The Fed’s Long and Winding Road Back To A Normal Monetary Policy Starting in June 2015 With a .75% Increase in The Federal Fund’s Interest Rate Target — Two Years Too Late — Yeah, Yeah, Yeah, Yeah — Imagine, Stand By Me — Videos

Posted on March 19, 2015. Filed under: American History, Banking, British History, College, Communications, Documentary, Economics, Education, Employment, Energy, European History, Faith, Family, Federal Government Budget, Fiscal Policy, government spending, history, Investments, Law, liberty, Life, Links, Macroeconomics, Monetary Policy, Money, Money, Music, Natural Gas, Natural Gas, Oil, Oil, People, Philosophy, Photos, Politics, Press, Radio, Raves, Regulations, Resources, Strategy, Talk Radio, Tax Policy, Taxes, Unemployment, Video, Water, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Pronk Pops Show 428: March 17, 2015 

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Pronk Pops Show 407: January 30, 2015

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Pronk Pops Show 392: December 19, 2014

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Story 1: The Fed’s Long and Winding Road Back To A Normal Monetary Policy Starting in June 2015 With a .75% Increase in The Federal Fund’s Interest Rate Target — Two Years Too Late — Yeah, Yeah, Yeah, Yeah — Imagine, Stand By Me — Videos

Marriner_S._Eccles_Federal_Reserve_Board_Building

Janet Yellennot completeFederal Reserve Board Of Governors Commemorates 100th Anniversary Of Federal Reserve Act
stay the3 course

new york fedfederal funds rate

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

The Beatles – The Long And Winding Road

Federal Reserve Open Committee – March 2015 Meeting

Jim Rickards on Fed Chair Janet Yellen and The Strong Dollar

Peter Schiff on Weak Economy, Fed, Inflation, Asset Bubbles

Peter Schiff on The Strong Dollar, U.S. market risk and Fed Chair Janet Yellen

Peter Schiff Janet Yellen Is Wrong! There Is A LOT Of Inflation! US Economy On Verge In Crisis

Federal Reserve and the IRS American Dream (Animation)

George Carlin – The American Dream

John Lennon – Imagine (official video)

JOHN LENNON – STAND BY ME – HD

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The Movement To Abolish Central Banks Including The United States’ Central Bank : The Federal Reserve System — Videos

Posted on February 15, 2015. Filed under: American History, Banking, Blogroll, Books, British History, Communications, Constitution, Corruption, Crisis, Documentary, Economics, Employment, Energy, European History, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Food, Freedom, government, government spending, history, Law, Life, Links, Macroeconomics, media, Monetary Policy, Money, Money, Non-Fiction, People, Philosophy, Photos, Politics, Radio, Radio, Rants, Raves, Strategy, Talk Radio, Tax Policy, Television, Video, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , |

320px-Fed_Reserveinflationdecline of dollar valueinflation-currency-1gold-purchasing-power-us-dollar-1913-2014central-bank-balance-sheetspurchains power dollarHolders of US Treasury Debtcaseagainstfedcover

PDF of Book

http://mises.org/sites/default/files/The%20Case%20Against%20the%20Fed_2.pdf

Rothbard provides a succinct account of the origins of money, showing how money must originate from a commodity. Banking originated from goldsmiths, who issued warehouse receipts for gold deposited with them. From this a fractional reserve system developed, inherently prone to monetary expansion and panic.

In the late nineteenth century, a movement toward bank centralization arose among both “progressives” and bankers, the latter eager to increase their profits. From these plans, the Federal Reserve System developed. Rothbard shows the dominate influence of the banking House of Morgan at the Fed’s inception. During the New Deal, Rockefeller interests took first place in influence, with the Morgan interests reduced to a subordinate though still potent role.

The book concludes with an account of the Fed’s role in causing inflation and the business cycle. Abolition of this nefarious agency must be part of any agenda for genuine financial reform.

http://mises.org/library/case-against-fed-0

 

Milton Friedman – Abolish The Fed

Milton Friedman: The Purpose of the Federal Reserve

Milton Friedman teaches Monetary Policy

Milton Friedman on Money / Monetary Policy (Federal Reserve) Part 1

Milton Friedman on Money / Monetary Policy (Federal Reserve) Part 2

FIAT EMPIRE: Why the Federal Reserve Violates the U.S. Constitution

the creature

 

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

G. Edward Griffin – The Collectivist Conspiracy

“If America Doesn’t ABOLISH the FED, the FED will ABOLISH America” | G. Edward Griffin

Thomas Sowell: Federal Reserve a ‘Cancer’

Experts Agree – The Fed Must End!

Establishment is Afraid of End The Fed Movement in Germany

Incredible Speech By Wall Street Protester End The Fed 2011

End the Fed

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

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

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The Pronk Pops Show Podcasts

Pronk Pops Show 411: February 5, 2015

Pronk Pops Show 410: February 4, 2015

Pronk Pops Show 409: February 3, 2015

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Pronk Pops Show 407: January 30, 2015

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Pronk Pops Show 392: December 19, 2014

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Pronk Pops Show 379: November 26, 2014

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

rand Paul

janet-yellen

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

Rand Paul – Audit the Fed!

Major Move! House Passes Bill to Audit Federal Reserve!

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

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

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

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

Fed fires back at Rand Paul

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Cruz also slammed the Fed for its secrecy.

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

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

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 408-411

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

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

john-taylor-economisatFirstPrinciplesjohn taylor

Uncommon Knowledge with John B. Taylor

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

Steine Lecture Series with John B. Taylor

getting off track

Crisis Management with John Taylor

global_financial_warrios

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

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

John Taylor Receives the Bradley Prize — 2010

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

John B. Taylor

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

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

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

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

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

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

Academic contributions

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

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

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

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

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

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

Recent research

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

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

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

Selected publications

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

See also

References

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

External links

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

 

John B. Taylor

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

Contact Information   One-Page Bio   Curriculum Vitae   Photo   Other Pictures

Blog Economics One EconomicsOne.com

Twitter @EconomicsOne

 

Recent Books

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

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

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

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

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

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

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

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

 

Interviews and Biographical

Game Changers Interview, MONEY Magazine, August 2012

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

Interview on Economic Policy, Citadel Conversation, June 2012

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile on Teaching, From Stanford Today, 1998

 

Books and Collections of Articles on Monetary Policy and International Finance

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

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

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

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

Monetary Policy Rules Home Page

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

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

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

Handbook of Macroeconomics, (Editor with Michael Woodford)

 

Recent Papers

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Less Recent Papers

1968-2011

 

Recent Congressional Testimony

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Papers on the Long Boom and the Great Moderation

Monetary Policy and the Long Boom

Remarks on “Recent Changes in Trend and Cycle”

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

 

Op-Eds and Articles

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Intro to Romneynomics, Defining Ideas, October 29, 2012

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

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

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

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

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

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

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

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

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

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

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

Less recent op-eds and articles

 

Videos of Interviews and Talks

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

Revolutionizing Higher Education CNBC Squawk Box, September 10, 2014

Nice-Squared Bretton Woods Conference , September 2, 2014

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Less recent videos of interviews and talks

 

Podcasts

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Segment 1

Segment 2

Segment 3

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

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

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

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

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

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

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

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

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

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

Less recent podcasts

 

Economics Teaching

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

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

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

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

Remarks at Stanford Economics Graduation Ceremony 1999

Economics 169, Spring 2008

Economics 212, Spring 2008

Ideas for the Economics Lecture Innovative Techniques for Teaching Economics

Surprise Side Economics: Ideas for Introductory Economics

Teaching Modern Macroeconomics at the Principles Level

 

Earlier Editions of Textbooks

Economics, Second Edition, Houghton Mifflin

Economics, Third Edition, Houghton Mifflin

Economics, Fifth Edition, Houghton Mifflin

Economics, Sixth Edition, Houghton Mifflin

Principles of Microeconomics, Second Edition, Houghton Mifflin

Principles of Microeconomics, Third Edition, Houghton Mifflin

Principles of Microeconomics, Fourth Edition, Houghton Mifflin

Principles of Microeconomics, Fifth Edition, Houghton Mifflin

Principles of Microeconomics, Sixth Edition, Houghton Mifflin

Principles of Macroeconomics, Second Edition, Houghton Mifflin

Principles of Macroeconomics, Third Edition, Houghton Mifflin

Principles of Macroeconomics, Fourth Edition, Houghton Mifflin

Principles of Macroeconomics, Fifth Edition, Houghton Mifflin

Principles of Macroeconomics, Sixth Edition, Houghton Mifflin

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

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

Handbook of Macroeconomics, (Editor with Michael Woodford)

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

 

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

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

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 332: September 18 2014

Pronk Pops Show 331: September 17, 2014

Pronk Pops Show 330: September 16, 2014

Pronk Pops Show 329: September 15, 2014

Pronk Pops Show 328: September 12, 2014

Pronk Pops Show 327: September 11, 2014

Pronk Pops Show 326: September 10, 2014

Pronk Pops Show 325: September 9, 2014

Pronk Pops Show 324: September 8, 2014

Pronk Pops Show 323: September 5, 2014

Pronk Pops Show 322: September 4, 2014

Pronk Pops Show 321: September 3, 2014

Pronk Pops Show 320: August 29, 2014

Pronk Pops Show 319: August 28, 2014

Pronk Pops Show 318: August 27, 2014 

Pronk Pops Show 317: August 22, 2014

Pronk Pops Show 316: August 20, 2014

Pronk Pops Show 315: August 18, 2014

Pronk Pops Show 314: August 15, 2014

Pronk Pops Show 313: August 14, 2014

Pronk Pops Show 312: August 13, 2014

Pronk Pops Show 311: August 11, 2014

Pronk Pops Show 310: August 8, 2014

Pronk Pops Show 309: August 6, 2014

Pronk Pops Show 308: August 4, 2014

Pronk Pops Show 307: August 1, 2014 

Pronk Pops Show 306: July 31, 2014

Pronk Pops Show 305: July 30, 2014

Pronk Pops Show 304: July 29, 2014

Pronk Pops Show 303: July 28, 2014

Pronk Pops Show 302: July 24, 2014

Pronk Pops Show 301: July 23, 2014

Pronk Pops Show 300: July 22, 2014

Pronk Pops Show 299: July 21, 2014

Pronk Pops Show 298: July 18, 2014

Pronk Pops Show 297: July 17, 2014

Pronk Pops Show 296: July 16, 2014

Pronk Pops Show 295: July 15, 2014

Pronk Pops Show 294: July 14, 2014

Pronk Pops Show 293: July 11, 2014

Pronk Pops Show 292: July 9, 2014

Pronk Pops Show 291: July 7, 2014

Pronk Pops Show 290: July 3, 2014

Pronk Pops Show 289: July 2, 2014

Pronk Pops Show 288: June 30, 2014

Pronk Pops Show 287: June 27, 2014

Pronk Pops Show 286: June 26, 2014

Pronk Pops Show 285 June 25, 2014

Pronk Pops Show 284: June 23, 2014

Pronk Pops Show 283: June 20, 2014

Pronk Pops Show 282: June 19, 2014

Pronk Pops Show 281: June 17, 2014

Pronk Pops Show 280: June 16, 2014

Pronk Pops Show 279: June 13, 2014

Pronk Pops Show 278: June 12, 2014

Pronk Pops Show 277: June 11, 2014

Pronk Pops Show 276: June 10, 2014

Pronk Pops Show 275: June 9, 2014

Pronk Pops Show 274: June 6, 2014

Pronk Pops Show 273: June 5, 2014

Pronk Pops Show 272: June 4, 2014

Pronk Pops Show 271: June 2, 2014

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

U.S. Debt Clock

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

 

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

Interest Expense on the Debt Outstanding

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

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

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

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

If you need help downloading…

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

chart

fredgraph

fredgraph

BND-10-Year-Treasury-Yield-09122014

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

US Fed signals move to normalize monetary policy

Dollar Meltdown, Massive Financial Bubble, Economic Collapse Marc Faber

Peter Schiff Iraq Crisis Threatens Global Economy

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

Most important video Americans will see today – Doug Casey Interview

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

Investor Jim Grant on Bubbles And Bargains

Jim Rogers Discusses Concern Over The Market

Jim Rogers On Economic Collapse And The US Debt‬

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

US ECONOMY COLLAPSE WILL LEAVE MILLIONS IN POVERTY

There Will Be No Economic Recovery. Prepare Yourself Accordingly

US Massive Financial Crisis Coming

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

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

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

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

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

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

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

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

 

 

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

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

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

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

 

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

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

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

Read MoreBond market hears Fed hawks; stocks see doves

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

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

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

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

 

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

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

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

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

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

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

                                               again markets are trading in the nosebleed section

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

Behind the madness

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

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

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

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

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

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

 

 

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


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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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When will Bureau of Land Management (BLM) Roundup 2,000 Plus Wild Horses On Utah Rangeland? — The BLM Should Do Its Job and Not Harass Neveda Ranchers! — BLM’s Appropriate Management Level (AML) of 27,000 Wild Horses and Over 40,000 Wild Horses Nationally Plus Over 50,000 in Feed Lost Costing The American Taxpayer Millions! — Herd Size Doubles Every 4 Years — Sell The Wild Horses To China and Mexico — Beef and Food Prices Soaring — Connect The Dots People — Videos

Posted on April 13, 2014. Filed under: Agriculture, American History, Beef, Blogroll, Bread, Business, College, Communications, Data, Demographics, Diasters, Economics, Education, Employment, Faith, Family, Famine, Farming, Federal Government, Federal Government Budget, Fiscal Policy, Food, Freedom, Friends, Fruit, government, government spending, history, Language, Law, liberty, Life, Links, media, Milk, People, Philosophy, Photos, Rants, Raves, Regulations, Resources, Security, Transportation, Vegetables | Tags: , , , , , , , , , , , , , , , , , |

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Wild Horses on Public Lands and the impact on Ranching and Communities

We took the show to Beaver County this week to get an on the ground look at how wild horses impact the range. In Utah the population of wild horses is over the Appropriate Management Level (AML) by 1,300 animals. Nationally the problem of dealing with the number of wild horses increases to 14,000 beyond the AML. The management of wild horses costs the BLM tens of millions of dollars every year but despite the efforts to gather wild horses off the range; the numbers keep increasing.
Chad Booth talks to Beaver County Commissioner, Mark Whitney; Iron County Commissioner, David Miller; and local rancher Mark Winch about the impacts on ranchers and the ultimate impact it has on the economies of rural Utah.

Transfer of Public Lands

Public Lands in Utah County Seat Season3, Episode 8

In recent years there has been a public outcry from Utahans asking the State to take a more active role in how management decisions are made on public lands. The take back Utah movement has looked at the history of public lands in the United States and began to ask why hasn’t Utah received the same treatment as other states in the Union. Utah has about 67% of its lands controlled and managed by the federal government. Some counties in the state are about 90% federally owned which creates a burden on the local governments because there is no property tax base to pay for the services that citizens need.

Last year Utah passed the Utah Public Lands Transfer Act, HB148; which basically asks the federal government to dispose of the remaining unallocated federal lands within the state by 2014. HB148 has opened up a conversation about what the proper role of the federal government should be in the management of public lands. Today’s show takes a look at the issues from a federal, state, and county perspective.

 

WARNING! MORE FOOD INFLATION COMING 2014 STOCK UP ASAP

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Don’t Fence Me In – Roy Rogers & The Sons of the Pioneers –

Roy Rogers & Sons of The Pioneers Sing “The Last Roundup”

Wild horses targeted for roundup in Utah rangeland clash

Reuters
Two of a band of wild horses graze in the Nephi Wash area outside Enterprise, Utah

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Two of a band of wild horses graze in the Nephi Wash area outside Enterprise, Utah, April 10, 2014. REUTERS/Jim …

By Jennifer Dobner

ENTERPRISE, Utah (Reuters) – A Utah county, angry over the destruction of federal rangeland that ranchers use to graze cattle, has started a bid to round up federally protected wild horses it blames for the problem in the latest dustup over land management in the U.S. West.

Close to 2,000 wild horses are roaming southern Utah’s Iron County, well over the 300 the U.S. Bureau of Land Management has dubbed as appropriate for the rural area’s nine designated herd management zones, County Commissioner David Miller said.

County officials complain the burgeoning herd is destroying vegetation crucial to ranchers who pay to graze their cattle on the land, and who have already been asked to reduce their herds to cope with an anticipated drought.

Wild horse preservation groups say any attempt to remove the horses would be a federal crime.

On Thursday county workers, accompanied by a Bureau of Land Management staffer, set up the first in a series of metal corrals designed to trap and hold the horses on private land abutting the federal range until they can be moved to BLM facilities for adoption.

“There’s been no management of the animals and they keep reproducing,” Miller said in an interview. “The rangeland just can’t sustain it.”

The conflict reflects broader tension between ranchers, who have traditionally grazed cattle on public lands and held sway over land-use decisions, and environmentalists and land managers facing competing demands on the same land.

