The Federal Reserve (government) Pledges $7.4 Trillion
Nov. 24 (Bloomberg) -- The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.
The unprecedented pledge of funds includes $2.8 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the only plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.
When Congress approved the TARP on Oct. 3, Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson acknowledged the need for transparency and oversight. Now, as regulators commit far more money while refusing to disclose loan recipients or reveal the collateral they are taking in return, some Congress members are calling for the Fed to be reined in.
Read the rest:
http://www.bloomberg.com/apps/news?pid=email_en&refer=home&s...
Whoops! The amount just increased to $7.76 trillion.
$360 billion in less than a day.
http://digg.com/business_finance/WTF_Fed_Pledges_Exceed_7_4_...
Ron Paul's Convention Speech
Ron Paul's Convention Speech
This may
finish the dollar.
Fellowship of the White Rose
Ron Paul was right
Just the tip of the Iceberg...the real #' is 37 TRILLION
Check this post out earlier here on Daily Paul....
http://www.dailypaul.com/node/74114
Jesus is the saviour of the WHOLE WORLD, "As in Adam all die, so too in Christ ALL shall be made alive." (ICor.15:22) All means all. The pagan 'hell' of literal fire & eternal torment is a lie and is SPIRITUAL TERRORISM. http://www.hopebeyondhell.net/blog
WHERE IS GREED>> I wonder
WHERE IS GREED>> I wonder if he finally got it figured out and is standing in line at the coin store lol!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
WHY ISN'T THIS HEADLINE NEWS !?!?!?!
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Has anyone seen this story besides the Bloomberg story?
The only story I've seen today as a headline is the $20 billion CitiGroup bailout.
$20 billion next to $7.4 trillion is such a complete joke beyond comprehension.
Like someone else here said, the $7.4 trillion is about 75% of what our debt already was - TOTAL !!!!!
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www.vaclib.org
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www.vaclib.org
agreed
why its not headline news????
http://www.votenader.org/blog/2008/09/10/statement-to-ron-pa...
http://www.flickr.com/photos/57925480@N00/2660779139/sizes/l/
Website:
http://www.libertypoet.com/
Twitter:
http://twitter.com/LibertyPoet
"How can we justify to the unemployed and underemployed in the United States the incredible cost of maintaining a global empire?" - Dr. Ron Paul
Anyone seen a headline yet besides Bloomberg ?
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www.vaclib.org
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www.vaclib.org
I recall an older analogy that compared the fiat money cycle
with a pattern of drug addiction. As the process progresses, the amounts necessary become larger and the effect duration becomes less potent. When one examines the situation with the transfer of U.S. securities directly into printing press output, it's as if we've now stopped snorting the drug and have now opted for direct injections. The only argument now is timing and the degree of devastation, both to quality of life as well as to those liberties that so many fought and died to obtain.
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
Exaclty! Everything repeats
Exaclty!
Everything repeats itself; history is filled with examples of not only the same events, but the very same mind-sets that permeate societies. I find it absolutely astounding that so many can mentally fall into the same trap time and again throughout history. Our time in history is no different, so many blind leading blind and they don’t see the ditch that lay before them.
This present crisis is nothing new; students of economic history have seen these patterns before and recognize the signals of disaster. This crisis is a progression, a systemic issue that has gone far beyond a business cycle.
There is a lack of information, valid information within the system. We are seeing the same type of information coming from the “official” voices that came from all the other “crashes” peviously in history. It always repeats itself because those in government, those in the banking system, investors and the population is, in general, ignorant of history. In such systems values are always artificially inflated, money rushes in for a while and then there is an exit, both psychological and physcial from the markets. The bubble always bust in such systems because they are artificially created and maintained.
This system does not rely upon nor does it call upon common sense for rational decision making. It ignores logical thought and procedes with irrational behaviors brought about by the idea that there is easy capital available. Riches without actualy work, side-stepping the fundamental principles of capitalism for a type of hyped up socio-capitalism that never works, especially when it is combined with a fiat monetary system.
At some point, the last of the “credit-worthy” entities fails, that last entity is the government. When the credit-worthiness of governments begin to fail, such as Iceland, then all their guarantees are equally worthless. You see, government bond markets actually hold the most control in a fiat monetary system, it is the means by which governments create their fiat currencies. Our government, in particular, depend on such an Open Market for its Bonds that when that system begins to fail, as I suspect it has, then the government must, along with its central bank, directly lend to itself instead of other foreign creditors. This is a sing of the end of the entire system, including the government.
