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

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

Published on Apr 29, 2017

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Stockman: Market Will Not Be Pretty Under Trump

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

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

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

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

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

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

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

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

David Stockman Market In Text 2

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

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

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

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

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

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

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

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

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

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

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

Thanks for reading,

Craig Wilson, @craig_wilson7
for the Daily Reckoning

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

David Stockman

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

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

Early life and education

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

Political career

Stockman’s Congressional portrait

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

Congress

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

Office of Management and Budget

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

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

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

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

Fiscal legacy

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

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

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

Business career

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

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

Collins & Aikman Corp.

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

Criminal and civil charges

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

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

Web site

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

Personal life

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

Quotes

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

Bibliography

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

References

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

External links

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

1977–1981
Succeeded by
Mark Siljander
Political offices
Preceded by
Jim McIntyre
Director of the Office of Management and Budget
1981–1985
Succeeded by
Jim Miller
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Three Years Behind The Curve Too Late Federal Open Market Committee (FOMC) Increases Target Federal Funds Rate to .75-1.0% — Financial Repression of Savers Slowly Continues — Videos

Posted on March 15, 2017. Filed under: American History, Articles, Banking, Blogroll, Books, Business, College, Communications, Congress, conservatives, Constitution, Corruption, Crisis, Documentary, Economics, Education, Employment, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, Freedom, government, government spending, history, History of Economic Thought, Language, liberty, Life, Links, Literacy, Macroeconomics, media, Monetary Policy, Money, Movies, Non-Fiction, People, Philosophy, Photos, Police, Politics, Radio, Rants, Raves, Raymond Thomas Pronk, Sociology, Speech, Strategy, Television, Trade Policiy, Tutorials, Video, Water, Wealth, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , |

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Yellen Calms Fears Fed’s Policy Trigger Finger Is Getting Itchy

March 15, 2017, 1:00 PM CDT March 15, 2017, 5:02 PM CDT
  • Policy makers still project three total rate hikes for 2017
  • FOMC sticks with ‘gradual’ plan for removing accommodation

Fed Raises Benchmark Lending Rate a Quarter Point

Federal Reserve Chair Janet Yellen sought to reassure investors that the central bank’s latest interest-rate increase wasn’t a paradigm shift to a trigger-happy policy driven by fears of faster inflation.

Speaking to reporters after the Fed’s quarter percentage-point move on Wednesday, Yellen said the central bank was willing to tolerate inflation temporarily overshootingits 2 percent goal and that it intended to keep its policy accommodative for “some time.”

“The simple message is the economy’s doing well. We have confidence in the robustness of the economy and its resilience to shocks,” she said.

As a result, the Fed is sticking with its policy of gradually raising interest rates, Yellen said. In their first forecasts in three months, Fed policy makers penciled in two more quarter-point rate increases this year and three in 2018, unchanged from their projections in December.

Today’s decision “does not represent a reassessment of the economic outlook or of the appropriate course for monetary policy,” the Fed chief said.

Speculation of a more aggressive Fed had mounted in recent days after a host of central bank officials, including Yellen herself, went out of their way to telegraph to financial markets that a rate hike was imminent. The expectations were further fueled by news of rising inflation.

Stocks Advance

Stocks rose and bond yields fell as investors viewed the statement from the Federal Open Market Committee and Yellen’s remarks afterward as a sign that the Fed isn’t in a hurry to remove monetary stimulus. The FOMC raised the target range for the federal funds rate to 0.75 percent to 1 percent, as expected, but Yellen’s lack of urgency to snuff out inflation was a surprise.

R.J. Gallo, a fixed-income investment manager at Federated Investors in Pittsburgh, said the chorus of Fed speakers before this meeting led investors to expect a move up in the number of projected rate hikes this year, and even upgrades by Fed officials in the levels of inflation and growth they anticipated.

None of that materialized.

“You didn’t get any of those things,” Gallo said, which explains why Treasury yields quickly dropped after the Fed released the FOMC statement and a new set of economic projections. “The expectation that Fed was getting more hawkish had to come out of the market.”

The U.S. economy has mostly met the central bank’s goals of full employment and stable prices, and may get further support if President Donald Trump delivers promised fiscal stimulus. Investor and business confidence has soared since Trump won the presidency in November, buoyed by his vows to cut taxes, lift infrastructure spending and ease regulations.

Still, the data don’t show an economy that’s heating up rapidly — a point Yellen herself made after the third rate hike since the 2007-2009 recession ended. In fact, the economy may have “more room to run,” she said.

Stronger business and consumer confidence hasn’t yet translated into increased investment and spending, said Yellen.

“It’s uncertain just how much sentiment actually impacts spending decisions, and I wouldn’t say at this point that I have seen hard evidence of any change in spending decisions,” said the Fed Chair. “Most of the business people that we’ve talked to also have a wait-and-see attitude.”

Retail sales in February grew at the slowest pace since August, a government report showed earlier Wednesday. The Atlanta Fed’s model for GDP predicts an expansion of 0.9 percent in the first quarter, less than a third the pace Trump is aiming for.

Fiscal Stimulus

Asked about the potential for a fiscal boost, Yellen made clear the Fed is still waiting for more concrete policy plans to emerge from the Trump administration before adapting monetary policy in reaction.

“There is great uncertainty about the timing, the size and the character of policy changes that may be put in place,” Yellen said. “I don’t think that’s a decision or set of decisions that we need to make until we know more about what policy changes will go into effect.”

Yellen disputed suggestions that the Fed was on a collision course with the Trump administration over its plans to foster faster economic growth through tax cuts and deregulation. “We would welcome stronger economic growth in the context of price stability,” she said.

She said she had met Trump briefly and had gotten together a couple of times with Treasury Secretary Steven Mnuchin to discuss the economy and financial regulation.

Further underscoring their lack of urgency, Fed officials repeated a commitment to maintain their balance-sheet reinvestment policy until rate increases were well under way. Yellen said officials had discussed the process of reducing the balance sheet gradually, but had made no decisions and would continue to debate the topic.

Policy makers forecast inflation will reach 1.9 percent in the fourth quarter this year, and 2 percent in both 2018 and 2019, according to quarterly median estimates released with the FOMC statement. The Fed’s preferred measure of inflation rose 1.9 percent in the 12 months through January, just shy of its target.

Yellen pointed out, though, that core inflation continues to run somewhat further below 2 percent. That rate, which strips out food and energy costs, stood at 1.7 percent in January. The Fed’s new forecast for the core rate at the end of this year edged up to 1.9 percent, from 1.8 percent in December.

“The committee will carefully monitor actual and expected inflation developments relative to its symmetric inflation goal,” the Fed said. Discussing the word symmetric in the statement, Yellen said during her press conference that the Fed was not shooting to push inflation over 2 percent but recognized that it could temporarily go above it. Two percent is a target, she reiterated, not a ceiling.

https://www.bloomberg.com/news/articles/2017-03-15/fed-raises-benchmark-rate-as-inflation-approaches-2-target

Changes in the federal funds rate will always affect the U.S. dollar. When the Federal Reserve increases the federal funds rate, it normally reduces inflationary pressure and works to appreciate the dollar.

Since June 2006, however, the Fed has maintained a federal funds rate of close to 0%. In the wake of the 2008 financial crisis, the federal funds rate fluctuated between 0-0.25%, and is now 0.75%.

The Fed used this monetary policy to help achieve maximum employment and stable prices. Now that the 2008 financial crisis has largely subsided, the Fed will look to increase interest rates to continue to achieve employment and to stabilize prices.

Inflation of the U.S. Dollar

The best way to achieve full employment and stable prices is to set the inflation rate of the dollar at 2%. In 2011, the Fed officially adopted a 2% annual increase in the price index for personal consumption expenditures as its target. When the economy is weak, inflation naturally falls; when the economy is strong, rising wages increase inflation. Keeping inflation at a growth rate of 2% helps the economy grow at a healthy rate.

Adjustments to the federal funds rate can also affect inflation in the United States. The Fed controls the economy by increasing interest rates when the economy is growing too fast. This encourages people to save more and spend less, reducing inflationary pressure. Conversely, when the economy is in a recession or growing too slowly, the Fed reduces interest rates to stimulate spending, which increases inflation.

During the 2008 financial crisis, the low federal funds rate should have increased inflation. Over this period, the federal funds rate was set near 0%, which encouraged spending and would normally increase inflation.

However, inflation is still well below the 2% target, which is contrary to the normal effects of low interest rates. The Fed cites one-off factors, such as falling oil prices and the strengthening dollar, as the reasons why inflation has remained low in a low interest environment.

The Fed believes that these factors will eventually fade and that inflation will increase above the target 2%. To prevent this eventual increase in inflation, hiking the federal funds rate reduces inflationary pressure and cause inflation of the dollar to remain around 2%.

Appreciation of the U.S. Dollar

Increases in the federal funds rate also result in a strengthening of the U.S. dollar. Other ways that the dollar can appreciate include increases in average wages and increases in overall consumption. However, although jobs are being created, wage rates are stagnant.

Without an increase in wage rates to go along with a strengthening job market, consumption won’t increase enough to sustain economic growth. Additionally, consumption remains subdued due to the fact that the labor force participation rate was close to its 35-year low in 2015. The Fed has kept interest rates low because a lower federal funds rate supports business expansions, which leads to more jobs and higher consumption. This has all worked to keep appreciation of the U.S. dollar low.

However, the U.S. is ahead of the other developed markets in terms of its economic recovery. Although the Fed raises rates cautiously, the U.S. could see higher interest rates before the other developed economies.

Overall, under normal economic conditions, increases in the federal funds rate reduce inflation and increase the appreciation of the U.S. dollar.

http://www.investopedia.com/articles/investing/101215/how-fed-fund-rate-hikes-affect-us-dollar.asp

Financial repression

From Wikipedia, the free encyclopedia
Not to be confused with economic repression, a type of political repression.

Financial repression refers to “policies that result in savers earning returns below the rate of inflation” in order to allow banks to “provide cheap loans to companies and governments, reducing the burden of repayments”.[1] It can be particularly effective at liquidating government debt denominated in domestic currency.[2] It can also lead to a large expansions in debt “to levels evoking comparisons with the excesses that generated Japan’s lost decade and the Asian financial crisis” in 1997.[1]

The term was introduced in 1973 by Stanford economists Edward S. Shaw and Ronald I. McKinnon[3][4] in order to “disparage growth-inhibiting policies in emerging markets“.

Mechanism

Financial repression consists of the following:[5]

  1. Explicit or indirect capping of interest rates, such as on government debt and deposit rates (e.g., Regulation Q).
  2. Government ownership or control of domestic banks and financial institutions with barriers that limit other institutions from entering the market.
  3. High reserve requirements.
  4. Creation or maintenance of a captive domestic market for government debt, achieved by requiring banks to hold government debt via capital requirements, or by prohibiting or disincentivising alternatives.
  5. Government restrictions on the transfer of assets abroad through the imposition of capital controls.

These measures allow governments to issue debt at lower interest rates. A low nominal interest rate can reduce debt servicing costs, while negative real interest rates erodes the real value of government debt.[5] Thus, financial repression is most successful in liquidating debts when accompanied by inflation and can be considered a form of taxation,[6] or alternatively a form of debasement.[7]

The size of the financial repression tax for 24 emerging markets from 1974 to 1987. Their results showed that financial repression exceeded 2% of GDP for seven countries, and greater than 3% for five countries. For five countries (India, Mexico, Pakistan, Sri Lanka, and Zimbabwe) it represented approximately 20% of tax revenue. In the case of Mexico financial repression was 6% of GDP, or 40% of tax revenue.[8]

Financial repression is categorized as “macroprudential regulation“—i.e., government efforts to “ensure the health of an entire financial system.[2]

Examples

After World War II

Financial repression “played an important role in reducing debt-to-GDP ratios after World War II” by keeping real interest rates for government debt below 1% for two-thirds of the time between 1945 and 1980, the United States was able to “inflate away” the large debt (122% of GDP) left over from the Great Depression and World War II.[2] In the UK, government debt declined from 216% of GDP in 1945 to 138% ten years later in 1955.[9]

China

China‘s economic growth has been attributed to financial repression thanks to “low returns on savings and the cheap loans that it makes possible”. This has allowed China to rely on savings-financed investments for economic growth. However, because low returns also dampens consumer spending, household expenditures account for “a smaller share of GDP in China than in any other major economy”.[1] However, as of December 2014, the People’s Bank of China “started to undo decades of financial repression” and the government now allows Chinese savers to collect up to a 3.3% return on one-year deposits. At China’s 1.6% inflation rate, this is a “high real-interest rate compared to other major economies”.[1]

After the 2008 economic recession

In a 2011 NBER working paper, Carmen Reinhart and Maria Belen Sbrancia speculate on a possible return by governments to this form of debt reduction in order to deal with high debt levels following the 2008 economic crisis.[5]

“To get access to capital, Austria has restricted capital flows to foreign subsidiaries in central and eastern Europe. Select pension funds have also been transferred to governments in France, Portugal, Ireland and Hungary, enabling them to re-allocate toward sovereign bonds.”[10]

Criticism

Critics[who?] argue that if this view was true, investors (i.e., capital-seeking parties) would be inclined to demand capital in large quantities and would be buying capital goods from this capital. This high demand for capital goods would certainly lead to inflation and thus the central banks would be forced to raise interest rates again. As a boom pepped by low interest rates fails to appear these days in industrialized countries, this is a sign that the low interest rates seem to be necessary to ensure an equilibrium on the capital market, thus to balance capital-supply—i.e., savers—on one side and capital-demand—i.e., investors and the government—on the other. This view argues that interest rates would be even lower if it were not for the high government debt ratio (i.e., capital demand from the government).

Free-market economists argue that financial repression crowds out private-sector investment, thus undermining growth. On the other hand, “postwar politicians clearly decided this was a price worth paying to cut debt and avoid outright default or draconian spending cuts. And the longer the gridlock over fiscal reform rumbles on, the greater the chance that ‘repression’ comes to be seen as the least of all evils”.[11]

Also, financial repression has been called a “stealth tax” that “rewards debtors and punishes savers—especially retirees” because their investments will no longer generate the expected return, which is income for retirees.[10][12] “One of the main goals of financial repression is to keep nominal interest rates lower than they would be in more competitive markets. Other things equal, this reduces the government’s interest expenses for a given stock of debt and contributes to deficit reduction. However, when financial repression produces negative real interest rates (nominal rates below the inflation rate), it reduces or liquidates existing debts and becomes the equivalent of a tax—a transfer from creditors (savers) to borrowers, including the government.”[2]

See also

Reform:

General:

References

  1. ^ Jump up to:a b c d “China Savers Prioritized Over Banks by PBOC”. Bloomberg. November 25, 2014.
  2. ^ Jump up to:a b c d Carmen M. Reinhart, Jacob F. Kirkegaard, and M. Belen Sbrancia, “Financial Repression Redux”, IMF Finance and Development, June 2011, p. 22-26
  3. Jump up^ Shaw, Edward S. Financial Deepening in Economic Development. New York: Oxford University Press, 1973
  4. Jump up^ McKinnon, Ronald I. Money and Capital in Economic Development. Washington, D.C.: Brookings Institution, 1973
  5. ^ Jump up to:a b c Carmen M. Reinhart and M. Belen Sbrancia, “The Liquidation of Government Debt”, IMF, 2011, p. 19
  6. Jump up^ Reinhart, Carmen M. and Rogoff, Kenneth S., This Time is Different: Eight Centuries of Financial Folly. Princeton and Oxford: Princeton University Press, 2008, p. 143
  7. Jump up^ Bill Gross, “The Caine Mutiny Part 2”, PIMCO
  8. Jump up^ Giovannini, Alberto and de Melo, Martha, “Government Revenue from Financial Repression”, The American Economic Review, Vol. 83, No. 4 Sep. 1993 (pp. 953-963)
  9. Jump up^ “The great repression”. The Economist. 16 June 2011.
  10. ^ Jump up to:a b “Financial Repression 101”. Allianz Global Investors. Retrieved 2 December 2014.
  11. Jump up^ Gillian Tett, “Policymakers learn a new and alarming catchphrase”, Financial Times, May 9, 2011
  12. Jump up^ Amerman, Daniel (September 12, 2011). “The 2nd Edge of Modern Financial Repression: Manipulating Inflation Indexes to Steal from Retirees & Public Wor

https://en.wikipedia.org/wiki/Financial_repression

Federal funds rate

From Wikipedia, the free encyclopedia

10 year treasury compared to the Federal Funds Rate

Federal funds rate and capacity utilization in manufacturing.

In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight, on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions’ reserve requirements. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets.[1][2]

The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The federal funds target rate is determined by a meeting of the members of the Federal Open Market Committee which normally occurs eight times a year about seven weeks apart. The committee may also hold additional meetings and implement target rate changes outside of its normal schedule.

The Federal Reserve uses open market operations to influence the supply of money in the U.S. economy[3] to make the federal funds effective rate follow the federal funds target rate.

Mechanism

Financial Institutions are obligated by law to maintain certain levels of reserves, either as reserves with the Fed or as vault cash. The level of these reserves is determined by the outstanding assets and liabilities of each depository institution, as well as by the Fed itself, but is typically 10%[4] of the total value of the bank’s demand accounts (depending on bank size). In the range of $9.3 million to $43.9 million, for transaction deposits (checking accounts, NOWs, and other deposits that can be used to make payments) the reserve requirement in 2007-2008 was 3 percent of the end-of-the-day daily average amount held over a two-week period. Transaction deposits over $43.9 million held at the same depository institution carried a 10 percent reserve requirement.

For example, assume a particular U.S. depository institution, in the normal course of business, issues a loan. This dispenses money and decreases the ratio of bank reserves to money loaned. If its reserve ratio drops below the legally required minimum, it must add to its reserves to remain compliant with Federal Reserve regulations. The bank can borrow the requisite funds from another bank that has a surplus in its account with the Fed. The interest rate that the borrowing bank pays to the lending bank to borrow the funds is negotiated between the two banks, and the weighted average of this rate across all such transactions is the federal funds effective rate.

The nominal rate is a target set by the governors of the Federal Reserve, which they enforce by open market operations and adjusting the interest paid on required and excess reserve balances. That nominal rate is almost always what is meant by the media referring to the Federal Reserve “changing interest rates.” The actual federal funds rate generally lies within a range of that target rate, as the Federal Reserve cannot set an exact value through open market operations.

