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Ron Paul Rages: Janet Yellen is Right, She Can’t Predict The Future
Submitted by Ron Paul via The Ron Paul Institute for Peace & Prosperity,
This week I found myself in rare agreement with Janet Yellen when she admitted that her economic predictions are likely to be wrong. Sadly, Yellen did not follow up her admission by handing in her resignation and joining efforts to end the Fed. An honest examination of the Federal Reserve’s record over the past seven years clearly shows that the American people would be better off without it.
Following the bursting of the Federal Reserve-created housing bubble, the Fed embarked on an unprecedented program of bailouts and money creation via quantitative easing (QE) 1, 2, 3, etc. Not only has QE failed to revive the economy, it has further damaged the average American’s standard of living while benefiting the financial elites. None other than Donald Trump has called QE “a great deal for guys like me.”
The failure of quantitative easing to improve the economy has left the Fed reluctant to raise interest rates. Yet the Fed does not want to appear oblivious to the dangers posed by keeping rates artificially low. This is why the Fed regularly announces that the economy will soon be strong enough to handle a rate increase.
There are signs that investors are beginning to realize that the Fed’s constant talk of raising rates is just talk, so they are looking for investments that will protect them from a Fed-caused collapse in the dollar’s value. For example, the price of gold recently increased following reports of stagnant retail sales. An increased gold price in response to economic sluggishness may appear counterintuitive, but it is a sign that investors are realizing quantitative easing is not ending anytime soon.
The increase in the gold price is not the only sign that investors are interested in hard assets to protect themselves from inflation. Recently a Picasso painting sold for a record 180 million dollars. This record may not last long, as an additional two billion dollars worth of art is expected to go on the market in the next few weeks.
Another sign of the increasing concerns about the dollar's stability is the growing interest in alternative currencies. Investing and using alternative currencies can help average Americans, who do not have millions to spend on Picasso paintings, protect themselves from a currency crisis.
Congress should ensure that all Americans can protect themselves from a dollar crisis by repealing the legal tender laws.
Congress should also take the first step toward monetary reform by passing the Audit the Fed bill. Unfortunately, Audit the Fed is not a part of the Federal Reserve “reform” bill that was passed by the Senate Banking Committee. Instead, the bill makes some minor changes in the Fed’s governance structure. These “reforms” are the equivalent of rearranging deck chairs as the Titanic crashes into the iceberg. Hopefully, the Senate will vote on, and pass, Audit the Fed this year.
The skyrocketing federal debt is also a major factor in the coming economic collapse. The Federal Reserve facilitates deficit spending by monetizing debt. Congress should make real cuts, not just reductions in the “rate of growth,” in all areas. But it should prioritize cutting the billions spent on the military-industrial complex.
Some say that eliminating the welfare-warfare state and the fiat currency system that props it up will cause the people pain. The truth is the only people who will feel any long-term pain from returning to limited, constitutional government are the special interests that profit from the current system. A return to a true free-market economy will greatly improve the lives of the vast majority of Americans.
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If one jumps from a 1st floor window. And one jumps from a 101st floor window. Who will be hurt more ???
Not the one wearing a Golden Parachute, fer sure.
If the truth be told, the better analoogy is to realize that most Americans live in the basement, and honestly can't be hurt. It is only the fear and propaganda that is created on the 101st floor that keeps them there.
Bring on the rain...
https://youtu.be/TJDEjveBToo
I cuaght this quote watching it live as well ...... she said something to the effect of these are my predictions and then said having done this for a long time I know my predictions are never right .....
This guy caught it a laid out the quotes nicely from the speech
https://www.youtube.com/watch?v=DHSu3J9yWR0
Tyler, check out Fox News: Foundations Plan To Pay News Media To Cover Radical UN Agenda 5/23/15. Seems the central planners plan to "train a squadron" of shills in 33 (wink wink nudge nudge) countries whose job will be "re-educating the media" into accepting their "socialist and/or progressive" (read COMMUNIST) Agenda 21 pogrom. Is the Obongo regime supporting this? But of course, comrade! Some goals:
-Create a global social and environmental agenda for next 15 years
-Reduce income (in)equality within and between countries
-End preventable newborn, infant, & under-five deaths (VACCINES)
the one from the 1st floor
he has no one to land on, and someone from the 101st floor will be landing on him as soon as he gets up
Shoulda read a little history-about 1921 and Warren Harding
https://mises.org/library/forgotten-depression-1920
You'd think among all those Ivy League wonks in DC and NYC that one amongst them could have at least read some history somewhere.
Would of saved us all a whole lotta mess-and mebbe their own neck!!
The guy who jumps out the first floor window will likely get hurt.
The guy who jumps from the 101st floor won't be hurting at all, he'll be dead.
Well, at least the foto caption accurately depicts Yellen in native garb.
that was one hell of an ugly article image coming in, almost spewed my wheaties
Austrian Economics is Rockefeller Economics. Read it and weep: http://redefininggod.com/2015/02/globalist-agenda-watch-2015-update-15-l...
LOL
Nice number 5 and 14
http://www.washingtonsblog.com/2015/02/trolls-guide-internet-disruption....
So, which Rockefeller is paying you for this smear, and why are they so fearful of Austrian Economics?
You obviously didn't read the article. Here is another one for you to ignore: http://redefininggod.com/2015/02/globalist-agenda-watch-2015-update-14-t...
Freakish, but not really surprising, For our battle is not against flesh and blood (any specific sinner), but against the rulers, against the authorities, against the world powers of this darkness, against the spiritual forces of evil in the heavens...just as we are told by our Creator in the Book of Ephesians (Eph. 6:12). Yet people dismiss our Creator who cares for us and that is why He has continually warn us about being divided against each other, telling us who the enemy of our souls are and providing the only way of escape...no greater love than that witnessed among man; yet hated because men love the darkness because their deeds are evil.
