R. Christopher Whalen: Inflated: How Money and Debt Built the American Dream–Videos
“Whalen is smart. He’s one of the few worthy of your time. Others: Marc Faber, Hugh Hendry, Doug Dachille, David Rosenberg, Howard Davidowitz, James Grant, Peter Schiff, Niall Ferguson, Doug Casey, Jim Rogers.”
Chris Whalen Drops the F-Bomb on Wall Street while sounding the Bankruptcy Alarm
Whalen: Libor Is A Collusive Price Set By Collusive Banks
Whalen: Go Back To The Future To Fight Fraud With Equity Receivers
Value Investing Conference 2010 – Part 4
Inflated: How Money and Debt Built the American Dream | Christopher Whalen
‘Inflated: How Money and Debt Built the American Dream’
Chris Whalen: “The Fed let the real economy go to hell”
Web Extra Chris Whalen: Is JP Morgan blowing hot air with clawbacks? Plus, Natural Gas forecasts
CHRIS WHALEN: “PAPER ASSETS ARE HEADED TO ZERO” 7-6-2010
Christopher Whalen, A New Deal For The American Economy 1/7
Christopher Whalen, A New Deal For The American Economy 2/7
Christopher Whalen, A New Deal For The American Economy 3/7
Christopher Whalen, A New Deal For The American Economy 4/7
Christopher Whalen, A New Deal For The American Economy 5/7
Christopher Whalen, A New Deal For The American Economy 6/7
Christopher Whalen, A New Deal For The American Economy 7/7
American History–Panic of 1893–Videos
Murray Rothbard on Economic Recessions
The Panic of 1893 with Lawrence Reed
William Jennings Bryan’s Cross of Gold Speech
Background Articles and Videos
American Monarchy
The Wizard of Oz and the 1896 Presidential Election
Excerpt from NPR program on the hypothesis that the book, The Wizard of Oz, was based on the 1896 presidential election and the controversy over gold vs. silver as a monetary standard. It might be noted that the hypothesis is still a matter of controversy.
Murray Rothbard vs Nationalization pt2
Anarchism and Terrorism in the 1890s | by Jeff Riggenbach
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Warmonger Obama’s Undeclared And Unconstitutional War With Libya: Approaching Over 1,000 U.S Air Force and Navy Air Strike Sorties By July 4th–Land War Invasion Of Libya This Fall!–BO-Day–Massive Government Interventionist Foreign Policy–To Stop Gaddaffi’s New African Gold Dinar Standard To Replace Fiat Paper U.S. Dollar Standard For Oil!–Videos
Obama Won’t Answer If War Powers Resolution Is Constitutional
Plunder Play by NATO Pirates Real Reason For Invasion of Libya – News Compilation
Good Ol’ Shoe – In Creation [from Wag the Dog]
The Wars Power Act is unconstitutional and only Congress according to the United States Constitution can declare war.
Congress should stop all funding for this undeclared and unconstitutional war.
Why Libya and Why Now?
Oil and Gold!
Libya was attempting to replace the oil for U.S. dollars standard with a new oil for gold standard.
The European and American central bankers could not let this stand.
Both the European Union and the United States are addicted to printing fiat paper money that then can be exchanged for oil.
The oil-producing states was wising up as they see for the Euro and U.S. dollar steadily decline in value as central bankers including the Federal Reserve debase or devalue their currencies.
Libya was a direct threat to these central bankers and the commercial and investment bankers who profit immensely from the current oil for dollars standard.
Thus the power elites of the United States, Great Britain and France decided to take out or replace Gaddafi.
Since Gaddafi decided to stay, a joint invasion of Libya by the United States, Great Britain and France is planned to be launched in the September-October timeframe.
Air attack sorties are ramping up to take out as many command and control and air defense and radar targets as well as military logistics and supply depots before the invasion is launched.
Most American do not believe a word President Obama say and do not trust him.
Only Congress can stop this military invasion cuuting off all appropriations for these military operations and making it clear that what the President is doing is an impeachable defense.
Obama’s wag the dog war in Libya strategy is about to be escalated and Congress does nothing to date to really stop it.
The American people do not want yet another war and both Congress and the President are again ignoring the will of the American people.
Yes, Mr. President this is all about politics and you are doing the bidding of the Wall Street and international bankers by attacking Libya.
Members of Congress and the President can expect to be voted out of office if they continue with the undeclared and unconstitutional war.
AFRICOM: AF, Navy still flying Libya missions
“…Air Force and Navy aircraft are still flying hundreds of strike missions over Libya despite the Obama administration’s claim that American forces are playing only a limited support role in the NATO operation.
An Africa Command (AFRICOM) spokeswoman confirmed Wednesday that since NATO’s Operation Unified Protector (OUP) took over from the American-led Operation Odyssey Dawn on March 31, the U.S. military has flown hundreds of strike sorties. Previously, Washington had claimed that it was mostly providing intelligence, surveillance and reconnaissance (ISR) and tanker support to NATO forces operating over Libya.
“U.S. aircraft continue to fly support [ISR and refueling] missions, as well as strike sorties under NATO tasking,” AFRICOM spokeswoman Nicole Dalrymple said in an emailed statement. “As of today, and since 31 March, the U.S. has flown a total of 3,475 sorties in support of OUP. Of those, 801 were strike sorties, 132 of which actually dropped ordnance.”
A White House report on Libya sent to Congress on June 15 says that “American strikes are limited to the suppression of enemy air defense and occasional strikes by unmanned Predator UAVs against a specific set of targets.” The report also says the U.S. provides an “alert strike package.”
Dalrymple named the Air Force’s F-16CJ and Navy’s EA-18G Growler electronic attack aircraft as the primary platforms that have been suppressing enemy air defenses.
However, those F-16s are not solely drawn from units based in Spangdahlem, Germany.
