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“Secret Banking Cabal Emerges From AIG Shadows” – Bloomberg

Posted on Jan 30, 2010 in Economic News

Source: Bloomberg

The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.

Wednesday’s hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials.

We’re talking about the Federal Reserve Bank of New York, whose role as the most influential part of the federal-reserve system — apart from the matter of AIG’s bailout — deserves further congressional scrutiny.

The New York Fed is in the hot seat for its decision in November 2008 to buy out, for about $30 billion, insurance contracts AIG sold on toxic debt securities to banks, including Goldman Sachs Group Inc., Merrill Lynch & Co., Societe Generale and Deutsche Bank AG, among others. That decision, critics say, amounted to a back-door bailout for the banks, which received 100 cents on the dollar for contracts that would have been worth far less had AIG been allowed to fail....

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Russia Diversifies Reserves with Canadian Dollars

Posted on Jan 21, 2010 in Economic News

Source: Financial Times

Russia’s central bank announced on Wednesday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves.

Analysts said the move could be a sign of increased diversification of emerging market central bank assets away from the dollar and into investments denominated in other commodity-linked currencies, such as the Australian dollar.

Adam Cole at RBC Capital Markets said if taken in isolation, Russia’s announcement that it was buying Canadian dollars was not significant, but if it was part of a broader trend, then it was an important step.

“If it is a barometer for the activity of other central banks, then its is structurally positive for the currencies of countries like Canada and Australia that have a commodity bias in their economies,” he said.

Read the full article here –
...

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Israeli Attack on Iran Could be Disaster — for U.S. Economy

Posted on Jan 18, 2010 in Economic News

Baltimore Sun – Israel will not be complicit in a second Holocaust. If Iran or any other nation that has called for the destruction of Israel is about to acquire nuclear weapons, the Israelis will attempt to destroy that nation’s uranium-enrichment facilities. In June 1981, Israel launched a successful air attack on an Iraqi nuclear reactor, and in 2007 it bombed a Syrian factory suspected of producing plutonium warheads.

But Americans should be aware that when Iran becomes the next target, it will be a blow to the U.S. economic recovery.

In an effort to prevent a military resolution to the problem, the nuclear club has tried to persuade Iran to stop its weapons program. But President Mahmoud Ahmadinejad responded recently by threatening to build 10 new enrichment sites. There is no evidence that sanctions will persuade Mr. Ahmadinejad to abandon the opportunity he foresees to destroy his hated enemy. That leaves Israel with no choice.

The economic repercussions of an attack will be far reaching and painful. The price of oil will quickly shoot through the roof. Judging by what happened in 1973, the price could easily go above $300 a barrel in the short term....

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Commodity Futures News Jan 14, 2010

Posted on Jan 14, 2010 in Economic News

Source: DailyFutures U.S. Economy The U.S. Labor Department said that jobless claims were up 11,000 last week to 444,000, more than expected. The March 2001 eurodollars closed up .065 at 98.475. The U.S. Commerce Department said that retail sales were down .3% in December, weaker than expected. They also said that inventories were up .4% in November, more than expected. The U.S. Treasury sold $13 billion of 30-year T-bonds at a median yield of 4.61% with a bid-to-cover ratio of 2.68. The March U.S. T-bonds closed up 27/32nds at 116.25/32nds. Grains and Cotton The USDA said that, as of last week, 2009-2010 exports of: Corn remained up 5% from a year ago. Soybeans increased from up 38% to up 42% from a year ago. Wheat slipped from down 28% to down 29% from a year a

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Commodity Futures News Jan 12, 2010

Posted on Jan 12, 2010 in Economic News

Source: DailyFutures U.S. Economy - China Tightens Reserve Requirements China surprised the markets today, announcing that they are raising the reserve requirements for their banks by .5% starting January 18th. It is seen as a move to restrain the economy. The March U.S. T-bonds jumped up 1.20/32nds to 116.26/32nds. Most commodities were lower on the day. The U.S. Census Bureau said that exports were up .9% to $138.2 billion in November while imports were up 2.6% to $174.6 billion. The result was net imports of $36.4 billion, more than expected. The U.S. Treasury sold $40 billion of 3-year T-notes at a median yield of 1.45% with a bid-to-cover ratio of 2.98. Grains and Cotton - USDA Reports The USDA's 2009-2010 U.S. ending stocks estimate of: Corn was increased from 1.

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SEC Orders AIG Info Sealed Until 2018

Posted on Jan 12, 2010 in Economic News, Federal Reserve & Bankers

Source: Reuters

It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group (AIG.N) because of an action taken last year by the Securities and Exchange Commission.

In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.

The SEC’s Division of Corporation Finance, in granting AIG’s request for confidential treatment, said the “excluded information” will not be made public until Nov. 25, 2018, according to a copy of the agency’s May 22 order.

