SleepyHead Posted July 24, 2009 Share Posted July 24, 2009 (edited) Elliot Spitzer : The Fed has done an absolutley disasterous job..... The reality is the FED has blown it. Dylan Ratigan : I feel as if America has suffered the greatest theft and cover up ever! MSNBC - Morning Meeting Nice use of hats too!! Edited July 24, 2009 by Khayl Quote Link to comment Share on other sites More sharing options...
@contradevian Posted July 24, 2009 Share Posted July 24, 2009 Whats in the Bank of England's garbage bag? At least they are having this conversation in the US, partly due to Ron Paul's bill. Quote Link to comment Share on other sites More sharing options...
markinspain Posted July 24, 2009 Share Posted July 24, 2009 Love it! What's in the bag? The fact that this is on the MSM means more and more people are waking up. Bernanke and Geitner and looking more and more worried everyday. Quote Link to comment Share on other sites More sharing options...
Moley Posted July 24, 2009 Share Posted July 24, 2009 Whats in the Bank of England's garbage bag? At least they are having this conversation in the US, partly due to Ron Paul's bill. I bet they have nothing as valuable or stylish as that boot. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted July 24, 2009 Share Posted July 24, 2009 Elliot Spitzer : the FED has blown it. That's quite funny coming from him! Quote Link to comment Share on other sites More sharing options...
Guest spp Posted July 24, 2009 Share Posted July 24, 2009 There will be a day when we will be waving goodbye to the £/$ Not long now! Quote Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted July 24, 2009 Share Posted July 24, 2009 Dylan Ratigan : I feel as if America has suffered the greatest theft and cover up ever! feel of course it f has wake up Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted July 24, 2009 Share Posted July 24, 2009 (edited) Whats in the Bank of England's garbage bag? At least they are having this conversation in the US, partly due to Ron Paul's bill. quick look over there !!! swine flu !!!! were on holiday now... Edited July 24, 2009 by right_freds_dead Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted July 24, 2009 Share Posted July 24, 2009 Epic video. Excellent find. Great to see Spitzer getting retribution. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 24, 2009 Share Posted July 24, 2009 Are the Fed running out of friends? Quote Link to comment Share on other sites More sharing options...
LuckyOne Posted July 24, 2009 Share Posted July 24, 2009 This ties in nicely with the recent discussion here about GS and how they got a free pass when the Fed / Treasury bailed out AIG. The paid nothing for the benefit that they received from the prevention of AIG's collapse. It is good to see that this is becoming a bit more of a mainstream view. Hopefully it can make the leap from MSNBC to larger media outlets ....... This is going to be long drawn out game. I might be very naive but I beleive that the right thing often happens in the long run even if it doesn't in the short term. Quote Link to comment Share on other sites More sharing options...
SleepyHead Posted July 24, 2009 Author Share Posted July 24, 2009 This ties in nicely with the recent discussion here about GS and how they got a free pass when the Fed / Treasury bailed out AIG. The paid nothing for the benefit that they received from the prevention of AIG's collapse.It is good to see that this is becoming a bit more of a mainstream view. Hopefully it can make the leap from MSNBC to larger media outlets ....... This is going to be long drawn out game. I might be very naive but I beleive that the right thing often happens in the long run even if it doesn't in the short term. Yeah, hopefully it will get talked about a bit more. It sure should be talked about. Vince Cable has mentioned it a bit. But it's lost in the noise of MP expenses, Gordon Brown's career prospects, and swine flu. I posted this clip yesterday from Benanke's testimony, but it is an important one, it demonstrates how massive the dodgy dealing is. Ben Benanke Before Congress Quote Link to comment Share on other sites More sharing options...
