This is very, *very* scary news.
Good find, thanks FromLori (again!)
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 12/09/2010 10:57:02 AM PST by speciallybland
Rep. Ron Paul, the Texas Republican who has passionately called for dismantling the Federal Reserve, will be running the panel that oversees the central bank when Republicans take the House majority next year.
Mr. Paul has introduced legislation to abolish the Fed, wrote the book, “End the Fed,” and rallied support for eliminating it.
Rep. Spencer Bachus (R., Ala.), who will take over the House Financial Services Committee from Rep. Barney Frank (D., Mass.), announced today that Mr. Paul, a libertarian who won a fervent following when he ran for president in 2008, will head the Domestic Monetary Policy Subcommittee. The 11-term lawmaker was in line for the post, but there had been some talk that GOP leadership might pick someone else.
(Excerpt) Read more at blogs.wsj.com ...
You just ruined your own credibility by linking to a blowhard who has no credibility.
Here’s a review of Vance’s poor research abilities on a book he wrote about the KJB:
This review is from: Final Authority: A Christian’s Guide to the King James Bible (Hardcover)
This book was recently recommended by a church friend. As I often do with works of non-fiction, I first perused the Bibliography and the Glossary of Terms and the Glossary of Proper Names. I was so taken aback by this author’s description of Plato that I know my mouth gaped open. He describes Plato as a “queer” Greek. While I do not support homosexuality as a political platform, the use of such an offensive term seems very unchristian. In regard to King James I, he notes that he was “formerly” King James VI of Scotland. King James did not give up throne of Scotland when he became King of England. He was the ruling monarch of both countries. I then turned to the “Hampton Court” chapter, knowing this had to be about King James. In this chapter, Grady describes King James’ mother, Mary, Queen of Scots, as Elizabeth I’s half sister. Mary, Queen of Scots,was in fact, Elizabeth’s second cousin. Elizabeth had a half sister named Mary who ruled England for five years upon the death of their father, Henry VIII. This was the Queen Mary known as “Bloody Mary”.
Such historical errors indicate poor research and raise questions of this author’s credibility. That, coupled with the unchristian name-calling used through out the text make this book a “pass”. Surely, there are more accurate texts available on this subject.
Your links speak for themselves that there is no there there.
Your first link discusses a short-term ‘panic’ caused by a boom-bust cycle having nothing to do with whether or not a Federal Reserve existed. As a matter of fact they had a central bank which did not alleviate the panic.
The Panic of 1812 followed years of inflation by excessive debt for the War of 1812 and the decrease in food exports brought on by problems in Europe. Nothing to do with Central Banking.
Nothing in your pathetic display here substantiates the need for a Federal Reserve; nothing!
I noticed a lot of people who complain about spending seem to have no problem with spending to save the financial oligarchy on here. They rant and rave against Ron Paul who has an excellent conservative record against spending. Kind of short sighted IMHO because when the collapse comes they won’t be spared. I only hope he will be given support to actually do the job and if he is not able to End the Fed. I hope he can at least rein them in and we see some perp walks.
Soon...
ohn Williams Talks To BNN About The “Great Hyperinflationary Collapse”
Any interview that starts off with John Williams saying “Eventually it is going to be a hyperinflationary great depression” is sure to be controversial. While not necessarily news to those who subscribe to the Shadowstats.com editor’s newsletter, sometime we wish that Blackhawk Ben was among them, because despite his 100% confidence that rates will never do the kind of move that they exhibited in the past two days, they, well, did.
To quote Williamss, who actually keeps track of the US economy as if it were a GAAP audited corporation: “The annual deficit is running $4-5 trillion a year, that includes the Y/Y change in the NPV of unfunded liabilities... There is no political will to deal with this.”
The catalyst is well-known: “When you see panic selling of the US dollar, that’s when you have to be really careful. But what’s already been done with the dollar has spiked oil prices, and other commodity prices.” On the question of why Bernanke would not be able to pull off what Volcker did in the early 1980s, Williams’ explanation for why this time it is different, mostly focuses on the size of the US trade and budget deficits, which are not even remotely comparable on both an absolute and relative basis.
Most specifically what consumers should do in the post-apocalypse world, Williams is not too optimistic. Ironically, he notes that Zimbabwe in its hyperinflation may have been lucky in that it had the dollar to fall back on in the black market, and now every market. However the US does not have that facility, and this “will get very difficult when food starts disappearing from shelves.” Having goods for storage and barter would be critical. However, there may be a snag...
It appears that Mountain House, which is one of the better purveyors of freeze dried food and holds over 30 servings and last for 20 years because they are packed with nitrogen rather than oxygen, is now sold out of all #10 cans -link.
And for those who go to NitroPak, which sells these products, they have the following message:
***CURRENT INVENTORY UPDATE*** There is currently EXTREMELY high demand for all of our Mountain House foods nationwide due to current economic uncertainty and inflation fears. With this increase in demand, our food order processing times have increased also. As Mountain House’s leading distributor, we are receiving huge shipments weekly to fill our customer orders. We are shipping as quickly as we can. Your charge card will not be charged-up until we are ready to process your order. Thank you for your understanding and patience! Harry R Weyandt President
It appears that the battle lines have already been drawn, and the cheap optionality is gradually being eliminated. At this point the best the world can do is hope that Williams is wrong.
http://watch.bnn.ca/squeezeplay/december-2010/squeezeplay-december-8-2010/#clip386602
http://www.zerohedge.com/article/john-williams-talks-bnn-about-great-hyperinflationary-collapse
You can say that again! Very few people on this board really want a return to truly Constitutional government and individual freedom as the Framers intended.