The SEC said the insurer had demonstrated the information in the exhibit, called Schedule A, “qualifies as confidential commercial or financial information.”

The expiration date for the SEC order falls on the 10th anniversary of Federal Reserve of New York’s decision to provide emergency financing to an entity set up to specifically acquire some $60 billion in collateralized debt obligations from 16 banks in the United States and Europe....

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Federal Reserve Seeks to Protect U.S. Bailout Secrets

Posted on Jan 11, 2010 in Economic News, Federal Reserve & Bankers

Source: Bloomberg

The Federal Reserve asked a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.

The U.S. Court of Appeals in Manhattan will decide whether the Fed must release records of the unprecedented $2 trillion U.S. loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.

“This case is about the identity of the borrower,” said Matthew Collette, a lawyer for the government, in oral arguments today. “This is the equivalent of saying ‘I want all the loan applications that were submitted.’”

Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money. Banks and the Fed warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors....

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Commodity Futures News Jan 05, 2010

Posted on Jan 05, 2010 in Economic News

Source: DailyFutures U.S. Economy The U.S. Commerce Department said that factory orders were up 1.1% in November, better than expected. The March 2011 eurodollars closed up .10 at 98.28. The National Association of Realtors said that pending home sales were down 16% in November, but still up 15.5% from a year ago. March lumber fell $2.40 to $228.10. The March U.S. T-bonds closed up 30/32nds at 116.01/32nds. Grains and Cotton Part of yesterday's big gain in wheat prices was due to concerns that the winter wheat crops in Nebraska and Kansas may suffer damage from being exposed to below-zero temperatures. Today, March wheat was down 4.75 cents to $5.53. According to Bloomberg news, the soybean harvest in Brazil has begun and expectations are high for a record crop (see artic

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U.S. Treasuries Post Worst Performance Among Sovereign Markets

Posted on Jan 04, 2010 in Economic News

(Bloomberg)  Treasuries were the worst performing sovereign debt market in 2009 as the U.S. sold $2.1 trillion of notes and bonds to fund extraordinary efforts to bolster the economy and financial markets.

Investors in U.S. debt lost 3.5 percent on average through Dec. 30, according to Bank of America Merrill Lynch indexes, the biggest annual slide since at least 1978. The 10-year Treasury yield reached its highest level in six months yesterday before a Labor Department report next week forecast to show payrolls were unchanged in December after the U.S. economy lost jobs in every month since January 2008.

“The financial system has survived,” said Ray Remy, head of fixed income in New York at Daiwa Securities America Inc., one of 18 primary dealers that trade directly with the Federal Reserve. “Now the market has to deal with other issues like deficit spending, tremendous issuance, the weakness in the dollar. How significant is this recovery, and what happens when you take away some of the government stimulus.”

Read the entire article here – ...

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Small Business Bankruptcies up 81% in California

Posted on Dec 22, 2009 in Economic News

As credit lines have shrunk and consumers have cut back on spending, thousands of small businesses have closed their doors over the last year. The plight of struggling firms has been aggravated by the reluctance of banks to lend money, said Brian Headd, an economist at the Small Business Administration’s office of advocacy.

“While bankruptcies are up, overall, small-business closures are up even more,” Headd said.

California has been particularly hard hit. The latest data show small-business bankruptcies up 81% in the state for the 12 months ended Sept. 30, compared with the previous year.

Read the whole story: latimes.com...

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Senate Banking Committee Backs Bernanke for 2nd Term, 16-7 Vote

Posted on Dec 17, 2009 in Featured Articles

Source: Wall street Journal

The Senate Banking Committee backed Federal Reserve Chairman Ben Bernanke Thursday for a second term, sending his nomination to the full Senate for what is expected to be a fiery debate next month.

The panel backed Mr. Bernanke for another four-year term by a 16-7 vote. But even some of Mr. Bernanke’s backers underscored their support for a plan pending in the Senate that would overhaul the Fed’s role in financial regulation, which Mr. Bernanke sees as a threat to his — and the central bank’s — authority.

“With my support comes my insistence that we carefully examine the role of an institution that runs the risk of becoming too complicated to succeed,” said Sen. Chris Dodd (D., Conn.), the committee chairman, who backed Mr. Bernanke’s confirmation but favors shifting bank oversight from the Fed to a new agency.

The majority of Republicans on the panel voted against Mr. Bernanke, as did one Democrat, Sen. Jeff Merkley of Oregon. “We talk a good game when it comes to accountability, but we rarely match our own rhetoric with action,” said the committee’s top Republican, Richard Shelby of Alabama, explaining his “no” vote....

