Is
2012 the year when we will see a major war in the Middle East? For
years we have heard about rising tensions in the Middle East, and for
years we have heard politicians express concerns about Iran’s nuclear
program, but now things really do seem to be reaching a boiling point.
In just the past few days, the U.S. government has imposed tough new
sanctions on Iran and has totally shut down the U.S. embassy in Syria.
The truth is that we are getting dangerously close to a major war in the
Middle East. So will Israel strike Iran at some point in the next few
months? Will the U.S. military intervene in the rapidly escalating
conflict inside of Syria? If a major war does erupt, it could send the
price of oil skyrocketing and there is the potential that the war could
broaden very quickly. Hezbollah has already indicated that it will side
with Syria, and there is always the potential that Hamas could as well.
Russia and China have both stated that they are completely opposed to
military action by the United States against Iran and Syria, and they
have even hinted that they would possibly even help defend those
countries. As the nations of the world take sides, there is even the
potential that we could see World War III develop. Let us hope that it
never comes to that, but with the world as unstable as it is right now,
you never know what may happen.Read More @ EndOfTheAmericanDream.com
The United States has escalated tensions with Iran once again, this
after President Obama called for a freeze of all Iranian assets held in
the US. The executive order signed on Monday was in reaction to what the
US is calling “deceptive practices” by Iran. Israel has also joined in
by stepping up threats against Iran, and US Secretary Defense Leon
Panetta has acknowledged Israel may attack Iran in the next 90 days.
Vijay Prashad, director of International Studies at Trinity College,
takes a deeper look on the escalated possibility of war.
by JR Nyquist, FinancialSense.com:
The U.S. Defense Secretary Leon Panetta has said that Iran is probably one year away from having a nuclear device, indicating “a red line for us, and … for the Israelis.” Then Panetta said, “If we have to do it, we will do it.” This is one of the strongest statements from a U.S. official to date. In recent days Israeli officials have talked openly of striking Iran’s nuclear facilities. It seems there is something of an American-Israeli chorus in this regard. Can we take it seriously?
The Los Angeles Times ran a piece titled “Israel’s intentions toward Iran remain unclear.” According to this article, recent Israeli threats may be “a bluff to spur tougher sanctions.” Observing the statements of U.S. and Israeli officials, this seems probable. If you are planning a preemptive attack there is no point discussing it publicly. But if your strategy is to compel other nations to carry out sanctions, trusting they are frightened by the prospect of war, then you will talk openly about the possibility of war.
Read More @ FinancialSense.com
The U.S. Defense Secretary Leon Panetta has said that Iran is probably one year away from having a nuclear device, indicating “a red line for us, and … for the Israelis.” Then Panetta said, “If we have to do it, we will do it.” This is one of the strongest statements from a U.S. official to date. In recent days Israeli officials have talked openly of striking Iran’s nuclear facilities. It seems there is something of an American-Israeli chorus in this regard. Can we take it seriously?
The Los Angeles Times ran a piece titled “Israel’s intentions toward Iran remain unclear.” According to this article, recent Israeli threats may be “a bluff to spur tougher sanctions.” Observing the statements of U.S. and Israeli officials, this seems probable. If you are planning a preemptive attack there is no point discussing it publicly. But if your strategy is to compel other nations to carry out sanctions, trusting they are frightened by the prospect of war, then you will talk openly about the possibility of war.
Read More @ FinancialSense.com
Greek talks Falter/Sprott offering memorandum/jobs report analysis
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 2 hours ago
Good evening Ladies and Gentlemen: The banking cartel continued to launch their assault on the precious metals with gold falling by $13.00 to $1722.80 and silver slipping 1 cent to $33.72. The bankers are in no mood to see the rise in the precious metals. The lease rates lowered considerably Thursday night. Could the following have been a harbinger of things to come i.e. the raid on Friday?
by Graham Summers, GainsPainsCapital.com:
[...] The Greeks have no idea what they’ve gotten themselves into.