Perhaps a grotesquely-ignorant shill.
Wow, a LIBERAL who loves government controlling his life and money. "PLEASE GOVERNMENT, take my money and print as much as you feel is necessary to save me!"
Nope. He was happy with Bawney Fwank and Chris Doddering Fool. Now he is upset that responsible people like Bawney aren't there to print as much money as he wants and keep the information a secret.
Your claim was that the depressions were not significant. They were sometimes reaching 19%. They were called depressions not recessions for a reason.
And they were all pre-FED. There was a central bank but one that didn’t have the power of the FED. And we were on Ron Paul’s GOLD STANDARD and we still had Depressions!!!!. Not recessions, but Depressions every 20 years!
If you don’t learn from History you are bound to repeat it. And Ron Paul wants to take us backwards 100 years because he doesn’t trust the FED. But look at the results. The FED has made the economy considerably more stable.
Laurence M. Vance = William P. Grady???
=8-)
Yeah? There were depressions? Really?
And there haven’t been depressions under the Fed, the great and mighty and wonderful FED????
Drink the Koolaid rookie. America before 1913 was largely rural and self-sufficient. Most people knew how to work the land and the animals.
The urban problems were miniscule because the urban populations were small in comparison to the larger rural population.
America before 1913 was more than 70% rural. Now it’s more than 70% urban/suburban.
Because of those starkly different demographics the economic cycles pre-1913 affected a much smaller portion of the population and were not considered significant to most of the population because they could survive off the land.
What mattered to the population back then were tariffs and the regional iniquities in their application.
On this topic you have made no convincing argument that the Fed is worth anything. The history of the Fed is one of failure except to indebt more and more Americans via member banks and increase the debt burden from generation to generation so that today we have few Americans who actually save. That is a failure to the American people but success to the favored banks. And when the banks are at risk of failure they are bailed out and propped up at the expense of the taxpayer. That’s a situation that is going to change bigtime whether you like it or not.
Just about everybody on this planet that can read the news and chew gum at the same time knows that reform of the central banks around the globe is a priority.
Enjoy kissing up to your Fed masters!
http://blog.mises.org/4464/kotlikoff-vs-vance/
The above is the item by item rebuttal to Vance’s boisterous hyperbole. The author of the rebuttal above knows the field of economics and taxation much more than the bible pontificating Vance ever will. Kotlikoff deals in data and validity, not blowhard opinions.
Vance is a blowhard with no credible standing.
The quote previously given was Grady’s but is linked to Vance’s KJB work.
OK IMHO Ron Paul is a hypocrite on the earmarks issue but this bit of info makes me smile and say: "you go Girl!"
Devaluing the dollar each and every year for starters...
But hey maybe you are a banker and feel good about "fractional reserve banking" and the other shell games the Fed plays...
For the rest of us its not so good though being your dollar get more and more worthless each and every day!
Go back and check it again...
*hint*
The source is female...
=8-)
...and the resort to ad-homs isn’t helping you at all.
=8-)
We can only dream!
Thanks for the great-news-hopeful ping.
This should be interesting.
This is very, *very* scary news.
Good find, thanks FromLori (again!)
Do you understand the alternatives to fractional reserve banking?
Do you think inflation, deflation, business cycles, and depressions don’t occur on the gold standard?
Did you know that in the 1850’s we had hyper-inflation in the U.S. while on the Gold Standard?
I’m not a banker, but I do have an MBA in Finance, and yes, I do feel pretty good about the FED. I don’t feel good about wasteful government spending and borrowing, but that would have happened regardless of the monetary system. And it will continue to happen until we elect men of good character as representatives. This last election was a nice move in the right direction, but we still have far to go.
A small amount of inflation in the dollar every year doesn’t bother me. The recent FED moves concern me a little, but Bernanke is right, they do have the means to remove the liquidity and prevent high inflation once the economy has rebounded. It’ll probably be a little higher for a couple of years, but compared to 10%-20% unemployment depending on whose numbers you believe, that is a price will worth paying.
Keep in mind that in 2005 All US monetary assets M2 totaled about $6 trillion, compared to an estimated $65 trillion in US household assets including real estate. So money is less than 10% of the total US Household assets. And that doesn’t include government or business assets. My guess is that monetary assets accounts for < 2% of our total wealth.
That that 2% of assets gets inflated by 1% a year on average, doesn’t really excite me. The Average U.S. household has $100,000 in total net assets. So applying the statistic above, the average household probably keeps about $10,000 in monetary assets. 1% inflation on that costs them about $100 a year in purchasing power. If they put it in a bank and drew interest, they made more than that $100 back. If they put it under their mattress, they lost $100. Big whoop-de-do.
The problem is that there are costs and risks to any monetary system. This one seems to me to be working well for us.
There is an estimated 5 billion oz of gold in the world. There are 6 billion people. I hope you like really really small coins.
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