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December 18, 2014
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Tag: Federal Reserve


Why Do Banks Want Our Deposits? Hint: It’s Not to Make Loans

While banks do not need deposits to create loans, they do need to balance their books; and attracting customer deposits is usually the cheapest way to do it.

Posted on Oct 26, 2014 READ MORE


‘Left, Right & Center’: Ebola, Wall Street, Midterms and Freezing Eggs

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists discuss President Obama’s appointment of an Ebola czar, Federal Reserve Chair Janet Yellen’s concern over economic inequality in the U.S., Silicon Valley’s egg-freezing employee benefits and the outlook for both parties in the upcoming election.

Posted on Oct 18, 2014 READ MORE


‘Left, Right & Center’: Syria, Holder and the Truth about the Fed

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists discuss the British Parliament’s vote to support attacks against Islamic State in Syria, President Obama’s speech at the United Nations Climate Summit and the departure of Attorney General Eric Holder, whom Scheer criticizes as an enormous disappointment.

Posted on Sep 26, 2014 READ MORE



How Much Control Does Goldman Sachs Have Over the Federal Reserve?

A confidential report and a fired examiner’s hidden recorder penetrate the cloistered world of Wall Street’s top regulator—and its history of deference to banks.

Posted on Sep 26, 2014 READ MORE



Is the Fed Preparing to Asset-Strip Local Governments?

The Federal Reserve just eliminated municipal bonds from its list of high-quality liquid collateral assets. Banks are liable to start dumping them in favor of Treasuries and corporate bonds. The cost of credit will increase for municipal governments and decrease for corporate and financial institutions, and power and financial resources will be further shifted from the public sector to the private sector.

Posted on Sep 11, 2014 READ MORE



Council on Foreign Relations: It’s Time to Rain Money on Main Street

The September/October issue of Foreign Affairs features an article titled “Print Less But Transfer More: Why Central Banks Should Give Money Directly To The People.” It’s the sort of thing normally heard only from money reformers and Social Credit enthusiasts far from the mainstream. What’s going on?

Posted on Sep 1, 2014 READ MORE



And Now for a Little Good News About the Economy

The Federal Reserve released some positive news Wednesday about the state of the U.S. economy, pointing to better figures than expected in the second quarter of 2014 while registering ongoing concern about unemployment.

Posted on Jul 30, 2014 READ MORE



You Can’t Taper a Ponzi Scheme: Time to Reboot

The rules of money have been changed before and can be changed again. Depressions, credit crises and financial collapse are not acts of God but are induced by mechanical flaws or corruption in the financial system. Credit may stop flowing, but the workers, materials and markets are still there.

Posted on Jul 27, 2014 READ MORE



The Looming Foreclosure Crisis: Local Governments Step In

Mortgage debt overhang from the housing bust has meant lack of middle-class spending power, and low consumer demand is preventing the economy from growing. The problem might be fixed by a new approach from the Fed. But if the Fed won’t act, counties will, as seen in the latest developments on eminent domain and litigation over MERS.

Posted on Jul 7, 2014 READ MORE



Out-of-Control Central Banks on a Corporate Buying Spree

Today, however, central banks are on a global corporate buying spree not to bail out bankrupt corporations but simply as an investment, to compensate for the loss of bond income due to record-low interest rates. Central banks have become some of the world’s largest stock investors.

Posted on Jun 23, 2014 READ MORE



The Myth of Human Progress and the Collapse of Complex Societies (VIDEO)

In “Moby Dick,” Herman Melville makes our murderous obsessions, our hubris, violent impulses, moral weakness and inevitable self-destruction visible in his chronicle of a whaling voyage. He is our foremost oracle.

Posted on Apr 13, 2014 READ MORE


A Century of Collusion Between Washington and Finance

Former Wall Street executive, financial journalist and Truthdig contributor Nomi Prins tells “Democracy Now!” how a small number of bankers have played critical roles in shaping a century’s worth of financial, foreign and domestic policy in the United States, a series of events that she documents in her new book, “All the Presidents’ Bankers: The Hidden Alliances That Drive American Power.”

