Dollar collapse and consequences for US Empire

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Ouch … Dollar collapsing …. what will be the consequences ….. scenarios

See Political Economy page on this Blog, and some pieces of the  information below,

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And what did OBAMA say in his 2011 Kansas speech:

“breathtaking greed of a few”

“a deficit of trust between Main Street and Wall Street.”

“huge bets, and huge bonuses, made with other people’s money on the line.”

“Fewer and fewer of the folks who contributed to the success of our economy actually benefited from that success,” he said. “Those at the very top grew wealthier from their incomes and investments than ever before. But everyone else struggled with costs that were growing and paychecks that weren’t — and too many families found themselves racking up more and more debt just to keep up.”

Etc etc blah blah ,,, rhetoric to get elected ,,, then back to elitist business

BTW,

Crony capitalism, at work in USA

See

The secret meeting between Henry Paulson and hedge fund chiefs

November 29, 2011

http://latimesblogs.latimes.com/money_co/2011/11/the-secret-meeting-between-henry-paulson-and-the-hedge-funds.html

You Won’t Believe What Hank Paulson Revealed To Hedge Funders Right Before The Height Of The Financial Crisis

Read more: http://www.businessinsider.com/bloomberg-hank-paulson-revealed-insider-information-to-hedge-funds-2011-11#ixzz1fJM12ivB  

oh, by the way, real cost of taxpayers for crisis and bailing out mega banks (too BIG to fail and jail), and QE1+2+3+,

$7.7 trillion  —-Yep, Bloomberg reports,

NOVEMBER 28, 2011 .. details trillions of dollars in secret federal loans made to the big banks during the 2008 financial crisis, a process that helped them rake in billions of dollars in undisclosed profits. .. Federal Reserve’s “breathtaking”$7.7 trillion bank bailout:

http://theweek.com/article/index/221883/the-federal-reserves-breathtaking-77-trillion-bank-bailout

oh, by the way, real cost of taxpayers for crisis and bailing out mega banks (too BIG to fail and jail), and QE1+2+3+,

$7.7 trillion

Yep, Bloomberg reports,

The Federal Reserve’s ‘breathtaking’ $7.7 trillion bank bailout

A new report on the 2008 financial crisis reveals some shocking numbers that dramatically exceed the $700 billion TARP bailout

POSTED ON NOVEMBER 28, 2011,

A new report by Bloomberg Markets Magazine details trillions of dollars in secret federal loans made to the big banks during the 2008 financial crisis, a process that helped them rake in billions of dollars in undisclosed profits. Here, some key numbers that illuminate the Federal Reserve’s “breathtaking”$7.7 trillion bank bailout:

http://theweek.com/article/index/221883/the-federal-reserves-breathtaking-77-trillion-bank-bailout

And See

Destructive Power of the Financial Markets

http://www.spiegel.de/international/business/0,1518,781590,00.html

The Dumbest Idea In The World Maximizing Shareholder Value

http://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/

And

Hedge Hogs; Gold Man’s Sacks; “financial terrorist attacks;” and the Obama sellout:

http://abusalmandeyauddeeneberle.wordpress.com/hedge-hogs-gold-man%E2%80%99s-sacks-%E2%80%9Cfinancial-terrorist-attacks%E2%80%9D-and-the-obama-sellout/

SUPER COMMITTEE BIG BANK ROBBERY and “this sucker” going down

http://abusalmandeyauddeeneberle.wordpress.com/super-committee-big-bank-robbery-and-this-sucker-going-down/

Terrorism by Economic Collapse, debt bondage, money as debt on interest, etc

http://terrorismbreedsterrorism.wordpress.com/terrorism-topics/terrorism-by-economic-collapse/

Derivatives ‘Mother of All Bubbles’ exploding

https://inlightofrecentevents.wordpress.com/2011/10/14/derivatives-%E2%80%98mother-of-all-bubbles%E2%80%99-exploding/

Super rich 1% vs 99 %; Terrorism Cycle: Guillotines: Occupy “ALL” streets 

https://inlightofrecentevents.wordpress.com/derivatives-%E2%80%98mother-of-all-bubbles%E2%80%99-exploding/

 

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Ron Paul: Dollar Collapse Will Bring Down U.S. Empire

179 Responses

By RonPaul.com on February 8, 2011

Ron Paulexposes the Fed’s destructive monetary policy and talks about Wednesday’s hearing entitled “Can Monetary Policy Really Create Jobs?” (Tune in to CNBC at 10 am EST to watch the hearing)

Date: 02/08/2011

Transcript

Larry Kudlow: At the top of this half hour, we have an exclusive interview with the House Monetary Chairman, Ron Paul, he’s a Republican from Texas, on the eve of his first sub-committee hearing. Can he put an end to the economic damage from Ben Bernanke’s inflationary policies? Now, today, Richmond Fed President Jeffrey Lacker, said the economy is growing at 4%, and therefore, Mr. Lacker says, it’s time to review and re-evaluate QE2. And he was joined by Dallas Fed President Richard Fisher, who had a similar point of view. Meanwhile, House Budget Chair Paul Ryan blasted Bernanke today, saying the Fed’s missing inflation and ought to raise interest rates. Here’s what he said on CNBC this morning.

Paul Ryan: My fear is they’re going to try to mop up all this excess money after the cow is out of the barn, after the inflation expectations have been formed. Credibility and perception is everything when it comes to monetary policy, and my fear is sound money is secondary toward short term employment growth.

Larry Kudlow: Alright, let’s bring in our very special guest for an exclusive interview. We have Congressman Ron Paul, Republican from Texas, who now chairs the House Financial Services sub-committee which oversees the Fed.

Mr. Paul, as always, thank you for coming back on the show, sir.

Ron Paul: Thank you.

Larry Kudlow: Alright, let me just ask you. You heard what Paul Ryan said, you know what the two Fed guys, Lacker and Fisher, said today. Is the thrust of your hearing tomorrow going to be to try to jawbone QE2 down? Do you yourself think it’s time to stop QE2? Where would you like to go in tomorrow’s hearing?