The Iron County roundup comes on the heels of an incident in neighboring Nevada in which authorities sent in helicopters and wranglers on horseback to confiscate the cattle herd of a rancher they say is illegally grazing livestock on public land.

In Utah, county commissioners warned federal land managers in a letter last month that the county would act independently to remove the horses if no mitigation efforts were launched.

“We charge you to fulfill your responsibility,” commissioners wrote. “Inaction and no-management practices pose an imminent threat to ranchers.”

The operation was expected to last weeks or months.

“The BLM is actively working with Iron County to address the horse issue,” Utah-based BLM spokeswoman Megan Crandall said, declining to comment further.

Attorneys for wild horse preservation groups sent a letter this week to Iron County commissioners and the BLM saying the BLM, under federal law, cannot round up horses on public lands without proper analysis and disclosure.

“The BLM must stop caving to the private financial interests of livestock owners whenever they complain about the protected wild horses using limited resources that are available on such lands,” wrote Katherine Meyer of Meyer, Glitzenstein and Crystal a Washington, DC-based public interest law firm representing the advocates.

LONG-RUNNING PROBLEM

The BLM puts the free-roaming wild horse and burro population across western states at more than 40,600, which it says on its website exceeds by nearly 14,000 the number of animals it believes “can exist in balance with other public rangeland resources and uses.”

Wild horse advocates point out that the tens of thousands of wild horses on BLM property pales into comparison with the millions of private livestock grazing on public lands managed by the agency.

Wild horses have not been culled due to budget constraints, according to Utah BLM officials, who say their herds grow by roughly 20 percent per year.

Pressure on rangeland from the horses may worsen this summer due to a drought that could dry up the already sparse available food supply, according to Miller.

“We’re going to see those horses starving to death out on the range,” he said. “The humane thing is to get this going now.”

Adding to frustration is BLM pressure on ranchers to cut their cattle herds by as much as 50 percent to cope with the drought, Miller said.

A tour of Iron County rangeland, not far from the Nevada border, illustrates the unchecked herds’ impact on the land, said Jeremy Hunt, a fourth generation Utah rancher whose cattle graze in the summer in a management area split through its middle by a barbed wire fence.

On the cattle side of the fence, the sagebrush and grass landscape is thick and green. The other, where a group of horses was seen on Thursday, is scattered with barren patches of dirt and sparse vegetation.

“This land is being literally destroyed because they are not following the laws that they set up to govern themselves,” said Hunt, who also works as a farmhand to make ends meet for his family of six.

“I want the land to be healthy and I want be a good steward of the land,” he added. “But you have to manage both sides of the fence.”

 

 

Wholesale Prices in U.S. Rise on Services as Goods Stagnate

 

Wholesale prices in the U.S. rose in March as the cost of services climbed by the most in four years while commodities stagnated.

The 0.5 percent advance in the producer-price index was the biggest since June and followed a 0.1 percent decrease the prior month, the Labor Department reported today in Washington. The recent inclusion of services may contribute to the gauge’s volatility from month-to-month, which will make it more difficult to determine underlying trends.

Rising prices at clothing and jewelry retailers and food wholesalers accounted for much of the jump in services, even as energy costs retreated, signaling slowing growth in emerging markets such as China will keep price pressures muted. With inflation running well below the Federal Reserve’s goal, the central bank is likely to keep borrowing costs low in an effort to spur growth.

“Every six months or so service prices seem to pop, but over the year, service prices tend to dampen inflation more often than not,” Jay Morelock, an economist at FTN Financial in New York, wrote in a note. “One month of price gains is not indicative of a trend.”

Also today, consumer confidence climbed this month to the highest level since July, a sign an improving job market is lifting Americans’ spirits. The Thomson Reuters/University of Michigan preliminary April sentiment index rose to 82.6 from 80 a month earlier.

 
Photographer: Craig Warga/Bloomberg

Rising prices at clothing and jewelry retailers and food wholesalers accounted for much… Read More

Shares Fall

Stocks dropped, with the Standard & Poor’s 500 Index heading for its biggest weekly decline since January, as disappointing results from JPMorgan Chase & Co. fueled concern that corporate earnings will be weak. The S&P 500 fell 0.4 percent to 1,826.29 at 10:02 a.m. in New York.

Today’s PPI report is the third to use an expanded index that measures 75 percent of the economy, compared to about a third for the old metric, which tallied the costs of goods alone. After its first major overhaul since 1978, PPI now measures prices received for services, government purchases, exports and construction.

Estimates for the PPI in the Bloomberg survey of 72 economists ranged from a drop of 0.2 percent to a 0.3 percent gain.

Core wholesale prices, which exclude volatile food and energy categories, climbed 0.6 percent, the biggest gain since March 2011, exceeding the projected 0.2 percent advance of economists surveyed by Bloomberg. They dropped 0.2 percent in February.

Past Year

The year-to-year gain in producer prices was the biggest since August and followed a 0.9 percent increase in the 12 months to February. Excluding food and energy, the index also increased 1.4 percent year to year following a 1.1 percent year-to-year gain in February.

The cost of services climbed 0.7 percent in March, the biggest gain since January 2010. Goods prices were unchanged and were up 1.1 percent over the past 12 months.

Wholesale food costs climbed 1.1 percent in March, led by higher costs for meats, including pork and sausage. Energy costs fell 1.2 percent last month.

Food producers and restaurants say they’re paying more for beef, poultry, dairy and shrimp. At General Mills Inc. (GIS), maker of Yoplait yogurt, Cheerios cereal and other brands, rising dairy prices helped push retail profit down 11 percent in the third quarter, said Ken Powell, chairman and chief executive officer of the Minneapolis-based company. Powell called the inflation “manageable.”

Food Prices

“While the economy is improving slowly and incomes are strengthening slowly, they are improving,” Powell said on a March 19 earnings call. “As incomes continue to grow and consumers gain confidence that will be a positive sign for our category.”

Today’s PPI report provides a glimpse into the consumer-price index, the broadest of three inflation measures released by the Labor Department. The CPI, due to be released April 15, probably climbed 0.1 percent in March, according to the median forecast in a Bloomberg survey.

The wholesale price report also offers an advance look into the personal consumption expenditures deflator, a gauge monitored closely by the Fed. Health care prices make up the largest share of the core PCE index, which excludes food and energy costs. The next PCE report is due from the Commerce Department May 1.

This week, Fed policy makers played down their own predictions that interest rates might rise faster than they had forecast, according to minutes of the Federal Open Market Committee’s March meeting. The minutes bolstered remarks made by last month by Chair Janet Yellen.

“If inflation is persistently running below our 2 percent objective, that is a very good reason to hold the funds rate at its present range for longer,” Yellen said at a March 19 press conference following the committee meeting.

 

http://www.bloomberg.com/news/2014-04-11/wholesale-prices-in-u-s-rise-more-than-forecast-on-services.html

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

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

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

Tracking-the-Fed-September

U.S. National Debt Clock

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

                                                        ACCOUNTING DATE:  08/13

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

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

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

   CURRENT YEAR

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

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

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

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

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

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Tracking-the-Fed-September

Federal Reserve Vice Chair Janet Yellen addresses a conference in Washington

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

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

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

Ron Paul: Taper Fakeout Means Fed Is Worried

Breaking News: Federal Reserve Will Not Taper

Rick Santelli Reacts to Federal Reserve No Taper

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

In Business – Fed Taper Pause Fuels Commodities Rally

To Taper, or Not to Taper

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

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

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

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

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

Fed decision Just idea of tapering caused huge ruckus

Background Articles and Videos

Milton Friedman – Abolish The Fed

Milton Friedman On John Maynard Keynes

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

Murray Rothbard – To Expand And Inflate

The Founding of the Federal Reserve | Murray N. Rothbard

The Origin of the Fed – Murray N. Rothbard

Murray Rothbard on Hyperinflation and Ending the Fed

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Fed-Reserve-Balance-Sheet

fed-balance-sheet-2016

fed-dollars-2003-2012

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alt-cpi-home2

sgs-cpi

burstbubble

Ben Bernanke Is The Most Dangerous Man In US History

BREAKING 2013 Economic Collapse Peter Schiff

The Bubble film official trailer

Raw footage of Jim Rogers interview – The Bubble film

Raw Footage of Doug Casey Interview from The Bubble

Raw footage of Jim Grant interview from The Bubble film

Raw footage of Peter Schiff Interview from The Bubble

The Bubble – Raw footage of Marc Faber interview

Raw Footage of Peter Wallison Interview from The Bubble

Raw Footage of Joseph Salerno Interview from The Bubble

Raw Footage of Robert Murphy interview from The Bubble

Raw footage of Roger Garrison Interview from The Bubble

Raw footage of Ron Paul interview from The Bubble film

The Bubble film panel at Freedom Fest 2012

U.S. Debt Clock

http://www.usdebtclock.org/

Background Articles and Videos

The American Dream By The Provocateur Network

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

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

Coming Economic Collapse Peter Schiff RT America

Austrian Theory of the Trade Cycle | Roger W. Garrison

Tom Woods Discusses his New Documentary, The Bubble

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

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

Fed Keeps Interest Rates Low, Continues Bond Buying Program

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

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

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

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

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

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

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

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

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

The May FOMC statement kept up the heat.

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

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

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

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

-By CNBC.com Senior Writer Jeff Cox.

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

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

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

burstbubble

Great_recessionGreat_Depression

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

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BREAKING 2013 Economic Collapse Peter Schiff

Overdose: The Next Financial Crisis

David Stockman: We’re in a Monetary Fantasy Land

Ben Bernanke Is The Most Dangerous Man In US History

US BOND BUBBLE’S READY TO BURST!

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

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

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

USA Will Die – Economic Collapse 2013 – Jim Rogers

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

Jim Rogers Predicts Global Depression In 2013-2014

Peter Schiff on Max Keiser – Stopping the Global Financial Crisis

Keiser Report: Psyops & Debt Diets

Max Keiser: Will the next crash be on Bonds?

MAX KEISER: Colossal Collapse Coming! Keiser Report

MAX KEISER: Colossal Collapse Coming! Keiser Report

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

Peter Schiff – Dollar Could Collapse This Fall 2013

Peter Schiff – Economic Collapse 2013

Fed Will Keep Printing Until The Dollar Collapses~ Jim Rickards

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

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

Currency Wars: Jim Rickards

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

CNBC Global Recession Is Coming – Marc Faber

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

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

Marc Faber  ‘We Are in the End Game Part 2

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

Marc Faber-No Government Complies With Anything

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

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

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

ECONOMIC CRASH WORLDWIDE STARTING

Harry Dent predicts global economic crash in 2013

Planned Economic Collapse 2013-2014

Background Articles and Videos

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

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

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

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

The Fall of Lehman Brothers

Goldman Sachs: Power and Peril – Documentary

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

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

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

The First 12 Hours of a US Dollar Collapse

LIFE HIDDEN TRUTH 2013 GLOBAL FINANCIAL CRISIS

 

Billionaires Dumping Stocks, Economist Knows Why

 

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

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

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

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

Unfortunately Buffett isn’t alone.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Read Latest Breaking News from Newsmax.com http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola#ixzz2RhO2R5ey
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http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola

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Dr. Lacy Hunt–Roadblocks To Recovery — The Economic Consequences of Debt — Heading Towards The Bang Point — “This is how the world ends not with a bang but a whimper.” — Videos

Posted on March 5, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, government, history, Inflation, Investments, Law, liberty, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Raves, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , |

“Only those who will risk going too far can possibly find out how far one can go.”

“This is the way the world ends

Not with a bang but a whimper.”

“Most of the evil in this world is done by people with good intentions.”

T.S. Eliot

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us-debt-as-percentage-of-gdp

Total-US-Debt-As-A-Percentage-Of-GDP

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“There Was No Increase In The Standard of Living Since 1997″ – Lacy Hunt

Kung Fu Girl interviews Lacy Hunt

Roadblocks to Recovery an Interview with Dr. Lacy Hunt

We Move Along Toward the Bang Point – Lacy Hunt

An Early Warning Sign is the Currency Depreciates – Lacy Hunt; Part II

Former Fed Official warns of multi-decade downturn PART 1 – Lacy Hunt

Former Fed Official warns of multi-decade downturn PART 2 – Lacy Hunt

T. S. Eliot – The Hollow Men

The Hollow Men T.S. Eliot How Cultures Die

Background Articles and Videos

Velocity of Money (Circulation) Part 1

Velocity of Money (Circulation) Part 2

Related Posts on Pronk Palisades

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

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Excessive Speculation, Intercontinental Exchange and Government Regulation

Posted on December 29, 2012. Filed under: American History, Blogroll, Communications, Demographics, Diasters, Economics, Education, Energy, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Oil, People, Philosophy, Politics, Programming, Rants, Resources, Video, Wisdom | Tags: , , , , , , , , , , , , , , |

ICE_logo

Gas Prices Explained

Mike Masters on Regulating Commodities Speculation

Michael W. Masters (Better Markets & Masters Capital Management)

Court Strikes Down CFTC Regulation to Limit Excessive Speculation

Michael Greenberger on Crude Oil Speculation

5th OPEC International Seminar – Michael Masters

Michael Masters Chairman, Better Markets Inc Michael W Masters is the founder and Managing Member of Masters Capital Management, an investment management firm. He is also a Partner in Masters Capital Nanotechnology, a venture capital fund. Mr Masters, an expert on the topic of commodities speculation and financial reform, has testified before many Congressional committees and government agencies, including the House Energy Subcommittee, the Commodity Futures Trading Commission (CFTC) and the Financial Crisis Inquiry Commission. Recently, he participated in joint SEC-CFTC roundtable discussions on a variety of security-based swaps issues. Speaking out about the far-reaching harmful effects of unregulated commodities speculation and the need for financial reform, Mr Masters has made numerous appearances in media outlets around the world. He has also addressed consumer and corporate groups, and has served as an expert panellist before international and investor groups. He is the founder of Better Markets, a Washington, DC-based non-profit, non-partisan organization established to promote transparency and accountability in the financial markets for the public interest. He was the 2004 winner of the “Open Your Heart” award from Hedge Funds Care and is a 1989 graduate of the University of Tennessee.
The OPEC International Seminar is now regarded as one of the premier events on the world energy calendar, bringing together Ministers from OPEC Member Countries and other oil-producing countries, heads of intergovernmental organizations, chief executives of national and international oil companies, other industry leaders, renowned academics, analysts and media.
The 5th OPEC International Seminar, held in Vienna’s historic Hofburg Palace on 13–14 June 2012, focussing on the theme ‘Petroleum: Fuelling Prosperity, Supporting Sustainability’. The latest in the series of Seminars, which began in 2001, provided fresh impetus to key industry issues and developed existing and new avenues of dialogue and cooperation.

Secret Exemptions Allowed Speculators to Distort Futures Markets

FACTBOX: NYSE enters the ICE Age

Intercontinental Exchange to buy NYSE

IntercontinentalExchange (ICE): Delivering same-day response to regulatory requests

Derivatives still a ticking time bomb! Sept 2011

Jeff Sprecher, Chairman & CEO, IntercontinentalExchange

**MUST SEE** The Real Reason Gas Prices Are High – Best Explanation!

Will CFTC Limit Excessive Speculation?

Gas Prices & Oil Speculation

Oil Market Manipulation, Gas Prices, Energy Exploration, Securities Exchange Commission

How Wall St Speculation Drives Up Gas Prices

Find Out How Gasoline Gets to Your Tank

IntercontinentalExchange, Inc.,

“…IntercontinentalExchange, Inc., known as ICE, is an American financial company that operates Internet-based marketplaces which trade futures and over-the-counter (OTC) energy and commodity contracts as well as derivative financial products. While the company’s original focus was energy products (crude and refined oil, natural gas, power, and emissions), recent acquisitions have expanded its activity into the “soft” commodities (sugar, cotton and coffee), foreign exchange and equity index futures.

In 2011, ICE and NASDAQ OMX Group joined forces to bid against Deutsche Börse after the latter announced a $9.5 billion deal to merge with NYSE Euronext. The two U.S. bidders and then the German exchange ultimately withdrew after their bids encountered regulatory antitrust resistance. In December 2012 NYSE Euronext agreed to be acquired by ICE pending regulator approval.

ICE is organized into three business lines:

  • ICE Markets — futures, options, and OTC markets. Energy futures are traded via ICE Futures Europe; soft commodity futures/options are handled by ICE Futures U.S.
  • ICE Services — electronic trade confirmations and education.
  • ICE Data — electronic delivery of market data, including real-time trades, historical prices and daily indices.

Contracts sold through ICE Futures U.S. are processed through a subsidiary, ICE Clear U.S. (ICEUS). In May 2008, ICE launched its own Clearing House, ICE Clear, with divisions for Europe, US, Canada & Trust (ICEU).[2]

Headquartered in Atlanta, ICE also has offices in Calgary, Chicago, Houston, London, New York and Singapore, with regional telecommunications hubs in Chicago, New York, London and Singapore.