I expect the next country to witness a collapse of their system will be Austria. The Social Democratic Party of Austria recently stated that it is currently in a balancing act, that if the 100 Billion in Euros were called, that the Country of Austria will collapse. That is not very much money in today’s dollars folks. The Austrian government, along with every other government, ours included are monetizing government bonds like crazy at the moment. They are not necessarily selling them on the Open Market, the are selling them to themselves.
Today, the Federal Reserve basically stated that they would pledge $7.4 Trillion to prevent a meltdown of the financial sector, that money is not being borrowed in what we would consider normal Open Market operations, it is a direct lending that occurs when the government sells its bonds directly to the issuing bank, in this case the Federal Reserve. While a bond is not the same as money, the truth of the matter is that when interest rates draw near or hit the Zero Bound, then bonds almost mimic money as though it were money. This direct lending by the Federal Reserve is astounding to me and very troubling because it means that they have shifted to a collapse mode. Their actions show a collapse in process.
Personally, I don’t think our politicians or most of the banking heads have a clue. I realize that there are many who see conspiracy, but from what I am seeing is that these people are simply repeating the stupid decision-making processes that have happened time and again through-out history and are falling for the very same mind-sets that have destoryed economies and societies in the past. It is a classical destruction, it has happened many times before…it is a repeat scenario!
The last so-called “Solvent” creditor is the government, it has now been affected directly by the crisis its policies helped create. When banks default, as they are now, the government must step in with guarantees to prop up the system, when that fails then there is no other place to turn but to the government. Since the government itself is basically insolvent, what must it do to fulfill those gurantees? It will do the only thing left to it and that is lend itself money, through the process we are now witnessing. Other creditors are pulling back, the government can now only lend to itself, and that process, as history shows, always, without exception leads to a hyper-inflationary event.
The system collapses because the money rapidly loses its purchase value, it becomes effectively worthless, it enters into what I call a negative value.
I would not hold paper money of any kind, whether it be Dollars, Euros, Yen, or any other kind, at least not in any substaintial amounts. My suggestion is that we all stock up on food, if you have the ability to turn your fiat Dollars into even an acre of good arable land, the by all means do so. Gold and silver will come in handy, but if you can currently afford gold or silver it is better to stock up on freeze-dried food, trade goods.
http://www.1776solution.blogspot.com
I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue. Barry Goldwater
http://militantjeffersonian.com
"Men do not willingly read unpalatable truths of themselves. The People like those best who fool them most, by pandering to their vices and flattering their foibles" Raphael Semmes
Hyperinflation Tsunami.
The Fedgov can't continue to throw away trillions we don't have without massive printing of money to de-monetize the debt.
SUPPORT OUR FOUNDERS' AMERICA
Support the Constitution of the United States
SUPPORT OUR FOUNDERS' AMERICA
Support the Constitution of the United States
please clarify the title of this thread...
because the Federal Reserve is NOT part of our government!!
O Captain, My Captain, rise up and hear the bells!
its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
They are partners, you
They are partners, you cannot discern where one ends and the other begins at this point in history. Put away your preconceived ideas about the Federal Reserve not being about of this Un-Constitutional Government, it basically runs and props up this fradulent government, if not controls it!
They are partners in crime!
http://www.1776solution.blogspot.com
I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue. Barry Goldwater
http://militantjeffersonian.com
"Men do not willingly read unpalatable truths of themselves. The People like those best who fool them most, by pandering to their vices and flattering their foibles" Raphael Semmes
yes, what you say is absolutely true...
yes, the FED (those sorry bastard elitist central bank assholes) OWN the UNITED STATES GOVERNMENT!
but this is not supposed to be, it is not right, and it breaks the backs of Americans every day...we just need to make sure we don't ever begin to accept this as a way of life in America and should always FIGHT to keep the fed not just OUT of the government, but ABOLISHED completely!
END THE FED!
O Captain, My Captain, rise up and hear the bells!
its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
incredible
our national debt was 10 trillion a few months ago. meaning we've increased the debt 75% in the last 2 months.
are we trying to destroy the dollar?
and in the months preceding "a few months ago"...
it was 5 trillion!
it is disheartening finding out how we've been RAPED by the Federal Reserve and our elected corrupt politicians since 1913!
