RANsquawk Weekly Wrap - Stocks, Bonds, FX – 19/08/11

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redpill's picture

More importantly, Ron Paul Money Bomb Tomorrow, August 20



JR's picture

Great weekly wrap-up to precede Bernanke and his banker-boy insiders gathering at Jackson Hole for foreknowledge of what actions the Fed will take be taking, enabling them to reap continuing immense profits in the money markets.

Reminds me of a scenario involving Paul A. Volcker, a David Rockefeller protégé who later became chairman of the Fed and at that time was Nixon’s Undersecretary of the Treasury.  Here’s how William Safire (also a member of President Nixon’s White House staff in 1971) described the Fed’s immense power, reporting in the NY Times on May 16, 1983, on an exchange between Shultz and Volcker:

“The Fed chairman is no stranger to stress-filled meetings.  At Camp David on a weekend in August of 1971, when a merry band met to suspend the convertibility of the dollar into gold and impose wage and price controls, we were all impressed with the need for absolute secrecy in our deliberations lest speculators profit.  Mr. Volcker, then Treasury Undersecretary, turned to George Shultz, then director of the Office of Management and Budget, and asked, ‘How much is your budget deficit?’ Mr. Shultz guessed around $23 billion. ‘Give me a billion dollars and a free hand on Monday,’ said Mr. Volcker dreamily, ‘and I could make up that deficit in the money markets.’”

Congress must abolish the Fed and take away its illegitimate power by returning to the people’s representatives the operations of the money powers that are reserved to the Congress by the Constitution.

B-rock's picture

Is the new RANsquawk squawker a young woman or a 14 year old boy?

DrStrangelove's picture

The US debt service cost exceeds total federal revenue around 15.5%. 




good article called

"This is a stick up, everybody get your interest rates on the floor and give me the money!"




lol golden!!!



Always love my ransquak, never liked the name.  last lol!