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

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Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 332: September 18 2014

Pronk Pops Show 331: September 17, 2014

Pronk Pops Show 330: September 16, 2014

Pronk Pops Show 329: September 15, 2014

Pronk Pops Show 328: September 12, 2014

Pronk Pops Show 327: September 11, 2014

Pronk Pops Show 326: September 10, 2014

Pronk Pops Show 325: September 9, 2014

Pronk Pops Show 324: September 8, 2014

Pronk Pops Show 323: September 5, 2014

Pronk Pops Show 322: September 4, 2014

Pronk Pops Show 321: September 3, 2014

Pronk Pops Show 320: August 29, 2014

Pronk Pops Show 319: August 28, 2014

Pronk Pops Show 318: August 27, 2014 

Pronk Pops Show 317: August 22, 2014

Pronk Pops Show 316: August 20, 2014

Pronk Pops Show 315: August 18, 2014

Pronk Pops Show 314: August 15, 2014

Pronk Pops Show 313: August 14, 2014

Pronk Pops Show 312: August 13, 2014

Pronk Pops Show 311: August 11, 2014

Pronk Pops Show 310: August 8, 2014

Pronk Pops Show 309: August 6, 2014

Pronk Pops Show 308: August 4, 2014

Pronk Pops Show 307: August 1, 2014 

Pronk Pops Show 306: July 31, 2014

Pronk Pops Show 305: July 30, 2014

Pronk Pops Show 304: July 29, 2014

Pronk Pops Show 303: July 28, 2014

Pronk Pops Show 302: July 24, 2014

Pronk Pops Show 301: July 23, 2014

Pronk Pops Show 300: July 22, 2014

Pronk Pops Show 299: July 21, 2014

Pronk Pops Show 298: July 18, 2014

Pronk Pops Show 297: July 17, 2014

Pronk Pops Show 296: July 16, 2014

Pronk Pops Show 295: July 15, 2014

Pronk Pops Show 294: July 14, 2014

Pronk Pops Show 293: July 11, 2014

Pronk Pops Show 292: July 9, 2014

Pronk Pops Show 291: July 7, 2014

Pronk Pops Show 290: July 3, 2014

Pronk Pops Show 289: July 2, 2014

Pronk Pops Show 288: June 30, 2014

Pronk Pops Show 287: June 27, 2014

Pronk Pops Show 286: June 26, 2014

Pronk Pops Show 285 June 25, 2014

Pronk Pops Show 284: June 23, 2014

Pronk Pops Show 283: June 20, 2014

Pronk Pops Show 282: June 19, 2014

Pronk Pops Show 281: June 17, 2014

Pronk Pops Show 280: June 16, 2014

Pronk Pops Show 279: June 13, 2014

Pronk Pops Show 278: June 12, 2014

Pronk Pops Show 277: June 11, 2014

Pronk Pops Show 276: June 10, 2014

Pronk Pops Show 275: June 9, 2014

Pronk Pops Show 274: June 6, 2014

Pronk Pops Show 273: June 5, 2014

Pronk Pops Show 272: June 4, 2014

Pronk Pops Show 271: June 2, 2014

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

U.S. Debt Clock

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

 

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

Interest Expense on the Debt Outstanding

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

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

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

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

If you need help downloading…

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

chart

fredgraph

fredgraph

BND-10-Year-Treasury-Yield-09122014

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

US Fed signals move to normalize monetary policy

Dollar Meltdown, Massive Financial Bubble, Economic Collapse Marc Faber

Peter Schiff Iraq Crisis Threatens Global Economy

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

Most important video Americans will see today – Doug Casey Interview

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

Investor Jim Grant on Bubbles And Bargains

Jim Rogers Discusses Concern Over The Market

Jim Rogers On Economic Collapse And The US Debt‬

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

US ECONOMY COLLAPSE WILL LEAVE MILLIONS IN POVERTY

There Will Be No Economic Recovery. Prepare Yourself Accordingly

US Massive Financial Crisis Coming

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

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

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

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

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

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

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

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

 

 

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

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

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

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

 

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

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

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

Read MoreBond market hears Fed hawks; stocks see doves

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

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

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

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

 

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

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

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

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

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

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

                                               again markets are trading in the nosebleed section

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

Behind the madness

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

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

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

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

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

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

 

 

Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date: Thursday, September 11, 2014
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FEDERAL RESERVE statistical release

H.4.1

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

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

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

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

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

Millions of dollars

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

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

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

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

1A. Memorandum Items

Millions of dollars

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

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

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

Millions of dollars

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

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

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

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

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

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

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

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

5. Information on Principal Accounts of Maiden Lane II LLC

Millions of dollars

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

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

6. Information on Principal Accounts of Maiden Lane III LLC

Millions of dollars

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

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

7. Information on Principal Accounts of TALF LLC

Millions of dollars

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

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

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

8. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

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

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

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

Millions of dollars

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

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

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

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

Millions of dollars

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

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

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

Millions of dollars

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

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

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

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

Note on consolidation:

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

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

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

Millions of dollars

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

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

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

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What Ben Bernanke and Peter Schiff Are Saying: Federal Reserve Will Be Keyboarding Digital Money Well Into 2015 or Two Years Minimum As U.S. Enters Another Recession With Higher Rates of Unemployment — Quantitative Easing For 2 Plus Years — Bubbles Going To Pop — This Time It Is Different — The Financial Crisis Or Collapse Will Be Much Worse — No Exit Strategy — Videos

Posted on July 18, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Rants, Raves, Regulations, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , , |

shark_benNo-exit

ben_bernanke

Peter-Schiff

FedTreasury-Holdings

June 29, 2013

Digital Report Ben Bernanke Hearing

Bernanke: September Tapering Not a Sure Thing

Bernanke tells Congress Fed flexible on bond buying

Ben Shalom Bernanke NOT Ready To Declare “Too Big To Fail” A Thing Of The Past

Peter Schiff Speaks At 2013 Las Vegas MoneyShow 

Peter Schiff – US Hasn’t Had A Real Recovery Or Even A Real Recession Yet

Peter Schiff – Economic Predictions

Peter Schiff – Fed Will NEVER Stop Q E! They Can t The US Economy Will Collapse!

Next Fed Chair Bets Make ‘Hot Parlor Game’: Green

U.S. Fed balance sheet grows 7 straight weeks

The U.S. Federal Reserve’s balance sheet grew for a seventh week in the latest week as the U.S. central bank increased its holdings of Treasuries and mortgage-backed securities, Fed data released on Thursday showed.

The Fed’s balance sheet liabilities, which are a broad gauge of its lending to the financial system, stood at $3.495 trillion on July 17, compared with $3.462 trillion on July 10.

The Fed’s holdings of Treasuries rose to $1.962 trillion as of Wednesday, from $1.953 trillion the previous week.

The Fed’s ownership of mortgage bonds guaranteed by Fannie Mae, Freddie Mac and the Government National Mortgage Association (Ginnie Mae) increased to $1.235 trillion from $1.208 trillion from the previous week.

The Fed’s holdings of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Bank system totaled $66.52 billion, down from $69.18 billion from the previous week.

The Fed’s overnight direct loans to credit-worthy banks via its discount window averaged $13 million a day during the week, compared with $14 million a day the previous week.

http://money.msn.com/business-news/article.aspx?feed=OBR&Date=20130718&ID=16715716&industry=IND_BANKING&isub=

Is The Fed Really Tightening? Fed Policy in Two Charts.

Donald Marron,

The Fed believes the stimulus from quantitative easing depends on the stock of Treasuries and mortgage-backed securities that it owns, not on the flow of its purchases. If that view is correct, the future tapering of Fed purchases won’t be monetary tightening, it will a slowing pace of monetary easing (click for larger chart):
tapering-is-not-tightening-graph

The chart shows a hypothetical trajectory for the Fed’s bond and MBS holdings. Under the stock view, that trajectory will go through three stages, paralleling those of traditional interest rate policy:

  • Quantitative easing: The Fed expands its balance sheet by buying Treasuries and MBS. Current pace: $85 billion each month.
  • Quantitative accommodation: The Fed maintains its balance sheet; it buys new assets to replace older ones as they mature.
  • Quantitative tightening: The Fed contracts its balance sheet by allowing assets to mature without replacement or, more aggressively, by selling them.

In this view, tapering is the final stage of quantitative easing. The Fed buys assets during tapering, but at a slower tempo. Tapering is not tightening.

That view is clear, logical, and elegant. But it utterly fails to explain why financial markets went haywire last week when Ben Bernanke and company talked about tapering.

One reason is investor expectations. The Fed has been trying to stimulate the economy not only through QE, but also by telling investors to expect easing in the future. Such forward guidance can be a powerful lever for monetary policy.

tapering-is-tightening-graph-2

Last week, investors learned that QE might end sooner than they expected. In the stock view with expectations, that is monetary tightening. As illustrated in the second chart, future Fed policy would be tighter than financial markets had previously thought.*

This view likely explains some of the market reaction to recent Fed statements. But it’s hard to reconcile the magnitude of the movements. Suppose markets expected tapering to begin in January and now think September more likely. All else equal, that four-month difference implies a $340 billion reduction in the Fed’s ultimate portfolio. That’s something, but could that alone explain the sharp market response?

My sense it that something else must be going on as well. Some candidates include:

  • Perhaps the flow of Fed purchases matters, not just the stock. This view appears much more common among traders than Fed economists. If anyone has a reference for a good articulation of this view, I’d love to see it. The flow shouldn’t matter in normal times—was the Fed tightening when the flow of purchases was essentially zero for decades before the recent crisis?—but these are hardly normal times. Perhaps the flow matters when you are at the zero lower bound?
  • Perhaps world financial markets expected a much longer period of QE and are highly geared to Fed policy. If I am reading it correctly, that’s the view of Vince Foster who discusses the unwinding of the carry trade (ht Tyler Cowen)

* This definition of tightening compares the new expected trajectory of Fed holdings to prior expectations. Such comparisons are relative; in principle, one could equally say that the Fed announcement indicated that future policy would be less loose, not that it would be tighter. But for most purposes, it seems simpler just to say that future policy has gotten tighter. The same semantic issue exists in fiscal policy. If Medicare spending is scheduled to grow $35 billion next year, what do we call a proposal under which spending increases $30 billion? We usually call that a $5 billion spending cut since it’s a decline relative to an accepted baseline. But we should remember that Medicare spending is growing. The same seems true with early tapering. Tightening seems the cleanest description for most purposes, even though in absolute terms it is slower easing.

http://www.forbes.com/sites/beltway/2013/06/25/is-the-federal-reserve-really-tightening-fed-policy-in-two-charts/

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

Posted on May 16, 2012. Filed under: American History, Blogroll, Business, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Homes, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, People, Philosophy, Politics, Raves, Resources, Talk Radio, Tax Policy, Taxes, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , , , |

Dissent from the Majority Report of the Financial Crisis Inquiry Commission

http://www.aei.org/files/2011/01/26/Wallisondissent.pdf

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

Peter Wallison: the Financial Crisis and Regulatory Reform 

Wallison Says Government Caused The Financial Crisis

A Big Think Interview With Peter Wallison

Background Articles and Videos

Wallison Predicted Bailout 9 years ago

Raw Footage of Peter Wallison Interview from The Bubble 

Wallison Says New Fannie & Freddie Bill Will Make Things Worse

Minarik-Wallison Sovereign Debt Crisis

Peter J. Wallison

Arthur F. Burns Fellow in Financial Policy Studies

Research Areas:

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

Experience

  • Cochair, Financial Reform Task Force, 2009
  • Member, Financial Crisis Inquiry Commission, 2009
  • Member, Shadow Financial Regulatory Committee, 1991-2009
  • Member, Advisory Committee on Improvements to Financial Reporting, U.S. Securities and Exchange Commission, 2007-2008
  • Partner, Gibson, Dunn, & Crutcher, 1987-98, 1985-86
  • Counsel to President Ronald Reagan, 1986-87
  • General Counsel, U.S. Treasury Department, 1981-85
  • Partner, Roger & Wells, 1977-81
  • Special Assistant to Governor Nelson A. Rockefeller; Counsel during Rockefeller’s Vice Presidency, 1972-76

Education

LL.B., Harvard Law School
B.A., Harvard College

http://www.aei.org/scholar/peter-j-wallison/

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Federal Reserve Chairman Ben Bernanke Lectures At George Washington University—Videos

Posted on April 28, 2012. Filed under: Banking, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Homes, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Strategy, Tax Policy, Taxes, Unemployment, Video, Wisdom | Tags: , , , , , , , , , , , |

Ben Bernanke Lectures At George Washington University 

Chairman Bernanke’s College Lecture Series: The Federal Reserve and the Financial Crisis, Part 1 

Chairman Bernanke’s College Lecture Series: The Federal Reserve and the Financial Crisis, Part 2 

Chairman Bernanke’s College Lecture Series, The Federal Reserve and the Financial Crisis, Part 3 

Chairman Bernanke’s College Lecture Series, The Federal Reserve and the Financial Crisis, Part 4   

Background Articles and Videos

Milton Friedman on The Gold Standard

Milton Friedman – The Great Depression Myth

Hayek on Milton Friedman and Monetary Policy 

The Gold Standard in Theory and Myth (by Joseph Salerno)

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Lewis J. Spellman Interviews Dr. Lacy Hunt–Roadblocks to Recovery–Videos

Posted on April 20, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, 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, Music, People, Philosophy, Politics, Public Sector, Rants, Raves, Tax Policy, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , |

Roadblocks to Recovery an Interview with Dr. Lacy Hunt

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Lewis J. Spellman Interviews Dr. Lacy Hunt–The Morass of Debt 1–Videos

Lewis J. Spellman–U.S. Sovereign Risk–Videos

Lewis J. Spellman–Quantitative Easing 2 and Inflation–Videos

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Carmen M. Reinhart and Kenneth S. Rogoff–This Time Is Different: Eight Centuries of Financial Folly–A Decade of Debt–Videos

Posted on February 12, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Demographics, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, History of Economic Thought, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Raves, Resources, Talk Radio, Tax Policy, Technology, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , |

“…Synopsis

Throughout history, rich and poor countries alike have been lending, borrowing, crashing–and recovering–their way through an extraordinary range of financial crises. Each time, the experts have chimed, “this time is different”–claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Differentpresents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes–from medieval currency debasements to today’s subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much–or how little–we have learned.

Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts–as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur.

An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps. …”

http://search.barnesandnoble.com/This-Time-Is-Different/Carmen-M-Reinhart/e/9780691142166

What’s Wrong With the Recovery?

Interview with Kenneth Rogoff on “This time is different”

Carmen Reinhart & Kenneth Rogoff: Coming Out of the Crisis

Carmen Reinhart on A Decade of Debt

Q & A: Carmen M. Reinhart on A Decade of Debt

Fall 2010 Marc Sumerlin Lecture Series Featuring Prof. Carmen Reinhart

Why the Financial Crisis & What is the Way Out

Ken Rogoff – Debts, Deficits and Global Financial Stability

Carmen Reinhart: Serial Default Syndrome

Kenneth Rogoff: Economic Reappraisal

Background Articles and Videos

John Kay: A Call for Eclecticism (3/5) 

Keynesian Kenneth Rogoff about “benefits of inflation” 2008.12.15 

Currency Wars (Video) 

Kenneth Rogoff At Bretton Woods, United States Speaks to Shaili Chopra

The Future of the Global Economy and Financial System Plenary Session Recording, Part 9 

Agenda Summer 2010: The Limits of Economics

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Nassim Nicholas Taleb–The Black Swan–Videos

Posted on February 4, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Culture, Demographics, Diasters, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Medicine, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Radio, Raves, Resources, Science, Tax Policy, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , |

 When asked about his opinion on the Republican primaries of the 2012 presidential elections on his official Facebook page, Taleb said “[t]he only person I trust is Ron Paul.”

Nassim Taleb educates a quant

Nassim Nicholas Taleb – What is a “Black Swan?” 

Nassim Nicholas Taleb Angry 

Atheists and the Stock Market – Nassim Nicholas Taleb 

TIME 10 Questions:      10 Questions for Nassim Taleb

The Predictability of Unpredictability

Nassim Taleb – ‘The Banks Have Hijacked the Government’

Nassim Taleb: Risk & Regulation – NewWaveSlave.com

Benoit Mandelbrot and Nassim Taleb on the financial crisis

Nassim Taleb 23/11/2010 – his beef with Bernanke

Nassim Taleb: “OWS Second Generation Marxist Class Struggle”

Nassim Nicholas Taleb,  PART 1. THE BLACK SWAN,….. The “Fragility” Crisis has Just Begun, PART 1. 

Nassim Nicholas Taleb,   PART 2, THE BLACK SWAN, ….The “Fragility” Crisis has Just Begun PART 2. 

Nassim Nicholas Taleb, PART 3, THE BLACK SWAN….The “Fragility” Crisis has Just Begun PART 3. 

Nassim Nicholas Taleb,  PART 4. THE BLACK SWAN….The “Fragility” Crisis has Just Begun PART 4.

Nassim Nicholas Taleb,  PART 5. THE BLACK SWAN….The “Fragility” Crisis has Just Begun PART 5. 

Nassim Nicholas Taleb at Harvard University, part 1

Nassim Nicholas Taleb at Harvard University, part 2 

Nassim Taleb – Fooled by Randomness and Black Swans 

Nassim Taleb Speaks to a Clueless Congress (Part 1 of 2)

Nassim Taleb Speaks to a Clueless Congress (Part 2 of 2)

Staying the Course: Part II – Zeitgeist Europe ’09

Nassim Taleb Criticizes Tim Geithner’s Plan

Nassim Nicholas Taleb – ‘Things are getting worst’

Taleb Says Focus on Specific Trades in Selloff Misguided 

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The Black Swan by Nassim Nicholas Taleb @ WIBC 2009 

The Russia Forum 2010-02-04 Currencies: Finding New Balance part 5/6

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Word of the Day: Turkey! 

