It appears it is time for some Hillary-Clinton-esque backtracking and Liesman-esque translation of just what the former Federal Reserve Chief really meant. As The Wall Street Journal reports, the Fed chief from 1987 to 2006 says the Fed’s bond-buying program fell short of its goals, and had a lot more to add.
Mr. Greenspan’s comments to the Council on Foreign Relations came as Fed officials were meeting in Washington, D.C., and expected to announce within hours an end to the bond purchases.
He said the bond-buying program was ultimately a mixed bag. He said that the purchases of Treasury and mortgage-backed securities did help lift asset prices and lower borrowing costs. But it didn’t do much for the real economy.
“Effective demand is dead in the water” and the effort to boost it via bond buying “has not worked,” said Mr. Greenspan. Boosting asset prices, however, has been “a terrific success.” Continue reading »
Reporters on the ground aren’t necessarily ideological, Attkisson says, but the major network news decisions get made by a handful of New York execs who read the same papers and think the same thoughts.
Often they dream up stories beforehand and turn the reporters into “casting agents,” told “we need to find someone who will say . . .” that a given policy is good or bad. “We’re asked to create a reality that fits their New York image of what they believe,” she writes.
First we were told that Ebola wouldn’t come to America. Then we were promised the best way to keep Ebola out of America was to eliminate quarantines and travel restrictions. Now, to the astonishment of nearly everyone, the U.S. government is planning to deliberately transport Ebola-infected foreigners to the United States for treatment in U.S. hospitals. Taxpayers will foot the bill, estimated at half a million dollars per patient.
This has all come out in a four-page memo acquired by the Washington Times. “The State Department has quietly made plans to bring Ebola-infected doctors and medical aides to the U.S. for treatment,” the Times reports.  ” The memo even details the expected price per patient, with transportation costs at $200,000 and treatment at $300,000.”
The U.S. State Dept. is the same government entity that recently posted an acquisition contract for 160,000 Ebola hazmat suits, which many now believe are being stockpiled in the United States to deal with the Ebola outbreak that’s widely anticipated by the government. Continue reading »
The U.S. Air Force says it is not halting its use of Depleted Uranium weapons, has recently sent them to the Middle East, and is prepared to use them.
A type of airplane, the A-10, deployed this month to the Middle East by the U.S. Air National Guard’s 122nd Fighter Wing, is responsible for more Depleted Uranium (DU) contamination than any other platform, according to the International Coalition to Ban Uranium Weapons (ICBUW). “Weight for weight and by number of rounds more 30mm PGU-14B ammo has been used than any other round,” said ICBUW coordinator Doug Weir, referring to ammunition used by A-10s, as compared to DU ammunition used by tanks. Continue reading »
QE has finally come to an end, but public comprehension of the immense fraud it embodied has not even started. In round terms, this official counterfeiting spree amounted to $3.5 trillion— reflecting the difference between the Fed’s approximate $900 billion balance sheet when its “extraordinary policies” incepted at the time of the Lehman crisis and its $4.4 trillion of footings today. That’s a lot of something for nothing. It’s a grotesque amount of fraud.
The scam embedded in this monumental balance sheet expansion involved nothing so arcane as the circuitous manner by which new central bank reserves supplied to the banking system impact the private credit creation process. As is now evident, new credits issued by the Fed can result in the expansion of private credit to the extent that the money multiplier is operating or simply generate excess reserves which cycle back to the New York Fed if, as in the present instance, it is not. Continue reading »
Ever since the April 2010 disaster on the BP-operated Macondo well in the Gulf of Mexico, there was one big outstanding question: where did the bulk of the oil gol? Now, thanks to a research team led by David Valentine, a microbial geochemist at the University of California, Santa Barbara, sampled more than 534 locations near the spill site, gathering more than 3,000 individual samples, we know the answer: the oil spill – some 10 million gallons of coagulated oil – left an oily “bathub ring” on the sea floor of the Gulf of Mexico, about 25 miles from the well, that’s about the size of Rhode Island.