O Captain, My Captain, rise up and hear the bells!
its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
The game is rigged and nobody seems to notice
"Forget the politicians. The politicians are put there to give you the idea that you have freedom of choice . . . you don’t. You have no choice. You have owners. They own you. They own everything. They own all the important land. They own, and control the corporations. They’ve long since bought, and paid for the Senate, the Congress, the state houses, the city halls, they got the judges in their back pockets and they own all the big media companies, so they control just about all of the news and information you get to hear. They got you by the balls. They spend billions of dollars every year lobbying . . . lobbying, to get what they want . . . Well, we know what they want. They want more for themselves and less for everybody else, but I’ll tell you what they don’t want . . . they don’t want a population of citizens capable of critical thinking. They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that . . . that doesn’t help them. That’s against their interests. That’s right. They don’t want people who are smart enough to sit around a kitchen table and think about how badly they’re getting f%#ked by a system that threw them overboard 30 f%#kin' years ago. They don’t want that. You know what they want? They want obedient workers . . . Obedient workers, people who are just smart enough to run the machines and do the paperwork. And just dumb enough to passively accept all these increasingly shittier jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and vanishing pension that disappears the minute you go to collect it, and now they’re coming for your Social Security money. They want your f%#kin' retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it . . . they’ll get it all from you sooner or later cause they own this f%#kin' place. It’s a big club and you ain't in it. You and I are not in The big club. By the way, it’s the same big club they use to beat you over the head with all day long when they tell you what to believe. All day long beating you over the head with their media telling you what to believe, what to think and what to buy. The table has tilted folks. The game is rigged and nobody seems to notice. Nobody seems to care. Good honest hard-working people . . . white collar, blue collar it doesn’t matter what color shirt you have on. Good honest hard-working people continue, these are people of modest means . . . continue to elect these rich c%#ksuckers who don’t give a f%#k about you. They don’t give a f%#k about you . . . they don’t give a f%#k about you. They don’t care about you at all . . . at all . . . at all, and nobody seems to notice. Nobody seems to care. That’s what the owners count on. The fact that Americans will probably remain willfully ignorant of the big red, white and blue dick that’s being jammed up their assholes everyday, because the owners of this country know the truth. It’s called the American Dream cause you have to be asleep to believe it . . .” -- George Carlin (May 12, 1937 – June 22, 2008)
this is the TRUTH!
...now, the question becomes, what in the hell are we going to do about it?
O Captain, My Captain, rise up and hear the bells!
its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
HMMM
Bob Schieffer spoke with Speaker of the House Nancy Pelosi about the future of the American auto industry and what the Big 3 need to do to stay afloat.
http://www.youtube.com/watch?v=tjVahm1VkRQ
"I don't want to be in a battle . . . but
waiting on the edge of one I can't escape
is even worse"
"I have found that being rich is not about having the most but about needing the least"
If the FED tells who borrowed, how much they borrowed and
If the FED tells who borrowed, how much they borrowed and what the collateral is worth (which is nothing) the whole banking system would implode.
"Lead, follow, or get out of the way."
-- Thomas Paine
A Republic, If You Can Keep It
Exactly, the extremely weak
Exactly, the extremely weak confidence in the system now would instantly become toxic.
http://www.1776solution.blogspot.com
I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue. Barry Goldwater
http://militantjeffersonian.com
"Men do not willingly read unpalatable truths of themselves. The People like those best who fool them most, by pandering to their vices and flattering their foibles" Raphael Semmes
They don't plan on the money ever being re-paid
That's why this administration and our lowly congress members are playing so fast and loose with this money. It's no more than monopoly money to them. They know it will eventually lead to inflation, but so what, they think. We've always had a level of inflation, and we'll be heading into a new currency era before too long anyway, and they'll all be out of office sooner or later. This quick fix of heroin for these junkie financial institutions will make for a lot of boardroom scotch and cigar good old boy meetings, and very little will benefit the common man or the economy. The Saudi prince bought a sizeable chunk of Citi last week, and preso, now Citi gets a $20B infusion of cash, stock goes up significantly on the news. Do you think the Saudi prince might have been aware of this? Our elected officials are downright sickening. Absolutely no integrity whatsoever.
alan laney
here is the link...
here is the link to this sickening sell out of america
http://money.cnn.com/2008/11/20/news/companies/citi_stake/in...
now remember, the 25 billion dollar bailout they mention is the FIRST bailout...after the FIRST bailout the saudi prince invested more capital into the company (this was also after the price had plunged 83%)
then, the "government" pledged ANOTHER 20 billion dollars of our tax money to citigroup to increase the wealth of the saudi prince (via his citigroup holdings) because then the stock shot straight up!
yes, this IS INSIDER TRADING!
O Captain, My Captain, rise up and hear the bells!
its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
The fiat money presses are
The fiat money machine is running overtime.
