Posts Tagged 'Federal Reserve System'

Craig Torres and Saleha Mohsin – Mnuchin Backs Fed Independence and Signals Reform Isn’t Priority

U.S. Treasury Secretary nominee Steven Mnuchin isn’t jumping on the Republican bandwagon to audit the Fed.

In written questions by senators following his confirmation hearing on Thursday, Mnuchin was asked about his thoughts on “politicizing decisions made by the Federal Reserve Board of Governors and the benefits of an independent central bank.”

Mnuchin’s answer was crafted carefully.

“The Federal Reserve is organized with sufficient independence to conduct monetary policy and open market operations,” Mnuchin responded to Senator Bill Nelson, a Florida Democrat. “I ...

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Prashant Gopal – Wall Street, America’s New Landlord, Kicks Tenants to the Curb

On a chilly December afternoon in Atlanta, a judge told Reiton Allen that he had seven days to leave his house or the marshals would kick his belongings to the curb. In the packed courtroom, the truck driver, his beard flecked with gray, stood up, cast his eyes downward and clutched his black baseball cap.

The 44-year-old father of two had rented a single-family house from a company called HavenBrook Homes, which is controlled by one of the ...

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Pam Martens and Russ Martens – U.S. Quietly Drops Bombshell: Wall Street Banks Have $2 Trillion European Exposure

Just 17 days from today, Donald Trump will be sworn in as the nation’s 45th President and deliver his inaugural address. Trump is expected to announce priorities in the areas of education, infrastructure, border security, the economy and curtailing the outsourcing of jobs. But Trump’s agenda will be derailed on all fronts if the big Wall Street banks blow up again as they did in 2008, dragging the U.S. economy into the ditch and requiring another massive taxpayer bailout from ...

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My Political-Financial Road Map for 2017

Happy New Year! May yours be peaceful, safe and impactful!

As tumultuous as last year was from a global political perspective on the back of a rocky start market-wise, 2017 will be much more so. The central bank subsidization of the financial system (especially in the US and Europe) that began with the Fed invoking zero interest rate policy in 2008, gave way to international distrust of the enabling status quo that unfolded in different ways across the planet. My prognosis ...

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Ellen Brown – “We’ll Look at Everything”: More Reasons Trump’s $1 Trillion Infrastructure Plan Is Terrible

To stimulate the economy, create new jobs and generate new GDP requires an injection of new money. Borrowing from the bond markets or off-balance-sheet in public/private partnerships won’t do it. If Congress won’t issue money directly, it should borrow from banks, which create money on their books when they make loans.

The Trump agenda, it seems, is not set in stone. The president-elect has a range of advisors with as many ideas. Steven Mnuchin, his nominee for Treasury Secretary, said ...

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Annie Machon – The West’s Shift Toward Repression

Forgive my “infamously fluent French” but the phrase “pour encourager les autres” – a reference to executing one powerful person to send a message to others – seems to have lost its famously ironic quality. It seems that the U.S. government is globally paying big bucks to people to encourage them to expose the crimes of their employers, but only if they’re working for banks and other financial institutions – as opposed to say working for the government ...

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Pam Martens and Russ Martens – Wall Street Today: Fake Accounts, Fake Money, Fake Courts, Fake Regulators

Last Thursday, the Consumer Financial Protection Bureau (CFPB) announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers. The employees were attempting to “hit sales targets and receive bonuses.” In one of the most audacious forms of bank fraud, according to the CFPB, employees actually “transferred funds from consumers’ authorized accounts to temporarily fund the new, ...

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Charles Hugh Smith – A Psychiatric Diagnosis of the U.S. Market: Schizophrenic Disconnect From Reality

If you think a delusional market is healthy, it’s time for a psychiatric exam.
What diagnosis would an experienced psychiatrist offer when presented with the bizarre behavior of the U.S. stock market? We assume that the wild mood swings of greed and fear are “normal” for markets devoted to short-term profit and speculation, but the stock market’s disconnect from reality is far beyond mere mood swings.

The stock market thinks it’s solidly on pavement, but in reality it’s like a car flying ...

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U.S. Bond Market’s Biggest Buyers Are Selling Like Never Before

  • Central banks have cut Treasuries for three straight quarters
  • Pullback may be a sign the bond market is at a tipping point

They’ve long been one of the most reliable sources of demand for U.S. government debt.

But these days, foreign central banks have become yet another worry for investors in the world’s most important bond market.

Holders like China and Japan have culled their stakes in Treasuries for three consecutive quarters, ...

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Pam Martens and Russ Martens – The Untold Story of 9/11: Bailing Out Alan Greenspan’s Legacy

Today marks the 15th Anniversary of the tragic events of September 11, 2001 and yet the American public remains in the dark about critical details of hundreds of billions of dollars of financial dealings by the Federal Reserve in the days, weeks and months that followed 9/11.

What has also been lost in the official 9/11 Commission Report, Congressional hearings and academic studies, is how Wall Street, on the day the planes slammed into the World Trade Towers, was on the cusp ...

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