Keyword: federalreserve

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  • The Feds Are Being Investigated

    03/28/2017 12:24:47 PM PDT · by HarleyLady27 · 32 replies
    Market Watch ^ | March 28, 2017 | Gregg Robb
    In a move that Democrats in the committee fought very hard to resist, a house panel has approved a legislation that will allow a government watchdog audit the federal reserve's spending. Democrats in the committee were firmly against the bill.
  • Democrats pleased that new Fed president Raphael Bostic is black

    03/13/2017 4:30:02 PM PDT · by kevcol · 54 replies
    The Washington Examiner ^ | March 13, 2017 | Joseph Lawler
    Sen. Sherrod Brown, the top Democrat on the Senate Banking Committee, said Bostic's appointment "is an historic step forward that is long overdue. In its century of existence, the Fed's ranks have lacked the kind of diversity — of race, gender, background and ideas — that reflects the wide spectrum of Americans' experiences and economic realities." Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, also issued a statement applauding the appointment of Bostic as the first black and first openly gay regional Fed president.
  • Former Obama Housing Official Raphael Bostic to Lead Atlanta Fed

    03/13/2017 3:39:04 PM PDT · by DoodleDawg · 11 replies
    Wall Street Journal. ^ | 3/13/17 | Kate Davidson & Michael S. Derby
    Raphael Bostic, a former Obama administration housing official, was named president of the Federal Reserve Bank of Atlanta, becoming the first African-American selected to lead one of the 12 regional Fed banks in the institution’s century of existence. Mr. Bostic, a 50-year-old professor of public policy at the University of Southern California in Los Angeles, will take over June 5, the Atlanta Fed said Monday. He succeeds Dennis Lockhart, who retired at the end of February after a decade of service, and his appointment was approved by the Atlanta Fed’s board of directors and the Fed board of governors, the...
  • Sound Money Bill Moves One Step Closer to Law in Arizona

    03/10/2017 7:43:44 AM PST · by VitacoreVision · 6 replies
    The New American ^ | 10 March 2017 | Joe Wolverton, II, J.D.
    Arizona came one step closer to recognizing gold and silver as legal tender within its sovereign borders when a bill to that effect was passed by a committee of the State Senate. By a vote of 4-3, the Republican majority passed HB 2014, which would "exempt from gross income the exchange of one kind of legal tender for another" and redefines legal tender to include "specie," that is to say, "coins having precious metal content.”In plain English, this proposal would provide a way for Arizonans to buy and sell gold and silver without having to treat it as a capital...
  • Should the United States Abandon the Federal Reserve System?

    03/09/2017 8:07:43 PM PST · by Tolerance Sucks Rocks · 54 replies
    Economics Wire ^ | March 9, 2017 | Viliyana Filipova / Mr. Conrad
    The Federal Reserve gives us the freedom to buy things now that we would otherwise have to wait for.In looking at the Federal Reserve, it is important to note that this is a money system, not just a group of people sitting in a conference room controlling everything having to do with the US dollar. The Fed is a system just like the government of the US is a system. What that means is that no one controls it, and that it is much bigger than any one person or group of people could ever control. They can guide it,...
  • Am I directly or indirectly responsible for the national debt?

    02/26/2017 2:20:28 PM PST · by Laframboise Covenant · 24 replies
    Laframboise Security Covenant ^ | N/A | Laframboise Security Covenant
    Am I directly or indirectly responsible for the national debt? This information is sent so that an exchange through dialogue be made possible. Almost every day, many people keep saying that the system is corrupt, the system needs change, the system, the system and so on. Recently it was discovered that this system is an accounting matrix called double-entry bookkeeping. The sole purpose of this accounting system is for PROFIT through a variety of methods such as interest, taxes, etc. Here is how it begins. All my life I've heard that we receive value for the income taxes we pay...
  • Yellen defends Fed independence, banking regulations

    02/15/2017 2:28:26 PM PST · by Olog-hai · 7 replies
    Associated Press ^ | Feb 15, 2017 4:00 PM EST | Martin Crutsinger
    Federal Reserve Chair Janet Yellen defended the central bank’s independence Wednesday from Republican lawmakers who are pushing for major changes in how the central bank operates and how regulators oversee the nation’s banking system. During a hearing that stretched over four hours, GOP lawmakers repeatedly challenged Yellen’s handling of the economy and her leadership in implementing the 2010 Dodd-Frank Act, a measure that President Donald Trump and Republicans have vowed to overhaul. Republicans pointedly told Yellen that she should realize that changes are underway with Republicans in control of the White House and both the House and Senate. “After eight...
  • Congress Targets Federal Reserve's Globalist Scheming