The researchers found an area of 1,250 square miles (3,237 square km), mostly southwest of the Macondo well, where a thin sheen of oil rests in patches on the top half-inch of the seafloor, according to the NSF. Continue reading »
Nuclear expert Arnie Gundersen of Fairewinds Energy Education on Radio Ecoshock, Oct 27, 2014 (11:30 in): We work with a woman… an organic gardener. Every year, she’s taken the seeds from her garden, planted, then harvested seeds from those plants to be the next year’s crop. So she’s got 4 years now of seeds that have been growing about 30 miles (~50 km) from Fukushima. She’s beginning to experience gargantuanism in her food now, which is an indication of radiation damage. It’s one of the many DNA changes that occur after a couple of generations. So we know that gardeners and plants that are outside the exclusion zone are seeing the effects of chronic levels of radiation that the Japanese would choose to ignore. Continue reading »
Alex Smith, host of RadioEcoshock (at 10:30 in): We’ve heard almost nothing about the impacts [of the Fukushima catastrophe] on people in that region. There are accounts coming out of there of strange tumors, kids dying, pets dying — what have you heard? Can we ever expect an honest accounting from Japanese authorities?
Arnie Gundersen, nuclear engineer (emphasis added): That’s a pretty good summary, frankly. We continue to get information from people who live there about cancer rates — and illnesses in general, not just cancer. We think of radiation as a cancer causing thing, but it also causes many other ailments. Much higher incidences of a whole range of illnesses than they had in 2010, the year before the accident… We’re also working with doctors in Japan, and some brave doctors are saying that they’ve been threatened — that their hospital rights have been threatened — if you tell your patient this illness is radiation related you’ll lose your right to practice and things like that. So there’s enormous pressure on the medical community to tell the patients that what they’re experiencing is not at all related to radiation. The key is statistics, and the question is when will the statistics be released for mortality, morbidity, and general illnesses… We’re not seeing the data. The medical community now has to file every report that it writes with the IAEA, the International Atomic Energy Agency, before it’s issued. So if you’re a hospital, and you’ve got mortality data, you’re not allowed to issue that to the public until those reports have been cleared by the IAEA. Well, Article II of the IAEA charter is to promote nuclear power. So even if the hospital was conscientious — there’s a lot of political pressure not to be — but even if it was conscientious, there’s another step in the process, and they’ve got to clear an IAEA hurdle before those numbers are released. It’s truly frightening, the pressure the medical community is undergoing in Japan. Very few of them are willing to tell the truth. Continue reading »
“Efforts to prove the theory that carbon dioxide is a significant greenhouse gas and pollutant causing significant warming or weather effects have failed.”
The co-founder of the Weather Channel and climate expert John Coleman recently wrote an open letter directly attacking the Intergovernmental Panel on Climate Change, arguing that attempts to prove man-made climate change “have failed” and that political agendas rather than science are now driving the “scientific” conversation.
*FED ENDS THIRD ROUND OF QUANTITATIVE EASING AS PLANNED
*FED SEES `SOLID JOB GAINS’ WITH LOWER UNEMPLOYMENT
*FED REPEATS RATES TO STAY LOW FOR `CONSIDERABLE TIME’
And so now the “flow” has stopped; given that “bond buying” did not work, we are reminded of Alan Greenspan’s warning that “I don’t think it’s possible” for the Fed to end its easy-money policies in a trouble-free manner. Full redline below.
From 1996 until his retirement in 2006, Dr. Bill worked full-time as Director of Research & Development at Hammer Nutrition. Among his many accomplishments, both academically and athletically, he is an AAMA Board Certified Alternative Medicine Practitioner and the author of “What Should I Eat? A Food-Endowed Prescription For Well Being”.
DOES DISTILLED WATER LEACH MINERALS FROM OUR BODIES?