Nassim Nicholas Taleb

“…Nassim Nicholas Taleb (Arabic: نسيم نيقولا نجيب طالب‎, alternatively Nessim or Nissim, born 1960) is a Lebanese American essayist whose work focuses on problems of randomness and probability.[3] His 2007 book The Black Swan was described in a review by Sunday Times as one of the twelve most influential books since World War II.[4]

He is a bestselling author,[5][6][7] and has been a professor at several universities, currently at Polytechnic Institute of New York University and Oxford University.[8][9] He has also been a practitioner of mathematical finance,[10]a hedge fund manager,[11][12][13] a Wall Street trader,[14][15][16] and is currently a scientific adviser at Universa Investments and the International Monetary Fund.[17][18]

He criticized the risk management methods used by the finance industry and warned about financial crises, subsequently making a fortune out of the late-2000s financial crisis.[19][20] He advocates what he calls a “black swan robust” society, meaning a society that can withstand difficult-to-predict events.[11] He favors “stochastic tinkering” as a method of scientific discovery, by which he means experimentation and fact-collecting instead of top-down directed research.[21]

Family background and education

Taleb was born in Amioun, Lebanon, a son of Dr. Najib Taleb, an oncologist and researcher in anthropology, and his wife Minerva Ghosn. His parents were Greek Orthodox Lebanese with French citizenship, and he attended a French school there, the Grand Lycée Franco-Libanais.[2][22] His family saw its political prominence and wealth reduced by the Lebanese Civil War, which began in 1975. During the war, Taleb studied for several years in the basement of his family’s home.[23]

Both sides of his family were politically prominent in the Lebanese Greek Orthodox community. On his mother’s side, his grandfather, Fouad Nicolas Ghosn, and his great-grandfather, Nicolas Ghosn, were both deputy prime ministers. His paternal grandfather was a supreme court judge; his great-great-great-great grandfather, Ibrahim Taleb, was a governor of the Ottoman semi-autonomous Mount Lebanon Governorate in 1861. The Taleb family Palazo, built in 1860 by Florentine architects for his great-great-great-great grandfather, still stands in Amioun.[24]

Taleb received his bachelor and master in science degrees from the University of Paris.[25] He holds an MBA from the Wharton School at the University of Pennsylvania and a PhD in Management Science (his thesis was on the mathematics of derivatives pricing) from the University of Paris (Dauphine)[26] under the direction of Hélyette Geman.[27]

A polyglot, Taleb has a literary fluency in English, French, and classical Arabic; a conversational fluency in Italian and Spanish; and can read classical texts in Greek, Latin, Aramaic, and ancient Hebrew, as well as the Canaanite script.[28][29]

Finance career

Taleb considers himself less a businessman than an epistemologist of randomness, and says that he used trading to attain independence and freedom from authority.[30] As a trader, his strategy has been to safeguard investors against crises while reaping rewards from rare events, and thus his trading career has included several jackpots followed by lengthy dry spells.[2] Taleb was a pioneer of tail risk hedging (now sometimes called “black swan protection”),[31] whereby investors are insured against extreme market moves. He says that reaping dividends the way he has means dwelling in the land of “Mediocristan” instead of “Extremistan”, the latter being an environment where huge things (black swans) can happen to you, whereas Mediocristan is the land of dentists who earn an above average income but with less extreme variations.[32]

He has held the following positions: managing director and proprietary trader at UBS; worldwide chief proprietary arbitrage derivatives trader for currencies, commodities and non-dollar fixed income at CS First Boston; chief currency derivatives trader for Banque Indosuez; managing director and worldwide head of financial option arbitrage at CIBC Wood Gundy; derivatives arbitrage trader at Bankers Trust, proprietary trader at BNP Paribas, as well as independent option market maker on the Chicago Mercantile Exchange; and founder of Empirica Capital, after which Taleb retired from trading and became a full-time author and scholar in 2004.[33] Taleb is currently Principal/Senior Scientific Adviser at Universa Investments in Santa Monica, California, a tail protection firm owned and managed by former Empirica partner Mark Spitznagel.

Taleb reportedly became financially independent after the crash of 1987[15] and made a multi-million dollar fortune during the financial crisis that began in 2007, a development which he attributed to the mismatch between statistical distributions used in finance and reality.[34] Universa is a fund which is based on the “black swan” idea and to which Taleb is a principal adviser. Separate funds belonging to Universa made returns of 65% to 115% in October 2008.[20][35] In the wake of the economic crisis that started in 2008, Taleb has become an activist for a “black swan robust society” [36][37] and as of July 2011, Taleb is working with the International Monetary Fund on identifying and mitigating tail risks in financial markets.[17]

Academic career

Taleb became a full time researcher in 2004, as a university professor. He is currently Distinguished Professor of Risk Engineering at Polytechnic Institute of New York University,[38] Associate Member at the Institut Jean Nicod of the École Normale Supérieure in Paris[39] and Distinguished Research Scholar, Said Business School, Oxford University.[9] He was Visiting Professor at London Business School and the Dean’s Professor in the Sciences of Uncertainty at the Isenberg School of Management at the University of Massachusetts Amherst, Adjunct Professor of Mathematics at the Courant Institute of New York University, and affiliated faculty member at the Wharton Business School Financial Institutions Center. He jointly teaches regular courses with Paul Wilmott and occasionally on the Certificate in Quantitative Finance. In 2008–2009, he ranked fifth in terms of the number of downloaded papers on the Social Science Research Network (SSRN).[40]

Writing career

Taleb’s first non-technical book, Fooled by Randomness, about the underestimation of the role of randomness in life, was published in 2001.

His second non-technical book, The Black Swan, about unpredictable events, was published in 2007, selling as of February 2011, close to 3 million copies. It spent 36 weeks in hardcover on the [41] New York Times Bestseller list list; 17 as hardcover and 19 weeks[42] as paperback. [2] and was translated into 31 languages.[2] The Black Swan has been credited with predicting the banking and economic crisis of 2008.[4]

Taleb’s non-technical writing style mixes a narrative style (often semi-autobiographical) and short philosophical tales together with historical and scientific commentary. The sales of Taleb’s first two books garnered an advance of $4 million for a follow-up book[2] on anti-fragility.

A book of aphorisms, The Bed of Procrustes: Philosophical and Practical Aphorisms, was released in December 2010.

In 2007, in The Black Swan, Taleb warned about the coming crisis:[43]

Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. Financial Institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks – when one fails, they all fall. The increased concentration among banks seems to have the effect of making financial crisis less likely, but when they happen they are more global in scale and hit us very hard. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur …. I shiver at the thought. The government-sponsored institution Fannie Mae, when I look at its risks, seems to be sitting on a barrel of dynamite, vulnerable to the slightest hiccup. But not to worry: their large staff of scientists deem these events “unlikely”.

Among the people Taleb’s writing has influenced is writer Malcolm Gladwell of The New Yorker. Gladwell wrote, “We associate the willingness to risk great failure – and the ability to climb back from catastrophe – with courage. But in this we are wrong. That is the lesson of Nassim Taleb.”[44][45]

Philosophical theories

His book The Bed of Procrustes summarizes the central problem: “we humans, facing limits of knowledge, and things we do not observe, the unseen and the unknown, resolve the tension by squeezing life and the world into crisp commoditized ideas”. Taleb disagrees with Platonic (i.e., theoretical) approaches to reality to the extent that they lead people to have the wrong map of reality rather than no map at all.[16] He opposes most economic and grand social science theorizing, which in his view suffer acutely from the problem of overuse of Plato’s Theory of Forms.

Relatedly, he also believes that universities are better at public relations and claiming credit than generating knowledge. He argues that knowledge and technology are usually generated by what he calls “stochastic tinkering” rather than by top-down directed research.[21][46][47][48]

He calls for cancellation of the Nobel Memorial Prize in Economics, saying that the damage from economic theories can be devastating.[49][50] He opposes top-down knowledge as an academic illusion and believes that price formation obeys an organic process.[51] Together with Espen Gaarder Haug, Taleb asserts that option pricing is determined in a “heuristic way” by operators, not by a model, and that models are “lecturing birds on how to fly”.[51] Pablo Triana has explored this topic with reference to Haug and Taleb,[52][53] and says that perhaps Taleb is correct to urge that banks be treated as utilities forbidden to take potentially lethal risks, while hedge funds and other unregulated entities should be able to do what they want.[54]

Taleb’s writings discuss the error of comparing real-world randomness with the “structured randomness” in quantum physics where probabilities are remarkably computable and games of chance like casinos where probabilities are artificially built.[32] Taleb calls this the “Ludic fallacy“. His argument centers on the idea that predictive models are based on Plato’s Theory of Forms, gravitating towards mathematical purity and failing to take some key ideas into account, such as: the impossibility of possessing all relevant information, that small unknown variations in the data can have a huge impact, and flawed theories/models that are based on empirical data and that fail to consider events that have not taken place but could have taken place. Discussing the Ludic fallacy in The Black Swan, he writes, “The dark side of the moon is harder to see; beaming light on it costs energy. In the same way, beaming light on the unseen is costly in both computational and mental effort.”

In the second edition of The Black Swan, he posited that the foundations of quantitative economics are faulty and highly self-referential. He states that statistics is fundamentally incomplete as a field as it cannot predict the risk of rare events, a problem that is acute in proportion to the rarity of these events. With the mathematician Raphael Douady, he called the problem statistical undecidability (Douady and Taleb, 2010).

Taleb sees his main challenge as mapping his ideas of “robustification” and “anti-fragility“, that is, how to live and act in a world we do not understand and build robustness to black swan events. Taleb introduced the idea of the “fourth quadrant”. One of its applications is in his definition of the most effective (that is, least fragile) risk management approach: what he calls the ‘barbell’ strategy which is based on avoiding the middle in favor of linear combination of extremes, across all domains from politics to economics to one’s personal life. These are deemed more robust to estimation errors. For instance, he suggests that investing money in ‘medium risk’ investments is pointless because risk is difficult if not impossible to compute. His preferred strategy is to be both hyper-conservative and hyper-aggressive at the same time. For example, an investor might put 80 to 90% of their money in extremely safe instruments, such as treasury bills, with the remainder going into highly risky and diversified speculative bets. An alternative suggestion is to engage in highly speculative bets that are insured against losses of more than a specified amount. He asserts that by adopting these strategies a portfolio can be “robust”, that is, gain a positive exposure to black swan events while limiting losses suffered by such random events.[55] Taleb also applies a similar barbell-style approach to health and exercise. Instead of doing steady and moderate exercise daily, he suggests that it is better to do a low-effort exercise such as walking slowly most of the time, while occasionally expending extreme effort. He avers that the human body evolved to live in a random environment, with various unexpected but intense efforts and much rest.[56]

0

In a 2008 article in The Times, the journalist Bryan Appleyard described Taleb as “now the hottest thinker in the world”.[14] The Nobel Laureate Daniel Kahneman proposed the inclusion of Taleb’s name among the world’s top intellectuals, saying “Taleb has changed the way many people think about uncertainty, particularly in the financial markets. His book, The Black Swan, is an original and audacious analysis of the ways in which humans try to make sense of unexpected events.”[57] Taleb was treated as a “rock star” at the World Economic Forum annual meeting in Davos in 2009; at that event he had harsh words for bankers.[clarification needed][58][59]

Taleb contends that statisticians can be pseudoscientists when it comes to risks of rare events and risks of blowups, and mask their incompetence with complicated equations. This stance has attracted criticism: the American Statistical Association devoted the August 2007 issue of The American Statistician to The Black Swan. The magazine offered a mixture of praise and criticism for Taleb’s main points, with a focus on Taleb’s writing style and his representation of the statistical literature. Robert Lund, a mathematics professor at Clemson University, writes that in Black Swan, Taleb is “reckless at times and subject to grandiose overstatements; the professional statistician will find the book ubiquitously naive.”[60]

Aaron Brown, a finance professor at Yeshiva University, said that “the book reads as if Taleb has never heard of nonparametric methods, data analysis, visualization tools or robust estimation.”[61] Nonetheless, he calls the book “essential reading” and urges statisticians to overlook the insults to get the “important philosophic and mathematical truths.” Taleb replied in the second edition of The Black Swan that “One of the most common (but useless) comments I hear is that some solutions can come from ‘robust statistics.’ I wonder how using these techniques can create information where there is none”.[62] While praising the book, Westfall and Hilbe in 2007 complained that Taleb’s criticism is “often unfounded and sometimes outrageous.”[63] Taleb’s contentious style, they say, “describes writers and professionals as knaves or fools, mostly fools. His writing is full of irrelevances, asides and colloquialisms, reading like the conversation of a raconteur rather than a tightly argued thesis.”[63] Taleb felt that academics showed “bad faith” by criticizing a literary book that claimed to be a literary book and by ignoring the empirical evidence provided in his appendix and more technical works.[64]

The late Berkeley statistician David Freedman said that efforts by statisticians to refute Taleb’s stance have been unconvincing.[65] Taleb wrote in the second edition of The Black Swan that he had a session in 2008 with statisticians in which the hostility changed:

I found out that telling researchers “This is where your methods work very well” is vastly better than telling them “This is what you guys don’t know.” So when I presented to what was until then the most hostile crowd in the world, members of the American Statistical Association, a map of the four quadrants, and told them: your knowledge works beautifully in these three quadrants, but beware of the fourth one, as this is where the Black Swans breed, I received instant approval, support, offers of permanent friendship, refreshments (Diet Coke), invitations to come present at their sessions, even hugs(…) They tried to convince me that statisticians were not responsible for these aberrations, which come from people in the social sciences who apply statistical methods without understanding them.

Taleb and Nobel laureate Myron Scholes have traded personal attacks, particularly after Taleb’s paper with Espen Haug on why nobody used the Black-Scholes-Merton formula. Taleb said that Scholes was responsible for the financial crises of 2008, and suggested that “this guy should be in a retirement home doing Sudoku. His funds have blown up twice. He shouldn’t be allowed in Washington to lecture anyone on risk.”[37] Scholes retorted that Taleb simply “popularises ideas and is making money selling books”. Scholes claimed that Taleb does not cite previous literature, and for this reason Taleb is not taken seriously in academia.[66] Taleb and Haug (2010) listed hundreds of research documents showing the Black-Scholes formula was not Scholes’ at all and argued that the economics establishment ignored the literature by practitioners and mathematicians (such as Ed Thorp), who had developed a more sophisticated version of the formula.

Citing his academic works on the same topics covered in The Black Swan, Taleb said that “Academics should comment on data there, not make technical comments on a literary book”.[64] He has said that no direct published criticism has been directed at his ideas, but rather at his person and style. He wrote, “you never win an argument until they attack your person.”[64] In an interview on Charlie Rose, Taleb said that he was pleased that none of the criticism he received for The Black Swan had any substance, as it was either unintelligent, ad hominem, or style over substance, which convinced him to “go for the jugular” with a huge financial bet on the breakdown of statistical methods in finance.[67]

Taleb’s aggressive attitude against the finance industry has led to personal attacks, including a smear campaign and death threats from former employees of Lehman Brothers.[68]

Personal life

Though a non-smoker, Taleb suffered from throat cancer in the mid-1990s, which he overcame.[69] According to his official bio, he has dual residence in New York and Amioun, Lebanon.[70] He has stated that his major hobby is “teasing people who take themselves and the quality of their knowledge too seriously and those who don’t have the guts to sometimes say: ‘I don’t know …'”[71] Some reporters have commented that information about his personal life is difficult to extract, though Taleb appears to enjoy being in the limelight.[72] Others find him more talkative: Malcolm Gladwell, in What the Dog Saw, wrote: “We would have lunches that would last for hours. The delight I took in his company was offset only by the dread I felt at the prospect of transcribing all those hours of tapes.”[73] When asked about his opinion on the Republican primaries of the 2012 presidential elections on his official Facebook page, Taleb said “[t]he only person I trust is Ron Paul.” [74]  …”

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

 

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Gretchen Morgenson & Joshua Rosner–Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led To Economic Armageddon–Videos

Posted on July 7, 2011. Filed under: American History, Blogroll, Books, Business, Communications, Federal Government, government, government spending, history, Homes, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Resources, Taxes, Unemployment, Video, Wealth, Wisdom | Tags: , , , , , , , , |

 

 

Charlie Rose – Gretchen Morgenson 06/03/11

 

Gretchen Morgenson & Joshua Rosner on Democracy Now! on the Causes of the Financial Crisis. 1 of 2

 

Gretchen Morgenson & Joshua Rosner on Democracy Now! on the Causes of the Financial Crisis. 2 of 2

 

BookTV: Gretchen Morgenson and Joshua Rosner, “Reckless Endangerment”

 

Rush on ‘Reckless Endangerment’

 

 

Background Articles and Videos

Gretchen C. Morgenson

“…Gretchen C. Morgenson (born January 2, 1956 in State College, Pennsylvania) is a Pulitzer Prize-winning journalist who writes the Market Watch column for the Sunday “Money & Business” section of the New York Times.[1][2]

Morgenson graduated in 1976 from Saint Olaf College in Northfield, Minnesota with a B.A. degree in English and history. She went to work as an assistant editor with Vogue magazine, eventually becoming a writer and financial columnist. In 1981 she co-authored the book The Woman’s Guide to the Stock Market and that same year joined the Wall Street stockbrokerage, Dean Witter Reynolds where she remained until January 1984. She returned to writing on financial matters at Money magazine and in late 1986 accepted an offer from Forbes magazine to work as an editor and an investigative business writer. In mid 1993, she left Forbes magazine to become the executive editor at Worth magazine but in September 1995 took on the job of press secretary for the Presidential election campaign of Steve Forbes following which she was appointed assistant managing editor at Forbes magazine.