    02/08/2017 6:49:47 AM PST · by VitacoreVision · 7 replies
    The New American ^ | 07 February 2017 | Alex Newman
    A senior Republican lawmaker is putting Federal Reserve System boss Janet Yellen on notice: There's a new sheriff in town, so America and American interests had better come first from now on. Citing the victory of President Donald Trump, Congressman Patrick McHenry (R-N.C.), the vice chairman of the powerful House Financial Services Committee, sent a letter to Yellen demanding an end to secretive negotiations with unaccountable foreign entities plotting to impose ever more burdensome regulations on Americans. In the letter, the congressman calls such scheming “unacceptable” and demands that it be stopped.Whether knowingly or not, Representative McHenry's letter took aim...
  • Why Venezuela's socialist meltdown COULD actually happen in the US

    01/25/2017 7:35:16 PM PST · by Tolerance Sucks Rocks · 17 replies
    Conservative Review ^ | January 25, 2017 | Logan Albright
    There’s a predictable checklist for meltdowns in socialist countries, and it’s playing out with tragic regularity in Venezuela. Nationalize agriculture? Check. Start government-enforced rationing when the food supply dries up? Check. Seal the border when people try to flee to buy food elsewhere? Check. The next step, and usually one of the last before total collapse, is runaway inflation. That’s what we’re starting to see in Venezuela. Rapid inflation, called hyperinflation by economists when it gets really bad, is one of the deadliest poisons for any economy. The spiral is usually triggered when a government prints too much money to...
  • Blasting "False Economy," Trump Takes on the Federal Reserve

    01/22/2017 7:20:29 PM PST · by VitacoreVision · 21 replies
    The New American ^ | 08 September 2016 | Alex Newman
    Taking aim at the Federal Reserve's politically motivated manipulation of the U.S. economy, GOP presidential candidate Donald Trump blasted the controversial central bank's artificially low interest rates. He also denounced the “very false economy” propped up by Fed monetary gimmicks. Democrat nominee Hillary Clinton, though, hit back immediately, saying Trump should not malign or even comment on the increasingly unpopular institution that controls America's monetary system.Trump's comments, which sparked national headlines, came earlier this week at an Ohio campaign stop in response to a question from a reporter about possible interest rate hikes by the Fed later this month. “They're...
  • Audit the Fed Re-Introduced, With Best Prospects Ever

    01/05/2017 5:47:37 AM PST · by VitacoreVision · 19 replies
    The New American ^ | 04 January 2017 | Alex Newman
    Facing its best chance of passage ever under the new GOP-controlled Congress and the incoming Trump administration, wildly popular legislation to open up the Federal Reserve's books, known as “Audit the Fed,” was just re-introduced in the 115th Congress. The bill, sponsored by hundreds of lawmakers in the House and the Senate, would force the obsessively secretive and increasingly controversial central bank to submit to a full government audit. But the Fed and its apologists do not plan to allow a real audit without a tough fight.The legislation, first introduced many years ago by constitutional champion and former congressman Ron...
  • Euro slips further toward one-to-one with dollar

    12/20/2016 11:00:11 AM PST · by Olog-hai · 17 replies
    Associated Press ^ | Dec 20, 2016 1:04 PM EST | David McHugh
    The dollar’s upward march has sent the euro currency to its lowest level in 14 years, easing the financial pressure on traveling Americans but giving European exporters a boost. The euro, used by 19 countries, was down 0.1 percent at $1.0390 late-afternoon Tuesday, having earlier fallen to $1.0352, its lowest level since early 2003. Over recent days, the euro’s descent to the psychologically important level of one euro per dollar, has accelerated. A major factor has been the prospect of more interest rate hikes by the U.S. Federal Reserve following a quarter-point increase in its benchmark rate last week. Higher...
  • Fed raises rates for the second time in a decade

    12/14/2016 11:32:55 AM PST · by RummyChick · 172 replies
    cnbc ^ | 12/14 | cox
    Federal Reserve officials, amid signs that the U.S. economy soon could shed its long period of stagnation, approved the first interest rate hike in a year Wednesday and said it foresees three more increases next year. The stock market reacted calmly, while the dollar and bond yields rose.
  • Jose Canseco Really Wants to Be Head of the Fed