Another way banks can borrow funds to keep up their required reserves is by taking a loan from the Federal Reserve itself at the discount window. These loans are subject to audit by the Fed, and the discount rate is usually higher than the federal funds rate. Confusion between these two kinds of loans often leads to confusion between the federal funds rate and the discount rate. Another difference is that while the Fed cannot set an exact federal funds rate, it does set the specific discount rate.

The federal funds rate target is decided by the governors at Federal Open Market Committee (FOMC) meetings. The FOMC members will either increase, decrease, or leave the rate unchanged depending on the meeting’s agenda and the economic conditions of the U.S. It is possible to infer the market expectations of the FOMC decisions at future meetings from the Chicago Board of Trade (CBOT) Fed Funds futures contracts, and these probabilities are widely reported in the financial media.

Applications

Interbank borrowing is essentially a way for banks to quickly raise money. For example, a bank may want to finance a major industrial effort but may not have the time to wait for deposits or interest (on loan payments) to come in. In such cases the bank will quickly raise this amount from other banks at an interest rate equal to or higher than the Federal funds rate.

Raising the federal funds rate will dissuade banks from taking out such inter-bank loans, which in turn will make cash that much harder to procure. Conversely, dropping the interest rates will encourage banks to borrow money and therefore invest more freely.[5] This interest rate is used as a regulatory tool to control how freely the U.S. economy operates.

By setting a higher discount rate the Federal Bank discourages banks from requisitioning funds from the Federal Bank, yet positions itself as a lender of last resort.

Comparison with LIBOR

Though the London Interbank Offered Rate (LIBOR) and the federal funds rate are concerned with the same action, i.e. interbank loans, they are distinct from one another, as follows:

  • The target federal funds rate is a target interest rate that is set by the FOMC for implementing U.S. monetary policies.
  • The (effective) federal funds rate is achieved through open market operations at the Domestic Trading Desk at the Federal Reserve Bank of New York which deals primarily in domestic securities (U.S. Treasury and federal agencies’ securities).[6]
  • LIBOR is based on a questionnaire where a selection of banks guess the rates at which they could borrow money from other banks.
  • LIBOR may or may not be used to derive business terms. It is not fixed beforehand and is not meant to have macroeconomic ramifications.[7]

Predictions by the market

Considering the wide impact a change in the federal funds rate can have on the value of the dollar and the amount of lending going to new economic activity, the Federal Reserve is closely watched by the market. The prices of Option contracts on fed funds futures (traded on the Chicago Board of Trade) can be used to infer the market’s expectations of future Fed policy changes. Based on CME Group 30-Day Fed Fund futures prices, which have long been used to express the market’s views on the likelihood of changes in U.S. monetary policy, the CME Group FedWatch tool allows market participants to view the probability of an upcoming Fed Rate hike. One set of such implied probabilities is published by the Cleveland Fed.

Historical rates

As of December 16, 2008, the most recent change the FOMC has made to the funds target rate is a 75 to 100 basis point cut from 1.0% to a range of zero to 0.25%. According to Jack A. Ablin, chief investment officer at Harris Private Bank, one reason for this unprecedented move of having a range, rather than a specific rate, was because a rate of 0% could have had problematic implications for money market funds, whose fees could then outpace yields.[8] This followed the 50 basis point cut on October 29, 2008, and the unusually large 75 basis point cut made during a special January 22, 2008 meeting, as well as a 50 basis point cut on January 30, 2008, a 75 basis point cut on March 18, 2008, and a 50 basis point cut on October 8, 2008.[9]

Federal funds rate history and recessions.png

Explanation of federal funds rate decisions

When the Federal Open Market Committee wishes to reduce interest rates they will increase the supply of money by buying government securities. When additional supply is added and everything else remains constant, price normally falls. The price here is the interest rate (cost of money) and specifically refers to the Federal Funds Rate. Conversely, when the Committee wishes to increase the Fed Funds Rate, they will instruct the Desk Manager to sell government securities, thereby taking the money they earn on the proceeds of those sales out of circulation and reducing the money supply. When supply is taken away and everything else remains constant, price (or in this case interest rates) will normally rise.[10]

The Federal Reserve has responded to a potential slow-down by lowering the target federal funds rate during recessions and other periods of lower growth. In fact, the Committee’s lowering has recently predated recessions,[9] in order to stimulate the economy and cushion the fall. Reducing the Fed Funds Rate makes money cheaper, allowing an influx of credit into the economy through all types of loans.

The charts linked below show the relation between S&P 500 and interest rates.

  • July 13, 1990 — Sept 4, 1992: 8.00%–3.00% (Includes 1990–1991 recession)[11][12]
  • Feb 1, 1995 — Nov 17, 1998: 6.00–4.75 [13][14][15]
  • May 16, 2000 — June 25, 2003: 6.50–1.00 (Includes 2001 recession)[16][17][18]
  • June 29, 2006 — (Oct. 29 2008): 5.25–1.00[19]
  • Dec 16, 2008 — 0.0–0.25[20]
  • Dec 16, 2015 — 0.25-0.50[21]
  • Dec 14, 2016 — 0.50-0.75[22]
  • Mar 15, 2017 — 0.75-1.00[23]

Bill Gross of PIMCO suggested that in the prior 15 years ending in 2007, in each instance where the fed funds rate was higher than the nominal GDP growth rate, assets such as stocks and/or housing fell.[24]

See also

References

  1. Jump up^ “Fedpoints: Federal Funds”. Federal Reserve Bank of New York. August 2007. Retrieved 2 October 2011.
  2. Jump up^ “The Implementation of Monetary Policy”. The Federal Reserve System: Purposes & Functions (PDF). Washington, D.C.: Federal Reserve Board. 24 August 2011. p. 4. Retrieved 2 October 2011.
  3. Jump up^ “Monetary Policy, Open Market Operations”. Federal Reserve Bank. 2008-01-30. Retrieved 2008-01-30.
  4. Jump up^ “Reserve Requirements”. Board of Governors of The Federal Reserve System. December 16, 2015.
  5. Jump up^ “Fed funds rate”. Bankrate, Inc. March 2016.
  6. Jump up^ Cheryl L. Edwards (November 1997). Gerard Sinzdak. “Open Market Operations in the 1990s” (PDF). Federal Reserve Bulletin (PDF).
  7. Jump up^ “BBA LIBOR – Frequently asked questions”. British Bankers’ Association. March 21, 2006. Archived from the original on 2007-02-16.
  8. Jump up^ “4:56 p.m. US-Closing Stocks”. Associated Press. December 16, 2008.[dead link]
  9. ^ Jump up to:a b “Historical Changes of the Target Federal Funds and Discount Rates, 1971 to present”. New York Federal Reserve Branch. February 19, 2010. Archived from the original on December 21, 2008.
  10. Jump up^ David Waring (2008-02-19). “An Explanation of How The Fed Moves Interest Rates”. InformedTrades.com. Archived from the original on 2015-05-05. Retrieved 2009-07-20.
  11. Jump up^ “$SPX 1990-06-12 1992-10-04 (rate drop chart)”. StockCharts.com.
  12. Jump up^ “$SPX 1992-08-04 1995-03-01 (rate rise chart)”. StockCharts.com.
  13. Jump up^ “$SPX 1995-01-01 1997-01-01 (rate drop chart)”. StockCharts.com.
  14. Jump up^ “$SPX 1996-12-01 1998-10-17 (rate drop chart)”. StockCharts.com.
  15. Jump up^ “$SPX 1998-09-17 2000-06-16 (rate rise chart)”. StockCharts.com.
  16. Jump up^ “$SPX 2000-04-16 2002-01-01 (rate drop chart)”. StockCharts.com.
  17. Jump up^ “$SPX 2002-01-01 2003-07-25 (rate drop chart)”. StockCharts.com.
  18. Jump up^ “$SPX 2003-06-25 2006-06-29 (rate rise chart)”. StockCharts.com.
  19. Jump up^ “$SPX 2006-06-29 2008-06-01 (rate drop chart)”. StockCharts.com.
  20. Jump up^ “Press Release”. Board of Governors of The Federal Reserve System. December 16, 2008.
  21. Jump up^ “Open Market Operations”. Board of Governors of The Federal Reserve System. December 16, 2015.
  22. Jump up^ “Decisions Regarding Monetary Policy Implementation”. Board of Governors of The Federal Reserve System.
  23. Jump up^ Cox, Jeff (2017-03-15). “Fed raises rates at March meeting”. CNBC. Retrieved 2017-03-15.
  24. Jump up^ Shaw, Richard (January 7, 2007). “The Bond Yield Curve as an Economic Crystal Ball”. Retrieved 3 April 2011.

External links

https://en.wikipedia.org/wiki/Federal_funds_rate

Monetary policy of the United States

From Wikipedia, the free encyclopedia
  (Redirected from U.S. monetary policy)
United States M2 money supply
% change in money supply
Money supply changes monthly basis

Monetary policy concerns the actions of a central bank or other regulatory authorities that determine the size and rate of growth of the money supply.

In the United States, the Federal Reserve is in charge of monetary policy, and implements it primarily by performing operations that influence short-term interest rates.

Money supply[edit]

Main article: Money supply

The money supply has different components, generally broken down into “narrow” and “broad” money, reflecting the different degrees of liquidity (‘spendability’) of each different type, as broader forms of money can be converted into narrow forms of money (or may be readily accepted as money by others, such as personal checks).[1]

For example, demand deposits are technically promises to pay on demand, while savings deposits are promises to pay subject to some withdrawal restrictions, and Certificates of Deposit are promises to pay only at certain specified dates; each can be converted into money, but “narrow” forms of money can be converted more readily. The Federal Reserve directly controls only the most narrow form of money, physical cash outstanding along with the reserves of banks throughout the country (known as M0 or the monetary base); the Federal Reserve indirectly influences the supply of other types of money.[1]

Broad money includes money held in deposit balances in banks and other forms created in the financial system. Basic economics also teaches that the money supply shrinks when loans are repaid;[2][3] however, the money supply will not necessarily decrease depending on the creation of new loans and other effects. Other than loans, investment activities of commercial banks and the Federal Reserve also increase and decrease the money supply.[4] Discussion of “money” often confuses the different measures and may lead to misguided commentary on monetary policy and misunderstandings of policy discussions.[5]

Structure of modern US institutions[edit]

Federal Reserve[edit]

Monetary policy in the US is determined and implemented by the US Federal Reserve System, commonly referred to as the Federal Reserve. Established in 1913 by the Federal Reserve Act to provide central banking functions,[6] the Federal Reserve System is a quasi-public institution. Ostensibly, the Federal Reserve Banks are 12 private banking corporations;[7][8][9] they are independent in their day-to-day operations, but legislatively accountable to Congress through the auspices of Federal Reserve Board of Governors.

The Board of Governors is an independent governmental agency consisting of seven officials and their support staff of over 1800 employees headquartered in Washington, D.C.[10] It is independent in the sense that the Board currently operates without official obligation to accept the requests or advice of any elected official with regard to actions on the money supply,[11]and its methods of funding also preserve independence. The Governors are nominated by the President of the United States, and nominations must be confirmed by the U.S. Senate.[12]

The presidents of the Federal Reserve Banks are nominated by each bank’s respective Board of Directors, but must also be approved by the Board of Governors of the Federal Reserve. The Chairman of the Federal Reserve Board is generally considered to have the most important position, followed by the president of the Federal Reserve Bank of New York.[12] The Federal Reserve System is primarily funded by interest collected on their portfolio of securities from the US Treasury, and the Fed has broad discretion in drafting its own budget,[13] but, historically, nearly all the interest the Federal Reserve collects is rebated to the government each year.[14]

The Federal Reserve has three main mechanisms for manipulating the money supply. It can buy or sell treasury securities. Selling securities has the effect of reducing the monetary base (because it accepts money in return for purchase of securities), taking that money out of circulation. Purchasing treasury securities increases the monetary base (because it pays out hard currency in exchange for accepting securities). Secondly, the discount rate can be changed. And finally, the Federal Reserve can adjust the reserve requirement, which can affect the money multiplier; the reserve requirement is adjusted only infrequently, and was last adjusted in 1992.[15]

In practice, the Federal Reserve uses open market operations to influence short-term interest rates, which is the primary tool of monetary policy. The federal funds rate, for which the Federal Open Market Committee announces a target on a regular basis, reflects one of the key rates for interbank lending. Open market operations change the supply of reserve balances, and the federal funds rate is sensitive to these operations.[16]

In theory, the Federal Reserve has unlimited capacity to influence this rate, and although the federal funds rate is set by banks borrowing and lending funds to each other, the federal funds rate generally stays within a limited range above and below the target (as participants are aware of the Fed’s power to influence this rate).

Assuming a closed economy, where foreign capital or trade does not affect the money supply, when money supply increases, interest rates go down. Businesses and consumers have a lower cost of capital and can increase spending and capital improvement projects. This encourages short-term growth. Conversely, when the money supply falls, interest rates go up, increasing the cost of capital and leading to more conservative spending and investment. The Federal reserve increases interest rates to combat Inflation.

U.S. Treasury[edit]

Private commercial banks[edit]

When money is deposited in a bank, it can then be lent out to another person. If the initial deposit was $100 and the bank lends out $100 to another customer the money supply has increased by $100. However, because the depositor can ask for the money back, banks have to maintain minimum reserves to service customer needs. If the reserve requirement is 10% then, in the earlier example, the bank can lend $90 and thus the money supply increases by only $90. The reserve requirement therefore acts as a limit on this multiplier effect. Because the reserve requirement only applies to the more narrow forms of money creation (corresponding to M1), but does not apply to certain types of deposits (such as time deposits), reserve requirements play a limited role in monetary policy.[17]

Money creation[edit]

Main article: Money creation

Currently, the US government maintains over US$800 billion in cash money (primarily Federal Reserve Notes) in circulation throughout the world,[18][19] up from a sum of less than $30 billion in 1959. Below is an outline of the process which is currently used to control the amount of money in the economy. The amount of money in circulation generally increases to accommodate money demanded by the growth of the country’s production. The process of money creation usually goes as follows:

  1. Banks go through their daily transactions. Of the total money deposited at banks, significant and predictable proportions often remain deposited, and may be referred to as “core deposits.” Banks use the bulk of “non-moving” money (their stable or “core” deposit base) by loaning it out.[20] Banks have a legal obligation to keep a certain fraction of bank deposit money on-hand at all times.[21]
  2. In order to raise additional money to cover excess spending, Congress increases the size of the National Debt by issuing securities typically in the form of a Treasury Bond[22] (see United States Treasury security). It offers the Treasury security for sale, and someone pays cash to the government in exchange. Banks are often the purchasers of these securities, and these securities currently play a crucial role in the process.
  3. The 12-person Federal Open Market Committee, which consists of the heads of the Federal Reserve System (the seven Federal governors and five bank presidents), meets eight times a year to determine how they would like to influence the economy.[23] They create a plan called the country’s “monetary policy” which sets targets for things such as interest rates.[24]
  4. Every business day, the Federal Reserve System engages in Open market operations.[25] If the Federal Reserve wants to increase the money supply, it will buy securities (such as U.S. Treasury Bonds) anonymously from banks in exchange for dollars. If the Federal Reserve wants to decrease the money supply, it will sell securities to the banks in exchange for dollars, taking those dollars out of circulation.[26][27] When the Federal Reserve makes a purchase, it credits the seller’s reserve account (with the Federal Reserve). The money that it deposits into the seller’s account is not transferred from any existing funds, therefore it is at this point that the Federal Reserve has created High-powered money.
  5. By means of open market operations, the Federal Reserve affects the free reserves of commercial banks in the country.[28] Anna Schwartz explains that “if the Federal Reserve increases reserves, a single bank can make loans up to the amount of its excess reserves, creating an equal amount of deposits”.[26][27][29]
  6. Since banks have more free reserves, they may loan out the money, because holding the money would amount to accepting the cost of foregone interest[28][30] When a loan is granted, a person is generally granted the money by adding to the balance on their bank account.[31]
  7. This is how the Federal Reserve’s high-powered money is multiplied into a larger amount of broad money, through bank loans; as written in a particular case study, “as banks increase or decrease loans, the nation’s (broad) money supply increases or decreases.”[3] Once granted these additional funds, the recipient has the option to withdraw physical currency (dollar bills and coins) from the bank, which will reduce the amount of money available for further on-lending (and money creation) in the banking system.[32]
  8. In many cases, account-holders will request cash withdrawals, so banks must keep a supply of cash handy. When they believe they need more cash than they have on hand, banks can make requests for cash with the Federal Reserve. In turn, the Federal Reserve examines these requests and places an order for printed money with the US Treasury Department.[33] The Treasury Department sends these requests to the Bureau of Engraving and Printing (to make dollar bills) and the Bureau of the Mint (to stamp the coins).
  9. The U.S. Treasury sells this newly printed money to the Federal Reserve for the cost of printing.[citation needed] This is about 6 cents per bill for any denomination.[34] Aside from printing costs, the Federal Reserve must pledge collateral (typically government securities such as Treasury bonds) to put new money, which does not replace old notes, into circulation.[35]This printed cash can then be distributed to banks, as needed.

Though the Federal Reserve authorizes and distributes the currency printed by the Treasury (the primary component of the narrow monetary base), the broad money supply is primarily created by commercial banks through the money multiplier mechanism.[29][31][36][37] One textbook summarizes the process as follows:

“The Fed” controls the money supply in the United States by controlling the amount of loans made by commercial banks. New loans are usually in the form of increased checking account balances, and since checkable deposits are part of the money supply, the money supply increases when new loans are made …[38]

This type of money is convertible into cash when depositors request cash withdrawals, which will require banks to limit or reduce their lending.[39][32] The vast majority of the broad money supply throughout the world represents current outstanding loans of banks to various debtors.[38][40][41] A very small amount of U.S. currency still exists as “United States Notes“, which have no meaningful economic difference from Federal Reserve notes in their usage, although they departed significantly in their method of issuance into circulation. The currency distributed by the Federal Reserve has been given the official designation of “Federal Reserve Notes.”[42]

Significant effects[edit]

Main article: Monetary policy

In 2005, the Federal Reserve held approximately 9% of the national debt[43] as assets against the liability of printed money. In previous periods, the Federal Reserve has used other debt instruments, such as debt securities issued by private corporations. During periods when the national debt of the United States has declined significantly (such as happened in fiscal years 1999 and 2000), monetary policy and financial markets experts have studied the practical implications of having “too little” government debt: both the Federal Reserve and financial markets use the price information, yield curve and the so-called risk free rate extensively.[44]

Experts are hopeful that other assets could take the place of National Debt as the base asset to back Federal Reserve notes, and Alan Greenspan, long the head of the Federal Reserve, has been quoted as saying, “I am confident that U.S. financial markets, which are the most innovative and efficient in the world, can readily adapt to a paydown of Treasury debt by creating private alternatives with many of the attributes that market participants value in Treasury securities.”[45] In principle, the government could still issue debt securities in significant quantities while having no net debt, and significant quantities of government debt securities are also held by other government agencies.

