| MARKET ROUNDUP | |
| Dow | -25.24 to 16,826.60 |
| S&P 500 | -.73 to 1,960.23 |
| Nasdaq | -10.25 to 4,408.18 |
| 10-YR Yield | -.016 to 2.516% |
| Gold | +$7.80 to $1,327.80 |
| Crude Oil | -$.33 to $105.41 |
The world of central banks is a cushy, closed one. Picture a revolving door of private bankers, ex-bankers, and set-for-life policymakers jet-setting around the globe to attend expensive conferences, eat fancy dinners, and rub elbows with other stuffy, like-minded individuals.
Oh, and don’t forget all the boring policy papers filled with incomprehensible mathematical formulas and econ-o-jargon so thick you could cut it with a knife! Most of it is so stultifying, I wouldn’t even waste your time bringing it up.
But this weekend, a central bank “traitor” emerged in the midst. I’m talking about a landmark annual report from the Bank for International Settlements, or BIS.
If you haven’t heard of the BIS, think of it as the “central bank to central banks.” The Basel, Switzerland-based institution produces research and facilitates international monetary transactions for central banks the world over.
You’d expect the BIS, whose board of directors is stacked with central bankers like Mario Draghi of the European Central Bank and William Dudley of the U.S. Fed to basically toe the party line. You know, the one that says cheap money is great, it fixes everything, it actually does more than inflate financial bubbles over and over again, blah, blah, blah.
| “It’s not so much what is being said that should have you concerned. What matters is who is saying it.” |
But the 84th annual report just released yesterday did anything but! Among other things, it called out central bankers for creating a completely artificial market, noting that “it is hard to avoid the sense of a puzzling disconnect between the markets’ buoyancy and underlying economic developments globally.”
One side effect of all the easy money is that companies aren’t bothering to do anything productive (from an economic standpoint, such as building factories or hiring workers) with it. Instead, they’re just giving the dough to shareholders! Or in BIS-speak:
“Instead of adding to productive capacity, large firms prefer to buy back shares or engage in mergers and acquisitions. And despite lacklustre long-term growth prospects, debt continues to rise. There is even talk of secular stagnation.”
And what about all that happy talk? The talk about an easy, smooth return to normal policy conditions? Fuggedaboutit! The BIS said, “It will be difficult to ensure a smooth normalization” and that “the predominant risk is that central banks will find themselves behind the curve, exiting too late or too slowly.”
Again, it’s not so much what is being said that should have you concerned. I have accurately warned of exactly these threats for months. What matters is who is saying it. When even the central bank to central banks is saying this stuff, it’s a sign that a significant policy shift is underway. One toward tighter money, less QE, and yes, short-term interest rate hikes!
So fasten your seatbelts! The low-rate, low-volatility market many on Wall Street have gotten fat and happy off of may be in for a shake-up before long.
What do you think? Is the BIS on target? Do you think central banks have artificially manipulated markets, and if so, are they finally going to have to shift tacks? Will inflation be the trigger for a shift in policy? Worries over market complacency? Something else?
Let me and your fellow investors know by clicking over to the comment section here. Please note: The comment system was temporarily disabled over the weekend by computer issues.
| OTHER DEVELOPMENTS OF THE DAY |
 The Supreme Court ruled 5-4 that companies like Hobby Lobby Stores can choose not to provide contraceptive coverage for employees. The decision strikes down a provision from the Affordable Care Act, otherwise known as Obamacare, that required them to do so.
Until next time,
Mike Larson
Mike Larson graduated from Boston University with a B.S. degree in Journalism and a B.A. degree in English in 1998, and went to work for Bankrate.com. There, he learned the mortgage and interest rates markets inside and out. Mike then joined Weiss Research in 2001. He is the editor of Safe Money Report. He is often quoted by the Washington Post, Reuters, Dow Jones Newswires, Orlando Sentinel, Palm Beach Post and Sun-Sentinel, and he has appeared on CNN, Bloomberg Television and CNBC.
{ 38 comments }
I believe the catalyst for market disruption will be the escalation and spread of the religious wars in the Mideast, which will undoubtably cause a spike in oil prices even if only a result of uncertainty.
Such a rise in oil prices could unfortunately result in the collapse of the weaker members of the European Union.
Best bet buy the gold and silver mines. I have followed since the 70,s. If you can drop it on your foot and it hurts, buy it. Anything else will burn. Good article as always mike. Ps. Tangible gold and silver great also. Mines will go up as the dollar implodes, only this time, like we have never seen in our history. A global rush.
