...the end of the beginning. Reuters has just reported that Paul Volcker is leaving his post as head of the President's Economic Recovery Advisory Board. It has always been my opinion that Volcker was asked to lend his street cred to the Fed's reinflation efforts. His reputation as the inflation fighter who broke the back [...]
Obama, Bernanke, and Bill Dudley Shredded by Cute Bears http://www.youtube.com/watch?v=UGlX1BDgLBY&feature=player_embedded
On November 15th, the Virginia Tea Party Patriots sent a letter to the Virginia Congressional Delegation condemning the “Quantitative Easing” (i.e., printing money and causing inflation) strategy the Federal Reserve is pursing. We want to provide you with the responses we received. ---- Rep. Eric Cantor—who is a co-sponsor of the Audit the Fed bill—provided [...]
Please join Campaign for Liberty to protest the Federal Reserve on Friday, November 19th from 11:30AM - 1:00PM. The Protest will be held at the Federal Reserve Building in downtown Richmond (Corner of E. Byrd St and 9th St.). Please come join us Friday to protest the Fed's recent moves regarding "quantitative easing"; otherwise known [...]
The Virginia Tea Party Patriots Federation has issued a strong condemnation against recent Federal Reserve policy regarding "Quantitative Easing". Read the letter that was sent to VA legislators below: www.virginiateapartypatriots.com Dear Virginia Congressional Delegation: The Federal Reserve, Treasury and White House believe that debasing our sovereign currency by creating inflation is just another policy tool. [...]
“Arrest him!” he said. “Arrest him!” “Why?” said helpless Uncle Sam. “Because he’s stolen my wallet and my shorts. And, if I turn my back again, he’ll take the shirt off my back!” And so goes the story between Joe Citizen and Uncle Sam as they ponder what to do about Ben Bernanke. Then one [...]
From Huffpo: REYKJAVIK, Iceland — Iceland's former Prime Minister Geir Haarde has been referred to a special court in a move that could make him the first world leader to be charged in connection with the global financial crisis. After a heated debate Tuesday, lawmakers voted 33-30 to refer charges to the court against Haarde [...]
...remaining original member of the crack White House Economics Team. Bloomberg is reporting that Larry Summers is expected to quit his post as director of the president's National Economics Council after the November elections. Other members who've abandoned ship include Peter Orzag, who paddled away after announcing his resignation in June, and Christina Romer, who [...]
One of the enduring legacies (hangovers, really) from the Great Depression is the notion that the government can and should actively manage the economy. Schoolchildren still are taught, and most of us still believe, that Comrade Roosevelt's massive government programs were instrumental in ending the Great Depression. The fact is that nothing could be further [...]
(Data sources are US CBO and Federal Reserve) The chart above (click, then click again to enlarge) shows three data sets: 1) in red, the federal budget deficit; 2) in dark blue, US Gross Domestic Product (GDP), the supposed size of the US economy; 3) in highlighted light blue, shows what US GDP would be [...]
Far from being an effective measure that protects anyone but the banks, the Senate's Financial Reform Bill is itself a testament to the power of money. Two thousand banking lobbyists descended on Washington to ensure that any effective restrictions on banks' power and guaranteed profitability were stripped away. They succeeded. The bill does virtually nothing [...]
For quite a number of years, many decades in fact, members of the Austrian School of Economics have been trying to convince Western governments that the Keynesian fiscal path they'd embraced could only end in a disaster of insolvency that devolved into a currency collapse. In 1940 in his landmark text Human Action Ludwig von [...]
