http://www.lewrockwell.com/…

Writes Stephen Fairfax: “Today on page A5 of the War Street Journal, the FDIC has a full-page ad. They have the gall to display a $100,000 Series 1934 Gold Certificate, with the words ‘One Hundred Thousand Dollars in Gold’ plainly visible.

“Of course, the FDIC has never paid an atom of gold to any depositor, and was created as part of the gigantic theft and fraud associated with FDR’s gold confiscation. Wikipedia reports that it is still illegal for private citizens to own the gold certificate whose image leads the FDIC propaganda.”

Things like this make it seem more plausible that some of the many conspiracies surrounding the Federal Reserve are true.

http://www.ft.com/…

Banks and investment banks whose health is crucial to the global financial system should operate under a unified regulatory framework with “appropriate requirements for capital and liquidity”, according to Timothy Geithner, president of the Federal Reserve Bank of New York.Writing in Monday’s Financial Times, Mr Geithner, a key US policymaker throughout the credit crisis and one of the main architects of the rescue of Bear Stearns, says that the US Federal Reserve should play a “central role” in the new regulatory framework, working closely with supervisors in the US and round the world.

In his speech, Mr Geithner will also say the Fed is examining whether to make “permanent” some of the new liquidity facilities put in place during the credit crisis, and called for central banks to establish a “standing network of currency swaps, collateral policies and account arrangements” to bolster liquidity during a future crisis.

So when they screwup, which is all the time, they directly instead of indirectly effect everyone on the planet. Wonderful…

Richard Fisher, President of the Federal Reserve Bank of Dallas, spoke today in front the Commonwealth Club of California, the country’s oldest and largest public affairs forum. A transcript of what he said in entirety can be found on the Dallas Fed’s website, here. Cliff Notes on the other side of the jump.

Read More…

http://www.cato-at-liberty.org/…

Not content with a protected near monopoly of the domestic market, American sugar producers are demanding that Congress make their pot of subsidies and protection even sweeter.

Chairman of the House Agriculture Committee, Rep. Colin Peterson (D-Minn.), is pushing language in the latest proposed farm bill that would raise domestic price supports for sugar and mandate that sugar imports be used for ethanol production.

His proposals would virtually lock in an 85 percent share of the U.S. market for domestic sugar beet and cane growers, even though a number of foreign countries can grow sugar more cheaply than most American growers. And by the way, did I mention that Rep. Peterson’s district is among the nation’s top producers of sugar beets?

The Bush administration, to its credit, opposes Peterson’s changes in the farm bill. The sugar industry, of course, loves the idea. A spokesman for the pro-protection American Sugar Alliance told this morning’s Wall Street Journal, “We have an administration that seems more interested in supporting foreign producers, than producers right here in America.”

Notice the sugar industry doesn’t mention American consumers. U.S. agricultural policies should not be about favoring “our” producers over “theirs,” but about advancing such national interests as freedom, prosperity, and a more peaceful world. As we’ve explained in detail at the Center for Trade Policy Studies, the U.S. sugar program favors American sugar producers primarily at the expense of the rest of America. American families pay higher prices at the store, while U.S. producers that use sugar as an input — bakeries, food processors, restaurants, candy makers, etc. — incur higher costs because of our sugar program.

As we read daily in the newspaper about soaring food prices, this Congress is the verge of passing a farm bill designed explicitly to raise domestic food prices.

::sigh::

They cause the high sugar prices in the first place. They cause the high prices of milk. The high prices of wheat and corn and soy beans. They deflate the money and cause prices in general to rise. The people of world and particularly the American public suffers so that the few sugar manufacturers my thrive.

And when the people start to revolt they will ignorantly run to the government to fix the problem not realizing they caused it in the first place.

http://www.telegraph.co.uk/…

The US Federal Reserve is examining the Nordic bank nationalisations of the 1990s as a possible interim solution to the US financial crisis.

The Fed has been criticised for its rescue of Bear Stearns, which critics say has degenerated into a taxpayer gift to rich bankers.

A senior official at one of the Scandinavian central banks told The Daily Telegraph that Fed strategists had stepped up contacts to learn how Norway, Sweden and Finland managed their traumatic crisis from 1991 to 1993, which brought the region’s economy to its knees.

It is understood that Fed vice-chairman Don Kohn remains very concerned by the depth of the US crisis and is eyeing the Nordic approach for contingency options.

Scandinavia’s bank rescue proved successful and is now a model for central bankers, unlike Japan’s drawn-out response, where ailing banks were propped up in a half-public limbo for years.

I’m not able to find the clip he used but Gardner Goldsmith on his radio show yesterday but not only did the administration admit it and the Fed is looking into how the Nordic banking nationalization went it admitted to planning to open the floodgates on the money supply as long ago as last spring.

Ron Paul was on the Glenn Beck show tonight (see below) and Beck was in a daze of sorts. If you noticed, this morning some fairly bad news came out about UBS and some other banks. An additional $19b writedown for UBS and their director stepped down. Auto sales dropped. Oil was at new highs. Metals are all down. Etc. And yet the Dow was up almost 400 points. 3.19%. Nasdaq and the S&P 500 even more. And that’s after this news about the Nordic nationalization. Beck says he was never a conspiracy theorist, thought the John Birch Society people were crazy, but as he reads about the Fed, about the 1907 crash, he’s getting very uncomfortable with what finds in the past and the continuation of it in the present. Beck is hardly a real libertarian or gold bug but it’s really great to see someone on in the MSM helping get this info out there.

http://blogs.theledger.com/…

Generally speaking, I’m usually a strong advocate of our free market economy and cautious of government efforts to control, regulate or tinker with it.

But this month, something remarkable happened: the free market failed.

… a bunch of gobbly gook …

The Libertarians are saying, phooey, the free market will correct itself.

Frankly, since the days of FDR’s New Deal, we’ve never given our economy and free market system a chance to find out.

And I doubt we will this time, either. There’s too much short term pain to be experienced if we all that to happen.

Again with the redefinition of words. We do not have a free market. He admits it. What kind of bullshit journalism contradicts the first paragraph with the last so blatantly? Regulated market != free market. Centrally controlled money supply != free market. Centrally controlled interest rates != free market. Monopoly on money != free market. Government mandated banking cartels != free market. Arbitrary inflation of the money supply != free market. There is no such thing as a sortof, kindof free market. Either it is free or it’s regulated. We have a heavily regulated market who retards and shitheads call “free.”

The market didn’t fail here… the theory that you can successfully have a centrally controlled economies did. Again.