Posted on 05/05/2009 6:14:34 AM PDT by AmericanHunter
Seems to be that some ‘squishy-middlers’ are listening to Ron Paul, too.
My Husband for one. He’ll listen to Ron Paul, but not me? LOL! No matter. As long as the message is delivered. :)
...Bravo, Finally, someone is taking time to look at Pauls opposition to the Iraq war and his stand on foreign policy, instead of dismissing it without even reading it...
I can’t wait until Henry the K bites the big one at last. He’s been wasting my air ever since he sold out all of the MIAs just so he could get his Nobel Peace Prize. What a disgusting waste of protoplasm!
Yes, they are "audited" by whom they wish, in areas they wish, and release the info that they chose to, but there are major areas like their relationships to foreign banks and currency issuance that are completely off-limits to that audit. HR 1207 would remove those restrictions and give Congress transparency in those areas that are now off-limits.
The way you continually defend the Fed Reserve on this issue, you'd think that you work for them -- do you?
Yes, audits look at flow of funds, loan agreements, earnings etc.
You don't think the audits show that stuff?
The way you continually defend the Fed Reserve on this issue
Pointing out Ron's idiocy means I'm defending the Fed? LOL!
you'd think that you work for them -- do you?
No. Just tired of all the ignorance on FR about them. Makes the rest of us look bad.
gold ownership? gold trading?
Why not?
I’ve never seen it printed up in a Fed report, have you?
I don't think they trade gold. Do you? Why?
Former Fed Chairman Paul Volker wrote the following in his memoirs: “Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake.”
So they didn’t trade gold.
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks
April 30, 2009
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures
reserve balances of depository institutions at Week ended Change from week ended Wednesday
Federal Reserve Banks Apr 29, 2009 Apr 22, 2009 Apr 30, 2008 Apr 29, 2009
Reserve Bank credit 2,087,578 - 81,542 +1,222,561 2,049,958
Securities held outright 976,811 + 22,765 + 428,131 983,358
U.S. Treasury securities (1) 543,009 + 14,319 - 5,671 549,046
Bills (2) 18,423 0 - 51,894 18,423
Notes and bonds, nominal (2) 479,039 + 14,007 + 44,093 485,057
Notes and bonds, inflation-indexed (2) 40,976 + 215 + 2,434 40,976
Inflation compensation (3) 4,571 + 97 - 304 4,590
Federal agency debt securities (2) 66,074 + 3,317 + 66,074 68,158
Mortgage-backed securities (4) 367,728 + 5,129 + 367,728 366,153
Repurchase agreements (5) 0 0 - 107,536 0
Term auction credit 403,573 - 52,226 + 303,573 403,573
Other loans 104,538 - 163 + 74,355 101,531
Primary credit 44,788 + 1,676 + 33,200 45,261
Secondary credit 40 - 21 + 40 0
Seasonal credit 1 0 - 24 1
Primary dealer and other broker-dealer credit (6) 5,479 - 3,735 - 13,092 700
Asset-Backed Commercial Paper Money Market
Mutual Fund Liquidity Facility 3,362 + 2,412 + 3,362 3,699
Credit extended to American International
Group, Inc. (7) 44,489 - 494 + 44,489 45,492
Term Asset-Backed Securities Loan Facility 6,379 0 + 6,379 6,379
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper
Funding Facility LLC (8) 222,920 - 17,977 + 222,920 181,795
Net portfolio holdings of LLCs funded through
the Money Market Investor Funding Facility (9) 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (10) 26,484 + 39 + 26,484 26,502
Net portfolio holdings of Maiden Lane II LLC (11) 18,264 + 27 + 18,264 18,328
Net portfolio holdings of Maiden Lane III LLC (12) 27,432 + 18 + 27,432 27,449
Float -2,241 + 111 - 567 -2,345
Central bank liquidity swaps (13) 250,215 - 36,059 + 214,215 249,513
Other Federal Reserve assets (14) 59,582 + 1,924 + 15,291 60,254
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 2,200 0 0 2,200
Treasury currency outstanding (15) 42,290 + 14 + 3,555 42,290
Total factors supplying reserve funds 2,143,109 - 81,528 +1,226,116 2,105,489 Right above the bottom. See it now?
Apparently not in the 1970’s
You think they’re doing it now? Why?
Has the price of gold stayed the same all these years?
Yes, the price that they mark it on their books has stayed the same all these years.
They would be following Volker's advice that he learned in the 70's which is that the price of gold is often an indicator of future perceived inflation. Keeping the gold price suppressed helps dispel inflation psychology. That leaves them with the simpler problem of deflation psychology and they have plenty of tools for that (e.g. debt monetization). Their goal is a balance somewhere in the middle.
A rising price of gold should kill deflation psychology.
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