A few facts about Greece…
First off, demographics wise, Greece is a disaster.
Real Clear Markets shares the following facts.
– Greece’s fertility rate is 1.3 children per women. This is nearly a full child below the “replacement rate”: the number of children needed to maintain the current population.
– Greece’s population of 65 and over has soared from 11% in 1970 to 24% in 2010. It will hit 33% by 2050. Meanwhile, Greece’s working population will decline to 20% over the same time period.
Read More @ GainsPainsCapital.com
[...] The Greeks have no idea what they’ve gotten themselves into.
A few facts about Greece…
First off, demographics wise, Greece is a disaster.
Real Clear Markets shares the following facts.
– Greece’s fertility rate is 1.3 children per women. This is nearly a full child below the “replacement rate”: the number of children needed to maintain the current population.
– Greece’s population of 65 and over has soared from 11% in 1970 to 24% in 2010. It will hit 33% by 2050. Meanwhile, Greece’s working population will decline to 20% over the same time period.
Read More @ GainsPainsCapital.com
from King World News:
Today
Egon von Greyerz told King World News that central planners may very
well fail at their attempts to save some troubled banks. Von Greyerz
also surprised KWN by predicting gold will climb to $5,000 and that
silver will hit $166 in the next 24 months. Egon von Greyerz is founder
and managing partner at Matterhorn Asset Management out of Switzerland.
Here is what von Greyerz had to say about central bank activity and
how it will impact gold and silver prices: “If you look at every central
bank in the world they are in an absolute mess and they need to print
unlimited amounts of money. So we will have a lot of zeros after the
price of gold in many currencies. But even in today’s money I see gold
going up many times from here.”
Egon von Greyerz continues: Read More @ KingWorldNews.com
Today
Egon von Greyerz told King World News that central planners may very
well fail at their attempts to save some troubled banks. Von Greyerz
also surprised KWN by predicting gold will climb to $5,000 and that
silver will hit $166 in the next 24 months. Egon von Greyerz is founder
and managing partner at Matterhorn Asset Management out of Switzerland.
Here is what von Greyerz had to say about central bank activity and
how it will impact gold and silver prices: “If you look at every central
bank in the world they are in an absolute mess and they need to print
unlimited amounts of money. So we will have a lot of zeros after the
price of gold in many currencies. But even in today’s money I see gold
going up many times from here.”Egon von Greyerz continues: Read More @ KingWorldNews.com
A
new first for the Financial Survival Network–a virtual round table.
Gary Wagner and David A. Banister joined me for a discussion about the
current price direction of the precious metals and how best to maximize
your profits. Strategy is everything. From personal experience, I can
attest to the fact, that there is no stronger intoxicant than a rapidly
rising investment portfolio. Quick returns have been known to do in even
the most experienced investors. Therefore, controlling your emotions
and being open to advice from others can help. After all, learning from
another’s expensive mistake can help insure that you don’t do the same.Gary and David agree that the recent price increases in gold and silver are indicative of a major upward wave in prices. Right now, they believe that gold is in a slight correction trend that shouldn’t go much below 1690, if it goes that far. Therefore, buying on slight dips should prove profitable. And don’t be afraid to sell out a position at a profit. Always remember, when an investment rises very quickly, it is quite possible that it will experience a drop in price nearly as fast. And with your profits locked in, you’ll be well positioned to invest in another asset with good prospects.
Send us your feedback. This is the first many roundtables to help you prepare for the coming global financial reset.
