David Stockman — Right On The Money, Economy, Trump and The Warfare and Welfare State — You Have Been Warned — Videos

Posted on April 30, 2017. Filed under: American History, Banking, Blogroll, Books, British History, Business, Communications, Congress, conservatives, Constitution, Corruption, Crisis, Cult, Culture, Economics, Education, Elections, Employment, European History, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Islam, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Middle East, Monetary Policy, Money, Money, Non-Fiction, People, Philosophy, Photos, Politics, Rants, Raves, Raymond Thomas Pronk, Speech, Strategy, Talk Radio, Tax Policy, Taxation, Taxes, Video, Wahhabism, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , |

Image result for david stockman books

Image result for david stockman books

Image result for david stockman books
Image result for david stockman booksImage result for david stockman booksImage result for david stockman booksImage result for david stockman books

Image result for cartoons about david stockman

World’s Greatest Memory and Trump’s La la Land | David Stockman’s Warning

Published on Apr 29, 2017

You can also check out the following:

David Stockman’s Warning
Jim Sinclair
James Turk
Web bot
Silver News
Gold
Bix Weir
RoadToRoota
Road To Roota
Kyle Bass
Realist News
Greg Mannarino
Rob Kirby
Reluctant Preppers
The Next Newss
Info Wars
Maneco64
Mike Maloney
Gold Silver
Eric Sprott
Jim Rickards
David Morgan
Peter Schiff
Max Keiser
Robert Kiyosaki
SilverDoctors
Finance and Liberty
Nomi Prins
Jim Willie
Clif High
Martin Armstrong
Ron Paul
Pastor Williams
Bill Holter
Bo Polny
Jim Sinclair
James Turk
Clif High

Stockman on Trump’s Tax Plan: ‘Borrowing Money Is Not the Way to Prosperity’

David Stockman: National debt is ticking time bomb

David Stockman: Trump doesn’t know anything about tax policy

David Stockman: We’re wasting money on defense

David Stockman on Trump’s wall: I think it’s a stupid idea

David Stockman: Economy is on the edge of ruin

David Stockman: We’ll have a fiscal bloodbath, not fiscal stimulus

David Stockman Trumps Efforts To Drain The Swamp

David Stockman – Trump Will Create A Debt Crisis Like Never Before – 28 Feb 17 | Gazunda

David Stockman – Global Deflation As A Result Of Massive Over-investment – 9 Feb 16 | Gazunda

David Stockman Speaks on Shakeup Expected At The White House. #TheWhiteHouse

David Stockman: We are at peak debt headed for a recession

David Stockman on Trump’s infrastructure spending

RTD News: “A 20 Trillion Ticking Time Bomb…” – David Stockman

David Stockman: We have a massive bubble in the market

David Stockman -Trump Can’t Stop Market Crash Predicts Reagan’s Budget Director

Stockman: U.S. election is Brexit on steroids

[74] David Stockman | One Big Fat Ugly Bubble

David Stockman: Lester Holt was in the tank for Hillary Clinton

Stockman: Janet Yellen is a clueless economist

David Stockman: What the Fed and the Feds Have Done to Us, and How to Reverse It

David Stockman-We Are Nearing the End

[youtube-https://www.youtube.com/watch?v=5exbO-Ros2Q]

David Stockman: Why a Trump Presidency Is Very Possible

What Trump Should Do – With David Stockman

David Stockman Bubbles, Economic Collapse Coming 1

Robert Kiyosaki David Stockman discuss the biggest financial crisis in US history present,future

David Stockman: The US Is Fiscally, Morally, Intellectually Bankrupt

RTD News: “There Will Be No Rescue Out Of Washington This Time” – David Stockman

David Stockman – Conversations with Casey

How Crony Capitalism Corrupts the Free Market | David Stockman

The Forgotten Cause of Sound Money | David Stockman

Stockman: Market Will Not Be Pretty Under Trump

[Ed. Note: To see exactly what this former Reagan insider has to say about Trump and specifically what he believes must be done to drain the swamp, David Stockman is sending out a copy of his book Trumped! A Nation on the Brink of Ruin… And How to Bring It Back out to any American willing to listen. To learn how to get your free copy CLICK HERE.]

As bonds break a three day win streak and the U.S market hitting new record highs with a trifecta of records, CNBC was roaring about what to expect going forward. The Daily Reckoning contributor David Stockman joined Courtney Reagan to discuss what to expect going forward.

After the CNBC host positioned the critiques offered by David Stockman of the Trump administration she asked whether that would continue given the state of the market. Stockman did not mix words beginning the conversation with, “What’s going on today is complete insanity. The market is apparently pricing in a huge Trump stimulus package, when if you just look at the real world out there the only thing that is going to happen is a fiscal bloodbath and a White House train wreck like never before in U.S history.

How much more evidence do these so called traders need? Trump is lost in Twitter-land and he is out of control. He is turning out to be a complete jackass in the Oval Office. Co-President Bannon is off the deep end on terrorism, travel bans, Mexican walls, immigrant bashing and protectionism.”

David Stockman is a former Reagan Administration official who was the Office of Management and Budget Director. He also served as a two-term Congressman from the great state of Michigan. His latest book, Trumped! A Nation on the Brink of Ruin… And How to Bring It Back is out now. It offers his insight and exclusive analysis on exactly what the newly elected president must do in order to succeed in the White House. To get your own FREE copy, CLICK HERE to learn how.

“[They are] having nothing to do with the economic agenda and Trump has got an empty economic bench. He’s got no Secretary of the Treasury, no Office of Management and Budget, no Council of Economic Advisor Chairman. By this time, when I was there with the Reagan Administration, the plan was ready to go and he was going to Congress within a couple of days into February. We have a debt ceiling freight train coming down the road which will hit March 15 and then the cash will start running out and the system will be on edge. All of the continuing resolutions expire in April.”

“They are going to spend the year trying to repeal and replace Obamacare and it will be a fiasco. Nothing is going to happen this year. I don’t even think they can pass the budget resolution. There is going to be no tax action this year. If there is any bill next year it is going to be deficit neutral. Which means it is not going to add $15 to earnings like these crazy people expect.”

“Why would you be trading in this market, with this kind of chaos emerging everywhere at twenty six times trailing earnings? That’s where we are. It is completely crazy and it is only a question of how many more days or weeks that this kind of fantasy land can last.”

David Stockman Market In Text 2

Courtney Reagan then pressed back asking, “At what point do you give in and admit that [Trump] is atypical but maybe he could get things done? I mean, look at all of the CEO’s that Trump has met with.” The former Reagan insider remarked that, “CEO’s come and go with every president. They came in with Reagan, they tell a president what they want to hear. These guys are just selling the song and dance about how many jobs they’re going to create in the next five years. They have no clue.”

“If we have a recession in the next five years, which surely we will, because recessions have not been outlawed and we haven’t had one for ten years. None of this stuff is going to happen. This is meaningless. What is meaningful is that Trump is out of control. This tweeting and getting off track on all of this terrorism stuff. This is a sign that there is going to be no governing coalition and that all of this fiscal stimulus expected by Wall Street is a complete fantasy. It can’t happen.”

Rickards’ Reaction: A Model For Predicting Financial Collapse

Jim Rickards’ reveals the only model you need to safe guard your wealth from the next financial crisis. In this 5-part exclusive framework a former Wall Street and intelligence community insider breaks down his analysis into a model to warm of impending financial collapse. The model is designed to offer the easiest and fastest way to apply hard facts, science and good sound analysis. Sign up for the Daily Reckoning e-letter today and receive your FREE report.

We will NOT share your email address

When CNBC then turned over the camera to a day trader who asked about the positive sentiment that exists within the market regarding Trump and his plan to deregulate Stockman stayed true to message. “Trump is just putting out press releases and the guise of Executive Orders. All of this stuff is going to get litigated, it goes through a rulemaking process, that takes years. So the relief on regulation will be important, but it way down the road and it won’t be that impactful.”

“The second thing, is we’re at 92 months in this expansion already. It is running out of gas. You can’t expect it to run forever. That is seemingly what is priced in by the market.”

“The third thing is, we have a giant debt and deficit problem. The debt ceiling is coming back into play it will be 20 trillion when it freezes in on March 15th. I’ll tell you this, people aren’t paying attention to the fact that Trump will never get a debt ceiling increase through the Congress without a government shutdown. When that happens it is, “bar the doors” because nobody is expecting it. We need to look at the facts, not the hopes.”

As the CNBC affirmed, it is not clear that the market is just going to drop tomorrow and history will repeat itself, Stockman repositioned. “The market it clearly factoring in a big Trump stimulus and I think anybody down there would admit if it doesn’t happen, if we get zero tax cuts, if we get a fiscal bloodbath in the Washington I am describing – the market is not going to stay where it is today at these absurd multiples of earnings.”

“This is all based on the idea that there is going to be a surge of economic growth and that profits are going to come back from about $89 a share by basis, where they were during the last twelve months, to a potential $110 or $130. My argument is there is not going to be any economic rebound. There is not going to be any profit surge. Therefore the market will be repricing dramatically downward once it is clear.”

Another CNBC analysis asked why – with the positive trends in jobless claims, manufacturing increasing, interest rates at near record lows – would the market not close out the year near record levels? “The market is assuming that profits are going to rebound. That we are not going to have any market dislocation and that nobody is going to be pushing back on Trump. It is hard to understand how people watching the day-to-day action down there could believe that.”

“Everybody is pushing back on Trump, he can’t even get his cabinet approved. He’s going to be bogged down in a Supreme Court fight, he’s going to be bogged down in a fight over a ridiculous travel ban. The idea that there is not going to be pushback is naive. What there is going to be is a train wreck. It is already clear that the people in the White House have no idea what they’re doing and it is only a matter of time before this honeymoon goodwill evaporates and the politicians get down to doing what they do best. Which is to undermine and obstruct anything that might be positive.”

When finally asked whether there is anything positive that would make him turn bullish in the near future he responded affirmably, “No, because Trump is inheriting thirty years of a disaster created by his predecessors. We have to take this $20 trillion of debt seriously. There is $10 trillion more built in under current policy, and that is without a dime of Trump tax cuts, infrastructure or stimulus. There is going to be a tremendous fiscal crisis in the years ahead which will prevent any of the kind of action that the “stimulus junkies” are looking for.

