The Federal Reserve Fraud

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UPDATE: Audit the Fed Headed for the House Floor

The vote will take place later this month on whether to audit the Federal Reserve for the first time in history. That would be a fitting birthday present for the America’s most corrupt banking institution on its 100th birthday.

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13 States Say Dump the Dollar, Bring On the Gold!

Since 1971, American money has been valuable only because people perceive it to be valuable since the American government officially backs it. Prior to that, American money had a kind of intrinsic value as well – it was backed by gold held in Fort Knox and at the Federal Reserve. Some states however have decided that it’s high time that things changed back to the way they were. They’re looking to take their citizenry back to the gold standard.


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Why the Dollar’s Reign Is Near an End – WSJ

For decades the dollar has served as the world’s main reserve currency, but, argues Barry Eichengreen, it will soon have to share that role. Here’s why—and what it will mean for international markets and companies.




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Economic Recovery or Financial Armageddon? – LISTEN NOW!

Follow the Money Weekly radio host Jerry Robinson talks with popular author and financial commentator, Michael J. Panzner regarding the most pressing economic issues. The interview includes Panzner’s outlook on inflation in the U.S., as well as his opinion about precious metals and agriculture.




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Inflating War: Central banking and militarism are intimately linked

“One can say without exaggeration that inflation is an indispensable means of militarism,” Ludwig von Mises wrote. “Without it, the repercussions of war on welfare become obvious much more quickly and penetratingly; war weariness would set in much earlier.”


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New Financial Regulation Passes, Gives Fed More Power

After fending off most challenges to its independence and winning new powers to oversee big financial firms, the Federal Reserve has emerged from a bruising debate on the overhaul of U.S. financial rules as perhaps the pre-eminent regulator in the sector. But that could only bring it added blame if things go wrong again.


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The 50 most unbelievable facts about the U.S. economy

As we close on another week replete with ugly economic data and the usual bizarro counterintuitive market, here is a summary of the 50 most underreported facts about the state of the US economy, courtesy of the Coto report.


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BIS gold swap – best news to hit gold in 30 years

In its 2010 annual report, the Bank of International Settlements said that “gold, which the bank held in connection with gold swap operations, under which the bank exchanges currencies for physical gold,” stands at 8,160.1 million in special drawing rights, equivalent to 346 tonnes this year, up from nil in 2009.”   Apparently this amount has now climbed to 382 tonnes since the report was issued.


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U.S. marks 3rd-largest, single-day debt increase

The National Debt Clock is shown Monday, Feb. 1, 2010 in New York. President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs. The deficit for this year would surge to a record-breaking $1.56 trillion. The Debt Clock is a privately funded estimate of the national debt. (AP Photo/Mark Lennihan)



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Federal Reserve Surprise! "We may have to print more money" to spur "recovery"

Federal Reserve officials, increasingly concerned over signs the economic recovery is faltering, are considering new steps to bolster growth. With Congress tied in political knots over whether to take further action to boost the economy, Fed leaders are weighing modest steps that could offer more support for economic activity at a time when their target for short-term interest rates is already near zero.


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Phony Financial Reform

The huge overhaul bill ignores most big problems and dodges the rest. There is something in the financial-services bill for almost every interest, but the real winners are the cynics who think Congress can’t do anything right. The monster that crawled out of the conference committee on June 25 has about 2,300 pages, and one hostile Republican congressman said it probably has three unintended consequences per page.


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UN report: Abandon the U.S. dollar

A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.
“The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency,” the U.N. World Economic and Social Survey 2010 said.


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Secretive and Powerful BIS Annual Report Released

The very fabric and the seams of the financial system are coming apart. Who knows what the timetable is for the implosion of the current monetary system? We are witnessing the greatest wealth transfer in history, and the horrors of the aftermath of this tragedy will not be forgotten for decades.



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Merrill Lynch: "Gold Will Hit $1,400/oz by 2012"

Merrill Lynch metals analysts maintain gold will hit a US$1,500 per ounce target by the end of next year as investor demand pushes gold prices higher.
In research published Monday, analysts Michael Widmer, Francisco Blanch, and Alex Tonks are predicting average gold price forecasts of US$1,200/oz this year, $1,350/oz in 2011, and $1,400/oz in 2012, up from $1110/oz, $1179/oz and $1109/oz. respectively.


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Bank failure is 83rd in ’10; pace more than double last year’s

The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.


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Another Record High for Gold: $1265/oz

Gold rose to a record in London and New York as other commodities gained on speculation demand for raw materials will increase and as investors bought the metal to protect wealth from Europe’s financial turbulence.


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Central banks join gold rush

Foreign banks and investors alike have been flocking to the precious metal over the last year, sending it soaring to record highs.



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As Gold Hits Record, Central Banks in Focus

Gold’s surge to a record sparked speculation that central banks may be stepping up purchases of the precious metal. Tuesday, gold contracts for June delivery rose $4.70, or 0.4%, to $1,244 a troy ounce, a record settlement price on the Comex division of the New York Mercantile Exchange.


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U.S debt to rise to $19.6 trillion by 2015

The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.


Top Central Banks Not Planning Shift Out of Euro

Some of the world’s richest central banks will not stop investing in the euro, supporting its reserve status, despite the sovereign debt crisis hammering the euro zone’s currency, government sources said.


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U.S. National Debt Tops $13 Trillion Mark

The federal government is now $13 trillion in the red, the Treasury Department reported Wednesday, marking the first time the government has sunk that far into debt and putting a sharp point on the spending debate on Capitol Hill.


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Fed’s Hoenig lays out plan to hike interest rates

Thomas Hoenig, the president of the Kansas City Federal Reserve bank, laid out on Thursday his proposed plan to take short-term interest rates from near-zero to 4.5%. In a speech in Bartlesville, Okla., Hoenig said the country pays a high cost for low interest rates, suggesting that the financial crisis stemmed from the very low interest rates of 2002-2005.