tax: Gore’s and Obama’s Revenge on The American People–Let Them Freeze and Sweat!

Gore Grilled & Gingrich Gouged–American People Oppose Massive Carbon Cap and Trade Tax Increase–Videos

Al Gore 2.0 and The Coming Renewable Energy Ice Age–The Big Chill

Al Gore: Agent of Influence or Useful Idiot of Disinformation

Al Gore: Agent of Influence and Planetary Propeller Head!

Al Gore’s Little White Lie: Man-Made Global Warming Causing Polar Bears To Drown

Al Gore’s Big Whopper–Sea Levels Rise By 2100: Gore 20 Feet vs IPCC 2 Feet?

Republican Health Care Reform: The Patients’ Choice Act

Medical Doctor and Senator Tom Coburn On Health Care–Videos

The Senate Doctors Show–Videos

Obama’s Waterloo– Government Compulsory Single Payer Socialized Medicine!–Videos

President Obama’s Plan of Massive Deficit Spending Is Destroying The US Economy–The American People Say Stop Socialism BS Now!

The Bum’s Rush of The American People: The Totally Irresponsible Democratic Party Health Care Bill and Obama’s Big Lie Exposed

Chairman Obama’s Progressive Radical Socialist Health Care Bill Kills Individual Private Health Care Insurance–Join The Second American Revolution!

The Obama Big Lie and Inconvenient Truth About Health Care–The Public Option Trojan Horse–Leads To A Single Payor Goverment Monopoly of Health Care and The Bankruptcy of USA!

The Obama Public Option Poison Pill For A Government Health Care Monopoly–Single Payer System–Betting Your Life and Paying Though The Nose

Government Bureaucracy: Organizational Chart of The House Democrats’ Health Plan

Dr. Robert W. Christensen–Videos

John Stossel–Sick In America–Videos

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

The Money Masters–Videos

Posted on January 31, 2010. Filed under: Blogroll, Books, Climate, Communications, Computers, Crime, Demographics, Economics, Education, Employment, Energy, Farming, Federal Government, Films, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Law, liberty, Life, Links, media, Medicine, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Science, Security, Strategy, Talk Radio, Taxes, Technology, Transportation, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

 

“…The Money Masters explains the history behind the current world depression and the bankers’ goal of world economic control by a very small coterie of private bankers, above all governments.

The Central bankers’ Bank for International Settlements (BIS) in 1988 in the “Basel I” regulations imposed an 8% capital reserve standard on member central banks. This almost immediately threw Japan into a 15 year economic depression. In 2004 Basel II imposed “mark to the market” capital valuation standards that required international banks to revalue their reserves according to changing market valuations (such as falling home or stock prices). The US implemented those standards in November, 2007. In December 2007 the US stock market collapsed and credit began drying up as banks withheld loans to comply with the 8% capital requirement as collateral valuations began to drop. The snowball effect of tightening credit, which reduces economic activity and values further, which resulted in further tightening of credit, etc., has produced a worldwide depression which is worsening.

Those capital standards have not been relaxed despite the crushing effects on the world economy* the credit contraction it requires has caused. Why? Because:

Bruce Wiseman
“The purpose of this financial crisis is to take down the U.S. dollar as the stable datum of planetary finance and, in the midst of the resulting confusion, put in its place a Global Monetary Authority [GMA – run directly by international bankers freed of any government control] -a planetary financial control organization”- Bruce Wiseman

*The U.S did modify these rules somewhat a year after the devastation had taken place here, but the rules are still fully in place in the rest of the world and the results are appalling.

“The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole… Their secret is that they have annexed from governments, monarchies, and republics the power to create the world’s money…” .- Prof. Carroll Quigley renowned, late Georgetown macro-historian (mentioned by former President Clinton in his first nomination acceptance speech), author of Tragedy and Hope. “He [Carroll Quigley] was one of the last great macro-historians who traced the development of civilization…with an awesome capability.” – Dr. Peter F. Krogh, Dean of the School of Foreign Service (Georgetown) …”

http://www.themoneymasters.com/

The Money Masters. Part 1 of 22

The Money Masters. Part 2 of 22

 

The Money Masters. Part 3 of 22

 