    12/12/2016 7:13:44 PM PST · by nickcarraway · 9 replies
    New York Post ^ | December 12, 2016 | Daniel Halper
    Former Major League slugger Jose Canseco is dangling himself as the home run pick for Federal Reserve chair — or at least ambassador to Cuba. The big league lobbying — presumably a joke — comes as Canseco, 52, praised President-elect Donald Trump for considering former Mets manager Bobby Valentine as the ambassador to Japan. “Hey little buddy @realDonaldTrump good pick on Bobby for Japan. I would be open to Ambassador of Cuba job or Fed Chair. See u soon,” the slugger began.
  • Fed officials warn Trump that fiscal policy must be smart

    12/05/2016 12:08:50 PM PST · by b4its2late · 65 replies
    Market Watch ^ | Published: Dec 5, 2016 11:50 a.m. ET | Greg Robb
    New York Fed president backs gradual interest-rate hikes Without mentioning President-elect Donald Trump by name, Federal Reserve officials on Monday warned that the incoming administration’s fiscal policy must be intelligently designed to spur the economy while maintaining a rainy-day fund to help the economy withstand another downturn. “Smart” government spending and tax reform could help the economy grow, said Chicago Fed President Charles Evans in a speech to the Executives Club of Chicago, according to Reuters.
  • Trump Meets With Former Banker Who Wants to End the Fed

    11/29/2016 1:43:58 PM PST · by VitacoreVision · 47 replies
    The New American ^ | 29 November 2016 | Bob Adelmann
    Donald Trump met with former banker John Allison (shown) on Monday in a meeting that was largely ignored by the mainstream media. It remains unclear whether Allison was being interviewed for the job of secretary of the Treasury or was just giving Trump some advice from a free market perspective.Either way, it’s a breath of fresh air in an era where statism and excessive hubris (the idea that mere politicians and economists can guide, even stimulate a $20-trillion-dollar economy with monetary policy) has reigned for decades.Right after graduating Phi Beta Kappa from the University of North Carolina in 1971, Allison joined...
  • Ron Paul: To Really "Make America Great Again," End the Fed!

    11/28/2016 9:51:01 PM PST · by VitacoreVision · 12 replies
    The New American ^ | 28 November 2016 | Ron Paul
    Former Dallas Federal Reserve Bank President Richard Fisher recently gave a speech identifying the Federal Reserve’s easy money/low interest rate policies as a source of the public anger that propelled Donald Trump into the White House. Mr. Fisher is certainly correct that the Fed’s policies have “skewered” the middle class. However, the problem is not specific Fed policies, but the very system of fiat currency managed by a secretive central bank.Federal Reserve-generated increases in money supply cause economic inequality. This is because, when the Fed acts to increase the money supply, well-to-do investors and other crony capitalists are the first...
  • The Trump Fed

    11/18/2016 6:43:58 AM PST · by afraidfortherepublic · 12 replies
    NY Sun ^ | 11-18-16 | Editorial
    President Trump will have a choice opportunity that few if any presidents have had — the immediate chance to fill two openings on the board of governors of the Federal Reserve. Only five of the board’s seven seats are now filled, a fact that has received scant attention in the press. Yet finding the right nominees will be important in setting the stage for monetary reforms needed to end the age of fiat money and put paid to the “false economy” of which Mr. Trump warned. We are only one stop on the organ known as the “Great Mentioner,” but...
  • Yellen: I'm not stepping down until my term is done

    11/17/2016 10:01:43 AM PST · by Right-wing Librarian · 63 replies
    CNBC ^ | November 17, 2016 | Jeff Cox
    "Forget all that talk about Janet Yellen stepping down if Donald Trump becomes president: The Fed chair told Congress on Thursday she's not leaving."
  • For ECB and Fed, Trump complicates decisions on rate policy

