PSW Wrap-Up Show for the Week
by Phil - February 12th, 2011 12:57 pm
We have a new episode of The Wrap-Up Show.
This time, it’s a quick review of the week’s activity:
Also, as we have a ton of Government Data that will be driving the markets next week, let’s review "How the US Government Manipulates Inflation Data" – just so we remember not to take it all too seriously.
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DiggRon Paul slams Fed’s bond-buying program; Political Pressure on Fed Mounts
by ilene - February 9th, 2011 3:49 pm
Courtesy of Mish
MarketWatch reports Paul slams Fed’s bond-buying program
Outspoken Federal Reserve critic Rep. Ron Paul, R-Texas, slammed the central bank’s latest $600 billion bond-buying program on Wednesday, saying it and near-zero interest rates haven’t led to job creation in the United States.
“Over $4 trillion in bailout facilities and outright debt monetization, combined with interest rates near zero for over two years, have not and will not contribute to increased employment,” Paul said at a hearing of a House Financial Services subcommittee he heads.
“Debt monetization” is a reference by Paul and other Fed critics to the Fed’s latest bond-buying program — a characterization rejected by Fed Chairman Ben Bernanke.
In essence, Paul is charging that the central bank is enabling profligate spending by the government. The term “debt monetization” is a buzzword for how some poorer countries conducted policies in the post-World War II era.
Political Pressure on Fed Mounts
WSJ’s Sudeep Reddy reports on concerns the Federal Reserve could be facing political pressure from Congress, as Rep. Ron Paul holds the first hearing of a new Fed oversight committee. Separately, Fed Chairman Bernanke updates Congress on the economy.
If the above YouTube does not play here is a link: Rep. Ron Paul Ignites Fed Worry
Rand Paul Reintroduces Audit The Fed Bill, DeMint And Vitter Co-Sponsors
by ilene - January 26th, 2011 6:49 pm
Courtesy of Tyler Durden
If there is one thing that the one-time GAO audit of the Fed disclosed, is how woefully insufficient the extremely superficial data discovery was. Another thing uncovered was just how needed this disclosure was: it provided extended material into how the Fed subsidizes banks (both domestic and international) on an ongoing basis, not to mention substantial number crunching for the blogosphere. Either way, if Bernanke was hoping that the Frank-Dodd bill would take care of the Fed opacity, pardon, transparency issue in perpetuity, he may be disappointed: Ron’s son, Rand, has just announced he is introducing legislation to, well, Audit The Fed, precisely along the lines of what his father did previously and generated massive support from everyone in Congress. Once again Ben Bernanke is about to become a major thorn on the side of the political puppetry.
WASHINGTON, D.C. – Today, Senator Rand Paul introduced legislation allowing for a full audit of the Federal Reserve. This legislation is a Senate version of similar legislation long-championed by and introduced this session in the House of Representatives by his father, Congressman Ron Paul of Texas. Co-sponsoring the “Federal Reserve Transparency Act of 2011” (S. 202), are Senators Jim DeMint of South Carolina and David Vitter of Louisiana.
“We must take a critical look at the Fed’s monetary policy decisions, discount window operations, and a host of other things, with a real audit – and not just pay lip-service to the idea of an audit,” Sen. Paul said today. “At a time when we’re seeing great volatility in small Euro-zone economies like Greece, Portugal, and Ireland, it is more crucial than ever that we have real transparency at our own central bank.“
The bill will eliminate the current audit restrictions placed on the Government Accountability Office (GAO) and mandate a complete audit of the Federal Reserve to be completed by a firm deadline, finally delivering answers to the American people about how their money is being spent by Washington.
Revolutionizing House Monetary Policy; Balanced Budget Amendment Wins Backers; Plea to Republicans; Case for Compromise; Irony of Bernanke’s QEII
by ilene - November 8th, 2010 1:22 pm
Revolutionizing House Monetary Policy; Balanced Budget Amendment Wins Backers; Plea to Republicans; Case for Compromise; Irony of Bernanke’s QEII
Courtesy of Mish
With Republicans taking control of the House, Ron Paul becomes the senior member on the Domestic Monetary Policy Subcommittee of the House Financial Services Committee.