Although the U.S. government receives income overall from seigniorage, there are costs associated with maintaining the money supply.[41][46] Leading ecological economist and steady-state theorist Herman Daly, claims that “over 95% of our [broad] money supply [in the United States] is created by the private banking system (demand deposits) and bears interest as a condition of its existence,”[41] a conclusion drawn from the Federal Reserve’s ultimate dependence on increased activity in fractional reserve lending when it exercises open market operations.[47]Economist Eric Miller criticizes Daly’s logic because money is created in the banking system in response to demand for the money,[48] which justifies cost.[citation needed]

Thus, use of expansionary open market operations typically generates more debt in the private sector of society (in the form of additional bank deposits).[49] The private banking system charges interest to borrowers as a cost to borrow the money.[3][31][50] The interest costs are borne by those that have borrowed,[3][31] and without this borrowing, open market operations would be unsuccessful in maintaining the broad money supply,[30] though alternative implementations of monetary policy could be used. Depositors of funds in the banking system are paid interest on their savings (or provided other services, such as checking account privileges or physical security for their “cash”), as compensation for “lending” their funds to the bank.

Increases (or contractions) of the money supply corresponds to growth (or contraction) in interest-bearing debt in the country.[3][30][41] The concepts involved in monetary policy may be widely misunderstood in the general public, as evidenced by the volume of literature on topics such as “Federal Reserve conspiracy” and “Federal Reserve fraud.”[51]

Uncertainties

A few of the uncertainties involved in monetary policy decision making are described by the federal reserve:[52]

  • While these policy choices seem reasonably straightforward, monetary policy makers routinely face certain notable uncertainties. First, the actual position of the economy and growth in aggregate demand at any time are only partially known, as key information on spending, production, and prices becomes available only with a lag. Therefore, policy makers must rely on estimates of these economic variables when assessing the appropriate course of policy, aware that they could act on the basis of misleading information. Second, exactly how a given adjustment in the federal funds rate will affect growth in aggregate demand—in terms of both the overall magnitude and the timing of its impact—is never certain. Economic models can provide rules of thumb for how the economy will respond, but these rules of thumb are subject to statistical error. Third, the growth in aggregate supply, often called the growth in potential output, cannot be measured with certainty.
  • In practice, as previously noted, monetary policy makers do not have up-to-the-minute information on the state of the economy and prices. Useful information is limited not only by lags in the collection and availability of key data but also by later revisions, which can alter the picture considerably. Therefore, although monetary policy makers will eventually be able to offset the effects that adverse demand shocks have on the economy, it will be some time before the shock is fully recognized and—given the lag between a policy action and the effect of the action on aggregate demand—an even longer time before it is countered. Add to this the uncertainty about how the economy will respond to an easing or tightening of policy of a given magnitude, and it is not hard to see how the economy and prices can depart from a desired path for a period of time.
  • The statutory goals of maximum employment and stable prices are easier to achieve if the public understands those goals and believes that the Federal Reserve will take effective measures to achieve them.
  • Although the goals of monetary policy are clearly spelled out in law, the means to achieve those goals are not. Changes in the FOMC’s target federal funds rate take some time to affect the economy and prices, and it is often far from obvious whether a selected level of the federal funds rate will achieve those goals.

Opinions of the Federal Reserve

The Federal Reserve is lauded by some economists, while being the target of scathing criticism by other economists, legislators, and sometimes members of the general public. The former Chairman of the Federal Reserve Board, Ben Bernanke, is one of the leading academic critics of the Federal Reserve’s policies during the Great Depression.[53]

Achievements

One of the functions of a central bank is to facilitate the transfer of funds through the economy, and the Federal Reserve System is largely responsible for the efficiency in the banking sector. There have also been specific instances which put the Federal Reserve in the spotlight of public attention. For instance, after the stock market crash in 1987, the actions of the Fed are generally believed to have aided in recovery. Also, the Federal Reserve is credited for easing tensions in the business sector with the reassurances given following the 9/11 terrorist attacks on the United States.[54]

Criticisms

The Federal Reserve has been the target of various criticisms, involving: accountability, effectiveness, opacity, inadequate banking regulation, and potential market distortion. Federal Reserve policy has also been criticized for directly and indirectly benefiting large banks instead of consumers. For example, regarding the Federal Reserve’s response to the 2007–2010 financial crisis, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy —creating currency— as a method to combat the liquidity trap.[55]

By creating $600 billion and inserting this directly into banks the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.[56]

Auditing

The Federal Reserve is subject to different requirements for transparency and audits than other government agencies, which its supporters claim is another element of the Fed’s independence. Although the Federal Reserve has been required by law to publish independently audited financial statements since 1999, the Federal Reserve is not audited in the same way as other government agencies. Some confusion can arise because there are many types of audits, including: investigative or fraud audits; and financial audits, which are audits of accounting statements; there are also compliance, operational, and information system audits.

The Federal Reserve’s annual financial statements are audited by an outside auditor. Similar to other government agencies, the Federal Reserve maintains an Office of the Inspector General, whose mandate includes conducting and supervising “independent and objective audits, investigations, inspections, evaluations, and other reviews of Board programs and operations.”[57] The Inspector General’s audits and reviews are available on the Federal Reserve’s website.[58][59]

The Government Accountability Office (GAO) has the power to conduct audits, subject to certain areas of operations that are excluded from GAO audits; other areas may be audited at specific Congressional request, and have included bank supervision, government securities activities, and payment system activities.[60][61] The GAO is specifically restricted any authority over monetary policy transactions;[60] the New York Times reported in 1989 that “such transactions are now shielded from outside audit, although the Fed influences interest rates through the purchase of hundreds of billions of dollars in Treasury securities.”[62] As mentioned above, it was in 1999 that the law governing the Federal Reserve was amended to formalize the already-existing annual practice of ordering independent audits of financial statements for the Federal Reserve Banks and the Board;[63] the GAO’s restrictions on auditing monetary policy continued, however.[61]

Congressional oversight on monetary policy operations, foreign transactions, and the FOMC operations is exercised through the requirement for reports and through semi-annual monetary policy hearings.[61] Scholars have conceded that the hearings did not prove an effective means of increasing oversight of the Federal Reserve, perhaps because “Congresspersons prefer to bash an autonomous and secretive Fed for economic misfortune rather than to share the responsibility for that misfortune with a fully accountable Central Bank,” although the Federal Reserve has also consistently lobbied to maintain its independence and freedom of operation.[64]

Fulfillment of wider economic goals

By law, the goals of the Fed’s monetary policy are: high employment, sustainable growth, and stable prices.[65]

Critics say that monetary policy in the United States has not achieved consistent success in meeting the goals that have been delegated to the Federal Reserve System by Congress. Congress began to review more options with regard to macroeconomic influence beginning in 1946 (after World War II), with the Federal Reserve receiving specific mandates in 1977 (after the country suffered a period of stagflation).

Throughout the period of the Federal Reserve following the mandates, the relative weight given to each of these goals has changed, depending on political developments.[citation needed] In particular, the theories of Keynesianism and monetarism have had great influence on both the theory and implementation of monetary policy, and the “prevailing wisdom” or consensus view of the economic and financial communities has changed over the years.[66]

  • Elastic currency (magnitude of the money multiplier): the success of monetary policy is dependent on the ability to strongly influence the supply of money available to the citizens. If a currency is highly “elastic” (that is, has a higher money multiplier, corresponding to a tendency of the financial system to create more broad money for a given quantity of base money), plans to expand the money supply and accommodate growth are easier to implement. Low elasticity was one of many factors that contributed to the depth of the Great Depression: as banks cut lending, the money multiplier fell, and at the same time the Federal Reserve constricted the monetary base. The depression of the late 1920s is generally regarded as being the worst in the country’s history, and the Federal Reserve has been criticized for monetary policy which worsened the depression.[67] Partly to alleviate problems related to the depression, the United States transitioned from a gold standard and now uses a fiat currency; elasticity is believed to have been increased greatly.[68]

The value of $1 over time, in 1776 dollars.[70]

  • Stable prices – While some economists would regard any consistent inflation as a sign of unstable prices,[71] policymakers could be satisfied with 1 or 2%;[72] the consensus of “price stability” constituting long-run inflation of 1-2% is, however, a relatively recent development, and a change that has occurred at other central banks throughout the world. Inflation has averaged a 4.22% increase annually following the mandates applied in 1977; historic inflation since the establishment of the Federal Reserve in 1913 has averaged 3.4%.[73] In contrast, some research indicates that average inflation for the 250 years before the system was near zero percent, though there were likely sharper upward and downward spikes in that timeframe as compared with more recent times.[74] Central banks in some other countries, notably the German Bundesbank, had considerably better records of achieving price stability drawing on experience from the two episodes of hyperinflation and economic collapse under the country’s previous central bank.

Inflation worldwide has fallen significantly since former Federal Reserve Chairman Paul Volcker began his tenure in 1979, a period which has been called the Great Moderation; some commentators attribute this to improved monetary policy worldwide, particularly in the Organisation for Economic Co-operation and Development.[75][76]BusinessWeek notes that inflation has been relatively low since mid-1980s[77] and it was during this time that Volcker wrote (in 1995), “It is a sobering fact that the prominence of central banks [such as the Federal Reserve] in this century has coincided with a general tendency towards more inflation, not less. By and large, if the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with ‘free banking.'”.

  • Sustainable growth – The growth of the economy may not be sustainable as the ability for households to save money has been on an overall decline[78] and household debt is consistently rising.[79]

Cause of The Great Depression

Money supply decreased significantly between Black Tuesday and the Bank Holiday in March 1933 when there were massive bank runs

Monetarists who believe that the Great Depression started as an ordinary recession but significant policy mistakes by monetary authorities (especially the Federal Reserve) caused a shrinking of the money supply which greatly exacerbated the economic situation, causing a recession to descend into the Great Depression.

Public confusion

The Federal Reserve has established a library of information on their websites, however, many experts have spoken about the general level of public confusion that still exists on the subject of the economy; this lack of understanding of macroeconomic questions and monetary policy, however, exists in other countries as well. Critics of the Fed widely regard the system as being “opaque“, and one of the Fed’s most vehement opponents of his time, Congressman Louis T. McFadden, even went so far as to say that “Every effort has been made by the Federal Reserve Board to conceal its powers….”[80]

There are, on the other hand, many economists who support the need for an independent central banking authority, and some have established websites that aim to clear up confusion about the economy and the Federal Reserve’s operations. The Federal Reserve website itself publishes various information and instructional materials for a variety of audiences.

Criticism of government interference

Some economists, especially those belonging to the heterodox Austrian School, criticize the idea of even establishing monetary policy, believing that it distorts investment. Friedrich Hayek won the Nobel Prize for his elaboration of the Austrian business cycle theory.

Briefly, the theory holds that an artificial injection of credit, from a source such as a central bank like the Federal Reserve, sends false signals to entrepreneurs to engage in long-term investments due to a favorably low interest rate. However, the surge of investments undertaken represents an artificial boom, or bubble, because the low interest rate was achieved by an artificial expansion of the money supply and not by savings. Hence, the pool of real savings and resources have not increased and do not justify the investments undertaken.

These investments, which are more appropriately called “malinvestments”, are realized to be unsustainable when the artificial credit spigot is shut off and interest rates rise. The malinvestments and unsustainable projects are liquidated, which is the recession. The theory demonstrates that the problem is the artificial boom which causes the malinvestments in the first place, made possible by an artificial injection of credit not from savings.

According to Austrian economics, without government intervention, interest rates will always be an equilibrium between the time-preferences of borrowers and savers, and this equilibrium is simply distorted by government intervention. This distortion, in their view, is the cause of the business cycle. Some Austrian economists—but by no means all—also support full reserve banking, a hypothetical financial/banking system where banks may not lend deposits. Others may advocate free banking, whereby the government abstains from any interference in what individuals may choose to use as money or the extent to which banks create money through the deposit and lending cycle.

Reserve requirement

The Federal Reserve regulates banking, and one regulation under its direct control is the reserve requirement which dictates how much money banks must keep in reserves, as compared to its demand deposits. Banks use their observation that the majority of deposits are not requested by the account holders at the same time.

Currently, the Federal Reserve requires that banks keep 10% of their deposits on hand.[81] Some countries have no nationally mandated reserve requirements—banks use their own resources to determine what to hold in reserve, however their lending is typically constrained by other regulations.[82] Other factors being equal, lower reserve percentages increases the possibility of Bank runs, such as the widespread runs of 1931. Low reserve requirements also allow for larger expansions of the money supply by actions of commercial banks—currently the private banking system has created much of the broad money supply of US dollars through lending activity. Monetary policy reform calling for 100% reserves has been advocated by economists such as: Irving Fisher,[83] Frank Knight,[84] many ecological economists along with economists of the Chicago School and Austrian School. Despite calls for reform, the nearly universal practice of fractional-reserve banking has remained in the United States.

Criticism of private sector involvement

Historically and to the present day, various social and political movements (such as social credit) have criticized the involvement of the private sector in “creating money”, claiming that only the government should have the power to “make money”. Some proponents also support full reserve banking or other non-orthodox approaches to monetary policy. Various terminology may be used, including “debt money”, which may have emotive or political connotations. These are generally considered to be akin to conspiracy theories by mainstream economists and ignored in academic literature on monetary policy.

See also

https://en.wikipedia.org/wiki/Monetary_policy_of_the_United_States

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Who Won The First Democratic Debate In Terms Of Body Language?

Carol Kinsey Goman

The major story of the first televised presidential debate in 1960 became the photogenic appeal of John F. Kennedy versus the sickly look of his opponent, Richard Nixon, who refused to wear makeup although his recent illness had left him with a pallid complexion. In addition, Kennedy looked directly at the camera when answering questions (rather that at the journalists who asked them), which made viewers see him as someone who was talking right to them and giving straight answers. To make matters worse, the cameras caught Nixon wiping perspiration from his forehead while Kennedy was pressing him on the issues.

When the debate ended, a large majority of television viewers recognized Kennedy as the winner. Radio listeners, who heard the debate but hadn’t seen it, gave the victory to Nixon.

Never again would politicians under estimate the importance of physical appearance and body language – especially when appearing on television. Today’s political figures are fully aware of, and heavily coached on, the impact of nonverbal communication.

And when it comes to nonverbal cues, everything matters: Gender, age, skin color, hair style, attractiveness, height, clothing, facial expressions, hand gestures, posture — audiences judge it all. Superficial? Maybe. But this potent (and often unconscious) process is also hardwired in the human brain.
There are two sets of nonverbal signals that are especially important for candidates to project: warmth and authority. Warmth cues project likeability and candor and authority cues denote power and status. The most appealing politicians (at least from a body language standpoint) are those whose behaviors encompass both sets of signals.

Which brings me to the first Democratic debate of the 2016 election cycle — and how I would grade the body language of the debaters.

Hillary Clinton, former secretary of state

Grade: A-

How she did it: Clinton is often described, by both supporters and critics, as strong, tough, and aggressive. So it was no surprise to see those qualities exhibited in her body language through expansive gestures, erect posture, and well-prepared responses.

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But Clinton’s body language won the debate by doing more than displaying authority. She successfully “warmed up” her image, with smiles, head nods in agreement/support of other’s comments, and (at one point) even laughter.

Visually, being the only woman on stage was also to her advantage. The contrast between Clinton and the rest of the (white, male) candidates was visually striking – especially for someone who wants to show how she would be different from previous presidents.

Bernie Sanders, senator of Vermont

Grade: B+

How he did it: Unlike Clinton, who (for better or worse) is a known national figure, Sanders needed to give the audience a clear picture of who he is and what he stands for – and he was very effective doing so last night. Sanders was animated and used gestures (like finger pointing and palms rotated down) to effectively emphasize his resolve – although at times, his movements were a bit jerky, instead of smooth. And for those who were wondering if a 74-year old could keep his energy high for two hours, the answer was a resounding “yes.”

Sanders nonverbal negatives include his leaning too often on the lectern (as if he needed physical support) and in his lack of warm cues. He is much more expressive when showing anger, disgust, and impatience – but rarely does he display joy or express optimism.

Martin O’Malley, former governor Maryland

Grade: C

How he did it: While he never had the “break through” moment his campaign was hoping for, nonverbally O’Malley had a significant nonverbal advantage: He looked fit and athletic – and he was the tallest person in the line up. Don’t discount the effect of these seemingly trivial facts. We are biased toward attractive, healthy people, and we unconsciously attribute leadership characteristics to tall people. (The effects of this are seen not only in politics, but in business. For example, in the U.S. population, 14.5% men are 6’ tall and over, but with CEOs of Fortune 500 companies, that statistic climbs to 58%.) But his softer, slower communication style often lacked the energy and passion needed to support his rhetoric. And his deadpan, almost angry expression when other candidates were speaking was tweeted about as the “death stare” – not a good look for someone who is usually seen as upbeat and happy.

Jim Webb, former senator of Virginia

Grade C-

How he did it: Webb is known as being “gruff” and “stiff,” and both of those qualities were displayed nonverbally: Outside of a slight lean backward and a shoulder shrug now and then, he rarely moved his body – adding to his stoic image.

Lincoln Chaffee, former governor of Rhode Island

Grade: D

How he did it: Chafee’s body language was filled with nervous facial gestures (lip licking was especially prevalent) and conflicting nonverbal messages, the most noticeable being a smile with tightened or compressed lips that made the otherwise warm signal look forced and inauthentic.

The only missing contender in last night’s debate was Vice President Joe Biden, who hasn’t declared his intention to run. Too bad. He is passionate and expressive. He would have been interesting to watch.

https://www.youtube.com/watch?v=DvjU0xLWrv4

 

EVIDENCE SHOWS CLINTON RAN A PARALLEL, OUTSOURCED STATE DEPT.

Clinton received help from George Soros to run shadow gov’t
The real scandal surrounding Democratic presidential hopeful Hillary Clinton’s private email system may be that she was running, in concert with a private consulting firm tied closely to George Soros, an outsourced and parallel State Department answerable only to her and not President Obama, the Congress, or the American people.