“…The White House declined to comment on how 801 strike sorties constitutes “limited” involvement, but Harold Koh, a State Department legal adviser, said in testimony before the Senate Foreign Relations Committee on Tuesday that “when U.S forces engage in a limited military mission, that involves limited exposure for U.S. troops, and limited risk of serious escalation, and employs limited military means, we are not in the kind of hostilities of the kind envisioned by the War Powers Resolution.”
He said there have been “no active exchanges of fire with hostile forces” despite AFRICOM’s statement that weapons had been dropped during 132 sorties.
Many in Congress on both sides of the aisle vehemently disagree with the White House’s contention.
Most air assets involved in the campaign are reconnaissance aircraft, including the U-2 high-altitude spy plane, E-8 Joint Surveillance Target Attack Radar System ground surveillance aircraft and the Navy’s P-3C Orion maritime patrol aircraft. The U.S. provides nearly 70 percent of the NATO operation’s ISR capacity, according to the White House report.
Additionally, the Air Force is still providing EC-130J aircraft to the operation to conduct psychological warfare operations by broadcasting coercive messages.
The remaining aircraft operating in the theater are aerial refueling tankers, including KC-10s and KC-135s. The U.S. also provides the majority of the alliance’s tanker capability. …”
U.S. Invasion Of Libya Set For October
“…Infowars.com has received alarming reports from within the ranks of military stationed at Ft. Hood, Texas confirming plans to initiate a full-scale U.S.-led ground invasion in Libya and deploy troops by October.
The source stated that additional Special Forces are headed to Libya in July, with the 1st Calvary Division (heavy armor) and III Corps deploying in late October and early November. Initial numbers are estimated at 12,000 active forces and another 15,000 in support, totaling nearly 30,000 troops.
This information was confirmed by numerous calls and e-mails from other military personnel, some indicating large troop deployment as early as September. Among these supporting sources is a British S.A.S. officer confirming that U.S. Army Rangers are already in Libya. The chatter differs in the details, but the overall convergence is clear– that a full-on war is emerging this fall as Gaddafi continues to evade attempts to remove him from power. …”
http://www.infowars.com/u-s-invasion-of-libya-set-for-october/
Gold, Oil, Africa and Why the West Wants Gadhafi Dead
Muammar Gadhafi’s decision to pursue gold standard and reject dollars for oil payments may have sealed his fate
“… The war raging in Libyasince February is getting progressively worse as NATO forces engage in regime change and worse, an objective to kill Muammar Gadhafi to eradicate his vision of a United Africa with a single currency backed by gold.
Observers say implementing that vision would change the world power equation and threaten Western hegemony. In response, the United States and its NATO partners have determined “Gadhafi must go,” and assumed the role of judge, jury and executioner. …”
“…“The idea, according to Gaddafi, was that African and Muslim nations would join together to create this new currency and would use it to purchase oil and other resources in exclusion of the dollar and other currencies,” said political analyst Anthony Wile in an editorial for The Daily Bell online.
According to the International Monetary Fund, Libya’s Central Bank is 100 percent state-owned and estimates that the bank has nearly 144 tons of gold in its vaults. If Col. Gadhafi changed the purchasing terms of his oil and other Libyan commodities sold on the world market and only accepted gold as payment; a policy like that wouldn’t be welcomed by the power elites who control the world’s central banks. …”
“…Furthermore, pricing oil in something other than the dollar would undercut the pedestal of U.S.. power in the world. Although in trouble, the dollar is the reserve currency based on a deal made with Saudi Arabia in 1971 in which the Saudis, as the world’s largest oil producer, agreed to accept only dollars for oil, Mr. Wile observed.
The Libyan affair has sparked a divide in the world community with the African Union and nations like Venezuela, China and Cuba—and until recently Russia—on one side as voices of reason, caution and respect for international law and honoring the UN mandate which set the parameters for engagement in Libya.
On the other side are war hawkish America, France, Britain and Italy pursuing regime change and actively trying to assassinate Col. Gadhafi, though they deny that aim. …”
http://www.finalcall.com/artman/publish/World_News_3/article_7886.shtml
Gaddafi control holds nearly 144 tons of gold – Libya has the 25th largest gold reserves in the world.
“…According to the latest figures of the International Monetary Fund IMF, Central Bank of Libya under Gaddafi control holds nearly 144 tons of gold. Some of the information, said the exact number may be higher than several tons.
144 tons of gold with this, Libya is ranked number 25 among the country’s largest gold reserves in the world, worth over 6.5 billion dollars at the present time, sufficient to pay for a moderate forces in the several months or even years.
While central banks in many countries often gold reserves in London, New York or Switzerland, the Libyan back now hiding in their countries. Its people are also familiar with the exchange on the bullion market.
Although the U.S. and Europe have frozen billions of dollars of assets in Libya as a punishment, to influence the central bank and national oil companies, but still enough gold reserves to Gaddafi a way of life, if that can be sold. To sell at bargain prices, Colonel Gaddafi will certainly have to move the gold out of Libya.
Before the fighting took place, the gold is stored at the central bank in the capital Tripoli. Tuy However, since then, it can be moved to another location, such as the eastern city of Sebha, near the border with Niger and Chad.
The political instability in the Middle East, besides contributing to raising the gold price to a record $ 1,444 an ounce, also confirmed that the value of gold does not depend on a regime that holds it. …”
Gaddafi gold-for-oil, dollar-doom plans behind Libya ‘mission’?
The Truth On Why The US Invaded Libya China Moving To Gold Standard Libya Was Too
Judge Andrew Napolitano ~ Going Down Roman Road of Decline Fast 6/27/11
END WAR Ron Paul: BO Is A Warmonger Expanding War Who Endorses Assassination & Loves The Patriot Act
WAR POWERS ACT – RON PAUL & THE CONSTITUTION vs. THE TYRANT OBAMA
Should Congress Cut All Funding For War In Libya?