    11/14/2016 9:51:10 AM PST · by Olog-hai · 43 replies
    Associated Press ^ | Nov 14, 2016 12:17 PM EST | David McHugh
    Donald Trump’s surprise election victory has helped solidify expectations for an interest rate increase next month by the U.S. Federal Reserve — but may have complicated a decision for the European Central Bank, which faces a difficult choice over more stimulus. For the ECB, the issue is what to do about its bond-buying program, which pumps new money into Europe’s struggling economy each month to try to accelerate growth and inflation. The Fed and the ECB — two of the world’s most important central banks — will be making its policy decisions before Trump is inaugurated Jan. 20, while still...
  • Fed’s Kashkari Sees Need For New Policies To Boost Growth

    11/09/2016 1:41:34 PM PST · by tekrat · 6 replies
    Minneapolis Federal Reserve Bank President Neel Kashkari on Wednesday said he sees continued sluggish growth ahead for the U.S. economy, unless lawmakers and the president “get going” on policies to boost productivity and population. Kashkari, who was a senior Treasury official under George W. Bush during the financial crisis, avoided direct comment on the policies or person of newly elected U.S. President Donald Trump, a Republican who campaigned on the promise of cutting taxes and lifting economic growth, or the Republican-controlled Congress. “The Congress has said to the Fed we are going to leave you alone to set monetary policy...
  • [Video] By Exposing the Federal Reserve, Trump Does America a Huge Favor

    10/13/2016 7:05:27 PM PDT · by VitacoreVision · 9 replies
    The New American ^ | 13 October 2016 | Alex Newman
    Video:http://www.thenewamerican.com/economy/economics/item/24276-trump-exposing-federal-reserve-huge-favor In this video, The New American magazine's Alex Newman explains what a yuuuge (or huge) service GOP presidential nominee Donald Trump performed by exposing the Federal Reserve and its manipulation of the economy. From touting gold and sound money, to highlighting the damage done by artificially low interest rates and Fed stock-market intervention, Trump has hit on some of the key reasons why this shadowy institution is so dangerous and harmful to America. Trump is also a proponent of "Audit the Fed," legislation backed by a massive movement that seeks to properly audit the central bank. By contrast, Democrat...
  • Gross: Low Rates Pushing Investors to Gold, Bitcoin

    10/05/2016 7:43:54 AM PDT · by oblomov · 7 replies
    Barron's ^ | 4 Oct 2016 | Bill Gross
    My country club locker room is a fascinating 19th hole observatory where human nature and intelligence often come into conflict. Almost all of my golfing buddies are risk takers by nature and many of them are gamblers — not just in the card room but also in the casinos in Las Vegas. Having spent some time in Sin City myself in my early 20s as one of the first blackjack counters, I was, and still am, most familiar with odds and the impossibility of beating the “House” in any game other than blackjack over a long period of time. Still,...
  • US manufacturing output stumbled in August

    09/15/2016 7:18:57 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Sep 15, 2016 9:53 AM EDT | Christopher S. Rugaber
    U.S. factory production fell last month amid cutbacks in appliances, home electronics and machinery, threatening hopes for a manufacturing rebound after two previous months of gains. The Federal Reserve said Thursday factory production dropped 0.4 percent in August, after an increase of 0.4 percent in July. A broader measure of industrial output, which includes mines and utilities, also dropped 0.4 percent. Manufacturers have struggled for the past 18 months with sluggish global growth, the strong dollar, and reluctance among U.S. businesses to spend more on large machinery and equipment. That has dragged down factory output 0.4 percent from a year...
  • Are Markets Pricing In a Trump-Induced September Rate Hike?

    09/14/2016 9:34:48 PM PDT · by exbanker · 25 replies
    iBankCoin ^ | 09/15/2016 | RAUL
    On Monday republican presidential candidate Donald Trump fired political shots at the Federal Reserve saying, “she is keeping them artificially low to get Obama retired,” while referring to the interest rate policy the Fed has taken under the leadership of Janet Yellen.
  • Did Federal Reserve engineer market crash to hurt Trump?