The media has tried to separate two dubious operations of Mrs. Clinton while she was at the State Department. The first is the private email server located in her Chappaqua, New York residence. The second is the fact that her government-paid State Department personal assistant, Huma Abedin, wife of disgraced New York “sexting” congressman Anthony Weiner, was simultaneously on the payroll of Teneo, a corporate intelligence firm that also hired former President Bill Clinton and former British Prime Minister Tony Blair as advisers. Abedin has been linked to the Muslim Brotherhood, which has recently buried the hatchet with longtime rival Saudi Arabia and common cause against the Assad government in Syria, the Houthi rebels in Yemen, and Iran.

It is clear that Mrs. Clinton used her private email system to seek advice on major foreign policy issues, from her friend and paid Clinton Foundation adviser Sidney Blumenthal providing private intelligence on Libya’s post-Qaddafi government and possible business ventures to Clinton friend Lanny Davis seeking favors from Mrs. Clinton. It should be noted that Davis was a paid lobbyist for the military junta of Honduras that overthrew democratically-elected President Manuel Zelaya in 2009. It also should be noted that Mrs. Clinton voiced her personal dislike for the late Libyan leader Muammar Qaddafi, when, after he was assassinated by U.S.-armed jihadist rebels, boasted, “We came, we saw, he died!”

It was highly unusual for Abedin to receive a U.S. government paycheck while also receiving a consultant’s salary from Teneo. Teneo was founded in 2011 by Doug Band, a former counselor to Bill Clinton. Teneo, which is as much a private intelligence firm as it is an investment company and “governance” consultancy, has its headquarters in New York and branches in Washington DC, Brussels, São Paulo, London, Dublin, Dubai, Hong Kong, Beijing, and Melbourne. With the exception of its investment arm, Teneo closely resembles the former CIA-connected firm where Barack Obama worked after he graduated from Columbia, Business International Corporation (BIC). Teneo’s marketing claims match those made by BIC during its heyday: Teneo works “exclusively with the CEOs and senior leaders of many of the world’s largest and most complex companies and organizations.”

Teneo has staked a position in the international news media with its recent purchase of the London-based firm Blue Rubicon, formed in part by the former home news editor for Channel 4 News in the United Kingdom. Teneo also recently acquired London’s Stockwell Group, which provides consultancy services to the National Bank of Greece and Pireaus Bank. It appears that Mrs. Clinton’s friends are cashing in on the global banking austerity being levied against Greece.

The head of Teneo Intelligence is Jim Shinn, a former assistant secretary for Asia for the Defense Department. What is troubling is that Teneo has been offering statements to the media designed to heighten tensions between NATO and Turkey on one side and Russia on the other over Russia’s military attacks on the Islamic State in Syria. Shinn’s intelligence chief in Teneo’s London office, Wolfgango Piccoli, who has worked for the Soros-linked Eurasia Group consultancy, told CNN that Russia’s “reinforcement of the Assad regime and the consolidation of separate areas of control is more likely to prolong the conflict by forcing a stalemate.” The Teneo statement came in a CNN report that suggests members of the Bashar al Assad government in Syria and Russian President Vladimir Putin and his government could be charged by international or “national” tribunals for war crimes in a manner similar to those convened on members of the Yugoslavian and Serbian governments.

The entire International Criminal Court (ICC) in The Hague and in Africa has fallen under the control of George Soros and his operatives. Soros has made no secret of his support for overthrowing Assad and Putin and he has resorted to a “weapon of mass migration” of Syrian, Iraqi, and other refugees into Europe in order to destabilize the entire continent and endanger its Christian culture and social democratic traditions. Mrs. Clinton and Soros extensively used Mrs. Clinton’s private email system to exchange, among other things, information on the political situation in Albania, a country where Soros’s operatives are plentiful and powerful. Soros is a major donor to the Clinton Foundation and Mrs. Clinton’s presidential campaign.

Soros also pressed Mrs. Clinton for State Department support for his American University of Central Asia, which, as seen with Soros’s Central European University in Budapest and its graduate ranks of pro-U.S. leaders throughout central and eastern Europe, is designed to manufacture a new generation of pro-U.S. leaders in the Central Asian states of the former Soviet Union.
The “wiping” of Mrs. Clinton’s email systems’ hard drives appear to be part of a classic case of an intelligence operation destroying data after being exposed.

The Clinton outsourcing of U.S. foreign policy not only involves Teneo but also the Clinton Foundation, for which Mrs. Clinton solicited donations from foreign sources while she served as Secretary of State. Moreover, in a classic example of racketeering, Bill Clinton was paid by Teneo as an adviser while his Clinton Foundation hired Teneo as as a consultant. The Clinton Foundation is directed by Bill and Hillary Clinton, along with their daughter Chelsea Clinton Mezvinsky. Mrs. Clinton’s private email use also extended to Clinton Foundation chief financial officer Andrew Kessel and longtime Bill Clinton friend Bruce Lindsey.

One of the emails sent via Mrs. Clinton’s private system was from her State Department counsel Cheryl Mills to Amitabh Desai, the head of foreign policy for the Clinton Foundation. Mills wanted Desai to arrange a meeting between Rwandan dictator Paul Kagame with the Democratic Republic of Congo strongman Joseph Kabila during Kagame’s visit to Kinshasa in 2012. This effort was conducted outside the State Department with the sole exception that Assistant Secretary of State for African Affairs Johnnie Carson, a close friend of Mrs. Clinton, was involved in the email exchange with Mills and Desai.

Other private email use involved Hollywood magnate Haim Saban, Loews heir Andrew Tisch, and Lynn de Rothschild, all of whom were peddling Israel’s interests to Hillary and Bill Clinton in return for sizable donations to the Clinton Foundation and Mrs. Clinton’s presidential campaign.

Under the Clinton Giustra Enterprise Partnership, the Clinton Foundation received generous financial support totaling some $31 million from Frank Giustra, a Canadian uranium mining magnate. Giustra relied on the Clintons to use their influence to open up lucrative uranium exploitation opportunities in places like Kazakhstan and Africa.

Senator Chuck Grassley (R-IA) has been stonewalled in his attempt to obtain more information about Teneo’s relationship with Mrs. Clinton, the Clinton Foundation, and Bill Clinton.

Wayne Madsen is an investigative journalist who consistently exposes cover-ups from deep within the government. Want to be the first to learn the latest scandal? Go to WayneMadsenReport.com subscribe today!

http://www.infowars.com/evidence-suggests-clinton-ran-a-parallel-outsourced-state-dept/

 

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When Will Obama and Kerry Walk Like Men Out Of Negotiations With The World Leading Terrorist Nation The Islamic Republic of Iran? Never! — Yakety Yak– Where Is The Written Signed Agreement/Treaty Stopping Iran From Having Nuclear Weapons President Obama? — Time To Release Some Massive Ordnance Penetrators (MOPs) — Bunker Busters on Iran’s Nuclear Bomb Factories — Bombs Away — Videos

Posted on July 11, 2015. Filed under: American History, Ammunition, Articles, Banking, Blogroll, Bomb, Bunker Busters, Business, Central Intelligence Agency (CIA), College, Communications, Congress, Constitution, Corruption, Crime, Culture, Dirty Bomb, Documentary, Drones, Economics, Education, Employment, Energy, Entertainment, Ethic Cleansing, Faith, Family, Federal Bureau of Investigation (FBI), Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Friends, government, government spending, Health Care, history, Illegal, Immigration, Islam, Islam, Law, Legal, liberty, Life, Links, Macroeconomics, media, Missiles, Monetary Policy, Money, Money, Music, National Security Agency (NSA_, Natural Gas, Nuclear, Nuclear Power, Nuclear Proliferation, Obamacare, Oil, Oil, People, Philosophy, Photos, Pistols, Police, Political Correctness, Politics, Press, Psychology, Radio, Radio, Rants, Raves, Regulations, Religious, Resources, Rifles, Security, Shite, Space, Sunni, Talk Radio, Taxation, Taxes, Technology, Television, Terrorism, Unemployment, Video, War, Weapons, Weapons of Mass Destruction | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

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Story 1: When Will Obama and Kerry Walk Like Men Out Of Negotiations With The World Leading Terrorist Nation The Islamic Republic of Iran? Never! — Yakety Yak– Where Is The Written Signed Agreement/Treaty Stopping Iran From Having Nuclear Weapons President Obama? — Time To Release Some Massive Ordnance Penetrators (MOPs) — Bunker Busters on Iran’s Nuclear Bomb Factories — Bombs Away — Videos

Divine – Walk Like A Man (1985) HQ

Walk Like a Man – The Four Seasons

“Walk Like A Man”

oo woo-oo-oo oo woo-oo-oo
(Wop wop wop wop)
oo woo-oo-oo oo woo-oo-oo
Walk like a manOh how you tried
To cut me down to size
by telling dirty lies to my friends
But my own father
Said give her up, don’t bother
The world isn’t coming to an endHe said walk like a man
Talk like a man
Walk like a man my son
No woman’s worth
Crawling on the earth
So walk like a man my sonoo woo-oo-oo oo woo-oo-oo
(Wop wop wop wop)
oo woo-oo-oo oo woo-oo-ooFine eyed baby
I don’t mean maybe
We’re gonna get along somehow
Soon you’ll be crying
On ‘count of all you’re lying
Oh yeah, just look who’s laughing nowI’m gonna walk like a man
Fast as I can
Walk like a man from you
I’ll tell the world
Forget about it girl
And walk like a man from youoo woo-oo-oo oo woo-oo-oo
(Wop wop wop wop)
oo woo-oo-oo oo woo-oo-oo
(Wop wop wop wop)
oo woo-oo-oo oo woo-oo-oo
(Wop wop wop wop)
oo woo-oo-oo oo woo-oo-oo

Walk Like a Man Frankie Valli & The Four Seasons Lyrics

July 2015 Breaking News USA ready to attack Iranian nuclear facilities with awe-inspiring plan B

30,000 Pound Bunker Buster Bomb designed to detour Iran Nuclear Threat

As negotiations with Iran continue towards a nuclear arms agreement, the United States still holds a trump card. The 30,000 Pound Boeing GBU-57 Bunker Buster bomb, the largest non-nuclear weapon in U.S. inventory, designed to destroy nuclear weapons bunkers in Iran and North Korea. The bunker buster, known as the Massive Ordnance Penetrator (MOP), is 30,000 pounds (13,608 kg.) and has been improved with “adjusted fuses to maximize its burrowing power, upgraded guidance systems to improve its precision and hi-tech equipment intended to allow it to evade Iranian air defenses in order to reach and destroy the Fordow nuclear enrichment complex.”

“Hopefully we never have to use it, but if we had to, it would work.”

The existence of a bomb that has the capability of destroying the underground facility from the air could also give the West extra bargaining power in nuclear negotiations with the Iran.

US officials believe the improved MOP will serve to convince Israel to hold off on unilaterally attacking Iran and give Washington more time to diplomatically neutralize the Iranian nuclear threat.

US military chiefs openly admitted the weapon was built to attack the fortified nuclear facilities of “rogue states” such as Iran and North Korea. Although the Pentagon insists that it is not aimed at a specific threat, unnamed officials within the ministry have repeatedly claimed the bomb is being tailor-made to disable Iranian nuclear facilities at Fordo.

Vienna talks on Iran nuclear deal will continue over weekend

U.S.’s Kerry says not in rush to get Iran nuclear deal

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Weapons of War: Pentagon Upgrades Biggest ‘Bunker Buster’ Bomb

Bunkers & Bunker Busting Bombs

MOP Massive Ordnance Penetrator GBU-57A-B Penetrator bunker buster bomb Iran United States

World War 3 Pentagon unveils 30,000 pound M O P Bunker Buster Bomb against Iran May 03, 2013

Boeing Delivers Massive Ordnance Penetrator (MOP) 37,000 LB Bombs To The USAF – GBU-57

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Frankie Valli & The Four Seasons In Concert Live

Frankie Valli And 4 Seasons Live on Ice 2008

The Coasters – Yakety Yak – ORIGINAL MONO VERSION

Yakety Yak – The Coasters with lyrics

Where Have all the Flowers Gone: Eve of Destruction

Iran Made Illegal Purchases of Nuclear Weapons Technology Last Month

1:48 AM, JUL 10, 2015 • BY BENJAMIN WEINTHAL AND EMANUELE OTTOLENGHI

The question is not whether Iran can be trusted to uphold the nuclear deal now being negotiated in Vienna (it can’t), but whether the Obama administration and its P5+1 partners can be trusted to punish Iran when it violates the agreement?

Experience shows that unless Iran violates the deal egregiously, the temptation will be to ignore it. For instance, Iran got away with selling more oil than it should have under the interim agreement. More ominously, Tehran repeatedly pushed the envelope on technical aspects of the agreement—such as caps on its uranium stockpile—and got away with it. The Obama administration and other Western powers have so much invested in their diplomatic efforts that they’ll deny such violations ever occurred.

More evidence of Iranian violations has now surfaced. Two reports regarding Iran’s attempts to illicitly and clandestinely procure technology for its nuclear and ballistic missile programs have recently been published. They show that Iran’s procurement continues apace, if not faster than before the Joint Plan of Action was signed in November 2013. But fear of potentially embarrassing negotiators and derailing negotiations has made some states reluctant to report Tehran’s illegal efforts. If these countries have hesitated to expose Iran during the negotiations, it is more likely they will refrain from reporting after a deal is struck.

The first report was released last month by the U.N. panel of experts in charge of reporting compliance with U.N. Security Council resolutions regarding Iran. The panel noted that U.N. member states had not reported significant violations of U.N. sanctions and speculated as to why: either Iran was complying, or countries did not wish to interfere with negotiations.

Paddle, pedal, jog or Segway through North America’s largest urban parkland—Edmonton’s river valley.

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The second report, released last week by Germany’s domestic intelligence agency, is less ambiguous. The agency, the Federal Office for the Protection of the Constitution, confirmed to us that Iran continues to seek illicit technology for its nuclear and ballistic missiles programs.

Iran has had a long history of trying to obtain nuclear technology from German companies, particularly by seeking ways to transport merchandise in circumvention of international sanctions. Since November 2013, Tehran has sought industry computers, high-speed cameras, cable fiber, and pumps for its nuclear and missile program. It appears that Iran’s readiness to negotiate does not reflect any substantive policy change. Rather, it is a diplomatic tactic retreat forced by economic distress, not a strategic rethinking of its priorities.

Iran’s cheating should give Western negotiators additional resolve to impose ironclad guarantees in the agreement. They should compel Iran to reveal its past activities, including its post-JPOA procurement efforts, and impose tough, intrusive, “anytime, anywhere” inspections before sanctions are suspended, let alone lifted.

Instead, the lack of reporting to the U.N. despite evidence of cheating suggests a lack of resolve on the part of Western nations, and their willingness to downplay all but the most egregious violations. This does not bode well for the future. If Western powers are reluctant to penalize Iran for trying to evade sanctions because they’re afraid of spoiling the negotiations, what will happen in the future when Western powers have even more invested in preserving an agreement?

Emanuele Ottolenghi is a senior fellow at the Foundation for Defense of Democracies, where Benjamin Weinthal is a research fellow.

http://www.weeklystandard.com/blogs/iran-made-illegal-purchases-nuclear-weapons-technology-last-month_988067.html

Massive Ordnance Penetrator

From Wikipedia, the free encyclopedia
GBU-57A/B Massive Ordnance Penetrator
USAF MOP test release crop.jpg

GBU-57 MOP prototype
Type Bunker buster” bomb
Place of origin United States
Service history
Used by United States Air Force
Production history
Manufacturer Boeing[1]
Specifications
Weight 30,000 pounds (14,000 kg)
Length 20.5 feet (6.2 m)
Diameter 31.5 inches (0.80 m)

The GBU-57A/BMassive Ordnance Penetrator (MOP) is a U.S. Air Force, precision-guided, 30,000-pound (13,608 kg) “bunker busterbomb.[2] This is substantially larger than the deepest penetrating bunker busters previously available, the 5,000-pound (2,268 kg) GBU-28 and GBU-37.

Development

In 2002, Northrop Grumman and Lockheed Martin were working on the development of a 30,000-lb (13,600 kg) earth-penetrating weapon, said to be known as “Big BLU“. But funding and technical difficulties resulted in the development work being abandoned. Following the 2003 invasion of Iraq, analysis of sites that had been attacked with bunker-buster bombs revealed poor penetration and inadequate levels of destruction.[citation needed]This renewed interest in the development of a super-large bunker-buster, and the MOP project was initiated by the Defense Threat Reduction Agency to fulfill a long-standing Air Force requirement.[3]

The U.S. Air Force has not officially recognized specific military requirement for an ultra-large bomb, but it does have a concept for a collection of massively sized penetrator and blast weapons, the so-called “Big BLU” collection, which includes the MOAB (Massive Ordnance Air Burst) bomb. Development of the MOP was performed at the Air Force Research Laboratory, Munitions Directorate, Eglin Air Force Base, Florida with design and testing work performed by Boeing. It is intended that the bomb will be deployed on the B-2 bomber, and will be guided by the use of GPS.[4][5]

Northrop Grumman announced a $2.5-million stealth-bomber refit contract on 19 July 2007. Each of the U.S. Air Force’s B-2s is to be able to carry two 14-ton MOPs.[6][7]

The initial explosive test of MOP took place on 14 March 2007 in a tunnel belonging to the Defense Threat Reduction Agency (DTRA) at the White Sands Missile Range, New Mexico.