Ron Paul: Well, tomorrow is to bring to light the relationship of monetary policy and unemployment. But I’m sure the subject about QE2 will come up and the mandate to maintain high employment. But I was never for QE2, I’m not for the Fed, I’m not for fixing interest rates. So Paul Ryan said a lot of what I agree with, but he said the Fed should raise interest rates. Well, I want the Fed to butt out and I want the market to set interest rates. That would raise interest rates, you know, they’re artificially low, and that’s where the real problem comes from. So I’m for less interference in the marketplace, I know you speak highly of the free market, but I like the free market in money as well, I like interest rates to give us the right signal so we know what to do: whether we should save, borrow, spend, invest, or whatever. But when you interfere with the interest rates – which is the job of the Fed, that’s all they do, is interfere with monetary policy by interfering with the interest rates – and I think that’s the source of so much of our trouble.

Larry Kudlow: So having said all that, the thrust of your hearing tomorrow is not really at QE2; you say that will come in, but you’re really looking at relationships between inflation and unemployment.

Ron Paul: The relationship of monetary policy and unemployment, because unemployment is the big deal. One Fed member today said that “the growth is there at 4%, we better turn the machine off.” And yet the unemployment rate is disastrous for those who are unemployed. We have so much unemployment and it’s so undercounted. You know, the free market economists report that there is probably 22% of unemployment. So that’s where the depression is, they can pump some numbers and Wall Street does a little bit better and there’s a little bit of growth. I mean, they should, they pumped in $4 trillion, they should have had a lot of jobs. But, you know, a few jobs are coming back. But how much did it cost us? And We haven’t even see the after effects, and that of course, is the price inflation that will come. And I think we’re certainly seeing signs of that in the commodities and, of course, I think the bond market’s getting pretty risky. The bond prices have been in a bubble, and it’s been going on for 30 years, and I think we’re moving into another 30 year period where you’re going to see a reversal of interest rates and we’re going to see a crashing of the bonds like it did 30 years ago, and it lasted for a long, long time.

Larry Kudlow: With all that in mind, is the Fed policy a failure?

Ron Paul: Oh, absolutely. I mean, they brought to the bubble, and they give us the recession and the corrections. But you know, they’ve gotten away with this for a good while. They’ve been running the show, we’ve had a total fiat currency since 1971. And they’ve gotten all the credit for the boom times when the business cycle is doing well. But then a recession would come and they would tinker with the interest rates and they would lower interest rates and they would get all the credit for getting us out of it. But you know, that runs out of steam. Eventually the bubble gets too big, it bursts for other reasons, and the malinvestment is so great, and the debt is so out of this world, that they can’t bring it about. And that’s where we are today, and this is why they’re giving a lot more attention to the Fed, and rightfully so. And I encourage that because I put them at the seat of responsibility. They’ve been involved, they don’t deserve credit for the good times, they deserve the blame for the inflation when we have it, and they deserve a lot of the blame for the unemployment. They’re other factors involved in unemployment, like taxes and regulations and things like that. But, when you have a recession, you have to expect unemployment.

Larry Kudlow: Mr. Paul, how much damage to the incipient economic recovery – it’s slow based, nobody is happy with it, it’s not creating jobs despite what the Fed says. How much damage will the Fed’s QE2 and their bond buying and their money creating – how much damage, how much harm will the Fed do to what’s left of this recovery?

Ron Paul: I think it’s almost unimaginable. I think it can be so devastating, it could bring a strong worldwide run on the dollar. And that would be devastating because we do have the reserve currency of the world. So I think we’re in uncharted territories. These recessions off and on for the past 30, 40 years, they’re going to be minimal compared to the conditions that have been created by the world fiat system, principally run by our Federal Reserve. So it’s not a domestic affair, it’s not a U.S. affair, this is a worldwide affair. And I think that we’re in for very, very devastating changes. I think we will see changes in our economy and our country almost equivalent to the change that occurred with the Soviet system. I think it will bring down our empire, we’re going to have to reassess things, we won’t be able to afford our welfare state, and we won’t be able to afford taking care of the world, too. And we’re essentially expected to do that. If there’s a bankruptcy in Greece or some other country, we’re expected to go rescue them. The states; they expect the Fed to rescue them. And we’re supposed to be there to rescue everything. And when we say, “We’re going to rescue them”, it’s always the dollar. All the weight is put on the dollar. It is the Congress that’s spending money, but it depends on the Fed to monetize that to keep interest rates low so they don’t turn off our so-called recovery.

Larry Kudlow: But Ben Bernanke said that he’s 100% certain that his policy would succeed. Now, some people believe his policies will not only not succeed, but they’re going to actually drive up the unemployment rate and drive down the economy. Is that your point of view? You disagree with Bernanke 100% succeeding?

Ron Paul: Yeah, and I sort of hope I’m wrong and that maybe he could be right just because I don’t like to see the pain and the suffering coming. But if he accomplishes that, he’s repealed so many economic laws, it will be absolutely baffling. And one time when Greenspan was before the committee and we were discussing a similar set of events like this, I said, “If you can do that, you’ve literally repealed economic laws. If you can make this fiat system work as if it’s the marketplace working, giving us the right information”. No, he can’t do it, it’s delusional to think that one person could know what the money supply should be and what interest rates should be and you can do total central economic planning through monetary policy. It’s positively baffling that we as a country who brag about the free enterprise system, have accepted the fact that one individual basically can control the economy through that one issue. Because when you control the money you control every single transaction because money is one-half of every transaction. So you’re interfering with everything. And this is why we have gotten to this point. We have deceived the people in Congress and the people, we make all these promises, and now nobody can turn the switch off. We can’t turn off the switch because we’re addicted to it and we need a lot of people to go into rehab in order to get our addictions under control.

Larry Kudlow: So, to protect the economy, to protect people in the economy, to protect their purchasing power, at the end of the day, would it just be better to re-link the dollar to gold?

