With ex-?goldmanite ‘super mario’ at the helm of the ECB, expect more money printing, a two tier banking system, and a bigger role for the IMF. After 8 years of Jean-Claude Trichet, the ECB gets a new face: the Italian Mario Draghi. From his recent statements in the press and elsewhere, many assume he will rather be a ‘hawk’ than a ‘dove’, meaning that Draghi will only print little money and will not lower interest rates aggressively. But a look into the past of this man makes us wonder: hawk for whom?
Another Weapon for OWS: Pull Your Money Out of BofAthe link is here.
Bank of America, Chris Whalen...and King World News
the link is here.
William K. Black...OWS...and Arresting the Banksters
A Letter from Goldman Sachs: Concerning Occupy Wall Street
Anthony Wile This is a funny question to ask given that the dollar is in the dumps and the euro has had a strong rally since the region's top Eurocrats "saved" the euro this week. But in
The elite's promotional media guns, of course, are aimed at assuring us once again that the euro-crisis has finally been contained. But given the difference between what the Anglosphere elites say and DO, I'd humbly submit that the crisis is nowhere near finished and that the real objective may be to unwind both Europe and America preparatory to creating the kind of full-blown chaos necessary to usher in a world currency. Stranger things have happened – and we do live in strange times these days.
Of course, I don't have any crystal ball. And betting on a market as large as the currency market is generally a fool's errand. But it's an interesting question nonetheless for those with a stake in the overall global financial system (that means almost all of us).
, where some DB elves are traveling and especially in , those in the banking community – especially at the commercial banking level – are beginning to speculate that the euro and the dollar may eventually reach parity.Read More
Libertarian financial tycoon Peter Schiff has done the free market yet another service by blasting socialist/communist
Dr. leading light of the progressive movement – someone who has worked for the most prestigious universities in the world – proved on-air that he didn't know the first thing about economic history and that his much-vaunted beliefs (endlessly quoted by the media) are based not on faulty analysis but simply on ignorance.
This cannot be denied. It is on video for anyone to see. One example is West's astoundingly ignorant claim that 1930's Depression in America was basically the result of the 1920s rampant capitalist speculation and greed.
Professor Cornel West virtually into the stratosphere with a brief debate moderated by CNN's Anderson Cooper on his "360" program.Watch Video
Oh, oh… it must be getting VERY close to game-over time for a central banker to be telling the truth!
"The last duty of a central banker is to tell the public the truth." –Federal Reserve Board Vice Chairman Alan Blinder, Nightly Business Report, 1994
Now if only Mr. Carney would be so forthcoming about the mobilization of Canada’s Gold Reserves, or rather Canada’s lack of them!
Bank of Canada Carney: QE’s stealth effect is a weaker currency
Bank of Canada Governor Mark Carney said central banks have been less than forthcoming in admitting that one of the primary aims of quantitative easing is to weaken their foreign-exchange rates, remarks that will fuel a tense debate over the effect the Federal Reserve’s policies have had in stoking the currency war.
“The unspoken issue with quantitative easing writ large is the exchange rate channel,” Mr. Carney said Wednesday evening in New York at a conference organized by the Economist magazine.
“The one area where central banks maybe haven’t been quite as up front is (that) the fact is that when you quantitative ease, the portfolio-balance effect, which is the main transmission mechanism, operates through the exchange-rate channel, just as it does when you lower interest rates,” Mr. Carney continued. “That is part of the stimulus you get.”
With its benchmark interest rate near zero, the Fed has created dollars to buy financial assets worth about $2-trillion (U.S.) to keep downward pressure on borrowing costs. That policy also has contributed to a weaker dollar, which has been a boon for U.S. exporters — and an irritant for some U.S. trading partners, such as Brazil and South Korea, that have had to cope with rising currencies.
But Mr. Carney’s objective was not to criticize quantitative easing. He said Fed chairman Ben Bernanke “has delivered” and the heavy criticism he has received “appears unwarranted.” Mr. Carney said the Fed’s two asset purchase programs — commonly referred to as quantitative easing, or QE — have been a “net positive for Canada,” even though the loonie surged above parity with the U.S. dollar.
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