To catch the full interview with David Stockman on CNBC click here. If you would like to claim your own free copy of David Stockman’s bestseller Trumped! Click here to learn how.

Thanks for reading,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

https://dailyreckoning.com/stockman-market-under-trump/

David Stockman

From Wikipedia, the free encyclopedia
David Stockman
David Stockman by Gage Skidmore.jpg
Director of the Office of Management and Budget
In office
January 21, 1981 – August 1, 1985
President Ronald Reagan
Preceded by Jim McIntyre
Succeeded by Jim Miller
Member of the U.S. House of Representatives
from Michigan‘s 4th district
In office
January 3, 1977 – January 21, 1981
Preceded by Edward Hutchinson
Succeeded by Mark Siljander
Personal details
Born David Alan Stockman
November 10, 1946 (age 70)
Fort Hood, Texas, U.S.
Political party Republican
Spouse(s) Jennifer Blei (1983–present)[1]
Education Michigan State University (BA)
Harvard University
Website Official website

David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

Early life and education

Stockman was born in Fort Hood, Texas, the son of Allen Stockman, a fruit farmer, and Carol (née Bartz).[2] He is of German descent, and his family’s surname was originally “Stockmann”.[3] He was raised in a conservative family, and his maternal grandfather, William Bartz, was a Republican county treasurer for 30 years.[4][5] Stockman was educated at public schools in Stevensville, Michigan. He graduated from Lakeshore High School in 1964[6] and received a B.A. in History from Michigan State University in 1968. He was a graduate student at Harvard University, 1968–1970 studying theology

Political career

Stockman’s Congressional portrait

He served as special assistant to United States Representative and 1980 U.S. presidential candidate John Anderson of Illinois, 1970–1972, and was executive director, United States House of Representatives Republican Conference, 1972–1975.

Congress

Stockman was elected to the United States House of Representatives for the 95th Congress and was reelected in two subsequent elections, serving from January 3, 1977, until his resignation January 21, 1981, to accept appointment as Director of the Office of Management and Budget for U.S. President Ronald Reagan.

Office of Management and Budget

Stockman was one of the most controversial OMB directors ever appointed, also known as the “Father of Reaganomics.” He resigned in August 1985. Committed to the doctrine of supply-side economics, he assisted in the passing of the “Reagan Budget” (the Gramm-Latta Budget), which Stockman hoped would curtail the “welfare state“. He thus gained a reputation as a tough negotiator with House Speaker Tip O’Neill‘s Democratic-controlled House of Representatives and Majority Leader Howard Baker‘s Republican-controlled Senate. During this period, Stockman became well known to the public during the contentious political wrangling concerning the role of the federal government in American society.

Stockman’s influence within the Reagan Administration was weakened after the Atlantic Monthly magazine published the infamous 18,246 word article, “The Education of David Stockman”,[7] in its December 1981 issue, based on lengthy interviews Stockman gave to reporter William Greider.

Stockman was quoted as referring to Reagan’s tax act in these terms: “I mean, Kemp-Roth [Reagan’s 1981 tax cut] was always a Trojan horse to bring down the top rate…. It’s kind of hard to sell ‘trickle down.’ So the supply-side formula was the only way to get a tax policy that was really ‘trickle down.’ Supply-side is ‘trickle-down’ theory.”[7] Of the budget process during his first year on the job, Stockman was quoted as saying, “None of us really understands what’s going on with all these numbers,” which was used as the subtitle of the article.[7]

After “being taken to the woodshed by the president” because of his candor with Greider, Stockman became concerned with the projected trend of increasingly large federal deficits and the rapidly expanding national debt. On 1 August 1985, he resigned from OMB and later wrote a memoir of his experience in the Reagan Administration titled The Triumph of Politics: Why the Reagan Revolution Failed in which he specifically criticized the failure of congressional Republicans to endorse a reduction of government spending to offset large tax decreases to avoid the creation of large deficits and an increasing national debt.

Fiscal legacy

President Jimmy Carter’s last fiscal year budget ended with a $79.0 billion budget deficit (and a national debt of $907,701,000,000 [8] as of September 30, 1980), ending during the period of David Stockman’s and Ronald Reagan’s first year in office, on October 1, 1981.[9] The gross federal national debt had just increased to $1.0 trillion during October 1981 ($998 billion on 30 September 1981, up from $907.7 billion during the last full fiscal year of the Carter administration[8]).

By 30 September 1985, four and a half years into the Reagan administration and shortly after Stockman’s resignation from the OMB during August 1985, the gross federal debt was $1.8 trillion.[8] Stockman’s OMB work within the administration during 1981 until August 1985 was dedicated to negotiating with the Senate and House about the next fiscal year’s budget, executed later during the autumn of 1985, which resulted in the national debt becoming $2.1 trillion at fiscal year end 30 September 1986.[8] Reaganomics had just begun.

In 1981, Stockman received the Samuel S. Beard Award for Greatest Public Service by an Individual 35 Years or Under, an award given out annually by Jefferson Awards.[10]

Business career

After leaving government, Stockman joined the Wall St. investment bank Salomon Brothers and later became a partner of the New York–based private equity company, the Blackstone Group.[11]:125–127 His record was mixed at Blackstone, with some very good investments, such as American Axle, but also failures, including Haynes International and Republic Technologies.[11]:144–147 During 1999, after Blackstone CEO Stephen A. Schwarzman curtailed Stockman’s role in managing the investments he had developed,[11]:146 Stockman resigned from Blackstone to start his own private equity fund company, Heartland Industrial Partners, L.P., based in Greenwich, Connecticut.[12]

On the strength of his investment record at Blackstone, Stockman and his partners raised $1.3 billion of equity from institutional and other investors. With Stockman’s guidance, Heartland used a contrarian investment strategy, buying controlling interests in companies operating in sectors of the U.S. economy that were attracting the least amount of new equity: auto parts and textiles. With the help of about $9 billion in Wall Street debt financing, Heartland completed more than 20 transactions in less than 2 years to create four portfolio companies: Springs Industries, Metaldyne, Collins & Aikman, and TriMas. Several major investments performed very poorly, however. Collins & Aikman filed for bankruptcy during 2005 and when Heartland sold Metaldyne to Asahi Tec Corp. during 2006, Heartland lost most of the $340 million of equity it had invested in the business.[13]

Collins & Aikman Corp.

During August 2003, Stockman became CEO of Collins & Aikman Corporation, a Detroit-based manufacturer of automotive interior components. He was ousted from that job days before Collins & Aikman filed for bankruptcy under Chapter 11 on May 17, 2005.

Criminal and civil charges

On March 26, 2007, federal prosecutors in Manhattan indicted Stockman in “a scheme… to defraud [Collins & Aikman]’s investors, banks and creditors by manipulating C&A’s reported revenues and earnings.” The United States Securities and Exchange Commission also brought civil charges against Stockman related to actions that he performed while CEO of Collins & Aikman.[14] Stockman suffered a personal financial loss, over $13 million, along with losses suffered by as many as 15,000 Collins & Aikman employees worldwide.

Stockman said in a statement posted on his law firm’s website that the company’s end was the consequence of an industry decline, not due to fraud.[15] On January 9, 2009, the US Attorney’s Office announced that it did not intend to prosecute Stockman for this case.[16]

Web site

In March 2014 Stockman launched a web based daily periodical, David Stockman’s Contra Corner featuring both his own articles and those from leading contrarian thinkers on geopolitics, economics, and finance.

Personal life

Stockman lives in the Upper East Side of Manhattan in New York City.[12] He is married to Jennifer Blei Stockman and is the father of two children, Rachel and Victoria. Jennifer Blei Stockman is a chairwoman emerita of the Republican Majority for Choice,[17] and President of the Solomon R. Guggenheim Foundation Board of Trustees.[18] In 2013, Stockman signed an amicus brief to the Supreme Court in favor of same-sex marriage.[19]

Quotes

  • “[Social Security] has to be means-tested. And Medicare needs to be means-tested […] Let the Bush tax cuts expire. Let the capital gains go back to the same rate as ordinary income.”[20]
  • “The Republican Party has totally abdicated its job in our democracy, which is to act as the guardian of fiscal discipline and responsibility. They’re on an anti-tax jihad — one that benefits the prosperous classes.”[21]
  • “I invest in anything that Bernanke can’t destroy, including gold, canned beans, bottled water and flashlight batteries.”[22]
  • “Ninety-two percent of the wealth is owned by five percent of the people.” (Bloomberg TV 2013)
  • “[T]he Republican Party was hijacked by modern imperialists during the Reagan era. As a consequence, the conservative party cannot perform its natural function as watchdog of the public purse because it is constantly seeking legislative action to provision a vast war machine of invasion and occupation.” [23]

Bibliography

  • The Reagan Economic Plan, 1981
  • The Triumph of Politics: Why the Reagan Revolution Failed, Harper & Row, 1986, ISBN 9780060155605
  • The Great Deformation: The Corruption of Capitalism in America, PublicAffairs, 2013, ISBN 9781586489120
  • Trumped!: A Nation on the Brink of Ruin, and How to Bring it Back, 2016

