Fed looking into actually printing money now

Posted on January 19th, 2009 by bile
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The Federal Reserve may purchase Treasuries within the next few days or weeks as it broadens its policy beyond interest rate cuts to ease credit conditions amid the worst recession in 25 years, according to UBS AG.

“Fed officials use every chance they get to highlight Treasury purchases as an important arrow in their quiver,” William O’Donnell, U.S. government bond strategist at UBS Securities LLC in Stamford, Connecticut, wrote in a research report today. “It now appears as if the Fed may use Treasury purchases as a blunt tool to bring loan rates down further. This makes it more likely that Treasury purchases come sooner.”

Fed Chairman Ben S. Bernanke reiterated Jan. 13 that he’s considering buying long-term Treasuries as a way to bring down borrowing rates and unfreeze private credit markets as U.S. economic data and government reports continue to show the recession is deepening.


Another economic crisis Internet meme parody

Posted on September 24th, 2008 by bile
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As retrieved from the Washington Post and numerous other sources, a satirical e-mail frames the proposed $700 billion Wall Street bailout as a Nigerian 419 scam. The author is unknown:

Dear American:

I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.

I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s. This transactin is 100% safe.

This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

Yours Faithfully Minister of Treasury Paulson

Too bad real Nigerian 419 scams, while fraud, are optional… this bailout won’t be.

IRS going after Swiss bank records

Posted on July 1st, 2008 by bile
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The Internal Revenue Service is taking the unprecedented step of seeking Swiss bank records in search of what it suspects could be up to $20 billion worth of assets hidden by U.S. taxpayers.

Justice Department lawyers said late Monday that they had filed court documents in Miami asking a judge to allow the IRS to get information from the banking giant UBS. U.S. investigators are seeking permission for the first time to serve what are called “John Doe” summons to obtain information about possible tax fraud against taxpayers whose identities are not known.

Information stemming from a guilty plea by a former UBS banker last week in Miami suggests the Zurich-based bank had “undeclared” accounts of U.S. taxpayers estimated at about $20 billion. U.S. tax laws require any accounts abroad worth more than $10,000 to be reported — and penalties call for up to half of the amount in a hidden account to be forfeited.

The U.S. government is trying to cooperate with the Swiss government and the bank, Deputy Assistant Attorney General John DiCicco said. But he added, “We are prepared to seek enforcement if that process is not successful.”

Enforcement? What the hell does that mean? World court or troops? It’s sad the latter is the first I think of.

Fed looks to socialists for more ideas to centralize the US economy

Posted on April 1st, 2008 by bile
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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.