The Crisis of Conflicts at the New York Fed: Circling the Wagons to Set Up Ex-Goldmanite William Dudley As PresidentSubmitted by EB on 12/17/2012 12:01 -0400
New Fed minutes reveal powerful CEO voted to make William Dudley president of FRBNY and grant him conflicts waivers for investments in CEO's own company.
What happened on December 14, 2012 was obviously a horrific tragedy that my simple mind can’t possibly wrap itself around, but what I can do is send my deepest thoughts, prayers and sympathies to all of those affected. I can’t imagine the level of pain and suffering you are all experiencing. This article; however, isn’t directed at you. There is nothing I can do to ease your pain. This article is for the rest of us who weren’t directly affected by the incident, but may be indirectly affected by certain parties’ emotional response to it and by those that will exploit it to justify agendas.
To the point of causing intestinal convulsions, there has been no shortage of analysis on the elections of 2012. The word “journalist” has today become synonymous with “whore”, simply because success in the field makes whoredom essential. One meme that is being spread widely in the mainstream that I do actually agree with is that the Republican Party is “dying”. During the 2010 mid-term elections, there was a mass resurgence in conservative voting based almost entirely on Tea Party optimism. That changed, though, when Neo-Con elites began weaseling their way into the club, gushing about how they loved freedom. What these vermin do not understand, though, is that it takes more than rhetoric to hold onto Liberty Movement voters. Those of us in the movement who have deeply considered the election aftermath have predominantly concluded that it is WE who have taken the mojo out of the GOP. Let’s take a look at just a few of the mainstream media and GOP leadership arguments and propaganda initiatives and why they are shameless fabrications meant to hide Liberty Movement influence... The GOP is dying and we are thriving. Whether or not the two are related, I leave for you to decide...
Many have wondered if Ron Paul would have run as an independent. Here is his answer: "[I didn't consider running as an independent because] it is absolutely not practical. This would have been a good year to have an alternative and you can't get much of a showing either on the libertarian side or the green side".... the Republican and Democratics "parties are going to linger because they are locked in by law. The laws are biased against us from competing." So how does one change the two-party system? "You go to the campuses. You rally the young people. You stir up a whole generation of people. Ideas do have consequences and that's where the good news is because the campuses are alive and well with these views and they know the system is bankrupt. And there is this illusion that you can spend endlessly and print endlessly and there will always be credit out there. And so far, so good, but credit can end quickly, the dollar can crash quickly and a new system will have to be developed."
Judging by how the SkyNet formerly known as "the market" has been trading in the past three weeks (and years), one may get the impression the "smart money", hiding behind Bloomberg terminals for 9 hours each day, has gone full lunatic retard. Yet not even said Bloomberg terminals users are completely insane, as confirmed by a just released poll of Bloomberg Professional users, who were asked on their opinion for the two next probably Bernanke replacements: one Larry Summers, best known, together with Robert Rubin, Alan Greenspan and everyone in Congress and Senate over the past 30 years, for destroying the US economy, as well as one Janet Yellen, currently vice chair of the Fed, and almost certain replacement for the Chairsatan once his term expires in early 2014. The verdict: nay to both, but a resounding hell no to the man who destroyed the US banking system, then crushed the Harvard endowment, and finally brought the US consumer and economy to a state of complete ruin.
Rand Hated Libertarians ... and Many Libertarians Despise Rand
Have you ever wondered what the typical Chinese gold investor thinks about our Western ideas of gold? We read month after month about demand hitting record after record in their country – how do they view our buying habits? Since 2007, China's demand for gold has risen 27% per year. Its share of global demand doubled in the same time frame, from 10% to 21%. And this occurred while prices were rising. Americans are buying precious metals, no doubt. But let's put the differences into perspective.
Diapason Commodities' Sean Corrigan provides an insightful introduction to the critical importance of a market-set rate of interest and central banks' manipulated effect on the factors of production.