Click Here to Listen to the Podcast
Lots
of thisses and thats today regarding the precious metals. I suppose
that some commentary has merit but, really, it’s all about The Pig.First, though, I’m confident that there is a concerted effort being taken to “correct” the price of gold. Last week’s CoT was lousy and I’m sure that the brief rally through 1750 late last week was allowed by The Cartel as an attempt to suck in a few more spec longs before putting the hammer down…and the hammer is falling as I type. Gold was first savagely attacked after the spectacularly manipulated BLSBS number on Friday. Then, as gold was attempting to rally overnight, the goons on the LBMA put the wood to it. Gold would have certainly fallen even farther on the Comex today had it not been for a pesky little Pig that failed to cooperate.
Read More @ TFMetalsReport.com
by Simon Black, Sovereign Man:
In one of the most shamefully disingenuous reports we’ve seen in years, the US Labor Department released the latest employment figures on Friday showing that the headline US unemployment rate had fallen to 8.3%.
Champagne and sound bites were pre-positioned in Washington as the self-congratulatory praise flowed like the bubbly. President Obama, beaming like he’d just caught the winning touchdown pass, told the American people on Sunday that he ‘deserved’ a second term.
They call it the headline unemployment rate for a reason… it’s the only number that the papers tend to run. All weekend long, mainstream press ran headlines like:
Read More @ SovereignMan.com
In one of the most shamefully disingenuous reports we’ve seen in years, the US Labor Department released the latest employment figures on Friday showing that the headline US unemployment rate had fallen to 8.3%.
Champagne and sound bites were pre-positioned in Washington as the self-congratulatory praise flowed like the bubbly. President Obama, beaming like he’d just caught the winning touchdown pass, told the American people on Sunday that he ‘deserved’ a second term.
They call it the headline unemployment rate for a reason… it’s the only number that the papers tend to run. All weekend long, mainstream press ran headlines like:
Read More @ SovereignMan.com
Marc Faber on Stansberry Radio
Mike Norman on Austerity in Europe, Debt Deflation, and the Emasculation of Wall Street?
Read More…
…in ten years of watching the NFP report publication – and
subsequent PM attacks – I have never seen anything like yesterday’s
“FEBRUARY NFP FARCE,” a combination of BLS data manipulation and PAPER
gold and silver attacks rivaled only by the blatancy, viciousness, and desperation
of other key “named storm” days like “D-DAY,” the “SUNDAY NIGHT PAPER
SILVER MASSACRE”, “OPERATION PM ANNIHILATION I,” and “OPERATION PM
ANNIHILATION II.”
Let’s start with the NFP report itself, which per the commentary in Friday’s RANT, has drawn as much fact-based skepticism of any I can remember in my 23-year career. Each month the NFP data becomes more suspect, as manipulation requirements increase. Cheaper labor costs in, and U.S. outsourcing to, the Eastern Hemisphere has caused a secular employment decline, augmented by building cyclical pressures that promise to get a lot worse before they get better. Just the slightest drop in CONFIDENCE will derail President Obama’s re-election campaign, and potentially the GLOBAL FINANCIAL SYSTEM to boot. Below are four articles analyzing Friday’s “FEBRUARY NFP FARCE,” each describing the ridiculousness of reporting such a high number versus the fact-based expectations.
Read More @ MilesFranklin.com
Ranting
Andy Hoffman and I revel in the New York Giant’s well earned Super Bowl
victory. And of course we couldn’t be happier with the Patriots’
resounding and well deserved defeat. But while we are extremely happy on
the sports’ front, the economic arena continues to disappoint. While
the Feds release stupendous employment numbers, a closer look “under the
hood,” reveals a lot of statistical “hocus pocus” taking place. The
economy actually lost 2.9 million jobs in January, but through the
convenient magic of seasonal adjustments and the much maligned
“birth-death” index, the reality is not so encouraging, to say the
least.
What we actually have is a deteriorating job market and increasing unemployment. How do we scare that with the government’s rosy scenario. Simple, it’s election time and that means that every statistic released by Washington is even more suspect than usual. The goal is to make the numbers look as good as possible to fool the public into believing that the economy is recovering, when any thinking American knows the opposite is true. Will the Country wake-up, or are they beyond caring any longer? Being an optimist requires much hope, and even more faith in the ability of the public to honestly look themselves in the mirror and realize what is happening. We remain convinced that this day of awakening is getting closer and closer. Let us know if you agree.
