By Paul B. Farrell, MarketWatch
Yes, another dark “shocker” before the end of the year, an unexpected “black swan.” And sadly for Fed Chairman Ben Bernanke — who hopes his “I saved America from economic collapse” illusion stays intact till he leaves office — he’s not going to get a dream ending to his Fed career.
Why? The shocker will happen before his scheduled exit in January, damaging Bernanke’s egocentric [...]
Jim Sinclair sent an email update to subscribers this afternoon regarding media reports that Fed Chairman Ben Bernanke will step down and retire when his current term expires in January of 2014.
Sinclair states that like former Chairman Alan Greenspan who retired immediately preceding the collapse of the housing bubble leaving Bernanke holding the bag, if Bernanke steps down a year from January, it will indicate a monetary mushroom cloud of EPIC PROPORTIONS looms [...]
UPDATE: Lacker is the only Fed president who voted ‘no’ on QE3 today.
Do not skip this.
Charlie Rose with Richmond Fed President Jeffrey Lacker – Aug. 24.
Lacker has voted against Bernanke at all 6 FOMC meetings so far this year.
Watch the full interview at PBS.
“My sense is that monetary policy isn’t capable of having a material effect on growth, or employment, or unemployment at this point,” Lacker said in an interview on the [...]
Greenspan has proven again and again to be a clueless moron when it comes to calling the market and by his own admission said he had no idea of the market bubbles that grew when he was in charge of monetary policy. In 2009 he called the “top” in the stock market, which actually kept on rallying until today – 3 years later. Either he is criminally incompetent or just [...]
GoldSilver.com readers are familiar with Hedge Fund Manager John Paulson offering the February 17 admission to investors,
“By the time inflation becomes evident, gold will probably have moved, which implies that now is the time to build a position in gold.”
What readers may not remember is not only has Paulson been correct on gold and timing for quite some time, he may have a slight advantage as he is able to employ someone [...]
Uploaded by CapitalAccount on Mar 1, 2012
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Federal Reserve Chairman Ben Bernanke was on Capitol Hill today delivering his report card, talking economic forecasts and headwinds while defending the Fed’s “accommodative monetary policy.” Speaking of report cards, we look at how even the failing marks of central bankers and other economic decision makers get glossed over by the mainstream media and ultimately forgotten by the public. Top on our list, [...]
WASHINGTON – Ben Bernanke presided over his first meeting as Federal Reserve chairman in March 2006 believing the nation’s economy could pull off a “soft landing” from falling home prices. Three months later, Bernanke had begun to grasp that he and others had underestimated the risk housing posed to the economy.
Newly released transcripts of Fed meetings during Bernanke’s first year as chairman show that, among Fed officials, he often expressed [...]
By L. Randall Wray, Credit Writedowns
As I reported over at Great Leap Forward, a new study by two UMKC PhD students, Nicola Matthews and James Felkerson, provides the most comprehensive examination yet of the Fed’s bail-out of Wall Street. They found that the true total cumulative amount lent and spent on asset purchases was $29 trillion. That is $29,000,000,000,000. Lots of zeros. The number is quite a bit bigger than previous estimates. You [...]
Gold Breaks Out and Consolidates Above $1,700/oz – Financial Alchemy Risks Severe Inflation
Gold is trading at USD 1,708.20, EUR 1,230.11, GBP 1,071.37, JPY 129,700, AUD 1,650 and CNY 10,864 per ounce.
Gold’s London AM fix this morning was USD 1,713.00, GBP 1,070.69 and EUR 1,229.54 per ounce.
Yesterday’s AM fix was USD 1,656.25, GBP 1,036.19 and EUR 1,187.96 per ounce.
Gold in USD – 30 (Tick)
Gold has extended yesterday’s 4% rise in [...]
Tax cuts for America’s top earners are costing everyone, every hour of every day, a new report from the National Priorities Project finds.
Tax cuts for the wealthiest five percent of Americans cost the U.S. Treasury $11.6 million every hour, according to the National Priorities Project. America’s top earners will get an average tax cut of $66,384 in 2011, while the bottom 20 percent will get an [...]
Greenspan on Europe’s Debt Problems
Fri 07 Oct 11 | 07:00 AM ET
The following transcript has not been checked for accuracy.
let’s welcome our very special guest host, former federal reserve chairman alan greenspan, president of greenspan associates. great to see you, chairman greenspan. thank you for joining us. i was looking at the ten year the other day. when it went below two, it could be important [...]
by Washington Blog
“The Prevailing Debate Among Economists and Historians is Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the ‘Long’ Depression of the 1870s”
You know it’s grim when the prevailing debate among economists and historians is whether the world economy faces the “Great” depression of the 1930s or the “Long” depression of the 1870s.
Harvard professor and economic [...]
Former Federal Reserve Chairman Alan Greenspan said fissures inEurope’s common currency may lead to slowing in the U.S. economy.
“The euro is breaking down and the process of its breaking down is creating very considerable difficulties in the European banking system,” Greenspan said today in Washington.
Emergency steps such as unlimited loans from the European Central Bank are keeping many banks in Greece, Portugal, Italy and Spainsolvent and easing lending by other Europe institutions. [...]
By Rob Kirby
Back in early March, 2011 – PIMCO’s Bill Gross were calling for much higher rates and telling the world that they were selling U.S. Government Bonds.
PIMCO’s Bill Gross Says to Sell U.S. Treasuries Now
……To wit, he predicts that when the Fed’s QE2 bond-buying binge ends at the end of June, there will be nobody to take the Fed’s place as last-resort buyer of U.S. Treasuries at [...]
Revelations the Fed lent financial institutions like Goldman Sachs and Credit Suisse $80 billion via a “secret” lending program in 2008 suggest there’s still plenty we don’t know about the financial crisis.