Ron Paul: Well, in some sort, of course, the shifting of gears is not easy. We did it one time after the Civil War period when we had the Resumption Act of 1875 and we were off the gold standard for 15 years. But the conditions were different, we didn’t have a welfare state, we weren’t running the world, and people believed in the government when they told them what they would do. Today you can’t have a Resumption Act, but you could legalize competition. Now they put you in jail if you want to opt out of the system. You know, if you opt out of medical care, you can be in trouble there. But if you opt out of the monetary system, say I want to use such-and-such as my currency because it’s gold and silver, you can get into big trouble. You need to legalize competition. You’re familiar with Hayek, Hayek advised competing currencies. So I don’t think I know the perfect answer, but I know what history shows and I know what the market probably would pick. But I’d like to just get the monopoly power away from this cartel that pretends that they know how to run the entire economy.

Larry Kudlow: Just a last one, Congressman. Why isn’t a representative of the Fed coming to your hearing? I take it Bernanke is testifying before the House Budget Committee, but that’s not until Thursday, if I’m not mistaken. Why aren’t they showing up for your hearing?

Ron Paul: Well, one thing is I knew Bernanke won’t come, he will not come to my sub-committees because they say the Federal Reserve Board Chairman and Secretary of Treasury always go to the full committee. And he will come to the full committee at the beginning of March, and that will be sort of under my sub-committee, but it’s presented to the full committee. I didn’t specifically invite somebody from the Fed because I wanted to lay the groundwork because we have two Austrian economists and one Keynesian. The Keynesian will present the view on why you need to spend more money and run up debt and print more money. And I have two individuals that are going to set the stage and say, “That is precisely the wrong thing to do”. We set that as a stage for future hearings.

Larry Kudlow: Alright, I hear you, sir. Thank you ever so much, Congressman Ron Paul. Good luck in the hearings tomorrow.

Ron Paul: Thanks a lot

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Foreign and Military Affairs

China, Russia quit dollar

By Su Qiang and Li Xiaokun (China Daily)
Updated: 2010-11-24 08:02
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China, Russia quit dollar

Premier Wen Jiabao shakes hands with his Russian counterpart Vladimir Putin on a visit to St. Petersburg on Tuesday.ALEXEY DRUZHININ / AFP

St. Petersburg, Russia – China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.

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Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.

“About trade settlement, we have decided to use our own currencies,” Putin said at a joint news conference with Wen in St. Petersburg.

The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.

The yuan has now started trading against the Russian rouble in the Chinese interbank market, while the renminbi will soon be allowed to trade against the rouble in Russia, Putin said.

“That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries,” he said.

Putin made his remarks after a meeting with Wen. They also officiated at a signing ceremony for 12 documents, including energy cooperation.

The documents covered cooperation on aviation, railroad construction, customs, protecting intellectual property, culture and a joint communiqu. Details of the documents have yet to be released.

Putin said one of the pacts between the two countries is about the purchase of two nuclear reactors from Russia by China’s Tianwan nuclear power plant, the most advanced nuclear power complex in China.

Putin has called for boosting sales of natural resources – Russia’s main export – to China, but price has proven to be a sticking point.

Russian Deputy Prime Minister Igor Sechin, who holds sway over Russia’s energy sector, said following a meeting with Chinese representatives that Moscow and Beijing are unlikely to agree on the price of Russian gas supplies to China before the middle of next year.

Russia is looking for China to pay prices similar to those Russian gas giant Gazprom charges its European customers, but Beijing wants a discount. The two sides were about $100 per 1,000 cubic meters apart, according to Chinese officials last week.

Wen’s trip follows Russian President Dmitry Medvedev’s three-day visit to China in September, during which he and President Hu Jintao launched a cross-border pipeline linking the world’s biggest energy producer with the largest energy consumer.

Wen said at the press conference that the partnership between Beijing and Moscow has “reached an unprecedented level” and pledged the two countries will “never become each other’s enemy”.

Over the past year, “our strategic cooperative partnership endured strenuous tests and reached an unprecedented level,” Wen said, adding the two nations are now more confident and determined to defend their mutual interests.

“China will firmly follow the path of peaceful development and support the renaissance of Russia as a great power,” he said.

“The modernization of China will not affect other countries’ interests, while a solid and strong Sino-Russian relationship is in line with the fundamental interests of both countries.”

Wen said Beijing is willing to boost cooperation with Moscow in Northeast Asia, Central Asia and the Asia-Pacific region, as well as in major international organizations and on mechanisms in pursuit of a “fair and reasonable new order” in international politics and the economy.

Sun Zhuangzhi, a senior researcher in Central Asian studies at the Chinese Academy of Social Sciences, said the new mode of trade settlement between China and Russia follows a global trend after the financial crisis exposed the faults of a dollar-dominated world financial system.

Pang Zhongying, who specializes in international politics at Renmin University of China, said the proposal is not challenging the dollar, but aimed at avoiding the risks the dollar represents.

Wen arrived in the northern Russian city on Monday evening for a regular meeting between Chinese and Russian heads of government.

He left St. Petersburg for Moscow late on Tuesday and is set to meet with Russian President Dmitry Medvedev on Wednesday.

Agencies and Zhou Wa contributed to this story.

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Gerald Celente Forecast 2012, FEMA Prepares for Dollar Collapse

Posted by on Dec 20, 2011 | 3 comments

Winding down one year ushers in forecasts for the coming year.  And the man many want to hear from most is none other than Trends Research Institute Founder Gerald Celente, whose predictions for 2012 include his most dire one yet.

Speaking with Aaron Task of The Daily Ticker on Dec. 17, the confident and outspoken Celente began the discussion by reminding viewers of his 2011 forecast of mass demonstrations erupting throughout the world.  Sign-up for my 100% FREE Alerts

Celente’s December 2010 prediction came to pass much quicker than even he might have anticipated, as the self-immolation of a Tunisian street vendor Mohamed Bouazizi in December 2010 sparked (certainly no pun intended) the ‘Arab Spring’.