History

In the late 1990s, Jeffrey Sprecher, ICE’s founder, chairman, and Chief Executive Officer, acquired Continental Power Exchange, Inc. with the objective of developing an Internet-based platform to provide a more transparent and efficient market structure for OTC energy commodity trading. In May 2000, IntercontinentalExchange (ICE) was established, with its founding shareholders representing some of the world’s largest energy traders. The company’s stated mission was to transform OTC trading by providing an open, accessible, multi-dealer, around-the-clock electronic energy exchange. The new exchange offered the trading community better price transparency, more efficiency, greater liquidity and lower costs than manual trading.

In June 2001, ICE expanded its business into futures trading by acquiring the International Petroleum Exchange (IPE), now ICE Futures Europe, which operated Europe’s leading open-outcry energy futures exchange. Since 2003, ICE has partnered with the Chicago Climate Exchange (CCX) to host its electronic marketplaces. In April 2005, the entire ICE portfolio of energy futures became fully electronic. In April 2010 ICE bought CCX’s owner Climate Exchange PLC for 395 million pounds ($622 million). Climate Exchange PLC also owns the European Climate Exchange (ECX).[3]

ICE became a publicly traded company on November 16, 2005, and was added to the Russell 1000 Index on June 30, 2006. The company expanded rapidly in 2007, acquiring the New York Board of Trade (NYBOT),[4] ChemConnect (a chemical commodity market), and the Winnipeg Commodity Exchange. In March 2007 ICE made an unsuccessful $9.9 billion bid for the Chicago Board of Trade, which was instead acquired by the Chicago Mercantile Exchange.[5]

In January 2008, ICE partnered with TSX Group’s Natural Gas Exchange, expanding their offering to clearing and settlement services for physical OTC natural gas contracts.[6]

NYSE Euronext

In February 2011, in the wake of an announced merger of NYSE Euronext with Deutsche Borse, speculation developed that ICE and Nasdaq could mount a counter-bid of their own for NYSE Euronext. ICE was thought to be looking to acquire the American exchange’s derivatives business, Nasdaq its cash equities business. As of the time of the speculation, “NYSE Euronext’s market value was $9.75 billion. Nasdaq was valued at $5.78 billion, while ICE was valued at $9.45 billion.”[7] Late in the month, Nasdaq was reported to be considering asking either ICE or the Chicago Merc (CME) to join in what would be probably be an $11-12 billion counterbid for NYSE.[8] On April 1, ICE and Nasdaq made an $11.3 billion offer which was rejected April 10 by NYSE. Another week later, ICE and Nasdaq sweetened their offer, including a $.17 increase per share to $42.67 and a $350 million breakup fee if the deal were to encounter regulatory trouble. The two said the offer was a $2 billion (21%) premium over the Deutsche offer and that they had fully committed financing of $3.8 billion from lenders to finance the deal.[9] The Justice Department, also in April, “initiated an antitrust review of the proposal, which would have brought nearly all U.S. stock listings under a merged Nasdaq-NYSE.” In May, saying it “became clear that we would not be successful in securing regulatory approval,” the Nasdaq and ICE withdrew their bid.[10] The European Commission then blocked the Deutsche merger on 1 February 2012, citing the fact that the merged company would have a near monopoly.[11][12]

In December 2012, ICE announced it would buy NYSE Euronext for $8 billion, pending regulatory approval. Jeffrey Sprecher will retain his position as Chairman and CEO.[13] The boards of directors of both ICE and NYSE Euronext approved the acquisition.[14]

 Key subsidiaries subject to regulation

 ICE Clear Credit LLC

  • see main article ICE Clear Credit LLC
  • Clearing entity for credit default swaps (CDS)
  • Regulated by
    • CFTC – Derivatives Clearing Organization
    • SEC – Registered Securities Clearing Agency

ICE Clear Europe Limited

  • Clearing entity for credit default swaps (CDS)
  • CFTC – Derivatives Clearing Organization
  • Regulated by
    • SEC – Registered Securities Clearing Agency
    • U.K. Financial Services Authority (FSA) – Recognised Clearing House
    • U.K Financial Services Authority (FSA) – Settlement Finality Designation (SFD) under the Financial Markets and Insolvency Regulations 1999
    • Bank of England (U.K.s central bank) – regulated as an Inter-Bank Payment System (Banking Act 2009)

ICE Futures U.S., Inc.

  • Trades futures and options in three main areas
    • Agricultural – e.g. Sugar No. 11, Cotton No. 2
    • Currency – e.g. U.S. Dollar Index, more than 50 currency pairs
    • Equity index – e.g. Russell Indexes
  • Regulated by
    • CFTC – Exchange

ICE Clear U.S., Inc.

  • Clears products traded on ICE Futures U.S., Inc.
  • Regulated by
    • CFTC – Exchange

Commodities traded on the exchange

  • Coal
  • Crude and Refined products
  • Emissions
  • Natural Gas
  • Power
  • Cocoa
  • Coffee C
  • Cotton No. 2
  • FCOJ A
  • Orange juice concentrate
  • Sugar No. 11
  • Russell Indices
  • US Dollar Index
  • Iron Ore Swaps

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

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Federal Reserve Will Continue To Debase and Devalue The U.S. Dollar By Keeping Interest Rates Near Zero To 2015–The Crime of The Century–The Rape of American Savers and Investors–No Exit Strategy–Videos

Posted on December 12, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Tax Policy, Unemployment, Wealth, Wisdom | Tags: , , , , , , |

ApplicFedRates-Nov2012

Effective-Federal-Funds-Rate

fed-funds-rate-201202-w

goldilocks_bernanke

bernanke-cartoon

federal_reserve_balance_sheet

FedBalanceSheet-101101

Press Conference with FOMC Chairman Ben S. Bernanke

Federal Reserve Balance Sheet Illustrated

Fed Ties Interest Rates to Unemployment Rate

Fed links interest and unemployment rates 

Ben Bernanke throws the dollar over the Currency Cliff

CNBC Marc Faber ‘Reduce Government by Fifty Percent Minimum’

Jim Rickards: the Fed is Racing to Create Inflation Before the US Economy Implodes

Stephanie Kelton on Modern Monetary Theory’s Goals for Full Employment and

Competitive Currency Devaluation 

The GOLD standard, the DOLLAR standard & a New GLOBAL CURRENCY Order

The Truth about Gas Prices And Why It Is Like It Is! Shocking Truth Revealed

Peter Schiff on RT America – Financial Crisis

Jim Rickards Discusses **$4,000** Gold on CNBC

Fed Will Keep Printing Until The Dollar Collapses~ Jim Rickards

Jim Rogers – Fiat Currency aka Fake Money aka Worthless

Bernanke: We Cannot Offset Full Impact of Cliff

The Exit Strategy

BernankeCartoonfromGordonLong-1

Quantitative Easing Explained

Overdose: The Next Financial Crisis

Background Articles and Videos

Glenn Beck – Devaluing The Dollar

The Fed and the Power Elite | Murray N. Rothbard

01 – The Economic Crisis (The Fall of America and the Western World) 

05 – The Power Elite Pt.1, with Alex Jones (The Fall of America and the Western

06 – The Power Elite Pt.2, with David Icke (The Fall of America and the Western

Federal Reserve Launches QE4!

By Eric McWhinnie

“…On Wednesday, the Federal Reserve concluded its two-day Federal Open Market Committee meeting. Despite launching a third round of quantitative easing known as QE-infinity in September, the central bank launched QE4.

In the latest FOMC statement, the Federal Reserve met market expectations and said it will buy $45 billion of long-term Treasury securities, in order to replace Operation Twist that expires at the end of the year. Furthermore, it decided to keep interest rates at historic lows until at least as long the unemployment rate remains above 6.5 percent.

Two Key Parts of the FOMC statement are listed below:

  • “To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will purchase longer-term Treasury securities after its program to extend the average maturity of its holdings of Treasury securities is completed at the end of the year, initially at a pace of $45 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and, in January, will resume rolling over maturing Treasury securities at auction. Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.”
  • “To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. In particular, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored.”

Fed’s balance sheet is on pace to explode…

QE programs not only help to juice markets higher through dollar devaluation, they expand the Federal Reserve’s balance sheet to record breaking levels. The central bank’s balance sheet is already nearing $3 trillion and is now on pace to hit almost $4 trillion by the end of 2013 with the recently launched QE4. Francisco Blanch, a global investment strategist with Bank of America, believes the Federal Reserve will maintain bond purchases until the end of 2014, a move that could send the central bank’s balance sheet skyrocketing to $5 trillion.

Bill Gross, founder and co-chief investment officer of PIMCO, estimates that the economy will need to add roughly 200,000 jobs per month for the next 4-5 years in order to meet the Fed’s unemployment target. In other words, interest rates are not planned to rise anytime soon. However, he also says that believing the central bank can keep control of interest rates at current levels is a “decent stretch.” Furthermore, it should be noted that the Fed only pegged interest rates to the unemployment rate.

Bernanke Will Flood U.S. With Dollars In QE4. Now, He Needs Uncle Sam’s Help

Abram Brown, Forbes Staff

“…Consider the millions of pounds of paper that the Federal Reserve will need to afford its easy monetary policy, which today further earned its latest epithet: quantitative easing infinity. Fed Chairman Ben Bernanke pledged to buy $85 billion a month in Treasurys and mortgage-backed securities starting in Jan., and will continue the program until unemployment falls to 6.5%.

Call it QE3.5 or QE4 or whatever. It’s all the same thing: a concerted effort to heal the economy and add some life to this lackluster recovery.  Bernanke and the other central bank policymakers on the Federal Open Markets Committee will keep the printing press rolling for years to come. The Fed estimates that the jobless rate won’t hit the new benchmark for 2.5 years. Other economists expect the country will fall to that level before then, but even optimistic forecasts say it will likely take two years.

Bernanke can do little more to accomplish his goals. “Today’s moves indicate that the accommodation switch has been turned on, and the data have to tell the Fed when to stop,” says Barclays economist Michael Gapen. “There is little left for the Fed to do at this point, in terms of altering its policy. While these is ongoing uncertainty about the stance of fiscal policy, the FOMC has gone to great lengths in a short time to alter its policy framework completely.” Indeed, easing has already lowered interest rates to rock-bottom; the 10-Year T-bill yields a miniscule 1.81% (not far from the record lows, near 1.4%, that we saw this year). Despite this, great mounds—more than $500 billion by some estimates—of investable and spendable dollars sit unused, unproductive.

This is not to say that a fist-full-of-dollars monetary policy can’t buoy the markets, at least a small amount. Stocks rallied this afternoon, following the Fed’s announcement. The Dow Jones industrial average climbed 0.6% to 13,322.74. The S&P 500 gained 0.4%. And the Nasdaq composite went up 0.1%.

Consumer staples stocks performed the best. Ford added 0.4%. Luluemon Athletic increased 1.3%.

Financials also led the market higher. Wells Fargo rose 1.2%. Citigroup gained 1.6%, as Bank of America ticked up 0.8%.

Now, Bernanke needs cooperation from elsewhere in Washington, D.C. Monetary policy must run parallel to fiscal policy for the economy to truly pick up. Brinkmanship over the fiscal cliff—and whether any more fiscal stimuli will come—damages both business and consumer spending. Without that, the economy will remain stuck in neutral. Spending is the key economic driver in the United States, accounting for roughly 70% of all growth. No one can spend until firmly establishing the size of future paychecks.

There’s a problem with Bernanke’s ultra-accommodating posture, though. (More than one, of course, depending on where you land in Keynesian debates.) It might very well be encouraging the game of chicken that currently captivates our nation’s pols. “Maybe the people in Washington who are tussling over the fiscal cliff feel a little more comfortable in tussling because the Fed is giving us very easy money,” says Pierre Ellis, Decision Economics’ senior managing director. Significantly, with the Fed expanding its balance sheet, to keep all of us feeling more comfortable, and theoretically investing and spending, too, it may limit some effectiveness of any fiscal cliff agreement. Hope that Washington accounts for the burden that will come from the payments on all this debt when interest rates do start to rise again. …”

http://www.forbes.com/sites/abrambrown/2012/12/12/ben-bernanke-has-started-the-printing-press-now-he-needs-uncle-sams-help/

Wiedemer to Moneynews: More Fed Easing Is ‘Insurance Policy’ Against Market Collapse

By Forrest Jones and David Nelson

“…The Federal Reserve’s decision to beef up an existing monetary stimulus program may in reality be little more than a move to prevent stock prices from collapsing, said Robert Wiedemer, financial commentator and best-selling author of “Aftershock.”

At its December monetary policy meeting, the Fed announced plans to bolster its current quantitative easing (QE) program, a monetary stimulus tool that sees the U.S. central bank buy $40 billion in
mortgage-backed securities a month from banks on an open-ended basis to spur recovery.

Going forward, the Fed will now purchase an additional $45 billion in Treasury holdings from financial institutions alongside its purchases of mortgage debt.

QE functions by pumping liquidity into the economy in a way that keeps interest rates low to encourage investing and hiring, with rising stock prices and a weaker dollar as side effects.

The additional Treasury purchases will replace the Fed’s so-called Operation Twist program, under which the Fed swaps $45 billion a month in short-term Treasurys for long-termer U.S. government debt — that policy will expire at year end as planned.

The Fed will begin injecting $85 billion in freshly printed money into the economy a month to stave off economic decline by pushing down borrowing costs to encourage investing and hiring, though the idea may really be to keep stock prices high
and investors happy.

“I think it’s an insurance policy more for the stock market than it is for unemployment,” Wiedemer told Newsmax TV in an exclusive interview.

“I think it’s an insurance policy not necessarily against keeping the market where it is, but an insurance policy against any kind of collapse,”  added Wiedemer, a managing director of Absolute Investment Management, an investment-advisory firm for individuals with more than $300 million under management.

“They may see a weakness in the stock market that we are not necessarily seeing. This should certainly prevent a collapse, but I don’t know if it is going to keep [the Dow] up at 13,000.”

The Fed added that it will keep benchmark interest rates at a target 0.25 percent until one of two things happen: the unemployment rate drops to 6.5 percent or inflation rates threaten to break 2.5 percent.

“The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates
that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation
between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal and longer-term inflation expectations continue to be ell anchored,” the Fed said in its
December monetary policy statement. …”

Read Latest Breaking News from
Newsmax.com http://www.moneynews.com/StreetTalk/Wiedemer-Fed-Easing-Insurance/2012/12/12/id/467498?s=al&promo_code=1115A-1#ixzz2EyUmSc23

Globalization 3.0 Inflation v Deflation Debate Update

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R. Christopher Whalen: Inflated: How Money and Debt Built the American Dream–Videos

Posted on December 10, 2012. Filed under: Banking, Blogroll, Business, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, history, History of Economic Thought, Homes, Immigration, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Philosophy, Politics, Public Sector, Rants, Raves, Regulations, Resources, Tax Policy, Technology, Unions, Weather, Wisdom | Tags: , , , , , , , |

Inflated_How_Money_and_Debt_Built_The American_Dream

r_Christopher_Whalen

“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

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Niall Ferguson–The Ascent of Money: A Financial History of The World–Videos

Posted on October 28, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, European History, history, Inflation, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Regulations, Video, Wealth | Tags: , , , , , , , , |

The Ascent of Money: A Financial History of The World

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Crime of the Century–Global Banking Cartel Grand Theft of American People Continues–The Hidden Inflation Tax–Videos

Posted on September 1, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Natural Gas, People, Philosophy, Politics, Rants, Raves, Regulations, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Unions, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , |

The Federal Reserve Explained 

Bank Bailouts Explained 

Quantitative Easing Explained

Clarke and Dawe – Quantitative Easing 

What is quantitative easing all about? 

Alan Greenspan ~ The Federal Reserve Is Above The Law

Dear America, Your Taxes Are Going Up 20%, Food and Gas Prices Will Skyrocket, Fed Drops Bomb On Us 

Exposing the Federal Reserve!

CURRENCY COLLAPSE Why The Government Won’t Act

CURRENCY COLLAPSE: How the US Government Is Destroying the Dollar

CURRENCY COLLAPSE: Interest Rates, The Fed, and History Repeating 

Press TV-On the Edge with Max Keiser-Global Banking Cartel-08-10-2010 (Part 1) 

Press TV-On the Edge with Max Keiser-Global Banking Cartel-08-10-2010 (Part 2) 

G Edward Griffin Creature From Jekyll Island A Second Look at the Federal Reserve 

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

Ron Paul on Understanding Power: the Federal Reserve, Finance, Money, and the Economy 

The US Economy is Doomed

Masters of the Universe, The Secret Birth of the Federal Reserve

“Bernanke Threatens The Congress”  We will cause an Economic Collapse if you audit the Fed!