Click Here to Listen to the Podcast
Let’s start with the NFP report itself, which per the commentary in Friday’s RANT, has drawn as much fact-based skepticism of any I can remember in my 23-year career. Each month the NFP data becomes more suspect, as manipulation requirements increase. Cheaper labor costs in, and U.S. outsourcing to, the Eastern Hemisphere has caused a secular employment decline, augmented by building cyclical pressures that promise to get a lot worse before they get better. Just the slightest drop in CONFIDENCE will derail President Obama’s re-election campaign, and potentially the GLOBAL FINANCIAL SYSTEM to boot. Below are four articles analyzing Friday’s “FEBRUARY NFP FARCE,” each describing the ridiculousness of reporting such a high number versus the fact-based expectations.
Read More @ MilesFranklin.com
What we actually have is a deteriorating job market and increasing unemployment. How do we scare that with the government’s rosy scenario. Simple, it’s election time and that means that every statistic released by Washington is even more suspect than usual. The goal is to make the numbers look as good as possible to fool the public into believing that the economy is recovering, when any thinking American knows the opposite is true. Will the Country wake-up, or are they beyond caring any longer? Being an optimist requires much hope, and even more faith in the ability of the public to honestly look themselves in the mirror and realize what is happening. We remain convinced that this day of awakening is getting closer and closer. Let us know if you agree.
Click Here to Listen to the Podcast
King
World News has received many questions about what to expect from this
bull market versus the 1970s, so today KWN interviewed Rick Rule,
Founder of Global Resource Investments, to get his take on the
situation. Here is what Rule had to say about how this bull market will
proceed as opposed to the one from the 1970s: “It’s a very interesting
topic. That was, of course, the last really good gold market. People
remember the 1970s bull as a market where gold ran from $35 an ounce to
$850 an ounce. This was a truly spectacular bull market and great
fortunes were made.”
Rick Rule continues: Read More @ KingWorldNews.com
“Ron Paul” on Iran
by Julian D. W. Phillips, GoldSeek.com:
Purpose of Holding Gold
Most central banks hold their nation’s gold in the vaults of the world’s leading financial centers’ central bank vaults. These include New York, London, and Canada among others. In a peaceful, cooperative world, this is sensible as one of the prime purposes of central banks holding gold is to cover the nation’s international trade payments when their own currency becomes unacceptable and their reserves of foreign exchange are depleted. By positioning the gold outside the country, it’s instantly accessible for payments or guarantees of payments.
Dangers of a Nation Holding Gold in Another Nation’s Central Bank
In the last week we have heard the announcement that Iran has (according to them) 907 tonnes of gold. The developed world has just outlawed Iran dealing in gold and silver (there are other places, where if they wished to do so they will be able to trade). With their gold inside Iran, it is outside the reach of the developed world though. If they had held their gold in the world’s main, developed world vaults that would have been frozen along with Iran’s other overseas assets. We may not agree to Iran’s politics and attitudes, but there is a lesson to be learned here.
Read More @ GoldSeek.com
Purpose of Holding Gold
Most central banks hold their nation’s gold in the vaults of the world’s leading financial centers’ central bank vaults. These include New York, London, and Canada among others. In a peaceful, cooperative world, this is sensible as one of the prime purposes of central banks holding gold is to cover the nation’s international trade payments when their own currency becomes unacceptable and their reserves of foreign exchange are depleted. By positioning the gold outside the country, it’s instantly accessible for payments or guarantees of payments.