By mid-January 2011, the Bouazizi incident catalyzed riots in the Tunisia capital of Tunis, emboldening watchful citizens of neighboring countries to take to the streets of Algeria, Morocco, Libya, with the main event mushrooming in Cairo, Egypt, symbolically taking center stage at the Mecca of the Arab World throughout the summer, and again, recently, in a Part II of the struggle for liberty.

Then came the Occupy Wall Street (OWS) movement, the first significant uprising from North Africa’s brethren counterparts of the West.  Beginning on Sept. 17, a small gathering of young adults at Zuccotti Park in New York City’s Wall Street district began the protest of growing wealth disparity in the U.S.

So where to now?  Celente said ‘Occupy’ appears to have legs, or in this case, an endless number of tentacles.

“Time Magazine, is, well, not on time,” Celente said, referring to Time Magazine’s, ‘Person of the Year: The Protester’ issue of Dec. 15.  “They’re just calling it protestors.  We’re calling it, ‘The Invasion of the Occtupy’.”

Celente goes on to explain the critical difference between the Occupy movement and another anti-establishment organization, WikiLeaks: Occupy has no leader, which, Celente believes, gives the movement enduring robustness in the fight for an end to the fascist takeover of the ‘Free’ World.

“The very weakness that the people think of the Occupy movement, not having a leader, not having one message, is, in fact, its very strength,” he said.  “For example, you take the WikiLeaks, big news and doing a lot of important information coming.  But it died because they cut the head of the leader off.”

He added, “The Occtupy doesn’t have a head to cut off . . . the tentacles, they’re reaching everywhere . . . You cut off one tentacle and another one grows.  There’s no one base, there’s no one message.  This is huge and it’s just going to continue and spread.”

Celente points to Wall Street bankers and complicit politicians as the cause of the Occupy movement, referring to JP Morgan CEO Jamie Dimon, in particular, as the epitome of Wall Street corruption and arrogance.

“I heard Jamie Dimon, CEO of JP Morgan Chase,” Celente said.  “He doesn’t get it, why people are angry, you know, with people that are successful and making a lot of money.  Guess what?  The greedy never get it.  The gap between the rich and the poor in this country is this widest in any of the industrialized nations.”

“You have an off-with-their-heads moment that’s being generated now,” Celente added, somberly.

Two days later, on Dec. 19, Celente continued the discussion of his 2012 predictions with Eric King of King World News, elaborating to KWN’s more financially-focused and specialized audience on some more sensitive issues he didn’t cover in his interview with The Daily Ticker.

“One of our tends is the technocrat takeover.  Over in Greece or over in Italy, they are all bragging they’re bringing the technocrats,” Celente told KWN.  “It’s not the technocrats, it’s the bankers.  The bankers have taken over the temples of the capitals of the world.”

Instead of applying the concept of a Jubilee Year, founded upon the wisdom of 1750 BC Babylonian King Hammurabi, who canceled burdensome debt levels of his people in order to preserve his kingdom, today’s bankers have set a course for revolution, according to Celente.  (See economist Michael Hudson Dec. 2 article, titled, Hammurabi Knew Better, Debt Slavery – Why It Destroyed Rome, Why It Will Destroy Us Unless It’s Stopped.)

“As the bankers take over, and we’re seeing what’s going on,” Celente added, “they are throwing out democratically elected governments, we are forecasting there is going to be a severe decline in 2012, particularly in Europe.”

“So that brings us to the next trend, get ready for economic martial law,” he continued.  “They are going to call a bank holiday.  So what we are saying is conditions have become a lot worse.  And a bank holiday is no holiday folks.”

Celente speculates that Congress’ passage of National Defense Authorization Act is a tip off to a terrible national event scheduled or anticipated by the U.S. government—an event bad enough to possibly spark a revolution in America.  He calls that trend prediction: Battlefield USA.

“It just became law. The Bill of Rights in the United States has been abrogated,” Celente said.  “They [Congress] passed the new Defense Act and in that Defense Act they have in there, in clear language, anybody can be arrested under the National Defense Authorization Act . . . No judge, no jury, no trial, no rights of habeas corpus.  This is what the United States has become.

“So they are putting the soldiers in place.  I used to think they were nuts talking about the FEMA camps, now I don’t anymore.”

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1 Jan, 2012, 09.28PM IST, Reuters

Euro could become world’s leading currency: Christian Noyer

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http://economictimes.indiatimes.com/newtoolbar/11325660.cms

http://economictimes.indiatimes.com/google_articleshow_top1.cms

PARIS: The euro could become the world’s leading currency in the next decade if leaders of the single-currency bloc succeed in tightening fiscal integration, European Central Bank policymaker Christian Noyersaid in an article to be published in the Journal du Dimanche.European leaders struck a historic deal at an emergency summit in Brussels on December 9 to draft a new treaty for deeper economic union, in an attempt to stem the debt crisis that is threatening to cause the collapse of the single currency.The news temporarily calmed markets. But concerns quickly resurfaced as the final details of the agreement have yet to be determined and a new treaty could take up to three months to negotiate.Ratings agency Fitch has said it doubts a comprehensive solution to the crisis can be found and urged more decisive action from the ECB.”If we implement all the decisions taken at the Brussels summit we will emerge stronger,” Noyer said in the article, due to be published to coincide with the 10-year anniversary of the euro on January 1.”In 10 years, maybe the euro will be the world’s number one currency.”Noyer, who is also governor of the Bank of France, waxed lyrical about the merits of the euro, saying it had protected purchasing power, improved trade and competitiveness and made workers increasingly mobile.In the past decade, the euro had become the world’s second reserve currency after the dollar, and the only eurosceptics were outside the monetary union, he said.Contrasting with Noyer’s nostalgia, an opinion poll also due to be published in Sunday’s Journal du Dimanche showed 50 percent of French people thought the single currency had been a bad idea, compared with 35 percent who approved.A separate article in Saturday’s Le Parisien showed the price of an average shopping basket had risen 22 percent since the euro first came into circulation, with certain basic goods such as the baguette rising up to 30 percent.  source

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The Fall of American Dollar (Federal Reserve System 2012)

Tuesday, November 22nd, 2011

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The end is so near, the Fall of America is right around the corner. Obama has spent America into a debt so big it will never be able to get out of. The Fall of the American Empire is going to happen any day.