Posted on Apr 8, 2014 READ MORE



Records Show Federal Reserve Wildly Misunderstood Crisis

“Hundreds of pages of transcripts, based on recordings made at the time, reveal the ignorance of Fed officials about economic conditions during the climactic months of the financial crisis,” The New York Times reports.

Posted on Feb 23, 2014 READ MORE



Fourth Banker Dies of Apparent Suicide in a Week

Russell Investments chief economist Mike Dueker’s apparent suicide death, discovered Thursday after the 50-year-old former St. Louis Federal Reserve officer had been reported missing from his home in Tacoma, Washington, became the fourth such loss in the financial community in the span of a week.

Posted on Feb 5, 2014 READ MORE



Janet Yellen Sworn In as Head of Fed

Janet Yellen became the first woman to head the Federal Reserve on Monday as investors worried over China and other emerging markets.

Posted on Feb 3, 2014 READ MORE



The Myth of Human Progress and the Collapse of Complex Societies

Chris Hedges takes a page from “Moby Dick” in this speech, in which he sketches out a cautionary tale about the American character and, by extension, the ultimate fate of the human race.

Posted on Jan 26, 2014 READ MORE



AP/Richard Drew

Overthrow the Speculators

There will never be significant economic reform until megabanks are replaced by a network of state- and city-owned public banks. The revolution must be local.

Posted on Dec 29, 2013 READ MORE



epicharmus (CC BY 2.0)

100 Years Is Enough: Time to Make the Fed a Public Utility

December 23, 2013, marks the 100th anniversary of the Federal Reserve. Has it achieved the purposes for which it was designed? For the banks, the Fed has served quite well. For the laboring masses whose populist movement prompted it, not much has changed in a century.

Posted on Dec 22, 2013 READ MORE



HarvardEthics (CC BY 2.0)

Truthdigger of the Week: Paul Volcker

Five years after the financial meltdown, the Volcker Rule provides a framework for regulators to check Wall Street’s propensity to devour the wealth of the nation.

Posted on Dec 14, 2013 READ MORE



ephicharmus (CC BY 2.0)

Amend the Fed: We Need a Central Bank that Serves Main Street

Congress has the power to amend the Fed—just as it did in 1934, 1958 and 2010. For the central bank to satisfy its mandate to promote full employment and become an institution that serves all the people—not just the 1%—the Fed needs fundamental reform.

Posted on Dec 8, 2013 READ MORE


Janet Yellen

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Posted on Oct 21, 2013 READ MORE



m-louis (CC BY 2.0)

Abenomics in 14 Words

Abenomics works much like Bernankenomics. In every case, looser monetary policies and tighter fiscal policies have generated more wealth for the 1 percent while working stiffs take it in the stern sheets. It all amounts to the same thing: Ferraris for the rich and bupkis for everyone else.

Posted on Oct 19, 2013 READ MORE



AP/Eugene Hoshiko

Obama Will Nominate Janet Yellen as the First Woman to Chair the Fed

President Obama will reportedly nominate Fed Vice Chairwoman Janet Yellen to head the central bank, making her the first woman in the institution’s 99-year history to do so if she is confirmed by the Senate.

Posted on Oct 8, 2013 READ MORE



sashafatcat (CC BY 2.0)

The True State of the Economy

There is a tradeoff for all the loot Obama’s friends have been pilfering from working people, and that tradeoff is trust. Americans no longer have confidence in the government, the market or the justice system. And while the effects might not appear in the next month or two, there are sectors of the economy that are showing signs of weakness already.

Posted on Oct 5, 2013 READ MORE



wearechange/YouTube

Truthdigger of the Week: Greg Palast

Noam Chomsky once said that Greg Palast “upsets all the right people.” Did the independent investigative reporter halt Lawrence Summers’ charge to the head of the Fed?

Posted on Sep 22, 2013 READ MORE



AP/J. Scott Applewhite

The People Win as Lawrence Summers Trades Power For Wealth

Poor Lawrence Summers, he doesn’t get to be chairman of the Federal Reserve, aka the czar of the world’s economic order.