Illegal War in Yemen! Warmonger OBAMA MUST BE STOPPED!! IMPEACH OBAMA NOW!!!
NATO Preparing Ground War in Libya
Obama To Launch Full Scale Ground War In Libya On September/October 1/2
Obama To Launch Full Scale Ground War In Libya On September/October 2/2
Footage of F-16 Aircrafts return to Aviano Air Force Base, Italy, on March 20, 2011, after supporting Operation Odyssey Dawn. Joint Task Force Dawn is the U.S. Africa Command task force established to provide operational and tactical command and control of U.S. military forces supporting the international response to the unrest in Libya and enforcement of United Nations Security Council Resolution (UNSCR) 1973. UNSCR 1973 authorizes all necessary measures to protect civilians in Libya under threat of attack by Qadhafi regime forces. JTF Odyssey Dawn is commanded by U.S. Navy Admiral Samuel J. Locklear, III. Provided by Combat Camera Detachment USEUCOM.
Video of F16 mid-air refueling as jets enforce Libya no-fly zone
NATO Allied Spanish Air Force F-18’s Take Off From Naval Air Station Sigonella
F-18 fighter jets take off from Aviano
Fueling the Air Attack in Libya, US Forces Pt 1 of 2
Video and interviews of 126th Air Refueling Wing preparing for deployment to Libya in support of Operation Odyssey Dawn. They will assist in the logistics of keeping the aircraft attacking targets in Libya flying. Pt 2 of 2.
If you like this video take a look at some of the over 2500+ other videos with 13.7 million views on this channel!. You can also find us on FaceBook at “military videos” and Twitter at “3rdID8487”.
Fueling the Air Attack in Libya, US Forces Pt 2 of 2
Video and interviews of 126th Air Refueling Wing preparing for deployment to Libya in support of Operation Odyssey Dawn. They will assist in the logistics of keeping the aircraft attacking targets in Libya flying. Pt 2 of 2.
If you like this video take a look at some of the over 2500+ other videos with 13.7 million views on this channel!. You can also find us on FaceBook at “military videos” and Twitter at “3rdID8487”.
Aerial Refueling
Background Articles and Videos
Lyndon LaRouche: War is Globalist Favorite Tool of Choice for Poplutation Reduction 1/4
Lyndon LaRouche: War is Globalist Favorite Tool of Choice for Poplutation Reduction 2/4
Lyndon LaRouche: War is Globalist Favorite Tool of Choice for Poplutation Reduction 3/4
Lyndon LaRouche: War is Globalist Favorite Tool of Choice for Poplutation Reduction 4/4
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Joseph T. Salerno–Lectures On The History and Theory of the Austrian School of Economics–Videos
Forerunners of the Austrian School: French Liberal School | by Joseph T. Salerno (Lecture 1 of 10)
The Origin and Decline of the Austrian School | by Joseph T. Salerno (Lecture 2 of 10)
The Revival of the Austrian School: Mises and Rothbard | by Joseph T. Salerno (Lecture 3 of 10)
The Theory of Monopoly Price: From Menger to Rothbard | by Joseph T. Salerno (Lecture 4 of 10)
Modern Monetary Theory: The Austrian Contribution | by Joseph T. Salerno (Lecture 5 of 10)
Keynes and the “New Economics” of Fascism | by Joseph T. Salerno [Lecture 6 of 10]
The Chicago School: Libertarian or Jacobin? | by Joseph T. Salerno (Lecture 7 of 10)
The Debate on the Socialist Calculation Debate | by Joseph T. Salerno (Lecture 8 of 10)
Money and Gold in the 1920s and 1930s | by Joseph T. Salerno (Lecture 9 of 10)
The Gold Standard in Theory and Myth | by Joseph T. Salerno (Lecture 10 of 10)
Related Posts On Pronk Palisades
Economists
The Battle For The World Economy–Videos
Frederic Bastiat–The Law–Videos
Walter Block–Videos
Walter Block–Introduction To Libertarianism–Videos
Hunter Lewis–Where Keynes Went Wrong–Videos
Thomas DiLorenzo–The Economic Model of the Fascist State–Videos
Richard Ebeling–America’s New Road to Serfdom and the Continuing Relevance of Austrian Economics –Videos
Milton Friedman–Videos
Milton Friedman–Capitalism and Freedom–Videos
Milton Friedman On Business–Videos
Milton Friedman On Education–Videos
Milton Friedman On Monetary Policy–Videos
Milton Friedman–Debate In Iceland–Videos
Milton Friedman–Free To Choose–On Donahue –Videos
Milton Friedman–Economic Myths–Videos
Paul Edward Gottfried–Fascism, Anti-Fascism, and the Welfare State–Videos
David Gordon–Five Best Books on the Current Crisis–Video
David Gordon–The Confused Literature of Globalization–Videos
Friedrich Hayek–Videos
Friedrich A. Hayek–Interviews–Videos
Inside the Hayek Equation: An Interview with Friedrich von Hayek–Video
An Interview with Friedrich Hayek–Videos
Henry Hazlitt–Economics In One Lesson–Videos
Robert Higgs–The Complex Path of Ideological Change–Videos
Robert Higgs–The Great Depression and the Current Recession–Videos
Robert Higgs–Why Are Politicians Always Trying to Scare Us?–Videos
Jörg Guido Hülsmann–The Ethics of Money Production–Videos
Jörg Guido Hülsmann–The Life and Work of Ludwig von Mises–Videos
Israel Kirzner–On Entrepreneurship–Vidoes
Paul Krugman–Videos
Hunter Lewis–Where Keynes Went Wrong–Videos
Liberal Fascism–Jonah Goldberg–Videos
Dan Mitchell–Videos
Ludwig von Mises–Videos
Robert P. Murphy–Videos
Robert P. Murphy–Government Stimulus: Repeating the mistakes of the Great Depression–Videos
Gary North–Keynes and His Influence–Take The North Challenge–Videos
The Fountainhead, Atlas Shrugged and The Ideas of Ayn Rand
George Gerald Reisman–Why Nazism Was Socialism and Why Socialism Is Totalitarian–Videos
Paul Craig Roberts–How The Economy Was Lost–The War Of The Worlds–Videos
Paul Craig Roberts–Peak Jobs–Videos
Llewellyn H. Rockwell, Jr–How Empires Bamboozle the Bourgeoisie–Videos
Murray Rothbard–Videos
Murray Rothbard–A History of Money and Banking in The United States–Videos
Murray Rothbard–The American Economy and the End of Laissez-Faire: 1870 to World War II–Videos
Murray Rothbard–The Case Against The Fed–Videos
Murray N. Rothbard–Introduction to Economics: A Private Seminar–Videos
Murray Rothbard–Libertarianism–Video
Rothbard On Keynes–Videos
Murray Rothbard– What Has Government Done to Our Money?–Videos
Peter Schiff–Videos
Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!