Ron Paul to Ben Bernanke “What Would It Take For You To Admit You Were Wrong? 

Bernanke signals Fed ready to act

By Robin Harding in Jackson Hole

“…Ben Bernanke sent a clear signal that the US Federal Reserve was ready to do  more to support the US economy, saying that its condition was “far from  satisfactory”.

Speaking at the Fed’s annual gathering in Jackson Hole, Wyoming, Mr Bernanke  offered no direct promise of further intervention. But by spelling out the  feeble state of the economy, the Fed’s intention to be forceful and its range of  policy tools, he raised expectations of action in September.

“Taking due account of the uncertainties and limits of its policy tools, the  Federal Reserve will provide additional policy accommodation as needed to  promote a stronger economic recovery and sustained improvement in labour market  conditions,” said the Fed chairman on Friday.

The clearest hint that Mr Bernanke is ready to do more came from his  disappointment with the economy’s progress. He noted some recovery over the past  few years but said that improvement in the labour market has been “painfully  slow”.

He said “unless the economy begins to grow more quickly than it has recently,  the unemployment rate is likely to remain far above levels consistent with  maximum employment for some time”.

Much of the speech was taken up with a review of the Fed’s actions since the  financial crisis. Mr Bernanke argued that large-scale asset purchases aimed at  driving down long-term interest rates – known as quantitative easing, or QE – have worked.

“A balanced reading of the evidence supports the conclusion that central bank  securities purchases have provided meaningful support to the economic recovery  while mitigating deflationary risks,” he said.

Mr Bernanke reviewed four possible costs of additional asset purchases. He  said they could damage the function of securities markets, raise inflation  expectations, undermine financial stability or cause the Fed to make financial  losses. He said those costs were uncertain, but concluded: “At the same time,  the costs of non-traditional policies, when considered carefully, appear  manageable, implying that we should not rule out the further use of such  policies if economic conditions warrant.”

Paul Dales of Capital Economics in London, arguing that Mr Bernanke had paved  the way for a third wave of quantitative easing, said: “The speech comes across  as a staunch defence of the effectiveness of unconventional monetary policy.”

By midday, the S&P had rebounded from a drop after Mr Bernanke’s  comments, and closed up 0.5 per cent. The 10-year Treasury note rose, pushing  its yield 5 basis points lower to 1.58 per cent, as markets decided Mr  Bernanke’s comments did signal further easing.

Mr Bernanke argued that the Fed’s forecasts of future interest rates – it  anticipates rates staying low at least until late 2014 – illustrated its resolve  in supporting a recovery.

In one possible hint of future policy, he said that the current late-2014  date “is broadly consistent with prescriptions coming from a range of standard  benchmarks”, but that “a number of considerations also argue for planning to  keep rates low for a longer time than implied by policy rules developed during  more normal periods”. …”

http://www.ft.com/cms/s/0/540b1fe0-f374-11e1-9c6c-00144feabdc0.html#axzz25JoVb4VM

Background Articles and Videos

G. Edward Griffin   The Dangerous Servant   A Discourse on Government

 

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

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

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

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

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James Grant–Videos

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

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

James Grant Explains a World without the Federal Reserve – Capital

James Grant: Gold, the Refuge of the Idiots 

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

Q&A: Author James Grant

Value Investing Conference 2010 – Part 2

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

Jim Grant 

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

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

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

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

Eric Hoffer, True Believer, page 54

Best of Obama Girl:      Crush On Obama

Obama Boy – I Have A Crush On Obama

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

~Eric Hoffer, The True Believer, page 76

Reality Check–Crush Obama

DEBT LIMIT – A GUIDE TO AMERICAN FEDERAL DEBT MADE EASY

The Collapse of The American Dream Explained in Animation

President Obama’s Spending

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

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

Recent US Federal Deficit Numbers

Obama Deficits

Bush Deficits

FY 2013*: $901 billion

FY 2009: $1,413 billion

FY 2012*: $1,327 billion

FY 2008: $459 billion

FY 2011: $1,300 billion

FY 2007: $161 billion

FY 2010: $1,293 billion

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

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

U.S. Debt Clock

http://www.usdebtclock.org/

George Carlin – You are a slave

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Press Conference with Chairman of the FOMC, Ben S. Bernanke–Videos

Posted on April 28, 2012. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Raves, Regulations, Tax Policy, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , , |

Press Conference with Chairman of the FOMC, Ben S. Bernanke

FOMC Statement: http://www.federalreserve.gov/newsevents/press/monetary/20120425a.htm

Federal Open Market Committee: http://www.federalreserve.gov/monetarypolicy/fomc.htm

Background Articles and Videos

Fed’s No. 2 Strongly Backs Low-Rate Policy 

Janet Yellen, S.F. Federal Reserve Bank, discusses US recovery from recession – Haas School 

Haas School Professor Emeritus Janet Yellen, CEO of the San Francisco Federal Reserve Bank, discusses the current US economy and her forecast for the remainder of 2009. Her presentation at the Haas School of Business, UC Berkeley, is part of the Dean’s Speaker Series focused on the recent financial crisis. (May 05, 2009)

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Peter Schiff’s exclusive interview with Allan Meltzer–Video

Posted on April 27, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Demographics, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, Inflation, Investments, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Tax Policy, Taxes, Unemployment, Video, Weather, Wisdom | Tags: , , , , |

Peter Schiff’s exclusive interview with Allan Meltzer at The Atlantic Economy Summit

Background Articles and Videos

Allan Meltzer on the History of the Federal Reserve – Part 1 

Part 1 of 3: The Process of Writing the History of the Federal Reserve. Allan Meltzer’s much-anticipated second volume of the History of the Federal Reserve was released in spring 2010. These three videos feature Professor Meltzer talking about the Federal Reserve and the process of writing the book.

Allan Meltzer on the History of the Federal Reserve – Part 2

Part 2 of 3: Why Should We Care About The Fed Being Independent? Allan Meltzer’s much-anticipated second volume of the History of the Federal Reserve was released in spring 2010. These three videos feature Professor Meltzer talking about the Federal Reserve and the process of writing the book.

Allan Meltzer on the History of the Federal Reserve – Part 3 

A History of the Federal Reserve: A Conversation between Paul Volcker and Allan H. Meltzer

As the Federal Reserve continues to take steps to boost the economy and navigate through an uncertain economic future, Allan H. Meltzer’s acclaimed history of the Federal Reserve uses the past to provide lessons for today’s policymakers and scholars. At this event, Meltzer participates in a discussion of his book A History of the Federal Reserve, 1913–1986 (University of Chicago Press, 2010) with Paul Volcker, former chairman of the Federal Reserve under presidents Jimmy Carter and Ronald Reagan. AEI economist and former Federal Reserve official Vincent R. Reinhart moderates. 

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

Posted on April 20, 2012. Filed under: American History, Banking, Books, Business, College, Communications, Demographics, Diasters, Economics, Education, Employment, Energy, European History, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Tax Policy, Taxes, Unions, Video, Wealth, Wisdom | Tags: , , , , , , , , , , |

Professor Lew Spellman

US Sovereign Risk Part 1-1: Reality Bites Introduction

US Sovereign Risk Part 1-2: Reality Bites Introduction

US Sovereign Risk Part 2: Growth of Debt in the US

US Sovereign Risk Part 3-1: Political Economy of the Growth of Government Debt

US Sovereign Risk Part 3-2: Political Economy of the Growth of Government Debt

US Sovereign Risk Part 3-3: Political Economy of the Growth of Government Debt

US Sovereign Risk Part 4-1: Why the Financial Market Supports Treasuries Despite the Risk

US Sovereign Risk Part 4-2: Why the Financial Market Supports Treasuries Despite the Risk

US Sovereign Risk Part 5-1: How the Market Reins in an Out of Control Sovereign

US Sovereign Risk Part 5-2: How the Market Reins in an Out of Control Sovereign

    US Sovereign Risk Part 6: Capital Safe Havens

The Spellman Report

“…Professor Lew Spellman Lew Spellman has taught financial markets at the McCombs School of Business at the University of Texas at Austin, where he  is  Professor of Finance since the 1970s. He has also been on the faculty of Stanford University, the LBJ School of Public Affairs, the UT School of Law, and the University of California, Berkeley.

Professor Spellman’s teaches financial markets and institutions at both the graduate and undergraduate level with an emphasis on analyzing and interpreting current financial market trends and policy developments.  His academic publications appear in the Journal of Finance, Journal of Financial and Quantitative Analysis, The Journal of Money, Credit and Banking and the Journal of Banking and Finance among others. He is author of The Depositor Firm and Industry: History, Theory and Regulation.

His experience outside of academics includes government service as Assistant to the Chairman of the President’s Council of Economic Advisors and Economist with the Federal Reserve Board. His published works generally concern the market pricing of financial institution claims. Professor Spellman’s business interests include serving as Director and Chairman of Investments, Magna Carta Insurance Companies. Previously, he served as Chairman and CEO of Real Rate Financial and Electronic Exchange Technologies. He holds several U.S. patents relating to inflation adjusting financial instruments that led to the development of the Treasury TIPS instrument.

Lew Spellman holds the degrees of BBA and MBA from the University of Michigan and MA and PhD in economics from Stanford University. …”

http://thespellmanreport.com/about/

 

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Tom A. Coburn–The Debt Bomb: A Bold Plan To Stop Washington From Bankrupting America–Videos

Posted on April 17, 2012. Filed under: American History, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, government, government spending, Health Care, history, Investments, Language, Law, liberty, Life, Links, Macroeconomics, People, Philosophy, Politics, Rants, Raves, Regulations, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , |

“…Overview

In a nation whose debt has outgrown the size of its entire economy, the greatest threat comes not from any foreign force but from Washington politicians who refuse to relinquish the intoxicating power to borrow and spend. Senator Tom Coburn reveals the fascinating, maddening story of how we got to this point of fiscal crisis-and how we can escape.

Long before America’s recent economic downturn, beltway politicians knew the U.S. was going bankrupt. Yet even after several so-called “change” elections, the government has continued its wasteful ways in the face of imminent danger. With passion and clarity, Coburn explains why Washington resists change so fiercely and offers controversial yet commonsense solutions to secure the nation’s future.

At a time when millions of Americans are speculating about what is broken in Washington, The Debt Bomb is a candid, thoughtful, non-partisan expose of the real problems inside our government. Coburn challenges the conventional wisdom that blames lobbyists, gridlock, and obstructionism, and places the responsibility squarely where it belongs: on members of Congress in both parties who won’t let go of the perks of power to serve the true interests of the nation-unless enough citizens take bold steps to demand action.

“Democracy never lasts long. It soon wastes, exhausts, and murders itself. There was never a democracy yet that did not commit suicide.” -John Adams

Throughout a distinguished career as a business owner, physician, and U.S. senator, Tom Coburn has watched his beloved republic careen down a suicidal path. Today, the nation stands on the precipice of financial ruin, a disaster far more dangerous to our safety than any terrorist threats we face. Yet Coburn believes there is still hope-if enough Americans are willing to shake the corridors of Washington and demand action.

With an insider’s keen eye and a caregiver’s deft touch, Coburn diagnoses the mess that career politicians have made of things while misusing their sacred charge to govern.

Coburn’s incisive analysis:

· Reveals the root causes of America’s escalating financial crisis

· Exposes Washington’s destructive appetite for wasteful spending, power grabs, backroom deals, and quick non-fixes

· Rises above partisanship to implicate elected officials of all stripes in steering the nation off course

· Lays out a commonsense guide to restoring order

· Concludes with a clarion call and sound advice for Americans who would dedicate themselves to defusing the debt bomb

Above all, Coburn believes the United States can continue as a beacon of opportunity for future generations-but how we act today will determine whether we deliver the nation to our children and grandchildren fully alive, on life support, or without a pulse. …”

http://www.barnesandnoble.com/w/the-debt-bomb-md-tom-a-coburn-tom-a/1106523522

U.S. Debt Clock

http://www.usdebtclock.org/

US National Debt Growing Faster Than GDP (4/9/2012)

U.S. National Debt Documentary Part 1

 

U.S. National Debt Documentary Part 2

U.S. National Debt Documentary Part 3 

U.S. National Debt Documentary Part 4

U.S. National Debt Documentary Part 5

 

The award-winning documentary I.O.U.S.A. opened up America’s eyes to the consequences of our nation’s debt and the need for our government to show more fiscal responsibility. Now that more Americans and elected officials are aware of our fiscal challenges, the producers of I.O.U.S.A. created I.O.U.S.A.: Solutions, a follow-up special focusing on solutions to the fiscal crisis. Learn more at http://www.iousathemovie.com/.

IOUSA Solutions: Part 1 of 5 

IOUSA Solutions: Part 2 of 5 

IOUSA Solutions: Part 3 of 5 

IOUSA Solutions: Part 4 of 5 

IOUSA Solutions: Part 5 of 5 

 

Krauthammer: Obama’s debt increase “radical, unprecedented”

[yotube=http://www.youtube.com/watch?v=oyyocogAgwY]

Exclusive Video  Tony Robbins Deconstructs the National Debt

Dr. Coburn on CNBC’s Mad Money discussing the budget deficit facing the U.S. 

(Thursday, June 10 2010) Jim Cramer discusses importance of getting a handle on the national debt, the current budget deficit, and ways to expand Congress’ knowledge of economics and budgeting by cutting spending.

Coburn on CNBC’s Squawk Box: Healthcare Law Huge Contributor to Debt, Deficit 

Oklahoma Senator Tom Coburn Blasts Everyone in New Book: Buzz Politics 4.17 

Coburn Urging the Senate to End Duplication, Pass Amendment that Saves $10 Billion

HSGAC Hearing on Reducing Duplication

(Wednesday, March 21 2012) Dr. Coburn stressing the importance of taking advantage of the GAO’s recommendations for eliminating duplication and savings hundreds of billions in taxpayer dollars in today’s HSGAC hearing titled, “Retooling Government for the 21st Century: The President’s Reorganization Plan and Reducing Duplication”.

Coburn on The Kudlow Report on Problems w/ Obamacare & Gov’t-run Healthcare 

Military spending, collapse of US empire 

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

Four Reasons Why Big Government Is Bad Government 

David Walker – America at a Crossroads 

It’s Simple to Balance The Budget Without Higher Taxes

Eight Reasons Why Big Government Hurts Economic Growth 

Free Markets and Small Government Produce Prosperity 

Deficits are Bad, but the Real Problem is Spending 

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

Spending Restraint, Part II: Lessons from Canada, Ireland, Slovakia, and New Zealand 

Background Articles and Videos

Debt and Deficit in a Nutshell

Coburn book “The Debt Bomb” hits the shelf today

By Rick Couri

“…Senator Tom Coburn hates it when taxpayer money is wasted. Now he has a new book out that points directly at the people and organizations he thinks are the worst offenders. The book is called “The Debt Bomb” and he holds no punches. “We lack the courage to do what’s in the best long term interest of the country because we always put short term political considerations first” he explained.

The Senator says the book is easy to follow because it goes step by step “first of all we tell the story of where we are and how we got here” he said. So how did we get here? Coburn says it all stems from what he calls careerism. “Careerism tends to make members of congress do what’s best for their re-election and not what’s best for the country.”  Coburn told us people who hold elected office are always careful to pick the timing of their battles “we’re always waiting for the right moment to fix things well guess what, that right moment doesn’t come.” …”

http://www.krmg.com/news/news/local/coburn-book-debt-bomb-hits-shelf-today/nMbXy/

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I Got The Obama Gasoline Price Blues–From $1.79 Per Gallon in January 2009 to $3.59 Per Gallon in February 2012–$5 Per Gallon By July 4, 2012!–Purchasing Power Plummets–Speculation Starves Society–Hope for Regime Change–Videos

Posted on February 24, 2012. Filed under: American History, Banking, Blogroll, Books, College, Communications, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government spending, history, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Natural Gas, Nuclear, Nuclear Power, Oil, People, Philosophy, Politics, Public Sector, Quotations, Rants, Raves, Regulations, Resources, Security, Strategy, Talk Radio, Tax Policy, Taxes, Technology, Transportation, Unemployment, Unions, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Government Theft May 1, 1933

http://gasbuddy.com/gb_retail_price_chart.aspx

http://gasbuddy.com/gb_retail_price_chart.aspx

Quantitative Easing Explained

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

U.S. Inflation Calculator

http://www.usinflationcalculator.com/

U.S. Debt Clock 

http://www.usdebtclock.org/

Ron Paul: The Worst Thing You Can Do For A People Is Purposely Devalue The Dollar

Obama’s Got America Singin’ the Blues

As Gas Prices Rise, White House Goes on Offensive, Defensive

Ron Paul tells the real reason for the oil prices in 2007 and today 

END FED: Bernanke Explains How To Devalue the Dollar, Quantitative Easing AKA Asset Purchase

Glenn Beck – Devaluing The Dollar 

Beck: Devaluing the Dollar

Iran Sanctions, War, Israel & Gas Prices

Ron Paul Doubles Down On War Stance

Armed Chinese Troops in Texas!

