blog of bile » Federal Reserve System

Ron Paul on The Daily Show 2009-09-29

bile — Wed, 30 Sep 2009 13:36:09 +0000

I’d love to see Paul and Stewart sit down for at least 30 minutes so Paul could better answer some of Jon’s questions.

FDIC may ask for bank bailout rather then tap Treasury

bile — Tue, 22 Sep 2009 15:57:57 +0000

http://www.cnbc.com/id/32962379

Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government.

Senior regulators say they are seriously considering a plan to have the nation’s healthy banks lend billions of dollars to rescue the insurance fund that protects bank depositors. That would enable the fund, which is rapidly running out of money because of a wave of bank failures, to continue to rescue the sickest banks.

So what’s really happening here (theoretically) is that stronger banks are pooling capital to help out smaller banks to keep the system as a whole from falling apart. This is exactly what happened before the FED and/or FDIC. It also happens naturally through risk diversification in a more normal market place with less distorted risks.

Bosco… where’s your “End the Fed” song?

bile — Sun, 30 Aug 2009 19:51:20 +0000

He’s got nothing on Bernanke and the Federal Reserve

bile — Fri, 28 Aug 2009 20:16:07 +0000

http://www.dailyfinance.com/…

When Albert Talton decided to print some of his own money, he had no experience in counterfeiting, printing, or graphic design. A career criminal with a curious and meticulous nature, at the time Talton didn’t even own a computer.

His first batches of fake bills were created using a standard HP desktop printer. And they weren’t very good. Yet, according to a story by Men.style.com, Talton soon became one of the most accomplished and prolific counterfeiters in the history of the U.S.

Over the course of three years, Talton managed to evade capture and print $7 million worth of $100 bills. His team used garden variety laser printers, computers and imaging software to circumvent sophisticated anti-forgery technologies built into every bill. The case illustrates how technology has made it much easier to commit high crimes with tools available at a typical consumer electronics store. Every week or so, Talton picked up new printer cartridges from his local Staples store, dropped off his empty cartridges at the store’s recycling bin, and even used a rewards card to collect points to use for future purchases. On May 15, he was finally caught with five accomplices, according to Coin News.

How good was Talton? Most counterfeiters do not make more than $10,000 worth of bills before they are caught,according to Men.Style.com. Talton’s illicit talents certainly funded a nifty lifestyle. During his counterfeit spree, Talton spent lavishly on expensive home audio equipment and exotic cars, including a $140,000 Mercedes Benz. He also became one of the most wanted men by the U.S. Secret Service, the government agency that polices counterfeiting, one of only two crimes mentioned in the U.S. Constitution.

Two new Alex Jones films

bile — Wed, 26 Aug 2009 11:51:56 +0000

They are getting good with the computer effects.

Timothy Geithner vs the DIGG community

bile — Tue, 25 Aug 2009 16:00:18 +0000

This guy is a hoot. Government must step in to help with the economic problem? They created it. They need to protect the innocent actors? When you debase the currency there is no way to protect them beside stopping the intervention.

Bernanke to be nominated for a second term as FED chief

bile — Tue, 25 Aug 2009 12:19:13 +0000

http://www.bloomberg.com/…

Federal Reserve Chairman Ben S. Bernanke, who led the biggest expansion of the central bank’s power in its 95-year history to battle the worst economic slump since the Great Depression, will be nominated to a second term by President Barack Obama.

Bernanke “has led the Fed through one of the worst financial crises that this nation and this world have ever faced,” Obama said in remarks prepared for delivery today at 9 a.m. in Martha’s Vineyard, Massachusetts, where Bernanke is to join him.

“As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another,” Obama said. “But because of his background, his temperament, his courage, and his creativity, that’s exactly what he has helped to achieve.”

Bernanke’s nomination for a second four-year term starting Jan. 31 requires Senate approval and was endorsed by the head of the Banking Committee, Christopher Dodd. The Fed chief will still face tough questioning from lawmakers who say he was slow to recognize the severity of the mortgage crisis and didn’t do enough to protect American consumers while leading bailouts of financial firms including Bear Stearns Cos. and American International Group Inc.

Obama decided to reappoint Bernanke because he wanted to keep together the team that had weathered the crisis, an administration official said. The official said Treasury Secretary Timothy Geithner, Chief of Staff Rahm Emanuel and National Economic Council Chairman Larry Summers all recommended Bernanke be reappointed.

“May whatever god you believe in have mercy on your soul.” –Q

This isn’t surprising in the least… but really… “expert in the Great Depression”… I don’t see it. “Responsible for preventing another?” I strongly disagree. He’s not to blame for the Greenspan and legislative policies that helped get us to this place… but he’s surely responsible for the Keynesianism on crack corporatism that he’s pushed for and implemented. He’s also to be criticized, as the article mentions, for the biggest expansion in central banking power ever.

As this video is called: Ben Bernanke was wrong

Why would you want the same people who caused this problem to be the ones with the charge to fix it… especially when their solution is a continuation of that which lead to the problem?

Glenn “Kane” Jacobs blown off by Barney Frank

bile — Tue, 04 Aug 2009 10:06:38 +0000

http://www.lewrockwell.com/jacobs/jacobs7.1.1.html

I was in the Boston airport late this morning flying to LaGuardia. As I was talking on my phone, I recognized Congressman Barney Frank walking past me. Not wanting to miss the opportunity, I hung up my cell phone and approached Congressman Frank. Here is our conversation:

Me: “Congressman Frank (handshake), why are you holding H.R. 1207 in committee?”

Frank: “What is 1207?”

Me: “Ron Paul’s bill to edit the Fed.”

Frank: “Oh, yeah. Ron and I have talked about that. We are going to attach it to a comprehensive monetary Fed bill.”

Me: “But you’re not going to water it down, right?”

Frank: “No, we don’t want people to trade off of what the Fed is doing so we don’t want it released the same day.”

Me: “Cause the American people deserve to know what the Fed is doing?”

Frank: “That’s what I just said. You come up to me and you’ve got a chip on your shoulder. And I don’t understand it!” Turns and walks away.

(Frank’s statement that he “doesn’t want people to trade off what the Fed is doing” is absurd. An audit takes place after an action. Even releasing it the same day wouldn’t matter as one would need foreknowledge to take advantage of the Fed’s actions in the way Frank is talking about. Besides, the Fed already publishes press releases, policy statements, speeches, etc. In addition, how perverted is it that every investment decision is subject to the actions of a small group of central planners?)

Now, to be fair, I should have introduced myself to Congressman Frank and thanked him for some really great piece of legislation he had introduced – except that as a libertarian, I couldn’t think of anything worthwhile to thank him for – but I was excited and wanted to catch him before he boarded his plane (he was flying to Reagan, one gate down from mine). However, I was pleasant, courteous, and respectful during the entire encounter and would have gladly thanked him for his time given the chance. Instead Congressman Frank stormed off like a petulant child.

I guess when it comes to politicians and their constituents (read employees and their bosses) courtesy and respect are a one-way street.

Ben Bernanke not happy with the Audit the Fed bill

bile — Mon, 27 Jul 2009 16:42:13 +0000

Glenn Beck explains the Federal Reserve / Goldman Sachs connection

bile — Sat, 18 Jul 2009 01:50:00 +0000