She is married, has a son and lives in New York City.

In May 1998 Gretchen Morgenson became the assistant business and financial editor at the New York Times. She has written about the conflicts of interests between financial analysts and their employers who generate income money from the companies that the analysts assess.

Beginning in 2005, Morgenson has been focusing on executive compensation packages being paid by American companies that she asserts has reached levels far in excess of what can be justified to shareholders.

In 2006, Morgenson broke a story about a Wall Street analyst (Matthew Murray) who was fired shortly after he reported emails to Congress concerning potential violations of SEC regulation AC by the investment bank (Rodman & Renshaw) that he worked for at the time. The emails allegedly documented that the investment bank wouldn’t let the analyst lower his rating, or have his name removed from coverage, of an investment banking client. A subsequent article by Morgenson highlighted a letter she obtained from the Senate Finance Committee in which Senator Grassley stated that the investment bank’s Chairman (General Wesley Clark) had acknowledged to his staff that the analyst had been fired from the investment bank as a result of reporting the emails to Congress.[3]

In 2009, The Nation called her “The Most Important Financial Journalist of Her Generation”.[4] She has appeared on Bill Moyers Journal,[5] and Charlie Rose.[6] …”

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

 

“…Overview 

The New York Times’s Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders

In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times,exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.

Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.

Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.

Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read. …”

http://www.barnesandnoble.com/w/reckless-endangerment-gretchen-morgenson/1101105111

 

Gretchen Morgenson on Dialogue

 

Charlie Rose – Gretchen Morgenson and Allan Sloan

 

6/30/2007-Prt 1 Gretchen Morgenson Interviewed by Bill Moyer

 

 

6/30/2007-Prt 2 Gretchen Morgenson Interviewed by Bill Moyer

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Ending The Crimes of Centuries–Ideas Whose Time Have Come–Constitutional Republics and Market Capitalism–Videos

Posted on April 20, 2011. Filed under: American History, Banking, Blogroll, Books, Business, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Regulations, Strategy, Taxes, Technology, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

“Nothing else in the world…not all the armies…is so powerful as an idea whose time has come.”

~Victor Hugo

An Idea Whose Time Has Come – G. Edward Griffin – Freedom Force International

 

The Capitalist Conspiracy – G Edward Griffin

 

G. Edward Griffin – Creature from Jekyll Island [Part 1]

 

G. Edward Griffin – Creature from Jekyll Island [Part 2]

 

G. Edward Griffin – Creature from Jekyll Island [Part 3]

 

G. Edward Griffin – Creature from Jekyll Island [Part 4]

 

G. Edward Griffin – Creature from Jekyll Island [Part 5] 

 

 

 The Movie: Federal Reserve (Part 1 of 5)

The Movie: Federal Reserve (Part 2 of 5)

 

The Movie: Federal Reserve (Part 3 of 5)

 

The Movie: Federal Reserve (Part 4 of 5)

 

The Movie: Federal Reserve (Part 5 of 5)

 

 

Greenspan Denies Blame for Crisis, Admits ‘flaw’

 

alan greenspan defends himself

 

Let Greenspan Tell You What Fed is!

 

THE GREAT CON JOB – DYLAN RATIGAN – 1 (APRIL 8 2010)

 

THE GREAT CON JOB – DYLAN RATIGAN – 2 (APRIL 8 2010)

 

Glenn Beck-04/19/11-A

 

Glenn Beck-04/19/11-B

Background Articles and Videos

G. Edward Griffin- On Individualism v Collectivism #1

 

 

G. Edward Griffin- On Individualism v Collectivism #2

 

Ed Griffin Collectivism

 

Milton Friedman – Collectivism

 

Milton Friedman – The Proper Role of Government

Ayn Rand – Reason vs Force

 

 

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Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!

Posted on April 5, 2011. Filed under: Agriculture, American History, Banking, Blogroll, Business, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, media, Medicine, Monetary Policy, Money, Music, People, Philosophy, Politics, Private Sector, Public Sector, Rants, Raves, Regulations, Strategy, Talk Radio, Taxes, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

Give it a listen!

Pronk Pops Show 24: April 19, 2011

Pronk Pops Show 23: April 12, 2011

Pronk Pops Show 22 (Part 2): April 7, 2011

Pronk Pops Show 22 (Part 1): April 7, 2011

April 08, 2011 11:16 AM PDT

Pronk Pops Show 22, April 7, 2011

Segment 1: 3,500,000 Million Americans Unemployed in March 2011 Still Exceeds Great Depression High of 13,000,000 In March 1933–The Obama Depressions Continues–Bureau of Labor Statistics: 8.8% Official Unemployment Rate (U-3) vs. Gallup Unemployment Rate of 10.0%–Nonfarm Payroll Increased By 216,000–The Government Makes The Depression Worse!–Videos

Segment 2: Obama’s Anti-American, Anti-Capitalist, Anti-Growth, Anti-Jobs, and Anti-Security Energy Policy–Videos

Segment 3: Republican Establishment Will Propose A Ten Year $6,200 Billion Cut In Spending Over Ten Years–The Problem Is It Does Not Balance The Budget For Another Five Years At The Earliest–Tea Party Movement Demands Balanced Budgets Starting In 2012 For The Next Ten Years!–A Jet Plane To Prosperity Not A Path To Prosperity–Videos

Segment 4: Just One More Thing Congressman Ryan: When Does The Republican’s Path To Prosperity Balance The Budget?–The Twelth of Never!–Videos

For additional information and videos on the above segments:

http://pronkpops.wordpress.com/2011/04/04/pronk-pops-show-22-april-5-2011-segment-113500000-million-americans-unemployed-in-march-2011-still-exceeds-great-depression-high-of-13000000-in-march-1933%E2%80%93the-obama-depressions-contin/

Johnny Mathis – The Twelfth Of Never

Ryan Unveils Much Anticipated 2012 Budget Plan

Sean Interviews Paul Ryan

S-1 FY2012 Chairman’s Markup

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,618 2,230 -1,388 10,351
2012 3,529 2,533 -995 11,418
2013 3,559 2,860 -699 12,217
2014 3,586 3,094 -492 12,801
2015 3,671 3,237 -434 13,326
2016 3,858 3,377 -481 13,886
2017 3,998 3,589 -408 14,363
2018 4,123 3,745 -379 14,800
2019 4,352 3,939 -414 15,254
2020 4,544 4,142 -402 15,681
2021 4,739 4,354 -385 16,071
2012-2021 39,958 34,870 -5,088 n.a.

 

http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf

 

S-1 FY2012 President’s Budget

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,819 2,174 -1,645 10,856
2012 3,729 2,627 -1,101 11,881
2013 3,771 3,003 -768 12,784
2014 3,977 3,333 -646 13,562
2015 4,190 3,583 -607 14,301
2016 4,468 3,819 -649 15,064
2017 4,669 4,042 -627 15,795
2018 4,876 4,257 -619 16,513
2019 5,154 4,473 -681 17,284
2020 5,442 4,686 -735 18,103
2021 5,697 4,923 -774 18,967
2012-2021 45,952 38,747 -7,205 n.a.

 

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf

The tea party movement’s budget would require the Federal Government to have a balanced or surplus budget in every fiscal year starting in 2012 with a declining national debt starting in Fiscal Year 2017.

S-1 FY2012 Tea Party’s Balanced/Surplus Budget

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Surpluses Debt Held By Public
2012 2,500 2,500 0 10,900
2013 2,800 2,800 0 10,900
2014 3,000 3,000 0 10,900
2015 3,200 3,200 0 10,900
2016 3,300 3,300 0 10,900
2017 3,400 3,500 100 10,800
2018 3,500 3,700 200 10,600
2019 3,600 3,900 300 10,300
2020 3,700 4,000 300 10,000
2021 3,800 4,300 500 9,500
2012-2021 32,800 34,200 1,400 n.a.

Summary of Outlays, Revenues (Receipts), Deficits, Surpluses

Fiscal Years 1980-2010

(Nominal Dollars in Millions)

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

For a history of the Federal Government’s Receipts (Revenues), Outlays, and Deficits and Surpluses

Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2016

“…Historical Tables provides data on budget receipts, outlays, surpluses or deficits, Federal debt, and Federal employment over an extended time period, generally from 1940 or earlier to 2012 or 2016.

To the extent feasible, the data have been adjusted to provide consistency with the 2012 Budget and to provide comparability over time.

To download the Historical Tables as a single PDF, click here (360 pages, 3.2 MB) …”

http://www.whitehouse.gov/omb/budget/Historicals

Neither the Republican nor Democratic Party is capable of living within the means of the American people.

The political class or elites are not serious and do not understand the problem.

If they did they would have a sense of urgency which is lacking in both the Democratic and Republican proposed budgets.

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

The Republicans are proposing a budget for Fiscal Year 2012 of $3,618 billion compared with the President Obama’s $3,729.

This results in a deficit of $995 billion for the Republican budget and $1,101 billion for President Obama’s budget.

As the above tables clearly show, neither party is capable of balancing the budget in the next ten years.

The above budgets are needed to support a warfare and welfare economy with a collectivist state.

The above budgets are not a pathway to a peace and prosperity economy with a constitutional republic.

The budget needs to be balanced starting in fiscal year 2012 at $2,500 billion or less.

The tea party movement demands that from here on out that all budgets be either balanced or in surplus with no tax increases.

Please do not tell me Congressman Ryan that the budget will me in primary balance by 2015.

Primary balance means you exclude interest on the national debt  from expenditures or outlays.

A budget in primary balance is just a rather lame-duck president’s attempt to confuse the American people.

I am not confused or amused by President Obama totally irresponsible Fiscal Year 2012 budget proposal.

Nor am I impressed with the so-called path to a balanced budget and a path to prosperity for the United States economy.

The tea party movement does not want a path to prosperity but a jet plane ride to a balanced budget in Fiscal Year 2012 without any new taxes.

Start permanently shutting down ten Federal Departments before you even begin to think about  cutting mandatory spending or entitlements including Social Security, Medicare and Medicaid.

The American people want the FairTax not the continuation of an overly complicated Federal Income taxation system even with a lower rate of 25% for individuals and corporations.

The FairTax: It’s Time

President Obama’s Fiscal Year 2012 budget gets a F and it will cost him his re-election.

The American people have no intention of getting in the Democratic Party’s car driven by Nancy Pelosi and Barack Obama:

The American people have no intention of getting on the Republican Party’s path to prosperity either.

The Republican Fiscal Year 2012 budget gets a D+.

Milton Friedman would give you a D-:

The  American people demand fiscal responsibility or living within ones means for the Federal Government starting with the Fiscal Year 2012 Federal Government Budget.

The American people were listening when the Republican establishment’s leadership said they heard the American people.

Republicans roll out “Pledge to America”

Pledge to America Preamble

“Pledge to America” Unveiled by Republicans (Full Text)

http://www.cbsnews.com/8301-503544_162-20017335-503544.html

The Republican Pledge to America clearly stated that:

“We have a plan to impose fiscal discipline and cut government down to size.”

The Republican Pathway to Prosperity is that plan and it does not impose fiscal discipline  nor does it cut down the size of the Federal Government.

Over the next ten fiscal years, there is not one single year in which the fiscal discipline of a balanced budget is met.

The Republican Pledge to America clearly stated that:

“With common-sense exceptions for seniors, veterans, and our troops, we will roll back government spending to pre-stimulus, pre-bailout levels, saving us at least $100 billion in the first year alone and putting us on a path to balance the budget and pay down the debt. We will also establish strict budget caps to limit federal spending from this point forward.”

For Fiscal Year 2008 the total actual outlays were $2,982 billion and total actual revenues or receipts from taxation were $2,523 billion for the U.S. Federal Government with a deficit of $458 billion.

The Republican Pathway to Prosperity proposes in Fiscal Year 2012 total estimated outlays of $3,529 billion and total estimated revenues of $2,533 billion resulting in a deficit of $997 billion.

The Republican Party establishment and leadership misled and lied to the American people and the tea party movement when it said it would “roll back government spending to pre-stimulus, pre-bailout levels.”
Both the Democratic and Republican Party proposed U.S. Federal Government budgets are extremely dangerous for they  generate increasing uncertainty among business owners and consumers as to where this ultimately leads the economy and nation.

“Extreme Spending”

The Republican establishment’s leadership in Washington D.C.  needs to be replaced for they have refused to learn the lessons of the 2006 and 2008 elections and apparently need to learn another lesson in 2012.

If you are a tea party movement patriot challenge all House and Senate seats currently held by Republicans if they vote for this fiscally irresponsible and unbalanced budget for Fiscal Year 2012.

The tea party movement  has been betrayed by the Republican Party leadership and establishment in Washington, D.C.

Dan Mitchell gets a A+.

It’s Simple to Balance The Budget Without Higher Taxes

Controlling Leviathan: The Battle for Limited Government

Question and Answer Session: The Fight Against Big Government

I didn’t leave the Republican Party, the Republican Party left me.

The independents and the tea party movement have given up on both political parties.

The Pathway to Prosperity is the Republican Party’s timid attempt to capture the independents and tea party movement.

No sale.

The tea party movement will not be pleased.

They will be leaving on a jet plane.

I will be voting for Ron Paul for President in 2012 and Michele Bachmann for Vice-President.

SA@TAC – Ron Paul’s Pledge to America

P.S. You really disappointed me Congressman Ryan, your proposal is neither bold nor timid, it is fiscally irresponsible and gutless.

Suggest Paul Ryan talk to some Senators who understand the problem and what needs to be done now.

Rand Paul and Mike Lee on “Glenn Beck” with Judge Napolitano 03/07/11

ELVIS PRESLEY TWELVE OF NEVER

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A Conversation With George Soros – MIT–Videos

Posted on February 25, 2011. Filed under: Blogroll, Business, Communications, Cult, Demographics, Economics, Education, Employment, Energy, Foreign Policy, government, Investments, Language, liberty, Life, Links, media, Medicine, People, Politics, Rants, Raves, Regulations, Security, Taxes, Technology, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , |

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Money supply

 

“…Empirical measures

Money is used as a medium of exchange, in final settlement of a debt, and as a ready store of value. Its different functions are associated with different empirical measures of the money supply. There is no single “correct” measure of the money supply: instead, there are several measures, classified along a spectrum or continuum between narrow and broad monetary aggregates. Narrow measures include only the most liquid assets, the ones most easily used to spend (currency, checkable deposits). Broader measures add less liquid types of assets (certificates of deposit, etc.)

This continuum corresponds to the way that different types of money are more or less controlled by monetary policy. Narrow measures include those more directly affected and controlled by monetary policy, whereas broader measures are less closely related to monetary-policy actions.[6] It is a matter of perennial debate as to whether narrower or broader versions of the money supply have a more predictable link to nominal GDP.

The different types of money are typically classified as “M”s. The “M”s usually range from M0 (narrowest) to M3 (broadest) but which “M”s are actually used depends on the country’s central bank. The typical layout for each of the “M”s is as follows:

Type of money M0 MB M1 M2 M3 MZM
Notes and coins (currency) in circulation (outside Federal Reserve Banks, and the vaults of depository institutions) V[8] V V V V V
Notes and coins (currency) in bank vaults V[8] V
Federal Reserve Bank credit (minimum reserves and excess reserves) V
traveler’s checks of non-bank issuers V V V V
demand deposits V V V V
other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. V[9] V V V
savings deposits V V V
time deposits less than $100,000 and money-market deposit accounts for individuals V V
large time deposits, institutional money market funds, short-term repurchase and other larger liquid assets[10] V
all money market funds V
  • M0: In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.[11]
  • MB: is referred to as the monetary base or total currency.[8] This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply.[12]
  • M1: Bank reserves are not included in M1.
  • M2: represents money and “close substitutes” for money.[13] M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions. M2 is a key economic indicator used to forecast inflation.[14]
  • M3: Since 2006, M3 is no longer tracked by the US central bank.[15] However, there are still estimates produced by various private institutions. (M2 +large deposits and other large, long-term deposits)
  • MZM: Money with zero maturity. It measures the supply of financial assets redeemable at par on demand.

The ratio of a pair of these measures, most often M2/M0, is called an (actual, empirical) money multiplier.Fractional-reserve banking

Main article: Fractional-reserve banking

The different forms of money in government money supply statistics arise from the practice of fractional-reserve banking. Whenever a bank gives out a loan in a fractional-reserve banking system, a new sum of money is created. This new type of money is what makes up the non-M0 components in the M1-M3 statistics. In short, there are two types of money in a fractional-reserve banking system[16][17]:

  1. central bank money (physical currency, government money)
  2. commercial bank money (money created through loans) – sometimes referred to as private money, or checkbook money[18]

In the money supply statistics, central bank money is MB while the commercial bank money is divided up into the M1-M3 components. Generally, the types of commercial bank money that tend to be valued at lower amounts are classified in the narrow category of M1 while the types of commercial bank money that tend to exist in larger amounts are categorized in M2 and M3, with M3 having the largest.

Reserves are deposits that banks have received but have not loaned out. In the USA, the Federal Reserve regulates the percentage that banks must keep in their reserves before they can make new loans. This percentage is called the minimum reserve requirement. This means that if a person makes a deposit for $1000.00 and the bank reserve mandated by the FED is 10% then the bank must increase its reserves by $100.00 and is able to loan the remaining $900.00. The maximum amount of money the banking system can legally generate with each dollar of reserves is called the (theoretical) money multiplier, and, following the formula for the sum of an infinite convergent geometric series, can be calculated as the reciprocal of the minimum reserve. For example, with a reserve of 20%, the money multiplier would be 5, as 20% divided into 100% makes 5.