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Here is the video link for anyone who is interested...thanks for sharing Veriton.
https://www.youtube.com/watch?v=jHGDYNr2kaY
Steven Greer Rockefeller connection, and washington is connected 12minYou're welcome, Croc. There are also some articles on the Rockefeller and Jesuit connections to the UFO Disclosure Movement:
http://redefininggod.com/2014/10/why-are-the-rockefellers-and-the-jesuit...
http://redefininggod.com/2014/09/the-vatican-is-preparing-to-introduce-t...
http://redefininggod.com/2014/12/what-is-jordan-maxwells-role-in-the-new...
When Menger published Grundsätze der Volkswirtschaftslehre, John D Rockefller's only claim to fame or fortune was owning a small refinery operation in some intellectual and financial backwater named Cleveland.
Perhaps you can provide us a new theory of space and time to support your otherwise laughable thesis...
It's not about who was first in coming up with the Austrian concept. It's about who adopted and promoted it to the public. Hayek and Mises were heavily funded by the Rockefeller Foundation, and the NWO crowd are promoting Austrian Economics as the idealogical foundation of their globalized "free market" capitalist utopia.
I believe you mean the "illusion" of their utopia. Perhaps the better word is delusion. Man, made in the very image of God and has marred his image to the point where he is less than a pig.
Yes, the evil patronage system, which appears so simultaneously quaint and devious from a distance. I guess Galileo was actually just a tool of the Medici in some devious plot to discredit the Papacy while at the same time the Duchy was pursuing a detente with the Holy See and then there must have been some double cross of Galileo when the Medici acquiesced to prosecution. After all it's one giant highly orchestrated conspiracy by TPTB. BTW no one is promoting the Austrian School as the ideological foundation of establishment globalism, that's what the Patrons' establishment tools like Krugman or Greenspam and the popularly and scholarly accepted schools of economic thought from which the come are for.
People, including scientists, cannot accurately define time or space and have often disagreed...they are very good at describing the attributes...much like having an unknown disease and being able to address the symptoms and never reaching the root cause. Man imagines he is evolving because he bases it on technological advances and bought the lie of macro-evolution, which is nothing more the the denial of man, a creature, having come into existence by a Creator. People a 1000 years ago were much more sufficient than we are today. Take away SMART devices and half the population commits suicide; remove the electricity and it is over for the majority. I digress...pardon me.
A little about Menger: http://en.wikipedia.org/wiki/Carl_Menger
“He was the son of a wealthy family of minor nobility.” [The Mises family also had ties to the royals (a.k.a. the Occulted Powers)]
“In 1876 Menger began tutoring Archduke Rudolf von Habsburg, the Crown Prince of Austria in political economy and statistics... [guess who Hayek tutored at the London School of Economics: David Rockefeller]... In 1878 Rudolf's father, Emperor Franz Josef, appointed Menger to the chair of political economy at Vienna. The title of Hofrat was conferred on him, and he was appointed to the Austrian Herrenhaus in 1900.”
So Austrian Economics has a long history of ties to the royals and the Rockefellers. But hey, I’m sure they developed it to serve us little guys. ;-)
You "little guys" really don't, and almost never do- "get it"... and then you complain about the obstacles to climbing the social ladder or breaking some ceiling. The older I get, the more I see the sad wisdom in others' position that everyone has their proper place and should remain there. Debt and Public financing of education and the arts and sciences has been a dismal failure...
Yet here you are on the Internet - one of those publicly funded failures you are talkin about.
No, neither the State nor debt financed my education. Would have been "nice" though... I could literally buy tons of flatscreens today for what those years of education cost today, and that is before the alternative returns that forgone in order to invest in the education by both my parents and myself.
True colors: shown
Game: over
The older I get, the more I realize how destructive is the meddling of those who think themselves so much wiser than the rest. Once we get the 500 pound parasitic "elite" gorilla off our backs, you'll be amazed at what the little people can do. Will will rule the Earth? Aspiring humans or "elite" jungle predators? Stay tuned to find out.
Over 5000 years of the history of human civilization proves you are wrong. But some teacher told you you were "special" so, of course, this time is different...
Yes, when the elites meet in secret in Davos, they actually pass around the writings of that twerpy Texan congress critter and his cooky ideology as the secret philosophy underlying their grand scheme... Seriously, stick to community organizing or setting up watermelon stands, you aren't going to defeat them with thinking like that.
Exactly, when offered only two options that are contra to each other. The only thing that can be verified is the people offering the two choices benefit either way. It is a false dichotomy that believes the world is binary and black and white, the fact is there are hundreds of methods to operate a world economy that have been used in the past to grease the wheels, transact trade and make sure that goods and services are available without engaging in the Keynesian mess seen here today. The Austrian idea of PM's isn't much better since the price controls that have been used to sit on PM prices have shredded any possible outcome that allow PM's to function as a currency other than shiny relics. Considering that both were developed and endorsed by the same people, it's highly doubtful that Austrian solutions apply to today as both choices end in the same place. In Keynesian someone will end up holding all the debt, in the Austrian someone will end up holding all the PM's. In both cases economies collapse or end in a giant shit storm.
Both economic schools of thought are the equivalent of wax records in a 64 bit network cloud universe. Their only value is as a point of reference to the past behind plate glass in a museum. They are antiquated and worthless to move forward, except into the stone age after the usual civil wars and various nasty crap that comes with possession and hegemonic central control which never holds.
Yet, in the end, the results are always the same...can you figure out why that is? I know you cannot because the same thing that causes history to repeat itself lies within the person in the mirror manifested in various degrees based on circumstances, power, authority and influence.
That's a rather confusing way of stating taking "one's own personal responsibility". In some cases the responsibilty of a person is to wait, watch and take the opportunity when available instead of following a script written by the same morons that managed to hang themselves. However if you want to react instead of think of what's available and plan long term. You give your juice box away to whoever claims to have 'power', 'authority' and 'influence' ain't my issue. That's your issue. What's the issue really?
Personal responsibility and ownership of self created problems. Here's the western world's idea of solution/reaction/solution in a nutshell. I'll use Viagra as the example. Viagra was original developed as a heart medication, turns out it sucked at doing that. Killed the patients when used regularily, among a couple of other things. The researchers noted that it did however give guys raging boners. The industry took the little blue pill and sold it. Then the same industry made another pill to answer to the cardiovascular problems it caused. This way guys that had issues with wood didn't die of a stroke while fucking.