    09/14/2016 8:35:25 AM PDT · by Sean_Anthony · 27 replies
    Canada Free Press ^ | 09/14/16 | Marc Patrone
    Logic dictates Trump may have a point about the Fed making decisions based on political imperatives The current stock market downturn appears timed to help the Democrat Party by scaring investors into rejecting Donald Trump on the grounds he’d trigger a crash if the Republicans win the White House in November. The Dow Jones fell again Tuesday this time over 250 points due in part, to fears of a rate hike at the Fed policy meeting next week. These market jitters may well have been calculated for effect, and engineered by Federal Reserve Chair Janet Yellen in a bid to...
  • Trump: The Fed Keeping Interest Rates Artificially Low So The Economy Doesn't Go Down (Video)

    09/09/2016 4:04:26 PM PDT · by Red Steel · 26 replies
    Real Clear Politics ^ | September 6, 2016 | Tim Hains
    "...Donald Trump told reporters Monday that the Federal Reserve is keeping interests rates at record lows to help President Obama and to keep the economy from going down. "They’re keeping the rates artificially low so the economy doesn’t go down," Trump said in response to a question about a potential rate hike by the Federal Reserve this month. "So that Obama can say he did a good job. That's the only reason that the rates are so low. They're keeping the rates artificially low so that Obama can go out and play golf after January and say that he did...
  • Blasting “False Economy,” Trump Takes on the Federal Reserve

    09/08/2016 6:33:15 AM PDT · by VitacoreVision · 12 replies
    The New American ^ | 08 September 2016 | Alex Newman
    Taking aim at the Federal Reserve's politically motivated manipulation of the U.S. economy, GOP presidential candidate Donald Trump blasted the controversial central bank's artificially low interest rates. He also denounced the “very false economy” propped up by Fed monetary gimmicks. Democrat nominee Hillary Clinton, though, hit back immediately, saying Trump should not malign or even comment on the increasingly unpopular institution that controls America's monetary system.Trump's comments, which sparked national headlines, came earlier this week at an Ohio campaign stop in response to a question from a reporter about possible interest rate hikes by the Fed later this month. “They're...
  • The Fed Launches A Facebook Page... And The Result Is Not What It Had Expected

    08/21/2016 5:12:55 PM PDT · by RightGeek · 50 replies
    ZeroHedge ^ | 8/21/2016 | Tyler Durden
    While it is not exactly clear what public relations goals the privately-owned Fed (recall Bernanke's Former Advisor: "People Would Be Stunned To Know The Extent To Which The Fed Is Privately Owned") hoped to achieve by launching its first Facebook page last Thursday, the resultant outpouring of less than euphoric public reactions suggest this latest PR effort may have been waster at best, and at worst backfired at a magnitude that matches JPM's infamous #AskJPM twitter gaffe. Here are some examples of the public responses to the Fed's original posting: they all share a certain uniformity... [Screen captures] [More by...
  • Donald Trump: This is why I'm for low interest rates

    05/05/2016 2:50:37 PM PDT · by RayofHope · 26 replies
    CNBC ^ | 0/05/2016 | Matthew J. Belvedere
    Donald Trump told CNBC on Thursday he's for low interest rates unless inflation perks up, and he would probably replace Janet Yellen when her term is up as Federal Reserve chair. "I have nothing against Janet Yellen whatsoever. I think she's been doing her job," the presumptive GOP presidential nominee said in a wide-ranging phone interview with "Squawk Box."
  • Brexit Hits Fragile Global Economy, Putting Federal Reserve In A Bind

    06/27/2016 4:18:02 AM PDT · by expat_panama · 11 replies
    Investors Business Daily ^ | 6/24/2016 | JED GRAHAM
    The unexpected U.K. vote to leave the European Union has predictably set off a flight to safety, sinking global equity markets and Treasury yields, while boosting the value of the dollar. The immediate consequences are the opposite of what the weak global economy... ...the U.K. only accounts for about 2.4% of global GDP... ...Brexit vote will provoke "a crisis of confidence... ...For now, though, uncertainty about the future of Europe and concern about the disruption of trade are likely to weigh on investment and growth. IHS Global Insight, which had been forecasting 1.5% GDP growth in Germany in 2017, now...
  • Nation's largest banks all pass Fed's 'stress tests'

    06/23/2016 10:48:30 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Jun 23, 2016 5:36 PM EDT | Ken Sweet
    The largest U.S. financial institutions have enough armor to withstand the turmoil of a major and prolonged national and global recession, the Federal Reserve said Thursday. The central bank’s annual “stress tests” show that the 33 largest financial institutions — including JPMorgan Chase, Citigroup, Bank of America and Wells Fargo — all hold more capital than at any time since the 2008 financial crisis. They also hold enough capital that, even if faced with billions of dollars in losses from loans as a result of an economic crisis, they would continue to function. The stress tests were created in the...
  • Today, June 5, 1933: FDR Ends Gold Standard, Bans Private Ownership of Gold [VIDEO]