Posted on Sep 16, 2013 READ MORE


Lawrence Summers Will Not Chair the Federal Reserve

Over the screaming objections of members of his own party, President Obama seemed determined to appoint Wall Street groupie Lawrence Summers to head the most important bank in the country. On Sunday, Summers “reluctantly” withdrew his name from consideration for the post.

Posted on Sep 15, 2013 READ MORE



badjonni (CC BY-SA 2.0)

The Leveraged Buyout of America

Giant bank holding companies now own airports, toll roads, and ports; control power plants; and store and hoard vast quantities of commodities of all sorts. They are systematically buying up or gaining control of the essential lifelines of the economy. How did they pull this off, and where did they get the money?

Posted on Aug 26, 2013 READ MORE


Larry Summers

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Posted on Aug 15, 2013 READ MORE



DonkeyHotey (CC BY 2.0)

Four Questions for Fed Chair Candidates

In our view, the president’s nominee for Fed chair must be committed to improving the lives of working Americans who are still struggling through the worst economic crisis since the Great Depression. To that end, we have four questions.

Posted on Aug 12, 2013 READ MORE



kevin dooley (CC BY 2.0)

The Investment Crisis Midwifing the Ongoing Recession

Investment in what experts call “real inputs”—structures and machines that enable and boost future output and productivity—is one way an economy grows over time. No wonder, then, that an economic crisis occurred just decades after the share of national income going to investment began declining during the start of the neoliberal era, around 1980, UMass-Amherst professor Gerald Friedman writes in Dollars & Sense.

Posted on Aug 9, 2013 READ MORE


‘Left, Right & Center:’ Edward Snowden, Bradley Manning, Iran Sanctions and the Fed

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right and Center” panelists touch on a court’s finding Bradley Manning not guilty of aiding the enemy as the NSA declassifies mounds of documents in preparation for congressional hearings. Also, a moderate Iranian is about to assume the office of president and Larry Summers appears ready to lead the Fed.

Posted on Aug 2, 2013 READ MORE



Screenshot

Whom Does Sen. Warren Want to Head the Fed?

Since taking office earlier this year, Sen. Elizabeth Warren, D-Mass, has been a staunch consumer advocate, a champion of the middle class and a thorn in Wall Street’s side, which is why we should pay close attention to whom she’s backing to replace Ben Bernanke as head of the Federal Reserve.

Posted on Jul 28, 2013 READ MORE



zzkt (CC BY-SA 2.0)

Collateral Damage: QE3 and the Shadow Banking System

Rather than expanding the money supply, quantitative easing has actually caused it to shrink by sucking up the collateral needed by the shadow banking system to create credit. This “failure” has prompted the Bank for International Settlements to urge the Fed to shirk its mandate to pursue full employment, though the sort of QE that could fulfill that mandate has not yet been tried.

Posted on Jul 26, 2013 READ MORE


Pelosi

The Next Fed Chair, Pelosi Slams ‘Reprehensible’ Weiner, and More

A look at the day’s political happenings, including the roll call vote for Justin Amash’s failed NSA surveillance amendment and the Republican congressional idea that one GOP senator called “the dumbest” he ever heard.

Posted on Jul 25, 2013 READ MORE



AP/Mark Lennihan

The Return of Lawrence Summers, Mr. Spectacular Failure

The guy who tops the list of those responsible for sabotaging the world’s economy is lobbying to be the next chairman of the Federal Reserve.

Posted on Jul 15, 2013 READ MORE


‘Left, Right & Center’: Farm, Immigration Bills and Obama Goes Abroad

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists discuss Congress’ failure on the farm bill and the latest amendment to the immigration reform legislation. They also take a look at news involving the Federal Reserve and President Obama’s trip to Europe.

Posted on Jun 22, 2013 READ MORE



AP/Louis Lanzano

Truthdigger of the Week: David Stockman

Former Reagan-era budget director David Stockman is under attack by pundits everywhere for confirming that money for Wall Street and nothing for Main Street stands as an upper-class attack on the American public.