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On Wednesday, the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, and the Swiss National Bank announced coordinated actions to shore up international banks. The purpose is to ease pressure on European mega banks which are in increasing danger of insolvency due to the sovereign debt crisis in Europe, are heavily short the dollar, via various mechanisms, and must now incur big interest costs in funding dollar-denominated assets.

The central bankers agreed to lower the price of existing U.S. dollar liquidity swap arrangements. Even before the recent action, the ECB and other central banks, were offered as many dollars as their banks would borrow. But the cost was higher. The potential size of the swaps are unlimited, as the Fed has agreed to supply as many dollars as its peers request. The Federal Reserve, of course, does not have an unlimited number of dollars currently available. Its books are evenly balanced between assets and liabilities. It is not talking about selling assets to pay for these swap lines. To supply the dollars, the Fed must print them without limit.

The cost of dollar loans is being reduced by 50 basis points so that the new rate will be the U.S. dollar overnight index swap (OIS) rate plus 50 basis points. That compares with the previous arrangements, whereby it was OIS plus 100 basis points. By making ECB dollar funding much cheaper than dollar funding from the free market, the hope is that solvent Euro-banks will also start using lines of credit from the ECB. This would serve to reduce the stigma of insolvency currently arising out of accessing central bank swap facilities. The pricing will be effective from December 5, 2011.

Investors can be relatively sure that, if and when a lot of European banks borrow dollars through these swap lines, the newly printed cash will plump up the value of stocks. More accurately, the money will stop the stock market from falling as deeply as otherwise. It might even cause a Santa Claus rally. But, assuming the eurozone does not implode, banks will eventually begin to pay back this money, That will cause liquidity contraction. The Fed cannot tolerate this because its masters have a business model that requires inflation. So it will engage in quantitative easing, converting “temporary liquidity” into a permanent part of the system.

The actions of the Federal Reserve will insure another permanent and major devaluation of the American dollar, similar to that of 2009. American buying power will be reduced, and retirees and others on a fixed income will, as in the past, be the people most severely impacted. That is because money printing is, in the end, an orchestrated theft from persons with savings, and/or bonds denominated in the currency being printed. But, there is an even greater risk.

Fed Chairman Ben Bernanke says this type of lending between central banks is “risk-free”. He alleges that the loans are to the other central banks, not to the commercial banks in foreign countries who might default. Therefore, according to him, it is impossible for the Federal Reserve to lose money, because it is impossible for the loans not to be paid back. In this view, only the ECB has counter-party risk, because it is the entity to which the commercial banks owe dollars.

Bernanke’s claim of risk-free lending between central banks, however, is false. Aside from debasement risk, the opposite risk is even greater. There is a very real risk that the ECB will never pay back the swap lines. In other words, the eurozone may end, and with it, the ECB is likely to cease to exist. If the ECB no longer exists, there is no counter-party to pay. A big export oriented nation, like Germany, with a strong Mark, may have no trouble. But, how about a nation like Greece, Italy, Spain, et. al.? Many new national central banks may not be able or willing to repay.

In the event of a Euro collapse, it may take years for the Federal Reserve to collect. It may be forced to forgive loans. That means the American people, who ultimately “fund” the Fed, with their work and assets, will suffer deep losses. Writing off hundreds of billions or trillions of dollars would usher in an era of heavy deflation. But again, the casino bankers that control the Fed cannot tolerate long-term deflation. They will make sure that more money is printed.

Providing unlimited US dollars to the ECB is yet another mistake by a group of “economists” who do not understand economics. Too bad Bernanke and his cronies never read Ludwig Von Mises. If they did, they would know that a bust brought on by the collapse of credit expansion cannot be undone, except by the destruction of the currency system involved. The Federal Reserve has, yet again, put America at great risk. The fate of the dollar is now tied tightly to that of the Euro. God forbid the Euro should die alone. If and when the eurozone collapses, the dollar will go with it.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

This article is tagged with: Macro View, Economy

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Federal Reserve Secretly Bails Out European Banks … Again | Print |  
Written by Raven Clabough
Friday, 30 December 2011 12:15

Despite assertions from Federal Reserve officials that the United States would not play a role in bailing out European banks, that is exactly what has happened — again.

Earlier in the month, Federal Reserve Chairman Ben Bernanke (left) told the U.S. Senate that the Fed had no intention of bailing out the European banks, indicating that he “doesn’t have the intention or the authority” to do so.

Senator Bob Corker (R-Tenn.) said Bernanke made it “very clear” in closed door comments that the central bank would not be rescuing European financial institutions. “People walk away knowing he has no intentions whatsoever of furthering U.S. involvement in the crisis,” Corker said.

As it turns out, however, the Fed is in fact doing just that. The Wall Street Journal reports:

The Fed is using what is termed a “temporary U.S. dollar liquidity swap arrangement” with the European Central Bank (ECB). There are similar arrangements with the central banks of Canada, England, Switzerland and Japan. Simply put, the Fed trades or “swaps” dollars for euros. The Fed is compensated by payment of an interest rate (currently 50 basis points, or one-half of 1%) above the overnight index swap rate. The ECB, which guarantees to return the dollars at an exchange rate fixed at the time the original swap is made, then lends the dollars to European banks of its choosing.

The Journal outlines the reason for such secrecy:

Why are the Fed and the ECB doing this? The Fed could, after all, lend directly to U.S. branches of foreign banks. It did a great deal of lending to foreign banks under various special credit facilities in the aftermath of Lehman’s collapse in the fall of 2008. Or, the ECB could lend euros to banks and they could purchase dollars in foreign-exchange markets. The world is, after all, awash in dollars.