Larry Sechrest–The Anticapitalists: Barbarians at the Gate–Videos
L. William Seidman on The Economic Crisis: Causes and Cures–Videos
Amity Shlaes–Videos
Julian Simon–Videos
Julian Simon–The Ultimate Resource II: People, Materials, and Environment–Videos
Thomas Sowell and Conflict of Visions–Videos
Thomas Sowell On The Housing Boom and Bust–Videos
Econ Talk With Thomas Sowell–Videos
Peter Thiel–Videos
Thomas E. Woods, Jr.–Videos
Thomas E. Woods–The Calamity of Anti-Capitalism: A Brief American History–Video
Thomas E. Woods–The Economic Crisis and The Federal Reserve–Videos
Thomas Woods–The Great Depression, World War II, and American Prosperity–Videos
Tom Woods–Lectures On Liberty–Videos
Thomas E. Woods–The Market Economy–Videos
Tom Woods On Personal Rights and Property Ownership
Tom Woods–Smashing Myths and Restoring Sound Money–Videos
Tom Woods–Who Killed The Constitution
Tom Wright On The FairTax–Videos
Banking Cartel’s Public Relations Campaign Continues:Federal Reserve Chairman Ben Bernanke On The Record
Read Full Post | Make a Comment ( None so far )Printing More Money (Quantitative Easing) and The Coming Currency War and Decline In The Purchasing Power of The U.S. Dollar–Robbing The American People–Videos
“True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.”
“The gold standard alone makes the determination of moneys purchasing power independent of the ambitions and machinations of governments, of dictators, of political parties, and of pressure groups.”
~Ludwig von Mises
Jim Rogers Currency Wars
“IMF Meeting Stokes Fear of Currency War”
Grant Says Quantitative Easing Is Just Money Printing: Video
Global Currency War Brewing
Is The World On The Verge Of A Currency War?
Daniel Rosen: Currency War
IMF Meeting Stokes Fear of Currency War
Webster Tarpley: “There’s a currency war!”
Heller Says `Very Difficult’ for Fed to Boost Growth: Video
Feldstein Predicts Dollar to Weaken, Boosting Exports: Video
Japan cooperates with US on international currency issues – NHK 101010
US House committee approves China currency bill – NHK 100925
US criticizes China, Japan over currency interventions – NHK 100917
Clyde Prestowitz discusses valuation of Chinese currency
Mar 24 10 Hearing on China’s Exchange Rate Policy, C. Fred Bergsten Opening Statement
Mar 24 10 Hearing on China’s Exchange Rate Policy, Clyde Prestowitz Opening Statement
The Truth About The Economy: Total Collapse
Ron Paul in September 14, 2007
The Federal Reserve System is a banking cartel that benefits the large banks at the expense of the American people.
Cartel economists and so-called experts cannot replace the market by attempting to fix the price of money or the dollar.
Abolish the Federal Reserve System.
Abolish fiat paper currency.
Establish a new United States currency backed by gold.
Milton Friedman on Monetary Policy – 1/3
Milton Friedman on Monetary Policy – 2/3
Milton Friedman on Monetary Policy – 3/3
This is necessary to stop the financing of massive Federal Government deficits by the Federal Reserve that is purchasing U. S. Treasury bills and notes with Federal Reserve Notes by printing money or the monetarization of government debt.
Money printing or quantitative easing decreases the purchasing power of the money supply–debasing of the currency– robbing the American people.
Will the Federal Reserve System and fiat paper money be abolished?
Not any time soon.
The result will first be a longer and deeper recession lasting well into 2013.
In 2013 the Federal Reserve System will be 100 years old.
The Federal Reserves System will celebrate by achieving by then the devaluation of the dollar by 99%.
In other words one dollar in 1913 will be worth 1 cent.
If this is monetary stability, one wonders what inflation really is.
Time to do away the Federal Reserve System for incompetence.
I do not expect unemployment rate to fall below 8% for U-3 until 2013 at the earliest.
As the unemployment slowly declines in 2011 and 2012, there will be at first a gradual increase in the general price level that will accelerate in 2013.
This will be due the inability of the Federal Reserve to reverse quickly enough its very aggressive expansive monetary policy.
In 2011 and 2012 import prices will rise as the Federal Reserve attempts to devalue the dollar compared with other national currencies in an attempt to expand exports by making them cheaper.
The price of a gallon gasoline in the United States will first rise above $3 in 2011 and $4 in 2012 mainly due to the devaluation of the U.S. dollar.
As Communist China gradually lets the value of its currency rise in value relative to the U.S. dollar, exports from China will rise in price. This means higher prices for goods imported into the U.S. from China.
The decline in the value or purchasing power of the dollar in 2011 and 2012 combined with unemployment rates exceeding 8% will mean further losses for the Democratic Party in 2012 including the Presidency.
The American people are rightfully mad as hell at the ruling class and political elites in Washington D.C.