Pretend that you don't effect your own life and you don't own what you do, I got something to say about that. Fuck you in the politest way. No one is here to wipe your ass. Do it yourself pussy.
The point is mans inherited nature, that which is immoral. That aspect of man has never changed. It infects each individual; thus the man in each mirror. It is manifested in various degrees; usually based on position of power, authority and influences. BTW - I apologize to you for being somewhat crass; however you are obviously a good sport...at least today..cheers.
The Fed will eventually be discredited and dismantled, but not until it has dragged the U.S. economy, and arguably the global economy, into the abyss of deflationary depression. The Creature from Jekyll Island is living on borrowed time as are the criminals who feed it...
http://www.globaldeflationnews.com/the-creature-from-jekyll-island-the-e...
It still cracks me up to see how many people I meet and posters here believe the Federal Reserve is part of the Federal Government.
Which then means they have no clue the Federal Reserve is OWNED by the banks who are and always have been a bunch of greedy bastards.
Oh yeah.. The US is a democracy too.
We'll be lucky if it remains a republic.
It's a Rawt-schilt world after all.
Might as well start at the top.
Almost as funny as people who believe the Federal Government actually governs for the people and by the people. In some ways the Federal Government shares the same interest as the Federal Reserve...so it is easy to see why people might be confused since the line is so blurred.
White House and Congress have not been able to predict the real impact of any of their decisions. Why is it that American people know instantly where each of these decisions will lead?
No bubble here, right Fed?
she doesn't know what the future is until goldman sachx and jpm tell her what it is.
The global western central banking cartel wants absolute and total control of the money.
For absolute and total iron fisted zionist tyranny.
Lets hear it from someone the ZWO assassinated:
"Every effort has been made by the Federal Reserve Board to conceal its power. But the truth is, the Federal Reserve Board has usurped the government of the United States.
It controls everything here; and it controls our foreign relations. It makes or breaks governments at will. No man, and no body of men, is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and the Federal Reserve Banks.
These evildoers have robbed this country of more than enough money to pay the national debt. ... Faithless government officers who have violated their oaths of office should be impeached and brought to trial."
-- Congressman Louis T. McFadden before the House of Representatives, in the midst of the Great Depression 1932.
Was that before or after the Council of Foreign Relations?
Ron who? the sheeple don't care and moat of this so far over their heads that it will take 2 lifetimes to deprogram them
Fourth Turnings are a real bitch, apparently.
That's why the civil world war is going to be vicious and without mercy. It will split armies in half. Police forces in half. After the mob finds it's peace, then the witch hunts start. Just like every other time in history it's happened.
The Fed is a monopoly.
Can someone describe to me a "non-fiat" money system?
Which one would you like to know about? There are lots that functioned for thousands of years external to thrones, fiefdoms and governments. If one thing is highlighted, people make their own economies. Some more functional than others, but the basics are all founded in playground rules of trade and barter.
Which one would you like to know about? There are lots that functioned for thousands of years external to thrones, fiefdoms and governments. If one thing is highlighted, people make their own economies. Some more functional than others, but the basics are all founded in playground rules of trade and barter.
Maybe I didn't understand my question. I'll restate it:
Can someone describe to me a "non-fiat" money system?
Seems I do understand it. I'm therefore having difficulty finding the answer in your reply. The key word in my question is "describe". That's different than "enumerate with no specificity at all" and then asks me which of the non-specific examples I want you (or anyone who can) to "describe".
How about this:
Describe one that works (or can work) in the "here-and-now". How does the money get created? How does it get destroyed when it has performed its function (which is obviously as an object enabling simple barter to take place over space and time)?
Flurzwang, which is community cartels. Marxism plagerized the idea and poltiicized it, communism added to it and stuck a central bank in the middle of it. Of course it didn't work, because all fiat is inflationary and ends up collapsing because banks are actually lousy at managing 'money'. Just like PM economies have collapsed throughout history, gold and silver is still 'fiat based on the faith of their appearent value. Flurzwang has operated for thousands of years in europe independent of kingdoms, fiat, fiefdoms and governments. Basically communities do what they need to inorder to remain healthy, fed, clothed and any extra is traded for things they don't have. The variations of this are all over the globe in every country from the beginning of recorded history.
If thinking along the lines of how to manage a world where the supply chains are spread all over the map and dependent on oil for delivery it ends up going back to Flurzwang regardless of central bank intentions once hte oil runs out. Eventually no one can afford to use 'the economy' of fiat because it's just too expensive and people pick up skills to trade and barter to fill the gaps based on needs, instead of centralized wants.
At the end of the day it's all about the output, got nothing to do with the fiat used. It's as simple as pulling the thumb out of ass and getting it done. Which is how things get done. An example. When I was younger no one I knew had two nickles to rub together and moving places/houses/apartments usually meant getting on the horn and calling up friends to help move boxes of crap and furniture. The usual expenses of a truck, pizza and a couple of cases of beer were applicable. That's Flurzwang in a modern application.
How is money crated in Flurzwang?
The "audit the Fed" campaign brings heat/attention to this dark ops organization.
"Hopefully, the Senate will vote on, and pass, Audit the Fed this year."
Why does he say shit like this? It's never going to happen. These fkrs (FED) wouldn't even disclose who they bailed out in 2008 until they had to. When they finally had to, we found out they bailed out every big bank in the world. RP knows the origins of the FED. He knows they are privately owned with a secret set of stock holders that they have never disclosed. He knows the bankers own Congress and that they own this country. Why does he say stupid shit like that?
*Puzzled
Oops, duplicated.
Ok, maybe. But Congress knows the truth and they don't give a fuck. They've all been greased. They're all elite fuckers who are benefitting from the FED. Why would they stop the gravy train? Answer- they wouldn't.
There is enough power in Congress to do as you say and for the reasons you say. Not all benefit or want this to continue but they are not the ones who run committees or allow votes to get to the floor, but it helps when something wrong is brought to our attention from someone in our government.