On 6 October 2009, ABC News reported that the Pentagon had requested and obtained permission from the U.S. Congress to shift funding in order to accelerate the project.[8][9] It was later announced by the U.S. military that “funding delays and enhancements to the planned test schedule” meant the bomb would not be deployable until December 2010, six months later than the original availability date.[10]

The project has had at least one successful Flight Test MOP launch.[11] The final testing will be completed in 2012.[3]

The Air Force took delivery of 20 bombs, designed to be delivered by the B-2 bomber, in September 2011. In February 2012, Congress approved $81.6 million to further develop and improve the weapon.[12]

Recent development

On 7 April 2011, the USAF ordered eight MOPs plus supporting equipment for $28 million.[13]

On 14 November 2011, Bloomberg reported that the Air Force Global Strike Command started receiving the Massive Ordnance Penetrator and that the deliveries “will meet requirements for the current operational need”.[14] The Air Force now has received delivery of 16 MOPs as of November 2011.[15] And as of March 2012, there is an “operational stockpile” at Whiteman Air Force Base.[16]

In 2012, the Pentagon requested $82 million to develop greater penetration power for the existing weapon.[1] A 2013 report stated that the development had been a success,[17] and B-2 integration testing began that year.[18]

Next-generation Penetrator Munition

On 25 June 2010, USAF Lt. Gen. Phillip Breedlove said that the Next-generation Penetrator Munition should be about a third the size of the Massive Ordnance Penetrator so it could be carried by affordable aircraft.[19] In December 2010, the USAF had a Broad Agency Announcement (BAA) for the Next Generation Penetrator (NGP).[20]

Global Strike Command has indicated that one of the objectives for the Next-Generation Bomber is for it to carry a weapon with the effects of the Massive Ordnance Penetrator. This would either be with the same weapon or a smaller weapon that uses rocket power to reach sufficient speed to match the penetrating power of the larger weapon.[21]

One of the current limitations of the MOP is that it lacks a void-sensing fuze and will therefore detonate after it has come to a stop, even if it passed by the target area.[22]

Specifications

  • Length: 20.5 feet (6.2 m)[23]
  • Diameter: 31.5 inches (0.8 m)[23]
  • Weight: 30,000 pounds (13,608 kilograms)
  • Warhead: 5,300 pounds (2,404.0 kilograms) high explosive
  • Penetration: 200 ft (61 m)[6]

See also

Specific large bombs

https://en.wikipedia.org/wiki/Massive_Ordnance_Penetrator

  • April 2, 2015
  • 1950s
Nov. 24, 2014

Kerry Announces Extension to Iran Talks Video by Reuters/ Photo by Roland Schlager/European Pressphoto Agency

U.S. and Allies Extend Iran Nuclear Talks by 7 Months

A yearlong effort to reach an enduring accord with Iran to dismantle large parts of its nuclear infrastructure fell short, forcing the United States and its allies to declare a seven-month extension, but with no clear indication of how they plan to bridge fundamental differences.

Nov. 20, 2014

The Iranian foreign minister, Mohammad Javad Zarif, left, Catherine Ashton, who is representing the European Union, and Secretary of State John Kerry in Vienna. Leonhard Foeger/Reuters

Negotiators Scrambling as Deadline Looms in Nuclear Talks

As six world powers and Iran race to meet a Monday deadline for an agreement that would constrain Iran’s nuclear program, the United States stakes out an ambitious goal for what an accord should accomplish.

American officials say the agreement should slow the Iranian nuclear program enough that it would take Iran at least a year to make enough material for a nuclear bomb if it decided to ignore the accord.

It has become increasingly unlikely that any accord announced on Monday would be a complete one. And whatever deal is reached, it may not matter if Iranian hard-liners have their way. In Iran, the final decision on a nuclear deal lies with Ayatollah Ali Khamenei, the supreme leader.

Nov. 3, 2014

Under a proposed deal, Russia will convert uranium into specialized fuel rods for Iran’s Bushehr nuclear power plant.Majid Asgaripour/Agence France-Presse — Getty Images

Role for Russia Gives Iran Talks a Possible Boost

Iran tentatively agrees to ship much of its huge stockpile of uranium to Russia for conversion into specialized fuel rods for the Bushehr nuclear power plant, Iran’s only commercial reactor. The agreement is potentially a major breakthrough in talks that have until now been deadlocked.

A key question remains about the negotiations that American officials have been loath to discuss in public: In a final deal, would Iran be required to publicly admit its past activities, or merely provide a mechanism for monitoring its actions in the future?

Aug. 27, 2014

Iran’s nuclear reactor in Arak, about 150 miles southwest of Tehran, is being redesigned.Hamid Foroutan/Iranian Students News Agency, via Associated Press

Iran Altering Arak Reactor in Bid for Nuclear Deal

Atomic power engineers in Iran start redesigning a partly constructed reactor in Arak to limit the amount of plutonium it produces, Ali Akbar Salehi, the director of the Atomic Energy Organization of Iran, says, expressing hope that the change will help alleviate Western objections that the plutonium can be used in weapons.

July 18, 2014

Iran Nuclear Talks Extended, Diplomats Say

Iran, the United States and the five other countries agree to a four-month extension of the negotiations, giving them more time to try to bridge a major difference over whether the country will be forced to dismantle parts of its nuclear infrastructure, according to senior Western diplomats involved in the talks.

July 14, 2014

Iran’s foreign minister, Mohammad Javad Zarif, accuses the West of trying to sabotage a reactor being built near Arak.Atta Kenare/Agence France-Presse — Getty Images

Iran Outlines Nuclear Deal; Accepts Limit

As the deadline for the talks approaches on Sunday, Iran’s foreign minister, Mohammad Javad Zarif, says the country could accept a freeze on its capacity to produce nuclear fuel at current levels for several years, provided it could eventually produce fuel unhindered.

The proposal will effectively extend a limited series of concessions Iran made last November as part of a temporary deal to get negotiations started on a permanent accord. In return, Iran wants step-by-step relief from sanctions that have substantially weakened its economy.

May 24, 2014

Iran Is Providing Information on Its Detonators, Report Says

The I.A.E.A. releases a report stating that Iran is beginning to turn over information related to its nuclear detonators. The agency says that Iran has provided “additional information and explanations,” including documents, to substantiate its claim that it had tested the detonators for “a civilian application.”

Jan. 12, 2014

From left, Foreign Ministers Laurent Fabius of France and William Hague of Britain, and Secretary of State John Kerry with Foreign Minister Nasser Judeh of Jordan, in Paris. Thierry Chesnot/Getty Images

Negotiators Put Final Touches on Iran Accord

Iran and a group of six world powers complete a deal that will temporarily freeze much of Tehran’s nuclear program starting Jan. 20, in exchange for limited relief from Western economic sanctions.

The agreement faced opposition from Iranian hard-liners and Israeli leaders, as well as heavy criticism from some American lawmakers, who have threatened to approve further sanctions despite President Obama’s promise of a veto.

Nov. 24, 2013

The negotiators in Geneva early Sunday morning. President Obama hailed the agreement. Denis Balibouse/Reuters

Deal With Iran Halts Nuclear Program

The United States and five other world powers announce a landmark accord that would temporarily freeze Iran’s nuclear program and lay the foundation for a more sweeping agreement.

The aim of the accord, which is to last six months, is to give international negotiators time to pursue a more comprehensive accord that would ratchet back much of Iran’s nuclear program and ensure that it could only be used for peaceful purposes.

Nov. 14, 2013

Obama Calls for Patience in Iran Talks

I.A.E.A. inspectors release a report stating that for the first time in years, they saw evidence that the Iranians have put the brakes on their nuclear expansion.

President Obama makes an appeal to Congress to give breathing space to his efforts to forge a nuclear deal with Iran.

Nov. 11, 2013
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Iran is in a much different position now to negotiate on its nuclear program than it was four years ago when President Obama first broached the subject.

Iran Says It Agrees to ‘Road Map’ With U.N. on Nuclear Inspections

The I.A.E.A. says that Iran has agreed to resolve all outstanding issues with the agency, and will permit “managed access” by international inspectors to two key nuclear facilities. But the promise does not extend to the Parchin military site, which inspectors have been trying to see for months.

Marathon talks between major powers and Iran fail to ease sanctions on the country and produce a deal to freeze its nuclear program.

Oct. 16, 2013
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Iran Talks Called Substantive

Iran and a group of six world powers say that they have engaged in “substantive” and “forward-looking” discussions on the disputed Iranian nuclear program and that they will reconvene on November 7.

The account of the two days of talks in Geneva came in a rare joint statement from Iran’s foreign minister, Mohammad Javad Zarif, and Catherine Ashton, the foreign policy chief for the European Union, who is the lead negotiator with Iran.

Sept. 27, 2013
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First Direct US-Iran Talk Since 1979

President Obama says he has spoken by phone with President Hassan Rouhani, the first direct contact between the leaders of Iran and the United States since 1979. Mr. Obama, speaking in the White House briefing room, said the two leaders discussed Iran’s nuclear program and said he was persuaded there was a basis for an agreement.

Moments before Mr. Obama’s announcement, Mr. Rouhani’s Twitter account posted this now-deleted message: “In a phone conversation b/w #Iranian & #US Presidents just now: @HassanRouhani: “Have a Nice Day!” @BarackObama: “Thank you. Khodahafez.”

Sept. 24, 2013
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Rouhani, Blunt and Charming, Pitches a Moderate Iran in First U.N. Appearance

Iran’s new president, Hassan Rouhani, turns himself into a high-speed salesman offering a flurry of speeches, tweets, televised interviews and carefully curated private meetings, intended to end Iran’s economic isolation.

At the United Nations General Assembly, he preaches tolerance and understanding, decries as a form of violence the Western sanctions imposed on his country and says nuclear weapons have no place in its future. He takes aim at Israel’s nuclear arsenal in a public – while the country’s leaders caution over what they deem as an empty charm offensive.

Sept. 19, 2013

Hassan Rouhani, Iran’s new leader, received a private letter from President Obama about easing tensions between the countries.Vahid Salemi/Associated Press

Iran Said to Seek a Nuclear Accord to End Sanctions

Seizing on a perceived flexibility in a letter from President Obama to President Hassan Rouhani, Iran’s leaders are focused on getting quick relief from crippling sanctions, a top adviser to the Iranian leadership says.

The adviser says that Mr. Obama’s letter, delivered about three weeks ago, promised relief from sanctions if Tehran demonstrated a willingness to “cooperate with the international community, keep your commitments and remove ambiguities.”

Aug. 28, 2013

Iran Slows Its Gathering of Enriched Uranium, Report Says

I.A.E.A. inspectors say that Iran is slowing its accumulation of enriched uranium that can be quickly turned into fuel for an atomic bomb. The report’s disclosure is significant politically because it delays the day when Iran could breach what Prime Minister Benjamin Netanyahu of Israel last fall called a “red line” beyond which Iran would not be allowed to pass — the point at which it has enough purified uranium to quickly make a single nuclear weapon.

June 15, 2013

Hassan Rouhani, a moderate, has been elected the next president of Iran.

Iran Elects New President

Voters overwhelmingly elect Hassan Rouhani, 64, a mild-mannered cleric who advocates greater personal freedoms and a more conciliatory approach to the world.

The diplomat sheik played a key role in Iran’s voluntary suspension of uranium enrichment in 2004, which Western powers responded to by asking for more concessions from Iran.

Mr. Rouhani replaces his predecessors’ foreign minister with Mohammad Javad Zarif, an American-educated diplomat known for his understanding of the West, and makes him responsible for negotiations over Iran’s nuclear program. Mr. Rouhani also removes a hard-line nuclear scientists as head of Iran’s Atomic Energy Organization, and replaces him with the former foreign minister, Ali Akbar Salehi. In September, Iran’s longtime ambassador to the International Atomic Energy Agency will be replaced as well.

June 2013

U.S. Adds to Its List of Sanctions Against Iran

The Obama administration escalates sanctions against Iran for the fourth time in a week, blacklisting what it describes as a global network of front companies controlled by Iran’s top leaders, accusing them of hiding assets and generating billions of dollars worth of revenue to help Tehran evade sanctions.

The White House also accuses Ayatollah Ali Khamenei of personally directing an effort to bypass them.

The United States also blacklists Iranian petrochemical companies, its automotive industry and more than 50 Iranian officials, and threatens to sanction foreign banks that trade or hold Iran’s national currency, the rial.

May 22, 2013

Iran Is Seen Advancing Nuclear Bid

The I.A.E.A. says Iran has made significant progress across the board in its nuclear program, while negotiations with the West dragged on this spring. But it said that it has not gone past the “red line” that Israel’s leaders have declared could trigger military action.

In its last report before the Iranian elections next month, the agency also gives details that point to an emerging production strategy by the Iranians. One strategy involves speeding ahead with another potential route to a bomb: producing plutonium. The report indicates that Iran is making significant progress at its Arak complex, where it has built a heavy-water facility and is expected to have a reactor running by the end of next year.

May 9, 2013

U.S. Imposes Sanctions on Those Aiding Iran

The United States expands its roster of those violating Iran sanctions, blacklisting four Iranian companies and one individual suspected of helping the country enrich nuclear fuel. It also singles out two other companies, including a Venezuelan-Iranian bank, accused of helping Iran evade other Western-imposed prohibitions on oil sales and financial dealings.

The penalties came a day after the Senate introduced legislation that could effectively deny the Iran government access to an estimated $100 billion worth of its own money parked in overseas banks, a step that proponents said could significantly damage Iran’s financial stability.

April 23, 2013

Fearing Price Increases, Iranians Hoard Goods

Iranians rush to supermarkets to buy cooking oil, red meat and other staples, stockpiling the goods over new fears of price spikes from a change in the official exchange rate that could severely reduce the already weakened purchasing power of the rial, the national currency.

Prices of staples are set to increase by as much as 60 percent because of the currency change.

Economists say the result is from a combination of severe Western sanctions and what many call the government’s economic mismanagement.

April 18, 2013

Chuck Hagel at the Pentagon. Next week he will travel to the Middle East to finalize the arms sale.Brendan Smialowski/Agence France-Presse — Getty Images

U.S. Arms Deal With Israel and 2 Arab Nations Is Near

The Defense Department is expecting to finalize a $10 billion arms deal with Israel, Saudi Arabia and the United Arab Emirates next week that will provide missiles, warplanes and troop transports to help them counter any future threat from Iran.

Israeli Officials Stress Readiness for Lone Strike on Iran

In an interview with the BBC, Prime Minister Benjamin Netanyahu spoke of dealing with the Iranian nuclear threat, saying Israel has “different vulnerabilities and different capabilities” than the United States. “We have to make our own calculations, when we lose the capacity to defend ourselves by ourselves.”

Israeli defense and military officials have been issuing explicit warnings this week that Israel was prepared and had the capability to carry out a lone military strike against Iran’s nuclear facilities.

April 12, 2013

US Blacklists an Iranian and Businesses Over Violation of Sanctions

The United States blacklists an affluent Iranian business executive, Babak Morteza Zanjani, and what it describes as his multibillion-dollar money laundering network, accusing them of selling oil for Iran in violation of the Western economic sanctions imposed over Iran’s disputed nuclear program.

On March 14, The Treasury Department, which administers the government’s Iran sanctions, blacklisted a Greek shipping tycoon, Dimitris Cambis, over what it called his scheme to acquire a fleet of oil tankers on Iran’s behalf and disguise their ownership to ship Iranian oil.

April 9, 2013

Family members of slain nuclear scientists stood with Fereydoun Abbasi-Davani, far right, a nuclear official. Arash Khamoushi/Iranian Students News Agency, ISNA, via Associated Press

After Talks End, Iran Announces an Expansion of Nuclear Fuel Production

Iran’s president announces an expansion of the country’s uranium production and claims other atomic energy advances, striking a pugnacious tone in the aftermath of diplomatic talks thatended in an impasse with the big powers on April 6 in Kazakhstan.

April 8, 2013
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A look, provided by the United States Navy, at how its laser attack weapon works. The video is silent.

Navy Deploying Laser Weapon Prototype Near Iran

The U.S. announces that the Navy will deploy a laser weapon prototype in the Persian Gulf, where Iranian fast-attack boats have harassed American warships and where the government in Tehran is building remotely piloted aircraft carrying surveillance pods and, someday potentially, rockets.

The laser will not be operational until next year. It has been shown in tests to disable patrol boats and blind or destroy surveillance drones.

March 14, 2013

President Obama traveled to Israel on March 20, in a symbolic two-day visit to the country, the first of his presidency.

Iran Nuclear Weapon to Take Year or More, Obama Says

President Obama tells an Israeli television station that his administration believes it would take Iran “over a year or so” to develop a nuclear weapon.

Mr. Obama’s estimated timeline contrasts with Mr. Netanyahu’s stated belief that Israel and its Western allies are likely to have to intervene by the spring or summer, when, he says, Iran’s scientists will have enriched enough uranium to become a nuclear threat.

Feb. 26, 2013

Defiant Mood at Talks

Iran meets with the United States, Russia, China, Britain, France and Germany in Kazakhstan, but talks end with no specific agreement over a proposal that would sharply constrain Iran’s stockpile of the most dangerous enriched uranium, in return for a modest lifting of some sanctions.

The six powers also agreed that Iran could keep a small amount of 20 percent enriched uranium — which can be converted to bomb grade with modest additional processing — for use in a reactor to produce medical isotopes.

Iranian oil sales have been reduced by half as a result of the international pressure on the country, and restrictions on financial transactions and transportation have created many difficulties for its leaders.

Feb. 23, 2013

New Deposits of Uranium

The state news agency IRNA quotes a report by the Atomic Energy Organization of Iran, saying that it had found significant new deposits of raw uranium and identified sites for 16 more nuclear power stations.

Iran’s raw uranium reserves now total around 4,400 tons, including discoveries over the past 18 months, IRNA quoted the report as saying.

A few weeks earlier, Ayatollah Khamenei said that his country was not seeking nuclear weapons but added that if Iran ever decided to build them, no “global power” could stop it.

Feb. 6, 2013

Speaking to air force commanders in Tehran on Feb. 6, Ayatollah Khamenei said Iran “will not negotiate under pressure.” Khamenei Official Web site, via European Pressphoto Agency

U.S. Bolsters Sanctions

A new round of American sanctions take effect which state that any country that buys Iranian oil must put the purchase money into a local bank account. Iran cannot repatriate the money and can use it only to buy goods within that country. Violators risk severe penalties in doing business with the United States. Oil exports from Iran have already dropped by a million barrels a day.

A week earlier, Iran announces that it would deploy a new generation of centrifuges, four to six times as powerful as the current generation.

October 2012

Iran’s Currency Tumbles

After months of harsh, American-led sanctions, Iran’s currency, the rial, plunges 40 percent. The currency lost about half its value in 2012.

Most of that decline comes in a frenzy of speculative selling by Iranians worried that rapid inflation could render their money worthless. The government responds with a crackdown in which some money traders are arrested.

The depressed value of the rial forces Iranians to carry ever-fatter wads of bank notes to buy everyday items. But the sanctions also present a new complication to Iran’s banking authorities: they may not be able to print enough money.

Meanwhile, the European Union toughens sanctions against Iran, banning trade in industries like finance, metals and natural gas, and making other business transactions far more cumbersome.

Sept. 27, 2012

Prime Minister Benjamin Netanyahu at the United Nations, displaying his red line for Iran’s nuclear program. Chang W. Lee/The New York Times

Israel’s ‘Red Line’

Prime Minister Benjamin Netanyahu of Israel tells the United Nations that Iran’s capability to enrich uranium must be stopped before the spring or early summer, arguing that by that time Iran will be in a position to make a short, perhaps undetectable, sprint to manufacture its first nuclear weapon.

