Friends and colleagues: Tomorrow is my last day at The Wall Street Journal. Thank you for reading and stay tuned for my next adventures.
— Pedro da Costa (@pdacosta) 30. Juli 2015
– Fed Reporter Pedro Da Costa Is Leaving The Wall Street Journal After Asking Yellen “Uncomfortable” Questions (ZeroHedge, July 30, 2015):
It was virtually inevitable.
As we reported on June 17, Pedro Da Costa, one of the more determined and controversial Fed reporters, was shocked to learn he was no longer welcome to ask Janet Yellen uncomfortable questions, questions related to the biggest scandal currently gripping the Fed: its leaks of proprietary information to “expert network” Medley Global (recently sold by Pearson to Japan’s Nikkei) and one which has since morphed into a criminal investigation.
– Banks Squirm as Congress Moves to Cut the 6% Dividend Paid to Them by the Federal Reserve (Liberty Blitzkrieg, July 29, 2015):
On December 23 of this year, the Federal Reserve will be 99 years old. And throughout that 99 years, regardless of boom, bust, recession or Great Depression, the biggest Wall Street banks have been enjoying a 6 percent, risk-free return on the capital they hold at the Fed in the form of dividends.
Have you looked at your checking or money market bank statement lately from JPMorgan Chase or Citibank? How about the statement showing the interest you’re earning on your mortgage escrow account with the big banks? While the country suffers through the lingering effects of the Great Recession caused by the biggest Wall Street banks, the public typically receives less than 1 percent on their deposits at the big banks, while the government has legislated a permanent, risk-free 6 percent guarantee to the Wall Street banks for their capital on deposit at the Fed. Now that’s an entitlement program that needs to die!
This corporate welfare program gets even better: if the shares of stock were acquired prior to March 28, 1942, the 6 percent risk-free dividend is tax exempt and the bank doesn’t have to pay corporate taxes on it.
– From the excellent 2012 Wall Street on Parade article: Kill This Entitlement Program: The 6% Risk-Free Dividend the Fed Has Been Paying Wall Street Banks For Almost a Century
Did you know that the Federal Reserve pays an annual 6% dividend to its shareholders, i.e., the member banks of the cartel? Must be nice, considering savers who had nothing to do with cratering the world economy, and failed to receive a taxpayer funded bailout, can barely earn 0.5% on their money. It’s also quite bizarre. How many other “public institutions” have private shareholders to whom they pay 6% risk free dividends? Continue reading »
– Fed “Accidentally” Released Dovish Confidential Market-Moving Forecasts, Blames “Glitch” (ZeroHedge, July 24, 2015):
First The ‘unaudited’ Fed leaks its FOMC minutes. Then they leak ‘inside-information’ to Nikkei’s latest addition, Medley Global advisors (and remain “above the law” with regard consequences. And now, The Fed admits it leaked full blown confidential economic projections (due to a code glitch), whose summary assessment is shown below as per the leaked file.
Hitler was financed by Rothschild agents.
The Rothschilds were behind the Russian Revolution and financed Stalin.
The Rothschilds were behind the French Revolution, WWI and WWII.
They are behind the financial crisis, the coming greatest financial collapse in world history and they have WW3 planned for us.
Will Putin move against the Rothschild owned Russian central bank, or not? Will he nationalize it?
Tags: Abraham Lincoln, Banking, Central Bank, Climate Change, Debt, Economy, Fed, Federal Reserve, Global News, Global Warming, Government, Illuminati, Military, New World Order, Politics, Rothschild, Society, U.S., War
– “Retired” Dallas Fed Chief Joins Barclays As “Senior Advisor” (ZeroHedge, June 29, 2015):
Spin revolving door, spin.