Why Gas Prices Are Rising

Playing the oil prices money game

Secret Exemptions Allowed Speculators to Distort Futures Markets

Regulations on Speculation Weak, But Better Than Nothing

The Price Of Oil

Bill Black: What I’d Demand of the Fed

Bill Black’s eye-popping opening statement at House FinServ hearing on Lehman Bros.

END FED: Goldman Sachs To Blame For Global Food-Oil Price Crisis; Speculators Outnumber Hedgers

CFTC Commissioner: “A Hair Trigger Away from Economic Calamity”

Will CFTC Limit Excessive Speculation?

Oil Supply and Demand and the Next Oil Price Spike

Bio-fuels, Speculation, Land Grabs = Food Crisis

Speculation And The Frenzy In Food Markets

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Speculation Drives Up Coffee Prices

Food Speculation

Oil Speculators

Oil speculation and oil prices

The Real TRUTH Behind The OIL PRICES 

Banks Behind High Gas Prices? 

Rising Gas Prices Slowing Economy

Gas Prices Soaring 

Ripple Effect Of Rising Gas Prices Hits Consumers

Krauthammer: Obama’s “war on fossil fuels” causes rising gas prices 

Obama Wanted High Gas Prices…Gradually (2008 Election Campaign) 

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Can We Stop A War With Iran? 

Obama admits his intentions are to skyrocket oil prices 

Ford O’Connell On Fox News – February 24, 2012 

Ron Paul Expains High Gas Prices & War in 2007

Obama gas prices

A Coincidence Over High Gasoline Prices- MoneyTV with Donald Baillargeon

Obama Admits the Truth: He Can’t Do Much about Gas Prices

James Grant

Jim Grant – Bloomberg Interview (30/6/11)

Government Theft 2012

Press Conference with Chairman of the FOMC, Ben S. Bernanke

 Blame High Oil Prices on Speculators and Bernanke

Seven Bucks A Gallon For Gas!

2012 Energy Prices

Ed Wallace 

“…That’s right, we not only reduced our overall gasoline use in America, reversing a century-long trend, but in 2011 we dropped our demand for gasoline once again. This likely explains why in December WTI oil jumped by close to $7 a barrel, but the futures market for gasoline barely budged, moving just a few cents in either direction.

Another way to look at it is in the percentage of utilization of our refineries for this time of year. According to the government’s data, the last week of December our refineries ran at 84.2 percent of capacity. But if one compares that week to the same week in the boom years, 2003 to 2007, our refineries were running at 91.7 percent, 94.2 percent, 88.9 percent, 90.9 percent and 89.4 percent. For those who have forgotten, that last figure in that chain, marking the last week of December 2007, also denotes the month we officially slipped into a recession. Interestingly, data released by the International Energy Agency in September of 2008 showed oil and fuel demand falling worldwide starting in August of 2007.

And yet with our refinery utilization running at far below normal, we managed to have the all-time-record year for the exportation of refined fuels. While the media speculation on where oil’s price is going is almost solely based on “Asian Demand” or the prospect of a total embargo on Iranian oil, the real problem is something completely different.

What is it? It’s refiners trying to find ways to get the price of gasoline on the futures market more in line with the high price of oil. To this end it appears that three refineries in the Northeast, including Sunoco’s Marcus Hook and Philadelphia refinery, along with Conoco’s Trainer unit, will be closed. To be sure, both Conoco and Sunoco claim their first choice is to sell those refineries, but failing that they will be closed.

What does that mean to you and me?

Dow Jones Newswire quoted Gene McGillian, an energy analyst with Tradition Energy, as saying, “Gasoline futures prices are based on New York Harbor prices. When you start to see disruptions in that Northeast market, it’s definitely reflected in gasoline futures.”

Translation: Close refineries and you can bump the futures price of gasoline – and by extension the retail price – regardless of where the price of oil is.

How does oil speculation raise gas prices?

by Josh Clark

“…An oil futureis simply a contract between a buyer and seller, where the buyer agrees to purchase a certain amount of a commodity — in this case oil — at a fixed price

. Futures offer a way for a purchaser to bet on whether a commodity will increase in price down the road. Once locked into a contract, a futures buyer would receive a barrel of oil for the price dictated in the future contract, even if the market price was higher when the barrel was actually delivered.

­As in all cases, Wall Street heard the word "bet" and flocked to futures, taking the market to strange new places on the fringe of legality. In the 19th and early 20th centuries it bet on grain. In the 21st century it was oil. Despite U.S. petroleum reserves being at an eight-year high, the price of oil rose dramatically beginning in 2006. While demand rose, supply kept pace. Yet, prices still skyrocketed. This means that the laws of supply and demand no longer applied in the oil markets. Instead, an artificial market developed.

Artificial markets are volatile; they’re difficult to predict and can turn on a dime. As a result of the artificial oil market, the average price per barrel of crude oil increased from $31.61 in July 2004 to $137.11 in July 2008 1. The average cost for a gallon of regular unleaded gas in the United States grew from $1.93 to $4.09 over the same period 1.

So what happened? …"

"…What speculators do is bet on what price a commodity will reach by a future date, through instruments called <strong>derivatives</strong>. Unlike an investment in an actual commodity (such as a barrel of oil), a derivative’s value is based on the value of a commodity (for example, a bet on whether a barrel of oil will increase or decrease in price). Speculators have no hand in the sale of the commodity they’re betting on; they’re not the buyer or the seller.

By betting on the price outcome with only a single futures contract, a speculator has no effect on a market. It’s simply a bet. But a speculator with the capital to purchase a sizeable number of futures derivatives at one price can actually sway the market. As energy researcher F. William Engdahl put it, "[s]peculators trade on rumor, not fact" 1. A speculator purchasing vast futures at higher than the current market price can cause oil producers to horde their commodity in the hopes they’ll be able to sell it later on at the future price. This drives prices up in reality — both future and present prices — due to the decreased amount of oil currently available on the market.

Investment firms that can influence the oil futures market stand to make a lot; oil companies that both produce the commodity and drive prices up of their product up through oil futures derivatives stand to make even more. Investigations into the unregulated oil futures exchanges turned up major financial institutions like Goldman Sachs and Citigroup. But it also revealed energy producers like Vitol, a Swiss company that owned 11 percent of the oil futures contracts on the New York Mercantile Exchange alone 1.

As a result of speculation among these and other major players, an estimated 60 percent of the price of oil per barrel was added; a $100 barrel of oil, in reality, should cost $40 1. And despite having an agency created to prevent just such speculative price inflation, by the time oil prices skyrocketed, the government had made a paper tiger out of it. …"

<a href="http://money.howstuffworks.com/oil-speculation-raise-gas-price.htm">http://money.howstuffworks.com/oil-speculation-raise-gas-price.htm</a>

</div>
</div>
</div>
</div>
<h4></h4>
<h4>It’s no secret that speculators are driving up fuel prices. The surprise? It’s the Fed’s fault, writes Ed Wallace</h4>
<h4>"…The Fed’s Cheap Liquidity Flood</h4>
The problem starts with Ben Bernanke, no matter how many of his Fed presidents claim they are not to blame for the high price of oil. The fact is that when you flood the market with far too much liquidity at virtually no interest, funny things happen in commodities and equities. It was true in the 1920s, it was true in the last decade, and it’s still true today.

When Richard Fisher, president of the Dallas Federal Reserve, spoke in Germany late in March, Reuters quoted him as saying: "We are seeing speculative activity that may be exacerbating price rises in commodities such as oil." Fisher added that he was seeing the signs of the same speculative trading that had fueled the first financial meltdown.

Here Fisher is in good company. Kansas City Fed President Thomas Hoenig, who has been a vocal critic of the current Fed policy of zero interest and high liquidity, has suggested that markets don’t function correctly under those circumstances. And David Stockman, Ronald Reagan’s former budget director, recently wrote a scathing article for MarketWatch, "Federal Reserve’s Path of Destruction," in which he criticizes current Fed policy even more pointedly. Stockman wrote: "This destruction is namely the exploitation of middle-class savers; the current severe food and energy squeeze on lower income households … and the next round of bursting bubbles building up among the risk asset classes."

Let’s not kid ourselves. Oil in today’s world is worth far more than the $25 a barrel it sold for over a decade ago. But the ability of markets to function properly, based on real supply and demand equations, has been destroyed by allowing ridiculous leverage and the unlimited ability to borrow the leverage at historically low interest rates.

Fortunately for our elected officials, they’ve got the public convinced that the biggest threat from government is taxation and deficits. In reality the public should be infuriated with the rising costs of nondiscretionary items such as food and gasoline, which current Fed policy actively enables. …"

<a href="http://www.businessweek.com/investor/content/apr2011/pi20110419_786652_page_2.htm">http://www.businessweek.com/investor/content/apr2011/pi20110419_786652_page_2.htm</a>
<p style="text-align: left;"><strong>Price of petroleum</strong></p>
"…The <strong>price of petroleum</strong> as quoted in news generally refers to the spot price per barrel (159 liters) of either WTI/light crude as traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe.

The price of a barrel of oil is highly dependent on both its grade, determined by factors such as its specific gravity or API and its sulphur content, and its location. Other important benchmarks include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price".

The demand for oil is highly dependent on global macroeconomic conditions. According to the International Energy Agency, high oil prices generally have a large negative impact on the global economic growth.<sup>[1]</sup>

The Organization of the Petroleum Exporting Countries (OPEC) was formed in 1960<sup>[2]</sup> to try and counter the oil companies cartel, which had been controlling posted prices since the so-called 1927 Red Line Agreement and 1928 Achnacarry Agreement, and had achieved a high level of price stability until 1972.

The price of oil underwent a significant decrease after the record peak of US$145 it reached in July 2008. On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2010 began, and traded at between US$35 a barrel and US$82 a barrel in 2009.<sup>[3]</sup> On 31 January 2011, the Brent price hit $100 a barrel for the first time since October 2008, on concerns about the political unrest in Egypt.<sup>[4]</sup>

Price history before 2003

A low point was reached in January 1999 of 17 USD per barrel, after increased oil production from Iraq coincided with the Asian Financial Crisis, which reduced demand. Prices then increased rapidly, more than doubling by September 2000 to $35, then fell until the end of 2001 before steadily increasing, reaching $40–50 by September 2004.<sup>[5]</sup>
<h3>Price history from 2003 onwards</h3>
<div>Main article: 2003 to 2011 world oil market chronology</div>
<div>Further information: 2000s energy crisis</div>
<h4>Benchmark pricing</h4>
<div>Main article: Benchmark (crude oil)</div>
After the collapse of the OPEC-administered pricing system in 1985, and a short lived experiment with netback pricing, oil-exporting countries adopted a market-linked pricing mechanism.<sup>[6]</sup> First adopted by PEMEX in 1986, market-linked pricing received wide acceptance and by 1988 became and still is the main method for pricing crude oil in international trade.<sup>[6]</sup> The current reference, or pricing markers, are Brent, WTI, and Dubai/Oman.<sup>[6]</sup>
<h4> Market listings</h4>
<div>Main article: Commodities markets</div>
Oil is marketed among other products in commodities markets. See above for details. Widely traded oil futures, and related natural gas futures, include:<sup>[7]</sup>
<ul>
<li>Petroleum
<ul>
<li>Nymex Crude Future</li>
<li>Dated Brent Spot</li>
<li>WTI Cushing Spot</li>
<li>Nymex Heating Oil Future</li>
<li>Nymex RBOB Gasoline Future</li>
</ul>
</li>
<li>Natural gas
<ul>
<li>Nymex Henry Hub Future</li>
<li>Henry Hub Spot</li>
<li>New York City Gate Spot</li>
</ul>
</li>
</ul>
Most of the above oil futures have delivery dates in all 12 months of the year.<sup>[8]</sup>
<h4>Speculation</h4>
The surge in oil prices in the past several years has led some commentators to argue that at least some of the rise is due to speculation in the futures markets.<sup>[9]</sup>
<h4> Future price changes</h4>
In 2009, Seismic Micro-Technology conducted a survey of geophysicists and geologists about the future of crude oil. Of the survey participants 80 percent predicted the price for a barrel of oil will rise to be somewhere between $50 and $100 per barrel by June 2010.<sup>[10]</sup> Another 50 percent saying it will rise even further to $100 to $150 a barrel in the next five years.<sup>[10]</sup>

Oil prices could go to $200- $300 a barrel if the world’s top crude exporter Saudi Arabia is hit by serious political unrest, according to former Saudi oil minister Sheikh Yamani. Yamani has said that underlying discontent remained unresolved in Saudi Arabia. "If something happens in Saudi Arabia it will go to $200 to $300. I don’t expect this for the time being, but who would have expected Tunisia?" Yamani told Reuters on the sidelines of a conference of the Centre for Global Energy Studies (CGES) which he chaired on April 5th 2011.<sup>[11]</sup>
<h4>CFTC investigation</h4>
The U.S. Commodity Futures Trading Commission (CFTC) announced "Multiple Energy Market Initiatives" on May 29, 2008. Part 1 is "Expanded International Surveillance Information for Crude Oil Trading." The CFTC announcement stated it has joined with the United Kingdom Financial Services Authority and ICE Futures Europe in order to expand surveillance and information sharing of various futures contracts.<sup>[12]</sup> This announcement has received wide coverage in the financial press, with speculation about oil futures price manipulation.<sup>[13]</sup><sup>[14]</sup><sup>[15]</sup>

The interim report by the Interagency Task Force, released in July, found that speculation had not caused significant changes in oil prices and that fundamental supply and demand factors provide the best explanation for the crude oil price increases. The report found that the primary reason for the price increases was that the world economy had expanded at its fastest pace in decades, resulting in substantial increases in the demand for oil, while the oil production grew sluggishly, compounded by production shortfalls in oil-exporting countries.

The report stated that as a result of the imbalance and low price elasticity, very large price increases occurred as the market attempted to balance scarce supply against growing demand, particularly in the last three years. The report forecast that this imbalance would persist in the future, leading to continued upward pressure on oil prices, and that large or rapid movements in oil prices are likely to occur even in the absence of activity by speculators. The task force continues to analyze commodity markets and intends to issue further findings later in the year.
<h4>Future projections</h4>
<div>Main article: Oil depletion</div>
<div>Main article: Peak oil</div>
Peak oil is the period when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. It relates to a long term decline in the available supply of petroleum. This, combined with increasing demand, will significantly increase the worldwide prices of petroleum derived products. Most significant will be the availability and price of liquid fuel for transportation.

The US Department of Energy in the Hirsch report indicates that “The problems associated with world oil production peaking will not be temporary, and past “energy crisis” experience will provide relatively little guidance.”<sup>[16] …"</sup>

<a href="http://en.wikipedia.org/wiki/Price_of_petroleum">http://en.wikipedia.org/wiki/Price_of_petroleum</a>
<p style="text-align: left;"><strong>Gas prices soar on dollar devaluation even as consumption drops to 10-year lows </strong></p>
<strong>Written By Kenneth Schortgen Jr on Monday, February 13, 2012</strong>

"…One of the biggest misnomers in finance and economics today is that prices work according to supply and demand.  This was true when America performed in actual capitalist system, but since we moved to both fascism and crony capitalism, where corporations, banks, and government all work together at the betterment of themselves and not society, prices are fixed due to other factors such as dollar devaluation.
<div style="padding-left: 30px;"><strong><em>U.S. drivers used 2.8 percent less motor gasoline last year and consumed the smallest amount since 1999, the U.S. Department of Energy said Wednesday. Officials credited the decrease to more fuel-efficient cars and an aging population taking few trips.</em></strong></div>
<div style="padding-left: 30px;"><strong><em>Meanwhile, U.S. domestic oil production increased by more than 2 percent last year to 5.6 million barrels per day. – </em></strong><a href="http://www.desmoinesregister.com/article/20120209/BUSINESS/302090065/-1/TERMSOFSERVICE/Gas-consumption-lowest-since-1999"><strong><em>Des Moines Register</em></strong></a></div>
So… if consumption is way down, and production is actually up, should not gasoline prices be falling?  They should, except if you take into consideration the amount of money printing and currency devaluation being done by the Federal Reserve over the past four years, the amount of  inflation is being created by our own banking system, and not by a lack of products, or by higher demand.
In the end, Americans are being deceived by Fed Chairman Ben Bernanke. …"

<a href="http://www.thedailyeconomist.com/2012/02/gas-prices-soar-on-dollar-devaluation.html">http://www.thedailyeconomist.com/2012/02/gas-prices-soar-on-dollar-devaluation.html</a>
<h3 style="text-align: left;"></h3>
<h3 style="text-align: left;">Gasoline Prices Are Not Rising, the Dollar Is Falling</h3>
<strong><a href="http://blogs.forbes.com/louiswoodhill/">Louis Woodhill</a></strong>

"…Panic is in the air as gasoline prices move above $4.00 per gallon. Politicians and pundits are rounding up the usual suspects, looking for someone or something to blame for this latest outrage to middle class family budgets. In a rare display of bipartisanship, President Obama and Speaker of the House <a href="http://www.forbes.com/profile/john-boehner/">John Boehner</a> are both wringing their hands over the prospect of seeing their newly extended Social <a href="http://www.forbes.com/security/">Security</a> tax cut gobbled up by rising gasoline costs.

