Posted on 11/16/2011 9:58:24 PM PST by JosephMama
Celente?
He’s bogging the blues now because Jon Corzine and MF Global stole his gold account ..
ya think a financial prophet would have seen that coming
The Fed isn’t ourselves.
Better get those four year olds out and off to work early each day,
What is really schizophrenic is to monetize the debt AND collect income taxes. That makes no sense. Just print the money and let the people keep their money. Then it becomes a "fair" race between the productive and the government.
Thanks.
There is roughly 5T of the debt in government “trust funds”.
So, here is a plan, abolish the trust funds and their debt goes away. Pay all debts out of the general accounts. If nothing else, that saves about 100B a year in paper interest costs which have to appear in the budget for that year.
The other 10T is a bit more difficult. We could renege on it and the banks and a lot of people go down the tubes holding worthless paper (given it is worthless already but no one is saying that quite yet). Even if we balance the budget the 10T is the elephant in the room. When does that get paid down?? I got it, give them “Obama money, you know, from his stash”.
Every $5T in today’s dollars represents the amount of money spent by the USA during WWII. Our debt equals about 3 WWII’s.
JoMama,
Say, is a malicious crossova, McKinney’s term for a bad and angry egg, or am I reading too much into it?
Jackson Delano Maybolt
Quantitative easing never truly ended in spite of what the liar Bernanke says. The feds are still making large purchases of treasuries quietly and anonymously behind the scenes.
Ah, I was thinking of “Tyler Durden” at zerohedge. It was from his posts that I learned about POMO and SOMA. I don’t find anything by him that’s real recent.
“The New York Fed is the real Fed.”
That’s always been the case. It’s the location of the money center banks and where open market operations get performed.
From 1913 until reorganization in 1935 the President of the New York Fed was the head of the entire Fed. As originally structured the Fed included two important officials from the Treasury Dept but that was dropped fairly quickly.
“you will understand how the Federal Reserve is under the control of its member banks and does their bidding and is a private sector entity”
The Fed isn’t under the control of its member banks unless it is experiencing regulatory capture. It is a government/private hybrid created by Congress and its job is to supervise the banking system.
What operated in its place before 1913 was an ad hoc creation run by JP Morgan without any government participation. At that time you did have a purely private sector entity acting as the reserve bank. That hasn’t been the case since 1913.
And then we would be confronted with the same problems that led to the Fed’s creation in the first place, an obscure subject if there ever was one. Which is why Fed conspiracy stories are so popular, they are much more accessible than the actual arcana.
Member banks of the New York Fed own the New York Fed via owning shares in the New York Fed
same as
Member banks of the Kansas City Fed own the Kansas City Fed via owning shares in the Kansas City Fed
The most powerful banks in the country are NY money center banks and own the NY Fed which dances to their tune. Technically the Federal Reserve is a hybrid but reality is that come crunch time (or anytime) it does what its most powerful NY Fed member banks want the FR to do even if an Obama or a George Bush or Congress tells the FR it wants the opposite. The only real leverage Congress or the President has is publicly shaming or bullying the FR into taking a certain course it does not want to. Congress or President may or may not succeed in this
“Member banks of the New York Fed own the New York Fed via owning shares in the New York Fed same as. Member banks of the Kansas City Fed own the Kansas City Fed via owning shares in the Kansas City Fed”
“Onwership” of the Fed is symbolic and not proprietary. The shares cannot be sold and have no value. They cannot be accumulated and bestow no control over the organization. “Ownership” is a condition of membership, and membership is not optional for many banks.
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