Free Republic

The Proposed Iranian Oil Bourse Krassimir Petrov, Ph.D.January 15, 2006 Abstract: the proposed Iranian Oil Bourse will accelerate the fall of the American Empire. I. Economics of Empires A nation-state taxes its own citizens, while an empire taxes other nation-states. The history of empires, from Greek and Roman, to Ottoman and British, teaches that the economic foundation of every single empire is the taxation of other nations. The imperial ability to tax has always rested on a better and stronger economy, and as a consequence, a better and stronger military. One part of the subject taxes went to improve the...

The prospect of further rises in interest rates in the eurozone unnerved both equity and bond markets on Thursday. ... The price of silver rose to a fresh 22-year high above $10 an ounce amid expectations that a silver exchange-traded fund would soon receive US regulatory approval.

An article in yesterday’s Wall Street Journal discussed how self-proclaimed “Depression buff” Ben Bernanke claims understanding of how the Fed caused the Great Depression and precisely what he would do to prevent such a calamity from reoccurring under his tenure. Not only are his assertions naïve and egotistical, but flat-out absurd. Though he claims to have studied The Great Depression in depth, Bernanke is completely clueless as to its actual cause. However, he is partially right about one thing: the Fed did help create the Depression, but for the opposite reasons Bernanke believes. The Fed-induced credit boom of the roaring...

The Federal Reserve raised its short-term interest rate target by a quarter of a percentage point for the sixth time, and signaled little change in its plan to continue raising rates gradually in the months ahead. The rate change, which was expected, brings the target for the federal-funds rate, charged on overnight loans between banks, to 2.5% from 2.25%. It was 1% last June. The statement accompanying the rate change was almost identical to that issued after its last meeting on Dec. 14. Economic growth is "moderate," the jobs market is improving "gradually," and inflation is "well contained." It said...

Excerpt:"January 4 – Dow Jones (John Conner):  “The Federal Housing Administration has increased its single-family home mortgage limits… Effective Jan. 1, 2005, FHA will insure single-family home mortgages up to $172,632 in low-cost areas and up to $312,895 in high-cost areas, HUD said. Last year, the FHA loan limits were $160,176 in low-cost areas and $290,319 in high-cost areas.  HUD said the loan limits for two-, three, and four-unit dwellings also increased.  ‘These higher loan limits will help the FHA mortgage insurance program keep pace with the strong housing market while contributing to the Bush Administration’s commitment to create 5.5...