The two central banks are engaging in this roundabout procedure because each needs a fig leaf. The Fed was embarrassed by the revelations of its prior largess with foreign banks. It does not want the debt of foreign banks on its books. A currency swap with the ECB is not technically a loan.

GOP presidential contender Rep. Ron Paul, a staunch Federal Reserve critic, pointed out:

The Fed’s latest actions in cooperating with foreign central banks to undertake liquidity swaps of dollars for foreign currencies is another reason why Congress needs enhanced power to oversee and audit the Fed. Under current law Congress cannot examine these types of agreements. Those who would argue that auditing the Fed or these agreements with central banks harms the Fed’s independence should reevaluate the Fed’s supposed independence when the Fed bails out Europe so soon after President Obama promised US assistance in resolving the Euro crisis.

Once again the Fed’s actions highlight the problems associated with fiat money, as Paul observed: “Fiat money caused this European crisis and the financial crisis before it. More fiat money is not the cure. The global fiat currency system has proven itself a failure. We need real monetary reform. We need sound money.”

Still, even as Bernanke asserted he would not lend money to bail out European banks, there were indications that he somehow felt the United States had a vested interest in doing so. He stated that he was “very concerned” about the situation in Europe.

Senator Orrin Hatch (R-Utah) commented of Bernanke, “He did say if they can’t get their thing in order it could affect us. He said a collapse over there would be detrimental to us.”  Hatch went on to assert he was confident in how Bernanke would handle the situation.

But observers say that because Bernanke knew that a public bailout of European banks would not be well received, he went about it in a roundabout way.

It’s worth noting that the Federal Reserve has already garnered a reputation for secrecy. Bloomberg News was compelled to sue the Fed in order to obtain information on its emergency programs during the 2007-09 financial crisis, though Bloomberg did exclude foreign-currency liquidity swaps because names of the commercial banks which borrowed under that program were already disclosed.

The Fed’s dealings have often been the subject of great secrecy. During a March 2009 Senate budget meeting, when Bernanke was asked by Sen. Bernie Sanders (D-Vt.) what the Fed has been doing with the American people’s money, he sidestepped the question.

Sanders said:

We have spent a lot of time in Congress talking about the $700 billion TARP bailout … not a whole lot has been talked about with regard to the $2.2 trillion that the Fed has lent out. Now I find that absolutely extraordinary that I wrote you a letter and I said, “Hey, who did you lend the money to? What were the terms of those loans? How can my constituents in Vermont get some of that money? Who makes the decisions? Do you guys sit around in a room? Do you make it? Are there conflicts of interest?: So my question to you is, will you tell the American people to whom you lent $2.2 trillion of their dollars? Will you tell us who got that money and what the terms are of those agreements?

To which Bernanke responded, “Any bank that has access to the U.S. Federal Reserve system.”

Sanders asked for the names of the banks, but Bernanke refused to submit any because he claimed it “is counterproductive and will destroy the value of the program … banks will not come to the Federal Reserve.”

Sanders grew angry at that response and said, “Well isn’t that too bad. In other words, they took the money, but they don’t want to be public about who received it.”

The dialogue continued for several minutes, but in the end, no specific information regarding the exchanges between the Federal Reserve and the recipients of its funds was revealed.

It is because of this secrecy and the unconstitutional and detrimental actions of the Federal Reserve that Ron Paul has led the movement to audit the Fed, a movement that has gained momentum and popularity. On February 26, 2009, Paul introduced H.R. 1207, the bill to audit the Federal Reserve, declaring:

I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.

That bill has managed to attract 320 co-sponsors in the House, and the Senate version of the bill, S. 604, has garnered 32.

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not that we agree with all of it but interesting presentations

The Collapse of The American Dream Explained in Animation

Posted by Liam at 8:49 AM  

The American Dream By The Provocateur Network

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Uploaded by on Jan 2, 2011

A simple animated explanation of HOW the private Federal Reserve steals your money and WHY it must be stopped

Subtitles now available;
-Greek
-English
-Spanish
-Portugese(brazil)
-Czech
-Hungarian
-Romanian
-Bulgarian
-Finnish

The AMERICAN DREAM is a 30 minute animated film that shows you how you’ve been scammed by the most basic elements of our government system. All of us Americans strive for the American Dream, and this film shows you why your dream is getting farther and farther away. Do you know how your money is created? Or how banking works? Why did housing prices skyrocket and then plunge? Do you really know what the Federal Reserve System is and how it affects you every single day? THE AMERICAN DREAM takes an entertaining but hard hitting look at how the problems we have today are nothing new, and why leaders throughout our history have warned us and fought against the current type of financial system we have in America today. You will be challenged to investigate some very entrenched and powerful institutions in this nation, and hopefully encouraged to help get our nation back on track.

Buy the high quality video from the website,
http://theamericandreamfilm.com/

The video creators understand that how the monetary system works can be very confusing to some and have done a brilliant job in explaining how the whole system is set up to keep you forever in debt. This is not what the original founding fathers of America had in mind.

Also, this is not just an American problem. It’s the same scam in nearly all countries around the world

Please support the video creators by buying the high quality video from their website or by making a donation
http://theamericandreamfilm.com/

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The American Dream: You Have GOT To See This Short Documentary About The Federal Reserve

Have you ever wondered how in the world you can explain complicated topics such as the Federal Reserve, fractional reserve banking and the creation of money in a way that your family and friends will actually understand? Well, the other day I was made aware of an amazing new 30 minute animated documentary entitled The American Dream. Considering the fact that this column is called “The American Dream”, that definitely got my attention, and when I sat down and watched the documentary I was absolutely amazed. What Tad Lumpkin and Harold Uhl have done is that they have created a very funny, very entertaining 30 minute cartoon that does an excellent job of explaining how our financial system really works and why the Federal Reserve is bad for America.

You can find out much more information about the documentary and about what they are trying to accomplish right here.  The documentary is also posted on YouTube and I have embedded it below….

As you can see, this is the kind of thing that even many of the most dumbed-down members of our society will be able to relate to and understand.

Hopefully as we all work together, we will wake up millions of Americans to what is really happening to our financial system.