Paul looks to raise hell judging from his plans.
Those looking for good news amidst the insanity of QEII can find it here: Ron Paul Is About to Totally Revolutionize the House Monetary Policy Panel
“I will approach that committee like no one has ever approached it because we’re living in times like no one has ever seen,” Paul said in an interview with NetNet Thursday.
Paul said his first priority will be to open up the books of the Federal Reserve to the American people. “We need to create transparency there. To see what it is they are buying and lending, and who it is they are dealing with,” Paul said.
Paul mentioned that he hoped to use subcommittee hearings to educate the public about the causes of business cycles—which he believes are mainly attributable to monetary manipulation by central bankers.
Monetary reform is also on the agenda. Paul is a noted advocate of the gold standard.
“We will have to have monetary reform,” Paul said. “I think those on the other side of this issue are already planning. They are going to try to replace a bad system with an equally bad system.”
Rubio Supports Balanced Budget Amendment
Rand Paul and Marco Rubio, Tea Party backed candidates, both won and both back a balanced budget amendment.
Please consider Rubio On A Balanced Budget Constitutional Amendment
RUBIO: “Growing our economy is essential. We need new jobs in America. New jobs means new prosperity. New prosperity, by the way, leads to more revenue for government. But what would they use this new revenue for?
“Well, I think that unless there are specific provisions in law preventing it from doing it, government, no matter who’s in charge – Republicans or Democrats, will use it to grow government. That’s why it’s so important that spending constraints be put into law and, specifically in today’s topic, in the Constitution.
“Here’s the deal: history teaches us that no matter who’s in charge of government – Republicans, Democrats, conservatives or liberals – eventually, they will use it to grow government. And
…
Ron Paul Comments On QE2, Says Fed Will Self Destruct, Shocked That Krugman Has “Any Credibility Whatsoever”
by ilene - November 8th, 2010 12:36 pm
Ron Paul Comments On QE2, Says Fed Will Self Destruct, Shocked That Krugman Has "Any Credibility Whatsoever"
Courtesy of Zero Hedge
Pic credit: William Banzai7
There were few surprises in today’s commentary by Ron Paul on QE2: the only man in Congress (with Grayson now gone) who is sufficiently intelligent to realize that the primary culprit behind the US economy’s boom-bust cycle is the Federal Reserve, continues to press for the termination of Ben Bernanke’s public "service" which has resulted in a collapse in American purchasing power in the 100 years since the first Jekyll Island meeting. Yet Paul takes a ‘John Lennon’ approach to the problem, believing that active intervention may not even be needed, as the Fed ends up cannibalizing itself: "I think the Fed will self-destruct. People will desert the dollar. I think the Chinese are hinting that already. They are not wanting our dollars as much as raw materials. This is a deeply flawed monetary system. Here we have a small group of people who can create $600 billion with the stroke of a pen… I don’t know where people are coming from to think that this can work. What really astounds me me is how tolerant the people are, the people in Congress and the financial market, where did this authority come from? Now somebody outside of the government can spend trillions of dollars and not think anything about it. It doesn’t work, it’s a failure. And next year it will be more. Bernanke is very clear on what he is going to do - he is going to create money until he gets economic growth and there is no evidence to show that just creating money causes economic growth." All logical and expected. Which is why nobody will endorse the Paul stance, it as it means an end to the trillion dollar wealth transfer system from the middle class to the kleptocracy.