All of this is boiled down to issues that directly relate to immorality. Morality was based on Christian-Judeo values in the United States; even the secular world embraced them for a time. The exception and foothold we gave for the devil was the issue of legalized slavery.
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If ZH produced a chart of the decline of the United States in correlation to the turning away from the fixed moral values of Christ and worse the embracing of immoral values, the correlation would be clear to all. With that said, people would not change a thing, nor can they, for we are under judgment and have passed the point of return - mark it because it will get much worse. Only a remnant will be saved, have been saved, and are saved from the Supreme judgment...I hope you are among the remnant.
If thinking that walking around with a Bible is going to help matters of trade I got news for you. It's what caused it.
That hope sold...Hope is the cheapest anthema ever, the most worthless of currency and heaviest chains to keep a population enslaved. It's the attitude of 'turn the other cheek' that's made wolves into sheep, Lions into kittens and builders into useful idiots. It omits ownership and removes self respect once you give your "juice" to someone else then let them do the thinking for you.
As I said; one needs only look at the direct correlation and the current path we are on...keep the blinders on..you have no choice at this point. You obviously are speaking from a place of ignorance, which is common for people who attempt to speak of the things of god (always out of context as you show above) to whom they do not know, much less ever read what He has said from a position of love for man.
I find that when someone jumps on a soap box and starts proclaiming their allegiance to a 'god' it's more than likely they are transferring their own personal problems into an empty abstract to remove their own responsibility to themselves and the people they help. It is hardly ignorance, it's called free will to not accept a broken paradigm of proselytising that doesn't function. The current situation is because it was left up to a book which was managed by lying, thieving, pedophile, murderous death cultists which edited the content to manufacture your consent make sure a corporate entity could claim you as theirs. If you even bothered reading it, your salvation is to be someone's slave. Slack jawed, chained by cheap love and hope under a false ideal that somehow you will be rewarded without punishment if you don't follow rules obviously defined by mad men after being struck with heat stroke in some dusty shithole of a desert.
That book you throw around has no more love for man (or woman) than a bag of gravel or a horsewhip. It sold you and everyone before you hollow hope that's unanswered. It's icon is your savior being tortured to death (hardly progressive). My vision might very poor but even I can see how contradictory the entire offer is. It is just as worthless as the fiat, religions and governments based on faith, because it's not faith, worship or luck that keeps things running and functional.
It's work.
It is hard to understand these articles without context. RP means well, but he doesn’t understand money. He is also a shill for Gold, probably with good intentions, but has no understand of Gold’s nefarious past history. Gold was always a money master operation, with intent to harvest and control man. Same goes for today’s debt money system. Gold and Private Credit money are dialectics that spring from the same source. Debt money systems were invented by the Gold-Men.
Quote from article:
“The failure of quantitative easing to improve the economy has left the Fed reluctant to raise interest rates”
Interest rate policy is the main KNOB that fed uses to control VOLUME of BANK CREDIT in the economy. Virtually all of Western Countries money supplies are now private bank credit. One can think of this as a complete take-over of our transaction medium.
The FED can do swaps of money types, where private central bankers get together and swap their host nation’s currencies, thus effecting exchange rates. The FED has also has knob control where they can change the overnight rate through repo and reverse repo, otherwise known as Open Market Operations.
The Fed can change the ratio composition of money supply by buying (swapping) debt instruments with FED keyboard money. Quantitative easing is new keyboard money, originating at the FED, which then buys debt instruments. These debt instruments are almost always already held in private bank reserve channels. Or, private banks will acquire the debt instruments for the FED.
General purchasing power (Fed keyboard money) buys debts and hence ratio of debt/money shifts in money supply. However, the keyboard money vectors/channels improperly and ends up in finance. For example, much of the FED keyboard money gets trapped in bank reserve channels, especially since “money” now earns interest when parked as reserves. Other keyboard money chases after debt holders, who didn’t need it anyway, and now they are rewarded for their former predatory debt schemes. MBS being bought with QE keyboard money is a prime example of malfeasance being rewarded. This malfeasance was further rewarded as the “money trail” robo signing scandal that sheriffs were hunting became erased during the swap action.
The money power is truly powerful, as it perverts law and longstanding private property rights.
So, the FED has only so many knobs to twist in their mal-formed banking system. FED is mostly concerned about their owners, the private banks. The FED responds post facto to credit formation at private banks. Private banks ALWAYS find reserves if a credit worthy borrower shows up to to be hypothecated. Private banks either get reserves from other banks on overnight market, or they can get them from the Fed discount window. Again, FED responds post facto.
At NO TIME during QE episodes did the FED direct spend into the economy and into modes of production. Had they done that, the balance sheet recession would be over, the U.S. would not be losing jobs, and people would be out of private debt.
Again, we see big problems with giving money power over to private banks, especially their power to emit new credit through new loans. To loan is to own.
Private bank credit is the FIAT money type that people keep speaking of, usually without any real understanding. Law based FIAT that is volume controlled and channels appropriately will be a boon for man, but private unlawful FIAT credit is actually a giant rent-scheme designed to parasitize man.
We need new words in our languages to differentiate these money types. The hypnosis is so complete; we don’t have words in our language.
Here is another erroneous quote from RP.
“Following the bursting of the Federal Reserve-created housing bubble.”
The FED was only one actor in bubble.
Glass Steagall was broken by Graham Leach Blily act, which then allowed main street banking and wall street investment banking to become incestuous.
It was Rubin and his neo-con Wall Street money power cronies who pushed for overturning Glass Steagall during Clinton administration. Anti Red-Lining provisions in Community Re-investment Act was another government action that created NINJA loans (no income no job) and allowed otherwise un-creditworthy borrowers access to new bank credit. Insurance got in on the game as they co-signed the debts, making the banks credit position appear excellent, but it was all smoke and mirrors. SPV (law change) allowed mortgages to be formed at small banks and then on-sold to TBTF banks. TBTF banks control the FED.
The large increase in credit per unit time then funded Government through taxes, making it appear as if the economy was doing well…”the government can balance its budget!” But really it was private debts growing and then funding government, to then make war, thus making future slaves of the population.