References

  1. Jump up^ “LOSING THE BATTLES AND WINNING THE WAR”. Lexington Herald-Leader. April 7, 1985.
  2. Jump up^ Hunter, Marjorie (December 12, 1980). “Office of Management and Budget David Alan Stockman; Strong Support From Kemp Chosen by House Republicans Views on Economy”. The New York Times.
  3. Jump up^ “News65”. 19 June 1998.
  4. Jump up^ “The Tuscaloosa News – Google News Archive Search”.
  5. Jump up^ “The Montreal Gazette – Google News Archive Search”.
  6. Jump up^ Heibutzki, Ralph (2012-06-04). “Stockman Surprise Speaker at Lakeshore’s Graduation”. The Herald-Palladium. Retrieved 2012-06-04.
  7. ^ Jump up to:a b c William Greider (December 1981). “The Education of David Stockman”. The Atlantic Online.
  8. ^ Jump up to:a b c d Treasury Department’s Historical Debt Outstanding – Annual 1950 – 1999
  9. Jump up^ Office of Management and Budget Historical Tablessee Table 1.1 (Excel Spreadsheet)
  10. Jump up^ “Jefferson Awards”. Jefferson Awards.
  11. ^ Jump up to:a b c David Carey & John E. Morris (2001). King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone. Crown.
  12. ^ Jump up to:a b “Collins & Aikman seeks to emerge from bankruptcy,” Bloomberg News article by Jeff Bennett, published in the newspaper The Advocate of Stamford and (identical version, perhaps with changes by the local editor in the common business section for both newspapers) in the Greenwich Time on September 5, 2006, page A7, The Advocate
  13. Jump up^ David Carey and Lou Whiteman, “PE firms find buyer for Metaldyne,” The Deal, Sept. 1, 2006.
  14. Jump up^ Levin, Doris (29 March 2007). “Stockman Outsmarts Self in Detroit”. Bloomberg. Retrieved 19 September 2014.
  15. Jump up^ “Ex-Collins Chief David Stockman Charged With Fraud (Update10)”. Bloomberg. March 26, 2007. Retrieved 2010-08-02.
  16. Jump up^ “Fraud charges dropped against ex-Reagan aide David Stockman”. Chicago Tribune. 10 January 2009. Retrieved 19 September 2014.
  17. Jump up^ About Us Republican Majority for Choice
  18. Jump up^ Trustees, Solomon R. Guggenheim Foundation
  19. Jump up^ [1]
  20. Jump up^ “Why David Stockman Isn’t buying it”. CBS News. March 2, 2012.
  21. Jump up^ Dickinson, Tim (Nov 9, 2011). “How the GOP Became the Party of the Rich”. Rolling Stone. Retrieved 2011-11-10.
  22. Jump up^ David Stockman: I Invest In Anything Bernanke Can’t Destroy, John Carney, CNBC, October 6, 2010
  23. Jump up^ Stockman, David (2013). The Great Deformation — the corruption of capitalism in America. PublicAffairs. p. 688. ISBN 978-1586489120.

External links

United States House of Representatives
Preceded by
Edward Hutchinson
Member of the U.S. House of Representatives
from Michigan’s 4th congressional district

1977–1981
Succeeded by
Mark Siljander
Political offices
Preceded by
Jim McIntyre
Director of the Office of Management and Budget
1981–1985
Succeeded by
Jim Miller
Read Full Post | Make a Comment ( None so far )

The Coming U.S. Stock and Bond Market Crash of 2013-2014 — The Stock and Bond Big Bubble Burst — Central Banks Buying Gold! — Videos

Posted on April 27, 2013. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Computers, Constitution, Crime, Demographics, Diasters, Economics, Education, Employment, Energy, European History, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, History of Economic Thought, Immigration, Inflation, Investments, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Radio, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Television, Transportation, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

burstbubble

Great_recessionGreat_Depression

Fed-Reserve-Balance-Sheet

fed-dollars-2003-2012fed-balance-sheet-2016

federal_reserve_balance_sheet

Federal_funds_rate

QE-Fed-BalanceSheet-SP500-020413

BREAKING 2013 Economic Collapse Peter Schiff

Overdose: The Next Financial Crisis

David Stockman: We’re in a Monetary Fantasy Land

Ben Bernanke Is The Most Dangerous Man In US History

US BOND BUBBLE’S READY TO BURST!

Max Keiser: Propped Up Bond Market Set To Burst In April

U.S. Government Bond Bubble to Burst, Faber Says 

James Grant and James Turk discuss gold, the Fed and the fiscal situation of the USA

USA Will Die – Economic Collapse 2013 – Jim Rogers

JIM ROGERS – 2013 to Be Bad, ‘God Knows What Will Happen in 2014’

Jim Rogers Predicts Global Depression In 2013-2014

Peter Schiff on Max Keiser – Stopping the Global Financial Crisis

Keiser Report: Psyops & Debt Diets

Max Keiser: Will the next crash be on Bonds?

MAX KEISER: Colossal Collapse Coming! Keiser Report

MAX KEISER: Colossal Collapse Coming! Keiser Report

ALEX JONES & Max Keiser 2013, Year of The GREAT CRASH!

Peter Schiff – Dollar Could Collapse This Fall 2013

Peter Schiff – Economic Collapse 2013

Fed Will Keep Printing Until The Dollar Collapses~ Jim Rickards

Jim Rickards  Gold is Money ($7,000 Gold Price)

James Rickards Predicts US Inflation in 2013 due to the Devaluation of the US dollar

Currency Wars: Jim Rickards

Financial Pearl Harbor’ is a Real Threat Warns a Pentagon Adviser

CNBC Global Recession Is Coming – Marc Faber

Dr. Marc Faber – US is in 50-100 trillion worth of debt!

Marc Faber ‘We Are in the End Game’ Part 1

Marc Faber  ‘We Are in the End Game Part 2

Marc Faber – We Could See a 1987-Like Market Crash – Be Prepared and Get OUT!

Marc Faber-No Government Complies With Anything

Total Economic Collapse, Death of the Dollar, Impovershment, WWIII, Marc Faber Interview

Gerald Celente Deal Or No Debt Deal, The Debt Still Exists

Bill Gross: Economy Faces Structural Headwinds, “I Think We Are Facing Bubbles Almost Everywhere”

ECONOMIC CRASH WORLDWIDE STARTING

Harry Dent predicts global economic crash in 2013

Planned Economic Collapse 2013-2014

Background Articles and Videos

Meltdown (pt 1-4) The Secret History of the Global Financial Collapse 2010

Meltdown (pt 2-4) The Secret History of the Global Financial Collapse 2010

Meltdown (pt 3-4) The Secret History of the Global Financial Collapse.2010 

Meltdown – pt 4-4 The Secret History of the Global Financial Collapse (2010) 

The Fall of Lehman Brothers

Goldman Sachs: Power and Peril – Documentary

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

The Fall of the Dollar – The Death of a Fiat Currency part 1

The Fall of the Dollar – The Death of a Fiat Currency part 2

The First 12 Hours of a US Dollar Collapse

LIFE HIDDEN TRUTH 2013 GLOBAL FINANCIAL CRISIS

 

Billionaires Dumping Stocks, Economist Knows Why

 

Despite the 6.5% stock market rally over the last three months, a handful of billionaires are quietly dumping their American stocks . . . and fast.

Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of “disappointing performance” in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.

In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.

With 70% of the U.S. economy dependent on consumer spending, Buffett’s apparent lack of faith in these companies’ future prospects is worrisome.

Unfortunately Buffett isn’t alone.

Fellow billionaire John Paulson, who made a fortune betting on the subprime mortgage meltdown, is clearing out of U.S. stocks too. During the second quarter of the year, Paulson’s hedge fund, Paulson & Co., dumped 14 million shares of JPMorgan Chase. The fund also dumped its entire position in discount retailer Family Dollar and consumer-goods maker Sara Lee.

Finally, billionaire George Soros recently sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.

So why are these billionaires dumping their shares of U.S. companies?

After all, the stock market is still in the midst of its historic rally. Real estate prices have finally leveled off, and for the first time in five years are actually rising in many locations. And the unemployment rate seems to have stabilized.

It’s very likely that these professional investors are aware of specific research that points toward a massive market correction, as much as 90%.

One such person publishing this research is Robert Wiedemer, an esteemed economist and author of the New York Times best-selling book Aftershock.

Editor’s Note: Wiedemer Gives Proof for His Dire Predictions in This Shocking Interview.

Before you dismiss the possibility of a 90% drop in the stock market as unrealistic, consider Wiedemer’s credentials.

In 2006, Wiedemer and a team of economists accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States. They published their research in the book America’s Bubble Economy.

The book quickly grabbed headlines for its accuracy in predicting what many thought would never happen, and quickly established Wiedemer as a trusted voice.

A columnist at Dow Jones said the book was “one of those rare finds that not only predicted the subprime credit meltdown well in advance, it offered Main Street investors a winning strategy that helped avoid the forty percent losses that followed . . .”

The chief investment strategist at Standard & Poor’s said that Wiedemer’s track record “demands our attention.”

And finally, the former CFO of Goldman Sachs said Wiedemer’s “prescience in (his) first book lends credence to the new warnings. This book deserves our attention.”

In the interview for his latest blockbuster Aftershock, Wiedemer says the 90% drop in the stock market is “a worst-case scenario,” and the host quickly challenged this claim.

Wiedemer calmly laid out a clear explanation of why a large drop of some sort is a virtual certainty.

It starts with the reckless strategy of the Federal Reserve to print a massive amount of money out of thin air in an attempt to stimulate the economy.

“These funds haven’t made it into the markets and the economy yet. But it is a mathematical certainty that once the dam breaks, and this money passes through the reserves and hits the markets, inflation will surge,” said Wiedemer.

“Once you hit 10% inflation, 10-year Treasury bonds lose about half their value. And by 20%, any value is all but gone. Interest rates will increase dramatically at this point, and that will cause real estate values to collapse. And the stock market will collapse as a consequence of these other problems.”

Read Latest Breaking News from Newsmax.com http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola#ixzz2RhO2R5ey
Urgent: Should Obamacare Be Repealed? Vote Here Now!

http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola

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

Richard Duncan–The New Depression–Videos

Posted on December 9, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Security, Strategy, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

9781118157794.pdf

richard_ducan

The U.S. does not have a capitalist economy 

A new depression: Out of credit

Interview With Richard Duncan, Author of The New Depression 

Richard Duncan on Riding out this Depression on a Deflationary Debt Raft! 

    “The New Depression” Book w/ Glenn Beck & Richard Duncan

The New Depression: Richard Duncan | McAlvany Commentary 

Pt 1/5: Can governments end the crisis cycle? 

Pt 2/5: Can governments end the crisis cycle? 

Pt 3/5: Can governments end the crisis cycle?

Pt 4/5: Can governments end the crisis cycle?

Pt 5/5: Can governments end the crisis cycle?