Dangers of a Nation Holding Gold in Another Nation’s Central Bank
In the last week we have heard the announcement that Iran has (according to them) 907 tonnes of gold. The developed world has just outlawed Iran dealing in gold and silver (there are other places, where if they wished to do so they will be able to trade). With their gold inside Iran, it is outside the reach of the developed world though. If they had held their gold in the world’s main, developed world vaults that would have been frozen along with Iran’s other overseas assets. We may not agree to Iran’s politics and attitudes, but there is a lesson to be learned here.
Read More @ GoldSeek.com
by Alasdair Macleod, FinanceAndEconomics.org:
The most important objective for any government is to achieve economic growth. Out of this growth develops employment and taxes to fund government itself. It is in other words the primary focus of all economic planning. Much effort is also spent perfecting the statistics deemed vital to quantifying everything that might contribute to the attainment of this end. Furthermore, “independent” monetary policy long ago migrated from the principal objective of controlling inflation to stimulating the economy into more growth. Almost everyone in developed economies knows and supports this objective, even if they argue over the means. However, not only have governments consistently failed to achieve this fundamental objective, they are now increasingly worried that government spending cuts will propel us all into a deep economic contraction.
But are we right to think in terms of economic growth or contraction? The concept is essentially Keynesian and stems from mainstream economic analysis. It presupposes that governments actually have a positive interventionist role and can improve economic outcomes, a supposition that is on examination completely flawed. Instead, an economy that successfully delivers the products and services people actually want does so in an unplanned, random fashion. It is the sum of all activity, which organises the production of goods and services by entrepreneurs and business proprietors in the considered belief they will be wanted.
Read More @ FinanceAndEconomics.org
The most important objective for any government is to achieve economic growth. Out of this growth develops employment and taxes to fund government itself. It is in other words the primary focus of all economic planning. Much effort is also spent perfecting the statistics deemed vital to quantifying everything that might contribute to the attainment of this end. Furthermore, “independent” monetary policy long ago migrated from the principal objective of controlling inflation to stimulating the economy into more growth. Almost everyone in developed economies knows and supports this objective, even if they argue over the means. However, not only have governments consistently failed to achieve this fundamental objective, they are now increasingly worried that government spending cuts will propel us all into a deep economic contraction.
But are we right to think in terms of economic growth or contraction? The concept is essentially Keynesian and stems from mainstream economic analysis. It presupposes that governments actually have a positive interventionist role and can improve economic outcomes, a supposition that is on examination completely flawed. Instead, an economy that successfully delivers the products and services people actually want does so in an unplanned, random fashion. It is the sum of all activity, which organises the production of goods and services by entrepreneurs and business proprietors in the considered belief they will be wanted.
Read More @ FinanceAndEconomics.org
Last Friday, we looked at The best assets to own as Europe breaks up. I said I thought you should hold precious metals and singled out silver. Today I’ll show you a great way to buy it.
Like gold, silver can be a great store of value during tempestuous times – and I know a lot of Right Siders like the investment.
The problem is, silver can be incredibly volatile. That’s why I generally advise investors to avoid leveraged positions such as spread-bets for silver. It’s just way too dangerous.
I’d much prefer to hold physical silver, buying it and tucking it away. The problem is that, unlike gold, you’ll have to pay VAT if you want to buy physical silver.
But if you know where to look, you can still get a great deal. Today I want to show you how you can buy physical silver at a discount including VAT!
Read More @ MoneyWeek.com
Like gold, silver can be a great store of value during tempestuous times – and I know a lot of Right Siders like the investment.
The problem is, silver can be incredibly volatile. That’s why I generally advise investors to avoid leveraged positions such as spread-bets for silver. It’s just way too dangerous.
I’d much prefer to hold physical silver, buying it and tucking it away. The problem is that, unlike gold, you’ll have to pay VAT if you want to buy physical silver.
But if you know where to look, you can still get a great deal. Today I want to show you how you can buy physical silver at a discount including VAT!
