POTUS ABOLISHES THE FED !!

On this day in 1833, President Andrew Jackson announces that the government will no longer use the Second Bank of the United States, the country’s national bank. He then used his executive power to remove all federal funds from the bank, in the final salvo of what is referred to as the “Bank War.” A […]

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Bernanke Says Limiting Fed Independence Would ‘Impair’ Economy

Nov. 29 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke said curbing the central bank’s authority to supervise the banking system and tampering with its independence would “seriously impair” economic stability in the U.S. “A number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core […]

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FedSpeak Translation – There Is No Recovery

In separate speeches, Janet Yellen, president of the Federal Reserve Bank of San Francisco, and Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that rising unemployment could crimp consumers, restraining the recovery. Consumer spending accounts for about 70 percent of economic activity. That’s because there is no real economic recovery at all. […]

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U.S. Government Going Broke

Boston University economics professor Laurence Kotlikoff says the government “is going broke.” In a Federal Reserve Bank of St. Louis Review article, he points out that bankruptcy is usually defined as an inability to pay interest on current debt, with no prospect of being able to pay without changes in circumstances. In assessing whether the […]

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