Jim Rogers  New Recession/Depression Coming

Peter Schiff interviews Marc Faber on Schiffradio Oct 2012 

Why the global recession is in danger of becoming another Great Depression, and how we can stop it

When the United States stopped backing dollars with gold in 1968, the nature of money changed. All previous constraints on money and credit creation were removed and a new economic paradigm took shape. Economic growth ceased to be driven by capital accumulation and investment as it had been since before the Industrial Revolution. Instead, credit creation and consumption began to drive the economic dynamic. In The New Depression: The Breakdown of the Paper Money Economy, Richard Duncan introduces an analytical framework, The Quantity Theory of Credit, that explains all aspects of the calamity now unfolding: its causes, the rationale for the government’s policy response to the crisis, what is likely to happen next, and how those developments will affect asset prices and investment portfolios.

In his previous book, The Dollar Crisis (2003), Duncan explained why a severe global economic crisis was inevitable given the flaws in the post-Bretton Woods international monetary system, and now he’s back to explain what’s next. The economic system that emerged following the abandonment of sound money requires credit growth to survive. Yet the private sector can bear no additional debt and the government’s creditworthiness is deteriorating rapidly. Should total credit begin to contract significantly, this New Depression will become a New Great Depression, with disastrous economic and geopolitical consequences. That outcome is not inevitable, and this book describes what must be done to prevent it.

  • Presents a fascinating look inside the financial crisis and how the New Depression is poised to become a New Great Depression
  • Introduces a new theoretical construct, The Quantity Theory of Credit, that is the key to understanding not only the developments that led to the crisis, but also to understanding how events will play out in the years ahead
  • Offers unique insights from the man who predicted the global economic breakdown

Alarming but essential reading, The New Depression explains why the global economy is teetering on the brink of falling into a deep and protracted depression, and how we can restore stability.

http://www.wiley.com/WileyCDA/WileyTitle/productCd-1118157796.html

The New Depression: Richard Duncan’s prognosis of our economic ills and the answer to them

“… In a nutshell, his case is half-Austrian. Or indeed half-Keynesian. That is because whilst Duncan’s diagnosis of the current economic ills is very much in the Austrian school of economics, with its emphasis on the role of credit, his prescription for fixing the economy is large-scale borrowing to fund infrastructure work, all of which sounds rather Keynesian.

It is a more fiscally responsible version of Keynesianism than some, for Duncan argues that, “The U.S. government can now borrow money for ten years at a cost of 2 percent interest a year. If it borrows at that rate and invests in projects that yield even 3 percent … on a grand scale in grand projects … [our economy] could be transformed”. In other words, borrow massively to boost economic growth, but spend those funds on projects that will generate future returns which make the borrowing affordable.

Duncan has a particular set of target for his investment plans for the American economy – developing new industries to reduce the trade deficit and generate new tax revenues. In particular, he talks about renewable energy, arguing that massive investment will cut energy bills whilst also providing the sort of financial return that makes the massive spending of money on it a prudent rather than profligate move.

All that means there are three main bones of contention in the book: is Richard Duncan right in blaming the crash on credit conditions; is he right that massive infrastructure investment on projects which pay returns the answer; and if money is to be invested in infrastructure that pays returns, does renewable energy fit the bill? Although a book principally about the US economy and the policy choices faced by Americans, those three questions are very applicable to other countries too, even if his evidence tends to be centred on the USA.

As he mulls over these three questions, most readers will find at least one eye-catching piece of evidence to savour, such as when he describes how heavily the financial system became dependent on credit not going sour:

In 1945 [American] commercial banks held reserves and vault cash of … the equivalent of 12 percent of their total assets … By 2007, the banks’ reserves and vault cash [was] 0.6 percent.

He goes on to argue that

Economic progress was no longer achieved the old-fashioned way through savings and investments, but, rather, by borrowing and consumption … The new reality is that credit has displaced money as the key economic variable.

Hence the book’s subtitle, “The Breakdown of the Paper Money Economy”.

Each of the three main questions in themselves could sustain not merely one whole book but a mini-book publishing flurry of titles. To condense credible arguments over all three into one relatively slim and easy to follow volume is tribute to the Duncan, even if some readers may choose to agree with less than all three of the main points of his case. …”

http://www.libdemvoice.org/the-new-depression-richard-duncans-prognosis-of-our-economic-ills-and-the-answer-to-them-28981.html

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

James Grant–Videos

Posted on August 3, 2012. Filed under: American History, Banking, Blogroll, Books, Climate, College, Communications, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Raves, Resources, Unemployment, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , |

Jim Grant explains how Central Banks are Waging War on Supply and Demand

James Grant Explains a World without the Federal Reserve – Capital

James Grant: Gold, the Refuge of the Idiots 

“What Does the Fed Do?” with James Grant — Ron Paul Fed Lecture Series, Pt 2/3

Q&A: Author James Grant

Value Investing Conference 2010 – Part 2

James Grant – on Bernanke, bank capital & lack of capitalism 

Jim Grant 

Never before has the Fed done what it’s doing now” 

Read Full Post | Make a Comment ( None 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 )

Printing More Money (Quantitative Easing) and The Coming Currency War and Decline In The Purchasing Power of The U.S. Dollar–Robbing The American People–Videos

Posted on October 13, 2010. Filed under: Blogroll, Communications, Demographics, Economics, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Quotations, Raves, Resources, Security, Strategy, Taxes, Technology, Video | Tags: , , , , , , |

“True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.”

“The gold standard alone makes the determination of moneys purchasing power independent of the ambitions and machinations of governments, of dictators, of political parties, and of pressure groups.”

~Ludwig von Mises

Jim Rogers Currency Wars

“IMF Meeting Stokes Fear of Currency War”

Grant Says Quantitative Easing Is Just Money Printing: Video

Global Currency War Brewing

Is The World On The Verge Of A Currency War?

Daniel Rosen: Currency War

IMF Meeting Stokes Fear of Currency War

Webster Tarpley: “There’s a currency war!”

Heller Says `Very Difficult’ for Fed to Boost Growth: Video

Feldstein Predicts Dollar to Weaken, Boosting Exports: Video

Japan cooperates with US on international currency issues – NHK 101010

US House committee approves China currency bill – NHK 100925

US criticizes China, Japan over currency interventions – NHK 100917

 

Clyde Prestowitz discusses valuation of Chinese currency

Mar 24 10 Hearing on China’s Exchange Rate Policy, C. Fred Bergsten Opening Statement

Mar 24 10 Hearing on China’s Exchange Rate Policy, Clyde Prestowitz Opening Statement

The Truth About The Economy: Total Collapse

Ron Paul in September 14, 2007

The Federal Reserve System is a banking cartel that benefits the large banks at the expense of the American people.

Cartel economists and so-called experts  cannot replace the market by attempting to fix the price of money or the dollar.

Abolish the Federal Reserve System.

Abolish fiat paper currency.

Establish a new United States currency backed by gold.

Milton Friedman on Monetary Policy – 1/3

Milton Friedman on Monetary Policy – 2/3

Milton Friedman on Monetary Policy – 3/3

This is necessary to stop the financing of massive Federal Government deficits by the Federal Reserve that is purchasing U. S. Treasury bills and notes with Federal Reserve Notes by printing money or  the monetarization of government debt.

Money printing or quantitative easing decreases the purchasing power of the money supply–debasing of the currency– robbing the American people.

Will the Federal Reserve System and fiat paper money be abolished?

Not any time soon.

The result will first be a longer and deeper recession lasting well into 2013.

In 2013 the Federal Reserve System will be 100 years old.

The Federal Reserves System will celebrate by achieving by then the devaluation of the dollar by 99%.

In other words one dollar in 1913 will be worth 1 cent.

If this is monetary stability, one wonders what inflation really is.

Time to do away the Federal Reserve System for incompetence.

I do not expect unemployment rate to fall below 8%  for U-3 until 2013 at the earliest.

As the unemployment slowly declines in 2011 and 2012, there will be at first a gradual increase in the general price level that will accelerate in 2013.

This will be due the inability of the Federal Reserve to reverse quickly enough its very aggressive expansive  monetary policy.

In 2011 and 2012 import prices will rise as the Federal Reserve attempts to devalue the dollar compared with other national currencies in an attempt to expand exports by making them cheaper.

The price of a gallon gasoline in the United States  will first rise above $3 in 2011 and $4 in 2012 mainly due to the devaluation of the U.S. dollar.

As Communist China gradually lets the value of its currency rise in value relative to the U.S. dollar, exports from China will rise in price. This means higher prices for goods imported into the U.S. from China.

The decline in the value or purchasing power of the dollar in 2011 and 2012 combined with unemployment rates exceeding 8% will mean further losses for the Democratic Party in 2012 including the Presidency.

The American people are rightfully mad as hell at the ruling class and political elites in Washington D.C.

 

 

 

Ron Paul on the Federal Reserve and Government Deficit Spending

 

The Gold Standard in Theory and Myth by Joseph Salerno

 

“The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments.”

“Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.”

