Today, we bring you the concluding third of our Essentialist Glossary. The first two thirds can be found here: The Essentialist’s Glossary: Updated for the ‘Teens (A-F), and here The Essentialist’s Glossary: Updated for the ‘Teens (G-M), respectively.[Read more...]
Just three short days until Ben Bernanke’s out and Janet Yellen’s in.
Here at The Daily Reckoning, the changing of the chair at the Eccles Building is a spectacle we take seriously. About as seriously as tonight’s State of the Union address, in fact.
So with a sentimental twinge, we tune out the daily grind and use the occasion as a springboard for the good professor’s roast. Despite years of endless mockery, odd looks, raised eyebrows and low blows, we admit we’ve formed a soft spot for “Helicopter” Ben. Deep in a small crevice of our heart of hearts. He was such an easy target… we will be sad to see him go.[Read more...]
Snug and safe inside the silent and comforting Mogambo Big Boy Bunker (MBBB), I have a lot of spare time each day to work myself into a state of paranoid hysteria by thinking about the economic mess we are in.
Being a cynic of the first order (everything is corrupt and nothing can be done) and sensing imminent doom (We’re Freaking Doomed (WFD)!), it is not surprising to me that the evil Federal Reserve owns more than $3.5 trillion in Treasury debt, which is about 21 percent of ALL the nation’s $17 trillion debt.[Read more...]
My mood is dark. I see, as usual, enemies everywhere, but have started filling my days, not with installing more defensive armaments in the Super Duper Mogambo Bunker (SDMB), but with making lists of all the people whom I blame for something, starting with the worst offender of them all, the absolutely satanic Alan Greenspan.[Read more...]
Federal Reserve chairman Ben Bernanke just can’t catch a break. Earlier this week, Alan Greenspan disagreed with Bernanke over federal spending. A few days earlier, another predecessor, Paul Volcker, questioned the Fed’s “dual mandate” to boost employment and contain inflation.
Volcker believes the central bank should only protect the dollar.[Read more...]
Taper now! Taper with all you’ve got!
This is the message — more or less — from former Federal Reserve chairman Alan Greenspan in an interview today with CNBC.
“The sooner we come to grips with this excessive level of assets on the balance sheet of the Federal Reserve — that everybody agrees is excessive — the better… There is a general presumption that we can wait indefinitely and make judgments on when we’re going to move. I’m not sure the market will allow us to do that.”[Read more...]
On precisely the same weekend in November as the Republican victory parties in and around Washington, the Fed celebrated its centennial far away from its DC home at Jekyll Island, Georgia. One hundred years ago, seven US Congressmen and bankers gathered together in secret at this highly remote location to lay the political foundations for what would become, in 1913, the Federal Reserve Act. The ostensible purpose of creating the Federal Reserve was to provide for greater financial stability in the wake of the US banking panic of 1907. So how has the Fed fared in this role?[Read more...]
Ben Bernanke, Alan Greenspan, a Goldman Sachs Managing Director â€“ a fitting invitee — and others descended upon Jekyll Island, Georgia, for the weekend to celebrate the Fed’s founding.
The immensely powerful and secretive institution, which has the exclusive reins on the US money supply, is coincidentally recognizing the occasion with another round of quantitative easing to the tune of $600 billion. Is the election going to help change things? Wellâ€¦ you can form your own opinion on that as you take a look at the clip below, which came to our attention via a Daily Bail post on the Fed celebrating a century of domination.[Read more...]
Junior Mogambo Ranger (JMR) Phil S. sent me a link to an article in The Economist titled â€œLetâ€™s Get Fiscal,â€� which is an obvious reference to the song â€œLetâ€™s get physical,â€� which is not about, as I originally thought, how you should be holding a lot of physical gold and silver before you start investing in the paper world of ETFs.[Read more...]