Former Fed Chairman Alan Greenspan was asked recently on Bloomberg TV whether he thought Bitcoin, which had an 80-fold run-up this year, was a bubble. Video below:[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...]
The Honorable Scott Brown
United States Senate
317 Russell Senate Office Building
Washington D.C. 20510
Dear Senator Brown:
I am a constituent who would like to help. My father sent you my book, Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession. You wrote my father a thank you note, for which I am thankful. None of the other 20 or so senators and congressmen to whom we mailed my book sent an acknowledgement.[Read more...]
Chuck is headed down to Springfield with his family for their annual summer camping adventure, so he handed off the responsibilities of the Pfennig to me. But as usual, Chuck left me a good bit of information before heading out the door. Here it is:
Right after I hit â€œsendâ€� on Friday, and told you that the euro (EUR) had sold off 1-cent, and drug the other currencies (except yen (JPY) and francs (CHF)) with it… The euro turned around and headed north! I felt as though I had sent out some bad information! But thereâ€™s always a time to cut off, and when I did, the selling was going on…[Read more...]