May 29
Source: You Tube
Tags: Bernanke, bubble, Commodities, Economy, Fed, Federal Reserve, Jim Rogers
Mar 30
Germany and other industrialized nations are desperately trying to brace themselves against the threat of a collapse of the global financial system. The crisis has now taken its toll on the German economy, where the weak dollar is putting jobs in jeopardy and the credit crunch is paralyzing many businesses.
A trader reacts in front of the DAX board at the Frankfurt stock exchange.
The Bundesbank, Germany’s central bank, doesn’t like to see its employees working too late, and it expects even senior staff members to be headed home by 8 p.m. On weekends, employees seeking to escape the confines of their own homes are required to sign in at the front desk and are accompanied to their own desks by a security guard. Sensitive documents are kept in safes in many offices, and a portion of Germany’s gold reserves is stored behind meter-thick, reinforced concrete walls in the basement of a nearby building. In this environment, working overtime is considered a security risk.But the ordinary working day has been in disarray in recent weeks at the Bundesbank headquarters building, a gray, concrete box in Frankfurt’s Ginnheim neighborhood, where the crisis on international financial markets has many employees working late, even on weekends. Continue reading »
Tags: Airbus, Bernanke, BMW, CEO, Commerzbank, Depression, Deutsche Bank, Dollar, EADS, Economy, fear, Fed, financial system, Fortress, Germany, Heidelberg Cement, Inflation, Josef Ackermann, Meltdown, Norbert Reithofer, Nouriel Roubini, Pro 7, Recession, Sat.1, Spiegel
Mar 20
NEW YORK (Reuters) - Investment banks Goldman Sachs Group Inc
(Hey, hey lets spend all our money and then just ask Uncle Bernanke for a few more billions.
Come on guys lets do that. Uncle Bernanke can print a few billions for us if we are broke.
Good to have him around. Life is so good. - The Infinite Unknown)
Tags: Bear Stearns, Bernanke, Fed, Goldman Sachs, JPMorgan, Lehman Brothers, Morgan Stanley
Mar 18
NEW YORK (CNN) — President Bush’s assurances that we’ll all be “just fine” if he and Congress can work out an economic stimulus package seem a little hollow this morning.Much like Federal Reserve Board Chairman Ben Bernanke’s assurances last May that the subprime mortgage meltdown would be contained and not affect the broader economy. And it seems Treasury Secretary Henry Paulson has spent most of the past year trying to influence Chinese economic policy rather than setting the direction of U.S. economic policy.
There is no question that Bush, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid will quickly come up with an economic stimulus package simply because they can no longer ignore our economic and financial crisis. That economic stimulus plan will amount to about 1 percent of our nation’s gross domestic product, an estimated $150 billion.
But all of us should recognize that the stimulus package will be inadequate to drive sustainable growth in our $13 trillion economy. An emergency Fed rate cut and an economic stimulus plan are short-term responses to our complex economic problems, nothing more than bandages for a hemorrhaging economy.
Tags: Bernanke, CNN, Fed, financial crisis, Lou Dobbs, Nancy Pelosi, Pelosi, Rate Cut, Recession, Reid, US dollar
Mar 18
Robert Reich warns a recession, or worse, could be coming.
Think the last few days have been bad for Wall Street and the rest of the world’s markets? Hang on, things are probably going to get worse, says Robert Reich, President Clinton’s former secretary of Labor and author of the recent book “Supercapitalism: The Transformation of Business, Democracy and Everyday Life.” According to Reich, who currently teaches public policy at the University of California, Berkeley, the United States might even be headed toward a depression.
Reich: 'Now we have a mess on our hands. Bernanke has the only
pooper-scooper in town, but it is too small for the job.'
Tags: Alan Greenspan, Bernanke, Clinton, Depression, Dow, Economy, Fed, global, Henry Paulson, IRS, Nasdaq, Rate Cut, Recession, Robert Reich, S&P 500, Treasury Secretary, Wall Street
Mar 15
Consumer Confidence Plunges While Wholesale Inflation Rises at Fastest Pace in 26 Years
WASHINGTON (AP) — In more bad economic news, consumer confidence and home prices posted sharp declines while higher costs for such basics as food, energy and medicine left wholesale inflation rising at a pace unseen since late 1981.