Read More @ MoneyWeek.com
from The Daily Bell:
Judging
by the numbers, the RBI is among the world’s best central banks. Its
record on balancing growth and inflation is decent enough. Since 1995
wholesale prices have risen by an average of 6% a year, not too far from
the RBI’s comfort zone of about 5%. Growth has averaged 7% a year. The
RBI is also in charge of the safety of the financial system, to which
end it yanks more levers than Willy Wonka in a chocolate factory. Its
record here is excellent. Despite a current-account deficit that leaves
India vulnerable to global jitters, the country sidestepped the 1997
Asian crisis (“nobody gave us a chance,” recalls a former governor) and
the West’s banking crisis in 2008. The RBI also coped with big and
potentially destabilising capital inflows in the euphoric years before
Wall Street began to totter, and has avoided a domestic financial crisis
despite fast growth in banks’ assets for many years. – Economist
Dominant Social Theme: The Reserve Bank of India is a great example of how central banks work, and work well …
Free-Market Analysis: Central banks should be free. That’s the dominant social theme the Economist magazine is pounding home today in this article. Too bad the Economist’s premise is a mistaken one.
And that would surely come as a surprise to some … though not to many who read the alternative media and have been exposed to real free-market thinking. Obviously, the Economist writers and editors have not.
Read More @ TheDailyBell.com
Judging
by the numbers, the RBI is among the world’s best central banks. Its
record on balancing growth and inflation is decent enough. Since 1995
wholesale prices have risen by an average of 6% a year, not too far from
the RBI’s comfort zone of about 5%. Growth has averaged 7% a year. The
RBI is also in charge of the safety of the financial system, to which
end it yanks more levers than Willy Wonka in a chocolate factory. Its
record here is excellent. Despite a current-account deficit that leaves
India vulnerable to global jitters, the country sidestepped the 1997
Asian crisis (“nobody gave us a chance,” recalls a former governor) and
the West’s banking crisis in 2008. The RBI also coped with big and
potentially destabilising capital inflows in the euphoric years before
Wall Street began to totter, and has avoided a domestic financial crisis
despite fast growth in banks’ assets for many years. – EconomistDominant Social Theme: The Reserve Bank of India is a great example of how central banks work, and work well …
Free-Market Analysis: Central banks should be free. That’s the dominant social theme the Economist magazine is pounding home today in this article. Too bad the Economist’s premise is a mistaken one.
And that would surely come as a surprise to some … though not to many who read the alternative media and have been exposed to real free-market thinking. Obviously, the Economist writers and editors have not.
Read More @ TheDailyBell.com
by Jeffrey Tucker, Whiskey and Gun Powder:
My
brother is teaching a semester in London, and he casually video Skyped
me last week to show me around his apartment, which is small but
charming. I reciprocated by hauling up the cover of the e-book I am
reading, and shared my desktop to show a YouTube performance of
Renaissance music I thought he would enjoy. We chatted a bit more and
hung up. No “long distance” charges.
So what? Well, none of this could have happened 10 years ago. Not only that, you would probably wouldn’t have understood the paragraph in the slightest because it contains words and actions no one had heard of. Had I told you in 1992 that in 20 years, virtually anyone would be able to speak in wireless real-time video to anyone else on the planet, even to the point of sharing a real-time digital experience, you would not have believed it.
And if I had added that the technology was not outrageously expensive, but rather being carried around in the pockets of students and commuters everywhere, this would have seemed too outrageous for science fiction. What amazing force in the universe hath rained down such blessings on us mere mortals?
Read More @ WhiskeyAndGunPowder.com
My
brother is teaching a semester in London, and he casually video Skyped
me last week to show me around his apartment, which is small but
charming. I reciprocated by hauling up the cover of the e-book I am
reading, and shared my desktop to show a YouTube performance of
Renaissance music I thought he would enjoy. We chatted a bit more and
hung up. No “long distance” charges.So what? Well, none of this could have happened 10 years ago. Not only that, you would probably wouldn’t have understood the paragraph in the slightest because it contains words and actions no one had heard of. Had I told you in 1992 that in 20 years, virtually anyone would be able to speak in wireless real-time video to anyone else on the planet, even to the point of sharing a real-time digital experience, you would not have believed it.