Example

Note: The examples apply when read in sequential order.

M0

  • Laura has ten US $100 bills, representing $1000 in the M0 supply for the United States. (MB = $1000, M0 = $1000, M1 = $1000, M2 = $1000)
  • Laura burns one of her $100 bills. The US M0, and her personal net worth, just decreased by $100. (MB = $900, M0 = $900, M1 = $900, M2 = $900)

M1

  • Laura takes the remaining nine bills and deposits them in her checking account at her bank. (MB = $900, M0 = 0, M1 = $900, M2 = $900)
  • The bank then calculates its reserve using the minimum reserve percentage given by the Fed and loans the extra money. If the minimum reserve is 10%, this means $90 will remain in the bank’s reserve. The remaining $810 can only be used by the bank as credit, by lending money, but until that happens it will be part of the banks excess reserves.
  • The M1 money supply increased by $810 when the loan is made. M1 the money has been created. ( MB = $900 M0 = 0, M1 = $1710, M2 = $1710)
  • Laura writes a check for $400, check number 7771. The total M1 money supply didn’t change, it includes the $400 check and the $500 left in her account. (MB = $900, M0 = 0, M1 = $1710, M2 = $1710)
  • Laura’s check number 7771 is accidentally destroyed in the laundry. M1 and her checking account do not change, because the check is never cashed. (MB = $900, M0 = 0, M1 = $1710, M2 = $1710)
  • Laura writes check number 7772 for $100 to her friend Alice, and Alice deposits it into her checking account. MB does not change, it still has $900 in it, Alice’s $100 and Laura’s $800. (MB = $900, M0 = 0, M1 = $1710, M2 = $1710)
  • The bank lends Mandy the $810 credit that it has created. Mandy deposits the money in a checking account at another bank. The other bank must keep $81 as a reserve and has $729 available for loans. This creates a promise-to-pay money from a previous promise-to-pay, thus the M1 money supply is now inflated by $729. (MB = $900, M0 = 0, M1 = $2439, M2 = $2439)
  • Mandy’s bank now lends the money to someone else who deposits it on a checking account on yet another bank, who again stores 10% as reserve and has 90% available for loans. This process repeats itself at the next bank and at the next bank and so on, until the money in the reserves backs up an M1 money supply of $9000, which is 10 times the M0 money. (MB = $900, M0 = 0, M1 = $9000, M2 = $9000)

M2

  • Laura writes check number 7774 for $1000 and brings it to the bank to start a Money Market account (these do not have a credit-creating charter), M1 goes down by $1000, but M2 stays the same. This is because M2 includes the Money Market account in addition to all money counted in M1.

Foreign Exchange

  • Laura writes check number 7776 for $200 and brings it downtown to a foreign exchange bank teller at Credit Suisse to convert it to British Pounds. On this particular day, the exchange rate is exactly USD $2.00 = GBP £1.00. The bank Credit Suisse takes her $200 check, and gives her two £50 notes (and charges her a dollar for the service fee). Meanwhile, at the Credit Suisse branch office in Hong Kong, a customer named Huang has £100 and wants $200, and the bank does that trade (charging him an extra £.50 for the service fee). US M0 still has the $900, although Huang now has $200 of it. The £50 notes Laura walks off with are part of Britain’s M0 money supply that came from Huang.
  • The next day, Credit Suisse finds they have an excess of GB Pounds and a shortage of US Dollars, determined by adding up all the branch offices’ supplies. They sell some of their GBP on the open FX market with Deutsche Bank, which has the opposite problem. The exchange rate stays the same.
  • The day after, both Credit Suisse and Deutsche Bank find they have too many GBP and not enough USD, along with other traders. Then, To move their inventories, they have to sell GBP at USD $1.999, that is, 1/10 cent less than $2 per pound, and the exchange rate shifts. None of these banks has the power to increase or decrease the British M0 or the American M0; they are independent systems.

The Federal Reserve previously published data on three monetary aggregates, but on 10 November 2005 announced that as of 23 March 2006, it would cease publication of M3.[15] Since the Spring of 2006, the Federal Reserve only publishes data on two of these aggregates. The first, M1, is made up of types of money commonly used for payment, basically currency (M0) and checking account balances. The second, M2, includes M1 plus balances that generally are similar to transaction accounts and that, for the most part, can be converted fairly readily to M1 with little or no loss of principal. The M2 measure is thought to be held primarily by households. As mentioned, the third aggregate, M3 is no longer published. Prior to this discontinuation, M3 had included M2 plus certain accounts that are held by entities other than individuals and are issued by banks and thrift institutions to augment M2-type balances in meeting credit demands; it had also included balances in money market mutual funds held by institutional investors. The aggregates have had different roles in monetary policy as their reliability as guides has changed. The following details their principal components[19]:

  • M0: The total of all physical currency, plus accounts at the central bank that can be exchanged for physical currency.
  • M1: The total of all physical currency part of bank reserves + the amount in demand accounts (“checking” or “current” accounts).
  • M2: M1 + most savings accounts, money market accounts, retail money market mutual funds,and small denomination time deposits (certificates of deposit of under $100,000).
  • M3: M2 + all other CDs (large time deposits, institutional money market mutual fund balances), deposits of eurodollars and repurchase agreements.

When the Federal Reserve announced in 2005 that they would cease publishing M3 statistics in March 2006, they explained that M3 did not convey any additional information about economic activity compared to M2, and thus, “has not played a role in the monetary policy process for many years.” Therefore, the costs to collect M3 data outweighed the benefits the data provided.[15] Some politicians have spoken out against the Federal Reserve’s decision to cease publishing M3 statistics and have urged the U.S. Congress to take steps requiring the Federal Reserve to do so. Libertarian congressman Ron Paul (R-TX) claimed that “M3 is the best description of how quickly the Fed is creating new money and credit. Common sense tells us that a government central bank creating new money out of thin air depreciates the value of each dollar in circulation.”[20] Some of the data used to calculate M3 are still collected and published on a regular basis.[15] Current alternate sources of M3 data are available from the private sector.[21] However, some would argue[citation needed] that since the Federal Reserve has even less control over the fluctuations of M3 than over those of M2, it is unclear why this number is relevant to monetary policy.

As of 4 November 2009 the Federal Reserve reported that the U.S. dollar monetary base is $1,999,897,000,000. This is an increase of 142% in 2 years.[22] The monetary base is only one component of money supply, however. M2, the broadest measure of money supply, has increased from approximately $7.41 trillion to $8.36 trillion from November 2007 to October 2009, the latest month-data available. This is a 2-year increase in U.S. M2 of approximately 12.9%.[23] …”

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

 

 

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Soros Channel – 1 of 6 – Feb 23, 2001 – George Soros interview on Charlie Rose program

 

Soros Channel – 2 of 6 – Feb 23, 2001 – George Soros interview on Charlie Rose program

Soros Channel – 3 of 6 – Feb 23, 2001 – George Soros interview on Charlie Rose program

Soros Channel – 4 of 6 – Feb 23, 2001 – George Soros interview on Charlie Rose program

 

Soros Channel – 5 of 6 – Feb 23, 2001 – George Soros interview on Charlie Rose program

Soros Channel – 6 of 6 – Feb 23, 2001 – George Soros interview on Charlie Rose program

 

Soros Channel 1 of 6 Interview with George Soros on Charlie Rose program Oct 2, 1995

 

Soros Channel 1 of 6 Interview with George Soros on Charlie Rose program Oct 2, 1995

 

Soros Channel 2 of 6 Interview with George Soros on Charlie Rose program Oct 2, 1995

 

Soros Channel 3 of 6 Interview with George Soros on Charlie Rose program Oct 2, 1995

 

Soros Channel 4 of 6 Interview with George Soros on Charlie Rose program Oct 2, 1995

 

Soros Channel 5 of 6 Interview with George Soros on Charlie Rose program Oct 2, 1995

 

Soros Channel 6 of 6 Interview with George Soros on Charlie Rose program Oct 2, 1995

 

 

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The Day The Dollar Crashes–What’s Next? What’s Next? What’s Next?–Videos

Posted on November 5, 2010. Filed under: Blogroll, Business, Communications, Computers, Demographics, Economics, Education, Employment, Fiscal Policy, government, government spending, Health Care, Investments, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Security, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

Year Gross Debt in Billions undeflated[10] as % of GDP Debt Held By Public ($Billions) as % of GDP
1910 2.6 unk. 2.6 unk.
1920 25.9 unk. 25.9 unk.
1928 18.5[11] unk. 18.5 unk.
1930 16.2 unk. 16.2 unk.
1940 50.6 52.4 42.8 44.2
1950 256.8 94.0 219.0 80.2
1960 290.5 56.0 236.8 45.6
1970 380.9 37.6 283.2 28.0
1980 909.0 33.4 711.9 26.1
1990 3,206.3 55.9 2,411.6 42.0
2000 5,628.7 58.0 3,409.8 35.1
2001 5,769.9 57.4 3,319.6 33.0
2002 6,198.4 59.7 3,540.4 34.1
2003 6,760.0 62.6 3,913.4 35.1
2004 7,354.7 63.9 4,295.5 37.3
2005 7,905.3 64.6 4,592.2 37.5
2006 8,451.4 65.0 4,829.0 37.1
2007 8,950.7 65.6 5,035.1 36.9
2008 9,985.8 70.2 5,802.7 40.8
2009 12,311.4 86.1 7,811.1 54.6
2010 (2 Nov) 13,724.0 93.2 (3rd Q) 9,133.6 62.0 (3rd Q)
2010 (est.) 14,456.3 98.1 9,881.9 67.1
2011 (est.) 15,673.9 101.0 10,873.1 70.1
2012 (est.) 16,565.7 100.6 11,468.4 69.6
2013 (est.) 17,440.2 99.7 12,027.1 68.7
2014 (est.) 18,350.0 99.8 12,594.8 68.5

Note: 2010-2014 are projections

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

Debt Clock

http://www.usdebtclock.org/

Peter Schiff – It’s Scary How Clueless Bernanke Is

Glenn Beck Talks NWO With Damon Vickers (Part 1)

Glenn Beck Talks NWO With Damon Vickers (Part 2)

 

Glenn Beck David Buckner The MONEY BUBBLE/ASSET BUBBLE Fox News 11-17-09

Glenn Beck More About The MONEY BUBBLE/ASSET BUBBLE Fox News 11-17-09

 

The inevitable day the Dollar crashes

 

Glenn Beck Part 1 – What Happens Next? 11/5/2010

 

Glenn Beck Part 2 – What Happens Next? 11/5/2010

 

Glenn Beck Part 3 – What Happens Next? 11/5/2010

 

The Truth About The Economy Total Collapse – Facing the RECESSION of 2010

When will America Collapse? …..answers from Jim Rogers, Marc Faber, Gerald Celente and others

 

Tuesday is Just the Beginning…

 

Republicans Win BIG…

Background Articles and Videos

GLENN BECK WARNS OF CATASTROPHIC EVENT & NEEDING TO STOCKPILE FOOD

 

Peter Schiff Was Right 2006 – 2007 (2nd Edition)

Peter Schiff – Fed panel

Vickers Was Right

 

Damon Vickers on Alex Jones Tv 1/6:A New Financial Order!!

 

Damon Vickers on Alex Jones Tv 2/6:A New Financial Order!!

 

Damon Vickers on Alex Jones Tv 3/6:A New Financial Order!!

 

Damon Vickers on Alex Jones Tv 4/6:A New Financial Order!!

 

Damon Vickers on Alex Jones Tv 5/6:A New Financial Order!!

 

Damon Vickers on Alex Jones Tv 6/6:A New Financial Order!!

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Obama Depression: 20 Months Of Unemployment Over 8% For Official U-3 Rate and Over 15% For Total U-6 Rate–Over 26 Million Americans Looking For A Full Time Job and 41.8 Million On Food Stamps!–Followed By 36 More Months Of Over 8% Official Unemployment U-3 Rate and 15% Total Unemployment U-6 Rate!

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The Boom & Bust Years–Videos

Posted on October 25, 2010. Filed under: Blogroll, College, Communications, Economics, Education, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Security, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , |

The Boom & Bust Years P1

 

The Boom & Bust Years P2

 

The Boom & Bust Years P3

 

The Boom & Bust Years P4

 

The Boom & Bust Years P5

 

The Boom & Bust Years P6

 

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Gillian Tett–Fool’s Gold–Videos

Posted on October 24, 2010. Filed under: Uncategorized | Tags: , , , , , , , , , , , , , , , |

 

“…Anthropology also instills a sense of skepticism about official rhetoric. In Most societies, elites try to maintain a sense of skepticism about official rhetoric. In most societies, elites try to maintain their power not simply by garnering wealth, but also by dominating the mainstream ideologies, in terms of both what is said and what is not discussed. Social “silences” serve to maintain power structures, in ways that participants often barely understand themselves let alone plan.

 That set ideas might sound excessively abstract (or hippie). But they would seem to be sorely needed now. In recent years, regulators, bankers, politicians, investors, and journalists have failed to employ truly holistic thought–to our collective cost. …” 

~Gillian Tett, Fool’s Gold, page 251

Book TV: Gillian Tett, “Fools Gold”

 

Gillian Tett Keynote Remarks at CED Economic Summit (Part 1)

 

Gillian Tett Keynote Remarks at CED Economic Summit (Part 2)

 

Gillian Tett Keynote Remarks at CED Economic Summit (Part 3)

 

“Derivatives: ‘Weapons of Mass Destruction’ or Generators of Market Stability?”

 

Gillian Tett on risk

 

 

 

 

 

“Now, however, it is clear that this lack of holistic thought and debate has had devastating consequences. Regulators have realized, too late, that they were wrong to place so much blind faith in the creed of  risk dispersion. Bank executives have been confronted with vast losses created by dysfunctional internal silos.  Politicians are facing fiscal crisis as an economic boom crumbles to dust. Most tragic of all, millions of ordinary families, who never even knew that CDOs existed, far less dealt with them, have suffered shattering financial blows. They are understandably angry. So am I. It is a terrible, damning indictment of how twenty-first-century Western society works.”

~Gillian Tett, Fool’s Gold, page 252

 

Background Articles and Video

The Boom & Bust Years P1

 

The Boom & Bust Years P2

 

The Boom & Bust Years P3

 

The Boom & Bust Years P4

 

The Boom & Bust Years P5

 

The Boom & Bust Years P6

 

Book TV: Sebastian Mallaby, “More Money than God”

 

Newsnight – 1of2 – (20100526) Sovereign default piece

 

 Newsnight – 2of2 – (20100526) Panel Discussion

Gillian Tett

“…Gillian Tett is a British author and award-winning journalist at the Financial Times, where she is an assistant editor overseeing the FT’s global financial markets coverage. The Financial Times on March 1, 2010, announced the appointment of Gillian Tett as U.S. managing editor.[1] She has written about the financial instruments that were part of the cause of the financial crisis that started in the fourth quarter of 2007, such as CDOs, credit default swaps, SIVs, conduits, and SPVs.[2][3][4]

Following a Ph.D. in social anthropology at Clare College, Cambridge[5] based on field research in the former Soviet Union,[1] Tett moved to a career in journalism while doing fieldwork in Soviet-influenced Central Asia[6] and joined the Financial Times in 1993. She worked in the former Soviet Union and in Europe and was posted to Tokyo in 1997, where she later became bureau chief.[1]

In 2003 Tett became deputy head of the influential[7][8][9][10] Lex column. In 2010 The Huffington Post asked “Is Gillian Tett The Most Powerful Woman in Newspapers?”[11]

Tett predicted the financial crisis in 2006.[12] Her 2009 book Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe was widely reviewed throughout the English-speaking world[13][14][15][16] and won the Spear’s Book Award for the financial book of 2009. …”

Awards

  • 2007 Wincott prize for financial journalism (capital markets coverage)[17]
  • 2008 British Business Journalist of the Year[18]
  • 2009 Journalist of the Year (British Press Awards)[19]
  • 2009 Financial Book of the Year (for her book Fool’s Gold)[20][21]

Books

  • Fool’s Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe ISBN 978-1408701645 (in some markets called Fool’s Gold: How the Bold Dreams of a Small Tribe at J.P Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe ISBN 978-1416598572)
  • Saving the Sun: How Wall Street Mavericks Shook Up Japan’s Financial World and Made Billions (ISBN 978-0060554255).

 

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

The Most Powerful Woman in Newspapers?

by Peter Lauria

“…The publicity is all part of a months-long coming-out party here in the States for Tett, whose early outing of the credit-derivatives pyramid scheme that crippled the global financial markets has given her something of a celebrity moment. Or at least as much of a celebrity moment as a financial journalist can have. The horrible financial climate has been great for Tett, who has given the FT the authoritative voice documentating the global economic meltdown, while her camera-ready looks have made her the go-to journalist for television outlets across the globe. In ascending to the highest U.S. editorial position at the Financial Times, Tett has managed to make the august, salmon-hued broadsheet two things never identified with it before: trendy and sexy.

“You have to understand money to understand the world.”

“The FT has become a sort of status symbol, people want to show off that they read it,” says Reed Phillips, managing partner of boutique media advisory firm DeSilva & Phillips. “They’d rather leave the FT out on the coffee table than The Wall Street Journal.”