    06/05/2016 4:03:57 PM PDT · by Tolerance Sucks Rocks · 32 replies
    Constitution.com ^ | June 5, 2016 | Dave Jolly
    Prior to the election of AmericaÂ’s longest serving socialist president, our money was backed by gold. Anyone holding our paper currency could demand to exchange it for gold at a set price. In 1913, the gold standard was officially made part of the Federal Reserve and the price of gold was fixed at $20.67 per ounce. The same law mandated that the Federal Reserve kept enough gold on hand to equal 40% of the currency issued at the time.On March 4, 1933, Franklin Delano Roosevelt was sworn into office for the first time. The day after his inauguration, Roosevelt closed...
  • Janet Yellen says Fed could raise rates in coming months

    05/27/2016 4:16:45 PM PDT · by Olog-hai · 33 replies
    Associated Press ^ | May 27, 2016 4:08 PM EDT
    Federal Reserve Chair Janet Yellen said Friday that an interest rate hike would be appropriate in the coming months if the economy keeps improving. While economic growth was relatively weak at the end of last year and beginning of this year, it appears to be picking up now based on recent data, Yellen said during a discussion at Harvard University. She said she expects the Fed to “gradually and cautiously increase” its key interest rate “and probably in the coming months, such a move would be appropriate.” …
  • What Did Fed Chairman Yellen Tell Obama?

    04/19/2016 11:48:41 AM PDT · by Kaslin · 25 replies
    Townhall.com ^ | April 19, 2016 | Ron Paul
    Last week, President Obama and Vice President Biden held a hastily arranged secret meeting with Federal Reserve Chairman Janet Yellen. According to the one paragraph statement released by the White House following the meeting, Yellen, Obama, and Biden simply "exchanged notes" about the economy and the progress of financial reform. Because the meeting was held behind closed doors, the American people have no way of knowing what else the three might have discussed. Yellen's secret meeting at the White House followed an emergency secret Federal Reserve Board meeting. The Fed then held another secret meeting to discuss bank reform. These...
  • No, Really. It’s a Depression

    04/12/2016 6:06:25 PM PDT · by Sean_Anthony · 5 replies
    Canada Free Press ^ | 04/12/16 | Dr. Bruce Smith
    Remove the burden of government • Restore the Constitution, rule of law • Limit the power of the Federal Reserve, regulatory agencies • Stop redistributing wealth It was my great good fortune to be a son of depression parents. My mother and father were born in the early 1920s. They were observant, sensitive, thoughtful parents who took the time to tell stories. They reflected on and spoke of their early years often to their sons, sharing the hopes and fears of their upbringing as we grew up ourselves. They showed us how to observe the world around us. One set...
  • Job totals trail pre-recession levels in 10 US states

    03/25/2016 9:22:44 AM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Mar. 25, 2016 12:18 PM EDT | Christopher S. Rugaber
    Ten U.S. states still have not regained all the jobs they lost in the Great Recession, even after six and a half years of recovery, while many more have seen only modest gains. […] Wyoming had 3 percent fewer jobs last month than it did in December 2007, when the recession began, the Labor Department said Friday. That is the biggest percentage decline among the states. Alabama's job total trails its pre-recession level by 2.7 percent, followed by New Mexico, where job totals are 2.6 percent lower. Some larger states are also still behind. New Jersey has nearly 1 percent...
  • Central banks are already doing the unthinkable - you just don't know it

    03/20/2016 5:22:29 PM PDT · by Lorianne · 14 replies
    Telegraph (UK) ^ | 19 March 2016 | Mehreen Khan
    The lords of finance are losing their touch. Institutions which dragged the world from its worst depression since the early 20th century are finally seeing their magic desert them, if conventional wisdom is to be believed. Eight years on the from the Great Recession, voices as authoritative as the International Monetary Fund and the Bank of International Settlements - dubbed the 'central bank of central banks' - have called time on the era of extraordinary monetary policy. Having hoovered up $12.3 trillion (£8.5 trillion) in financial assets and carried out 637 interest rate cuts since 2008, central banks have been stunned...
  • U.S. Federal Reserve Bank Hacked, Possible $100 Million Theft

