fed // Current

Big Pharma's Crime Spree: Drug Makers Pushing Products For Unapproved Uses

Pfizer and Lilly lead a parade of U.S. companies that have paid $7 billion in... more

atomiclegion
added this
4 days ago
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2 comments

Why Keep Geithner?

Ratigan: There are people who also understand the intricacies of finance and policy, but whose allegiances to the taxpayer are clearer.

A year ago it was revealed to the American people that our banking system was a legalized Ponzi scheme in which bank and insurance CEOs paid themselves billions of dollars in personal compensation to lend and insure assets with money they didn't have to customers who couldn't pay back the loans.

In those dark days between the fall of Lehman Brothers and before the presidential election, we were often carried through that time by the small glimmer of hope in that at least we would soon have a new leader who would hopefully fix this mess and punish those responsible.

Yet in the past 9 months, not only has the administration not fixed anything, they have made things much worse for anyone who isn't a Wall Street banker. Therefore, we are past the point where anyone in power still gets the benefit of the doubt and the process of taking back our country for all citizens must begin now.

This is why I think we must ask if U.S. Treasury Secretary Timothy Geithner is still the right person for the job. It has become clear recently that back in his previous role as New York Federal Reserve Governor, he unnecessarily gave billions of dollars of U.S. tax money to banks and insurance companies with few strings attached. And it is now becoming clear that his lack of meaningful action is helping many of these same banks steal more by legalizing their most economically dangerous, socially destructive and self-enriching practices.

To stop the theft from continuing, it requires that the most basic rules of capitalism be applied to our banks and that our future national wealth be safeguarded by the U.S. Government. The current custodian of America's wealth, Treasury Secretary Tim Geithner, is not doing a good job of either. The time for corrective action is now.

more at link

Wow, actual main-stream news calling out the Goldman Sachs establishment. No wonder Dylan got kicked off of CNBC's Fast Money, and lets not forget Jeff Macke as well.Ratigan: There are people who also understand the intricacies of finance and policy,... more

rodstradamus
added this
9 days ago
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0 comments

Soros: China Will Lead New World Order

October 23, 2009 ·
Billionaire globalist George Soros told the Financial Times during an interview that China will supplant the United States as the leader of the new world order and that America should not resist the country’s decline as the dollar weakens, living standards drop, and a new global currency is introduced.

Asked what Obama should discuss when he visits China next month, Soros stated, “This would be the time because I think you really need to bring China into the creation of a new world order, financial world order,” adding that China was a reluctant member of the IMF who didn’t make enough of a contribution.

“I think you need a new world order that China has to be part of the process of creating it and they have to buy in, they have to own it in the same way as the United States owns…the current order,” said Soros, adding that the G20 was a move in this direction.

Soros said that there was a flight from currencies across the board, and that this is why the price of commodities, notably gold and oil, were generally rising. He also stated that an orderly decline of the dollar was “desirable” and that the entire system needed to be reconstituted towards a global currency.

“You need a new currency system and actually the Special Drawing Rights do give you the makings of a system and I think it’s ill-considered on the part of the United States to resist the wider use of Special Drawing Rights, they could be very useful now when you have a global shortfall of demand, you could actually internationally create currency through Special Drawing Rights,” said Soros, explaining that this was already in process after the IMF injected an allocation of Special Drawing Rights (SDRs) equivalent to $250 billion into the global economy.

Soros also stated that richer countries were already transferring wealth to poorer countries via SDR’s, with the IMF paying for the half per cent transaction cost.

Soros said the world would have to go through a “painful adjustment” following the decline of the dollar and the introduction of a global currency. Reading between the lines, he essentially threatened to kill the dollar completely if the United States did not get on board with the global currency.

Soros predicted that China would become the new engine of the global economy, replacing the U.S., and that this would slow economic growth and reduce living standards. Soros characterized the United States as a drag on the global economy because of the declining dollar.October 23, 2009 · Billionaire globalist George Soros told the Financial Times... more

rodstradamus
added this
13 days ago
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0 comments

Greenspan's 'Ayn Rand' Philosophy was at fault, says Economist Jeffrey Sachs

Jeffrey Sachs, a prolific economist, author and professor at Columbia University, had... more

hpseaton
added this
1 month ago
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2 comments

WAKE UP AMERICA !!!!!