August 2012

New Work at Nuclear Site

The United Nations atomic agency reports that Iran has installed three-quarters of the nuclear centrifuges needed to complete a deep-underground site under a mountain near Qum for the production of nuclear fuel.

The I.A.E.A. also says that Iran may have sought to cleanse another site where the agency has said it suspects that the country has conducted explosive experiments that could be relevant to the production of a nuclear weapon.

Meanwhile, the United States imposes more punishing sanctions against Iran, aimed at its oil and petrochemical sectors, as well as its shipping trade, intensifying existing sanctions intended to choke off the revenue that Iran reaps from its two largest export industries.

July 1, 2012

The Neptune, an oil tanker in the Persian Gulf, is part of a fleet of about 65 Iranian tankers serving as floating storage facilities for Iranian oil, each one given a nautical makeover to conceal its origin and make a buyer easier to find. Thomas Erdbrink

Embargo on Iranian Oil

A European Union embargo on Iranian oil takes effect, playing a large role in severely restricting Iran’s ability to sell its most important export.

In retaliation, Iran announces legislation intended to disrupt traffic in the Strait of Hormuz, a vital Persian Gulf shipping lane, and tests missiles in a desert drill clearly intended as a warning to Israel and the United States.

In January 2013, Iran’s oil minister, Rostam Qasemi, acknowledged for the first time that petroleum exports and sales had fallen by at least 40 percent in the previous year, costing the country $4 billion to $8 billion each month.

May 24, 2012

Iran’s nuclear negotiator, Saeed Jalili, in Baghdad. Thaier Al-Sudani/Reuters

Talks With West Falter

After a brief spurt of optimism, talks between Iran and six world powers on its disputed nuclear program fail to produce a breakthrough in Baghdad. The United States, Russia, China, Britain, France and Germany wanted a freeze on Iranian production of uranium enriched to 20 percent purity, which is considered a short step from bomb grade. The Iranians wanted an easing of the onerous economic sanctions imposed by the West and a recognition of what they call their right to enrich. The countries agree to meet again in June, but talks were further slowed after a new regimen of harsh economic sanctions and a statement from the International Atomic Energy Agency that said Iran had made ”no progress” toward providing access to restricted sites it suspects of being used to test potential triggers for nuclear warheads.

March 2012

President Mahmoud Ahmadinejad surveying the centrifuges at Iran’s underground complex at Natanz in March 2007.Office of the Iranian President

New Centrifuges at Natanz

Iran says it is building about3,000 advanced uranium-enrichment centrifuges at the Natanz plant.

Meanwhile, I.A.E.A. inspectors are still trying to gain access to the Parchin site, 20 miles south of Tehran, to ascertain whether tests have been carried out there on nuclear bomb triggers.

But satellites images show that the site has been extensively cleaned by the Iranians.

Jan. 11, 2012
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Iran’s semiofficial Fars News Agency supplied this photo of what it said was Mostafa Ahmadi Roshan’s car after the bombing.Meghdad Madadi/Fars News Agency, via Associated Press

Bomb Kills Nuclear Scientist

A bomber on a motorcycle kills Mostafa Ahmadi Rosha, a scientist from the Natanz site, and his bodyguard. Iran blames Israel and the United States. The Americans deny the accusation, but Israel is more circumspect.

Dec. 4, 2011

Iran displayed the drone for propaganda purposes, with photographs of ayatollahs who led Iran’s revolution behind it and a desecrated version of the American flag. Revolutionary Guards, via Agence France-Presse — Getty Images

A Blow to U.S., as Drone Crashes

A stealth C.I.A. drone, the RQ-170 Sentinel, crashes near the Iranian town of Kashmar, 140 miles from the Afghan border. It is part of a stepped-up surveillance program that has frequently sent the United States’ most hard-to-detect drone into Iran to map suspected nuclear sites.

Iran asserts that its military downed the aircraft, but American officials say the drone was lost because of a malfunction.

Iran’s nuclear enrichment plant at Natanz.Hasan Sarbakhshian/Associated Press

Natanz Plant Recovers

After a dip in enriched uranium production in 2010 because of the cyberattacks, Iranian production recovers. While the United States and Israel never acknowledged responsibility for the cyberprogram, Olympic Games, some experts argue that it set the Iranians back a year or two. Others say that estimate overstates the effect.

With the program still running, intelligence agencies in the United States and Israel seek out new targets that could further slow Iran’s progress.

November 2011

A poster of an Iranian gas field is a backdrop to passers-by in Asaluyeh. Newsha Tavakolian for The New York Times

West Expands Sanctions, and U.N. Offers Evidence on Nuclear Work

Major Western powers take significant steps to cut Iran off from the international financial system, announcing coordinated sanctions aimed at its central bank and commercial banks. The United States also imposes sanctions on companies involved in Iran’s nuclear industry, as well as on its petrochemical and oil industries.

The United Nations atomic agency releases evidence that it says make a “credible” case that “Iran has carried out activities relevant to the development of a nuclear device” at its Parchin military base and that the project may still be under way.

Nov. 29, 2010

One of the two cars bombed in Tehran. Reuters

Bombings Strike Scientists in Iran

Unidentified attackers riding motorcycles bomb two of Iran’s top nuclear scientists, killing one and prompting accusations that the United States and Israel are again trying to disrupt Iran’s nuclear program.

The scientist who was killed, Majid Shahriari, reportedly managed a ”major project” for the country’s Atomic Energy Organization. His wounded colleague, Fereydoon Abbasi, is believed to be even more important; he is on the United Nations Security Council’s sanctions list for ties to the Iranian nuclear effort.

July 15, 2010

The Iranian scientist Shahram Amiri, with his 7-year-old son, greeting family members in Tehran.Newsha Tavakolian/Polaris, for The New York Times

Iranian Scientist Defects to U.S., Then Reconsiders

Shahram Amiri, an Iranian nuclear scientist who American officials say defected to the United States in 2009, provided information about Iran’s nuclear weapons program and then developed second thoughts, returning to Iran. (After a hero’s welcome, he was imprisoned on treason charges and tortured, according to reports from Iran.)

The bizarre episode was the latest in a tale that has featured a mysterious disappearance from a hotel room in Saudi Arabia, rumors of a trove of new intelligence about Iran’s nuclear plants and a series of contradictory YouTube videos. It immediately set off a renewed propaganda war between Iran and the United States.

June 2010

Ambassadors to the United Nations, from right: Susan E. Rice of the United States, Mark Lyall Grant of Britain and Ruhakana Rugunda of Uganda voted to affirm a Security Council resolution on Iran while Turkey’s ambassador, Ertugrul Apakan, voted against it. Mario Tama/Getty Images

U.N. Approves New Sanctions

The United Nations Security Council levels its fourth round of sanctions against Iran’s nuclear program. The sanctions curtail military purchases, trade and financial transactions carried out by the Islamic Revolutionary Guards Corps, which controls the nuclear program.

The Security Council also requires countries to inspect ships or planes headed to or from Iran if they suspect banned cargo. In addition, Iran is barred from investing in other countries’ nuclear enrichment plants, uranium mines and related technologies, and the Security Council sets up a committee to monitor enforcement.

Summer 2010

Computer Worms Leak Online; 1,000 Centrifuges Destroyed

The United States and Israel realize that copies of the computer sabotage program introduced in Natanz are available on the Internet, where they are replicating quickly. In a few weeks, articles appear in the news media about a mysterious new computer worm carried on USB keys that exploits a hole in the Windows operating system. The worm is named Stuxnet.

President Obama decides not to kill the program, and a subsequent attack takes out nearly 1,000 Iranian centrifuges, nearly a fifth of those operating.

February 2010

Yukiya Amano, the head of the International Atomic Energy Agency.Herwig Prammer/Reuters

Work on Warhead

The United Nations’ nuclear inspectors declare for the first time that they have extensive evidence of “past or current undisclosed activities” by Iran’s military to develop a nuclear warhead.

The report also concludes that some Iranian weapons-related activity apparently continued “beyond 2004,” contradicting an American intelligence assessment published in 2008 that concluded that work on a bomb was suspended at the end of 2003.

January 2010

Defense Secretary Robert M. Gates in 2011. Francois Lenoir/Reuters

Leaked Gates Memo on U.S. Policy

Defense Secretary Robert M. Gates warns in a secret three-page memorandum to top White House officials that the United States does not have an effective long-range policy for dealing with Iran’s steady progress toward nuclear capability.

When the memo becomes public in April, Mr. Gates issues a statement saying that he wishes to dispel any perception among allies that the administration had failed to adequately think through how to deal with Iran.

September 2009

Prime Minister Gordon Brown of Britain, President Nicolas Sarkozy of France and President Obama, in Pittsburgh, accused Iran of building a secret nuclear fuel plant.Doug Mills/The New York Times

Warning on Nuclear ‘Deception’

American, British and French officials declassify some of their most closely held intelligence and describe a multiyear Iranian effort, tracked by spies and satellites, to build a secret uranium enrichment plant deep inside a mountain.

The new plant, which Iran strongly denies is intended to be kept secret or used for making weapons, is months from completion and does nothing to shorten intelligence estimates of how long it would take Iran to produce a bomb. American intelligence officials say it will take at least a year, perhaps five, for Iran to develop the full ability to make a nuclear weapon.

April 8, 2009

U.S. Joins Regular Iran Talks

Secretary of State Hillary Rodham Clinton announces that the United States will participate in talks with Iran involving five other nations: Britain, China, France, Germany and Russia.

July 19, 2008

The negotiators Saeed Jalili of Iran, left, and William J. Burns, third from right, in Geneva. Pool photo by Denis Balibouse

Talks End in Deadlock

International talks on Iran’s nuclear ambitions end in deadlock despite the Bush administration’s decision to reverse policy and send William J. Burns, a senior American official, to the table for the first time.

Iran responds with a written document that fails to address the main issue: international demands that it stop enriching uranium. Iranian diplomats reiterate before the talks that they consider the issue nonnegotiable.

2008

U.S. – Israel Cyberattacks Begin

President George W. Bush rejects a secret request by Israel for specialized bunker-busting bombs it wants for an attack on Iran’s nuclear program. The Bush administration is alarmed by the Israeli idea to fly over Iraq to reach Iran’s major nuclear complex at Natanz and decides to step up intelligence-sharing with Israel and brief Israeli officials on new American efforts to subtly sabotage Iran’s nuclear infrastructure. Mr. Bush will hand off the major covert program to President Obama.

The United States works with Israel to begin cyberattacks, code-named Olympic Games, on computer systems at the Natanz plant. A year later, the program is introduced undetected into a controller computer at Natanz. Centrifuges begin crashing and engineers have no clue that the plant is under attack.

December 2006

First Round of U.N. Sanctions

The Security Council unanimously approves sanctions intended to curb Iran’s nuclear program. The sanctions ban the import and export of materials and technology used in uranium enrichment and reprocessing and in the production of ballistic missiles.

Aug. 26, 2006

The heavy-water plant in Arak, south of Tehran.Iran/Reuters

Iran Opens a Heavy-Water Reactor

Just days before Iran is supposed to suspend enrichment of uranium or face the prospect of sanctions, President Ahmadinejad formally kicks off a heavy-water production plant in Arak, 120 miles southwest of Tehran, which would put Iran on the path to obtaining plutonium, a fuel used in nuclear weapons.

In November, Iran seeks international assistance to ensure safe operation for a 40-megawatt reactor it is building. Citing broader doubts about Iran’s nuclear ambitions, the United Nations atomic agency, the United States and European countries oppose offering help.

January 2006

A satellite image of Natanz in 2007.GeoEye/SIME, via Associated Press

Natanz Production Is Restarted

Iran resumes uranium enrichment at Natanz after negotiations with European and American officials collapse.

The I.A.E.A. approves a resolution to report Iran’s nuclear program to the Security Council, citing “the absence of confidence” among the atomic agency’s members “that Iran’s nuclear program is exclusively for peaceful purposes.”

Aug. 3, 2005

President Ahmadinejad offended Israel in his speech on the rule of law at a United Nations conference in 2012. Eduardo Munoz/Reuters

Ahmadinejad Elected President

Mahmoud Ahmadinejad, known only as a secular conservative and a former mayor of Tehran, becomes president. He becomes a divisive figure in world affairs, cheering on the development of Iran’s nuclear program despite orders from the United Nations Security Council to halt it, calling for Israel to be “wiped off the map’’ and describing the Holocaust as “a myth.”

Mid-July, 2005

With Laptop Files, U.S. Seeks to Prove Iran’s Nuclear Aims

Senior American intelligence officials present the International Atomic Energy Agency with the contents of what they say is a stolen Iranian laptop containing more than a thousand pages of Iranian computer simulations and accounts of experiments — studies for crucial features of a nuclear warhead.

Intelligence reports reveal that Mohsen Fakhrizadeh, a little-known Iranian scientist, leads elements of Iran’s weaponization program known as Project 110 and Project 111.

But doubts about the intelligence persist among some experts, in part because American officials, citing the need to protect their source, have largely refused to provide details of the origins of the laptop beyond saying that they obtained it in mid-2004 from a source in Iran who they said had received it from a second person, now believed to be dead.

Nov. 7, 2004

Foreign Minister Kamal Kharrazi talking to reporters in Tehran ahead of nuclear talks in Paris. Abedin Taherkenareh/European Pressphoto Agency

Violation and New Agreement

Iran violates the agreement, charging that the Europeans reneged on their promises of economic and political incentives. After 22 hours of negotiations, an Iranian delegation and senior officials from France, Germany, Britain and the European Union come to a preliminary agreement to immediately suspend Iran’s production of enriched uranium. The Iranian foreign minister, Kamal Kharrazi, praises the so-called Paris Agreement but emphasizes that any suspension will be temporary.

In a few weeks, the I.A.E.A verifies Iran’s suspension of its enrichment activities, with one exception: its request to use up to 20 sets of centrifuge components for research and development.

2003

An Iranian missile displayed by the Revolutionary Guards under a portrait of the supreme leader, Ayatollah Khamenei, in September 2003. Henghameh Fahimi/Agence France-Presse

Nuclear Program Is Suspended

Possibly in response to the American invasion of Iraq, which was originally justified by the Bush administration on the grounds that Iraq had weapons of mass destruction, Ayatollah Khamenei orders a suspension of work on what appear to be weapons-related technologies, although he allows uranium enrichment efforts to continue.

Inspectors with the United Nations atomic agency find traces of highly enriched uranium at the Natanz plant, and Iran concedes to demands, after talks with Britain, France and Germany, to accept stricter international inspections of its nuclear sites and to suspend production of enriched uranium.

2002

Discovery of Secret Plants

Mujahedeen Khalq, an Iranian dissident group also known as the M.E.K., obtains and shares documents revealing a clandestine nuclear program previously unknown to the United Nations.

The program includes a vast uranium enrichment plant at Natanz and a heavy water plant at Arak. In December, satellite photographs of Natanz and Arak appear widely in the news media. The United States accuses Tehran of an “across-the-board pursuit of weapons of mass destruction,” but takes relatively little action because it is focused on the approaching invasion of Iraq the next year.

Iran agrees to inspections by the I.A.E.A. It also signs an accord with Russia to speed up completion of the nuclear power plant at Bushehr.

May 1999

Mohammad Khatami in 2009. Hasan Sarbakhshian/Associated Press

Proposal for Nuclear-Free Mideast

President Mohammad Khatami of Iran goes to Saudi Arabia, becoming the first Iranian leader since 1979 to visit the Arab world.

He issues a joint statement with King Fahd expressing concerns about Israel’s nuclear weapons program and support for ridding the Middle East of nuclear weapons. In 2003, Iran supports such a proposal initiated by Syria.

July 1996

President Bill Clinton addressing reporters in July 1996. Joe Marquette/Associated Press

Sanctions Against Iran and Libya

With growing intelligence estimates that Iran may secretly be trying to build a nuclear weapon, President Bill Clinton signs a bill imposing sanctions on foreign companies with investments in Iran and Libya. Such rules are already in place for American companies.

Jan. 8, 1995

A Russian engineer checking equipment at the Bushehr nuclear plant in April 2007.Behrouz Mehri/Agence France-Presse — Getty Images

Iran and Russia Sign Nuclear Contract

Iran announces that it will sign an $800 million contract with Russia to complete construction on one of two light water reactors at the Bushehr nuclear plant within four years. After many delays, the project was completed in 2010.

The United States has been persuading countries like Argentina, India, Spain, Germany and France to prohibit the sale of nuclear technology to Iran’s civilian program.

June 4, 1989

The body of Ayatollah Ruhollah Khomeini was displayed to hundreds of thousands of Iranians at his funeral.Agence France-Presse

New Supreme Leader

Ayatollah Ali Khamenei, the country’s nominal president for eight years, becomes supreme leader after Ayatollah Khomeini dies.

Late 1980s

The Pakistani scientist Abdul Qadeer Khan in Islamabad in 1988.B.K.Bangash/Associated Press

Help From Pakistani Scientist

In the late 1980s, Abdul Qadeer Khan, a Pakistani metallurgist and the father of Pakistan’s nuclear weapons program, sells Iran, North Korea and Libya his uranium enrichment technology, and in Libya’s case, a bomb design. The transactions do not become public until years later.

In 2005, the United Nations’ International Atomic Energy Agency is on the verge of reviewing Tehran’s nuclear program when Iranian officials admit to a 1987 meetingwith Dr. Khan’s representatives. But Tehran tells the agency that it turned down the chance to buy the equipment required to build the core of a bomb.

1984

Iraqi gunners used a Soviet 130-milllimeter field gun to shell the Iranian cities of Abadan and Khurramshahr.United Press International

Nuclear Program Restarts

The Iran-Iraq war, from 1980 to 1988, changes Iran’s thinking about the nuclear program. With Saddam Hussein pursuing a nuclear program in Iraq, Ayatollah Khomeini secretly decides to restart Iran’s program and seeks the assistance of German partners to complete the construction at Bushehr, which was damaged by bombs during the war.

Feb. 11, 1979

Ayatollah Ruhollah Khomeini descending from the Air France plane that returned him to Tehran after 15 years in exile.United Press International

Khomeini Comes to Power

Prime Minister Bakhtiar is overthrown by followers of Ayatollah Ruhollah Khomeini, an exiled cleric, after bloody clashes in Tehran.

The new leader is uninterested in the nuclear program and ends the shah’s effort. Many nuclear experts flee the country.

Any nuclear cooperation between Iran and the United States breaks down completely with the American Embassy hostage crisis from November 1979 until January 1981.

