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The Federal Reserve announced yesterday that it would keep its benchmark interest rate steady in the 0-0.25% range through mid-2013. This breaks with longstanding Fed practice of avoiding specific timeframes in setting its policy. The Fed generally tries to strike a balance between giving investors signals about its future actions without backing itself into any …
It has been reported that President Obama plans to appoint Janet Yellen, President and CEO of the Federal Reserve Bank of San Francisco, as the new Fed Vice Chairman. She is considered one of the most ‘dovish’ members of the central bank’s policymakers, meaning she is seen to lean toward policies that will boost growth …
It seems that Senator Bernie Sanders (I-VT) has promised to put up a roadblock to “hold” Bernanke ‘s reconfirmation vote from coming to the floor for a vote. “The American people overwhelmingly voted last year for a change in our national priorities to put the interest of ordinary people ahead of the greed of Wall …
According to an independent watchdog group, Bernake and Paulson “misled” the public about the financial weakness of Bank of America and other early recipients of the governments $700 billion bailout. Of course none of this takes into an account the billions of dollars secretly loaned out by the Fed. But it is good to know …
I was just listening to Lew Rockwell’s podcast and his guest, Mike Shedlock, described his plan to Abolish the Fed. It did not involve picketing outside the White House or one of the Fed building themselves, it involved actually sitting down with our legislators and educating them on Austrian Economics. Mike Shedlock has started a …
Before the U.S. went off of the gold standard, our savings were protected and couldn’t be plundered through inflation. In other words, the gold standard protected our savings by limiting the deficit spending power of our government. Once the gold standard was removed, our savings became easy prey due to the fact that credit expansion …
In an interview with Scott Horton on Anti-War Radio, Robert Prechter described a very interesting economic and financial theory known as Elliot Wave Theory. This theory is a complicated one, but at its root it states that market swings result from the expansion and contraction of human emotional states. When social moods are up, bull …
“Freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed.”-Dr. Martin Luther King, Jr. (FYI– this quote is part of a letter called “Why We Can’t Wait”, and written in 1963 by Dr. King while he was in a jail cell in Birmingham, AL) In part one of Economic Armageddon, …
CNBC reports that Treasury spokeswoman Brookly McLaughlin said, “Because Congress failed to act, we will stand ready to prevent an imminent failure until Congress reconvenes and acts to address the long-term viability of the industry.” This is a clear and flagrant violation of the The White House plans to act by possibly tapping into the …
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