~Ludwig von Mises

9. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars
Assets, liabilities, and capital Eliminations from
consolidation
Wednesday
Oct 6, 2010
Change since
Wednesday
Sep 29, 2010
Wednesday
Oct 7, 2009
Assets  
Gold certificate account   11,037 0 0
Special drawing rights certificate account   5,200 0 0
Coin   2,114 + 3 + 124
Securities, repurchase agreements, term auction
credit, and other loans
  2,101,199 + 7,113 + 216,329
Securities held outright 1   2,051,716 + 7,403 + 456,429
U.S. Treasury securities   819,072 + 7,403 + 49,887
Bills 2   18,423 0 0
Notes and bonds, nominal 2   752,832 + 7,390 + 52,364
Notes and bonds, inflation-indexed 2   42,318 0 – 2,270
Inflation compensation 3   5,499 + 13 – 207
Federal agency debt securities 2   154,105 0 + 20,294
Mortgage-backed securities 4   1,078,539 0 + 386,248
Repurchase agreements 5   0 0 0
Term auction credit   0 0 – 178,379
Other loans   49,483 – 290 – 61,721
Net portfolio holdings of Commercial Paper
Funding Facility LLC 6
  0 0 – 41,059
Net portfolio holdings of Maiden Lane LLC 7   28,510 + 40 + 2,206
Net portfolio holdings of Maiden Lane II LLC 8   15,674 – 201 + 1,213
Net portfolio holdings of Maiden Lane III LLC 9   22,782 – 258 + 2,616
Net portfolio holdings of TALF LLC 10   601 0 + 601
Preferred interests in AIA Aurora LLC and ALICO
Holdings LLC 11
  26,057 + 324 + 26,057
Items in process of collection (84) 463 + 98 + 310
Bank premises   2,222 – 7 + 1
Central bank liquidity swaps 12   61 0 – 49,770
Other assets 13   95,313 + 2,248 + 11,389
 
Total assets (84) 2,311,231 + 9,358 + 170,016

 

 

 

 

 

 

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 9. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars
Assets, liabilities, and capital Eliminations from
consolidation
Wednesday
Oct 6, 2010
Change since
Wednesday
Sep 29, 2010
Wednesday
Oct 7, 2009
Liabilities  
Federal Reserve notes, net of F.R. Bank holdings   918,609 + 4,849 + 42,489
Reverse repurchase agreements 14   64,440 – 2,930 + 1,540
Deposits (0) 1,253,413 + 6,593 + 113,645
Term deposits held by depository institutions   2,119 0 + 2,119
Other deposits held by depository institutions   1,000,014 + 15,875 + 33,477
U.S. Treasury, general account   49,530 – 8,299 + 18,525
U.S. Treasury, supplementary financing account   199,962 + 1 + 70,006
Foreign official   1,345 – 1,066 – 540
Other (0) 444 + 84 – 9,940
Deferred availability cash items (84) 2,598 + 410 – 182
Other liabilities and accrued dividends 15   15,029 + 91 + 6,468
 
Total liabilities (84) 2,254,089 + 9,014 + 163,961
 
Capital accounts  
Capital paid in   26,687 + 1 + 1,798
Surplus   25,881 + 6 + 4,500
Other capital accounts   4,575 + 338 – 242
 
Total capital   57,142 + 344 + 6,055

 

 

 

 

 

 

 

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

1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.

2.Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

 

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.

 

5.Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

 

6. Includes the book value of the commercial paper, net of amortized costs and related fees, and other investments held by the Commercial Paper Funding Facility LLC.

 

7. Refer to table 4 and the note on consolidation accompanying table 10.

 

8. Refer to table 5 and the note on consolidation accompanying table 10.

 

9. Refer to table 6 and the note on consolidation accompanying table 10.

 

10. Refer to table 7 and the note on consolidation accompanying table 10.

11. Refer to table 8.

 

12. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

 

13. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, accrued dividends on the Federal Reserve Bank of New York’s (FRBNY) preferred interests in AIA Aurora LLC and ALICO Holdings LLC, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

15. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 10.

 

 

Minutes of the Federal Open Market Committee September 21, 2010″…At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the System Account in accordance with the following domestic policy directive:

“The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to 1/4 percent. The Committee directs the Desk to maintain the total face value of domestic securities held in the System Open Market Account at approximately $2 trillion by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities. The System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System’s balance sheet that could affect the attainment over time of the Committee’s objectives of maximum employment and price stability.”

The vote encompassed approval of the statement below to be released at 2:15 p.m.:

“Information received since the Federal Open Market Committee met in August indicates that the pace of recovery in output and employment has slowed in recent months. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts are at a depressed level. Bank lending has continued to contract, but at a reduced rate in recent months. The Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be modest in the near term.Measures of underlying inflation are currently at levels somewhat below those the Committee judges most consistent, over the longer run, with its mandate to promote maximum employment and price stability. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to remain subdued for some time before rising to levels the Committee considers consistent with its mandate.The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period. The Committee also will maintain its existing policy of reinvesting principal payments from its securities holdings.The Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.”

Voting for this action: Ben Bernanke, William C. Dudley, James Bullard, Elizabeth Duke, Sandra Pianalto, Eric Rosengren, Daniel K. Tarullo, and Kevin Warsh.Voting against this action: Thomas M. Hoenig.Mr. Hoenig dissented, emphasizing that the economy was entering the second year of moderate recovery and that, while the zero interest rate policy and “extended period” language were appropriate during the crisis and its immediate aftermath, they were no longer appropriate with the recovery under way. Mr. Hoenig also emphasized that, in his view, the current high levels of unemployment were not caused by high interest rates but by an extended period of exceptionally low rates earlier in the decade that contributed to the housing bubble and subsequent collapse and recession. He believed that holding rates artificially low would invite the development of new imbalances and undermine long-run growth. He would prefer removing the “extended period” language and thereafter moving the federal funds rate upward, consistent with his views at past meetings that it approach 1 percent, before pausing to determine what further policy actions were needed. Also, given current economic and financial conditions, Mr. Hoenig did not believe that continuing to reinvest principal payments from SOMA securities holdings was required to support the Committee’s policy objectives.It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, November 2-3, 2010. The meeting adjourned at 1:10 p.m. on September 21, 2010. …”

http://www.federalreserve.gov/monetarypolicy/fomcminutes20100921.htm

Background Articles and Videos

 

 

  

 

 

    

 

 Marc-Faber– FedsPrinting to Create Final Crisis 8-3-2010

  

Quantitative easing

 

 

Marc Faber Sees Fed Introducing `Massive’ Quantitative Easing

 

 

Ron Paul: If You Care About The Poor You Have To Look At Monetary Policy

The Gold Standard Before the Civil War | Murray N. Rothbard

Monetary Policy, Deflation, And Quantitative Easing

“…Aren’t the excess bank reserves inflationary?

Potentially yes, but currently no. Even though banks are earning a meager 25 basis points on their reserves, that is not sufficient incentive to keep large quantities of excess reserves uninvested or unloaned. As they were in the mid-1930s, massive excess reserves are the result of banker fear and uncertainty. The banking system has been saved, but it hasn’t been made whole yet. Bankers continue to worry about reserve levels and liquidity levels and capital levels. They are willing to lend, but only very conservatively to credit-worthy borrowers. Also, much of the slowdown in bank lending comes from low demand for loans by highly qualified borrowers.

The idea that the excess reserves held on banks’ balance sheets should be “mopped up” to prevent them being used in inflationary ways later is a very dangerous idea. They are there voluntarily because bankers feel they are needed. To remove them would cause further bank retrenchment, as it did in the 1930s when the Fed decided to “mop up” the excess reserves of that time.

As the economy and confidence improves, banks will begin using their excess reserves more aggressively. At that point, the Fed will have to be very careful not to stifle that desirable activity on the one hand or let it get out of hand and become inflationary on the other hand. Since they have lots of good, two-handed economists, I think they can pull it off. ..”

http://www.dailymarkets.com/economy/2010/07/30/monetary-policy-deflation-and-quantitative-easing/

The Founding of the Federal Reserve | Murray N. Rothbard

If you work to earn money you need to watch this

Quantitative Easing

“…The term quantitative easing (QE) describes a monetary policy used by central banks to increase the supply of money by increasing the excess reserves of the banking system. This policy is usually invoked when the normal methods to control the money supply have failed, i.e the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.

A central bank implements QE by first crediting its own account with money it creates ex nihilo (“out of nothing”).[1] It then purchases financial assets, including government bonds, agency debt, mortgage-backed securities and corporate bonds, from banks and other financial institutions in a process referred to as open market operations. The purchases, by way of account deposits, give banks the excess reserves required for them to create new money, and thus hopefully induce a stimulation of the economy, by the process of deposit multiplication from increased lending in the fractional reserve banking system.

Risks include the policy being more effective than intended, spurring hyperinflation, or the risk of not being effective enough, if banks opt simply to sit on the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio.[1]

“Quantitative” refers to the fact that a specific quantity of money is being created; “easing” refers to reducing the pressure on banks.[2] However, another explanation is that the name comes from the Japanese-language expression for “stimulatory monetary policy”, which uses the term “easing”.[3] Quantitative easing is sometimes colloquially described as “printing money” although in reality the money is simply created by electronically adding a number to an account. Examples of economies where this policy has been used include Japan during the early 2000s, and the United States, the United Kingdom and the Eurozone during the global financial crisis of 2008–the present, since the programme is suitable for economies where the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.

Concept

Ordinarily, the central bank uses its control of interest rates, or sometimes reserve requirements, to indirectly influence the supply of money.[1] In some situations, such as very low inflation or deflation, setting a low interest rate is not enough to maintain the level of money supply desired by the central bank, and so quantitative easing is employed to further boost the amount of money in the financial system.[1] This is often considered a “last resort” to increase the money supply.[4][5] The first step is for the bank to create more money ex nihilo (“out of nothing”) by crediting its own account. It can then use these funds to buy investments like government bonds from financial firms such as banks, insurance companies and pension funds,[1] in a process known as “monetising the debt“.

For example, in introducing its QE programme, the Bank of England bought gilts from financial institutions, along with a smaller amount of relatively high-quality debt issued by private companies.[6] The banks, insurance companies and pension funds can then use the money they have received for lending or even to buy back more bonds from the bank. The central bank can also lend the new money to private banks or buy assets from banks in exchange for currency.[citation needed] These have the effect of depressing interest yields on government bonds and similar investments, making it cheaper for business to raise capital.[7] Another side effect is that investors will switch to other investments, such as shares, boosting their price and thus creating the illusion of increasing wealth in the economy.[6] QE can reduce interbank overnight interest rates, and thereby encourage banks to loan money to higher interest-paying and financially weaker bodies.

More specifically, the lending undertaken by commercial banks is subject to fractional-reserve banking: they are subject to a regulatory reserve requirement, which requires them to keep a percentage of deposits in “reserve”,[citation needed]: these can only be used to settle transactions between them and the central bank.[7] The remainder, called “excess reserves”, can (but does not have to be) be used as a basis for lending. When, under QE, a central bank buys from an institution, the institution’s bank account is credited directly and their bank gains reserves.[6] The increase in deposits from the quantitative easing process causes an excess in reserves and private banks can then, if they wish, create even more new money out of “thin air” by increasing debt (lending) through a process known as deposit multiplication and thus increase the country’s money supply. The reserve requirement limits the amount of new money. For example a 10% reserve requirement means that for every $10,000 created by quantitative easing the total new money created is potentially $100,000. The US Federal Reserve‘s now out-of-print booklet Modern Money Mechanics explains the process.