Absolutely, not…in fact just the opposite has been found to occur in cellular research studies. It is a mistaken belief that drinking pure distilled water reduces valuable minerals from living human tissues.
The conspiracy theories surrounding the death of Total SA’s chief executive, Christophe de Margerie, started the second the news broke of his death. Under mysterious circumstances in Moscow, his private jet collided with a snowplow just after midnight. De Margerie was the CEO of Total, France’s largest oil company.
He’d just attended a private meeting with Russian Prime Minister Medvedev, at a time when the West’s relationship with Russia is fraught, to say the least.
One has better odds of being struck by lightning at an airport then a snow plow, or any other ground support vehicles hitting a plane and killing all inside the plane, in my opinion. And I say that as someone who’s familiar with airports, having worked at Vancouver International Airport when I was in university; I was the one who would bring the plane into its parking bay. Continue reading »
Most defenders of the state assume that government services help the poor. And, sometimes, some poor people do benefit financially from government programs. But there’s a hidden cost: taxation and mandatory programs (Social Security, for instance) that hurt the needy by restricting their choices. Government taxes away income that low-income households could invest in improving their lives. At the same time, state-sponsored benefits create incentives that keep the poor trapped in poverty.
Many assume that government barely taxes the poor, but the reality is otherwise. The poorest fifth of Americans pay 16 percent of their incomes in taxes (including federal, state, and local). One in six dollars they earn goes straight to the government. For a family living at the margin, those taxes can be the difference between food on the table and hungry children. Continue reading »
Great Expectations, Pregnant Pandas and Last Wednesday’s Treasury Market
“I must be taken as I have been made. The success is not mine, the failure is not mine, but the two together make me.”
– Estella, Great Expectations
What sort of financial world is a world with no volumes, no volatility and steadily rising prices? The only historical example is perhaps the Soviet Union. When the marginal buyer of any product is the state, or its handmaiden the central bank, then simply nothing happens until the state comes out to play.Continue reading »
About 18 months ago, I had a very pleasant chat with a gentleman by the name of Luzi Stamm.
You may detect some measure of surprise in my words, and the reason for that is quite simple: Luzi Stamm is a politician; and, as regular readers will know, I am no fan of that particular class.
But Herr Stamm was different.
An MP representing the Swiss People’s Party, Stamm was spearheading a federal popular initiative which needed 100,000 signatures in order to comply with the Swiss parliamentary system’s rigid framework regarding referendums. (OK all you “referenda” people out there, I know, OK? But I’m going with “referendums,” so pipe down). Continue reading »
At least 25 FEMEN activists were arrested in Paris on Sunday after rallying topless in front of the Palace of Justice in protest against the sentence given to fellow activist Iana Zhdanova for “exhibitionism” on October 15. The activists included FEMEN’s Inna Schevchenko, who joined in chanting slogans such as “Feminist not exhibitionist” and “Not criminals” while holding signs reading “Naked and free” and “My body, my manifesto.” Zhdanova was given a fine of 1,500 euros ($1,897) by the Parisian court for destroying Russian President Vladimir Putin’s wax statue at the Grevin museum in June.
Lockheed Martin Corp and U.S. defense officials have reached agreement on the terms of a contract worth about $4 billion for an eighth batch of 43 F-35 fighter jets, sources familiar with the deal said on Thursday.
The contract will lower the cost of the radar-evading warplane by about 3 percent and includes jets to be built for the U.S. military, Britain and other U.S. allies, according to the sources, who were not authorized to speak publicly.