Unfortunately, the talking heads that are trying to explain the reasons for high oil prices are missing one tiny detail. Oil prices aren’t high right now. In fact, they are unusually low. Gasoline prices would have to rise by another $0.65 to $0.75 per gallon from where they are now just to be “normal”. And, because gasoline prices are low right now, it is very likely that they are going to go up more—perhaps a lot more.

What the politicians, analysts, and pundits are missing is that prices are ratios. Gasoline prices reflect crude oil prices, so let’s use West Texas Intermediate (WTI) crude oil to illustrate this crucial point.

As this is written, West Texas Intermediate crude oil (WTI) is trading at $105.88/bbl. All this means is that the market value of a barrel of WTI is 105.88 times the market value of “the dollar”. It is also true that WTI is trading at €79.95/bbl, ¥8,439.69/barrel, and £67.13/bbl. In all of these cases, the market value of WTI is the same. What is different in each case is the value of the monetary unit (euros, yen, and British pounds, respectively) being used to calculate the ratio that expresses the price.

In terms of judging whether the price of WTI is high or low, here is the price that truly matters: 0.0602 ounces of gold per barrel (which can be written as Au0.0602/bbl). What this number means is that, right now, a barrel of WTI has the same market value as 0.0602 ounces of gold.

During the 493 months since January 1, 1971, the price of WTI has averaged Au0.0732/bbl. It has been higher than that during 225 of those months and lower than that during 268 of those months. Plotted as a graph, the line representing the price of a barrel of oil in terms of gold has crossed the horizontal line representing the long-term average price (Au0.0732/bbl) 29 times.

At Au0.0602/bbl, today’s WTI price is only 82% of its average over the past 41+ years. Assuming that gold prices remained at today’s $1,759.30/oz, WTI prices would have to rise by about 22%, to $128.86/bbl, in order to reach their long-term average in terms of gold. As mentioned earlier, such an increase would drive up retail gasoline prices by somewhere between $0.65 and $0.75 per gallon.

At this point, we can be certain that, unless gold prices come down, gasoline prices are going to go up—by a lot. And, because the dollar is currently a floating, undefined, fiat currency, there is no inherent limit to how far the price of gold in dollars can rise, and therefore no ultimate ceiling on gasoline prices. …"

<a href="http://www.forbes.com/sites/louiswoodhill/2012/02/22/gasoline-prices-are-not-rising-the-dollar-is-falling/">http://www.forbes.com/sites/louiswoodhill/2012/02/22/gasoline-prices-are-not-rising-the-dollar-is-falling/</a>

<strong>Why Gas Prices Are Actually Falling   </strong>
<div><strong>By Gary Gibson</strong></div>
"…It’s not gold and silver prices that are volatile. Those have been incredibly consistent for thousands of years in terms of commodities they could buy. And because of the increasing standard of living being raised by free market economies, in a very real sense these eternal monies actually buy more. It’s the dollar that has been erratic in its overall declining trend ever since it’s been cut loose from gold (and silver).

Again, people looking at the cost of a gallon of gas, or of milk, or the cost of a nice suit, or rent from behind their piles of gold and silver are finding very little to worry about. In fact, to them, prices are lower than normal and declining.

Also the price of oil has tended to track the price of silver awfully closely for about as long as oil has been industrially useful. And so it’s no mistake that you can still get a gallon of gas for about about $0.20…as long as that $0.20 is composed of a pre-1964 90% silver dimes. …"

<a href="https://raymondpronk.files.wordpress.com/2012/02/silver_quarter.png"><img class="aligncenter size-full wp-image-55554" title="silver_quarter" src="https://raymondpronk.files.wordpress.com/2012/02/silver_quarter.png" alt="" width="544" height="195" /></a>

"…You see, the pre-1965 quarter is worth $6.38 as I type this. The pre-1965 dime is worth $2.55. These coins hail from a time when the dollar was still tied to gold (at the official price of $35 per ounce prior to Nixon nixing the gold standard). The dollar was still as good as gold — even though Americans themselves were forbidden to own gold bullion from 1933 till 1974 — and there was actual silver in the coinage until that content was reduced in 1964 and eliminated in 1965.

Those old silver coins shine the harsh light on the strength of the currency and the abuse that currency suffers from the feds and the Federal Reserve.

If you’d been saving in gold, then from your point of view gas prices have been coming down for the past few years. If you’d been saving in that old “junk” silver (pre-1965 quarters, dimes and half dollars), then gas prices are a downright bargain, too. …"

<a href="http://whiskeyandgunpowder.com/why-gas-prices-are-actually-falling/">http://whiskeyandgunpowder.com/why-gas-prices-are-actually-falling/</a>
<h4><strong>Consequences to Expect if the U.S. Invades Iran   </strong></h4>
<h4><strong>By Whiskey Contributor<small>Feb 22nd, 2012</small></strong></h4>
<h4><strong>Exploding Oil Prices</strong></h4>
The U.S. has had a ban on Iranian oil imports since 1979, however, Iran still supplies about 5% of the global oil market. This might not seem like much, but Iran also has the means and ability to shut down the Straight of Hormuz, which is one of two major petroleum choke points in the world. Around 17 million barrels of oil per day are shipped through the Straight of Hormuz, or about 20% of all oil traded worldwide.
<p align="center"><img src="http://www.ezimages.net/WHISKEY/022212_pic2.png" alt="" width="363" height="208" /></p>
"…In 2006, during the last major Iran war scare, experts predicted gasoline price increases in excess of <a href="http://money.cnn.com/2006/02/07/news/international/iran_oil/" target="_blank">$10 a gallon if Iran was invaded.</a>

This would devastate the U.S. economy, which is already hanging by a thin thread. Iran has announced this past weekend it will cease all oil shipments to Britain and France in protest of their support of economic sanctions. This alone is causing oil to spike today. A global energy crisis will financially decimate average citizens who will have their savings sapped by extreme price inflation, not just in gasoline, but in all goods that require the use of gasoline in their production and shipping. If you like this idea, then by all means, support an invasion of Iran.

<strong>War Domino Effect</strong>

In January of 2010, I wrote an article for Neithercorp Press entitled <a href="http://www.alt-market.com/neithercorp/press/2010/01/will-globalists-trigger-yet-another-world-war/" target="_blank">“Will Globalists Trigger Yet Another World War</a>“. In that article, I warned about the dangers of an invasion of Iran or Syria being used to foment a global conflict, in order to create a crisis large enough to distract the masses away from the international banker created economic collapse.

In 2006, Iran signed a mutual defense pact with its neighbor, Syria, which is also in the middle of its own turmoil and possible NATO intervention. Syria has strong ties to Russia, and even has a revamped Russian naval base off its coast, a fact rarely mentioned by the mainstream media. Both Russia and China have made their opposition clear in the case of any Western intervention in Iran or Syria. An invasion by the U.S. or Israel in these regions could quickly intensify into wider war between major world powers. If you like the idea of a world war which could eventually put you and your family in direct danger, then by all means, support an invasion of Iran.

<strong>Dollar Collapse</strong>

Make no mistake, the U.S. dollar is already on the verge of collapse, along with the U.S. economy. Bilateral trade agreements between BRIC and ASEAN nations are sprouting up everywhere the past couple months, and these agreements are specifically designed to end the dollar’s status as the world reserve currency. An invasion of Iran will only expedite this process. If global anger over the resulting chaos in oil prices doesn’t set off a dump of the dollar, the eventual debt obligation incurred through the overt costs of war will. Ron Paul has always been right; it doesn’t matter whether you think invasion is a good idea or not. We simply CANNOT afford it. America is bankrupt. Our only source of income is our ability to print money from thin air. Each dollar created to fund new wars brings our currency ever closer to its demise. …"

<a href="http://whiskeyandgunpowder.com/consequences-to-expect-if-the-u-s-invades-iran/">http://whiskeyandgunpowder.com/consequences-to-expect-if-the-u-s-invades-iran/</a>
<h1 style="text-align: center;">Background Articles and Videos</h1>
<h4 style="text-align: center;"></h4>
<h4 style="text-align: center;"></h4>
<h4 id="watch-headline-title" style="text-align: center;">Introduction to Futures</h4>
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<h4 id="watch-headline-title" style="text-align: center;">What is a Future?</h4>
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<h4 id="watch-headline-title" style="text-align: center;">Investopedia Video: How Do Futures Contracts Work?</h4>
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<h4 id="watch-headline-title" style="text-align: center;">Commodity futures margin accounts</h4>
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<div><strong> Security Futures—Know Your Risks, or Risk Your Future</strong></div>
<div>

<strong>"…Margin & Leverage</strong>

When a brokerage firm lends you part of the funds needed to purchase a security, such as common stock, the term "margin" refers to the amount of cash, or down payment, the customer is required to deposit. By contrast, a security futures contract is an obligation not an asset and has no value as collateral for a loan. When you enter into a security futures contract, you are required to make a payment referred to as a "margin payment" or "performance bond" to cover potential losses.

For a relatively small amount of money (the margin requirement), a futures contract worth several times as much can be bought or sold. The smaller the margin requirement in relation to the underlying value of the futures contract, the greater the leverage. Because of this leverage, small changes in price can result in large gains and losses in a short period of time.

<strong>Example:</strong> Assuming a security futures contract is for 100 shares of stock, if a security futures contract is established at a contract price of $50, the contract has a nominal value of $5,000 (see definition below). The margin requirement may be as low as 20 percent, which would require a margin deposit of $1,000. Assume the contract price rises from $50 to $52 (a $200 increase in the nominal value). This represents a $200 profit to the buyer of the futures contract, and a 20 percent return on the $1,000 deposited as margin.

The reverse would be true if the contract price decreased from $50 to $48. This represents a $200 loss to the buyer, or 20 percent of the $1,000 deposited as margin. Thus, leverage can either benefit or harm an investor.
Note that a 4 percent decrease in the value of the contract resulted in a loss of 20 percent of the margin deposited. A 20 percent decrease in the contract price ($50 to $40) would mean a drop in the nominal value of the contract from $5,000 to $4,000, thereby wiping out 100 percent of the margin deposited on the security futures contract. …"

</div>
<div><a href="http://www.finra.org/Investors/InvestmentChoices/P005912">http://www.finra.org/Investors/InvestmentChoices/P005912</a></div>
<div></div>
<div>
<h4>Futures Margins<a href="http://www.dpbolvw.net/click-2519541-10992963" target="_blank"> </a></h4>
<!– google_ad_section_start –>Participants in a futures contract are required to post performance bond margins in order to open and maintain a futures position.

Futures margin requirements are set by the exchanges and are typically only 2 to 10 percent of the full value of the futures contract.

Margins are financial guarantees required of both buyers and sellers of futures contracts to ensure that they fulfill their futures contract obligations.
<h4>Initial Margin</h4>
Before a futures position can be opened, there must be enough available balance in the futures trader’s margin account to meet the initial margin requirement. Upon opening the futures position, an amount equal to the initial margin requirement will be deducted from the trader’s margin account and transferred to the exchange’s clearing firm. This money is held by the exchange clearinghouse as long as the futures position remains open.
<h4>Maintenance Margin</h4>
The maintenance margin is the minimum amount a futures trader is required to maintain in his margin account in order to hold a futures position. The maintenance margin level is usually slightly below the initial margin.

If the balance in the futures trader’s margin account falls below the maintenance margin level, he or she will receive a margin call to top up his margin account so as to meet the initial margin requirement.
<h4>Example</h4>
Let’s assume we have a speculator who has $10000 in his trading account. He decides to buy August Crude Oil at $40 per barrel. Each Crude Oil futures contract represents 1000 barrels and requires an initial margin of $9000 and has a maintenance margin level set at $6500.

Since his account is $10000, which is more than the initial margin requirement, he can therefore open up one August Crude Oil futures position.

One day later, the price of August Crude Oil drops to $38 a barrel. Our speculator has suffered an open position loss of $2000 ($2 x 1000 barrels) and thus his account balance drops to $8000.

Although his balance is now lower than the initial margin requirement, he did not get the margin call as it is still above the maintenance level of $6500.

Unfortunately, on the very next day, the price of August Crude Oil crashed further to $35, leading to an additional $3000 loss on his open Crude Oil position. With only $5000 left in his trading account, which is below the maintenance level of $6500, he received a call from his broker asking him to top up his trading account back to the initial level of $9000 in order to maintain his open Crude Oil position.

This means that if the speculator wishes to stay in the position, he will need to deposit an additional $4000 into his trading account.

Otherwise, if he decides to quit the position, the remaining $5000 in his account will be available to use for trading once again. …"
<a href="http://www.theoptionsguide.com/futures-margin.aspx">http://www.theoptionsguide.com/futures-margin.aspx</a>

</div>
<div></div>
<div></div>
<div><strong>Federal Regulation of Margin in the Commodities Futures Industry: History and Theory</strong></div>
<div>
<div>
<div>
<h4><a href="http://www.nationalaglawcenter.org/assets/bibarticles/markham_margin.pdf">http://www.nationalaglawcenter.org/assets/bibarticles/markham_margin.pdf</a></h4>
<h4></h4>
<h4></h4>
<h4>How does oil speculation raise gas prices?</h4>
<h4>by Josh Clark</h4>
</div>
</div>
</div>
<div align="left">

"…The next time you drive to the gas station, only to find prices are still sky high compared to just a few years ago, take notice of the rows of <a href="http://money.howstuffworks.com/personal-finance/debt-management/foreclosure.htm">foreclosed</a> houses you’ll pass along the way. They may seem like two parts of a spell of economic bad luck, but high gas prices and home foreclosures are actually very much interrelated. Before most people were even aware there was an <a href="http://money.howstuffworks.com/government-bailout.htm">economic crisis</a>, investment managers abandoned failing <a href="http://money.howstuffworks.com/mortgage-backed-security.htm">mortgage-backed securities</a> and looked for other lucrative investments. What they settled on was oil futures.

An <strong>oil future</strong> is simply a contract between a buyer and seller, where the buyer agrees to purchase a certain amount of a commodity — in this case <a href="http://science.howstuffworks.com/environmental/energy/oil-refining.htm">oil</a>– at a fixed price

1

. Futures offer a way for a purchaser to bet on whether a commodity will increase in price down the road. Once locked into a contract, a futures buyer would receive a barrel of oil for the price dictated in the future contract, even if the market price was higher when the barrel was actually delivered. …”

“…What speculators do is bet on what price a commodity will reach by a future date, through instruments called derivatives. Unlike an investment in an actual commodity (such as a barrel of oil), a derivative’s value is based on the value of a commodity (for example, a bet on whether a barrel of oil will increase or decrease in price). Speculators have no hand in the sale of the commodity they’re betting on; they’re not the buyer or the seller.

By betting on the price outcome with only a single futures contract, a speculator has no effect on a market. It’s simply a bet. But a speculator with the capital to purchase a sizeable number of futures derivatives at one price can actually sway the market. As energy researcher F. William Engdahl put it, “[s]peculators trade on rumor, not fact”

. A speculator purchasing vast futures at higher than the current market price can cause oil producers to horde their commodity in the hopes they’ll be able to sell it later on at the future price. This drives prices up in reality — both future and present prices — due to the decreased amount of oil currently available on the market.

Investment firms that can influence the oil futures market stand to make a lot; oil companies that both produce the commodity and drive prices up of their product up through oil futures derivatives stand to make even more. Investigations into the unregulated oil futures exchanges turned up major financial institutions like Goldman Sachs and Citigroup. But it also revealed energy producers like Vitol, a Swiss company that owned 11 percent of the oil futures contracts on the New York Mercantile Exchange alone

.

As a result of speculation among these and other major players, an estimated 60 percent of the price of oil per barrel was added; a $100 barrel of oil, in reality, should cost $40

. And despite having an agency created to prevent just such speculative price inflation, by the time oil prices skyrocketed, the government had made a paper tiger out of it. …”

http://money.howstuffworks.com/oil-speculation-raise-gas-price.htm

Weekly Petroleum Status Report

Highlights

“…U.S. crude oil refinery inputs averaged just under 14.9 million barrels per

day during the week ending February 17, 170 thousand barrels per day

above the previous week’s average. Refineries operated at 85.5 percent

of their operable capacity last week. Gasoline production increased

last week, averaging nearly 9.0 million barrels per day. Distillate fuel

production decreased last week, averaging just under 4.3 million barrels

per day.