A state must be in control of its own currency and monetary policy if it is to unilaterally employ quantitative easing. Countries in the eurozone (for example) cannot unilaterally use this policy tool, but must rely on the European Central Bank to implement it.[citation needed] There may also be other policy considerations. For example, under Article 123 of the Treaty on the Functioning of the European Union[7] and later the Maastricht Treaty, EU member states are not allowed to finance their public deficits (debts) by simply printing the money required to fill the hole, as happened, for example, in Weimar Germany and more recently in Zimbabwe.[1] Banks using QE, such as the Bank of England, have argued that they are increasing the supply of money not to fund government debt but to prevent deflation, and will choose the financial products they buy accordingly, for example, by buying government bonds not straight from the government, but in secondary markets.[1][7]

HistoryQuantitative easing was used unsuccessfully[8] by the Bank of Japan (BOJ) to fight domestic deflation in the early 2000s.[9] During the global financial crisis of 2008–the present, policies announced by the US Federal Reserve under Ben Bernanke to counter the effects of the crisis are a form of quantitative easing. Its balance sheet expanded dramatically by adding new assets and new liabilities without “sterilizing” these by corresponding subtractions. In the same period the United Kingdom used quantitative easing as an additional arm of its monetary policy in order to alleviate its financial crisis.[10][11][12]

The European Central Bank (ECB) has used 12-month long-term refinancing operations (a form of quantitative easing without referring to it as such) through a process of expanding the assets that banks can use as collateral that can be posted to the ECB in return for Euros. This process has led to bonds being “structured for the ECB”[13]. By comparison the other central banks were very restrictive in terms of the collateral they accept: the US Federal Reserve used to accept primarily treasuries (in the first half of 2009 it bought almost any relatively safe dollar-denominated securities); the Bank of England applied a large haircut.

In Japan’s case, the BOJ had been maintaining short-term interest rates at close to their minimum attainable zero values since 1999. With quantitative easing, it flooded commercial banks with excess liquidity to promote private lending, leaving them with large stocks of excess reserves, and therefore little risk of a liquidity shortage.[14] The BOJ accomplished this by buying more government bonds than would be required to set the interest rate to zero. It also bought asset-backed securities and equities, and extended the terms of its commercial paper purchasing operation.[15]

RisksQuantitative easing is seen as a risky strategy that could trigger higher inflation than desired or even hyperinflation if it is improperly used and too much money is created.

Quantitative easing runs the risk of going too far. An increase in money supply to a system has an inflationary effect by diluting the value of a unit of currency. People who have saved money will find it is devalued by inflation; this combined with the associated low interest rates will put people who rely on their savings in difficulty. If devaluation of a currency is seen externally to the country it can affect the international credit rating of the country which in turn can lower the likelihood of foreign investment. Like old-fashioned money printing, Zimbabwe suffered an extreme case of a process that has the same risks as quantitative easing, printing money, making its currency virtually worthless.[1]

…”

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

Federal Open Market Committee

“…About the FOMCThe term “monetary policy” refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.The Federal Reserve controls the three tools of monetary policy–open market operations, the discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.

Structure of the FOMC

The Federal Open Market Committee (FOMC) consists of twelve members–the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options.The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve System and chapter 2 of Purposes & Functions of the Federal Reserve System.

2010 Members of the FOMC

  • Members
    • Ben S. Bernanke, Board of Governors, Chairman
    • William C. Dudley, New York, Vice Chairman
    • James Bullard, St. Louis
    • Elizabeth A. Duke, Board of Governors
    • Thomas M. Hoenig, Kansas City
    • Sandra Pianalto, Cleveland
    • Sarah Bloom Raskin, Board of Governors
    • Eric S. Rosengren, Boston
    • Daniel K. Tarullo, Board of Governors
    • Kevin M. Warsh, Board of Governors
    • Janet L. Yellen, Board of Governors …”

http://www.federalreserve.gov/monetarypolicy/fomc.htm

FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks

 

Why Chinese Currency Manipulation Is America’s Fault by: Ian Fletcher April 15, 2010

“…Unfortunately, the token appreciation that is probably now in store won’t help very much. For one thing, Beijing has played this game before. China first started diversifying its currency reserves away from the dollar (which weakens currency manipulation) in July 2005, and from then until July 2008 allowed the yuan to rise from 8.28 to the dollar to 6.83, where it has since been held nearly steady. But this appreciation, while showcased by China, was purely nominal; after adjusting for inflation, the change was far smaller: about two percent.

How does China manipulate its currency? Mainly by preventing its exporters from using the dollars they earn as they wish. Instead, they are required to swap them for domestic currency at China’s central bank, which then “sterilizes” them by spending them on U.S. Treasury securities (and increasingly other, higher-yielding, investments) rather than U.S. goods. As a result, the price of dollars is propped up — which means the price of yuan is pushed down — by a demand for dollars which doesn’t involve buying American exports.

The amounts involved are astronomical: as of 2008, China’s accumulated dollar-denominated holdings amounted to $1.7 trillion, an astonishing 40 percent of China’s GDP. The China Currency Coalition estimated in 2005 that the yuan was undervalued by 40 percent; past scholarly estimates have ranged from 10 to 75 percent.

Why is this America’s fault? Because China’s currency is manipulated relative to our own only because we permit it, as there is no law requiring us to sell China our bonds and other assets. We could, in fact, end this manipulation at will. All we would need to do is bar China’s purchases, or just tax them to death.

This would be neither an extreme nor an unprecedented move. It is roughly what the Swiss did in 1972, when economic troubles elsewhere in the world generated an excessive flow of money seeking refuge in Swiss franc-denominated assets. This drove up the value of the franc and threatened to make Swiss manufacturing internationally uncompetitive. To prevent this, the Swiss government imposed a number of measures to dampen foreign investment demand for francs, including a ban on the sale of franc-denominated bonds, securities, and real estate to foreigners. Problem solved. (It did not even damage Switzerland’s standing as an international financial center, a key worry at the time.) …”

“…So the real underlying problem is that America doesn’t generate enough savings on its own to meet its voracious appetite for borrowing. China’s savings rate, thanks to deliberate suppression by the Chinese government of its people’s opportunities to spend what they earn, is an astonishing 50 percent. Ours was negative four percent in the last Federal Reserve report on the subject. We are—Oh, how Mao would have loved this!—decadent. …”

http://seekingalpha.com/article/198825-why-chinese-currency-manipulation-is-americas-fault

 


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

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

Posted on September 13, 2010. Filed under: Blogroll, Communications, Economics, Education, Fiscal Policy, government spending, history, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Technology, Video, Wisdom | Tags: , , , , , , , , , , |

The Gold Standard Before the Civil War | Murray N. Rothbard

 

What Has Government Done to Our Money? (Preface) by Jörg Guido Hülsmann

 

What Has Government Done to Our Money? (Chapter 1) by Murray N. Rothbard

 

What Has Government Done to Our Money? (Chapter 2) by Murray N. Rothbard

 

 

What Has Government Done to Our Money? (Chapter 3) by Murray N. Rothbard

 

What Has Government Done to Our Money? (Chapter 4) by Murray N. Rothbard

The Case for a 100 Percent Gold Dollar (Part 1 of 2) by Murray N. Rothbard

The Case for a 100 Percent Gold Dollar (Part 2 of 2) by Murray N. Rothbard

 

What Has Government Done to Our Money? (Chapter  5) by Murray N. Rothbard

Related Posts On Pronk Palisades

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

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

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

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Milton Friedman–Free To Choose–On Donahue –Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Paul Krugman–Videos

Hunter Lewis–Where Keynes Went Wrong–Videos

Liberal Fascism–Jonah Goldberg–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–Introduction to Economics: A Private Seminar–Videos

Murray Rothbard–Libertarianism–Video

Rothbard On Keynes–Videos

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

Peter Schiff–Videos

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

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

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

Amity Shlaes–Videos

Julian Simon–Videos

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

Thomas Sowell and Conflict of Visions–Videos

Thomas Sowell On The Housing Boom and Bust–Videos

Econ Talk With Thomas Sowell–Videos

Peter Thiel–Videos

Thomas E. Woods, Jr.–Videos

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

Tom Woods–Lectures On Liberty–Videos

Thomas E. Woods–The Market Economy–Videos

Tom Woods On Personal Rights and Property Ownership

Tom Woods–Smashing Myths and Restoring Sound Money–Videos

Tom Woods–Who Killed The Constitution

Tom Wright On The FairTax–Videos

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

Books

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

Cory Doctorow–Makers–Videos

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

Steve Emerson–American Jihad: The Terrorist Living Among Us–Videos

Bruce Feiler–Walking the Bible–Videos

Niall Ferguson–”The Ascent of Money–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

Robert Higgs–Crisis and Leviathan–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

Hunter Lewis–Where Keynes Went Wrong–Videos

Michael Lewis–The Big Short: Inside the Doomsday Machine–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

Ron Paul–End The Fed–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 )

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

Posted on August 11, 2010. Filed under: Blogroll, Books, College, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Security, Strategy, Taxes, Technology, Video, War | Tags: , , , , , , , , , |

http://www.aier.org/research/briefs/1826-the-long-goodbye-the-declining-purchasing-power-of-the-dollar

http://blog.mises.org/7550/the-slow-systematic-destruction-of-the-dollars-purchasing-power/

Fiat Empire – Why the Federal Reserve Violates the US Constitution 1 of 6

Fiat Empire – Why the Federal Reserve Violates the US Constitution 2 of 6

Fiat Empire – Why the Federal Reserve Violates the US Constitution 3 of 6

Fiat Empire – Why the Federal Reserve Violates the US Constitution 4 of 6

Fiat Empire – Why the Federal Reserve Violates the US Constitution 5 of 6

Fiat Empire – Why the Federal Reserve Violates the US Constitution 6 of 6

Related Posts On Pronk Palisades

Federal Reserve System

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

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

Richard Fisher–Inflation and Debt: The Interaction of Fiscal and Monetary Policy –Videos

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!