The Money Masters. Part 4 of 22

The Money Masters. Part 5 of 22

The Money Masters. Part 6 of 22

The Money Masters. Part 7 of 22

The Money Masters. Part 8 of 22

The Money Masters. Part 9 of 22

The Money Masters. Part 10 of 22

The Money Masters. Part 11 of 22

The Money Masters. Part 12 of 22

The Money Masters. Part 13 of 22

The Money Masters. Part 14 of 22

The Money Masters. Part 15 of 22

The Money Masters. Part 16 of 22

The Money Masters. Part 17 of 22

The Money Masters. Part 18 of 22

The Money Masters. Part 19 of 22

The Money Masters. Part 20 of 22

The Money Masters. Part 21 of 22

The Money Masters. Part 22 of 22

Related Posts On Pronk Palisades

 

Collectivism: Socialism, Communism, Progressivism and Fascism

The Battle For The World Economy–Videos

Walter Block–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

G. William Domhoff: Who Runs America–Videos

Jonah Goldberg–Liberal Fascism–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

G. Edward Griffin- On Individualism vs. Collectivism–Videos

Mark Levin–Liberty and Tyranny: A Conservative Manifesto–Videos

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Today’s Progressives–Obama’s Radical Socialist Democratic Party

The Racist Test for Judge Sonya Sotomayor and President Obama–Racism Unmasked!

Calling and Raising The Stakes for Race Card Players–Obama and Sotomayor

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeter 

The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence, Spending, Deficits, Debts, Taxes And Regulations!

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

Progressives

Progressive Radical Socialist Health Care Plan Written In Prison By Convicted Felon Richard Creamer!

Obamanomics–New Deal Progressive Radical Socialist Interventionism

Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

The Obama Depression: Lessons Learned–Deja Vu!

Lord Christopher Monckton–Climate Change–Treaty–Videos

Progressive Radical Socialist Canned Criticism of American People: Danger, Profits, and Wrong Thinking

The Battle For The World Economy–Videos

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Obama’s Civilian National Security Force–Youth Corp Wave–Friendly Fascism Faces–Cons–Crooks–Communists–Communities–Corps!

Obama’s Hidden Agenda and Covert Cadre of Marxists, Communists, Progressives, Radicals, Socialists–Far Left Democrats Destroying Capitalism and The American Republic

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

The Bloody History of Communism–Videos

Obama Youth–Civilian National Security Force–National Socialism–Hitler Youth–Brownshirts– Redux?–Collectivism!

American Progressive Liberal Fascism–The Wave of The Future Or Back To Past Mistakes?

Today’s Progressives–Obama’s Radical Socialist Democratic Party

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

The Progressive Radical Socialist Family Tree–ACORN & AmeriCorps–Time To Chop It Down

It Is Official–America On The Obama Road To Fascism–Thomas Sowell!

President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs 

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Yaron Brook–Videos

Thomas DiLorenzo–The Economic Model of the Fascist State–Videos

Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos

David Gordon–Five Best Books on the Current Crisis–Video

David Gordon–The Confused Literature of Globalization–Videos

Friedrich Hayek–Videos

Henry Hazlitt–Economics In One Lesson–Videos

The Great Depression and the Current Recession–Robert Higgs–Videos

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Liberal Fascism–Jonah Goldberg–Videos

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos

Murray Rothbard–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

Peter Schiff–Videos

Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos

L. William Seidman on The Economic Crisis: Causes and Cures–Videos

Amity Shlaes–Videos

Julian Simon–Videos

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

Tom Woods–Lectures On Liberty–Videos

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Wright On The FairTax–Videos

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Investors

Peter Thiel–Videos

Peter Schiff–Videos

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeter

 

Banking And The Federal Reserve System

Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos

The Coming Inflation and A New Money Supply Backed By Real Estate?–Free Enterprise To The Rescue?

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Banking–Videos

Creature from Jekyll Island: The Federal Reserve System–Videos

The Monopoly Men: The Federal Reserve Bank Cartel–Videos 

M3 Money Meteorite Moves–Deep Impact–The Coming Inflation Tidal Wave–Wage and Price Controls Will Signal Radical Socialist Obama’s Failure!

Bailouts and Deficit Spending

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

The Obama Depression Has Arrived: 15,000,000 to 25,000,000 Unemployed Americans–Stimulus Package and Bailouts A Failure–400,000 Leave Labor Force In July!

Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record

Job Creating Businesses and CIT–Videos

The 12 Trillion–$12,000,000,000,000 Crime of The Century: The Decline and Fall of United States of America By Radical Socialist Spending–Look Before You Leap!

The Financial Crime of The Century: William K. Black On Massive Mortgage Fraud –Videos

Bailed Out Bank Trillion Dollar Derivative Exposure

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Federal Government Extortion Of Sound Banks–You Decide?–