After GLB and CRA, geysers of private bank credit pushed up housing as an asset class. QE later held up housing prices, and now young people have no access to affordable housing.
The FED was only one actor in the housing bubble. The government, insurance, and greedy neo-cons and neo-liberals were in on the action.
Housing bubble in turn formed large private debts, and said debts then harnessed the future. The future is now.
We need a fourth branch of government that issues law money in accordance with known good practices (volume and channeling properly). This branch does not materially benefit from issuance as they issue new money into households. Judges generally uphold the law, and so will this new branch of government.
There is virtually no discussion of sovereign money and its many benefits in the media. Why? Because the U.S. media is now consolidated into about 6 players, especially after Clinton’s telecommunications act of 96. U.S. media is ministry of propaganda.
Clinton was one of the worst presidents in history, delivering the U.S. to the money powers gagged and hogtied; what the overweening dupe Woodrow Wilson started, Clinton finished.
sovereignmoney.eu
People buy payments, not houses. When interest rates are low, people are attracted by the payments. If interest rates are high, no fuel for a housing bubble. Kapish? The price of money is the most imporant price in the economy so say the Austrians. China, Norway, Canada, Austria, etc all have housing bubbles. What is common in all these countries? Cheap debt. Cause indentified.
We didn't have housing bubbles before Glass Steagall either. There debunks your claim that deregulation caused the housing bubble. Glass Steagall didn't exist as a law for all American history. Fannie Mae, and Freddie Mac participated in the the housing bubble, but the housing bubble didn't exist because of those GSEs. It was bad monetary policy. What creates booms and busts is inflation. Boom allows for the bust. There is no bust without a boom.
Smartest thing written on this issue today. +100
Janet Yellen is our next Miss Cleo.
Mad TV - Leona Campbell calls Miss Cleohttp://m.youtube.com/watch?v=aSR-uefPmME
Another misleading quote by Paul:
“The skyrocketing federal debt is also a major factor in the coming economic collapse. The Federal Reserve facilitates deficit spending by monetizing debt. Congress should make real cuts, not just reductions in the “rate of growth,” in all areas. But it should prioritize cutting the billions spent on the military-industrial complex.”
Public debts can be ignored. Every since McFadden, the FED is required to turn over its profits to the Treasury.
http://www.nytimes.com/2012/01/11/business/economy/fed-returns-77-billion-in-profits-to-treasury.html?_r=0
Of course, the FED can keep a slush fund and then pay off its owners first, and then rebate. Of course the FED reacts to its banker owners first. Maybe this is reason Paul wants an audit?
However, public debts can be only so much ink on paper, and they can collect dust. If these public debts are not DEMANDING to be paid, then they don’t mean anything. Always ask who owns the Public Debt. If American’s own the debt to them, it is like one pocket owing the other. Do you look down and yell at your pockets?
Deficit spending by MONETIZING new Treasury bills can be a good thing. If the U.S. had raised its artificial debt ceiling, and then direct spent into new factories, roads, and means of production, that public debt money would have later become savings for private citizens. This new private money would then have gone on to pay down private debts built up during the bubble. Upon pay-down of private debts, the money would have disappeared into the ledger. Banks would not be holding debts as they were erased, and the public would have had purchasing power.
However, QE is only monetizing new debt if the Treasury issues NEW Tbills. If QE is buying OLD EXISTING TBILLS, it is only changing ratio composition of money supply. See my earlier post.
How many new Tbills were issued via deficit spending relative to the $12T of QE spending? Not much, right?
During a Balance sheet recession, the U.S. needed new spending to then pay off private debts; instead QE rewarded creditors who were already holding debt instruments, primarily the banks. Private bankers in turn own and control the financial Casino.
Not diagnosing the real problem has had real ramifications…and the confusion continues long after 2008.
Yes, the military industrial complex wants their spending, and they do like new spending to vector their way and not to the public first. In this way MIC gets seigniorage on new money.
Congress should make cuts and not waste so much, but they shouldn’t be so confused by the money system that they force American citizens into Austerity. When there are idle workers, said workers can easily be put to work by direct spending. Money is demand and during Wartime, Congress has no problem employing labor through direct spend, often debt free.
Congress has not done any real direct spending, nor have they really attacked the balance sheet recession – which is private debts. Banks want people to be in debt; debt is what banks create; it is their business model.
Congress is confused as they have come under sway of the bankers. Congress has not done their job, and they are monetarily illiterate.
Since 17’th amendment, Congressmen became congress critters. These critters are now under sway of money powers and have become populists. The founding fathers intended only the house to be a populist body. Since Senate is no longer deliberative, nor above the political fray (Senate now easily bribed), Senators are unable and unwilling to understand hypnotic pall cast by bankers and their usury schemes. The Senate is supposed to be the long range planning and thinking body, and guardian of civilization.
Point of QE is not to buy new T-Bills, but to lower interest payments by increasing bond prices. QE is not monetizing new debt, it's a interest rate suppression scheme. It is not required to buy new debts if the goal is cheaper borrowing. QE buys from the secondary markets, not directly for the Fed, and doesn't need to unless private demand, and primary dealer demand for bonds vanishes.
Public debts are bad because they are fund unproductive endeavers. Public debts are expenses, not investments. Every dollar that goes into government goes to welfare handouts, entitlements, or things like Solyndra which fail. That's why most economies have some kind of market economy to make the vast majority of wealth. Government spending is not wealth. Look at Brazil and their government spending to create demand as assistance to economic growth has failed. They suffer high inflation, unemployment, and lagging economy. Brazilian economic theory is that government spending can be a assistance to, or addition to economic growth, which has not panned out that well for them.
Interestingly, Paul is an apologist for Austrian drivel/nonsense. His son is in the pocket of AIPAC. The “Pauls” may actually have convinced themselves they speak truth? Who knows – but what they say can be demonstrated as falsehoods.
Maybe the Paul’s are playing a high level game with the money powers, and they really are Patriots? That is what Kennedy did, but ultimately took a bullet for his transgressions.