And if I had added that the technology was not outrageously expensive, but rather being carried around in the pockets of students and commuters everywhere, this would have seemed too outrageous for science fiction. What amazing force in the universe hath rained down such blessings on us mere mortals?
Read More @ WhiskeyAndGunPowder.com
by Jeff Clark, Casey Research:
There
are a number of reasons why many of us believe gold stocks will shoot
for the moon before this bull market is over – they’ve done so many
times in the past… the gold price still has a long way to climb… and
producers are generating record revenue and profits. But I think there’s
another reason why gold stocks will soar – one that hasn’t dawned on
many in the industry yet.
The premise for my theory first lies in how gold itself is viewed. Some investors see gold as strictly a commodity or the infamous “barbarous relic.” This group sees no compelling reason to buy the metal and so own little to none. Others view it as a play on a rising asset or because of supply and demand imbalances; they buy while those reasons are positive and sell when they turn negative. Still others view gold as a store of value, an alternative currency, or a hedge against inflation; they tend to buy and hold.
Read More @ CaseyResearch.com
There
are a number of reasons why many of us believe gold stocks will shoot
for the moon before this bull market is over – they’ve done so many
times in the past… the gold price still has a long way to climb… and
producers are generating record revenue and profits. But I think there’s
another reason why gold stocks will soar – one that hasn’t dawned on
many in the industry yet.The premise for my theory first lies in how gold itself is viewed. Some investors see gold as strictly a commodity or the infamous “barbarous relic.” This group sees no compelling reason to buy the metal and so own little to none. Others view it as a play on a rising asset or because of supply and demand imbalances; they buy while those reasons are positive and sell when they turn negative. Still others view gold as a store of value, an alternative currency, or a hedge against inflation; they tend to buy and hold.
Read More @ CaseyResearch.com
by Dr. Ron Paul, Paul.House.gov:
While much has been made recently of the President’s unconstitutional appointment of Richard Cordray to be director of the Consumer Financial Protection Bureau (CFPB), lost in the hubbub has been any discussion of the unconstitutionality of, or the need for, the CFPB itself. Proponents of the CFPB claim that this new bureaucracy will help consumers by protecting them from fraudulent activity. In reality, it will only expose consumers to more financial harm.
Housed within the unconstitutional Federal Reserve, and funded not through Congressional appropriations but through the Federal Reserve’s interest revenue off the trillions of dollars of US government debt it holds, the structure of the CFPB ensures that it is run by unelected, unaccountable bureaucrats, with no effective oversight from Congress. Given broad power to regulate the activities not only of banks, but also of any other entity which the government deems offers a financial product, there is almost no limit to the scope of financial activities which the CFPB can oversee.
Read More @ Paul.House.gov
Beware what you ask for.
While much has been made recently of the President’s unconstitutional appointment of Richard Cordray to be director of the Consumer Financial Protection Bureau (CFPB), lost in the hubbub has been any discussion of the unconstitutionality of, or the need for, the CFPB itself. Proponents of the CFPB claim that this new bureaucracy will help consumers by protecting them from fraudulent activity. In reality, it will only expose consumers to more financial harm.
Housed within the unconstitutional Federal Reserve, and funded not through Congressional appropriations but through the Federal Reserve’s interest revenue off the trillions of dollars of US government debt it holds, the structure of the CFPB ensures that it is run by unelected, unaccountable bureaucrats, with no effective oversight from Congress. Given broad power to regulate the activities not only of banks, but also of any other entity which the government deems offers a financial product, there is almost no limit to the scope of financial activities which the CFPB can oversee.
Read More @ Paul.House.gov
Beware what you ask for.
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