Yet the funniest thing is Ron Paul’s commentary on that irrelevant, and now completely discredited Fed puppet, Paul Krugman,
Krugman is the exactly the opposite of a free market economist. I would think by now he would have been totally discredited and it’s tragic – i pray every night that his views will just disappear because what he wants to do is more of the bad stuff…He is leading the intellectual charge for the
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Ron Paul Says It’s NOT Too Late To Call Your Senator; Sanders Wimps Out; Paul Backs the Vitter amendment
by ilene - May 11th, 2010 2:55 pm
Ron Paul Says It’s NOT Too Late To Call Your Senator; Sanders Wimps Out; Paul Backs the Vitter amendment
Courtesy of Mish
The New American says $Trillion Bailout of Euro, Greece Shows Need to Audit the Fed
The timing of the sellout by Senator Bernie Sanders (I-Vt.) last Thursday, May 6, on legislation to audit the Federal Reserve could not have been more auspicious — or more suspicious. After pledging for months that he was going to offer an amendment in the Senate identical to "Audit the Fed" legislation in the House (H.R. 1207) authored by Congressman Ron Paul (R-Texas), Sanders caved in to pressures from the Obama administration and the Federal Reserve.
In a last-minute switch, Sanders agreed to substitute a watered-down version of the audit as an amendment to financial reform legislation sponsored by Senate Banking Committee Chairman Christopher Dodd (D-Conn.).
The new Sanders amendment would provide the administration, the Fed, and Members of Congress with a certain level of cover, allowing them to claim that they had supported auditing the Fed, while at the same time allowing the Fed to continue most of its operations in secret, beyond the scrutiny of Congress and the public. The effort to push the Sanders amendment through on a rush vote on May 6 failed thanks to the efforts of Senator David Vitter (R-La.), a fierce Fed critic, who insisted on a side-by-side vote of the Sanders sellout amendment with the original audit amendment.
With the vote in the Senate possibly coming as soon as Tuesday, May 12, champions of genuine transparency are urging an all-out push to flood the Senate with emails, calls, and faxes to oppose the Sanders sellout amendment and support the Vitter amendment.
It’s Not Too Late To Call
Ron Paul says It’s NOT Too Late To Call Your Senator And Demand a Thorough Fed Audit.
Senator Offers Grayson/Paul Audit the Fed Amendment as Stand-Alone Amendment
The Daily Paul reports Sen. Vitter to Offer Grayson/Paul Audit the Fed Amendment as Stand-Alone Amendment
While some are celebrating the Sanders’ Audit the Fed compromise as a victory, Ron Paul isn’t one of them. And according to the Matt Hawes of the Campaign for Liberty, David Vitter will be offering up the original Grayson-Paul amendment as a stand-alone amendment.
Although Ron Paul called Bernie Sanders and asked him to offer the bill in the Senate
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Fed Privately Lobbies Senate to Kill Audit; What You Can Do!
by ilene - May 4th, 2010 2:46 pm
Fed Privately Lobbies Senate to Kill Audit; What You Can Do!
Courtesy of Mish
A bill sponsored by Ron Paul and Alan Grayson to thoroughly audit the Fed, passed the House. However in a brazen move that ought to offend the sensibilities of every citizen, the Fed is lobbying Senate members to water down the bill so that it is meaningless.
The Huffington Post tells the story in Fed Privately Lobbying Against Audit.
The Federal Reserve is privately lobbying against a bipartisan Senate amendment that would open the central bank to an audit by the Government Accountability Office, according to documents distributed to Senate offices by a Fed official.
In order to obtain the documents, HuffPost agreed not to reveal the name of the Federal Reserve official who did the specific lobbying in question.
"As I mentioned, we believe that the bipartisan Corker-Merkley provision in the Dodd Bill is quite strong and addresses issues of transparency and disclosure without impinging on the independence of monetary policy," the official goes on.
Merkley teamed with Sen. Bob Corker (R-Tenn.) on an audit provision, but Merkley himself says he’d prefer to go further. "I appreciate Representative [Alan] Grayson’s concerns over accountability at the Federal Reserve. I have been a strong proponent of Fed reform and voted against the re-confirmation of Ben Bernanke because the Fed has been so lax in using its regulatory powers," Merkley said in a statement to HuffPost, responding to an analysis from Rep. Alan Grayson (D-Fla.) showing that the Senate bill did not meaningfully expand transparency.