Seydel Posted July 24, 2009 Share Posted July 24, 2009 If the article beneath is anything approaching accurate then it won't be a drawn out affair. *****Fed Planning 15-Fold Increase In US Monetary Base***** (DrDoolittle) Jul 22, 15:11 The fed is planning moves that would more than double its balance-sheet assets by September to $4.5 trillion from $1.9 trillion. Whether expressing approval or concern over the fed’s intentions, most commentators fail to understand the real magnitude of the projected expansion of the US monetary base because they don’t take into account the amount of dollars circulating abroad. At least 70 percent of all US currency is held outside the country, and this means the US monetary base is considerably smaller than the fed’s overall balance sheet. Take, for example, the true US domestic money supply at the beginning of September 2008, before the fed started its quantitative easing. From the Federal Reserve’s website, we know that currency in circulation was 833 Billion. This translates as 583 Billion dollars circulating abroad (70 percent), and 250 Billion dollars circulating domestically (30 percent). Since the bank reserve balances held with Federal Reserve Banks were 12 billion, that gives us a 262 Billion domestic monetary base as of September 2008. Now compare that to the projected US domestic monetary base for September 2009 which is 3,818 billion (4,500 billion – 583 billion (dollars circulating abroad) – 99 billion (other fed liabilities not part of the money supply)). The fed’s planned balance sheet expansion results in a 15-fold increase in the base money supply. This is a staggering devaluation of the US currency! It means that for every dollar in America in September 2008, the fed is going to create fourteen more of them! Below is a rough sketch of what this increase in US monetary base would look like: http://*******.com/m4l6b9 This 15-Fold Increase will be impossible to reverse The rest of this analysis: http://www.marketskeptics.com/2009/0...ase-in-us.html Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted July 24, 2009 Share Posted July 24, 2009 If the article beneath is anything approaching accurate then it won't be a drawn out affair.*****Fed Planning 15-Fold Increase In US Monetary Base***** (DrDoolittle) Jul 22, 15:11 The fed is planning moves that would more than double its balance-sheet assets by September to $4.5 trillion from $1.9 trillion. Whether expressing approval or concern over the fed’s intentions, most commentators fail to understand the real magnitude of the projected expansion of the US monetary base because they don’t take into account the amount of dollars circulating abroad. At least 70 percent of all US currency is held outside the country, and this means the US monetary base is considerably smaller than the fed’s overall balance sheet. Take, for example, the true US domestic money supply at the beginning of September 2008, before the fed started its quantitative easing. From the Federal Reserve’s website, we know that currency in circulation was 833 Billion. This translates as 583 Billion dollars circulating abroad (70 percent), and 250 Billion dollars circulating domestically (30 percent). Since the bank reserve balances held with Federal Reserve Banks were 12 billion, that gives us a 262 Billion domestic monetary base as of September 2008. Now compare that to the projected US domestic monetary base for September 2009 which is 3,818 billion (4,500 billion – 583 billion (dollars circulating abroad) – 99 billion (other fed liabilities not part of the money supply)). The fed’s planned balance sheet expansion results in a 15-fold increase in the base money supply. This is a staggering devaluation of the US currency! It means that for every dollar in America in September 2008, the fed is going to create fourteen more of them! Below is a rough sketch of what this increase in US monetary base would look like: http://*******.com/m4l6b9 This 15-Fold Increase will be impossible to reverse The rest of this analysis: http://www.marketskeptics.com/2009/0...ase-in-us.html Seydel, the marketscpetics link doesn't work. Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted July 24, 2009 Share Posted July 24, 2009 This is going to be long drawn out game. I might be very naive but I beleive that the right thing often happens in the long run even if it doesn't in the short term. Agreed. We need a modern-day Ferdinand Pecora Quote Link to comment Share on other sites More sharing options...
salamander Posted July 24, 2009 Share Posted July 24, 2009 Seydel, the marketscpetics link doesn't work. Hi there. Try this one http://www.marketskeptics.com/2009/03/fed-...ease-in-us.html Quote Link to comment Share on other sites More sharing options...
Moley Posted July 25, 2009 Share Posted July 25, 2009 Agreed. We need a modern-day Ferdinand Pecora Excellent link. Does Obama have the stones to do something like this? He already has his work cut out taking on the HMOs. Quote Link to comment Share on other sites More sharing options...
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