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

The Heritage Foundation

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

Ludwig von Mises Institute

The Libertarian Tradition–Ludwig von Mises Institute–Videos

Tom Woods and Murry Rothbard on Keynesian Predictions vs. American History–Lessons President Obama Never Learned–Videos

Our Enemy, Inflation–Videos

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

Murray Rothbard–Videos

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

Thomas E. Woods, Jr.–Videos

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

Jörg Guido Hülsmann–The Ethics of Money Production–Videos

Posted on January 21, 2010. Filed under: Blogroll, Communications, Economics, Fiscal Policy, government spending, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Taxes, Video, Wisdom | Tags: , , , , , |

 

 

Jörg Guido Hülsmann, professor of economics at the University of Angers in France, discusses his recent book, “The Ethics of Money Production.” Recorded at the annual Austrian Scholars Conference, Ludwig von Mises Institute, 12 March 2009. Introduction by Dr. Mark Thornton.

Authors Forum: The Ethics of Money Production

Recorded at the Mises Institute Supporters Summit, 31 October 2008; Auburn, Alabama. Introduction by Mark Thornton. Jörg Guido Hülsmann is a professor of economics at the University of Angers in France. He is the author of “Mises: The Last Knight of Liberalism,” “Kritik der Dominanztheorie” (Critique of F. Perroux’s Theory of Dominant Economies) and of “Logik der Währungskonkurrenz” (The Logic of Currency Competition), and has translated several renowned economics books into German.

The Ethical Rules of Producing Money

 

The Ethics of Money Production

“…Hulsmann has provided not only a primer in understanding our times, but a dramatic extension of the work of Menger, Mises, Hayek, Rothbard, and others to map out an economically radical and ethically challenging case for the complete separation of money and state, and a case for the privatization of money production. It is a sweeping and learned treatise that is rigorous, scholarly, and radical.

Table of Contents

  • Preface
  • Introduction
    • Money Production and Justice
    • Remarks about Relevant Literature
  • Part 1: The Natural Production of Money
    • Monies
    • The Division of Labor without Money
    • The Origin and Nature of Money
    • Natural Monies
    • Credit Money
    • Paper Money and the Free Market
    • Electronic Money
    • Money Certificates
    • Certificates Physically Integrated with Money
    • Certificates Physically Disconnected from Money
    • Money within the Market Process
    • Money Production and Prices
    • Scope and Limits of Money Production.
    • Distribution Effects
    • The Ethics of Producing Money
    • The Ethics of Using Money
    • Utilitarian Considerations on the Production of Money
    • The Sufficiency of Natural Money Production
    • Economic Growth and the Money Supply
    • Hoarding
    • Fighting Deflation
    • Sticky Prices
    • The Economics of Cheap Money
    • Monetary Stability
    • The Costs of Commodity Money
  • Part 2: Inflation
    • General Considerations on Inflation
    • The Origin and Nature of Inflation
    • The Forms of Inflation
    • Private Inflation: Counterfeiting Money Certificates
    • Debasement
    • Fractional-Reserve Certificates
    • Three Origins of Fractional-Reserve Banking
    • Indirect Benefits of Counterfeiting in a Free Society .
    • The Ethics of Counterfeiting
    • Enters the State: Fiat Inflation through Legal Privileges
    • Treacherous Clerks
    • Fiat Money and Fiat Money Certificates
    • Fiat Inflation and Fiat Deflation
    • Legalized Falsifications
    • Legalizing Debasement and Fractional Reserves
    • The Ethics of Legalizing Falsifications
    • Legal Monopolies
    • Economic Monopolies versus Legal Monopolies
    • Monopoly Bullion
    • Monopoly Certificates
    • The Ethics of Monetary Monopoly
    • Legal-Tender Laws
    • Fiat Equivalence and Gresham’s Law
    • Bimetallism
    • Legal-Tender Privileges for Money Certificates
    • Legal-Tender Privileges for Credit Money
    • Business Cycles
    • Moral Hazard, Cartelization, and Central Banks
    • Monopoly Legal Tender
    • The Ethics of Legal Tender
    • Legalized Suspensions of Payments
    • The Social Function of Bankruptcy
    • The Economics of Legalized Suspensions
    • The Ethics of Legalized Suspensions
    • Paper Money
    • The Origins and Nature of Paper Money
    • Reverse Transubstantiations
    • The Limits of Paper Money
    • Moral Hazard and Public Debts
    • Moral Hazard, Hyperinflation, and Regulation
    • The Ethics of Paper Money
    • The Cultural and Spiritual Legacy of Fiat Inflation
    • Inflation Habits
    • Hyper-Centralized Government
    • Fiat Inflation and War
    • Inflation and Tyranny
    • Race to the Bottom in Monetary Organization
    • Business under Fiat Inflation
    • The Debt Yoke
    • Some Spiritual Casualties of Fiat Inflation
    • Suffocating the Flame
  • Part 3: Monetary Order and Monetary Systems
    • Monetary Order
    • The Natural Order of Money Production
    • Cartels of Credit-Money Producers
    • Fiat Monetary Systems in the Realm of the Nation-State
    • Toward National Paper-Money Producers: European Experiences
    • Toward National Paper-Money Producers: American Experiences
    • The Problem of the Foreign Exchanges
    • International Banking Systems, 1871–1971
    • The Classical Gold Standard
    • The Gold-Exchange Standard
    • The System of Bretton Woods
    • Appendix: IMF and World Bank after Bretton Woods
    • International Paper-Money Systems, 1971– ?
    • The Emergence of Paper-Money Standards
    • Paper-Money Merger: The Case of the Euro
    • The Dynamics of Multiple Paper-Money Standards
    • Dead End of the World Paper-Money Union
  • Conclusion
    • Two Concepts of Capitalism
    • Monetary Reform
    • References
    • Index of Names
    • Index of Subjects

280 pages, hardback, ISBN: 978-1-933550-09-1

http://mises.org/store/Ethics-of-Money-Production-P536.aspx

Background Articles and Videos

“… Jörg Guido Hülsmann (born May 18, 1966) is a German economist and one of the leading modern-day proponents of the Austrian School, and was heavily influenced by Ludwig von Mises. He is a professor of economics at the University of Angers in France and is a senior faculty member of the Ludwig von Mises Institute.

Hülsmann has translated several English-language economics books into his native tongue, German. He has written scholarly articles in German, English, and French.

Hülsmann has written primarily on monetary theory and monetary reform issues, advocating a non-inflationary gold standard as the only way to control cyclical inflation caused by excessive bank credit creation and is one of the few economists to have written about the complex inter-relationship between money production and ethics.[1][2][3][4][5]

He also wrote a detailed, comprehensive biography of Ludwig von Mises entitled The Last Knight of Liberalism.[6]

He is an anarcho-capitalist within the tradition of Murray Rothbard. …”

http://en.wikipedia.org/wiki/J%C3%B6rg_Guido_H%C3%BClsmann

Related Posts On Pronk Palisades

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Yaron Brook–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

Milton Friedman–Videos

Milton Friedman on Education–Videos

Milton Friedman–Debate In Iceland–Videos

Israel Kirzner–On Entrepreneurship–Vidoes

Ludwig von Mises–Videos

Robert P. Murphy–Videos

The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand

Murray Rothbard–Videos

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

 

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

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

Posted on March 20, 2009. Filed under: Blogroll, Employment, Investments, Music, Politics, Rants, Raves, Resources, Taxes, Video | Tags: , , , , , , , , , , , |

Glenn Beck alerted the American people to what is happening with the U.S. Treasury and Federal Reserve:

Glenn Beck’s ‘One Thing’: 03-19-09

 

 

Federal Reserve Monetizes U.S. Debt While Americans Cry over AIG Bonuses. Glenn Beck

 

Peter Schiff 3/18/09 – Schiff Report Video Blog


 

No Risk of Hyperinflation Says Federal Reserve Chairman Ben Bernanke. Rest easy Glenn Beck

 

Jim Rogers “America is out of control” demise of the dollar

 

Jim Rogers the Dollar is Doomed 23 Mar 2009

 

Voices of Freedom: Ron Paul, Peter Schiff, and Jim Rogers school Obama, Bush, Bernanke, and Paulson

 

LOL

It’s not AIG. It’s the GOV…

Fed to pump another $1 trillion into U.S. economy

“The Federal Reserve sharply stepped up its efforts to bolster the economy on Wednesday, announcing that it would pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities.

Having already reduced the key interest rate it controls nearly to zero, the central bank has increasingly turned to alternatives like buying securities as a way of getting more dollars into the economy, a tactic that amounts to creating vast new sums of money out of thin air. But the moves on Wednesday were its biggest yet, almost doubling all of the Fed’s measures in the last year.

The action makes the Fed a buyer of long-term government bonds rather than the short-term debt that it typically buys and sells to help control the money supply.

The idea was to encourage more economic activity by lowering interest rates, including those on home loans, and to help the financial system as it struggles under the crushing weight of bad loans and poor investments.

Investors responded with surprise and enthusiasm. The Dow Jones industrial average, which had been down about 50 points just before the announcement, jumped immediately and ended the day up almost 91 points at 7,486.58. Yields on long-term Treasury bonds dropped markedly, and analysts predicted that interest rates on fixed-rate mortgages would soon drop below 5 percent. …”

“…Since last September, the Fed’s lending programs have roughly doubled the size of its balance sheet, to about $1.8 trillion, from $900 billion. The actions announced on Wednesday are likely to expand that to well over $3 trillion over the next year.

Despite a trickle of encouraging data in the last few weeks, Fed officials were clearly still worried and in no mood to cut back on their emergency efforts.

Fed policy makers sharply reduced their economic forecasts in January, predicting that the economy would continue to experience steep contractions for the first half of 2009, that unemployment could approach 9 percent by the end of the year and that there was at least a small risk of a drop in consumer prices like those that Japan experienced for nearly a decade.