Austrian doublespeak is a money power operation. Gold is international when it becomes monetized.
Here is Huber doing a severe takedown of the latest Austrian darling, Jesus Huerta de Soto (HdS). HdS should stay down on the mat and not get up. Austrian a-priori theorizing is demonstrably full of holes; it requires suspension of belief, does not comport with actual history, and hence merits derision. Austrian drivel is hypnosis in action; it ensnares people of good will, who then have trouble casting off their mental blinders.
Usury money from our favorite in-group predators funded and created the drivel as dialectic.
http://www.sovereignmoney.eu/notes-on-huerta-de-soto-and-neo-austrian-school
Seems the only people spewing drivel is you...
Ron Paui is now enshrined in the "Do Nothing", Hell of Fame.
A gadfly is about as useful as gay marriage is to childbirth.
If he did just one thing in his entire career instead of being the Monday Morning QB he has been for 25 yrs I could see why people would listen to him.
But I have more respect for a suicide bomber who actualluy does do something however heinous rather than speechifying his entire life away, signifying nothing.
Possibly the stupidist fucking assertion anybody's ever made on this site. JFC where is all this shit coming from today?
U sound like you are very much acquainted with stupid.
But I have more respect for a suicide bomber who actualluy does do something however heinous rather than speechifying his entire life away, signifying nothing. .......again....possibly the stupidist thing anybody has ever said on this site ever.
Iteration is the comfort zone of the lazy mind.
US Politics in summary:
-
- Smear the Opponents and especially third parties since they are non traditional and therefore Open Thinkers who many not be controlled
- Use Established Memes, Propaganda to Leverage Campaign Contributions
- Use Foundations, PAC, Lobbies, to pull in as much big money as possible through McCain-Feingold Legislation
- Don't put out Concrete Positions, attempt to find 'the issue' to pull in voters with memes and platitudes and promises
- Ignore promises made during the campaign
- Never, Ever, Put out a concrete Plan, Description of US History, or reveal any Weakness in the US Government, US Systems, US Bankers, or US Migrants
- Visibly ignore third parties or Reformers in Public, MSM will be informed to do the Same thing, never answer a question or statement put forth by a Reformer
- Do listen to the Wealthy Interests since this is where your political power will come from
Probably missed the good stuff...
you're full of shit man - the aprioi theorizing is based on knowledge of human behaviour already understood that we ourselves understand things to be - the subjective - and not based on some notion of social welfare functions conjured by neoclassical economists - functions that are analytically impossible to demonstrate. Its why the FED's QE's aren't working becuase what they model as human behaviour - the actions of the collective - are not actually occurring - see Lucas (1976). The Phillips Curve (employment inflation tradeoff), that Bernanke and now Yellen have been hanging their hat on, does not exist because of the incentives and expectations it fails to model.
you're a falsehood. plain and simple just like the drivel you spew.
Fuck a "free market". How about a FAIR market.
What is fair?
Aks it 'nuther way 'round.
What is, "grossly unfair", to say the least?
Hank Paulson, aided and and abetted by the Jewish Mafia in New York, the other jews at the CFTC Gary Gensler, and now another one, Timothy Massad.
http://thezog.info/who-controls-the-treasury-department/
That one ethnic group controls with a Nazi fist, the entire global financial universe, is grossly unfair, corrupt and self[-dealing out into the next millennium.
They must still be pissed off at being thrown out of the Temple by Jesus and determined that it will never happen again.
That CONgress approves these Kikes with nary a whisper of opposition is unfair to other very capable human beans.
A month after the *real* crash, few will remember the names of these parasitic ghouls (let alone what they babbled on about).
And they will have finally served a purpose - food for someone's dogs.
Here is a real-world example of a quasi sovereign economy. Private banks in Canada could only issue some private credit – they were restricted. In a full sovereign system, private banks remain private, the money of the realm becomes public. Banks become mere service providers, which is their true function.
People keep asking for a real-world example. Here is a real world, modern example. Enjoy:
Private banks yes, private money NO.
Bank of Canada is structured as follows: Shares are held in a Trust by MOF, Minister of Finance. In other words, BOC is incorporated as a company with shares, however the shares are wholly owned. Said shares are put in a trust, and MOF is trustee. It would be interesting to see what the trust specifies as to the actions of trustees.
Prior to 1974 MOF would tell Governor of BOC to create money debt free. This isn’t a real clean way to make debt free, and it is still a corporate structure, which is why it was co-opted. But, the historical results are interesting.
This debt free would be injected into the commons. Commons, when they are used by everybody, has a multiplying effect, where every dollar creates much more than a dollar out. Think clean water, it makes everybody healthy so they can then labor and create. Not clean water? Then people get sick, and you get economic collapse.
Note: Debt Free is recalled by taxes, and then is re-spent by government, so it flows in a loop that has no interest. In this way, money becomes a tool that the people use to labor with and create wealth. It has zero cost, and hence the production chain does not have to add price to cover usury. This type of money can be saved to then be used to form small business, so it is entrepreneurial.
These things netted out of this system, the time period of 38-74:
(During WW2 no real debt, and funded fourth largest Navy)
1)
Free Education, especially for returning WW2 Veterans. Improving labor in this way improves productivity
2)
Business loans
3)
Land Grants. (Land Grants are a way of keeping land from being grabbed by monopoly forces. This was easy in Canada given the amount of land they have.)
4)
St Lawrence Seaway was dredged and improved and added locks. (Note that Canada spends into their commons, as all governments should.) This is something like Panama Canal and a significant engineering feat. It allowed an inland seaway to get from Montreal and Lake Ontario.
5)
Welland Canal is another waterway link between Lake Ontario and Lake Erie. It is eight locks and lifts ships 326 feet over the Niagra Escapment.
6)
Trans Canada Highway was built, about 4,000 miles
7)
Universal Health Care. Since economy was efficient, health care could be afforded. Only after 1974 did their Health Care System go bad.
8)
Pensions and Direct Injections
a.