U.S. crude oil imports averaged nearly 9.1 million barrels per day last

week, up by 335 thousand barrels per day from the previous week. Over

the last four weeks, crude oil imports have averaged about 8.8 million

barrels per day, 211 thousand barrels per day above the same four-week

period last year. Total motor gasoline imports (including both finished

gasoline and gasoline blending components) last week averaged 845

thousand barrels per day. Distillate fuel imports averaged 122 thousand

barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic

Petroleum Reserve) increased by 1.6 million barrels from the previous

week. At 340.7 million barrels, U.S. crude oil inventories are in the

upper limit of the average range for this time of year. Total motor

gasoline inventories decreased by 0.6 million barrels last week and are

in the upper limit of the average range. Finished gasoline inventories

decreased while blending components inventories increased last week.

Distillate fuel inventories decreased by 0.2 million barrels last week and

are in the middle of the average range for this time of year. Propane/

propylene inventories decreased by 1.6 million barrels last week and are

above the upper limit of the average range. Total commercial petroleum

inventories increased by 3.3 million barrels last week.

Total products supplied over the last four-week period have averaged

about 18.1 million barrels per day, down by 6.7 percent compared to

the similar period last year. Over the last four weeks, motor gasoline

product supplied has averaged 8.2 million barrels per day, down by 6.1

percent from the same period last year. Distillate fuel product supplied

has averaged about 3.6 million barrels per day over the last four weeks,

down by 5.9 percent from the same period last year. Jet fuel product

supplied is 9.1 percent lower over the last four weeks compared to the

same four-week period last year.

WTI was $103.27 per barrel on February 17, 2012, $4.59 more than

last week’s price and $18.24 above a year ago. The spot price for

conventional gasoline in the New York Harbor was $3.023 per gallon,

$0.022 more than last week’s price and $0.483 above last year. The

spot price for No. 2 heating oil in the New York Harbor was $3.185 per

gallon, $0.002 less than last week’s price but $0.474 above a year ago.

The national average retail regular gasoline price increased for the fourth

week in a row to $3.591 per gallon on February 20, 2012, $0.068 per

gallon more than last week and $0.402 above a year ago. The national

average retail diesel fuel price also increased for the fourth straight week

in a row to $3.960 per gallon, $0.017 per gallon more than last week and

$0.387 above a year ago. …”

http://www.eia.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/pdf/highlights.pdf

Inflation:  Calculating the rate of inflation

Historical CPI-U data from 1913 to the present

“…For just current CPI data, see CPI page. The following table provides all the Consumer Price Index data CPI-U from 1913 to the Present.

The Consumer Price Index (CPI-U)  is compiled by the Bureau of Labor Statistics and is based upon a 1982 Base of 100. A Consumer Price Index of 158 indicates 58% inflation since 1982. The commonly quoted inflation rate of say 3% is actually the change in the Consumer Price Index from a year earlier. By looking at the change in the Consumer Price Index we can see that what cost an average of 9.9 cents in 1913 would cost us about $1.82 in 2003 and $2.02 in 2007.

To find Prior Consumer Price Index (CPI) data on this table (back through 1913) click on the date range links below the table.

For Inflation data rather than Consumer Price Index data go to the Historical Inflation page. If you would like to calculate the inflation rate between two dates using the Consumer Price Index data from this chart, use our handy easy to use Inflation calculator or you might prefer to use our Cost of Living Calculator to compare the costs in two cities. You can find links to Inflation and Consumer Price Index data for other countries HERE. A chart of Inflation by decade, Annual Inflation and Confederate Inflation is also available. Menu navigation is available on the menu bar on the left of every page. We have a complete listing of all of our Articles on inflation, including Inflation Definitions, Which is better High or Low Inflation, and How to Calculate Inflation.

You might also be interested in the wide variety of articles on our sister site Financial Trend Forecaster a complete list of the articles on Financial Trend Forecaster is at the FTF Article Archives.

Note Effective January 2007 the BLS began publishing the CPI index to three decimal places (prior to that it was only one decimal place).  But InflationData.com is still the only place to get the Inflation Rate calculated to two decimal places.

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2012 226.665
2011 220.223 221.309 223.467 224.906 225.964 225.722 225.922 226.545 226.889 226.421 226.230 225.672 224.939
2010 216.687 216.741 217.631 218.009 218.178 217.965 218.011 218.312 218.439 218.711 218.803 219.179 218.056
2009 211.143 212.193 212.709 213.240 213.856 215.693 215.351 215.834 215.969 216.177 216.330 215.949 214.537
2008 211.080 211.693 213.528 214.823 216.632 218.815 219.964 219.086 218.783 216.573 212.425 210.228 215.303
2007 202.416 203.499 205.352 206.686 207.949 208.352 208.299 207.917 208.490 208.936 210.177 210.036 207.342
2006 198.300 198.700 199.800 201.500 202.500 202.900 203.500 203.900 202.900 201.800 201.500 201.800 201.600
2005 190.700 191.800 193.300 194.600 194.400 194.500 195.400 196.400 198.800 199.200 197.600 196.800 195.300
2004 185.200 186.200 187.400 188.000 189.100 189.700 189.400 189.500 189.900 190.900 191.000 190.300 188.900
2003 181.700 183.100 184.200 183.800 183.500 183.700 183.900 184.600 185.200 185.000 184.500 184.300 183.960
2002 177.100 177.800 178.800 179.800 179.800 179.900 180.100 180.700 181.000 181.300 181.300 180.900 179.880
2001 175.100 175.800 176.200 176.900 177.700 178.000 177.500 177.500 178.300 177.700 177.400 176.700 177.100
2000 168.800 169.800 171.200 171.300 171.500 172.400 172.800 172.800 173.700 174.000 174.100 174.000 172.200
1999 164.300 164.500 165.000 166.200 166.200 166.200 166.700 167.100 167.900 168.200 168.300 168.300 166.600
1998 161.600 161.900 162.200 162.500 162.800 163.000 163.200 163.400 163.600 164.000 164.000 163.900 163.000
1997 159.100 159.600 160.000 160.200 160.100 160.300 160.500 160.800 161.200 161.600 161.500 161.300 160.500
1996 154.400 154.900 155.700 156.300 156.600 156.700 157.000 157.300 157.800 158.300 158.600 158.600 156.900
1995 150.300 150.900 151.400 151.900 152.200 152.500 152.500 152.900 153.200 153.700 153.600 153.500 152.400
1994 146.200 146.700 147.200 147.400 147.500 148.000 148.400 149.000 149.400 149.500 149.700 149.700 148.200
1993 142.600 143.100 143.600 144.000 144.200 144.400 144.400 144.800 145.100 145.700 145.800 145.800 144.500
1992 138.100 138.600 139.300 139.500 139.700 140.200 140.500 140.900 141.300 141.800 142.000 141.900 140.300
1991 134.600 134.800 135.000 135.200 135.600 136.000 136.200 136.600 137.200 137.400 137.800 137.900 136.200
1990 127.400 128.000 128.700 128.900 129.200 129.900 130.400 131.600 132.700 133.500 133.800 133.800 130.700
1989 121.100 121.600 122.300 123.100 123.800 124.100 124.400 124.600 125.000 125.600 125.900 126.100 124.000
1988 115.700 116.000 116.500 117.100 117.500 118.000 118.500 119.000 119.800 120.200 120.300 120.500 118.300
1987 111.200 111.600 112.100 112.700 113.100 113.500 113.800 114.400 115.000 115.300 115.400 115.400 113.600
1986 109.600 109.300 108.800 108.600 108.900 109.500 109.500 109.700 110.200 110.300 110.400 110.500 109.600
1985 105.500 106.000 106.400 106.900 107.300 107.600 107.800 108.000 108.300 108.700 109.000 109.300 107.600
1984 101.900 102.400 102.600 103.100 103.400 103.700 104.100 104.500 105.000 105.300 105.300 105.300 103.900
1983 97.800 97.900 97.900 98.600 99.200 99.500 99.900 100.200 100.700 101.000 101.200 101.300 99.600
1982 94.300 94.600 94.500 94.900 95.800 97.000 97.500 97.700 97.900 98.200 98.000 97.600 96.500
1981 87.000 87.900 88.500 89.100 89.800 90.600 91.600 92.300 93.200 93.400 93.700 94.000 90.900
1980 77.800 78.900 80.100 81.000 81.800 82.700 82.700 83.300 84.000 84.800 85.500 86.300 82.400
1979 68.300 69.100 69.800 70.600 71.500 72.300 73.100 73.800 74.600 75.200 75.900 76.700 72.600
1978 62.500 62.900 63.400 63.900 64.500 65.200 65.700 66.000 66.500 67.100 67.400 67.700 65.200
1977 58.500 59.100 59.500 60.000 60.300 60.700 61.000 61.200 61.400 61.600 61.900 62.100 60.600
1976 55.600 55.800 55.900 56.100 56.500 56.800 57.100 57.400 57.600 57.900 58.000 58.200 56.900
1975 52.100 52.500 52.700 52.900 53.200 53.600 54.200 54.300 54.600 54.900 55.300 55.500 53.800
1974 46.600 47.200 47.800 48.000 48.600 49.000 49.400 50.000 50.600 51.100 51.500 51.900 49.300
1973 42.600 42.900 43.300 43.600 43.900 44.200 44.300 45.100 45.200 45.600 45.900 46.200 44.400
1972 41.100 41.300 41.400 41.500 41.600 41.700 41.900 42.000 42.100 42.300 42.400 42.500 41.800
1971 39.800 39.900 40.000 40.100 40.300 40.600 40.700 40.800 40.800 40.900 40.900 41.100 40.500
1970 37.800 38.000 38.200 38.500 38.600 38.800 39.000 39.000 39.200 39.400 39.600 39.800 38.800
1969 35.600 35.800 36.100 36.300 36.400 36.600 36.800 37.000 37.100 37.300 37.500 37.700 36.700
1968 34.100 34.200 34.300 34.400 34.500 34.700 34.900 35.000 35.100 35.300 35.400 35.500 34.800
1967 32.900 32.900 33.000 33.100 33.200 33.300 33.400 33.500 33.600 33.700 33.800 33.900 33.400
1966 31.800 32.000 32.100 32.300 32.300 32.400 32.500 32.700 32.700 32.900 32.900 32.900 32.400
1965 31.200 31.200 31.300 31.400 31.400 31.600 31.600 31.600 31.600 31.700 31.700 31.800 31.500
1964 30.900 30.900 30.900 30.900 30.900 31.000 31.100 31.000 31.100 31.100 31.200 31.200 31.000
1963 30.400 30.400 30.500 30.500 30.500 30.600 30.700 30.700 30.700 30.800 30.800 30.900 30.600
1962 30.000 30.100 30.100 30.200 30.200 30.200 30.300 30.300 30.400 30.400 30.400 30.400 30.200
1961 29.800 29.800 29.800 29.800 29.800 29.800 30.000 29.900 30.000 30.000 30.000 30.000 29.900
1960 29.300 29.400 29.400 29.500 29.500 29.600 29.600 29.600 29.600 29.800 29.800 29.800 29.600
1959 29.000 28.900 28.900 29.000 29.000 29.100 29.200 29.200 29.300 29.400 29.400 29.400 29.100
1958 28.600 28.600 28.800 28.900 28.900 28.900 29.000 28.900 28.900 28.900 29.000 28.900 28.900
1957 27.600 27.700 27.800 27.900 28.000 28.100 28.300 28.300 28.300 28.300 28.400 28.400 28.100
1956 26.800 26.800 26.800 26.900 27.000 27.200 27.400 27.300 27.400 27.500 27.500 27.600 27.200
1955 26.700 26.700 26.700 26.700 26.700 26.700 26.800 26.800 26.900 26.900 26.900 26.800 26.800
1954 26.900 26.900 26.900 26.800 26.900 26.900 26.900 26.900 26.800 26.800 26.800 26.700 26.900
1953 26.600 26.500 26.600 26.600 26.700 26.800 26.800 26.900 26.900 27.000 26.900 26.900 26.700
1952 26.500 26.300 26.300 26.400 26.400 26.500 26.700 26.700 26.700 26.700 26.700 26.700 26.500
1951 25.400 25.700 25.800 25.800 25.900 25.900 25.900 25.900 26.100 26.200 26.400 26.500 26.000
1950 23.500 23.500 23.600 23.600 23.700 23.800 24.100 24.300 24.400 24.600 24.700 25.000 24.100
1949 24.000 23.800 23.800 23.900 23.800 23.900 23.700 23.800 23.900 23.700 23.800 23.600 23.800
1948 23.700 23.500 23.400 23.800 23.900 24.100 24.400 24.500 24.500 24.400 24.200 24.100 24.100
1947 21.500 21.500 21.900 21.900 21.900 22.000 22.200 22.500 23.000 23.000 23.100 23.400 22.300
1946 18.200 18.100 18.300 18.400 18.500 18.700 19.800 20.200 20.400 20.800 21.300 21.500 19.500
1945 17.800 17.800 17.800 17.800 17.900 18.100 18.100 18.100 18.100 18.100 18.100 18.200 18.000
1944 17.400 17.400 17.400 17.500 17.500 17.600 17.700 17.700 17.700 17.700 17.700 17.800 17.600
1943 16.900 16.900 17.200 17.400 17.500 17.500 17.400 17.300 17.400 17.400 17.400 17.400 17.300
1942 15.700 15.800 16.000 16.100 16.300 16.300 16.400 16.500 16.500 16.700 16.800 16.900 16.300
1941 14.100 14.100 14.200 14.300 14.400 14.700 14.700 14.900 15.100 15.300 15.400 15.500 14.700
1940 13.900 14.000 14.000 14.000 14.000 14.100 14.000 14.000 14.000 14.000 14.000 14.100 14.000
1939 14.000 13.900 13.900 13.800 13.800 13.800 13.800 13.800 14.100 14.000 14.000 14.000 13.900
1938 14.200 14.100 14.100 14.200 14.100 14.100 14.100 14.100 14.100 14.000 14.000 14.000 14.100
1937 14.100 14.100 14.200 14.300 14.400 14.400 14.500 14.500 14.600 14.600 14.500 14.400 14.400
1936 13.800 13.800 13.700 13.700 13.700 13.800 13.900 14.000 14.000 14.000 14.000 14.000 13.900
1935 13.600 13.700 13.700 13.800 13.800 13.700 13.700 13.700 13.700 13.700 13.800 13.800 13.700
1934 13.200 13.300 13.300 13.300 13.300 13.400 13.400 13.400 13.600 13.500 13.500 13.400 13.400
1933 12.900 12.700 12.600 12.600 12.600 12.700 13.100 13.200 13.200 13.200 13.200 13.200 13.000
1932 14.300 14.100 14.000 13.900 13.700 13.600 13.600 13.500 13.400 13.300 13.200 13.100 13.700
1931 15.900 15.700 15.600 15.500 15.300 15.100 15.100 15.100 15.000 14.900 14.700 14.600 15.200
1930 17.100 17.000 16.900 17.000 16.900 16.800 16.600 16.500 16.600 16.500 16.400 16.100 16.700
1929 17.100 17.100 17.000 16.900 17.000 17.100 17.300 17.300 17.300 17.300 17.300 17.200 17.100
1928 17.300 17.100 17.100 17.100 17.200 17.100 17.100 17.100 17.300 17.200 17.200 17.100 17.100
1927 17.500 17.400 17.300 17.300 17.400 17.600 17.300 17.200 17.300 17.400 17.300 17.300 17.400
1926 17.900 17.900 17.800 17.900 17.800 17.700 17.500 17.400 17.500 17.600 17.700 17.700 17.700
1925 17.300 17.200 17.300 17.200 17.300 17.500 17.700 17.700 17.700 17.700 18.000 17.900 17.500
1924 17.300 17.200 17.100 17.000 17.000 17.000 17.100 17.000 17.100 17.200 17.200 17.300 17.100
1923 16.800 16.800 16.800 16.900 16.900 17.000 17.200 17.100 17.200 17.300 17.300 17.300 17.100
1922 16.900 16.900 16.700 16.700 16.700 16.700 16.800 16.600 16.600 16.700 16.800 16.900 16.800
1921 19.000 18.400 18.300 18.100 17.700 17.600 17.700 17.700 17.500 17.500 17.400 17.300 17.900
1920 19.300 19.500 19.700 20.300 20.600 20.900 20.800 20.300 20.000 19.900 19.800 19.400 20.000
1919 16.500 16.200 16.400 16.700 16.900 16.900 17.400 17.700 17.800 18.100 18.500 18.900 17.300
1918 14.000 14.100 14.000 14.200 14.500 14.700 15.100 15.400 15.700 16.000 16.300 16.500 15.100
1917 11.700 12.000 12.000 12.600 12.800 13.000 12.800 13.000 13.300 13.500 13.500 13.700 12.800
1916 10.400 10.400 10.500 10.600 10.700 10.800 10.800 10.900 11.100 11.300 11.500 11.600 10.900
1915 10.100 10.000 9.900 10.000 10.100 10.100 10.100 10.100 10.100 10.200 10.300 10.300 10.100
1914 10.000 9.900 9.900 9.800 9.900 9.900 10.000 10.200 10.200 10.100 10.200 10.100 10.000
1913 9.800 9.800 9.800 9.800 9.700 9.800 9.900 9.900 10.000 10.000 10.100 10.000 9.900

To calculate inflation from a month and year to a later month and year, try our Inflation calculator

http://inflationdata.com/Inflation/Consumer_Price_Index/HistoricalCPI.aspx

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Imperialism: Enemy of Freedom–Ludwig von Mises Institute–Videos

Posted on January 29, 2012. Filed under: Agriculture, American History, Banking, Blogroll, Books, Business, College, Communications, Culture, Demographics, Diasters, Economics, Education, Employment, Energy, Farming, Federal Government, Federal Government Budget, Films, Fiscal Policy, Foreign Policy, government spending, Health Care, history, History of Economic Thought, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Natural Gas, Nuclear Power, Oil, People, Philosophy, Politics, Public Sector, Rants, Raves, Security, Talk Radio, Tax Policy, Taxes, Technology, Unemployment, Unions, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

How Empires Bamboozle the Bourgeoisie | Llewellyn H. Rockwell, Jr. 