    03/15/2016 10:19:32 AM PDT · by SeekAndFind · 30 replies
    TruNews ^ | 03/10/2016
    Bangladesh’s central bank said on Monday its account with the US Federal Reserve Bank of New York had been hacked and money had been stolen from it, but that it had recovered some of the funds. The theft occurred February 5th, but officials are just now making public the size of the theft.Bangladesh Bank said it had traced some of the money to the Philippines and was working with anti-money laundering authorities there.However, the Federal Reserve Bank of New York denied that its payments systems were breached: “To date, there is no evidence of any attempt to penetrate Federal Reserve...
  • How a $1 Billion Bank Heist Was Thwarted by a Typo

    03/10/2016 2:23:32 PM PST · by nickcarraway · 4 replies
    KFOR ^ | MARCH 10, 2016
    South Korean Economy Boosted As Won Jumps To New High Hackers helped themselves to $81 million after breaching Bangladesh Bank’s systems between Feb. 4 and Feb. 5—but the massive theft could have been far worse if not for a typo. After successfully transferring $81 million from the bank’s account at the Federal Reserve Bank of New York to entities in the Philippines, the hackers tried to transfer another $20 million to a Sri Lankan nonprofit, only they wrote “fandation” rather than “foundation” as part of its name, an official tells Reuters. While the Fed grew suspicious, routing bank Deutsche Bank...
  • Fed proposes rules to boost stability of financial system

    03/04/2016 2:33:51 PM PST · by Olog-hai · 13 replies
    Associated Press ^ | Mar. 4, 2016 5:26 PM EST | Martin Crutsinger
    The Federal Reserve has put forward new rules aimed at addressing one of the primary causes of the 2008 financial crisis -- the financial exposures that the biggest banks had with each other. The Fed is proposing new limits on that exposure. It hopes the new rules will prevent the type of crisis that engulfed the U.S. financial system in September 2008 when the collapse of Lehman Brothers raised fears about the stability of other banks that had made loans to Lehman. [...] The rules would implement a portion of the Dodd-Frank Act passed by Congress in 2010 in response...
  • The World's Biggest Banks May Very Well Grow Even Larger

    02/23/2016 7:11:16 PM PST · by Tolerance Sucks Rocks · 14 replies
    Fortune ^ | February 23, 2016 | Eleanor Bloxham
    Ever since the financial crisis, many outside the wealthy elite (sometimes referred to as populists) have argued that the largest banks are too big and too risky. Minneapolis Federal Reserve president Neel Kashkari recently echoed those beliefs.Yet if a new Federal Reserve proposal goes through, Wells Fargo and other large banks might get even bigger and riskier, adding billions to their balance sheets that could increase the banks’ risk profiles.The Federal Reserve says the proposal, which specifies the amount and kind of debt that systemically important large banks must hold, could help make sure that those banks can be wound...
  • Donald Trump Bashes Ted Cruz for Missed Vote: 'So Important to Audit the Federal Reserve'

    02/22/2016 6:37:09 PM PST · by VitacoreVision · 134 replies
    Breitbart.com ^ | 22 Feb 2016 | ALEX SWOYER
    GOP frontrunner Donald Trump went after GOP rival Sen. Ted Cruz for missing a Senate vote on a bill that would have audited the Federal Reserve. "It is so important to audit The Federal Reserve, and yet Ted Cruz missed the vote on the bill that would allow this to be done," Trump posted on Twitter on Monday afternoon. Cruz missed a vote on legislation in the Senate that reportedly would have audited the Federal Reserve, as the Guardian noted, as did former Rep. Ron Paul to campaign for his son Sen. Rand Paul. Paul referenced Cruz's missed vote, previously...
  • Burning Down the House in 2016

    02/22/2016 7:08:24 AM PST · by Travis McGee · 86 replies
    Western Rifle Shooters Association ^ | February 22, 2016 | Matthew Bracken
    Hold tight, wait 'til the party's over. Hold tight, we're in for nasty weather. There has got to be a way Burning down the house. By now, it should be obvious to the observant that the 'scoundrels-looting-the-treasury' phase of our economic arc is about played out, and before the entire rotten financial edifice collapses, there will be a war ignited across Europe and the Middle East which will serve as a distraction for the masses, while the very worst of the scoundrels take to ground to wait for the smoke to clear before they emerge. The gangsters actually directing the...
  • Tipton asks board to consider small banks ( Colorado Congressman )