This is a sort of Social Credit Theory. These direct injects are debt free money being collected in taxes, and then spent (injected) back down into the base of the population. This creates a pumping action, and the money goes on to create consumption and wealth. It also overcomes losses from waste in industry, so labor can buy their output. (Wages never equal the actual value of production as waste and overhead is captured in prices.) Canada may not have not understood that injections are proper economics and needed, as shown by Gap theory.
b.
Family Allowances: This is another direct injection, usually for kids up to age 16, about $5 in the 1960’s per month.
9)
Private Banks are Restricted to four year loans only.
a.
This is private creation of credit, but a four year loan at 6% interest means that the interest does not go exponential. Note: In 1974 BIS coerced and removed these restrictions, so Banker could make profits. His profits are usurious and also change the nature of Canada’s money, making it more credit and less debt free.
b.
Private banks are ordered to remove their banknotes from circulation in 1945, and only use tangible bills issued by bank of Canada.
The nature of money means far more than Communism of Capitalism. Communism vs Capitalism is dialectic. This dialectic means people have their attention diverted away from money, its creation, and how a country’s wealth vectors.
In 1974 Debt stood at only 18 Billion, easily supported by a Continental Country of 30 million people.
Runaway inflation in the late 1970 was created by the Bankers, especially since the money had changed. After 1974 Governor of Bank of Canada only controls the overnight rate for reserves
I stopped reading after "money of the realm" - taken from the Game of Thrones script without reference.
I thought I saw where Canada increased debt hugely after 2008. Let me find a chart on Canadian Credit, Debt, Liability. Canada is rich with Mining Resources and heard the Bank system was okay in 2008.
No I don't see total Dollars chart in Fred for all Sectors.
Total Credit to Private Non-Financial Sector, Adjusted For Breaks, for Canada©
2014:Q3: 3,844.477 Billions of Canadian Dollars (+ see more) Quarterly, End of Quarter, Not Seasonally Adjusted, CRDQCAAPABIS,
Central government debt, total (% of GDP) for Canada
2013: 51.85387 Percent of GDP (2013 Data, but looks good)
Bank Credit to Bank Deposits for Canada
2008: 104.32160 Percent (2008 last data)
Annual, Not Seasonally Adjusted, DDSI04CAA156NWDB,
Bank Private Credit to GDP for Canada
2008: 126.90040 Percent (Last update 2008, so not good data) Annual, Not Seasonally Adjusted
Outstanding International Private Debt Securities to GDP for Canada
2011: 32.72363 Percent (more than half of Canada's Debt Securities are Foreign) Annual, Not Seasonally Adjusted
Canada also built a transcontinental railroad, and they didn't empower Oligrachs. In the U.S. private credit funded railroads, and created a robber baron Oligarchy.
The country was nearly undone. The great experiment in Freedom cannot go forward with private money, it has shown itself to be parasitic.
Ironically, public money issued into money supply becomes a permanent tool for economic freedom.
You do know that countries like Sweden have private rail roads which are some of the safest in the world? Hmmm????? Yes Sweden has private railroads. So does Great Britain. Much drivel. Seems like you're just a socialist looking for confirmation bias and US rail is heavily regulated. US has a bureacracy to regulate and plan US rail. Like I said much drivel.
COmparing sweden's rail system to Canada is like comparing an ant to a titan in sheer scale because the resources are spread all over the country. What I've actually just read from the above is Canada has been selling Europe everything far too cheaply by the explaination given. Maybe a x4 on the price action is required for the raw materials if everyone is making 'incredible' profits on a public service. Sounds like Sweden and England has room in their budgets.
Looks like Canadian Total, all types of Credit Instruments, for 2014, is $1.719 Trillion, GDP All industries, $1.620 Trillion, Population 29 Million, 18 Million Employed people,
GDP: Mining, quarrying, and oil and gas extraction, $137.5 Billion
Total Credit to Private Non-Financial Sector, Adjusted For Breaks, for Canada©
2014:Q3: 3,844.477 Billions of Canadian Dollars
http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/lfss01a-eng.htm
Looks like Total Credit/debt is 100% of Canada's GDP.
And Total Credit to Private non-finance Sector (a small portion of all sectors) is more than 200% of GDP
$3.8 / $1.6 = 235%
Add in public debt $1 Trillion and at least $1 Trillion for financial sector? $5.8 / $1.6 = 362% of GDP
I know USA sets the records, but Canada maybe using the same economic and financial models from the British Raj.
UK Market Cap = $3.6 Trillion
France Market Cap = $2.2 Trillion
Germany Market Cap = $1.8 Trillion
Switzerland market cap = $1.6 Trillion
I see a link where Canadian Market Cap is over 100% of GDP in 2014 period, so assume like $1.6 Trillion or more(but it is different data than above for UK, France).
http://data.worldbank.org/indicator/CM.MKT.LCAP.GD.ZS/countries
I might be mixed apples and oranges. US Total Debt $58 T / GDP $17 T = 341% debt to GDP. Roughly looks like Canada to me.
So debt ratio of Canada today vs 1974 has increased 213 times.
That is quite an increase. I guess real numbers and reality make me "full of shit" like some of the commentators keep bleeting.
Prior to 1974 Canadians borrowed money from "Trusts." These trusts were a lot like savings and loans in the U.S.
The interest on your house loan went to your neighbor, who was a saver.
There was savings in the economy due to debt free injection.
There was no PRICE INFLATION. They did have FREE MEDICAL. They did have free University Education.
They did have competitive businesses.
There is plenty of economic overhead that the "little people" can create if they are set free. Modern machines and inputs of energy make modern man particularly productive.
Real world examples cannot be ignored, and if one chooses to ignore reality, they are either an ideologue, or insane.
Janet Yellen's face reminds me of an undead, bleached, transgender version of Quato from the original Total Recall.
" A return to a true free-market economy will greatly improve the lives of the vast majority of Americans"
As if there ever was true free-market economy. The game has been rigged since day one. Because...humans
while we all know Ronny is a politician you have to admire the cut of his jib to some extent...
The evidence is overwhelming that private credit usurps government and is the actual control means for humanity.
Anybody who doubts this should not be taken seriously.
Canada sold their railroads and now are privately owned. Did they get better?