Recently “retired” Dallas Fed chief Richard Fisher — who really, really believed that talk of falling oil prices negatively affecting the Texas economy amounted to “bull droppings” until a JP Morgan analyst reminded him that the “only thing dropping in the Texas economy [was] jobs” — is following proudly in the footsteps of Ben Bernanke, Jeremy Stein, and Janet Yellen (if you count unofficial, off-the-record ‘consultations’) by becoming the latest Fed policymaker to ink a lucrative deal ‘advising’ the private sector.
– The Fed Confirms It Is Above The Law: Yellen Tells Hensarling “No” On Leak Probe Documents (ZeroHedge, June 22, 2015):
Just a few days after Jeb Hensarling accused The Fed of “willful obstruction” in the Congressional leak probe, demanding “immediate compliance” with the subpoena seeing “no legal basis to withhold records from Congress,” Janet Yellen has responded in a letter: YELLEN REPEATS FED CAN’T PROVIDE DOCUMENTS ON LEAK PROBE. If this does not confirm The Fed is utterly above the law, we are not sure what it will take to convince skeptics of the need for an independent audit. As Hensarling previously noted, this appears to be “vigorous and coordinated obstruction.”
* * *
– Today Financial Journalism Suffered An Epic Failure (ZeroHedge, June 18, 2015):
Earlier today we reported about a very sad development for the freedom of speech, or at least the illusion thereof, when one of, if not the best, critical Federal Reserve reporter in the mainstream media, WSJ’s Pedro da Costa founds he was no longer “invited” to the Fed’s quarterly press conference. His transgression: daring to ask Yellen some very uncomfortable questions during the March 2015 press conference. To wit:
PEDRO DA COSTA. Pedro da Costa with Dow Jones Newswires. I guess I have two follow-ups, one with regard to Craig’s question. So, before the IG’s investigation, according to Republican Congressman Hensarling’s letter to your office, he says that, “It is my understanding that although the Federal Reserve’s General Counsel was initially involved in this investigation, the inquiry was dropped at the request of several members of the FOMC.” Now, that predates the IG. I want to know if you could tell us who are these members of the FOMC who struck down this investigation? And doesn’t not revealing these facts kind of go directly against the sort of transparency and accountability that you’re trying to bring to the central
CHAIR YELLEN. That is an allegation that I don’t believe has any basis in fact. I’m not going to go into the details, but I don’t know where that piece of information could possibly have come from.
As it turns out, the allegation did have “basis in fact” because two months after this exchange, we learned that not only was there a parallel investigation into the Fed’s leaks in addition to the Hensarling subpoena, a criminal one by the Department of Justice at that, but that the Fed had indeed declined to comply with the subpoena as Pedro suggested.
The former Reuters reporter also had this testy exchange. Continue reading »
– Financial System “Will Implode” … “Hold Precious Metals” – Faber (GoldCore, June 15, 2015):
– “Whole Financial System Will One Day Implode” – Marc Faber
– “I feel like I’m on the Titanic …”
– Arguing over the best assets akin to re-arranging deck chairs on Titanic
– Investors need escape plan and “safety boat”
– Forget Fed rate hike, Fed QE 4 is coming
– Diversify and hold “commodities, precious metals”
– Bank Of America Begins 66-Day Countdown Until The “Ghost Of 1937″ Returns (ZeroHedge, June 16, 2015):
The last time the Fed tried to exit a period of massive balance sheet expansion coupled with ZIRP – back in 1937 – its strategy completely failed. The Fed tightening in H1’37 was followed in H2’37 by a severe recession and a 49% collapse in the Dow Jones. This is the ghost of 1937 and it is about to make a repeat appearance.
– Writing’s On The Wall: Texas Pulls $1 Billion In Gold From NY Fed, Makes It “Non-Confiscatable” (ZeroHedge, June 13, 2015):
The lack of faith in central bank trustworthiness is spreading. First Germany, then Holland, and Austria, and now – as we noted was possible previously – Texas has enacted a Bill to repatriate $1 billion of gold from The NY Fed’s vaults to a newly established state gold bullion depository…”People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold,” and the Bill includes a section to prevent forced seizure from the Federal Government. Continue reading »
“When a country embarks on deficit financing and inflationism (=quantitative easing) you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul
Quantitative easing = printing money = creating money out of thin air = increasing the money supply = inflation = hidden tax on monetary assets = theft!!!