“Status symbol” isn’t a word recently associated with the newspaper industry, but the FT has been an anomaly. Long thought of as a British newspaper, the FT has quadrupled its circulation in the U.S. to 137,000 and now has more readers stateside than it does in the U.K. (worldwide circulation: 401,000). Meanwhile, its website boasts 2 million registered users, and 126,000 people pay for subscription services—digital products accounted for 73 percent of the FT Group’s revenue last year, while advertising only accounted for 19 percent, a near reversal from a decade ago that underscores a desire among all media organizations to be less reliant on advertising. …”

http://www.thedailybeast.com/blogs-and-stories/2010-05-16/the-most-powerful-woman-in-newspapers/

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

Posted on July 8, 2010. Filed under: Blogroll, Communications, Crime, Economics, Fiscal Policy, government spending, Homes, Investments, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Regulations, Resources, Video, Wisdom | Tags: , , , , , , , |

 

“…The New York Times Book Review – Daniel Gross
Since his first book, the autobiographical Liar’s Poker, Lewis has tackled big, engaging stories…by finding and developing characters whose personal narratives reveal a larger truth. He’s done it again. The story of the crash is, overwhelmingly, a tale of failure. But Lewis managed to find quirky investors who minted fortunes by making unpopular, calculated bets on a financial meltdown. Ditching the aloof irony of his earliest works, he constructs a story that is funny, incisive, profanity-laced and illuminating—full of difficult-to-like underdogs whose vindication and enrichment we end up cheering.

The Washington Post – Steven Pearlstein
If you read only one book about the causes of the recent financial crisis, let it be Michael Lewis’s, The Big Short…What’s so delightful about Lewis’s writing is how deftly he explains and demystifies how things really work on Wall Street, even while creating a compelling narrative and introducing us to a cast of fascinating, all-too-human characters…The Big Short manages to give us the truest picture yet of what went wrong on Wall Street—and why. At times, it reads like a morality play, at other times like a modern-day farce. But as with any good play, its value lies in the way it reveals character and motive and explores the cultural context in which the plot unfolds. …”

Barnes & Noble

Q&A: Michael Lewis

 

Michael Lewis on ABC News Radio

WATCH Michael Lewis Explains The Wall Street Collapse As A Story Of ‘Mass Delusion’

Extra: Is Wall Street Overpaid?

Author Lewis Says Wall Street Is `Making America Worse’

Michael Lewis Tackles the Mortgage Crisis in ‘The Big Short’

While I strongly recommend reading The Big Short, the book simply does not address the role of Congress, Fannie Mae, Freddie Mac, the Federal Reserve, and both political parties played in creating the worst financial crisis in the history of the United States and the world.

 Government interventions in the economy are the primary causes of this financial crisis and could result in one of the worst depressions in the United States and the world.

I would follow-up The Big Short by reading the books of Thomas Sowell, Thomas E. Woods, Peter Schiff, Robert Higgs, and Ron Paul:

Thomas Sowell – The Housing Boom and Bust

Thomas Sowell on the Housing Boom and Bust

Meltdown | Thomas E Woods, Jr.

Why the Meltdown Should Have Surprised No One | Peter Schiff

The Great Depression and the Current Recession [Robert Higgs] 

End the Fed | Ron Paul

 

 

Background Articles and Videos

Charlie Rose – Michael Lewis

Charlie Rose – Michael Lewis

http://www.youtube.com/watch?v=Ch8orSDbPn0&feature=related

Fareed Interviews Michael Lewis on GPS (Part 1 of 2)

Fareed Interviews Michael Lewis on GPS (Part 2 of 2)


 

Michael Lewis

“…Michael Lewis (born 1960) is an American contemporary non-fiction author and financial journalist. His bestselling books include The Big Short: Inside the Doomsday Machine, Liar’s Poker, The New New Thing, Moneyball: The Art of Winning an Unfair Game, The Blind Side: Evolution of a Game, Panic and Home Game: An Accidental Guide to Fatherhood. He is currently a contributing editor to Vanity Fair. …”

http://en.wikipedia.org/wiki/Michael_Lewis_(author)

Birnbaum v. Michael Lewis

http://www.themorningnews.org/archives/personalities/birnbaum_v_michael_lewis.php

Authors@Google: Michael Lewis

Authors@Google: Michael Lewis

Authors@Google: Michael Lewis

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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

Collectivism: Socialism, Communism, Progressivism and Fascism

Progressivism America’s Cancer–Videos

The Battle For The World Economy–Videos

Walter Block–Videos

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

G. William Domhoff: Who Runs America–Videos

Jonah Goldberg–Liberal Fascism–Videos

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

G. Edward Griffin- On Individualism vs. Collectivism–Videos

Robert Higgs–The Complex Path of Ideological Change–Videos

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

Jeffrey Miron–Obamaomics–Videos

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

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

Today’s Progressives–Obama’s Radical Socialist Democratic Party

The Racist Test for Judge Sonya Sotomayor and President Obama–Racism Unmasked!

Calling and Raising The Stakes for Race Card Players–Obama and Sotomayor

George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

George Soros: Barack Obama’s Money Man and Agenda Puppeter

The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence, Spending, Deficits, Debts, Taxes And Regulations!

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

Progressives

Progressive Radical Socialist Health Care Plan Written In Prison By Convicted Felon Richard Creamer!

Obamanomics–New Deal Progressive Radical Socialist Interventionism

Eugenics, Planned Parenthood, Population Control, and Designer Babies–Videos

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

The Obama Depression: Lessons Learned–Deja Vu!

Lord Christopher Monckton–Climate Change–Treaty–Videos

Progressive Radical Socialist Canned Criticism of American People: Danger, Profits, and Wrong Thinking

The Battle For The World Economy–Videos

Broom Budget Busting Bums: Replace The Entire Congress–Tea Party Express and Patriots–United We Stand!

Obama’s Civilian National Security Force–Youth Corp Wave–Friendly Fascism Faces–Cons–Crooks–Communists–Communities–Corps!

Obama’s Hidden Agenda and Covert Cadre of Marxists, Communists, Progressives, Radicals, Socialists–Far Left Democrats Destroying Capitalism and The American Republic

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

The Bloody History of Communism–Videos

Obama Youth–Civilian National Security Force–National Socialism–Hitler Youth–Brownshirts– Redux?–Collectivism!

American Progressive Liberal Fascism–The Wave of The Future Or Back To Past Mistakes?

Today’s Progressives–Obama’s Radical Socialist Democratic Party

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

The Progressive Radical Socialist Family Tree–ACORN & AmeriCorps–Time To Chop It Down

It Is Official–America On The Obama Road To Fascism–Thomas Sowell!

President Obama and His Keynesian Spending Cult of The Fascist Democrat Radicals–FDRs

Economists

The Battle For The World Economy–Videos

Frederic Bastiat–The Law–Videos

Walter Block–Videos

Walter Block–Introduction To Libertarianism–Videos

Yaron Brook–Videos

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

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

Liberal Fascism–Jonah Goldberg–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

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

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Glenn Beck Predictions Coming True vs. Barack Obama’s Delusional Lies–The Obama Depression Road To Socialism and Revolution

Posted on May 18, 2010. Filed under: Babies, Blogroll, College, Communications, Crime, Culture, Demographics, Economics, Education, Employment, Energy, Farming, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Quotations, Rants, Raves, Security, Strategy, Talk Radio, Taxes, Transportation, Video, Wisdom | Tags: , , , |

 

Glenn Beck-05/17/10-A

Glenn Beck-05/17/10-B

Glenn Beck-05/17/10-C

Glenn Beck-05/17/10-D

 

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Glenn Beck On Crime Inc and Subversion of The United States of America–Videos

G. Edward Griffin–Hidden Agenda–Videos

Glenn Beck On Maurice Strong and The American Power Act–The Cap and Trade Energy Tax Repackaged–A Huge Tax Increase–Skyrocketing Prices!

Yuri Bezmenov On KGB Soviet Propaganda and Subversion–Videos

Maurice Strong–Videos

Glenn Beck–The Obama Con and Crimes Continue–American Citizen Tax Money Bailing Out Greece–Time To Throw The Progressive Radical Socialist Democrats Out Of Office!

The Coming Massive Failure of Progressive/Liberal Democrat State and Local Government Debt Obligations–No Federal Bailouts By American Taxpayers!

Voters Beware: The Radical Rules of Saul Alinsky and Leftist Democrats

Glenn Beck On Crime Inc., The Crime of The Century, and Crushing Capitalism and Consumer Sovereignty!–

Glenn Beck On The Rule of Law Or The Rule of Few By Racketeer Influenced and Corrupt Organizations

Glenn Beck Exposes The Crime of The Century By The Progressive Radical Socialist Democratic Party–The Global Warming Investment Fraud, Political Scam and Science Scandal–Extorting and Robbing The American People–Racketeer Influenced and Corrupt Organizations (RICO) Case!

These Boots Are Meant To Walk All Over You–Obama and Progressive Radical Socialist Salazar and Gibbs On Federal Government Boot On The Neck/Throat of British Petroleum/BP and American People!

What Kind of Socialist Is Barack Obama? Progressive Radical Socialist–Not Neo-Socialist–With Narcissistic Personality Disorder!

Obama’s Enemies List: Glenn Beck Exposes The Progressive Radical Socialist Attack On American People and Freedom Of Speech–Not Racist, Not Violent, Not Silent Anymore!

Fox News Scares Narcissist Obama–Mirror Mirror Mirror On The Wall Who Is The Fairest Of Them All–Sarah Palin–Obama Attacks Mirror!

Fox’s Glenn Beck Installs Hotline to Narcissist Obama–Beck Continues To Be Obama’s Narcissistic Supplier!

Glenn Beck’s Documentary On The Collectivists: Marxists, Socialists, Progressives, Communists, Fascists, National Socialists–Progressive Radical Socialists of The Democratic and Republican Parties!

Cap and Trade

Glenn Beck Exposes The Crime of The Century By The Progressive Radical Socialist Democratic Party–The Global Warming Investment Fraud, Political Scam and Science Scandal–Extorting and Robbing The American People–Racketeer Influenced and Corrupt Organizations (RICO) Case!

Jeffrey Miron–Obamaomics–Videos

William A. Sprigg, PhD., an IPCC climate scientist, On “Climategate”–Videos

Richard Lindzen, Roy Spencer, and Fred Singer On The Climate and Global Warming Alarmists and Junk Science Computer Models –Videos

Global Warming Is Caused By Man: The Arrogance of Man–The Wrath Of Mother Nature–

Al Gore Global Warming Hot Head Says The Artic Ice Cap Will Disappear In 5-10-15 Years–Volcanoe Gate–Eruptions Melt Ice and Increase Carbon Dioxide!–Videos

Climategate–A Political Scam, Investment Fraud, and Science Scandal of The Century Exposed–The Progressive Radical Socialist’s Big Lie And Con That Man Is The Cause Of Global Warming Was In Fact Nothing More Than Politicians, Investment Bankers, and Government Scientists Creating Climate Crisis!–

Glenn Beck, John Bolton, and Lord Christopher Monckton On Copenhagen 2009 Treaty, Climate Change and World Government–Videos

Lord Christopher Monckton–Climate Change–Treaty–Videos

“We Can Reverse Climate Change”–President Barack Obama–Liar or Fool–Or Both–You Be The Judge!

Time To Sound The Alarm: Call Your Representative and Senators–Cap and Trade Bill to be Voted in U.S. House on Friday–Kill The Cap and Trade Energy Tax Today! UPDATED

Green Government Gestapo Goons: Global Warming Police Force Invades Your Home And Living in Your Home May Be A Crime!

White House Memo: Carbon Dioxide Is Not A Pollutant and A Cap And Trade Program (Carbon Dioxide Tax) Serious Economic Impact –The Smoking Gun Video!

Save Your Job and Life–Abolish The Environmental Protection Agency!

President Obama–Killer of The American Dream and Market Capitalism–Stop The Radical Socialists Before They Kill You!

MAJOR REDUCTIONS IN CARBON EMISSIONS ARE NOT WORTH THE MONEY DEBATE–Videos

Facing Fundamental Facts

Let Them Eat Cake Act: American Elites Killing and Starving The American People

Clinton’s Cap and Trade Tax on The American People for Consuming Electricity and Driving Cars, SUVs and Trucks!

The Heidelberg Appeal: Beware of False Gods and Prophets

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G. William Domhoff: Who Runs America–Videos

Jonah Goldberg–Liberal Fascism–Videos

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

G. Edward Griffin- On Individualism vs. Collectivism–Videos

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

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It Is Official–America On The Obama Road To Fascism–Thomas Sowell!

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The Cloward-Piven Strategy Of The Progressive Radical Socialists: Wrecking The U.S. Economy By Massive Government Dependence!

President Barack Obama’s Role Model–President Franklin D. Roosevelt–The Worse President For The U.S. and World Economies and The American People–With The Same Results–High Unemployment Rates–Over 25 Million American Citizens Seeking Full Time Jobs Today–Worse Than The Over 13 Million Seeking Jobs During The Worse of The Great Depression!

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Progressive Radical Socialist Leaders Using Their Indoctrinated “Useful Idiots” For Intergenerational Class Warfare–Videos

Posted on February 13, 2010. Filed under: Art, Blogroll, Communications, Culture, Demographics, Economics, Education, Employment, Entertainment, Federal Government, government, government spending, Law, liberty, Life, Links, Monetary Policy, Music, People, Philosophy, Politics, Programming, Quotations, Rants, Raves, Regulations, Resources, Security, Talk Radio, Technology, Wisdom | Tags: , , , , , |

Glenn Beck- February 12, 2010 (Part 1/4)

 

Glenn Beck- February 12, 2010 (Part 2/4)

Glenn Beck- February 12, 2010 (Part 3/4)

Glenn Beck- February 12, 2010 (Part 4/4)

 

Background Articles and Videos

 

Useful Idiots

“…In political jargon, the term useful idiot was used to describe Soviet sympathizers in Western countries and the attitude of the Soviet government towards them. The implication was that though the person in question naïvely thought themselves an ally of the Soviets or other Communists, they were actually held in contempt by them, and were being cynically used.

The term is now used more broadly to describe someone who is perceived to be manipulated by a political movement, terrorist group, hostile government, or business, whether or not the group is Communist in nature.

Lenin

The term is commonly attributed to Lenin, sometimes in the form “useful idiots of the West”, to describe those Western reporters and travelers who would endorse the Soviet Union and its policies in the West. In fact, the earliest known usage is in a 1948 New York Times article on Italian politics. In 1987, Grant Harris, senior reference librarian at the Library of Congress, said “We have not been able to identify this phrase [useful idiots of the West] among [Lenin’s] published works.”[1] [2].

Modern usage

In the United States, the term is used as a pejorative to describe a naive person manipulated to produce propaganda for a malign cause.

Since the September 11, 2001 attacks, the term “useful idiot” has also been used by some commentators to describe individuals they believe to be too ‘soft’ against Islamism and terrorism. For example, Anthony Browne wrote in the United Kingdom newspaper, The Times:[3]

Elements within the British establishment were notoriously sympathetic to Hitler. Today the Islamists enjoy similar support. In the 1930s it was Edward VIII, aristocrats and the Daily Mail; this time it is left-wing activists, The Guardian and sections of the BBC. They may not want a global theocracy, but they are like the West’s apologists for the Soviet Union — useful idiots.

Similarly, Bruce Thornton, a professor of Classics at American University of Cal State Fresno wrote:[4]

Lenin called them “useful idiots,” those people living in liberal democracies who by giving moral and material support to a totalitarian ideology in effect were braiding the rope that would hang them. Why people who enjoyed freedom and prosperity worked passionately to destroy both is a fascinating question, one still with us today. Now the useful idiots can be found in the chorus of appeasement, reflexive anti-Americanism, and sentimental idealism trying to inhibit the necessary responses to another freedom-hating ideology, radical Islam.

…”

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

 

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The Glenn Beck Bomb Squad: Surviving The Global Debt Ticking Time Bombs!

Posted on February 10, 2010. Filed under: Blogroll, Books, Communications, Economics, Education, Federal Government, Fiscal Policy, government, government spending, history, Law, liberty, Life, media, Monetary Policy, People, Philosophy, Politics, Raves, Religion, Resources, Strategy, Transportation, Wisdom | Tags: , , , , , , , , |

U.S Debt Clock

http://www.usdebtclock.org/

 

 http://www.forbes.com/forbes/2010/0208/debt-recession-worldwide-finances-global-debt-bomb.html

 

Glenn Beck Show – February 10, 2010 – Pt 1 of 8

Glenn Beck Show – February 10, 2010 – Pt 2 of 8

Glenn Beck Show – February 10, 2010 – Pt 3 of 8

Glenn Beck Show – February 10, 2010 – Pt 4 of 8

Glenn Beck Show – February 10, 2010 – Pt 5 of 8

Glenn Beck Show – February 10, 2010 – Pt 6 of 8

Glenn Beck Show – February 10, 2010 – Pt7 of 8

Glenn Beck Show – February 10, 2010 – Pt 8 of 8

Ultimate force – Defusing the bomb

 

Glenn, you should have lit the candles and then when you went to blow them out, had the birthday cake explode in your face.

Maybe next year.

Alternatively, have a huge birthday cake and when you blow out the candles have Sarah Palin pops out–a princess cake!

Happy Birthday Glenn.

 

http://www.forbes.com/forbes/2010/0208/debt-recession-america-wyoming-california-debt-weight-scorecard.html

 

http://www.forbes.com/forbes/2010/0208/debt-recession-worldwide-finances-global-debt-bomb.html

 

Background Articles and Videos 

 

How to invest for a global-debt-bomb explosion

Prepare for an apocalyptic anarchy ending Wall Street’s toxic capitalism

The ticking time bomb of global debt

By Paul B. Farrell

“…The Big One is coming soon, bigger than the 2000 dot-com crash and the 2008 subprime credit meltdown combined. A huge market blowout. And as Bloomberg-BusinessWeek predicts: “The results won’t be pretty for investors or elected officials.”