The new reports Tuesday documented the latest in a series of blows to the economy as a prolonged housing downturn has pushed the country close to a recession. Continue reading »
Tags: Bernanke, Consumer Confidence, Dollar, Economy, Fed, Inflation, Stock Market
Mar 14
The global economy is falling apart all around us. We can expect a continued rise in the price of gold and silver as it is becoming increasingly apparent that the Federal Reserve, the U.S. government and even Alan Greenspan are doing everything they can to destroy the value of the U.S. Dollar. In fact, the policies currently being implemented by the establishment is criminal because by devaluing the U.S. Dollar they are indirectly robbing from the American middle class by destroying the purchasing power of everyone’s bank accounts that are denominated in U.S. Dollars. At this point it is becoming increasingly clear that the establishment wants a weaker U.S. Dollar considering some of the insane policies they are implementing and insane things that they are saying.
What makes this rise in precious metals particularly interesting is the fact that the IMF has been dumping gold on to the market and gold continues to move up in value. The manipulation of the gold market is starting to fail as is the policy of managing a slow decline of the U.S. Dollar without a parabolic rise in precious metals. The rise in silver has been particularly spectacular rising around $1 in price yesterday and it shows no signs of slowing down. At this point we could easily see gold at $1,000 an ounce and silver at $20 an ounce within the next month or two. So why is all of this happening? Let’s take a look at some of the news that has come out in the past few days. Continue reading »
Tags: Alan Greenspan, ammunition, Bernanke, Depression, destroy, Dollar, firearms, Gold, IMF, Inflation, IWF, North American Union, precious metals, Recession, Russia, Silver, stockpile, storable foods, survival equipment, wheat
Mar 14
Cleaning up the mess that Mr Greenspan left behind was never going to be easy. Banks and brokers around the world face more than half-trillion dollars in write-offs as a consequence of the US sub-prime mortgage crisis, which is spreading from the US property market and roiling global stock markets. It’s toppled the US economy into a recession and the tremors are also rattling Asian stock markets.
Roughly $7 trillion has been wiped from world stock markets since the beginning of the year amid fears of a severe US economic recession and financial institutions reporting more mega losses. “The market crisis will preoccupy us well into 2008,” he said German Finance Minister Peer Steinbrueck on Feb 15th. “The financial risks securitized by banks contained packaged explosives,” and he accused rating agencies of having a conflict of interest in the role they played in the process.
So far, the Bernanke Federal Reserve has pumped more than half-a-trillion dollars into the markets with open market operations and special emergency lending schemes, to help cushion the blow to the US economy and stock markets. However, there’s evidence that the Fed’s prescription for dealing with the sub-prime debt crisis, is actually making matters much worse, and leading to “Stagflation.” Continue reading »
Tags: Bernanke, Bill Clinton, bubble, central bank, China, Commodities, Fed, Greenspan, Inflation, money supply, Nasdaq, Oil, Oil Shock, Peak Oil, rate, Recession, Stagflation, Stock Market, US dollar
Mar 06
On January 14, 2008 the FDIC web site began posting the rules for reimbursing depositors in the event of a bank failure. The Federal Deposit Insurance Corporation (FDIC) is required to “determine the total insured amount for each depositor….as of the day of the failure” and return their money as quickly as possible. The agency is “modernizing its current business processes and procedures for determining deposit insurance coverage in the event of a failure of one of the largest insured depository institutions.” The implication is clear, the FDIC has begun the “death watch” on the many banks which are currently drowning in their own red ink. The problem for the FDIC is that it has never supervised a bank failure which exceeded 175,000 accounts. So the impending financial tsunami is likely to be a crash-course in crisis management. Today some of the larger banks have more than 50 million depositors, which will make the FDIC’s job nearly impossible. Good luck. - Mike Whitney Continue reading »
Tags: Ambac, bank failure, Bernanke, bubble, CIFG, collapse, Derivatives market, FDIC, Fed, FGIC, ISM, MBIA, Merrill Lynch, Nouriel Roubini, RBC, Recession, SCA, Wells Fargo & Co.