The Fed argument is a replay of a tactic that the bank tried in the House. Instead of outright opposition, the Fed backed an amendment in the lower chamber from Rep. Mel Watt (D-N.C.), which the bank said would expand transparency but not interfere with monetary policy. It became clear, however, that the amendment would not expand transparency and was an attempt to defeat the audit in general. The Watt amendment was soundly defeated.
The Corker-Merkley amendment is the Senate version of the Watt amendment and the Fed is once again arguing that the broader amendment will impinge on the independence of monetary policy.
"The Sanders amendment, however, would directly interfere with monetary policy," argues the Fed official. "The amendment removes the current statutory protection for core monetary policy activities from GAO audit and would permit the GAO to
…
Ron Paul: “The Birth and Death of the Fed”
by ilene - April 26th, 2010 4:31 pm
Ron Paul: "The Birth and Death of the Fed"
Courtesy of Jr. Deputy Accountant
It’s long but did you really have anything better to do?
Bonus points for hijacking Jekyll Island for Dr Paul’s own purposes.
Bogie & Bacall: Ron Paul And Federal Reserve Chairman Bernanke
by ilene - February 24th, 2010 8:37 pm
Bogie & Bacall: Ron Paul And Federal Reserve Chairman Bernanke (VIDEO From Today’s Hearing)
Courtesy of The Daily Bail
Video: Rep. Ron Paul and Monetizer Bernanke at today’s Humphrey Hawkins — relating to agreements with foreign central banks and Greece — Feb. 24, 2010
Fed Chairman Bernanke is before the Financial Services Committee to testify on monetary policy and the state of the economy. Two short clips.
Video: Opening Statement from Congressman Paul
Ron Paul: “Prepare for Revolutionary Changes in the Not-too-distant Future.”
by ilene - January 17th, 2010 2:56 am
Ron Paul: "Prepare for Revolutionary Changes in the Not-too-distant Future.”
Courtesy of Jesse’s Café Américain
It certainly sounds as though Representative Paul expects some significant developments.
Change is in the wind.
Ron Paul: “Could it all be a bad dream, or a nightmare? Is it my imagination, or have we lost our minds? It’s surreal; it’s just not believable. A grand absurdity; a great deception, a delusion of momentous proportions; based on preposterous notions; and on ideas whose time should never have come; simplicity grossly distorted and complicated; insanity passed off as logic; grandiose schemes built on falsehoods with the morality of Ponzi and Madoff; evil described as virtue; ignorance pawned off as wisdom; destruction and impoverishment in the name of humanitarianism; violence, the tool of change; preventive wars used as the road to peace; tolerance delivered by government guns; reactionary views in the guise of progress; an empire replacing the Republic; slavery sold as liberty; excellence and virtue traded for mediocracy; socialism to save capitalism; a government out of control, unrestrained by the Constitution, the rule of law, or morality; bickering over petty politics as we collapse into chaos; the philosophy that destroys us is not even defined.
We have broken from reality--a psychotic Nation. Ignorance with a pretense of knowledge replacing wisdom. Money does not grow on trees, nor does prosperity come from a government printing press or escalating deficits.
We’re now in the midst of unlimited spending of the people’s money, exorbitant taxation, deficits of trillions of dollars--spent on a failed welfare/warfare state; an epidemic of cronyism; unlimited supplies of paper money equated with wealth.
A central bank that deliberately destroys the value of the currency in secrecy, without restraint, without nary a whimper. Yet, cheered on by the pseudo-capitalists of Wall Street, the military industrial complex, and Detroit.
We police our world empire with troops on 700 bases and in 130 countries around the world. A dangerous war now spreads throughout the Middle East and Central Asia. Thousands of innocent people being killed, as we become known as the torturers of the 21st century.
We assume that by keeping the already-known torture pictures from the public’s eye, we will be remembered only as a generous and good people. If our enemies want to attack us only because we are free and rich,…
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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
Ilene is editor and affiliate program
coordinator for PSW. She manages the Favorites backup site
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