After the global-debt bomb explodes don’t expect a typical bear correction followed by a new bull. Wall Street’s toxic pseudo-capitalism is imploding. Be prepared for a massive meltdown. Yes, already the third major bubble-bust of the 21st century, triggered once again by Wall Street’s out-of-control Fat Cat Bankers. And it’s dead ahead. …”

Can your family survive in the anarchy after the debt bomb explodes? …” 

“…What’s our alternative? A new American Revolution

But wait, wait, I hear you asking loudly: There must be an alternative to this dark descent into anarchy, to the loss of everything that made America the greatest nation in history?

Yes there is an alternative. Out of the ashes of anarchy must come a Second American Revolution. But unfortunately nothing will happen until a great crisis awakens America … shocks the conscience of the masses … we are “asleep” … only a seismic, systemic shock will trigger the necessary revolution.

The future of our economy and indeed our nation demands another political revolution. We must take back our democracy and capitalism from a government run by Wall Street and its “Happy Conspiracy” … their toxic self-serving power hold must be broken and, if not, a rising new conspiracy of China, India, oil-sovereignties and asset-rich nations will replace our homegrown “Happy Conspiracy” as it eventually goes down in the flames of anarchy. …”

http://www.marketwatch.com/story/how-to-invest-for-the-debt-bomb-explosion-2010-02-09

By Loren Steffy

“…Forbes has released an interactive special report analyzing the growing debt problem around the world. The Global Debt Bomb offers some sobering perspective:

The world has issued so much debt in the past two years fighting the Great Recession that paying it all back is going to be hell–for Americans, along with everybody else. Taxes will have to rise around the globe, hobbling job growth and economic recovery.

National governments will issue an estimated $4.5 trillion in debt this year, almost triple the average for mature economies over the preceding five years. The U.S. has allowed the total federal debt (including debt held by government agencies, like the Social Security fund) to balloon by 50% since 2006 to $12.3 trillion. The pain of repayment is not yet being felt, because interest rates are so low–close to 0% on short-term Treasury bills. Someday those rates are going to rise. Then the taxpayer will have the devil to pay.

Whether or not you believe the spending spree was morally justified, you have to be concerned about the prospect of a dismal, debt-burdened fiscal future.

http://blogs.chron.com/lorensteffy/2010/01/the_ticking_tim_1.html

 

The Global Debt Bomb

Daniel Fisher
Forbes Magazine dated February 08, 2010

“… Whether or not you believe the spending spree was morally justified, you have to be concerned about the prospect of a dismal, debt-burdened fiscal future. More debt weighs heavily on GDP, says Carmen Reinhart, a University of Maryland economist. The coauthor, with Harvard professor Kenneth Rogoff, of This Time It’s Different: Eight Centuries of Financial Folly (Princeton, 2009), Reinhart has found that a 90% ratio of government debt to GDP is a tipping point in economic growth. Beyond that, developed economies have growth rates two percentage points lower, on average, than economies that have not yet crossed the line. (The danger point is lower in emerging markets.) “It’s not a linear process,” she says. “You increase it over and beyond a high threshold, and boom!” The U.S. government-debt-to-GDP ratio is 84%.

We’ve been through this scenario before. It’s especially ugly because we get hit by inflation, too. In the years immediately after World War II inflation surged past 6%, while economic growth flagged and the government-debt-to-GDP level exceeded 90%, note Reinhart and Rogoff. The country worked that ratio down over the next half-century. Now the ratio is shooting up again. …”

http://www.forbes.com/forbes/2010/0208/debt-recession-worldwide-finances-global-debt-bomb.html

Obama’s Budget Seriously Underestimates Deficit

By Scott Grannis 

 

 

“…The data for the forecast section of these charts is taken directly from Obama’s FY 2011 Budget. The forecasts presented in this budget rely, as all forecasts ultimately do, on several critical assumptions. Together, these are among the most heroic and daring assumptions I have ever seen coming from the Office of Management and Budget. They are so off the charts that I don’t think they will ever see the light of day. And that would be a good thing, because otherwise we will be facing a very unpleasant economic future. 

To begin with, economic growth is expected to average about 4% per year over the next 5 years. That is quite a bit higher than the “new normal” consensus, which sees growth averaging about 2.5-3% per year. I don’t really have a problem with that, since I think the “new normal” consensus is too pessimistic. But regardless of how optimistic 4% sounds, the growth projections the administration is using imply that it would take 10 years or more for the economy to return to its potential, or full employment growth. That would amount to a decade of very frustrated voters. 

Next, we have the assumption that, thanks to 4% growth and higher tax rates, there will be a surge in tax receipts stronger than we have ever seen before in post-war history. Amazingly, the administration is making little or no allowance for the likelihood that rising tax rates (e.g., the expiration of the Bush tax cuts, the imposition of big taxes on Cadillac health insurance policies, the limitation of deductions on high-income earners) and rising tax burdens might a) retard economic growth and/or b) result in lower-than-expected revenues (e.g., due to increased evasion). In other words, if the Laffer Curve asserts itself and/or the economy performs according to the “new normal” consensus, we would likely discover that tax receipts are significantly lower than the administration is projecting. …” 

http://seekingalpha.com/article/187181-obama-s-budget-seriously-underestimates-deficit 

 Total National Debt
Fiscal Years 1900 to 2014
Year GDP-US
$ billion
Gross Public Debt-total
pct GDP
1900 20.6 10.37
1901 22.3 9.61
1902 24.1 17.70
1903 25.9 17.20
1904 25.7 18.18
1905 28.8 16.85
1906 31 16.43
1907 33.9 15.94
1908 30.1 19.20
1909 32.2 18.67
1910 33.4 18.74
1911 34.3 19.31
1912 37.4 18.70
1913 39.1 18.75
1914 36.5 21.23
1915 38.7 21.61
1916 49.6 19.00
1917 59.7 20.25
1918 75.8 28.47
1919 78.3 44.77
1920 88.4 38.86
1921 73.6 45.10
1922 73.4 45.06
1923 85.4 38.96
1924 86.9 38.03
1925 90.6 36.71
1926 96.9 34.48
1927 95.5 34.97
1928 97.4 34.15
1929 103.6 32.25
1930 91.2 36.76
1931 76.5 45.81
1932 58.7 65.91
1933 56.4 73.77
1934 66 69.67
1935 73.3 65.35
1936 83.8 63.55
1937 91.9 60.81
1938 86.1 65.74
1939 92.2 65.40
1940 101.4 62.38
1941 126.7 54.28
1942 161.9 56.68
1943 198.6 78.10
1944 219.8 99.40
1945 223.1 123.46
1946 222.3 128.40
1947 244.2 112.87
1948 269.1 100.69
1949 267.3 102.56
1950 293.8 95.80
1951 339.3 83.21
1952 358.3 80.72
1953 379.3 79.05
1954 380.4 81.54
1955 414.8 76.82
1956 437.4 73.53
1957 461.1 70.17
1958 467.2 71.60
1959 506.6 68.85
1960 526.4 67.68
1961 544.7 66.82
1962 585.6 64.72
1963 617.7 63.29
1964 663.6 60.87
1965 719.1 57.96
1966 787.7 54.20
1967 832.6 52.83
1968 909.8 51.52
1969 984.4 49.50
1970 1038.3 49.55
1971 1126.8 49.44
1972 1237.9 48.57
1973 1382.7 46.73
1974 1499.5 45.42
1975 1637.7 45.99
1976 1825.3 47.19
1977 2030.9 47.16
1978 2294.7 45.87
1979 2562.2 44.12
1980 2789.5 44.59
1981 3128.4 43.53
1982 3253.2 47.52
1983 3534.6 51.81
1984 3933.2 52.81
1985 4220.3 56.68
1986 4462.8 62.39
1987 4739.5 64.75
1988 5100.4 65.83
1989 5484.4 66.67
1990 5803.1 70.54
1991 5992.1 76.46
1992 6337.7 79.53
1993 6667.4 81.38
1994 7085.2 81.40
1995 7397.7 80.89
1996 7816.9 80.32
1997 8332.4 79.62
1998 8679.66 78.46
1999 9201.14 76.35
2000 9951.5 71.61
2001 10286.2 71.57
2002 10398.4 74.69
2003 11142.1 77.15
2004 11607 80.39
2005 12638.4 79.27
2006 13090.8 81.80
2007 14077.6 81.10
2008 14441.4 87.52
2009 14237.2 103.86
2010 14623.9 116.14
2011 15299 121.96
2012 16203.3 124.67
2013 17182.2 126.34
2014 18192.6 127.62

http://www.usgovernmentspending.com/downchart_gs.php?year=1900_2014&units=p&chart=H0-total&title=Total%20National%20Debt

Hearing on Foreign Holdings of U.S. Debt: Orszag’s Testimony

 

Davos Annual Meeting 2010 – Rethinking Systemic Financial Risk

Davos Annual Meeting 2010 – Rethinking Systemic Financial Risk

U.S Debt Clock Real Time

http://www.usdebtclock.org/

 

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Ron Paul Moves To End The Federal Reserve On January 20, 2010 in Congress–Videos

Posted on January 20, 2010. Filed under: Blogroll, Communications, Economics, government spending, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Video, Wisdom | Tags: , , , , , , , , |

Ron Paul 1/20/2010 Moves To End The Federal Reserve

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Background Articles and Videos

 

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End the Fed

 

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The Bankers’ Cartel

Mises Daily: Monday, August 03, 2009 by

[The Case Against the Fed • By Murray N. Rothbard • Ludwig von Mises Institute, 1994 • 158 pages

“…Murray Rothbard begins this outstanding book by calling attention to a paradox. The Federal Reserve System enjoys virtual immunity from congressional investigation. The few who propose to subject the Fed to even minimal scrutiny, such as Henry Gonzales of Texas, at once find a consensus arrayed against them (pp. 1ff.). They threaten the stability of the market, since – it is alleged – only the Fed’s independence blocks the onset of uncontrollable inflation.

Here lies the paradox. Inflation results from the infusion of new money into the economy, and it is the Fed that is responsible for its creation. “The culprit solely responsible for inflation, the Federal Reserve, is continually engaged in raising a hue-and-cry about ‘inflation’ for which virtually everyone else in society seems to be responsible” (p. 11). How did this odd situation come about?

As one would expect from a top-flight economist, Rothbard responds by tracing the problem to its roots. He briefly and clearly explains how money originated in a barter economy. Some commodities are much easier to market than others, and “[o]nce any particular commodity starts to be used as a medium, this very process has a spiraling or snowballing effect” (p. 13).

Soon, one or two commodities emerge into general use as a medium of exchange. And this, precisely, is money. Gold and silver have almost always been the commodities that win the competition for marketability. “Accordingly, every modern currency unit originated as a unit of weight of gold or silver” (p. 17).

Why has Rothbard gone to such pains to describe a historical process that seems very remote from the Fed? By beginning with a simple case, he can elucidate the basic mechanism that underlies the Fed’s operation. To explain a complex event by starting with a simple method and gradually complicating it is a basic procedure of modern science. Galileo termed this “resoluto-compositive” method, and Descartes described it at length. Once one grasps how money has emerged, the key to understanding the mysteries of the Fed lies at hand. ..”

 http://mises.org/daily/3597

What Has Government Done to Our Money? 

by Murray N. Rothbard  

Copyright 1980 by The Ludwig von Mises Institute 

 

 

 

 

http://mises.org/money.asp

 

A Review of “End the Fed” by Ron Paul

Written by Charles Scaliger

   “…Now, with Congressman Paul’s bill H.R.1207 calling for a congressional audit of the Federal Reserve gaining traction in the House with more than 284 cosponsors, Ben Bernanke is beginning to feel real political heat. For the first time in the Fed’s nearly century-long history, large numbers of Americans and not a few political leaders, led by Ron Paul, are waking up to the realities of central banking and the Fed’s role in causing the value of the dollar to depreciate and the economy to oscillate between boom and bust.

But why take so drastic a measure as to end the Fed, after so long? Is it not better, as so many of Paul’s detractors have argued, to merely reform the institution? No, declares Paul, since the Fed, with its power to destroy the dollar and fund the operations of government by other means than up-front taxation, is, like all modern central banks, a fundamentally dishonest and immoral institution. The Founding Fathers understood very well the evils of paper money, and while granting Congress the authority in the Constitution to “coin [not print!] money,” forbade the states from making “anything but gold and silver coin a tender in payment of debts.” Entries in the journals of the Continental Congress observed that “paper currency … is multiplied beyond the rules of good policy. No truth being more evident, than that where the quantity of money … exceeds what is useful as a medium of commerce, its comparative value must be proportionately reduced.”

Unfortunately, Congressman Paul notes with rare cynicism, “the two weakest arguments for any issue on the House floor are moral and constitutional.” The immorality of the Fed should be evident to everyone, since “the moral principles that would guarantee sound money, and our not needing a central bank to manage it, are honesty, which would reject fraud, and keeping one’s word. Contracts [meaning monetary contracts, whose integrity depends on a sound dollar] should be protected, not undermined by government.”

Nor does Paul mince words about his congressional colleagues: “Members of Congress, when they knowingly endorse this system of fraud because of the benefits they receive, commit an immoral act. Financing spending in an irresponsible manner, through Fed action or future debt burdens, provides immediate political benefits to politicians.”

But all of this would come to an end if the people themselves held their political leadership to a higher moral standard. Americans have become accustomed to a government that promises them security and benefits instead of merely protecting their freedoms and enforcing their contracts. End the Fed is a plea to Americans to educate themselves about money and free-market economics — and then demand an end to the system that has systematically devalued the dollar and held ordinary Americans in thrall for several generations. If we do not soon abolish the Federal Reserve and return to sound money, we will likely experience national insolvency and an end to our dwindling political liberties. End the Fed is, simply put, a must-read for every American who can spell his name. …”

http://www.thenewamerican.com/index.php/reviews/books/1860-%20a-review-of-end-the-fed-by-ron-paul

 

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Time To Put Fannie Mae and Freddie Mac Into Receivership–No More Bailouts!

Posted on December 18, 2009. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, government spending, Health Care, Investments, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Rants, Raves, Regulations, Taxes, Video, Wisdom | Tags: , , , , , , , |

 

Fannie, Freddie Overseer Considers Seeking More U.S. Aid: Video

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

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

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The time has come to shut down both Fannie Mae and Freddie Mac.

Liquidate them with a receivership.

No more bailouts.

Get the Federal Government out of the mortage business.

The American people will no longer bailout failed government enterprises.

Background Articles and Videoes

Fannie Mae and Freddie Mac to seek more money from taxpayers

Trever Bierschbach

“…When the bailout was proposed taxpayers were promised that they would not lose a dime on Freddie and Fannie.  Since then Fannie Mae has lost $120.5 billion, while Freddie Mac has lost just about $68 billion in the past nine quarters.  All of these losses are in spite of the government’s backing of the companies, new regulations to help prevent future losses, and the $400B lifeline, and now they want more.

While these two mortgage giants bleed off money, and feed off taxpayers, the government continues to push them to offer more loans, and restructure existing loans that are in jeopardy.  Opponents wonder at the lack of common sense involved in all of this, but supporters continue to uphold the idea that Freddie and Fannie are crucial to the President’s housing relief plan. …”

http://www.examiner.com/x-32743-Tazewell-County-Conservative-Examiner~y2009m12d18-Fannie-Mae-and-Freddie-Mac-to-seek-more-money-from-taxpayers

“…Bloomberg is reporting that Fannie Mae and Freddie Mac’s regulator is renegotiating the terms of the housing agencies’ financial rescue with the Treasury Department. According to unnamed people “familiar with the talks,” this renegotiation could include increasing the size of the agencies’ $400 billion lifeline—so far, Fannie Mae has tapped $60.9 billion and Freddie Mac $50.7 billion—and possibly cutting the dividends the agencies pay to Treasury on the borrowed money.

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George Soros: Government Interventionist and Global Socialist–Obama’s Puppeter Master–Videos

Posted on July 22, 2009. Filed under: Blogroll, Economics, government spending, Investments, Life, Links, Regulations, Video | Tags: , , , , , , , |

 

 george_soros_LSE

obama_soros

Soros; the collapse of 2008 and what it means 1/4

Soros; the collapse of 2008 and what it means 2/4

Soros; the collapse of 2008 and what it means 3/4

Soros; the collapse of 2008 and what it means 4/4

 Skip the introduction which is in Chinese if you speak only English

pt 1/4 Georgre Soros Interview 11 june 2009

pt 2/4 Georgre Soros Interview 09 june 2009

pt 3/4 Georgre Soros Interview 09 june 2009

pt 4/4 Georgre Soros Interview 09 june 2009

Soros favors government intervention to bail out banks who lost tens to hundreds of billions of dollars instead of closing and liquidating them.

The Federal Reserve, the US central bank, bears much of the responsibility for the financial crisis for failing to constrain the growth of the money supply and regulating the banks or depository institutions that invested in risky mortgaged-back securities.

Governments or the people running them make mistakes every day!

Unfortunately government  mistakes are paid for by the taxes, wealth and income created by capitalists in their business enterprises.

Capitalists or market fundamentalists as Soros calls them also make mistakes every day which they pay for in lost profits, customers or even bankruptcy with no bailouts from the government.

Learning from ones mistakes or preferably the mistakes of others should be encouraged.

How many times must the mistakes of socialism and communism be repeated before humans learned it should be avoided and defeated not encouraged.

Soros should have learned this lesson living under both National Socialism and Communism.