"Fixated with using their illusory ‘wealth effect’ to avoid a full realization of the losses we have all suffered in a boom very much of those same central bankers’ creation - or else cynically trying to achieve the same denial of reality by driving the income-poor into accepting utterly inappropriate levels of financial risk – they are destroying both the integrity and the signalling ability of those same capital markets which are the sine qua non of a free society."
As Ron Paul also confirms in the clip below "with artificial interest rates, we get an artificial economy driven by mal-investment leading to the inevitable bubbles" and while central banks hope for this 'created credit/money' to flow into productive means (Capex), instead it has (in today's case where QE is no longer working) created an investor-class demand for yield - implicitly driving management to forfeit growth-and-investment for buybacks-and-dividends.
Jerry O'Neil, six-term GOP state representative in Montana, has asked to receive his salary (which at $10.33 per hour is around $1800 per month) in gold or silver. The long-standing legislator was driven to this decision by his constituents' concerns about the nation's massive debt-load and fears of our country's collapse as "only so many dollars can be printed before they have no value." The long-time Ron Paul supporter, according to Time, cited Article 1, Section 10 of the US Constitution, which says, in part, that "No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts." State administrators have denied his request and added that "a bill could be introduced to accomplish this result." O'Neil, like many other, believes "The Keynesian era of financing government with debt appears to be close to its demise."
“Ban” in the San Francisco sense....
Back in the 1960s, a clever but financially disadvantaged fellow placed a small ad in a national magazine that read something like: Money needed. Please send $1 to the address below. Do it today! No specific need was given, and nothing was promised in return, so that fraud could not later be charged. Yet within a few months, thousands of dollars arrived in his mailbox, a considerable sum in those days. Or so the urban legend goes. A half-century later, many things have changed, but one thing remains unchanged: People still need money, and they have not ceased to innovate ways in which to get it. Clearly there are a lot of new and imaginative ways of moving money around that vie for our attention. Many of them would be considered crowdfunding. Crowdfunding, if thought of merely as the pooling of resources for a common cause, is as old as human groupings. But that isn't the way it's thought of nowadays. The current king of the hill, Kickstarter, launched in April of 2009, has been a great success. So, is crowdfunding the future capital source for every new venture under the sun? Well, probably not... although we can't say for sure, because it does sometimes seem that way as new and imaginative ways of moving money around vie for our attention.
Secession: Exploding Movement, Tempest In a Teapot … Or Something Else?
In his farewell address to Congress yesterday, Ron Paul blasted the dangers of what he called 'Economic Ignorance'. He's dead right. Around the world, economic ignorance abounds. And perhaps nowhere is this more obvious today than in the senseless prattling over the US 'Fiscal Cliff'. US government spending falls into three categories: Discretionary, Mandatory, and Interest on Debt. The only thing Congress has a say over is Discretionary Spending. But here's the problem - the US fiscal situation is so untenable that the government fails to collect enough tax revenue to cover mandatory spending and debt interest alone. This means that they could cut the ENTIRE discretionary budget and still be in the hole by $251 billion. This is why the Fiscal Cliff is irrelevant. Increasing taxes won't increase their total tax revenue. Politicians have tried this for decades. It doesn't work. Bottom line-- the Fiscal Cliff doesn't matter. The US passed the point of no return a long time ago.
With impeccable timing
Presented with little comment since whatever we say would likely be superfluous to this all-encompassing speech. The full Ron Paul 'Farewell to Congress' speech and transcript.
...To achieve liberty and peace, two powerful human emotions have to be overcome. Number one is 'envy' which leads to hate and class warfare. Number two is 'intolerance' which leads to bigoted and judgmental policies. These emotions must be replaced with a much better understanding of love, compassion, tolerance and free market economics. Freedom, when understood, brings people together. When tried, freedom is popular.
The best chance for achieving peace and prosperity, for the maximum number of people world-wide, is to pursue the cause of LIBERTY...
If nothing else, read the five greatest dangers that the American people face today that impede the goal of a free society.