The truth is that government debt is a plague on our great nation.  One of the founders of this nation, Thomas Jefferson, understood this threat very clearly and he tried to warn us.  Posted throughout the rest of this article are quotes about banking by Thomas Jefferson.  All of these quotes come from Wikiquote and the sources on Wikiquote have all been documented.  Jefferson said that if he would have been able to add one more amendment to the U.S. Constitution, it would have been an amendment that would have taken the ability to borrow away from the federal government….

I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.

Where would we be as a nation today without all of this debt?  We would be a lot better off, that is for sure….

But we didn’t listen to Thomas Jefferson, did we?  Now we have saddled future generations with the biggest debt in the history of the world.  Thomas Jefferson warned about this and he said that as far as he was concerned the debts of one generation should not pass down to the next generation….

I say, the earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence.

Jefferson also knew that banking establishments would try to weasel their way in and convince the American people to borrow huge amounts of money which future generations would have to repay.  To Jefferson, this was essentially theft on a grand scale….

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.

In fact, Jefferson believed that the power to incorporate a central bank was not delegated to the Congress by the U.S. Constitution….

The incorporation of a bank and the powers assumed [by legislation doing so] have not, in my opinion, been delegated to the United States by the Constitution. They are not among the powers specially enumerated.

The funny thing is that if Jefferson was running around today he would probably be considered a “loon” by the mainstream media.  Jefferson repeatedly warned us of the dangers of paper money just like a few current members of Congress such as Ron Paul are trying to do today.  The following is one statement that Jefferson made about the dangers of paper money….

Bank paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.

The truth is that when we allow private individuals to control the currency of a nation it gives them tremendous power to manipulate the financial system for their own gain.  The following quote from Jefferson is simply stunning if you take the time to properly digest it….

Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circulating medium for the nation — to inflate, by deluges of paper, the nominal prices of property, and then to buy up that property at 1s. in the pound, having first withdrawn the floating medium which might endanger a competition in purchase. Yet this is what has been done, and will be done, unless stayed by the protecting hand of the legislature. The evil has been produced by the error of their sanction of this ruinous machinery of banks; and justice, wisdom, duty, all require that they should interpose and arrest it before the schemes of plunder and spoliation desolate the country.

Have we not seen exactly what Jefferson was warning about happen in our own day?  The housing bubble was caused by a flood of easy money, and then when the bubble burst the big banks moved in to foreclose on millions of American properties.  In the chart below, you will notice that the banks and financial institutions now have a bigger share of U.S. home equity than all the rest of us combined.  You will notice that residential mortgage debt (what we owe to the banks on our homes) is now much higher than the amount of residential home equity the rest of us have….

The banks are literally foreclosing on the American Dream.  Will they eventually simply own it all?

In his day, Jefferson warned that we would be ruined by a deluge of paper money from the banks….

Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burden all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs.

Once again, all of these quotes and their sources can be confirmed over at Wikiquote.

If we had listened to Jefferson, the federal government would not be drowning in debt.  Our state and local governments would not be drowning in debt.  There would never have been a housing bubble.  There never would have been a Federal Reserve.

But we have lost our way.  Sadly, our Founding Fathers probably would barely be able to recognize the form of government that they created if they were able to visit us today.

But hopefully by sharing videos like the one posted above and by sharing articles from websites such as this one we can start to wake the American people up once again.

The road that we are on is only going to result in economic ruin and the collapse of our society.  We desperately need to get back to the principles that this country was founded upon, and we desperately need to reform our monetary system.

Hopefully there is still time to wake the American people up.  If not, then we are all in a world of hurt.

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Uploaded by on Jan 6, 2011

(PLEASE THUMBS UP/COMMENT/SHARE. LETS GO VIRAL!) Please Buy a DVD @ http://www.infowarsshop.com/The-American-Dream_p_454.htmlSubtitles/Other Languages @ Link; http://www.youtube.com/playlist?list=PLEA94C43FDDAFACB8
The AMERICAN DREAM is a 30 min animated film that shows you how you’ve been scammed by the most basic elements of our government system.All of us Americans strive for the American Dream,and this film shows you why your dream is getting farther and farther away.Do you know how your money is created?Or how banking works?Why did housing prices skyrocket and then plunge?Do you really know what the Federal Reserve System is and how it affects you every single day?

THE AMERICAN DREAM takes an entertaining but hard hitting look at how the problems we have today are nothing new,and why leaders throughout our history have warned us and fought against the current type of financial system we have in America today.You will be challenged to investigate some very entrenched and powerful institutions in this nation,and hopefully encouraged to help get our nation back on track.

We need your support to continue to fight the lying liars! It is very expensive to make this level of media and we are going to need help to keep making it! “Any donations are appreciated! Please Consider Buying a copy @http://www.infowarsshop.com/The-American-Dream_p_454.html

Donations and sales will help with production costs,further marketing of the film and hopefully will lead to other similar informative Films being made.

THE AMERICAN DREAM Film Websitehttp://www.theamericandreamfilm.com/

*Disclaimer-theamericandreamfilm.com and the makers and distributer of this Film provide no endorsement of the amy2x Channel or the use of its work on the amy2x Channel

The Federal Reserve System: Federal Reserve History

The Federal Reserve System

The Federal Reserve System is the central banking system of the United States. Federal Reserve history begins in 1913 with the enactment of the Federal Reserve Act, and was largely a response to prior financial panics and bank runs. The most severe of which was the Panic of 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were some of the major factors leading to changes in the system. So how does the Federal Reserve control the monetary system? Its duties today, according to official Federal Reserve documentation, fall into four general areas:

  • Conducting the nation’s monetary policy by influencing monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates.
  • Supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system, and protect the credit rights of consumers.
  • Maintaining stability of the financial system and containing systemic risk that may arise in financial markets.
  • Providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system.

There are presently five different parts of the Federal Reserve System.