Jan. 16, 1979

The deposed shah, with Empress Farah and two of their children, in the Bahamas in 1979, where they dodged questions from photographers. Associated Press

Shah Flees

The shah is overthrown and flees the country, in what becomes known as the Islamic Revolution of 1979.

Prime Minister Shahpur Bakhtiar takes over and cancels the $6.2 billion contract for the construction of two nuclear power plants at the Bushehr complex.

The United States retracts a deal it had made with Iran a year earlier and stops supplying enriched uranium for the Tehran research reactor.

1973

The Bushehr nuclear plant on Aug. 21, 2010, as its first fuel rod was loaded. Getty Images

Creation of Atomic Energy Body

The shah creates the Atomic Energy Organization of Iran, which conducts training for its personnel and nuclear deals with countries including the United States, France, West Germany, Namibia and South Africa. By training engineers in Iran and abroad, the country gains a solid understanding of nuclear technologies and capabilities.

A year later, Kraftwerk Union, a West German company, agrees to construct two light water reactors to produce nuclear energy at the Bushehr complex, 470 miles south of Tehran. Construction begins in 1974 but the contract is not signed until 1976.

By the late 1970s, the United States becomes worried that Iran may harbor nuclear weapon ambitions.

July 1, 1968

Iran Signs Nuclear Non-Proliferation Treaty

With the American-provided research reactor running, starting in 1967, Iran becomes one of 51 nations to sign the Nuclear Non-Proliferation Treaty, agreeing to never become a nuclear-weapon state.

1950s

Nuclear Program Begins

Iran begins a civilian nuclear program in the 1950s, led by Shah Mohammed Reza Pahlavi, who reaches a deal through the Eisenhower administration’s Atoms for Peace program. Under the agreement, the United States agrees to provide a nuclear research reactor in Tehran and power plants.

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Part 2

US Debt Clock.org

http://www.usdebtclock.org/

Ep. 12: AN ANIMATED FILM ON THE DEBT & THE DEFICIT | Marshall Curry

US Debt Crisis – Perfectly Explained

The Collapse of The American Dream Explained in Animation

George Carlin on the American Dream

chart

The bar chart comes directly from the Monthly Treasury Statement published by the U. S. Treasury Department..The “Debt Total” bar chart is generated from the Treasury Department’s “Debt Report” found on the Treasury Direct web site. It has links to search the debt for any given date range, and access to debt interest information. It is a direct source to government provided budget information.

“Deficit” vs. “Debt”—Suppose you spend more money this month than your income. This situation is called a “budget deficit”. So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you spend more than your income, another deficit, you must borrow some more, and you’ll still have to pay the interest on your debt (now larger). If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don’t have any money left over for anything else. This situation is known as bankruptcy.

“Reducing the deficit” is a meaningless soundbite. If theDEFICIT is any amount more than ZERO, we have to borrow more and the DEBT grows.

Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress’s appropriations. Here is a direct link to the Congressional Budget Office web site’s deficit analysis. We have to pay interest* on that huge, growing debt; and it dramatically cuts into our budget.

2016-budget-chart-spending-revenue-percent-of-gdp

federal-government-spending-problem-680

where-did-your-tax-dollar-go-680budget-entitlement-programs-680 spending-cuts-680federal-spending-per-household-680 national-defense-spending-680 americas-deficit-federal-spending-680senate_budget_deficits social-security-benefit-payments-680

Sen Rand Paul on Baseline Budgeting

Ending Baseline Budgeting | House GOP Twitter Response

2014 U.S. Federal Budget: Taxes & Revenue

2014 U.S. Federal Budget: Budget Process

2014 U.S. Federal Budget: Social Insurance, Earned Benefits, & Entitlements

2014 U.S. Federal Budget: Debt and Deficit

US Congress has raised the debt ceiling 78 times since 1960

Baseline Budgeting

Rep. Louie Gohmert Applauds The Baseline Reform Act

Baseline Budgeting Explained

Underwhelming Spending Cuts from Congress and Obama

Understanding the National Debt and Budget Deficit

Part 1

fairtax

fair_tax_factst

FairTax: Fire Up Our Economic Engine (Official HD)

The FairTax: It’s Time

Flat Tax vs. National Sales Tax

Dan Mitchell Discussing Federal Tax Burden on CNBC

Eight Reasons Why Big Government Hurts Economic Growth

Dan Mitchell Explaining How Government Screws Up Everything

What is the FairTax legislation?

Cato Institute Senior Fellow Daniel J. Mitchell

How does the FairTax rate compare to today’s?

What assumptions does the FairTax make about government spending?

How does the FairTax rate compare to today’s?

Is the FairTax truly progressive?

How does the “prebate” work?

Will the prebate create a massive new entitlement system?

Wouldn’t it be more fair to exempt food and medicine from the FairTax?

Is it fair for rich people to get the same prebate as poor people?

If people bring home their whole paychecks how can prices fall?

How does the FairTax impact the middle class?

Why is the FairTax better than a flat income tax?

Is the FairTax rate really 23%?

Is consumption a reliable source of revenue?

How does the FairTax affect compliance costs?

Isn’t it a stretch to say the IRS will go away?

Can I pretend to be a business to avoid the sales tax?

How does the FairTax affect tax preparers and CPAs?

Are any significant economies funded by a sales tax?

How will the FairTax affect state sales tax systems?

Can’t Americans just cross the border to avoid the FairTax

How will Social Security payments be calculated under the FairTax?

Will the FairTax impact tax deferred retirement accounts like 401(k)s?

How will the FairTax® make the tax system fair for everyone?

What’s the difference between the FairTax® and the income tax?

How will the FairTax® help me save money?

Why Should Grandparents support FairTax®?

Congressman Woodall Discusses the FairTax

“The Case for the Fair Tax”

Freedom from the IRS! – FairTax Explained in Detail

John Stossel speaks to the Fair Tax Rally

Sen. Moran Discusses FairTax Legislation on U.S. Senate Floor

Mind blowing speech by Robert Welch in 1958

Robert Welch Speaks: In One Generation (1974)

comparison

GOP Taxonomy: The Flat Taxers and the Fair Taxers

by Aman Batheja

During his last run for president, Rick Perry often pulled a postcard out of his jacket pocket. “The best representation of my plan is this postcard, which taxpayers will be able to fill out to file their taxes,” Perry said. While Perry proposed an optional 20 percent flat tax on all income levels, the other Texan running that cycle, Ron Paul, wanted to get rid of the income tax altogether. The former Surfside congressman sometimes suggested replacing it and other federal taxes with a sales tax, a concept often described as the Fair Tax. As the 2016 landscape begins taking shape, potential Republican candidates are suggesting an interest in being both flat and fair, embracing some version of Perry’s 2012 proposal as the first step toward reaching Paul’s ideal. Take U.S. Sen. Ted Cruz, R-Texas, whose talk on taxes has sounded strikingly similar to Perry’s at times. “We should let taxes become so simple that they could be filled out on a postcard,” Cruz wrote in a column for USA Today in October. Yet while Cruz has called for converting the country’s progressive income tax system to a flat tax, his office confirmed that the Fair Tax is his long-term goal. “The senator supports a Fair Tax, ultimately,” spokeswoman Catherine Frazier said. “However, the most immediate, effective way to implement comprehensive tax reform is to pass a simple flat tax — so simple that Americans can file on a postcard. This should be the starting point for reform, and once it’s in place we should pursue a Fair Tax.” Another presidential contender, U.S. Sen. Rand Paul, R-Ky., has also voiced support for a flat tax, but still prefers the vision of his libertarian father, Ron Paul. “I’ve never said I don’t support a sales tax,” Rand Paul told The Texas Tribune recently while in Dallas. He explained that he viewed moving the federal tax system to a flat tax as “an easier concept to get through a legislature because you’re modifying the existing code.” More broadly, Rand Paul said he was interested in stimulating economic growth by reducing the federal taxes overall. “We’ve kind of lost that argument in recent years because many Republicans, including many in Washington, now simply argue for revenue neutral tax reform, which stimulates nothing,” Paul said. For former Arkansas Gov. Mike Huckabee, those talking about the flat tax as a bridge to the Fair Tax are missing the point. “Gov. Huckabee has said many times the Fair Tax is a flat tax, but it’s based on consumption rather than on punishing our productivity,” spokeswoman Alice Stewart said. Another potential presidential contender, former Florida Gov. Jeb Bush, delivered a speech on taxes and income inequality this week in Detroit that reportedly included support for simplifying the tax code, but did not include specific policy proposals. Critics of both flat tax and Fair Tax proposals dismiss them as regressive plans that would amount to tax cuts for higher-income households while increasing the tax burden on middle-class households. But conservatives argue that dramatically simplifying the tax code, or moving to a tax system focused more on consumption than earnings, would be more transparent, simpler and better for the economy in the long run. Cal Jillson, a political science professor at Southern Methodist University, said discussion of flat taxes and consumption taxes works well politically with Republican voters, but described them as “pie-in-the-sky, no-way-in-hell” proposals that won’t ever muster enough support in Congress. “When you talk about tax reform in an environment that is politically polarized as ours, it’s hard to see how you get majority support, let alone a bipartisan package that could be taken to the public by both parties,” Jillson said. “It’s a way of saying, ‘I have no sense of doing anything practical.’ ” While Cruz and Rand Paul have already signaled their positions, Perry, who has been meeting with dozens of policy experts to prepare for a second White House run, may end up tweaking his earlier flat tax plan. “He supports simplifying the tax code, lowering rates for working families, and closing loopholes,” spokeswoman Lucy Nashed said. “Gov. Perry is continuing to work on policy proposals and will announce specific ideas at the appropriate time.” http://www.texastribune.org/2015/02/08/flat-tax-fair-tax/

National Review: The FairTax Makes a Comeback

by: Ryan Lovelace

Republican senator David Perdue of Georgia sounds an awful lot like President Obama when he describes his plan to overhaul the tax code, which would repeal federal taxes and replace them with a consumption tax known as the “FairTax.” “[The FairTax] really levels the playing field in that regardless of who you are, where you are, you’ll pay your fair share, and it will be the same amount,” Perdue tells NRO. “It will be equitable.” Perdue couches his description of the FairTax in rhetorical terms — “levels the playing field,” “pay your fair share,” “equitable” — that could’ve come straight out of Obama’s State of the Union address, and that’s no accident. Whatever the political prospects of the proposal — it has failed over and over again when proposed in the past, and it is expected to meet a similar fate this time around — it could allow the GOP to seize the mantle of economic populism from the Democrats, and, in so doing, to “win” tax reform in the eyes of voters. That’s important, because tax-reform legislation is one of the few big, ostensibly bipartisan efforts the new Congress is expected to undertake, and the scramble to take credit for it ahead of the 2016 presidential election will be fierce. The FairTax legislation put forward in the Senate by Perdue, his fellow Georgia Republican Johnny Isakson, and their colleague Jerry Moran (R., Kan.), was written with 2016 in mind. Perdue says that on Tuesday, before listening to Obama announce his desire to raise taxes once again, he and Isakson discussed the importance of their work in influencing the debate on tax reform. Perdue — the successful manager known for his ability to turn around businesses and revive brands – says he hopes to help move 2016 GOP presidential candidates in the direction of the FairTax. The proposal itself is relatively simple: It would eliminate all federal income, payroll, gift, and estate taxes, and replace them with a 23 percent national sales tax. In addition to making the U.S. economy more competitive on a global scale and putting people back to work, the plan would strip the IRS of its ability to interfere in the lives of ordinary Americans, according to the conservative freshman from Georgia. Other longtime proponents of the idea agree, and argue that by replacing a system that taxes an individual’s earnings with one that exclusively taxes that same individual’s spending, it would allow each citizen the freedom to determine his own tax burden. Perdue’s hopes for 2016 notwithstanding, the FairTax has not been a winning issue in past Republican presidential primaries. A number of GOP primary candidates, from Mike Huckabee in 2008 to Herman Cain in 2012, have failed to win the nomination while championing the proposal. And it will still be a loser come 2016, says Ryan Ellis, the tax-policy director at Grover Norquist’s Americans for Tax Reform. “If this thing [the FairTax] was going to catch on as the next great hot thing, it would have,” Ellis says. “It’s not a practical tax-reform plan for governing, it’s something that people wish, aspirationally, they could put out there.” The tax-reform proposals with the best chance of succeeding in Congress — and helping Republican candidates win in 2016 — are those that move incrementally toward the FairTax’s goals without overhauling the system in one fell swoop, Ellis says. Such proposals would likely combine some of the FairTax’s reforms — such as repealing the death tax and capital-gains taxes — with measures aimed at broadening the tax base of higher-income individuals. The winning formula to achieve fundamental tax reform, according to Ellis, is a plan that is pro-growth, pro-family, and “paid for by, as much as you can, rich guys.” But those who warn that the FairTax lacks political viability only give more motivation to Rob Woodall (R., Ga.), the lead sponsor of FairTax legislation in the House of Representatives. “That’s what I love about this bill: Washington hates this bill,” Woodall says. “There are all sorts of forces in town that discourage this kind of giant reform, but it’s being marketed at a grassroots level.” Woodall’s Georgia district has a history of electing FairTax proponents to Congress. Woodall’s seat was previously occupied by John Linder, a tireless champion who first introduced the FairTax bill in 1999, and reintroduced it in each new Congress until he retired in 2011. He never succeeded in changing the law, but he did quite a bit to build support in his home state. As Americans for Fair Taxation president Steve Hayes tells it, Atlanta-based radio talk-show host Neal Boortz is largely responsible for getting the idea off the ground. Boortz wrote The FairTax Book with Linder and trumpeted his support for the reform to a southeastern audience who readily took to the idea. Hayes’s organization works to garner more support for the idea across the United States. The “power base” of the FairTax proposal has moved out of the Southeast and into the Midwest, Woodall says. Moran’s support as a lead co-sponsor has helped the idea gain traction in Kansas. A top Moran aide who worked on the FairTax bill tells NRO that Moran began laying the groundwork to lead on this issue last year, as former Georgia senator Saxby Chambliss was preparing to retire. Chambliss was a staunch supporter of the FairTax, and the aide says the two offices worked behind the scenes to ensure that the push for tax reform would live on. Woodall thinks the geographical shift in support will help the idea flourish in California and the Northwest. Moreover, he wants to gather supporters in key 2016 Republican-primary states and grow grassroots support in order to influence the GOP’s agenda. But the effort to sell the FairTax primarily to devoted conservatives has left others in the dark as to its possible benefits. Laurence Kotlikoff, an economics professor at Boston University, has studied the FairTax and thinks it is a more progressive proposal than people realize. Kotlikoff says lawmakers’ lack of experience in public finance has led to a misunderstanding of the FairTax. He adds that he thinks Democratic minority leader Nancy Pelosi might even come around to the idea, if she realized that it would help some of the people she purports to care about most: workers. After years toiling under former Senate majority leader Harry Reid (D., Nev.), some conservatives have grown excited by the Senate’s movement on this issue. The Moran staffer thinks a total of 10 or 11 senators may ultimately support the proposal, including new members and others who have changed their minds. The number of original co-sponsors of the FairTax in the House has increased during each of the last three Congresses, peaking this year with 57 total supporters. Barring an unforeseen shift in Congress’s priorities, though, the FairTax appears doomed to fail yet again. Woodall knows the effort is ill-fated, and says he won’t look someone in the eye and tell them that a GOP-led Congress will put the FairTax on the president’s desk — or that the president would ever sign it. For the time being, his goal is more modest: He hopes to harness the relatively small but growing support for the proposal, and to take its message to voters across the country, showing his fellow Republicans that populist economic policies can win back the White House in 2016. “This is a mission to change the way people think about the tax code,” he says. “It’s kind of a crazy idea until you look at it and you say, ‘Golly, why haven’t we done that already?’ Because we know that we can’t win Washington until we win the American voter across the country.” – https://fairtax.org/articles/the-fairtax-makes-a-comeback

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Tea Party Traitor and Neoconservative Republican Poster Boy Marco Rubio Running For President in 2016 and For Government Intervention In The Middle East — Courts Mitt Romney Endorsement — Kiss of Death — Video

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Story 2: Tea Party Traitor and Neoconservative Republican Poster Boy Marco Rubio Running For President in 2016 and For Government Intervention In The Middle East —  Courts Mitt Romney Endorsement — Kiss of Death — Video

marco rubio cartoonrubiorubio immigrationrubio cartoon immigrationrubio cartoon 2marco-rubio immigration Rubio puppet
rubio-immigration-cartoon

Sen. Marco Rubio announces presidential run

Sen. Marco Rubio Announces 2016 Presidential Bid • 4/13/15 •

Marco Rubio Announces 2016 Presidential Bid

Sen Marco Rubio announces presidential bid

Michelle Malkin calls out Marco Rubio for “posing as a Tea Party spokesman”

Rand Paul, Marco Rubio, Ted Cruz fight on the Senate floor

Laura Ingraham Confronts Marco Rubio Over Immigration Reform: ‘Stop Dividing The Republican Party’

Ann Coulter blasts immigration bill, Rubio – Rubio is the Jack Kevorkian of the Republican Party

Ann Coulter trashes Marco Rubio

Brit Hume and Laura Ingraham argue about Marco Rubio

Mark Levin grills Marco Rubio on immigration proposal

A Conversation with Senator Marco Rubio

Marco Rubio (American Neocon) on Iran “No option should be off the table”

Marco Rubio Is a Polished Performer, but He’s Out of Position

Why You Should NOT Vote For Marco Rubio In 2016

Marco Rubio Grills Hillary Clinton About Benghazi (Testimony)

Mark Levin: “I despise the neocons! I am not a neocon!”

Neoconservatism: An Obituary for an Idea (Cato Institute Book Forum, 2011)

Congressman Ron Paul, MD – We’ve Been NeoConned

Rubio jumps into White House race with jab at Hillary Clinton

 

Sen. Marco Rubio (R-Fla.) on Monday entered the race for the White House, telling donors on a conference call that he is “uniquely qualified” to lead the Republican Party into battle against Hillary Clinton in 2016.

“I feel uniquely qualified to not just make that argument, but to outline the policies that we need to have in order to achieve it,” Rubio told the donors, according to The Associated Press.

Portraying Clinton as a candidate of the past, Rubio, 43, talked about the opportunity awaiting the GOP as it seeks to recapture the White House after eight years out of power.

“The Republican Party, for the first time in a long time, has a chance in this election to be the party of the future,” Rubio said on the call.

“Just yesterday, we heard from a leader from yesterday who wants to take us back to yesterday, but I feel that this country has always been about tomorrow.”