Ron Paul on the Federal Reserve and Government Deficit Spending
The Gold Standard in Theory and Myth by Joseph Salerno
“The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments.”
“Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.”
~Ludwig von Mises
9. Consolidated Statement of Condition of All Federal Reserve Banks
Assets, liabilities, and capital | Eliminations from consolidation |
Wednesday Oct 6, 2010 |
Change since | |
---|---|---|---|---|
Wednesday Sep 29, 2010 |
Wednesday Oct 7, 2009 |
|||
Assets | ||||
Gold certificate account | 11,037 | 0 | 0 | |
Special drawing rights certificate account | 5,200 | 0 | 0 | |
Coin | 2,114 | + 3 | + 124 | |
Securities, repurchase agreements, term auction credit, and other loans |
2,101,199 | + 7,113 | + 216,329 | |
Securities held outright 1 | 2,051,716 | + 7,403 | + 456,429 | |
U.S. Treasury securities | 819,072 | + 7,403 | + 49,887 | |
Bills 2 | 18,423 | 0 | 0 | |
Notes and bonds, nominal 2 | 752,832 | + 7,390 | + 52,364 | |
Notes and bonds, inflation-indexed 2 | 42,318 | 0 | – 2,270 | |
Inflation compensation 3 | 5,499 | + 13 | – 207 | |
Federal agency debt securities 2 | 154,105 | 0 | + 20,294 | |
Mortgage-backed securities 4 | 1,078,539 | 0 | + 386,248 | |
Repurchase agreements 5 | 0 | 0 | 0 | |
Term auction credit | 0 | 0 | – 178,379 | |
Other loans | 49,483 | – 290 | – 61,721 | |
Net portfolio holdings of Commercial Paper Funding Facility LLC 6 |
0 | 0 | – 41,059 | |
Net portfolio holdings of Maiden Lane LLC 7 | 28,510 | + 40 | + 2,206 | |
Net portfolio holdings of Maiden Lane II LLC 8 | 15,674 | – 201 | + 1,213 | |
Net portfolio holdings of Maiden Lane III LLC 9 | 22,782 | – 258 | + 2,616 | |
Net portfolio holdings of TALF LLC 10 | 601 | 0 | + 601 | |
Preferred interests in AIA Aurora LLC and ALICO Holdings LLC 11 |
26,057 | + 324 | + 26,057 | |
Items in process of collection | (84) | 463 | + 98 | + 310 |
Bank premises | 2,222 | – 7 | + 1 | |
Central bank liquidity swaps 12 | 61 | 0 | – 49,770 | |
Other assets 13 | 95,313 | + 2,248 | + 11,389 | |
Total assets | (84) | 2,311,231 | + 9,358 | + 170,016 |
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 9. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Assets, liabilities, and capital | Eliminations from consolidation |
Wednesday Oct 6, 2010 |
Change since | |
---|---|---|---|---|
Wednesday Sep 29, 2010 |
Wednesday Oct 7, 2009 |
|||
Liabilities | ||||
Federal Reserve notes, net of F.R. Bank holdings | 918,609 | + 4,849 | + 42,489 | |
Reverse repurchase agreements 14 | 64,440 | – 2,930 | + 1,540 | |
Deposits | (0) | 1,253,413 | + 6,593 | + 113,645 |
Term deposits held by depository institutions | 2,119 | 0 | + 2,119 | |
Other deposits held by depository institutions | 1,000,014 | + 15,875 | + 33,477 | |
U.S. Treasury, general account | 49,530 | – 8,299 | + 18,525 | |
U.S. Treasury, supplementary financing account | 199,962 | + 1 | + 70,006 | |
Foreign official | 1,345 | – 1,066 | – 540 | |
Other | (0) | 444 | + 84 | – 9,940 |
Deferred availability cash items | (84) | 2,598 | + 410 | – 182 |
Other liabilities and accrued dividends 15 | 15,029 | + 91 | + 6,468 | |
Total liabilities | (84) | 2,254,089 | + 9,014 | + 163,961 |
Capital accounts | ||||
Capital paid in | 26,687 | + 1 | + 1,798 | |
Surplus | 25,881 | + 6 | + 4,500 | |
Other capital accounts | 4,575 | + 338 | – 242 | |
Total capital | 57,142 | + 344 | + 6,055 |
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight and term securities lending facilities; refer to table 1A.
2.Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
11. Refer to table 8.
14. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 10.
Minutes of the Federal Open Market Committee September 21, 2010″…At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the System Account in accordance with the following domestic policy directive:
“The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to 1/4 percent. The Committee directs the Desk to maintain the total face value of domestic securities held in the System Open Market Account at approximately $2 trillion by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities. The System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System’s balance sheet that could affect the attainment over time of the Committee’s objectives of maximum employment and price stability.”
The vote encompassed approval of the statement below to be released at 2:15 p.m.:
“Information received since the Federal Open Market Committee met in August indicates that the pace of recovery in output and employment has slowed in recent months. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts are at a depressed level. Bank lending has continued to contract, but at a reduced rate in recent months. The Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be modest in the near term.Measures of underlying inflation are currently at levels somewhat below those the Committee judges most consistent, over the longer run, with its mandate to promote maximum employment and price stability. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to remain subdued for some time before rising to levels the Committee considers consistent with its mandate.The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period. The Committee also will maintain its existing policy of reinvesting principal payments from its securities holdings.The Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.”