The Illuminati Agenda !!!Educate-Yourself The Freedom of Knowledge, The Power of Thought

joerekia
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1 month ago
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0 comments

The Fed and the Dollar

Sony Kapoor Pt 6: The Federal Reserve and about the movement to "de-dollarize" the world

therealnewsnetwork
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1 month ago
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0 comments

Did Bernanke save the world?

Focus on the face at the top of Federal Reserve neglects questioning the institution... more

therealnewsnetwork
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2 months ago
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1 comment

Learn the Real Story of Money

This Guy Lorax2013 From Youtube is great. He speaks about alot of different issues,... more

DtheEmpowermentCoach
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4 months ago
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Fed Gave Foreign Central Banks $500 Billion -- And has No Idea What They've Done With It!

In response to the global economic crisis, the Fed has injected hundreds of millions... more

AndreaKnoll
added this
4 months ago
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3 comments

DOVE SONO FINITI I MILIARDI DEI FONDI DI SALVATAGGIO DELLA FED?

Il senato blocca il disegno di legge per la revisione (dei conti ndt) della FED mentre... more

AlbaKan
added this
4 months ago
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0 comments

The Fed Under Fire: Pressure For Audit Grows

The Federal Reserve is one of the most powerful and secretive institutions in... more

lagan
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4 months ago
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Fed Chief Works to Secure More Power for Agency

WASHINGTON — During the debate over financial regulation, the Federal Reserve chairman, Ben S. Bernanke, has been surprisingly quiet. But behind the scenes, he has been a forceful proponent of giving the Fed more power, both defending his management of the economic crisis and arguing that more authority would help the agency act more decisively to reduce the chances of a recurrence, according to interviews with lawmakers and officials from the Fed, the Treasury and the White House.

Despite criticism by some lawmakers that the Fed failed to anticipate the problems that led to the crisis, Mr. Bernanke has told associates that such critics fail to recognize the extraordinary actions taken by the central bank over the last year.

Mr. Bernanke believes the Fed’s actions have played a major role in averting a possible second Great Depression, according to government officials who know his thinking. Those steps, the Fed chairman has told these people, demonstrate that the agency is up to the larger task assigned to it by the Obama administration.

Mr. Bernanke has one important champion — President Obama. On Monday, the president reinforced his preference for an enlarged role for the Fed in an interview on the “CBS Early Show.” The government should have an overseer that “is accountable and clear when it comes to these large systemic firms that could potentially bring down the entire financial system,” the president said, adding that “The Fed has the expertise and the credibility.”

He disputed the criticism in Congress that lapses at the Fed contributed to the crisis.

“It wasn’t the Fed where regulations broke down here,” the president said.

But the president and Mr. Bernanke do not see eye-to-eye over whether to create a Consumer Financial Protection Agency, part of which would be carved out of the Fed’s existing jurisdiction over mortgages and credit cards.

Breaking ranks with the administration, Mr. Bernanke is expected to tell Congress that the Fed would prefer to keep the responsibility for consumer lending. He is also expected to promise a stronger emphasis on consumer debt issues in the future.

Mr. Bernanke’s surrogate in the debate has been the Treasury secretary, Timothy F. Geithner, who in Congressional testimony, speeches and interviews has praised the Federal Reserve as an agency that performed better than other regulators. (Mr. Geithner’s views may also have reflected his pedigree. He joined the administration after serving five years as president of the New York Federal Reserve, where he worked closely with Mr. Bernanke.)

Mr. Bernanke has been reluctant to get involved in the political debate, but has argued to associates and lawmakers that the often-mentioned alternative of a council supervising the largest firms would not be nimble or accountable enough.

He also has said that the plan is not a radical departure from the Fed’s current role. The Fed is already the umbrella supervisor of virtually all of Wall Street’s largest institutions, and the Obama plan would add only a handful of new companies to the Fed’s oversight list. The Fed so far has not specified which companies it would add to its purview, but once it decides, it is expected to make the list public.

The biggest impact, government officials said, is not in the number of institutions that the Fed now regulates, but in how it regulates them. It will have to go beyond measuring the financial safety of institutions to examining their connections to other firms and markets, and the dangers those connections could pose.

By possibly requiring the largest institutions to hold more capital against losses or to reduce the amount of debt they carry, for example, the Fed could make firms less profitable and less competitive with their smaller rivals. That in turn could prompt some of the largest institutions to decide to shrink, either by borrowing and lending less, or selling off units.WASHINGTON — During the debate over financial regulation, the Federal Reserve... more