Rubio is expected to officially launch his candidacy Monday evening in Miami against the backdrop of the Freedom Tower, a setting that will give him a chance to tout his heritage as the son of Cuban parents who fled to America in the 1950s.

The Florida senator, who is serving in only his first term, is entering an increasingly crowded GOP field that already includes Sens. Ted Cruz (Texas) and Rand Paul (Ky.). A host of other candidates are waiting in the wings, including Wisconsin Gov. Scott Walker and former Florida Gov. Jeb Bush.

It had long been thought that Rubio would not run for the White House against Bush, given their personal history and shared base of support in the Florida Republican Party.

But much like Obama in 2008, Rubio appears willing to gamble his political future on the notion that his party will be looking for a fresh face, particularly given the GOP’s difficulty in attracting minority voters in the last two presidential elections.

If elected, Rubio would become the first Hispanic president in American history.

Rubio told ABC News’ George Stephanopoulos in an interview Monday that he believes he’s “absolutely” the best candidate for the Oval Office.

“I think the 21st century can be the American century, and I believe that I can lead this country in that direction,” he said.

Rubio is trying to generate buzz for his presidential campaign the day after Clinton jumped into the race with an online video where she declared her desire to be the “champion” of “everyday Americans.”

While Clinton’s rollout could overshadow Rubio’s, it could also play to his advantage by allowing him to draw a contrast with the former secretary of State, who has been a presence on the national stage for nearly three decades.

Thus far in the race, Rubio is polling outside the top tier of Republicans hopefuls.

But Rubio, a staunch conservative who was deemed a rising star after his election victory in 2010, is very well liked among Republican voters. Recent numbers from Democratic Public Policy Polling found that 55 percent had a favorable view of him, the highest of any potential GOP candidate.

Still, in order to win the nomination, Rubio will have to assure conservatives who were turned off by his involvement in the Senate’s failed immigration reform effort in 2013.

Rubio helped write a bill with Democrats that passed the Senate but died in the House after an outpouring of conservative opposition.

He has tried to make amends for his role crafting that bill, telling activists in February that he’s “learned” from the experience that securing the border must come first.

“You can’t just tell people you’re going to secure the border. … You have to do that, they have to see it, they have to see it working, and then they’re going to have a reasonable conversation with you about the other parts, but they’re not going to even want to talk about that until that’s done first,” he said at the Conservative Political Action Conference.

Rubio is expected to make foreign policy one of the centerpieces of his campaign, and has emerged as one of the most vocal critics of Obama’s move to normalize diplomatic relations with Cuba.

Following his campaign launch, Rubio will return to Washington for Senate business, including a high-profile Foreign Relations Committee hearing on Iran.

On Friday, he’ll head to New Hampshire for a full day of campaigning in the critical primary state.

http://thehill.com/blogs/ballot-box/presidential-races/238595-report-rubio-announces-candidacy

Mitt Romney warms to Marco Rubio as young senator cultivates relationship

By Robert Costa and Philip Rucker

Sen. Marco Rubio has been cultivating a relationship with Mitt Romney and his intimates, landing some of the 2012 Republican nominee’s top advisers and donors and persistently courting others as he readies an expected 2016 presidential campaign.

In a crowded field of contenders, the imprimatur of Romney could help clear Rubio’s path into the top tier. Since Romney announced in January that he would not run for the White House again, he and Rubio have had at least two lengthy phone calls in which Romney encouraged and mentored the 43-year-old Florida senator about the political landscape, according to a Romney associate.

[ Rubio is the ‘upside’ candidate of 2016 ]

Rubio and Romney have built a warm and trusting rapport, in contrast to the frostiness that exists between Romney and the two current GOP front-runners, former Florida governor Jeb Bush and Wisconsin Gov. Scott Walker. When Romney said in January that it was time to turn to the “next generation of Republican leaders,” it was widely interpreted as a swipe at Bush and a boost to a fresher face, such as Rubio.

In one-on-one meetings and communications with members of Romney’s inner circle, Rubio has impressed them with what they see as his compelling personal story, his depth and positions on policies, and his respect for Romney and his legacy in the Republican Party.

For Rubio, winning over key elements of the Romney ­coalition could give him a stronger foundation for a competitive campaign. But the support from Romney’s team alone would not guarantee Rubio success against Bush’s well-funded juggernaut or Walker’s grass-roots appeal.

Rubio has signed up two prominent former Romney officials in recent weeks. Rich Beeson, Romney’s 2012 national political director, has been tapped as Rubio’s likely deputy campaign manager, while Jim Merrill, Romney’s longtime New Hampshire strategist, is on board to play the same role for Rubio.

“For me, his substance, his skill and his story really stuck out,” Merrill said. “I always said if Mitt had decided to run again, I’d be with him. But when he decided not to go, I took a careful look at the field, and Marco represents the next generation of Republican leadership.”

Rubio’s courtship has been particularly intense with Spencer Zwick, who served as national finance chairman of Romney’s $1 billion campaign and is seen as the keeper of the Romney flame. Zwick said in an interview that the senator solicits advice from him regularly in phone calls, e-mails and text messages.

Rubio asks Zwick about how to assemble a campaign infrastructure and win the nomination, about lessons learned from Romney’s 2012 loss. Both fathers of young children, the two men talk about their families, too.

Zwick said he remains unaffiliated in the 2016 sweepstakes, but heaped praise on Rubio.

“Have you watched him speak?” Zwick asked. “This guy gives a message about the American dream that is compelling. People can say, ‘Oh, it’s the same speech every time,’ but you know what? Ronald Reagan did that, too, and it happened to work.”

Zwick called Rubio “an astute politician and a genuine person,” saying he “is universally well-liked by donors.”

Still, Bush has established himself early as the 2016 field’s fundraising dynamo, signing up many of Romney’s biggest bundlers, especially in New York and Florida, where he threatens to squeeze Rubio out.

A handful of former senior Romney aides and advisers have fanned out to work for an array of likely candidates besides Rubio, including Bush, Walker, former Texas governor Rick Perry, New Jersey Gov. Chris Christie and Louisiana Gov. Bobby Jindal.

The biggest Romney fundraiser helping Rubio is Wayne Berman, a fixture in GOP fundraising circles and a co-chairman of Romney’s 2012 national finance committee. Many Romney loyalists — including friends and associates from Bain Capital, the Mormon Church or the Salt Lake City Olympics — have stayed unaffiliated and are looking for signals of Romney’s preference.

Romney is unlikely to endorse a candidate anytime soon and has invited most of the GOP 2016 field to his annual policy summit with top donors and business leaders in June in Park City, Utah, where Romney has a home.

Rubio also has roots in the Mountain West. Although he was born into the Catholic Church, Rubio lived for several years of his childhood in Las Vegas and, during that time, was baptized in the Mormon Church. In his teen years, he and his family returned to Florida and rejoined the Catholic Church, although many of Rubio’s cousins remain affiliated with the Church of Jesus Christ of Latter-day Saints.

Some Romney loyalists harbor bad feelings about several candidates. Privately, they say Bush was not as active in his support as they expected in 2012 and that they think he tried to muscle Romney out of the 2016 race in January.

They hold a grudge against Walker for sharply criticizing Romney in his 2013 book, “Unintimidated,” for doing “a lousy job” connecting with voters. And many Romney insiders were steamed at Christie for his high-profile embrace of President Obama, after Hurricane Sandy devastated the Jersey Shore in the final week of the campaign.

By contrast, Romney’s allies almost universally praise Rubio, who was vetted as a possible vice-presidential pick and worked on Romney’s behalf during the campaign. They singled out his prime-time speech — introducing Romney — at the 2012 Republican National Convention in Tampa.

“He was an exceptional surrogate,” said Matt Waldrip, a former Romney finance aide and Zwick associate. “When he went to events, people showed up. He packed the house, whether fundraising or otherwise. He did whatever we asked him to,
clearly interested in helping the cause and helping the ticket.”

On Tuesday, Rubio met at the Russell Senate Office Building in Washington for an hour with Lanhee Chen, Romney’s former policy director, who remains an adviser and friend. Chen said he was impressed by Rubio’s preparation for the meeting, which focused on foreign and domestic policy, as well as his depth on the issues.

“Senator Rubio has spent the last several years developing thoughtful conservative policy solutions, and he has a personal story that makes those solutions even more compelling,” Chen said.

Rubio’s camp has been in touch with other Romney associates, includingPeter Flaherty, a former Boston prosecutor who for years was Romney’s chief liaison to conservative movement leaders. Those talks have been informal, and Flaherty, like Chen and Zwick, remains uncommitted to a 2016 candidate.

“It’s elbow grease,” said one Romney confidant who spoke on the condition of anonymity to talk candidly about Rubio’s outreach. “Marco’s actually picking up the phone and calling people, saying, ‘Listen, I want to introduce myself and tell you who I am and what I stand for.’ It’s good politics.”

Terry Sullivan — who ran Romney’s South Carolina primary campaign in 2008 and for years has been a top Rubio adviser — has been helping him facilitate his outreach into Romney’s world. Sullivan is executive director of Rubio’s Reclaim America PAC and is his likely campaign manager. Rubio’s Senate chief of staff, Alberto Martinez, was a Florida-based adviser to Romney’s campaign in 2012.

Rubio is expected to formally launch his presidential bid next month, although aides stressed this week that no final decision has been made on the timing or venue. His advisers are preparing for a long and steady race, with a focus on laying the groundwork in the early-voting states.

Although he has been overshadowed recently by Bush and Walker, Rubio has generated some buzz among Republican insiders. His speeches at recent donor conclaves, including at the Club for Growth last month in Palm Beach, Fla., drew rave reviews.

Rubio has said he can raise the funds needed to mount a serious presidential bid. Norman Braman, a billionaire South Florida auto dealer, is expected to donate as much as $10 million to Rubio and his anticipated super PAC.

Rubio has his own national donor network, which he began cultivating in his upstart 2010 Senate campaign. The group includes donors who participate in the political network organized by industrialists Charles and David Koch, whose California meeting Rubio addressed in January.

But Rubio is making inroads elsewhere, too. He dined alone last week in Washington with Sheldon Adelson, the billionaire Las Vegas casino magnate who spent tens of millions of dollars trying to elect Romney in 2012.

Sen. Roy Blunt (R-Mo.), who was Romney’s liaison on Capitol Hill in 2012, recently explained why so many Republican insiders find Rubio appealing.

“I often have a vision of Marco in the cloakroom of the Senate, when not much is going on, trying to watch his son’s football games on his smartphone,” he said.

Blunt then used a descriptor that few would have applied to Romney: “humanizing.”

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Up Up and Away Interest Rates Will Go — Until The Next Recession Hits — Fed Debates Use of Word Patient — It Is The Economy Stupid, Not The Stock Market and Wealth Effect — The Coming Deflation Caused By The Fed? — The Failure of Command and Control of Money’s Price — Interest Rates — Videos

Posted on March 17, 2015. Filed under: American History, Articles, Banking, Blogroll, British History, College, Communications, Corruption, Documentary, Economics, Education, Employment, European History, Faith, Family, Federal Communications Commission, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, Money, People, Philosophy, Photos, Politics, Press, Rants, Raves, Tax Policy, Terrorism, Unemployment, Video, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 427: March 16, 2015

Pronk Pops Show 426: March 6, 2015

Pronk Pops Show 425: March 4, 2015

Pronk Pops Show 424: March 2, 2015

Pronk Pops Show 423: February 26, 2015

Pronk Pops Show 422: February 25, 2015 

Pronk Pops Show 421: February 20, 2015

Pronk Pops Show 420: February 19, 2015

Pronk Pops Show 419: February 18, 2015

Pronk Pops Show 418: February 16, 2015

Pronk Pops Show 417: February 13, 2015

Pronk Pops Show 416: February 12, 2015

Pronk Pops Show 415: February 11, 2015

Pronk Pops Show 414: February 10, 2015

Pronk Pops Show 413: February 9, 2015

Pronk Pops Show 412: February 6, 2015

Pronk Pops Show 411: February 5, 2015

Pronk Pops Show 410: February 4, 2015

Pronk Pops Show 409: February 3, 2015

Pronk Pops Show 408: February 2, 2015

Pronk Pops Show 407: January 30, 2015

Pronk Pops Show 406: January 29, 2015

Pronk Pops Show 405: January 28, 2015

Pronk Pops Show 404: January 27, 2015

Pronk Pops Show 403: January 26, 2015

Pronk Pops Show 402: January 23, 2015

Pronk Pops Show 401: January 22, 2015

Pronk Pops Show 400: January 21, 2015

Pronk Pops Show 399: January 16, 2015

Pronk Pops Show 398: January 15, 2015

Pronk Pops Show 397: January 14, 2015

Pronk Pops Show 396: January 13, 2015

Pronk Pops Show 395: January 12, 2015

Pronk Pops Show 394: January 7, 2015

Pronk Pops Show 393: January 5, 2015

Pronk Pops Show 392: December 19, 2014

Pronk Pops Show 391: December 18, 2014

Pronk Pops Show 390: December 17, 2014

Pronk Pops Show 389: December 16, 2014

Pronk Pops Show 388: December 15, 2014

Pronk Pops Show 387: December 12, 2014

Pronk Pops Show 386: December 11, 2014

Pronk Pops Show 385: December 9, 2014

Pronk Pops Show 384: December 8, 2014

Pronk Pops Show 383: December 5, 2014

Pronk Pops Show 382: December 4, 2014

Pronk Pops Show 381: December 3, 2014

Pronk Pops Show 380: December 1, 2014

Story 1: Up Up and Away Interest Rates Will Go — Until The Next Recession Hits — Fed Debates Use of Word Patient — It Is The Economy Stupid, Not The Stock Market and Wealth Effect — The Coming Deflation Caused By The Fed? — The Failure of Command and Control of Money’s Price — Interest Rates — Videos

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

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Janet Yellen’s Senate Testimony in Two Minutes

The Fed is Trapped in ZIRP World

Keiser Report: Derp-like policy of ZIRP and NIRP (E613)

Federal Reserve Chair Janet Yellen: 5.7% Unemployment Rate Paints Rosier Picture Than U-6 Rate

Yellen Says Fed Still ‘patient’ on Raising Rates

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

Jim Rickards on Fed Chair Janet Yellen and The Strong Dollar

What is QUANTiTATIVE EASING | Federal Reserve (Central Banks)

Fed Caused Oil Crash, Stocks Next

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Michael Snyder- Deflation then Inflation Through the Roof

ECONOMIC COLLAPSE Gold Manipulation, Wages Decline, Inflation, Deflation. Print

Milton Friedman – Abolish The Fed

Peter Schiff: Why We Should END the Fed?

Milton Friedman Explains the Cause of the Great Depression

Milton Friedman On John Maynard Keynes

Murray Rothbard on Economic Recessions

Deflation the Biggest Risk of the Economic Crisis? – Janet Yellen

Fed Reserve Janet Yellen Wont Raise Interest Rates To Fight Bubbles

The Fed and Fractional Reserve Banking Caused the Great Depression – Milton Friedman

Milton Friedman – Money and Inflation

Milton Friedman – Monetary Revolutions

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

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

Booms and Busts, Mises vs Keynes – And Religion As a Bulwark against Tyranny

NEW WORLD ORDER 2015 ECONOMIC COLLAPSE

Colorful Time-Lapse of Hot Air Balloons in New Mexico

Abba – Money, Money, Money

WHAT IT MEANS IF FED NO LONGER SAYS IT’S ‘PATIENT’ ON RATES

For the Federal Reserve, patience may no longer be a virtue.

Surrounding the Fed’s policy meeting this week is the widespread expectation that it will no longer use the word “patient” to describe its stance on raising interest rates from record lows.

The big question is: What will that mean?

Many economists say the dropping of “patience” would signal that the Fed plans to start raising rates in June to reflect a steadily strengthening U.S. job market. Others foresee no rate hike before September. And a few predict no increase before year’s end at the earliest.

Complicating the decision is a surging U.S. dollar, which is keeping inflation far below the Fed’s target rate and posing a threat to U.S. corporate profits and possibly to the economy. A rate increase could send the dollar even higher.

In a statement it will issue when its meeting ends Wednesday and in a news conference Chair Janet Yellen will hold afterward, the Fed isn’t likely to telegraph its timetable. Yellen has said that any decision to raise rates will reflect the latest economic data and that the Fed must remain flexible.

Still, nervous investors have been selling stocks out of concern that a rate increase – which could slow borrowing and spending and weigh on the economy – is coming soon.

“I think the odds are better than 50-50 that the Fed … will drop the word `patient’ at the March meeting, and that would put an initial rate hike in play, perhaps as early as the June meeting,” said David Jones, author of several books about the Fed.

Historically, the Fed raises rates as the economy strengthens in order to control growth and prevent inflation from overheating. Over the past 12 months, U.S. employers have added a solid 200,000-plus jobs every month. And unemployment has reached a seven-year low of 5.5 percent, the top of the range the Fed has said is consistent with a healthy economy.

The trouble is that the Fed isn’t meeting its other major policy goal – achieving stable inflation, which it defines as annual price increases of around 2 percent. According to the Fed’s preferred inflation gauge, prices rose just 0.2 percent over the past 12 months. In part, excessively low U.S. inflation reflects sinking energy prices and the dollar’s rising value, which lowers the prices of goods imported to the United States.

It isn’t just inflation that remains below optimal levels. Though the job market has been strong, the overall economy has yet to regain full health. The economy slowed to a tepid 2.2 percent annual rate in the October-December quarter, and economists generally think the current quarter might be even weaker. Manufacturers are struggling with falling exports, partly because of the strong dollar, and consumers – the drivers of the economy – have seemed reluctant to spend their windfall savings from cheaper energy.

What’s more, pay for many workers remains stagnant, and there are 6.6 million part-timers who can’t find full-time jobs – nearly 50 percent more than in 2007, before the recession began.

For those reasons, some analysts think it would be premature to raise rates soon.

“The last thing the Fed wants to do right now is spook the markets and the economy into an even slower growth trajectory,” said Brian Bethune, an economics professor at Tufts University.

After it met in December, the Fed said for the first time that it would be “patient’ about raising rates. Yellen said that meant there would be no increase at the Fed’s next two meetings. And in testimony to Congress last month, she cautioned that even when “patient” is dropped, it won’t necessarily signal an imminent rate hike – only that the Fed will think the economy has improved enough for it to consider a rate increase on a “meeting-by-meeting basis.”

Some economists say the Fed may tweak its policy statement this week to signal that a higher inflation outlook would be needed before any rate hike. And they expect the Fed to go further in coming months to ready investors for the inevitable.

“The process is going to