Voting for this action: Ben Bernanke, William C. Dudley, James Bullard, Elizabeth Duke, Sandra Pianalto, Eric Rosengren, Daniel K. Tarullo, and Kevin Warsh.Voting against this action: Thomas M. Hoenig.Mr. Hoenig dissented, emphasizing that the economy was entering the second year of moderate recovery and that, while the zero interest rate policy and “extended period” language were appropriate during the crisis and its immediate aftermath, they were no longer appropriate with the recovery under way. Mr. Hoenig also emphasized that, in his view, the current high levels of unemployment were not caused by high interest rates but by an extended period of exceptionally low rates earlier in the decade that contributed to the housing bubble and subsequent collapse and recession. He believed that holding rates artificially low would invite the development of new imbalances and undermine long-run growth. He would prefer removing the “extended period” language and thereafter moving the federal funds rate upward, consistent with his views at past meetings that it approach 1 percent, before pausing to determine what further policy actions were needed. Also, given current economic and financial conditions, Mr. Hoenig did not believe that continuing to reinvest principal payments from SOMA securities holdings was required to support the Committee’s policy objectives.It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, November 2-3, 2010. The meeting adjourned at 1:10 p.m. on September 21, 2010. …”
http://www.federalreserve.gov/monetarypolicy/fomcminutes20100921.htm
Background Articles and Videos
Marc-Faber– FedsPrinting to Create Final Crisis 8-3-2010
Quantitative easing
Marc Faber Sees Fed Introducing `Massive’ Quantitative Easing
Ron Paul: If You Care About The Poor You Have To Look At Monetary Policy
The Gold Standard Before the Civil War | Murray N. Rothbard
Monetary Policy, Deflation, And Quantitative Easing
“…Aren’t the excess bank reserves inflationary?
Potentially yes, but currently no. Even though banks are earning a meager 25 basis points on their reserves, that is not sufficient incentive to keep large quantities of excess reserves uninvested or unloaned. As they were in the mid-1930s, massive excess reserves are the result of banker fear and uncertainty. The banking system has been saved, but it hasn’t been made whole yet. Bankers continue to worry about reserve levels and liquidity levels and capital levels. They are willing to lend, but only very conservatively to credit-worthy borrowers. Also, much of the slowdown in bank lending comes from low demand for loans by highly qualified borrowers.
The idea that the excess reserves held on banks’ balance sheets should be “mopped up” to prevent them being used in inflationary ways later is a very dangerous idea. They are there voluntarily because bankers feel they are needed. To remove them would cause further bank retrenchment, as it did in the 1930s when the Fed decided to “mop up” the excess reserves of that time.
As the economy and confidence improves, banks will begin using their excess reserves more aggressively. At that point, the Fed will have to be very careful not to stifle that desirable activity on the one hand or let it get out of hand and become inflationary on the other hand. Since they have lots of good, two-handed economists, I think they can pull it off. ..”
http://www.dailymarkets.com/economy/2010/07/30/monetary-policy-deflation-and-quantitative-easing/
The Founding of the Federal Reserve | Murray N. Rothbard
If you work to earn money you need to watch this
Quantitative Easing
“…The term quantitative easing (QE) describes a monetary policy used by central banks to increase the supply of money by increasing the excess reserves of the banking system. This policy is usually invoked when the normal methods to control the money supply have failed, i.e the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.
A central bank implements QE by first crediting its own account with money it creates ex nihilo (“out of nothing”).[1] It then purchases financial assets, including government bonds, agency debt, mortgage-backed securities and corporate bonds, from banks and other financial institutions in a process referred to as open market operations. The purchases, by way of account deposits, give banks the excess reserves required for them to create new money, and thus hopefully induce a stimulation of the economy, by the process of deposit multiplication from increased lending in the fractional reserve banking system.
Risks include the policy being more effective than intended, spurring hyperinflation, or the risk of not being effective enough, if banks opt simply to sit on the additional cash in order to increase their capital reserves in a climate of increasing defaults in their present loan portfolio.[1]
“Quantitative” refers to the fact that a specific quantity of money is being created; “easing” refers to reducing the pressure on banks.[2] However, another explanation is that the name comes from the Japanese-language expression for “stimulatory monetary policy”, which uses the term “easing”.[3] Quantitative easing is sometimes colloquially described as “printing money” although in reality the money is simply created by electronically adding a number to an account. Examples of economies where this policy has been used include Japan during the early 2000s, and the United States, the United Kingdom and the Eurozone during the global financial crisis of 2008–the present, since the programme is suitable for economies where the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero.
Concept
Ordinarily, the central bank uses its control of interest rates, or sometimes reserve requirements, to indirectly influence the supply of money.[1] In some situations, such as very low inflation or deflation, setting a low interest rate is not enough to maintain the level of money supply desired by the central bank, and so quantitative easing is employed to further boost the amount of money in the financial system.[1] This is often considered a “last resort” to increase the money supply.[4][5] The first step is for the bank to create more money ex nihilo (“out of nothing”) by crediting its own account. It can then use these funds to buy investments like government bonds from financial firms such as banks, insurance companies and pension funds,[1] in a process known as “monetising the debt“.
For example, in introducing its QE programme, the Bank of England bought gilts from financial institutions, along with a smaller amount of relatively high-quality debt issued by private companies.[6] The banks, insurance companies and pension funds can then use the money they have received for lending or even to buy back more bonds from the bank. The central bank can also lend the new money to private banks or buy assets from banks in exchange for currency.[citation needed] These have the effect of depressing interest yields on government bonds and similar investments, making it cheaper for business to raise capital.[7] Another side effect is that investors will switch to other investments, such as shares, boosting their price and thus creating the illusion of increasing wealth in the economy.[6] QE can reduce interbank overnight interest rates, and thereby encourage banks to loan money to higher interest-paying and financially weaker bodies.
More specifically, the lending undertaken by commercial banks is subject to fractional-reserve banking: they are subject to a regulatory reserve requirement, which requires them to keep a percentage of deposits in “reserve”,[citation needed]: these can only be used to settle transactions between them and the central bank.[7] The remainder, called “excess reserves”, can (but does not have to be) be used as a basis for lending. When, under QE, a central bank buys from an institution, the institution’s bank account is credited directly and their bank gains reserves.[6] The increase in deposits from the quantitative easing process causes an excess in reserves and private banks can then, if they wish, create even more new money out of “thin air” by increasing debt (lending) through a process known as deposit multiplication and thus increase the country’s money supply. The reserve requirement limits the amount of new money. For example a 10% reserve requirement means that for every $10,000 created by quantitative easing the total new money created is potentially $100,000. The US Federal Reserve‘s now out-of-print booklet Modern Money Mechanics explains the process.