The Classical Liberal Theory of Empire | Ralph Raico

The Case for Free Trade, Not Imperialism | Walter Block 

What Empire Does to a Culture | Roderick T. Long

The Firm vs. Nationalism | Peter G. Klein

Financing the Empire | Mark Thornton

Taxation, Inflation, and War | Joseph T. Salerno

The Anti-Imperialist League and the Battle Against Empire | Thomas E. Woods, Jr. 

The Confused Literature on Globalization | David Gordon

Small States, Global Economy | Jeffrey M. Herbener

The New Global Marketplace | Sudha Shenoy

Mises in 1919 | Jörg Guido Hülsmann 

The International Language of the Austrian School | Jeffrey A. Tucker

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Ron Paul’s Speech After New Hampshire Primary–Liberty and The Power of Ideas–Bring Them Home–Video

Posted on January 11, 2012. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, Inflation, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Raves, Tax Policy, Taxes, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , |

Watch Ron Paul’s Speech After New Hampshire Primary

Armed Chinese Troops in Texas! 

Thanksgiving Family Forum – Ron Paul Highlights 

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James Perloff –The Shadows of Power: The Council on Foreign Relations and the American Decline–Videos

Posted on December 22, 2011. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Raves, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , |

The Shadows of Power: The Council on Foreign Relations and the American Decline

James Perloff exposes the subversive roots and global designs of the Council on Foreign Relations (CFR). Passed off as a think-tank this group is the “power behind the throne” with hundreds of top-appointed government officials drawn from its ranks – regardless of which party has occupied the White House. It began in 1921 as a front organization for J.P. Morgan and Company and by World War II it had acquired unrivaled influence on American foreign policy. In this presentation Mr. Perloff traces the CFR’s activity from the Wilson to Reagan administrations.

CFR

http://www.cfr.org/

Council on Foreign Relations (CFR)

“…The Council on Foreign Relations (CFR) is an American nonprofit nonpartisan membership organization, publisher, and think tank specializing in U.S. foreign policy and international affairs. Founded in 1921 and headquartered at 58 East 68th Street in New York City, with an additional office in Washington, D.C., the CFR is considered to be the nation’s ‘most influential foreign-policy think tank.’ [1] It publishes a bi-monthly journal Foreign Affairs.

Mission

As stated on its website, the CFR’s mission is to be “a resource for its members, government officials, business executives, journalists, educators and students, civic and religious leaders, and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries.”

The CFR aims to maintain a diverse membership, including special programs to promote interest and develop expertise in the next generation of foreign policy leaders. It convenes meetings at which government officials, global leaders and prominent members of the foreign policy community discuss major international issues. Its think tank, the David Rockefeller Studies Program, is composed of about fifty adjunct and full-time scholars, as well as ten in-resident recipients of year-long fellowships, who cover the major regions and significant issues shaping today’s international agenda. These scholars contribute to the foreign policy debate by making recommendations to the presidential administration, testifying before Congress, serving as a resource to the diplomatic community, interacting with the media, authoring books, reports, articles, and op-eds on foreign policy issues.

The council publishes Foreign Affairs, “the preeminent journal of international affairs and U.S. foreign policy.” It also publishes Independent Task Forces which bring together experts with diverse backgrounds and expertise to work together to produce reports offering both findings and policy prescriptions on important foreign policy topics. To date, the CFR has sponsored more than fifty reports.[2]

The CFR aims to provide up-to-date information and analysis about world events and U.S. foreign policy. In 2008, CFR.org’s “Crisis Guide: Darfur” was awarded an Emmy Award by the Television Academy of Arts and Sciences, in the category of “New Approaches to News & Documentary Programming: Current News Coverage.” In 2009, the Crisis Guide franchise won another Emmy for its “Crisis Guide: The Global Economy,” in the category of business and financial reporting.

Early history

The earliest origin of the Council stemmed from a working fellowship of about 150 scholars, called “The Inquiry”, tasked to brief President Woodrow Wilson about options for the postwar world when Germany was defeated. Through 1917–1918, this academic band, including Wilson’s closest adviser and long-time friend “Colonel” Edward M. House, as well as Walter Lippmann, gathered at 155th Street and Broadway at the Harold Pratt House in New York City, to assemble the strategy for the postwar world. The team produced more than 2,000 documents detailing and analyzing the political, economic, and social facts globally that would be helpful for Wilson in the peace talks. Their reports formed the basis for the Fourteen Points, which outlined Wilson’s strategy for peace after war’s end.[3]

These scholars then traveled to the Paris Peace Conference, 1919 that would end the war; it was at one of the meetings of a small group of British and American diplomats and scholars, on May 30, 1919, at the Hotel Majestic, that both the Council and its British counterpart, the Chatham House in London, were born.[4]

Some of the participants at that meeting, apart from Edward House, were Paul Warburg, Herbert Hoover, Harold Temperley, Lionel Curtis, Lord Eustace Percy, Christian Herter, and American academic historians James Thomson Shotwell of Columbia University, Archibald Cary Coolidge of Harvard, and Charles Seymour of Yale.[citation needed]

In 1938 they created various Committees on Foreign Relations throughout the country. These later became governed by the American Committees on Foreign Relations in Washington, D.C.[citation needed]

Network diagram showing interlocks between various U.S. corporations and institutions and the Council on Foreign Relations, in 2004

The Council on Foreign Relations, a sister organization to the Royal Institute of International Affairs in London (now known as Chatham House), was formed in 1922 as a noncommercial, nonpolitical organization supporting American foreign relations.[5] From its inception the Council was bipartisan, welcoming members of both Democratic and Republican parties. It also welcomed Jews and African Americans, although women were initially barred from membership. Its proceedings were almost universally private and confidential.[6] A critical study found that of 502 government officials surveyed from 1945 to 1972, more than half were members of the Council.[7]

Today it has about 5,000 members (including five-year term members[8] between the ages of 30-41), which over its history have included senior serving politicians, more than a dozen Secretaries of State, former national security officers, bankers, lawyers, professors, former CIA members and senior media figures.[citation needed]

In 1962, the group began a program of bringing select Air Force officers to the Harold Pratt House to study alongside its scholars. The Army, Navy and Marine Corps requested they start similar programs for their own officers.[7]

Vietnam created a rift within the organization. When Hamilton Fish Armstrong announced in 1970 that he would be leaving the helm of Foreign Affairs after 45 years, new chairman David Rockefeller approached a family friend, William Bundy, to take over the position. Anti-war advocates within the Council rose in protest against this appointment, claiming that Bundy’s hawkish record in the State and Defense Departments and the CIA precluded him from taking over an independent journal. Some considered Bundy a war criminal for his prior actions.[7]

Seven American presidents have addressed the Council, two while still in office – Bill Clinton and George W. Bush.[9]

The Council says that it has never sought to serve as a receptacle for government policy papers that cannot be shared with the public and does not encourage its members serving in government to do so. The Council says that discussions at its headquarters remain confidential, not because they share or discuss secret information, but because the system allows members to test new ideas with other members.[10]

Arthur M. Schlesinger, Jr., in his book on the Kennedy presidency, A Thousand Days, wrote that Kennedy was not part of what he called the “New York establishment”:

“In particular, he was little acquainted with the New York financial and legal community– that arsenal of talent which had so long furnished a steady supply of always orthodox and often able people to Democratic as well as Republican administrations. This community was the heart of the American Establishment. Its household deities were Henry Stimson and Elihu Root; its present leaders, Robert Lovett and John J. McCloy; its front organizations, the Rockefeller, Ford and Carnegie foundations and the Council on Foreign Relations; its organs, the New York Times and Foreign Affairs.”[11]

Website

It has an extensive website, http://www.cfr.org, featuring links to its history, fellows’ biographical information, think tank, the David Rockefeller Studies Program, Independent Task Force reports[12] and other reports, CFR books, expert interviews, meeting transcripts, audio, and videos, Emmy award-winning multimedia Crisis Guides and timelines, Foreign Affairs, and many other publications, biographies of notable directors and other board members, corporate members, and press releases.[2]

Influence on foreign policy

Beginning in 1939 and lasting for five years, the Council achieved much greater prominence within the government and the State Department when it established the strictly confidential War and Peace Studies, funded entirely by the Rockefeller Foundation.[13] The secrecy surrounding this group was such that the Council members who were not involved in its deliberations were completely unaware of the study group’s existence.[13]

It was divided into four functional topic groups: economic and financial, security and armaments, territorial, and political. The security and armaments group was headed by Allen Welsh Dulles who later became a pivotal figure in the CIA’s predecessor, the OSS. It ultimately produced 682 memoranda for the State Department, marked classified and circulated among the appropriate government departments. As a historical judgment, its overall influence on actual government planning at the time is still said to remain unclear.[13]

In an anonymous piece called “The Sources of Soviet Conduct” that appeared in Foreign Affairs in 1947, CFR study group member George Kennan coined the term “containment.” The essay would prove to be highly influential in US foreign policy for seven upcoming presidential administrations. 40 years later, Kennan explained that he had never suspected the Russians of any desire to launch an attack on America; he thought that was obvious enough he didn’t need to explain it in his essay. William Bundy credited the CFR’s study groups with helping to lay the framework of thinking that led to the Marshall Plan and NATO. Due to new interest in the group, membership grew towards 1,000.[14]

Dwight D. Eisenhower chaired a CFR study group while he served as President of Columbia University. One member later said, “whatever General Eisenhower knows about economics, he has learned at the study group meetings.”[14] The CFR study group devised an expanded study group called “Americans for Eisenhower” to increase his chances for the presidency. Eisenhower would later draw many Cabinet members from CFR ranks and become a CFR member himself. His primary CFR appointment was Secretary of State John Foster Dulles. Dulles gave a public address at the Harold Pratt House in which he announced a new direction for Eisenhower’s foreign policy: “There is no local defense which alone will contain the mighty land power of the communist world. Local defenses must be reinforced by the further deterrent of massive retaliatory power.” After this speech, the council convened a session on “Nuclear Weapons and Foreign Policy” and chose Henry Kissinger to head it. Kissinger spent the following academic year working on the project at Council headquarters. The book of the same name that he published from his research in 1957 gave him national recognition, topping the national bestseller lists.[14]

On 24 November 1953, a study group heard a report from political scientist William Henderson regarding the ongoing conflict between France and Vietnamese Communist leader Ho Chi Minh’s Viet Minh forces, a struggle that would later become known as the First Indochina War. Henderson argued that Ho’s cause was primarily nationalist in nature and that Marxism had “little to do with the current revolution.” Further, the report said, the United States could work with Ho to guide his movement away from Communism. State Department officials, however, expressed skepticism about direct American intervention in Vietnam and the idea was tabled. Over the next twenty years, the United States would find itself allied with anti-Communist South Vietnam and against Ho and his supporters in the Vietnam War.[14]

The Council served as a “breeding ground” for important American policies such as mutual deterrence, arms control, and nuclear non-proliferation.[14]

A four-year long study of relations between America and China was conducted by the Council between 1964 and 1968. One study published in 1966 concluded that American citizens were more open to talks with China than their elected leaders. Kissinger had continued to publish in Foreign Affairs and was appointed by President Nixon to serve as National Security Adviser in 1969. In 1971, he embarked on a secret trip to Beijing to broach talks with Chinese leaders. Nixon went to China in 1972, and diplomatic relations were completely normalized by President Carter’s Secretary of State, another Council member, Cyrus Vance.[14]

In November 1979, while chairman of the CFR, David Rockefeller became embroiled in an international incident when he and Henry Kissinger, along with John J. McCloy and Rockefeller aides, persuaded President Jimmy Carter through the State Department to admit the Shah of Iran, Mohammad Reza Pahlavi, into the US for hospital treatment for lymphoma. This action directly precipitated what is known as the Iran hostage crisis and placed Rockefeller under intense media scrutiny (particularly from The New York Times) for the first time in his public life.[15][16]

Current policy initiatives

The CFR started a program in 2008 to last for 5 years and funded by a grant from the Robina Foundation called “International Institutions and Global Governance” which aims to identify the institutional requirements for effective multilateral cooperation in the 21st century.[17]

The CFR’s Maurice C. Greenberg Center for Geoeconomic Studies, directed by scholar and author Sebastian Mallaby works to promote a better understanding among policymakers, academic specialists, and the interested public of how economic and political forces interact to influence world affairs.[18]

The CFR’s Center for Preventive Action (CPA) seeks to help prevent, defuse, or resolve deadly conflicts around the world and to expand the body of knowledge on conflict prevention. It does so by creating a forum in which representatives of governments, international organizations, nongovernmental organizations, corporations, and civil society can gather to develop operational and timely strategies for promoting peace in specific conflict situations.

 Membership

Main article: Members of the Council on Foreign Relations

There are two types of membership: life, and term membership, which lasts for 5 years and is available to those between 30 and 36. Only U.S. citizens (native born or naturalized) and permanent residents who have applied for U.S. citizenship are eligible. A candidate for life membership must be nominated in writing by one Council member and seconded by a minimum of three others.[19]

Corporate membership (250 in total) is divided into “Basic”, “Premium” ($25,000+) and “President’s Circle” ($50,000+). All corporate executive members have opportunities to hear distinguished speakers, such as overseas presidents and prime ministers, chairmen and CEOs of multinational corporations, and U.S. officials and Congressmen. President and premium members are also entitled to other benefits, including attendance at small, private dinners or receptions with senior American officials and world leaders.[20]

Controversy

The Council has been the subject of debate, as shown in the 1969 film The Capitalist Conspiracy by G. Edward Griffin, the 2006 film by Aaron Russo, America: Freedom to Fascism and a 2007 documentary Zeitgeist: The Movie, as well as the book The Naked Capitalist which reviewed Carroll Quigley’s book Tragedy and Hope from a less supportive standpoint.

This is partly due to the number of high-ranking government officials (along with world business leaders and prominent media figures) in its membership, its secrecy clauses, and the large number of aspects of American foreign policy that its members have been involved with, beginning with Wilson’s Fourteen Points. Wilson’s Fourteen Points speech was the first in which he suggested a worldwide security organization to prevent future world wars.[3]

The John Birch Society believes that the CFR is “Guilty of conspiring with others to build a one world government…”.[21] Conservative Democratic congressman from Georgia Larry McDonald, the second head of the John Birch Society, introduced American Legion National Convention Resolution 773 to the House of Representatives calling for a congressional investigation into the Council on Foreign Relations, but nothing came from it.[22]

Carroll Quigley claimed it “became well known among those who believe that there is an international conspiracy to bring about a one-world government.” In Tragedy and Hope, he based his analysis on his unsourced research in the papers of an Anglo-American elite organization that, he held, secretly controlled the U.S. and UK governments through a series of Round Table Groups. Critics assailed Quigley for his approval of the goals (not the tactics) of the Anglo-American elite while selectively using his information and analysis as evidence for their views.[23] Speaking of Carroll Quigley, Rep. Larry McDonald said, “He says, sure we’ve been working it, sure we’ve been collaborating with communism, yes we’re working with global accommodation, yes, we’re working for world government. But the only thing I object to is that we’ve kept it a secret.”.[24] CFR publications discuss multilateralism and global governance as well.[25]

In response to the allegations, the CFR’s website contains a FAQ section about its affairs.[26] …”

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

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Vote Your Conscience–Vote Your Heart–Vote Ron Paul–Faith, Family, Friends, Freedom, First–Peace and Prosperity–President Paul–Videos

Posted on December 4, 2011. Filed under: Agriculture, American History, Babies, Banking, Blogroll, Business, Climate, College, Communications, Crime, Culture, Demographics, Diasters, Drug Cartels, Economics,