Bad and corrupt governments kill people especially socialist and communist governments.

Capitalists create wealth, income and jobs and rarely kill people.

Suggest Soros read the works of Ludwig von Mises, Friedrich A. Hayek, Milton Friedman and Thomas Sowell to understand both capitalism and socialism. 

Background Articles and Videos

 

George Soros

“…

  • Multi-billionaire funder of leftwing causes and groups
  • Founder of the Open Society Institute
  • Stated that defeating President Bush in the 2004 election “is the central focus of my life”

George Soros was born on August 12, 1930 in Budapest, Hungary. His father, Teodoro Schwartz, was an Orthodox Jew who, in 1936, changed the family surname from Schwartz to Soros in order to enable his family to conceal its Jewish identity and thus to survive the Nazi Holocaust. In 1947 Soros’ family relocated from Hungary to England. Five years later, George graduated from the London School of Economics. He subsequently worked for a London stockbroker.

In 1956 Soros, with meager personal assets, emigrated to the United States. He would go on to become one of the world’s leading hedge fund investors and currency traders. In 1969 he started his enormously successful Quantum Fund, which, over the ensuing three decades, yielded its long-term investors a four thousand-fold gain on their initial 1969 investments.

In a $10 billion 1992 deal whose success was contingent upon the devaluation of the British Pound, Soros earned himself a $1 billion profit and the title, “the man who broke the Bank of England.” To date, he has amassed a personal fortune exceeding $7 billion. In addition, his management company controls billions of dollars more in investor assets.

In 1979 Soros established the Open Society Institute (OSI), which serves as the flagship of a network of Soros foundations that donate tens of millions of dollars each year to a wide array of individuals and organizations that share the founder’s agendas. Those agendas can be summarized as follows:

  • promoting the view that America is institutionally an oppressive nation
  • promoting the election of leftist political candidates throughout the United States
  • opposing virtually all post-9/11 national security measures enacted by U.S. government, particularly the Patriot Act
  • depicting American military actions as unjust, unwarranted, and immoral
  • promoting open borders, mass immigration, and a watering down of current immigration laws
  • promoting a dramatic expansion of social welfare programs funded by ever-escalating taxes
  • promoting social welfare benefits and amnesty for illegal aliens
  • defending the civil rights and liberties of suspected anti-American terrorists and their abetters
  • financing the recruitment and training of future activist leaders of the political Left
  • advocating America’s unilateral disarmament and/or a steep reduction in its military spending
  • opposing the death penalty in all circumstances
  • promoting socialized medicine in the United States
  • promoting the tenets of radical environmentalism, whose ultimate goal, as writer Michael Berliner has explained, is “not clean air and clean water, [but] rather … the demolition of technological/industrial civilization”
  • bringing American foreign policy under the control of the United Nations
  • promoting racial and ethnic preferences in academia and the business world alike
  • promoting taxpayer-funded abortion-on-demand
  • advocating stricter gun-control measures
  • advocating the legalization of marijuana …”

http://www.discoverthenetworks.org/individualProfile.asp?indid=977

 

George Soros and the Alchemy of ‘Regime Change’
By Kyle-Anne Shiver

“…What does a very aged multi-billionaire do after he spends $25 million dollars to force a presidential election his way, and still falls flat on his face? Well, of course, he tries and tries again.

When George Soros failed to obtain the election of his candidate, John Kerry, in 2004, he brooded for a while, even said he might get out of politics altogether, but he just couldn’t stop himself. He has stated publicly that he wishes to burst the “bubble of American supremacy,” because he says our preeminence in the world is a detriment to global “equilibrium.” So far, he has failed, but he keeps on trying.

And Mr. Soros has made no secret either of the fact that he sees the shortest way to effect political shake-ups, what he terms “regime changes,” is through very difficult economic conditions.

America has not yet felt the full force of Soros style economic shock treatment. But others have.

Soros made his first billion in 1992 by shorting the British pound with leveraged billions in financial bets, and became known as the man who broke the Bank of England. He broke it on the backs of hard-working British citizens who immediately saw their homes severely devalued and their life savings cut drastically in comparative worth almost overnight. ..”

“… Obama, too, sees global poverty as the root cause of all evil in the world, including crime, war and terrorism.  His single piece of signature legislation in the Senate is a bill that would authorize an additional $845 billion from American tax payers to eradicate global poverty, and legislate a demand on future presidents to bring America in line with UN mandates on percentage of national GDP given to fight global poverty.

These plans are in perfect sync with Soros’ own support for the Tobin Tax, a global tax on currency transactions.  This taxation would be forced on sovereign nations by an international body, coercing capitalist economies into sharing their wealth with poor nations for the eradication of poverty and the myriad problems associated with it.
 
So, that which we and our ancestors have sacrificed to build and maintain will be stolen from us and our offspring and given away by the new Robin Hoods, George Soros and the Democratic Party, who seem to envision global perfection at last, with every single soul living happily ever after in absolute peace and harmony, together singing kumbaya in the same language…the language of love.
 
 
And only God knows what can save America from being the sacrificial fodder for their grand, megalomaniacal delusion.”

http://www.americanthinker.com/2008/02/george_soros_and_the_alchemy_o.html

The right and wrong way to bail out the banking sector

By George Soros

Published: January 22 2009 20:06

“…In my view, an equity injection scheme based on realistic valuations, followed by a cut in minimum capital requirements for banks, would be much more effective in restarting the economy. The downside is that it would require significantly more than $1,000bn of new capital. It would involve a good bank/bad bank solution, where appropriate. That would heavily dilute existing shareholders and risk putting the majority of bank equity into government hands.

The hard choice facing the Obama administration is between partially nationalising the banks, or leaving them in private hands but nationalising their toxic assets. Choosing the first course would inflict great pain on a broad segment of the population – not only on bank shareholders but also on the beneficiaries of pension funds. However, it would clear the air and restart the economy.

The latter course would avoid recognising and coming to terms with the painful economic realities, but it would put the banking system into the same quandary that proved the undoing of the government sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac. The public interest would dictate that the banks should resume lending on attractive terms. However, this lending would have to be enforced by government diktat because the self-interest of the banks would lead them to focus on preserving and rebuilding their own equity. …”

http://www.ft.com/cms/s/0/1bf1408a-e8bf-11dd-a4d0-0000779fd2ac.html

Repeat campaign finance scofflaw Soros gets away with it again

By Michelle Malkin  

soros

“…In my column on the SEIU today, I mentioned how the George Soros-funded group, Americans Coming Together, was hit with a $775,000 fine by the Federal Election Commission – the third largest civil penalty levied in the panel’s history — for gross campaign finance violations.

Yesterday, in little-noticed news, California’s campaign finance panel fined Soros directly for failing to disclose a $350,000 contribution that was funneled through the Drug Policy Action Network to help fund a ballot measure undermining the state’s Three Strikes law for criminals.

The California regulators noted that Soros had been a repeat offender, yet fined him a paltry $8,000!

Here’s an excerpt from the panel’s summary report: …”

http://michellemalkin.com/2009/05/13/repeat-campaign-finance-scofflaw-soros-gets-away-with-it-again/ 

 

George Soros endorses Obama – part 1

George Soros endorses Obama – part 2

George Soros – The Bubble of American Supremacy

Bill O’Reilly – George Soros is Buying Political Power

Bill O’Reilly Calls George Soros A “Gangster”

pt 1/4 Georgre Soros Interview 09 june 2009

Neil Cavuto’s interview of George Soros Part 1

Neil Cavuto’s interview of George Soros Part 2

Organizations Funded Directly by George Soros and his Open Society Institute 

By Discover The Networks

“….Organizations that, in recent years, have received direct funding and assistance from George Soros and his Open Society Institute (OSI) include the following. (Comprehensive profiles of each are available in the “Groups” section of DiscoverTheNetworks.org):

Alliance for Justice: Best known for its activism vis a vis the appointment of federal judges, this group consistently depicts Republican judicial nominees as “extremists.”

America Coming Together: Soros played a major role in creating this group, whose purpose was to coordinate and organize pro-Democrat voter-mobilization programs.

America Votes: Soros also played a major role in creating this group, whose get-out-the-vote campaigns targeted likely Democratic voters.

American Civil Liberties Union: This group opposes virtually all post-9/11 national security measures enacted by U.S. government. It supports open borders, has rushed to the defense of suspected terrorists and their abettors, and appointed former New Left terrorist Bernardine Dohrn to its Advisory Board.

American Constitution Society for Law and Policy: This Washington, DC-based think tank seeks to move American jurisprudence to the left by recruiting, indoctrinating, and mobilizing young law students, helping them acquire positions of power. It also provides leftist Democrats with a bully pulpit from which to denounce their political adversaries.

American Family Voices: This group creates and coordinates media campaigns charging Republicans with wrongdoing.

American Friends Service Committee: This group views the United States as the principal cause of human suffering around the world. As such, it favors America’s unilateral disarmament, the dissolution of American borders, amnesty for illegal aliens, the abolition of the death penalty, and the repeal of the Patriot Act.

American Immigration Law Foundation: This group supports amnesty for illegal aliens, on whose behalf it litigates against the U.S. government.

American Library Association: This group has been an outspoken critic of the Bush administration’s War on Terror — most particularly, Section 215 of the USA Patriot Act, which it calls “a present danger to the constitutional rights and privacy rights of library users.”

The American Prospect, Inc.: This corporation trains and mentors young leftwing journalists, and organizes strategy meetings for leftist leaders.

Amnesty International: This organization directs a grossly disproportionate share of its criticism for human rights violations at the United States and Israel.

Arab American Institute Foundation: The Arab American Institute denounces the purportedly widespread civil liberties violations directed against Arab Americans in the post-9/11 period, and characterizes Israel as a brutal oppressor of the Palestinian people.

Association of Community Organizations for Reform Now: This group conducts voter mobilization drives on behalf of leftist Democrats. These initiatives have been notoriously marred by fraud and corruption.

Bill of Rights Defense Committee: This group provides a detailed blueprint for activists interested in getting their local towns, cities, and even college campuses to publicly declare their opposition to the Patriot Act, and to designate themselves “Civil Liberties Safe Zones.” The organization also came to the defense of self-described radical attorney Lynne Stewart, who was convicted in 2005 of providing material support for terrorism.

Brennan Center for Justice: This think tank/legal activist group generates scholarly studies, mounts media campaigns, files amicus briefs, gives pro bono support to activists, and litigates test cases in pursuit of radical “change.”

Brookings Institution: This organization has been involved with a variety of internationalist and state-sponsored programs, including one that aspires to facilitate the establishment of a U.N.-dominated world government. Brookings Fellows have also called for additional global collaboration on trade and banking; the expansion of the Kyoto Protocol; and nationalized health insurance for children. Nine Brookings economists signed a petition opposing President Bush’s tax cuts in 2003.

Campaign for America’s Future: This group supports tax hikes, socialized medicine, and a dramatic expansion of social welfare programs.

Campus Progress: A project of the Soros-bankrolled Center for American Progress, this group seeks to “strengthen progressive voices on college and university campuses, counter the growing influence of right-wing groups on campus, and empower new generations of progressive leaders.”

Catholics for a Free Choice: This nominally Catholic organization supports women’s right to abortion-on-demand.

Center for American Progress: This leftist think tank is headed by former Clinton chief of staff John Podesta, works closely with Hillary Clinton, and employs numerous former Clinton administration staffers. It is committed to “developing a long-term vision of a progressive America” and “providing a forum to generate new progressive ideas and policy proposals.”

Center for Community Change: This group recruits and trains activists to spearhead leftist “political issue campaigns.” Promoting increased funding for social welfare programs by bringing “attention to major national issues related to poverty,” the Center bases its training programs on the techniques taught by the famed radical organizer Saul Alinsky.

Center for Constitutional Rights: This pro-Castro organization is a core member of the open borders lobby, has opposed virtually all post-9/11 anti-terrorism measures by the U.S. government, and alleges that American injustice provokes acts of international terrorism.

Center on Budget and Policy Priorities: Reasoning from the premise that tax cuts generally help only the wealthy, this organization advocates greater tax expenditures on social welfare programs for low earners.

Citizens for Responsibility and Ethics in Washington: This group litigates and brings ethics charges against “government officials who sacrifice the common good to special interests” and “betray the public trust.” Almost all of its targets are Republicans.

Coalition for an International Criminal Court: This group seeks to subordinate American criminal-justice procedures to those of an international court.

Defenders of Wildlife Action Fund: Defenders of Wildlife opposes oil exploration in Alaska’s Arctic National Wildlife Refuge. It condemns logging, ranching, mining, and even the use of recreational motorized vehicles as activities that are destructive to the environment.

Democracy Alliance: This self-described “liberal organization” aims to raise $200 million to develop a funding clearinghouse for leftist groups. Soros is a major donor to this group.

Democracy 21: This group is a staunch supporter of the Bipartisan Campaign Reform Act of 2002, also known as the McCain-Feingold Act.

Democratic Party: Soros’ funding activities are devoted largely to helping the Democratic Party solidify its power base. In a November 2003 interview, Soros stated that defeating President Bush in 2004 “is the central focus of my life” … “a matter of life and death.” He pledged to raise $75 million to defeat Bush, and personally donated nearly a third of that amount to anti-Bush organizations. “America under Bush,” he said, “is a danger to the world, and I’m willing to put my money where my mouth is.” Claiming that “the Republican party has been captured by a bunch of extremists,” Soros accuses the Bush administration of following a “supremacist ideology” in whose rhetoric he claims to hear echoes of “Nazi slogans.”

Earthjustice: This group seeks to place severe restrictions on how U.S. land and waterways may be used. It opposes most mining and logging initiatives, commercial fishing businesses, and the use of motorized vehicles in undeveloped areas.

EMILY’s List: This political network raises money for Democratic female political candidates who support unrestricted access to taxpayer-funded abortion-on-demand.

Feminist Majority: Characterizing the United States as an inherently sexist nation, this group focuses on “advancing the legal, social and political equality of women with men, countering the backlash to women’s advancement, and recruiting and training young feminists to encourage future leadership for the feminist movement in the United States.”

Free Press: This “media reform” organization has worked closely with many notable leftists and such organizations as Media Matters for America, Air America Radio, Global Exchange, Code Pink, Fairness and Accuracy in Reporting, the Revolutionary Communist Party, Mother Jones magazine, and Pacifica Radio.

Funding Exchange: Dedicated to the concept of philanthropy as a vehicle for social change, this organization pairs leftist donors and foundations with likeminded groups and activists who are dedicated to bringing about their own version of “progressive” change and social justice. Many of these grantees assume that American society is rife with racism, discrimination, exploitation, and inequity and needs to be overhauled via sustained education, activism, and social agitation.

Gamaliel Foundation: Modeling its tactics on those of the radical Sixties activist Saul Alinsky, this group takes a strong stand against current homeland security measures and immigration restrictions.

Human Rights First: This group supports open borders and the rights of illegal aliens; charges that the Patriot Act severely erodes Americans’ civil liberties; has filed amicus curiae briefs on behalf of terror suspect Jose Padilla; and deplores the Guantanamo Bay detention facilities.

Human Rights Watch: This group directs a disproportionate share of its criticism at the United States and Israel. It opposes the death penalty in all cases, and supports open borders and amnesty for illegal aliens.

Immigrant Legal Resource Center: This group claims to have helped gain amnesty for some three million illegal aliens in the U.S., and in the 1980s was part of the sanctuary movement which sought to grant asylum to refugees from the failed Communist states of Central America.

Independent Media Institute: This group provides leftist organizations with “strategic communications consulting, training, coaching, networking opportunities and concrete tools” to help them “achieve their social justice goals.”

Institute for Policy Studies: This think tank has long supported Communist and anti-American causes around the world. Viewing capitalism as a breeding ground for “unrestrained greed,” IPS seeks to provide a corrective to “unrestrained markets and individualism.” Professing an unquestioning faith in the righteousness of the United Nations, it aims to bring American foreign policy under UN control.

Institute for Women’s Policy Research: This group views the U.S. as a nation rife with discrimination against women, and publishes research to draw attention to this alleged state of affairs. It also advocates unrestricted access to taxpayer-funded abortion-on-demand, stating that “access to abortion is essential to the economic well-being of women and girls.”

International Crisis Group: One of this organization’s leading figures is its Mideast Director, Robert Malley, who was a President Bill Clinton’s Special Assistant for Arab-Israeli Affairs. His analysis of the Mideast conflict is markedly pro-Palestinian.

Joint Victory Campaign 2004: Founded by George Soros and Harold Ickes, this group was a major fundraising entity for Democrats during the 2004 election cycle. It collected contributions (including large amounts from Soros personally) and disbursed them to two other groups, America Coming Together and the Media Fund, which also worked on behalf of Democrats.

Lawyers Committee for Civil Rights Under Law: This group views America as an unremittingly racist nation; uses the courts to mandate race-based affirmative action preferences in business and academia; has filed briefs against the Department of Homeland Security’s efforts to limit the wholesale granting of green cards and to identify potential terrorists; condemns the Patriot Act; and calls on Americans to “recognize the contribution” of illegal aliens.

League of United Latin American Citizens: This group views America as a nation plagued by “an alarming increase in xenophobia and anti-Hispanic sentiment”; favors racial preferences; supports the legalization of illegal Hispanic aliens; opposes military surveillance of U.S. borders; opposes making English America’s official language; favors open borders; and rejects anti-terrorism legislation like the Patriot Act.

League of Women Voters Education Fund: The League supports taxpayer-funded abortion-on-demand; supports “motor-voter” registration, which allows anyone with a driver’s license to become a voter, regardless of citizenship status; and supports tax hikes and socialized medicine.