In Reckless Endangerment, co-authors Gretchen Morgenson and Josh Rosner painstakingly detail the events, policymakers and decisions which led to the financial crisis of 2008.
“There’s a lot in the book about the Fed and the role it played in the [...]
The Four Horsemen have interlocking directorates with the international mega-banks. Exxon Mobil shares board members with JP Morgan Chase, Citigroup, Deutsche Bank, Royal Bank of Canada and Prudential. Chevron Texaco has interlocks with Bank of America and JP Morgan Chase. BP Amoco shares directors with JP Morgan Chase. RD/Shell has ties with Citigroup, JP Morgan Chase, N. M. Rothschild & Sons and Bank of [...]
The following are some snippets from the most recent issue of the International Forecaster. For the full 58 page issue, please see subscription information below.
Cycles and booms and busts just don’t happen. They are planned that way. In the late 1990s Fed Chairman Alan Greenspan commented on irrational exuberance and said he hoped the market would cool down. The amount of money and credit he [...]
by Peter Schiff
As the world confronts one of the most critical periods of economic upheaval that it has ever seen, it is clear that our most influential economic stewards have absolutely no idea what they are doing. But, like kids with a new chemistry set, they are nevertheless unwilling to let that stand in the way of their experimental fun. As [...]
Former Federal Reserve Chairman Alan Greenspan said a surge in U.S. government â€œactivism,â€ including fiscal stimulus, housing subsidies and new regulations, is holding back the economic recovery.
Increased bond issuance by the Treasury Department crowds out borrowers with the weakest credit ratings, Greenspan said in an article in International Finance, published on the Web today. At least half of the shortfall in companiesâ€™ capital spending â€œcan be explained by the shock [...]
by Robert Murphy, Marketwatch
SAN FRANCISCO (MarketWatch) â€” The Financial Crisis Inquiry Commission issued its finding that the devastating economic events of the past few years were â€œpreventable.â€ The FCIC heaped the blame on many parties, but drew the wrong conclusion when it faulted the government and Federal Reserve for lax oversight.
On the contrary, the government and Fed encouraged the bubble and crash, and current policies are [...]
By Paul B. Farrell, MarketWatch
Fed boss Ben Bernanke is the most dangerous human on earth, far more dangerous than Hosni Mubarak, Egyptâ€™s 30-year dictator, ever was. Bernanke rules a monetary dictatorship that will trigger the coming third meltdown of the 21st century.
But this reign of economic terror will end.
Just as Mubarak was blind to the economic needs of the masses and democratic reforms, Bernanke is blind [...]
Former Federal Reserve chairman Alan Greenspan discusses his distaste for the very central bank he reigned for 2 decades.
Frederick J. Sheehan is the author of “ The Coming Collapse of the Municipal Bond Market“(Aucontrarian.com, 2009)
On January 7, 2011, Kelly Evans of the Wall Street Journal interviewed former Federal Reserve Chairman Alan Greenspan. He rooted for the stock market.
Greenspanâ€™s circular logic was unenlightening: “Stocks are cheap if earnings are to continue higher.” Taken as a whole, this does not mean much, akin to prophesizing: “The Red Sox will [...]
Military bombs are classified by weight: 500-, 750-, and 1,000-pound bombs. Financial bombs have interesting labels such as CDO (collateralized debt obligations), ABS (asset backed securities), and CDS (credit default swaps). While they sound exotic and sophisticated, when put in everyday language, a CDO is simply debt sold as an asset. And CDS, or swaps, are simply a form of insurance.
Since the insurance industry is strictly regulated, and the [...]
Underneath the Happy Talk, Is This As Bad as the Great Depression?
The following experts have – at some point during the last 2 years – said that the economic crisis could be worse than the Great Depression:
Fed Chairman Ben Bernanke
Former Fed Chairman Alan Greenspan (and see this and this)
Former Fed Chairman Paul Volcker
Economics scholar and former Federal Reserve Governor Frederic Mishkin
The head of the Bank of England Mervyn King
1) Greenspan says US keeping dollar low, hurting others
“SEOUL â€” Former Federal Reserve chairman Alan Greenspan says both the United States and China are pursuing a policy of weakening their currencies to the detriment of other economies.
Greenspan published his views in Thursday’s Financial Times hours before the start of a G20 summit in Seoul designed to protect the global economy from lingering crisis amid a [...]
New Jersey Governor Chris Christie says he cancelled the second rail tunnel under the Hudson River because the state can’t afford it, but Paul Krugman says it’s a “terrible, short-sighted move… We have the need… we have the resources… and the price is right.” With interest rates on debt at near-record lows, Krugman says it’s a great time to borrow for long-term investment.
But American politics these [...]
“We’re involved in a dangerous game,” former Fed chief Greenspan warns, referring to the “scary” deficit. “We’re increasing the debt held by the public at a pace” that will soon dwarf U.S. borrowing capacity. Yesterday, Treasury restructuring chief Jim Millstein castigated Greenspan for falling asleep at the wheel on bank oversight.
Former Federal Reserve Chairman Alan Greenspan said the U.S. fiscal deficit is â€œscaryâ€ and the federal government [...]
1) Greenspan Says US Creating `Scary’ Deficit as Borrowing Rises
“Former Federal Reserve Chairman Alan Greenspan said the U.S. fiscal deficit is â€œscaryâ€ and the federal government needs to cut spending on entitlements.
â€œWeâ€™re involved in a dangerous game,â€ Greenspan said yesterday at a foreign-exchange conference in New York sponsored by Bloomberg LP, the parent of Bloomberg News. â€œWeâ€™re increasing the debt held by the public [...]