A state must be in control of its own currency and monetary policy if it is to unilaterally employ quantitative easing. Countries in the eurozone (for example) cannot unilaterally use this policy tool, but must rely on the European Central Bank to implement it.[citation needed] There may also be other policy considerations. For example, under Article 123 of the Treaty on the Functioning of the European Union[7] and later the Maastricht Treaty, EU member states are not allowed to finance their public deficits (debts) by simply printing the money required to fill the hole, as happened, for example, in Weimar Germany and more recently in Zimbabwe.[1] Banks using QE, such as the Bank of England, have argued that they are increasing the supply of money not to fund government debt but to prevent deflation, and will choose the financial products they buy accordingly, for example, by buying government bonds not straight from the government, but in secondary markets.[1][7]
HistoryQuantitative easing was used unsuccessfully[8] by the Bank of Japan (BOJ) to fight domestic deflation in the early 2000s.[9] During the global financial crisis of 2008–the present, policies announced by the US Federal Reserve under Ben Bernanke to counter the effects of the crisis are a form of quantitative easing. Its balance sheet expanded dramatically by adding new assets and new liabilities without “sterilizing” these by corresponding subtractions. In the same period the United Kingdom used quantitative easing as an additional arm of its monetary policy in order to alleviate its financial crisis.[10][11][12]
The European Central Bank (ECB) has used 12-month long-term refinancing operations (a form of quantitative easing without referring to it as such) through a process of expanding the assets that banks can use as collateral that can be posted to the ECB in return for Euros. This process has led to bonds being “structured for the ECB”[13]. By comparison the other central banks were very restrictive in terms of the collateral they accept: the US Federal Reserve used to accept primarily treasuries (in the first half of 2009 it bought almost any relatively safe dollar-denominated securities); the Bank of England applied a large haircut.
In Japan’s case, the BOJ had been maintaining short-term interest rates at close to their minimum attainable zero values since 1999. With quantitative easing, it flooded commercial banks with excess liquidity to promote private lending, leaving them with large stocks of excess reserves, and therefore little risk of a liquidity shortage.[14] The BOJ accomplished this by buying more government bonds than would be required to set the interest rate to zero. It also bought asset-backed securities and equities, and extended the terms of its commercial paper purchasing operation.[15]
RisksQuantitative easing is seen as a risky strategy that could trigger higher inflation than desired or even hyperinflation if it is improperly used and too much money is created.
Quantitative easing runs the risk of going too far. An increase in money supply to a system has an inflationary effect by diluting the value of a unit of currency. People who have saved money will find it is devalued by inflation; this combined with the associated low interest rates will put people who rely on their savings in difficulty. If devaluation of a currency is seen externally to the country it can affect the international credit rating of the country which in turn can lower the likelihood of foreign investment. Like old-fashioned money printing, Zimbabwe suffered an extreme case of a process that has the same risks as quantitative easing, printing money, making its currency virtually worthless.[1]
…”
http://en.wikipedia.org/wiki/Quantitative_easing
Federal Open Market Committee
“…About the FOMCThe term “monetary policy” refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.The Federal Reserve controls the three tools of monetary policy–open market operations, the discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.
Structure of the FOMC
The Federal Open Market Committee (FOMC) consists of twelve members–the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options.The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve System and chapter 2 of Purposes & Functions of the Federal Reserve System.
2010 Members of the FOMC
- Members
- Ben S. Bernanke, Board of Governors, Chairman
- William C. Dudley, New York, Vice Chairman
- James Bullard, St. Louis
- Elizabeth A. Duke, Board of Governors
- Thomas M. Hoenig, Kansas City
- Sandra Pianalto, Cleveland
- Sarah Bloom Raskin, Board of Governors
- Eric S. Rosengren, Boston
- Daniel K. Tarullo, Board of Governors
- Kevin M. Warsh, Board of Governors
- Janet L. Yellen, Board of Governors …”
http://www.federalreserve.gov/monetarypolicy/fomc.htm
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
Why Chinese Currency Manipulation Is America’s Fault April 15, 2010
“…Unfortunately, the token appreciation that is probably now in store won’t help very much. For one thing, Beijing has played this game before. China first started diversifying its currency reserves away from the dollar (which weakens currency manipulation) in July 2005, and from then until July 2008 allowed the yuan to rise from 8.28 to the dollar to 6.83, where it has since been held nearly steady. But this appreciation, while showcased by China, was purely nominal; after adjusting for inflation, the change was far smaller: about two percent.
How does China manipulate its currency? Mainly by preventing its exporters from using the dollars they earn as they wish. Instead, they are required to swap them for domestic currency at China’s central bank, which then “sterilizes” them by spending them on U.S. Treasury securities (and increasingly other, higher-yielding, investments) rather than U.S. goods. As a result, the price of dollars is propped up — which means the price of yuan is pushed down — by a demand for dollars which doesn’t involve buying American exports.
The amounts involved are astronomical: as of 2008, China’s accumulated dollar-denominated holdings amounted to $1.7 trillion, an astonishing 40 percent of China’s GDP. The China Currency Coalition estimated in 2005 that the yuan was undervalued by 40 percent; past scholarly estimates have ranged from 10 to 75 percent.
Why is this America’s fault? Because China’s currency is manipulated relative to our own only because we permit it, as there is no law requiring us to sell China our bonds and other assets. We could, in fact, end this manipulation at will. All we would need to do is bar China’s purchases, or just tax them to death.