  • The presidentially appointed Board of Governors of the Federal Reserve System.
  • The Federal Open Market Committee (FOMC), which oversees Open Market Operations, the principal tool of national monetary policy.
  • Twelve regional, privately-owned Federal Reserve Banks located in major cities throughout the nation, which divide the nation into 12 districts, acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors.
  • Numerous other private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks.
  • Various advisory councils.

To fully understand why the Federal Reserve was created you just have to look at what systems it protects.

One is that it allows governments to spend huge amounts more money than it has from tax revenue alone. Because the Federal Reserve can print as much money as it wants and loan it to the government, the government’s spending has risen at an uncontrolled and unsustainable pace. As we all know nothing is free and every dollar they print and loan to the government makes the dollar you have worth less. By doing this it also steals from future generations. We are taking resources that should be for tomorrow and using them for today. Most politicians like getting re-elected and they are more than willing to take money from tomorrow to use for political agendas to make sure they stay in power. War is supposed to be avoided because it is so costly but when you can print as much money as you want and pay later, there tends to be much more willingness to enter into warfare that is not truly needed for our safety. This is a dizzying spiral that will come to a predictable end. We can either tighten our belts and manage its demise or let the chaos ensue when confidence in the system withers and dies.

The irony is that the Federal Reserve was sold to America under the idea of protecting citizens from runs on the bank or the failure of financial institutions. However, the reason you get bank runs has nothing to do with having a federal reserve but has everything to do with having a fractional reserve banking system. The Federal Reserve is just there to protect fractional reserve banking because banks and financial institutions can make far larger profits with fractional reserve than full reserve.

The final thing to note is that the Federal Reserve as well as all the prior incarnations of central banks both here and in other countries are pushed for and lobbied for by the big banking and finance industry. That is who gets rich from this system. At the end of the day it transfers money from 99.5% of the population to the business elites, connected politicians and the global finance industry.

For visual explanation of some of the concepts Federal Reserve Video

Fractional Reserve Banking

Fractional Reserve Banking

Fractional Reserve Banking is the banking practice in which banks keep only a fraction of their deposits in reserve and lend out the remainder, while at the same time maintaining the obligation to redeem all these deposits upon demand. Fractional reserve banking occurs when banks lend out any fraction of the funds received from deposit accounts. This practice is universal in modern banking, and is to be contrasted with full-reserve banking which died out over two centuries ago.

By its nature, the practice of fractional reserve banking expands money supply (cash and demand deposits) beyond what it would otherwise be. The standard amount of reserve is generally 10%; meaning if you deposit $10, then $9 of those are used to lend out and $1 is kept on deposit in the bank. In actuality the reserve ends up being much lower than that. The problem with this system is that it creates huge amounts of credit and additional money supply. Yes banks can actually create more money; all banks can do this. This system is a major contributor to creating bubbles and inflation.

For an illustration see Fractional Reserve Lending Video

Too Big To Fail

Too Big to Fail

Is a phrase referring to the basic idea that the largest and most interconnected businesses are so important that a government cannot allow them to declare bankruptcy, because said failure would have a disastrous effect on the overall economy.

Simply put, this idea breeds reckless behavior in any institution which believes the government will intervene (e.g. by bailing out the company) in the event the institution is going to fail. The phrase has also been more broadly applied to refer to a government’s policy to bail out any corporation it deems necessary. The term is back to center stage since the start of the recent financial meltdown. One of the biggest US companies referred to as too big to fail is American International Group (AIG).

In a free society that is supposed to embrace property rights and capitalism, having companies that can privatize their profits but socialize their losses is unacceptable. Nothing is too big to fail. Companies wouldn’t become the disasters they do if they really had to fend for themselves. However, if the government is going to bail them out then why not be risky and reckless. Are you too big to fail? I’m guessing not.

see the website for more info

Dept. of Treasury
Full Reserve Spending
Stimulus
TARP
Federal Reserve
Too Big to Fail
Lender of Last Resort
Fiat Money
Economic Bubble
Systemic Risk
Gold Standard
Inflation
Bank Run
IRS
Deflation
Fractional Reserve Banking
Fannie Mae & Freddie Mac
Moral Hazard
The Knowledge

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Max Keiser: Dollar collapse inevitable unless Americans rise up with 2nd amendment

Posted on January 24, 2011 by

2

1 Vote

 FRAUD ! Ponzi Scheme ! etc

Afshin Rattansi talks to Max Keiser about the dollar as world leaders lean to it being removed as the world’s reserve currency. And the implications for social unrest in the U.S. and signs of failures to come in an Obama administration.

Max Keiser predicts a dollar collapse and calls for Americans to rise up take up their 2nd amendment rights and reclaim the republic from the criminal ‘Banksters’.  He even claims Obama would have our backs.

Yes I can see Obama reloading the cannons as the freedom loving artilleryman keeping the iron cannons hot as we the infantry rise up and topple his brethren over at the Federal Reserve bank.  We may find him stuffing cheese puffs and powder puff balls into the business end of our cannons, but I doubt Obama would have our proverbial backs as a free citizenry in any fashion.

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see this interview ….

… a thinking , feeling,  person …. interesting perspectives ….

Chris Hedges has a long history in investigative reporting in war zones etc

very long C span interview … but informative … since he says lots of what we have been saying for a long time in critique of USA and agenda of corruption  in government and media, role of big banks, corporate power (like Goodman Sacks etc) destroying the country leading to a totalitarian state (fascism), Oligarchy Elite, and collusion of all Christian denominations with this “WAR AS A RACKET” etc ,,, etc ….

talks about Industrial Prison Complex in America towards the end

Chris Hedges “Brace Yourself! The American Empire Is Over & The Descent Is Going To Be Horrifying!”

http://www.youtube.com/watch?v=7zotYU21qcU&feature=player_embedded#!

Not that I agree with everything

See here

Chris Hedges “Brace Yourself! The American Empire Is Over
& The Descent Is Going To Be Horrifying!”

“We have undergone, I think, in the last few decades a kind of slow motion coup d’état.”

Video

Posted January 02, 2012

 

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