The Fed rarely buys long-term government bonds. The last occasion was nearly 50 years ago under different economic circumstances when it tried to reduce long-term interest rates while allowing short term rates to rise.”

http://www.iht.com/articles/2009/03/18/business/fed.php

 

Monetary Policy Rebooted

Francis Cianfrocca

“…The Federal Reserve announced a momentous shift in policy yesterday. Its import was easy to miss because, as always with the Fed, it was written in a jargon only superficially resembling English. But its intention is to take actions that will deeply shift the policy landscape, probably to a much greater extent than Congress’s various stimulus plans.

The Fed announced an American version of what has been called “quantitative easing,” or QE. The Japanese have done this before, and the British got into it a few weeks ago. You can think of it, with no loss of accuracy, as inflation.

QE is what monetary authorities resort to when policy interest rates go to zero, which is where they are now. If you can’t reduce the price of money any further, you simply increase the amount of money. The Fed will be monetizing (purchasing) about $750 billion in mortgage-backed securities and about $300 billion in straight Treasury debt.

They’ve purchased mortgage paper before (last December), but the Treasury debt purchases are new. And the bond market’s reaction to the news was electric, as interest rates fell sharply, particularly for the 10-year note. Inflation-sensitive commodities like oil, gold and copper also shot up 5% or more in price, and are holding those gains this morning. The news is also a mild positive for the stock market, which can benefit from inflation.

What is Fed Chairman Ben Bernanke really trying to do? He wants to unfreeze the “credit crunch” that is making it too expensive or even impossible for U.S. consumers and businesses to borrow money, which was the trigger for the current recession. The Fed directly controls only the shortest-term interest rates. But consumer purchases (including mortgages) and business investments are sensitive to longer-term interest rates. QE is the Fed’s way of trying to reduce real interest rates in the 2 to 10-year range of the spectrum.

This is also the biggest experiment in monetary policy in history. Milton Friedman is known for having explained the genesis of the Great Depression in monetary terms. Bernanke, a close student of the early Depression, is determined to prevent the wicked asset deflation of 1930-32 that ruined so many lives. At what cost? Well, the Fed’s balance sheet just grew by $1.15 trillion: it’s now 50% bigger than it was a day ago. That’s a scary amount of inflation. …”

“…What no one really knows yet is the exact linkage between the formation of new money, and the formation of new credit. Bernanke and his Fed are gambling that a giant pulse of monetary inflation will reignite private lending. We can only hope they’ve pointed their fire hose at the right problem.

For every lender, there’s a borrower. The Fed will succeed if the problem in credit markets is the reluctance of lenders to write new loans. But if the problem turns out to be a lack of demand for credit, then all we’ll get out of this is stagflation.”

http://www.commentarymagazine.com/blogs/index.php/cianfrocca/59211 

I will add more to this post Monday.

I need to do some more research.

Consider this a heads-up!

This is not good for it will devalue the dollar and could lead to inflation if the Federal Reserve does not quickly reduce the money supply and raise interest rates once inflation rears it head starting in 2011.

This is truly a dangerous game and if your timing is off will lead to hyperinflation.

The Federal Reserve Chairman understands this but is currently more concerned about deflation and a even worse recession in terms of duration from two to four years and unemployment rates exceeding 10%.

Both fiscal policy and monetary policy are scaring people and this in and of itself is enough to prolong the return of consumer and business confidence.

President Obama is proving once again he is One Big Awful Mistake America.

President Obama neither understand nor really cares about the financial crisis and his only concern is the establishment of his radical socialist agenda in the United States by remaining in power.

The President will say and do anything to make this a reality.

While the Fed Chairman is on the side of free markets, it is an open question whether monetary policy alone can counter the fiscal irresponsibility of the Obama administration.–massively huge deficits and stimulus bills. Instead I am afraid the Federal Reserve is prepared to enable socialism in America by purchasing US Treasury bond and notes used to finance the massive deficits for the next four or eight years. This is madness for it is printing money and will result in hyperinflation. Speculation is already starting again in oil, where actual demand for oil has declined. The investment banks are at it again! Enough is enough. Are there an adults in Washington D.C. or just mad fools?

Also, the potential for the biggest tax increase in US history in the form of dramatic increases in the general price level will happen in 2011 on top of Obama’s own huge tax increase.

Inflation rates exceeding 10% would hurt low income and those on a fixed income the most and would wipe out any tax decreases obtained from lower tax rates or earned income credits.

This would be an economic disaster of the first order and would result in a jobless recovery and stagflation, high unemployment rates (over 10%)  and high inflation rates (over 10%)–a repeat but only worse of the Carter years–call it Obama’s 1010 Depression!

Join the second American Revolution before it is too late.

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! Revised and Updated

Beck Speaks to the 21st Century Thomas Paine

Beck found and interviewed the creator of the hugely successful viral video “The Second American Revolution.” It is a must-see, my friends.

 

Background Articles and Videos

 

Dallas Fed’s Fisher: The Fed Should Staunchly Resist Monetizing the Debt

Richard Fisher, president of the Dallas Fed, says “from time immemorial any central banker worth his or her salt has been genetically unable to tolerate inflation.” That means, among other things, never, ever voting to monetize the debt: …” 

http://economistsview.typepad.com/economistsview/2005/10/dallas_feds_fis.html

 

Monetization

Monetization is the process of converting or establishing something into legal tender. It usually refers to the printing of banknotes by central banks, but things such as gold, diamonds and emeralds, and art can also be monetized by Standby Letter of Credit brokers. Even intrinsically worthless items can be made into money, as long as they are difficult to make or acquire. Monetization may also refer to exchanging securities for currency, selling a possession, charging for something that used to be free or making money on goods or services that were previously unprofitable.

Debt monetization occurs when a nation’s central bank (e.g. the Federal Reserve in the United States) buys government bonds. [1] If a government’s expenses exceed its tax revenue, if nothing is done the government will draw resources (capital) out of the private market. Since there is a limited amount of capital available in the market, there will be less available to fund business growth if the government takes out a substantial portion. If the debt is monetized, the capital is thereby returned to the private market.

Excessive debt monetization can be inflationary, which in some eyes can be seen as a flat tax because the ultimate result is that the government acquires additional funds and the currency decreases in value.[citation needed] However, monetization helps the government temporarily to meet its short term commitments at the beginning.[citation needed] On the other hand, some degree of debt monetization is useful for increasing the money supply, to keep up with increased production or economic growth.

Hence it is a primary tool of the Federal Reserve in managing interest rates. Excessive debt monetization has the drawback of increasing the twin deficit. That is, when government financing is increased, along with interest rates and foreign capital, the trade deficit also goes up along with the budget deficit.[citation needed]

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

The David Copperfield School of Economic Recovery

By Michelle Malkin  

“…The Federal Reserve performed another empty magic trick yesterday to the tune of $1 trillion.

While the Kabuki Theater of AIG outrage played out in Washington, the Fed was pulling its David Copperfield School of Economic Recovery routine. They’ll be printing up a trillion buck and “pumping it into the U.S. economy”…by buying up bonds and mortgage securities…sold and backed by the government. Voila:

The Federal Reserve sharply stepped up its efforts to bolster the economy on Wednesday, announcing that it would pump an extra $1 trillion into the financial system by purchasing Treasury bonds and mortgage securities.

Having already reduced the key interest rate it controls nearly to zero, the central bank has increasingly turned to alternatives like buying securities as a way of getting more dollars into the economy, a tactic that amounts to creating vast new sums of money out of thin air. But the moves on Wednesday were its biggest yet, almost doubling all of the Fed’s measures in the last year.

The action makes the Fed a buyer of long-term government bonds rather than the short-term debt that it typically buys and sells to help control the money supply.

The illusion melts: …”

http://michellemalkin.com/2009/03/19/the-david-copperfield-school-of-economic-recovery/

 

The David Copperfield School of Economic Recovery, Pt. II

By Michelle Malkin  

Now what?

Last week, the Obama administration brought us a $1 trillion Federal Reserve magic trick hatched by the David Copperfield School of Economic Recovery — printing up a trillion bucks and “pumping it into the U.S. economy”…by buying up bonds and mortgage securities…sold and backed by the government.

Today, hapless, truth-challenged tax cheat Treasury Secretary Tim Geithner officially unveils another $1 trillion magic trick. Instead of letting failed banks fail, we’ll have another desperately massive and massively desperate attempt to prop them up through a “public private partnership investment program.” Eager to get the still-unfolding Bonus-gate behind them (see “Geithner Aides Worked With AIG for Months on Bonuses” and “AIG paid over $218 million in bonus payments”), Team Obama leaked details of the plan over the weekend. World stock markets were up this morning, full of audaciously blind hope.

Geithner ’s WSJ op-ed this morning lays out some of the details he failed to deliver when he first unveiled his non-plan plan a month ago: …”

http://michellemalkin.com/2009/03/23/the-david-copperfield-school-of-economic-recovery-pt-ii/

 

The Chairman Part 1

http://www.youtube.com/watch?v=odPfHY4ekHA&feature=related 

The Chairman Part 2 

http://www.youtube.com/watch?v=e0zY8o0laZY

Ron Paul: Quit bankrupting this country & MONITOR THE FEDERAL RESERVE

 

Market 2 Market- FX: Helicopter Ben
 

 

Ron Paul tells Bernanke you can’t reinflate the bubble 2-25-09

 

CNBC: Ron Paul’s question makes Ben Bernake’s voice quiver

09

 

Money, Banking & The Federal Reserve ( part 1 of 4 )

 

Money, Banking & The Federal Reserve ( part 2 of 4 )

 

Money, Banking & The Federal Reserve ( part 3 of 4 )

 

Money, Banking & The Federal Reserve ( part 4 of 4 )


 

Bernanke Speaks on Economy (Part 1) – Bloomberg

 

Bernanke Speaks on Economy (Part 2) – Bloomberg

 

Related Posts On Pronk Palisades

Geithner’s Government Gamble–Vampire Vulture Ventures–Heads The Vermin Win–Tails The American People Lose!

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

Mark-To-Market Accounting Rules Driving Banks To Bailouts–Change The Rules–Fed Chair Bernanke Explains!–Videos

Obama’s Marxist Magic Mess–Big Bad Bonuses–Radical Socialist Sleight of Hand

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! Revised and Updated

Read Full Post | Make a Comment ( 7 so far )

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