    02/03/2016 2:36:03 PM PST · by george76 · 2 replies
    Grand Junction Media ^ | February 2, 2016 | Gary Harmon
    A coming change in accounting standards could do irreversible damage to community banks, U.S. Rep. Scott Tipton, R-Colo., said in a letter to the Financial Accounting Standards Board. An accounting-standards update due to be issued by the board would change the way all lenders set aside reserve funds in anticipation of possible losses. The board, wrote Tipton and Rep. Patrick Murphy, D-Fla., should take "utmost caution" in proceeding because it has the potential to "irreversibly damage community banks' and credit unions' ability to continue to adequately serve their customers/members and communities and sustain the economic recovery." ... Tipton, a member...
  • EXCLUSIVE: Secret Fed Docs Show Obama Misled Congress, Public During Debt Limit Crises

    01/31/2016 10:11:50 PM PST · by Nachum · 22 replies
    Daily Caller ^ | 1/31/16 | Richard Pollack
    Federal Reserve Bank of New York officials secretly conducted real-time exercises during the 2011 and 2013 debt-limit crisis that demonstrated the federal government could function during a temporary shutdown by prioritizing spending, even as Treasury Secretary Jack Lew publicly claimed many times that such efforts were “unworkable,” according to a new report by the House Financial Services Committee obtained by The Daily Caller News Foundation. The staff report, to be released Tuesday, charges that Lew and other Obama administration officials deliberately misled Congress and the public during the federal budget and debt limit showdowns in both years. The committee will...
  • U.S. stocks fall after Fed statement

    01/27/2016 11:50:47 AM PST · by John W · 14 replies
    marketwatch.com ^ | January 27, 2016 | Anora Mahmudova & Sara Sjolin
    U.S. stocks moved back into the red Wednesday after the Federal Reserve left interest rates unchanged and said "economic growth slowed" since its last meeting in December. "Inflation is expected to remain low in the near term," the Fed said in new, more cautious language, that suggests the central bank won't be quick to raise interest rates again. "Lower oil prices and weak global economic growth would make the Fed more cautious about its tightening policy. The second interest rate increase in March has become unlikely," said Jia Liu, research fellow at the American Institute for Economic Research in emailed...
  • The 18 Trillion Dollar Debt, the Biggest Heist on American Citizens in History

    01/23/2016 4:48:31 AM PST · by HomerBohn · 38 replies
    Freedom Outpost ^ | 1/21/2016 | Tony Elliot
    At the end of Obama's second term, it is estimated the national debt will be 20 trillion dollars. Most of this money has gone to frivolous spending by the Federal government, as well as been stolen by various government officials, using the excuse that astronomical sums of money are missing. In the computer age, it would be impossible to lose a trillion dollars, unless it was purposely lost to cover the theft of it. In looking at the numbers, we find that most of the 20 trillion debt is accountable in lost funds. Since 9-11, the US has spent 6...
  • Shadowy federal bureau probably has your credit card information

    01/17/2016 11:53:37 AM PST · by george76 · 11 replies
    Watchdog ^ | January 15, 2016 | M.D. Kittle
    The Consumer Financial Protection Bureau remains "the most out-of-control, unaccountable, and nontransparent agency in the federal government... And we can say that without reservation because this is one of the only agencies that literally operates outside of congressional oversight," added Wise, whose Virgina-based organization "works to protect consumers' right to access free-market goods and services." The CFPB, created under the 2010 Dodd-Frank Act, is funded largely by fees banks pay to the Federal Reserve. While its director, Richard Cordray, has bragged that his bureau has levied more than $141 million in fines used for CFPB education programs or reparation to...
  • Fed Faces Backlash As Retail Fizzles, Factories Fade

    01/17/2016 6:10:58 AM PST · by expat_panama · 24 replies
    Investors Business Daily ^ | 01/15/2016 | JED GRAHAM
    Criticism Mounts Vs. Fed As Stocks, Economy BuckleOutput, Retail Sales Slide Central bank hiked rates as economy barely grew;  fallout is felt worldwide It's becoming clear that the Federal Reserve ran out of patience and pulled the trigger on the first rate hike... New data out Friday showed that retail sales fizzled...   ... factories slowed further, leading economists to mark down Q4 growth estimates. The Q1 outlook isn't a whole lot better. With oil prices and global stock markets plunging, criticism of the December rate hike is mounting. "Consumers are still keeping their purse strings tight, producers are reducing activity...