Governments proper location in an economy is inelastic markets. In this location they are the most efficient producer. Elsewhere, governments intrusion is unwanted.
This is not a socialist vs free market thing. It is proper balance. The money power should be law. Government should be constrained to its sector.
Economic Freedom is a pre-condition for Political Freedom. Serfs or slaves, keep their head down and don't talk out against the "master."
Hypnotists will say, Government bad, and then try to privatize the commons. When the commons are privatized they are then turned into tolls.
Trying to convert Greece into toll booths for Oligarchy is the actual event that is occuring before our eyes. Thre are plenty of real world examples of predatory private money, which then hosts government to do its bidding.
Scales on the eyes will occlude ones vision.
I agree with you on this point.
In the USA there are many examples of Privatization in our Military, Federal Government, Military Installations services and functions being Privatized for double or triple the cost under a calculation that the Private Contractor will be responsible for more maintenance or overhead shocks and managing inventories and equipment. We all know how contractors work the system to increase bids & prices and then come back over time asking for more cost sharing or bailout of expenses.
- What is a Utility, like public water, sewer, electric, gas, streets, bridges, dams
- What kinds of shocks can be expected in various levels of government? War Emergencies, Natural Disasters, Commodity Shocks, Trade Shocks, Monopolies by Foreign Countries, Trade Blockades?
Any strong country will consider how do deal with shocks to food & manufacturing System.
Any strong country will consider War Reserves, Oil Reserves, Oil Refining Capabilities owned by the Commons, National Stock Piles.
There are plenty Pirates in Business and some are in the Public utility Sector. Soon they will be in the Farming Sector it seems.
"Ron Paul Rages: Janet Yellen is Right, She Can’t Predict The Future"
I must disagree. Yellen can predict the future, as she knows the future is full of more grift, theft, and plunder by her and the rest of Zion's banksters. She can also forecast more destitution and desperation for the sheeple.
Now, while I wholeheartedly agree with that assessment, I also foresee a gathering of guillotines as well.
Liberty is a demand. Tyranny is submission..
Though my view from "way out here" is more limited than yours, I must say, I see no gathering of guillotines. Unless you refer-to the shackles and guillotines FEMA is preparing to further dominate the sheeple.
Maybe I can't foresee far enough. As in "so far it is much too late". Frankly, I'd say it is already too late. Maybe not in theory, but in practice, yes.
https://www.foreignaffairs.com/articles/united-states/2013-09-22/who-sho...
Five years later, however, the power of the Federal Reserve is greater than ever before. Congressional dysfunction and partisan warfare have made the possibility of economic recovery through fiscal measures or other legislative initiatives remote; monetary policy and the Federal Reserve have become the last hope. The Fed has responded energetically with initiatives such as quantitative easing (buying bonds in large amounts to push down long-term interest rates), which was an unprecedented and massive exercise in policy innovation. As the financier Mohamed El-Erian observed in 2012, the Fed and other major central banks were "neck deep in extreme policy experimentation mode."
As a result, the two salient features of the economic crisis have been political gridlock and technocratic entrepreneurship. Compare this to the nation's response to last major economic crisis, the Great Depression. In those days, it was the political class that took the initiative, while the Federal Reserve took a secondary role. President Franklin D. Roosevelt himself set the government’s tone, working with Congress to pass a battery of legislative initiatives aimed at restoring confidence. "The country needs bold, persistent experimentation,” Roosevelt said. “Take a method and try it. If it fails, admit it frankly and try another. But above all, try something." Today, the same mantra applies -- but it applies to central bankers, not to politicians.
In that sense, the last few years have upended our understanding of the role of central bankers and the reason for central bank independence. Before the crisis, during the years when countries were beginning to take the idea of central bank autonomy more seriously, many people asked how it could be justified in a democratic society. The response from some advocates of central bank independence was straightforward. Banks had a simple goal -- price stability -- and well-established techniques for achieving that goal. They did not engage in much policy innovation and, above all, they were not in the business of picking winners and losers in the economy. In other words, the power that was being given to central banks was limited, so the threat to democratic principles was not substantial.
But the game has changed. The objectives of central bank policymaking are no longer so simple: for example, there is an active debate among central bankers about the relative importance of job creation and inflation control. At the same time, the techniques for achieving those goals are less certain. Finally, the Federal Reserve and other major central banks are now unambiguously in the business of picking economic winners and losers. Recent studies have highlighted the extent to which such central bank policies as quantitative easing have conferred big rewards on some groups while penalizing others. A 2012 study by the Bank of England conceded that the benefits of its quantitative easing program "have not been shared equally," with wealthy households benefiting disproportionately.
But the critical point is this: although the premises on which U.S. politicians and the public initially accepted the delegation of authority to independent central banks have been blown apart, that delegation persists. In practice, central bankers’ power has broadened, while legislative power has atrophied. And this is true in other countries as well. This is a troubling shift, and it has not gotten the attention it deserves. The people who advocated for central bank independence in the 1980s and 1990s had to make their case explicitly, since, in many countries, they were calling for legislative change. But the current shift has happened in an ad hoc way, under the pressure of the moment, without a compelling explanation of how it can be squared with democratic principles.
Good point we have a Defacto Technocracy as the FED is positioned to hold on to the Decision Making, the news that drives the market, and a meme that the FED creates Jobs (false meme).
So if we play ball by being passive toward the FED, the FED is the Defacto Technocracy run by Technocrats.
- But there must be another Strategy to Energize Institutions:
- No Honest Brokers in DOJ, FBI, SEC, FINRA, FTC, GAO, CBO, FED, Treasury, OCC, FSOC, BCFP, CFTC, FDIC, FHFA, SIPC
- No Honest Brokers in our Court Systems
- No Honest Brokers in the BAR Association
- No Honest Brokers in Congress
- How can we Leverage the Corporate Press to publish Whistelblower Follow-ups, and new Reports
Isn't he that tottering ancient "elected" "representative" that smacked his gums a whole lot without actually advancign the cause of liberty while elected?
Blimps and overpass signs are his lasting legacy.