Posted on Apr 6, 2013 READ MORE


George W. Bush
AP/Ron Edmonds

Bush’s Economic Policies Bankrupted U.S., Reagan Budget Director Says

David Stockman, who served as Ronald Reagan’s budget director from 1981 to 1985, leveled some harsh criticism at his former boss as well as at President George W. Bush in an op-ed he penned about the dire state of the economy for The New York Times titled “Sundown in America.”

Posted on Mar 31, 2013 READ MORE



AP/Alex Brandon

Fed Chairman Bernanke: ‘I Agree With Elizabeth Warren 100 Percent’ on Big Banks

If Bernanke’s stance is any indication, Sen. Warren, who was just sworn in this January, is already having a positive impact on Washington.

Posted on Mar 21, 2013 READ MORE


‘Left, Right & Center’: Left, Aequum et Centrum

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists ask whether the new center of gravity, geographically speaking, of the papacy will bring a shift in the church’s positions. Also, another Rep. Paul Ryan budget arrives.

Posted on Mar 15, 2013 READ MORE


Elizabeth Warren Grills Fed Chairman Over ‘Too Big to Fail’ Banks

Sen. Elizabeth Warren, D-Mass., a two-time Truthdigger of the Week, demonstrated once again why big banks and Wall Street want to keep their distance from her when she took on Ben Bernanke during his semiannual appearance before the Senate Banking Committee on Tuesday.

Posted on Feb 26, 2013 READ MORE



AP/Michael Dwyer

Truthdigger of the Week: Elizabeth Warren

At a Senate hearing Thursday, Elizabeth Warren exposed and shamed regulators for failing to prosecute banks that played a leading role in the financial crisis.

Posted on Feb 16, 2013 READ MORE



Stuart Conner (CC BY-ND 2.0)

How Congress Could Fix Its Budget Woes Permanently

Money today is simply a legal agreement between parties. Nothing backs it but “the full faith and credit of the United States.” The United States could issue its credit directly to fund its own budget, just as our forebears did in the American colonies and as Abraham Lincoln did in the Civil War.

Posted on Feb 14, 2013 READ MORE



alexander amatosi (CC BY-ND 2.0)

Anonymous Said to Breach Federal Reserve

The Federal Reserve confirmed Wednesday that one of its internal websites was accessed after the hacktivist group Anonymous claimed to have stolen information on more than 4,000 banking executives.

Posted on Feb 6, 2013 READ MORE



Randy Son of Robert (CC BY 2.0)

The Anti-Economist: Misleading American History

By ignoring the historic role government played in enabling economic growth, the prevailing myths about how the U.S. became prosperous allow lawmakers, officials and lobbyists to craft policies that prevent the majority of Americans from taking their rightful share of the national wealth, Jeff Madrick writes in Harper’s Magazine.

Posted on Jan 29, 2013 READ MORE



hans.gerwitz (CC BY-SA 2.0)

Inside the Sham Foreclosure Review Process

Companies hired to spot wrongful foreclosures made more than $1 billion in a review process that was ultimately scuttled. Meanwhile, banks prepare to divide a $3.3 billion settlement between nearly 4 million borrowers without identifying who needs the money most.

Posted on Jan 11, 2013 READ MORE



JoshuaDavisPhotography (CC BY-SA 2.0)

Wrongful Foreclosure Settlement Not Enough, New York Times Says

The editors at The New York Times are not impressed with the deal struck between the government and major banks to provide borrowers with $8.5 billion in aid.

Posted on Jan 9, 2013 READ MORE



AP/Francisco Seco

Pick Paul Krugman, Mr. President

The Nobel Prize-winning economist and public advocate is at the top of every liberal’s wish list for President Obama’s second-term Cabinet appointments.

Posted on Jan 5, 2013 READ MORE



Flickr/tiseb

Why the Fed’s Jobs Program Will Fail

For the first time, the Federal Reserve has explicitly linked interest rates to unemployment. Rates will remain near zero “at least as long” as unemployment remains above 6.5 percent and if inflation is projected to be no more than 2.5 percent.

Posted on Dec 13, 2012 READ MORE


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