Lynne Stewart Defense Committee: IRS records indicate that Soros’s Open Society Institute made a September 2002 grant of $20,000 to this organization. Stewart was the criminal-defense attorney who was later convicted for abetting her client, the “blind sheik” Omar Abdel Rahman, in terrorist activities connected with his Islamic Group.

MADRE: This international women’s organization deems America the world’s foremost violator of human rights. As such, it seeks to “communicat[e] the real-life impact of U.S. policies on women and families confronting violence, poverty and repression around the world,” and to “demand alternatives to destructive U.S. policies.” It also advocates unrestricted access to taxpayer-funded abortion-on-demand.

Malcolm X Grassroots Movement: This group views the U.S. as a nation replete with racism and discrimination against blacks; seeks to establish an independent black nation in the southeastern United States; and demands reparations for slavery.

Massachusetts Immigrant and Refugee Advocacy Coalition: This group calls for the expansion of civil rights and liberties for illegal aliens; laments that illegal aliens in America are commonly subjected to “worker exploitation”; supports tuition-assistance programs for illegal aliens attending college; and characterizes the Patriot Act as a “very troubling” assault on civil liberties.

Media Fund: Soros played a major role in creating this group, whose purpose was to conceptualize, produce, and place political ads on television, radio, print, and the Internet.

Mexican American Legal Defense and Education Fund: This group advocates open borders, free college tuition for illegal aliens, lowered educational standards to accommodate Hispanics, and voting rights for criminals. In MALDEF’s view, supporters of making English the official language of the United States are “motivated by racism and anti-immigrant sentiments,” while advocates of sanctions against employers reliant on illegal labor seek to discriminate against “brown-skinned people.”

Meyer, Suozzi, English and Klein, PC: This influential defender of Big Labor is headed by Democrat operative Harold Ickes.

Midwest Academy: This entity trains radical activists in the tactics of direct action, targeting, confrontation, and intimidation.

Migration Policy Institute: This group seeks to create “a North America with gradually disappearing border controls … with permanent migration remaining at moderate levels.”

Military Families Speak Out: This group ascribes the U.S. invasion of Iraq to American imperialism and lust for oil.

MoveOn.org: This Web-based organization supports Democratic political candidates through fundraising, advertising, and get-out-the-vote drives.

Ms. Foundation for Women: This group laments what it views as the widespread and enduring flaws of American society: racism, sexism, homophobia, and the violation of civil rights and liberties. It focuses its philanthropy on groups that promote affirmative action for women, unfettered access to taxpayer-funded abortion-on-demand, amnesty for illegal aliens, and big government generally.

NARAL Pro-Choice America: This group supports taxpayer-funded abortion-on-demand, and works to elect pro-abortion Democrats.

NAACP Legal Defense and Education Fund: The NAACP supports racial preferences in employment and education, as well as the racial gerrymandering of voting districts. Underpinning its support for race preferences is the fervent belief that white racism in the United States remains an intractable, largely undiminished, phenomenon.

The Nation Institute: This nonprofit entity sponsors leftist conferences, fellowships, awards for radical activists, and journalism internships.

National Abortion Federation: This group opposes any restrictions on abortion at either the state or federal levels, and champions the introduction of unrestricted abortion into developing regions of the world.

National Committee for Responsive Philanthropy: This group depicts the United States as a nation in need of dramatic structural change financed by philanthropic organizations. It overwhelmingly promotes grant-makers and grantees with leftist agendas, while criticizing their conservative counterparts.

National Council for Research on Women: This group supports big government, high taxes, military spending cuts, increased social welfare spending, and the unrestricted right to taxpayer-funded abortion-on-demand.

National Council of La Raza: This group lobbies for racial preferences, bilingual education, stricter hate-crime laws, mass immigration, and amnesty for illegal aliens.

National Council of Women’s Organizations: This group views the United States as a nation rife with injustice against girls and women. It advocates high levels of spending for social welfare programs, and supports race and gender preferences for minorities and women in business and academia.

National Immigration Forum: Opposing the enforcement of present immigration laws, this organization urges the American government to “legalize” en masse all illegal aliens currently in the United States who have no criminal records, and to dramatically increase the number of visas available for those wishing to migrate to the U.S. The Forum is particularly committed to opening the borders to unskilled, low-income workers, and immediately making them eligible for welfare and social service programs.

National Immigration Law Center: This group seeks to win unrestricted access to government-funded social welfare programs for illegal aliens.

National Lawyers Guild: This group promotes open borders; seeks to weaken America’s intelligence-gathering agencies; condemns the Patriot Act as an assault on civil liberties; rejects capitalism as an unviable economic system; has rushed to the defense of convicted terrorists and their abettors; and generally opposes all U.S. foreign policy positions, just as it did during the Cold War when it sided with the Soviets.

National Organization for Women: This group advocates the unfettered right to taxpayer-funded abortion-on-demand; seeks to “eradicate racism, sexism and homophobia” from American society; attacks Christianity and traditional religious values; and supports gender-based preferences for women.

National Priorities Project: This group supports government-mandated redistribution of wealth — through higher taxes and greater expenditures on social welfare programs. NPP exhorts the government to redirect a significant portion of its military funding toward public education, universal health insurance, environmentalist projects, and welfare programs.

National Security Archive Fund: This group collects and publishes declassified documents obtained through the Freedom of Information Act to a degree that compromises American national security and the safety of intelligence agents.

National Women’s Law Center: This group supports taxpayer-funded abortion-on-demand; lobbies against conservative judicial appointees; advocates increased welfare spending to help low-income mothers; and favors higher taxes for the purpose of generating more funds for such government programs as Medicaid, food stamps, welfare, foster care, health care, child-support enforcement, and student loans.

Natural Resources Defense Council: One of the most influential environmentalist lobbying groups in the United States, the Council claims a membership of one million people.

Pacifica Foundation: This entity owns and operates Pacifica Radio, awash from its birth with the socialist-Marxist rhetoric of class warfare and hatred for capitalism.

Peace and Security Funders Group: This is an association of more than 50 foundations that give money to leftist anti-war and environmentalist causes. Its members tend to depict America as the world’s chief source of international conflict, environmental destruction, and economic inequalities.

People for the American Way: This group opposes the Patriot Act, anti-terrorism measures generally, and the allegedly growing influence of the “religious right.”

Physicians for Human Rights: This group is selectively and disproportionately critical of the United States and Israel in its condemnations of human rights violations.

Physicians for Social Responsibility: This is an anti-U.S.-military organization that also embraces the tenets of radical environmentalism.

Planned Parenthood: This group is the largest abortion provider in the United States and advocates taxpayer-funded abortion-on-demand.

Ploughshares Fund: This public grantmaking foundation opposes America’s development of a missile defense system, and contributes to many organizations that are highly critical of U.S. foreign policies and military ventures.

Prison Moratorium Project: This initiative was created in 1995 for the express purpose of working for the elimination of all prisons in the United States and the release of all inmates. Reasoning from the premise that incarceration is never an appropriate means of dealing with crime, it deems American society’s inherent inequities the root of all criminal behavior.

Project Vote: This is the voter-mobilization arm of the Soros-funded ACORN. A persistent pattern of lawlessness and corruption has followed ACORN/Project Vote activities over the years.

Proteus Fund: This foundation directs its philanthropy toward a number of radical leftwing organizations.

Public Citizen Foundation: Public Citizen seeks increased government intervention and litigation against corporations — a practice founded on the notion that American corporations, like the capitalist system of which they are a part, are inherently inclined toward corruption.

Sentencing Project: Asserting that prison-sentencing patterns are racially discriminatory, this initiative advocates voting rights for felons.

Sojourners: This evangelical Christian ministry preaches radical leftwing politics. During the 1980s it championed Communist revolution in Central America and chastised U.S. policy-makers for their tendency “to assume the very worst about their Soviet counterparts.” More recently, Sojourners has taken up the cause of environmental activism, opposed welfare reform as a “mean-spirited Republican agenda,” and mounted a defense of affirmative action.

Thunder Road Group: This political consultancy, in whose creation Soros had a hand, coordinates strategy for the Media Fund, America Coming Together, and America Votes.

Tides Foundation and Tides Center: Tides is a major funder of the radical Left.

Urban Institute: This research organization favors socialized medicine, expansion of the federal welfare bureaucracy, and tax hikes for higher income-earners.

USAction Education Fund: USAction lists its priorities as: “fighting the right wing agenda”; “building grassroots political power”; winning “social, racial and economic justice for all”; supporting a system of taxpayer-funded socialized medicine; reversing “reckless tax cuts for millionaires and corporations” which shield the “wealthy” from paying their “fair share”; advocating for “pro-consumer and environmental regulation of corporate abuse”; “strengthening progressive voices on local, state and national issues”; and working to “register, educate and get out the vote … [to] help progressives get elected at all levels of government.”

YWCA World Office, Switzerland: The YWCA opposes abstinence education; supports universal access to taxpayer-funded abortion-on-demand; and opposes school vouchers. …”

http://www.discoverthenetworks.org/Articles/Organizations%20Funded%20Directly5.htm

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The Obama Big Lie and Inconvenient Truth About Health Care–The Public Option Trojan Horse–Leads To A Single Payor Goverment Monopoly of Health Care and The Bankruptcy of USA!

Posted on July 7, 2009. Filed under: Blogroll, Communications, Computers, Employment, Health Care, Links, Medicine, People, Politics, Quotations, Rants, Raves, Regulations, Science, Technology, Video, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , |

 UPDATED

monitor

M3, longer term chart

m3b

 

“…M3 consists of M2, institutional money market mutual funds, time deposits in amounts of $100,000 or more, repurchase agreement liabilities of depository institutions (in denominations of $100,000 or more) on U.S. government and federal agency securities, and Eurodollars.

For reference, and as of early 2007, M3 is about $11.5 trillion, M2 about $7.1 trillion, institutional money markets funds about $1.4 trillion, jumbo CDs about $1.7 trillion, repos about $.67 trillion ($670 billion) and estimated Eurodollars are about $.61 trillion ($610 billion).
11/30/2007 – Note that much of the large growth in M3 lately has been in flows into CDs and Money Market Funds, a normal occurrence during financial turmoil. See our financial crisis page for more detail, and a picture of the current level of a U.S. financial crisis.  …”

fed_all_short_stacked

http://nowandfutures.com/key_stats.html

Glenn Beck on the US Financial crisis

U.S. Headed For Fiscal Crisis?

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

http://www.youtube.com/watch?v=O_TjBNjc9Bo 

 

Stop Spending Our Future – The Crisis

The leaders and political elites of both political parties, Democrats and Republicans, are not telling the American people the truth–the United States is broke and cannot afford any new entitlement programs.

The United States cannot grow its way out the financial crisis to provide the funding for the liabilities the Federal Government already promised to pay for Social Security and Medicare entitlement programs.

Any politican who proposes either new entitlement programs or the expansion of existing programs such as Social Security or Medicare is fiscally irresponsible and is pandering and lying to the American people.

Both former President Bush and now President Obama are two of the most fiscally irresponsible Presidents this nation’s voters foolishly elected to the office of President.

Stop The Spending and Deficits

US Federal Government Deficits

federal_spending

 

 

Our first Green On The Outside and Red On The Inside President Obama only makes a  huge and unsustainable entitlement problem and crisis infinitely worse.

By proposing a new entitlement program–universal health care with a public option of a government insurer–Presidemt Obama is now threatening all those Americans who are satisfied with their health care and insurance plan.

A public option leads slowly and surely to Socialized Medicine or a Government Single Payer health care system and the bankruptcy of the United States!

The cost of such a new entitlement program is beyond the means of the American people and the US economy to pay for and sustain.

It would add trillions  of dollars to the already bloated US deficits.

Kill the Obama Universal Health Care bill before it kills you and bankrupts the United States of America.

Both the Federal Government Medicare and Medcaid pay less than the cost of the services provided by doctors and hospitals.

This results in doctors and hospitals shifting the unreimbused cost to private insurers.

Rep. Paul Ryan points out that Health Care Reform will be the most Important Vote

Rep. Brady (R-TX) asks CBO Director Elmendorf if we know the cost of the Dems Health Care Bill

The Federal Government is the problem not the solution.

One of the primary reasons private insurance premiums are rising is the Federal Government does not pay the full bill.

Will Fox testifies before Congress

Government caused the uninsured

When you need medical care for a serious condition, the Government will make you wait until it is too late.

Dead men tell no tales.

The Federal Government will use rationing and long waits to cut the cost of medical care.

Yaron Brook’s Call to Action – July 2009

This will result in the killing and torture of old people and those with serious medical conditions that would be too expensive to treat. 

The old and infirm will have to sit and wait for care, surgery and drugs that are never provided in a timely manner,  if at all.

The Downside Of British Health Care

This is exactly what happens now in countries that have socialized medicine or a single payer system.

The government simply waits you out so that they do not have to pay for your health care in a timely manner.

Canada Is A Perfect Example Of The Free Health Care Failing

Canadians to Americans: Don’t make your healthcare like ours

The Down Side of the Canadian Healthcare System

Why do you think people from all around the world come to the United States for treatment?

They know that if they wait for their country’s health care system to provide the care, they may die or be in pain for months or years.

In the United States they will be treated quickly to avoid unnecessay pain and suffering.

Obama’s Health Care Deception

Obama on single payer health insurance

SEIU, the White House & ACORN


 

Health Care Forum: Barack Obama (1 of 3)

Health Care Forum: Barack Obama (2 of 3)

[

Health Care Forum: Barack Obama (3 of 3)

Any candidate of any political party that gives any indication to the American people that they are going  to replace, tax, or threaten the American  people’s health care and insurance coverage, can deservedly expect to be defeated in the next election.

The progressive radical socialists lead by President Obama are a clear and present danager to your life, health care and current insurance plan.

Send a message both to President Obama and your Senators and Representative by signing the Free Our Health Care Petition:

http://www.freeourhealthcarenow.com/

ncpa_header4

Please take a minute to sign this petition keeping Government control OUT of healthcare.

http://www.freeourhealthcarenow.com/

 

When you are not treated for a heart attack, the red line will flatten out on the monitor.

You may very well die if you do not stop the passage of President Obama’s universal health care plan.

The American people and economy cannot pay for the medical care of illegal aliens who work in the United States.

The United States Federal Government could go a long way in lowering the number of Americans unemployed now exceeding 15,000,000 as well as lowering the number of uninsured Americans by simply enforcing the immigration laws.

Require all businesses to use E-Verify to determine the legal status of a person to work in the United States.

Attempt to Block E-Verify

E-Verify & Border Fence may be canceled

Obama Admin wants to kill E-Verify

Obama Adm Favors Illegal Immigration

All illegal aliens now working in the US would be replaced by American citizens.

All illegal aliens would be removed from their work place and deported to their country of origin.

All illegal aliens would have to pay upfront the cost of medical care.

Unless the Federal Government starts enforcing immigration laws, more and more hospitals will be closing throughout the United States.

Again the Federal Government is the problem for not paying their medical bills in full and not stopping illegal aliens from working in the United States.
 

Health care and illegal immigration TV ad in California

Giving Up California to the Illegal Invaders

With the Federal Reserve rapdily increasing the money supply as measured by M3 (green line)–inflation will soon be coming back as measured by the CPI-U–Consumer Price Index (black line).

m2m3_cpi_money_supply

The result is your own money is worth less as its purchasing power declines.

This is a hidden tax.

Time for the American people to get mad and tell off their Representatives and the Senators.

Time for the Representatives and Senators to earn their pay and actually read the billl, balance the budget and pay down the national debt with budget surpluses and not massive deficits.

Time for the Federal Government to close down entire Departments not expand their budgets and programs.

The Federal Government like families and businesses needs to live within its means.

Reform and save both the Social Security and Medicare programs by letting the American people have ownership over their retirement and health insurance program instead of relying upon the mere promises of the Federal Government.

Stop messing with the American people’s health care insurance plans and running up huge budgetary deficits by spending more than the tax revenues collected each year.

If the progressive radical socialists of the Democratic Party really wanted more competition in the health care insurance market to “keep them honest”,  they would provide the same tax-advantages to individuals that employers have in providing a group plan by making individual premium payments tax deductible.

Next the Federal Government should permit employers to offer as an option of an individual health insurance plan as an alternative to group health insurance.

Health savings accounts should be encouraged with higher annual contribution limits and letting individuals and families with individual health insurance plans to have a health savings account.

These three reforms would encourage more people to become insured that currently elect not to purchase coverage and would address their portability concerns as they move from job to job.

Individuals would be permitted to purchase individual health insurance from companies doing business in any state and not just the state where they call home.

Insurance companies would provide individual plans that could be customized to the needs of the individual and their families.

Act responsibly for a change and keep the Federal Government out of the insurance business.

UPDATED

Like the backloaded stimulus bill, the proposed healthcare bill is also backloaded with most of the cost impact taking place after 2012 with a five year cost of $979 billion or nearly $200 billion per year:

“…It’s important to keep in mind that the most costly aspects of the legislation involve providing subsidies to individuals to purchase health care ($773 billion) and to expand Medicaid ($438 billion), but it takes several years for those provisions to kick in. As you can see from the chart below, that means that the costs start out relatively modest but ramp up over time. In the first three years of the plan the cost of the subsidies and Medicaid expansion is just $8 billion; in the first five years, it’s $202 billion; but in the last five years, it’s $979 billion. Put another way, 17 percent of the spending comes in the first five years, while 83 percent comes in the second five years. What this means is that the American people see $1 trillion over 10 years and they think that means the bill would cost about $100 billion a year — but the reality is more than double that. In the final year of the CBO estimates, 2019, the spending hits $230 billion….”