The cost of the U.S. Air Force model of the plane, which accounts for 27 of the 43 aircraft, will go down by nearly 4 percent, said one of the sources. Continue reading »
Ahead of tomorrow’s decision by the FOMC, Peter Schiff ventured on to CNBC to discuss the economy, the fed, and gold… among other things. Schiff rightly fears that while the Fed may well stop QE3 tomorrow, QE4 will not be too long behind it as he notes, rather eloquently, that “an economy that lives by QE, will die by QE” as the Fed’s total lack of willingness to allow stocks to fall (see Bullard 2 weeks ago) or a ‘cleansing’ recession leaves the nation’s economy in far worse shape than it was before the Fed’s intervention. Schiff calmly replies to the anchor’s questions (as she proclaims “I am not on the side of the Fed but…”), gently explains his view on gold when challenged about his ‘wrongness’, but when a guest starts hounding him for being dangerous to CNBC viewers wealth… Schiff (rightly) loses it – must watch!
A well reasoned discussion of the Fed’s manipulation of markets and mal-investment hangovers is well worth the price of admission… but at around 6:35 when Scott Nations unleashes his tirade on Schiff, the fireworks start to fly… and Schiff (while being shouted over) reminds guests, anchors, and viewers alike “Go to YouTube, I am wrong a lot less often than most people on this program… and all you do is hassle me” that he was among the very few appearing on CNBC before the crash who foresaw it and the cataclysmic shift that has occurred (no matter what the perception of short-term memory traders)…“Think of all the bulls you paraded out here when Nasdaq was 5,000″
Absolute must watch…
We can’t help but feel the timing of this tirade against Schiff is spookily prophetic and will be in its own YouTube class in a few years…
n a strangely familiar case of deja vu all over again, stocks surged (alone in the cross-asset class world of economic reality) on the day before an FOMC statement. The Russell 2000 has had its best 10-day run in 3 years, best day of the year, and managed to scramble back to its 100- & 200-day moving-average. Dow 17,000 was another key technical level that was achieved. S&P 500 was levitated on volume around 40% below average into the green for October. VIX was banged under 15 and tracked stocks. Away from the equity-vol complex, asset-classes were unimpressed – HY credit, bonds, JPY, and the USD all diverged from stocks. USD weakened slightly, and commodities all gained on the day. TSY yields were up 2-3bps and HY closed practically unchanged. “Most shorted” stocks rose almost 3% – the biggest squeeze since Dec 2011 – smashing the Russell 2000 higher.
The Patriot Act continues to wreak its havoc on civil liberties. Section 213 was included in the Patriot Act over the protests of privacy advocates and granted law enforcement the power to conduct a search while delaying notice to the suspect of the search. Known as a “sneak and peek” warrant, law enforcement was adamant Section 213 was needed to protect against terrorism. But the latest government report detailing the numbers of “sneak and peek” warrants reveals that out of a total of over 11,000 sneak and peek requests, only 51 were used for terrorism. Yet again, terrorism concerns appear to be trampling our civil liberties.
The last week or so has provided several examples of how Western governments aren’t using their increased spy powers for terrorism at all, but rather, are abusing them in almost every other manner imaginable. From tax collectionand raiding manufacturers of female undergarments, to confiscating counterfeit goods.
While powerful, all of that is just anecdotal evidence. What we really need to see are some hard numbers to prove that the “war on terror” is a gigantic fraud simply used to strip citizens’ of their civil liberties. Well, thanks to the Electronic Frontier Foundation (EFF), we now have such numbers.
When it comes to trusting the Obama Administration and, increasingly, the Centers for Disease Control and Prevention, no one is making it harder for Americans to do so than the White House and the bumbling gaggle of bureaucrats and political hacks that it employs.
For weeks now, the CDC chief, Dr. Thomas Frieden, has said that Ebola cannot be spread through casual contact — even as he also stated that persons suspected of being infected should avoid public transportation. President Obama has made similar statements. Continue reading »
You know something isn’t right in your country when you have a “religious police force.” You know something is really, really not right in your country when the head of that religious police force starts condemning twitter and saying its users will go to hell as a consequence. Talk about pathetic. Just more strange and panicked behavior from the Saudi government. From the BBC:
The head of Saudi Arabia’s religious police has warned citizens against using Twitter, which is rising in popularity among Saudis.Continue reading »