“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”
– John Maynard Keynes
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
– Alan Greenspan
– Oops! Philly Fed Admits QE widens inequality (Not Quant, June 10, 2015):
Once again, the Federal Reserve proves that it’s the last one to know everything that we knew already. Today’s stunning announcement: The Philadelphia Fed admits they (“may have”) made the wealthy wealthier and Main Street poorer.
Oops. Sorry America.
– IMF Panics – Slashes US Growth Forecasts, Demands Fed Stay On Hold For Another Year (ZeroHedge, June 4, 2015):
Anxiety over financial stability and shadow banking risks appear to have force Christine Lagarde and her fellow extrapolators to hit the panic button:
IMF CUTS U.S. 2015 GROWTH FORECAST TO 2.5% FROM 3.1%, URGES FED TO DELAY FIRST RATE INCREASE UNTIL 1H 2016
Adding that they viewed the Dollar as “moderately overvalued” and any more appreciation would be “harmful,” it seems global disinflationary pressures have left the IMF no choice but to say publicly what everyone has uttered under their breath. Now Yellen is really cornered.. and just exactly how are the talking heads going to spin this as positive?
– “Bernanke & Greenspan Have Destroyed America” Schiff & Maloney Warn “People Don’t Realize What Is Coming” (ZeroHedge, June 3, 2015):
Ali and Frazier, Laurel and Hardy, Mayweather and Pacquiao, Liesman and Santelli, and now Schiff and Maloney. Peter and Mike join clash of the titan-like to discuss their investment strategies and expose the charts the government doesn’t want you to seeas “people like Bernanke are taken seriously still and the people that did predict [the crisis] are dismissed as lunatics half the time.” The wide-reaching conversation covers everything from gold and stocks to The Fed and The Dollar – Bernanke “took the coward’s way out because all he did was exacerbate the problems to postpone the day of reckoning.” The air is coming out of the bubble, they warn, “Bernanke and Greenspan have absolutely destroyed America. People don’t realize what is coming…”
Full interview here:
Full transcript below:
– “The Fed Has Been Horribly Wrong” Deutsche Bank Admits, Dares To Ask If Yellen Is Planning A Housing Market Crash (ZeroHedge, May 31, 2015):
When the “very serious people” start to admit that the entire house of cards was held together with nothing but bullshit and propaganda, it may be a time to panic…
– Bernanke Says “No Large Mispricings In US Securities”; These 5 Charts Say Otherwise (ZeroHedge, May 24, 2015):
Retired central banker, blogger, bond guru and hedge fund consultant Ben Bernanke just uttered the following total rubbish…
*BERNANKE: NO LARGE MISPRICINGS IN U.S. SECURITIES, ASSET PRICES
In an effort to save whoever it is that will pay him $250,000 next for these wise words, we offer five charts.
– “It’s A Coup D’Etat,” David Stockman Warns “Central Banks Are Out Of Control” (ZeroHedge, May 24, 2015):
We’re all about to be taken to the woodshed, warns David Stockman in this excellent interview. The huge wealth disparity is “not because of some flaw in capitalism, or Reagan tax cuts, or even the greed of Wall Street; the problem is central banks that are out of control.” Simply put, they have “syphoned financial resources into pure gambling” and the people that own the stocks and bonds get the huge financial windfall. “The 10% at the top own 85% of the financial assets,” and thus, thanks to the unleashing of almost limitless money-printing, which has created a massive worldwide financial inflation, “the central banks have created and exaggerated the wealth gap.” Stockman concludes, rather ominously, “it’s a coup d’etat, the central banks have taken over – unconstitutional domination of the entire economy.”