Shares surge in premarket as U.S. says it will guarantee losses on more than $300 billion in troubled assets and make a fresh $20 billion injection to Citigroup.
http://money.cnn.com/2008/11/23/news/companies/citigroup/ind...
"You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning." --Andrew Jackson,
1828
“It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds”
-Sam Adams
Exactly, what is happening
Exactly, what is happening is now the federal government is simply selling their Treasury Bonds directly to the Federal Reserve to make the fiat money. That is the most dangerous type of fiat creation because it side-steps monetizing debt, in other words selling Bonds to foreign governments which almost act as a buffer to over-expansion, and they are creating the money in a direct manner now. This is the end-game folks, prepare for it NOW!!!
http://www.1776solution.blogspot.com
I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue. Barry Goldwater
http://militantjeffersonian.com
"Men do not willingly read unpalatable truths of themselves. The People like those best who fool them most, by pandering to their vices and flattering their foibles" Raphael Semmes
Disingenuous
This statement from the article is false:
As we here all know, that bailout bill granted the Fed the ability to tap unlimited funds, without oversight or Congressional approval.
Watch now as people who supported the bailout whine and cry about this "unauthorized" expenditure, which we who actually read the bill recognize as completely authorized by our benevolent representatives, boneheads that they are. At least my rep voted "no" on it both times it came up...but then again, my rep also helped to craft and promote the FISA bill. :P
No that's some fightin words!!! Mr. Garrett just found his sack!
“Whether it’s lending or spending, it’s tax dollars that are going out the window and we end up holding collateral we don’t know anything about,” said Congressman Scott Garrett, a New Jersey Republican who serves on the House Financial Services Committee. “The time has come that we consider what sort of limitations we should be placing on the Fed so that authority returns to elected officials as opposed to appointed ones.”
"Americans need to take a Democrap and wipe it's Republican from the history books of this once great Nation"
-Concerned Citizen
"The use of 'Conspiracy Theorist' or 'Truther' as a derogatory -- as an epithet almost -- is something the propagandists have perfected over the decades, and it's a useful tool for eliminating articulate dissent."
It is interesting that Obama
It is interesting that Obama is turning to the "experts" from the FED to hold posts in his Administration. The very ones who are part of the problem are now to be the very ones that are suppose to come up with a solution......LAUGHABLE!!!!!
http://www.1776solution.blogspot.com
I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue. Barry Goldwater
http://militantjeffersonian.com
"Men do not willingly read unpalatable truths of themselves. The People like those best who fool them most, by pandering to their vices and flattering their foibles" Raphael Semmes
That money will be pure,
That money will be pure, unadulterated fiat money....side-stepping debt, direct injection...get ready folks for the inflationary event that will make the Wiemar Republic look like childs play.
http://www.1776solution.blogspot.com
I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue. Barry Goldwater
http://militantjeffersonian.com
"Men do not willingly read unpalatable truths of themselves. The People like those best who fool them most, by pandering to their vices and flattering their foibles" Raphael Semmes
How long do you expect deflation to persist
prior to inflation rearing it's head? I have seen estimates of up to a couple years. (I myself have no clue)
That depends on just how the
That depends on just how the system is manipulated by the central banks of the world. I estimate that there is a much more massive pit in the housing market that has yet to be revealed to the public, perhaps as many as 12 Million homes going into foreclosure within the next year. That one thing might precipitate or trigger the Federal Reserve to take drastic actions that we have yet to fully grasp. Remember, hyper-inflation never happens during a BOOM, it is always the result of a reaction to a deflationary BUST. I estimate that we are already seeing the FED, and other central banks around the world, take unprecidented actions, never taken before, at least in modern times, to avert this deflationary correction because the correction is so very deep that they now feel they have no other options. We will see the central banks of the world side-step normal monetary creation for direct creation and injection. This is an emergency measure and should be considered part of the end-game, the destruction of the entire monetary system as we know it, they simply have no other tricks in their bag, nothing to replace the current system, not supports to undergird the system.
I estimate that by the end of 2009, the strange period begins in earnest, where we will still be suffering from an economic deflation mixed with a highly monetary inflationary push by the central banks. It may happen prior to that time, but the loss of confidence in the system will be stressed as never before and as few seem to understand, hyper-inflation is not merely a monetary event, it is a psychological event that occurs when there is a competely loss of confidence, not only in the money, but in the government itself.
http://www.1776solution.blogspot.com
I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue. Barry Goldwater
http://militantjeffersonian.com
"Men do not willingly read unpalatable truths of themselves. The People like those best who fool them most, by pandering to their vices and flattering their foibles" Raphael Semmes