This would be neither an extreme nor an unprecedented move. It is roughly what the Swiss did in 1972, when economic troubles elsewhere in the world generated an excessive flow of money seeking refuge in Swiss franc-denominated assets. This drove up the value of the franc and threatened to make Swiss manufacturing internationally uncompetitive. To prevent this, the Swiss government imposed a number of measures to dampen foreign investment demand for francs, including a ban on the sale of franc-denominated bonds, securities, and real estate to foreigners. Problem solved. (It did not even damage Switzerland’s standing as an international financial center, a key worry at the time.) …”
“…So the real underlying problem is that America doesn’t generate enough savings on its own to meet its voracious appetite for borrowing. China’s savings rate, thanks to deliberate suppression by the Chinese government of its people’s opportunities to spend what they earn, is an astonishing 50 percent. Ours was negative four percent in the last Federal Reserve report on the subject. We are—Oh, how Mao would have loved this!—decadent. …”
http://seekingalpha.com/article/198825-why-chinese-currency-manipulation-is-americas-fault
Fiat Empire–Why The Federal Reserve Violates The U.S. Constitution–Videos
http://blog.mises.org/7550/the-slow-systematic-destruction-of-the-dollars-purchasing-power/
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Read Full Post | Make a Comment ( None so far )Gold Standard And Sound Money–Videos
Ludwig von Mises
“Sound money still means today what it meant in the nineteenth century: the gold standard.”
The Theory of Money and Credit, page 490
“The gold standard has one tremendous virtue: the quantity of the money supply, under the gold standard, is independent of the policies of governments and political parties. This is its advantage. It is a form of protection against spendthrift governments.”
Economic Policy, page 65
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Gold, Peace, and Prosperity [Part 2]
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Ludwig von Mises
“Inflationism, however, is not an isolated phenomenon. It is only one piece in the total framework of politico-economic and socio-philosophical ideas of our time. Just as the sound money policy of gold standard advocates went hand in hand with liberalism, free trade, capitalism and peace, so is inflationism part and parcel of imperialism, militarism, protectionism, statism and socialism.”
On the Manipulation of Money and Credit, page 48
“Every nation, whether rich or poor, powerful or feeble, can at any hour once again adopt the gold standard.”
Omnipotent Government, page 252
Background Articles and Videos
The Shrinking Value of the Dollar
The CPI inflation calculator uses the average Consumer Price Index for a given calendar year. This data represents changes in prices of all goods and services purchased for consumption by urban households. This index value has been calculated every year since 1913. For the current year, the latest monthly index value is used. In 2008, for example, it took $21.57 to buy what $1 bought in 1913. Note that in 1920, it cost $2.02, and declined in 1925 and through the 1930s, illustrating the effect of the Great Depression, when prices slumped. Prices did not pass $2 again until 1950.
Year | Amount it took to equal $1 in 1913 |
---|---|
1913 | $1.00 |
1920 | 2.02 |
1925 | 1.77 |
1930 | 1.69 |
1935 | 1.38 |
1940 | 1.41 |
1945 | $1.82 |
1950 | 2.43 |
1955 | 2.71 |
1960 | 2.99 |
1965 | 3.18 |
1970 | 3.92 |
1975 | $5.43 |
1980 | 8.32 |
1985 | 10.87 |
1990 | 13.20 |
1995 | 15.39 |
2000 | 17.39 |
2001 | $17.89 |
2002 | 18.17 |
2003 | 18.59 |
2004 | 19.08 |
2005 | 19.73 |
2006 | 20.18 |
2007 | 20.94 |
2008 | 21.57 |
Sound Money vs. Fiat Money -Bob Chapman on Economics 101
Austrian Monetary Economics
FDR Ends Gold Standard in 1933
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Economics and Moral Courage
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Lew Rockwell
“…Llewellyn Harrison Rockwell, Jr. (born July 1, 1944, Boston), widely known as Lew Rockwell, is an American libertarian political commentator, activist, proponent of the Austrian School of economics, and chairman of the Ludwig von Mises Institute. …”
“…In 1982, Rockwell founded the Mises Institute in Auburn, Alabama and was its president until the summer of 2009, when he transitioned to the position of Chairman of the Board.[6] He also is Vice President of the Center for Libertarian Studies in Burlingame, California and publisher of the political weblog LewRockwell.com.
Rockwell was closely associated with his teacher and colleague Murray Rothbard until Rothbard’s death in 1995. Rockwell’s political ideology, like Rothbard’s in his later years, combines a form of anarcho-capitalism with cultural conservatism and the Austrian School of economics. He also advocates federalist concepts as a means of promoting freedom from central government, and also advocates secession for the same political decentralist reasons. Rockwell has called environmentalism “[a]n ideology as pitiless and Messianic as Marxism.”[7]
Paleolibertarianism
In 1985, he was named a contributing editor to Conservative Digest.[8] During the 1990s Rothbard, Rockwell and others described their views as paleolibertarian[9], but Rockwell no longer uses the term to describe his ideas.[10] Jean Hardisty, founder of Political Research Associates, wrote in 1999 that Rockwell was one of the most influential proponents of the paleoconservative faction of “right-wing libertarianism.”[11]
LewRockwell.com
Lew Rockwell’s web site features a selection of articles, including opposition to war and imperialism along with occasional articles criticizing the presidency of Abraham Lincoln.[12] The site also carries essays which argue against the participation of the United States in the Second World War, speculation about an end of the United States as a cohesive union and assertions the Western world is threatened by an intersection of fascism and socialism alike as politicians and states centralize their power.[13][14][15] These writings are sometimes controversial and have brought harsh criticism from some on the political right.[16][17] As of August 21, 2008, his web site also provides a daily podcast on weekdays featuring interviews with scholars, including many affiliated with the Mises Institute. …”
http://en.wikipedia.org/wiki/Lew_Rockwell
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