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Bernanke Named TIME’s Person of the Year

Posted on Dec 16, 2009 in Economic News

Source: CNN Money

[Hayden’s Note: I’ve been noticing the overwhelming number of articles praising Bernanke or the Federal Reserve lately.  It’s in the newspapers, on TV, in magazines, and even full page editorials. ‘They’ are on the offensive, trying to preserve the hoax known as the Federal Reserve, one of the largest Central Banks in the world.  Bernanke is described as a quiet, shy person in this article.  They say he is not a mesmerizing speaker – I beg to differ.  He is an exceptional speaker.  He is a master manipulator.  He maintains his poise and stature even under the tough scrutiny of Ron Paul and Financial Committees.  He is looked upon as the savior of the economy by many.  I, however, consider him to be one of the most evil men in existence.  He does not want the Fed audited because it would expose the scam being perpetrated.  Sure, it might hurt the economy.  It might raise interest rates… hell, depending on what it uncovers, it might bring about massive social unrest, riots, the downfall of America.  But to me, it is all worth it. ...

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1991 UN Policy Paper Describes Exact Purpose and Trajectory of Current Copenhagen Treaty

Posted on Dec 10, 2009 in Featured Articles

 

Jurriaan Maessen
December 10, 2009

The governments of Europe, the United States, and Japan are unlikely to negotiate a social-democratic pattern of globalization – unless their hands are forced by a popular movement or a catastrophe, such as another Great Depression or ecological disaster

Richard Sandbrook, Closing the Circle: Democratization and Development in Africa, Zed Books limited, London, 2000.

A 1991 policy paper prepared for the United Nations Conference on Environment and Development (UNCED) by self-described ‘ecosocioeconomist’ professor Ignacy Sachs outlines a strategy for the transfer of wealth in the name of the environment to be implemented in the course of 35 to 40 years. As it turns out, it is a visionary paper describing phase by phase the road to world dictatorship. As the professor states in the paper:

To be meaningful, the strategies should cover the time-span of several decades. Thirty-five to forty years seems a good compromise between the need to give enough time to the postulated transformations and the uncertainties brought about by the lengthening of the time-span.

In his paper “ The Next 40 Years: Transition Strategies to the Virtuous Green Path: North/South/East/Global”, Sachs accurately describes not only the intended time-span to bring about a global society, but also what steps should be taken to ensure “population stabilization”:

In order to stabilize the populations of the South by means other than wars or epidemics, mere campaigning for birth control and distributing of contraceptives has proved fairly inefficient....

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Bernanke: Fed Reserve Will Make Profit on Bailout

Posted on Dec 07, 2009 in Economic News, Federal Reserve & Bankers

NEW YORK (CNNMoney.com) — Federal Reserve chairman Ben Bernanke said Monday he’s confident the Federal Reserve will make money on the trillions it has pumped into the economy since the start of 2008.

[Hayden’s Note: Hmmmm, the Federal Reserve will make a profit.  Why is a ‘for-profit’ entity in control of our country’s monetary policies?!  Oh, wait… that’s because the Federal Reserve is one of the world’s largest, if not THE largest, Central Bank and has private shareholders, such as JP Morgan, Chase Manhattan, Bank of America, CitiBank, etc ad naseum.  Have I mentioned I hate the Federal Reserve lately?]

“I think we’re in very good shape,” Bernanke said, answering questions following a speech at the Economic Club of Washington. “I do believe we’re going to get back all the money, and indeed we’ll be showing for the taxpayers fairly significant extra income.”

Bernanke was referring specifically to Fed programs — not the Troubled Asset Relief Program (TARP). The U.S. Treasury will likely lose money on TARP, though the Obama administration is expected to announce soon that losses will be $200 billion less than initially expected....

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Bernanke Faces Sharp Criticism at Confirmation Hearing Thumbnail

Bernanke Faces Sharp Criticism at Confirmation Hearing

Posted on Dec 04, 2009 in Featured Articles, Federal Reserve & Bankers

Source: CNN Money

Hayden’s Note:

I know it’s a lengthy story – but at least read Bunning’s comments to Bernanke towards the end.  Burned!

300_200fedreserve

NEW YORK (CNNMoney.com) — Federal Reserve Chairman Ben Bernanke got a rough going over from both his supporters and detractors at his Senate confirmation hearing Thursday.

Even some of those who praised his actions during the financial troubles of the last two years, such as Senate Banking Committee Chairman Chris Dodd, balanced that support with arguments that the central bank should be stripped of some of its bank regulation powers due to its past failures of oversight.

While many Democrats on the banking panel joined Dodd in saying they would vote for another four-year term for Bernanke, some of the Republicans questioned whether they could support the chairman who was first appointed by President George W. Bush.

One long-time Bernanke critic Jim Bunning, R-Ky., said he was ready to do everything he could to block or delay the confirmation, joining a similar threat made late Wednesday by Sen. Bernie Sanders, the Socialist senator from Vermont who is among the 60 members of the Democratic caucus....

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