Well, The Central Bank’s outlook is fine for the bankers, but is not very good for the small and medium size businesses in the USA. Perhaps the “fringe benefits” required by the “Affordable Care Act” (ACA) are not considered to be productive. Yet, there will be fewer such businesses to make deposits in the banks, or to pay the loan interest, should the tighter money policies take place. It would also be punishment for consumers who purchase the production of the manufacturers — such as auto makers, steel manufacturers, technology manufacturers, builders, etc., — as there would be price increases. It seems there is so much competition among the global economies that it has become difficult to function economically without the help from QE.
Also, shareholders do spend the money from dividends. Yet, with the ability of larger corporations to buy back their shares, it seems that process would help with cash flow in the future. Better cash flow could provide funds for meeting some of the hidden requirements of ACA, leading to help with maintaining production costs, and consumers ability to purchase products.
It’s obvious the markets and the economy are manipulated to give the “powers that be” international banksters all the money and to leave us in the U .S. with nothing. It’s a ponzi scheme developed over century ago. We are at the end of America as we know it. The illuminati staged 9/11 to take down America and we are in the final stages of their planned collapse. The BRICS nations are rising as we collapse. I believe we will see an economic reset of all currencies due to the Chinese not wanting to see full on collapse of the entire financial global system. I think the IMF will announce a global reset soon and see a drop in the value of the dollar as other nations like Iraq, Vietnam are moved higher. It’s the leveling. The rich nations are being brought down as the 3rd world is being moved higher up. Americans who became fat, stupid and arrogant kind of been fooled and karma is coming right at the U.S. for sitting back and watching Kim Kardashian while we rally our government to go over to foreign countries and kill innocent women and children for no reason other then that the Illuminati wants to gain control of their GOD ( Gold, Oil and drugs). We are in for a bumpy right. Hold on buttercup b/c we are at the top of the 5000 foot drop.
Jen…..please don’t take offense to this, but though I believe you may have some historical facts on your side, the BRICS today are in terrible shape.
Having invested a tidy sum and having my boots on the ground, I can without a doubt atest to this. Years ago they were the in thing but today not so.
As far as the dong and dinar are concerned, both countries are pushing the value of the respective currencies down. Both Vietnam and Iraq use the dollar as trading vehicles and even their citizens shy from using their own currencies, although they must. The BRICS need to keep their MONEY values in chk to keep the exports flowing and increasing.
If the value of money increases then the exports go down because the cost of goods goes higher to the buying partner and the countries that sell are harmed.
Although I wish it were not so, the dollar is still the unit that gives the most stability
to world events and countries. It is only here in the US WHERE”THE FALLING DOLLAR” makes everything more expensive. Take a look at all the trading partners throught the world. They are all trying to stay out of trouble by pushing their money value down not up. And as far as having resources in and out of the ground to make the currency have more value, that is a fairy tale that is repeated over and over to make believers out of the masses that are desperate to believe in somthing they have little or no knowledge of. A final case in point. Look at the South African Rand. It continues to go down and has been. Why? They have more gold platinum paladium diamonds silver, you name it, than most countries put together.
As a final note I am on your side as to the powers that rule the world, but there will not be a revalue of world currencies higher. IT WILL RUIN THEM. NOT HELP THEM. Please do not be fooled. So many of us have looked for the smoking gun. We have the means to be able to do that. The revalue…It does not exist. Being in a position to rub elbows has helped me with clarity on this whole thing. When I asked questions of “those in the know” I was shut down!
In closing, I don’t want you or anyone you know to be hurt. Even with our contacts and our knowledge and our welloffness, we still got fooled when we said oh lets give it a shot. We were one of the wales group that went to Nevada. A COMPLETE SCAM!
Look at everything. Check it all out. And when you’re told the 1% doesn’t want you to have this blessing and the 1% doesn’t have the facts…this is a secret just for us…tell them even the 1% turned their dinars and dongs in. My best and may God watch over
you and your family….Landon
The market is not rigged only by Fed Actions. Every productive company faces the reality of ERISA, the 1974 congressional law that “safeguards” pensions and mandates that stocks involved in pension portfolios cannot fall below a specific value or the company can be taken by the Feds. Until the taking of GM under this law, most companies spent their time doing business but since then the company must keep a good cash position or face the same fate as GM. With the evolution of the stock market into another blue sky gambling casino and the deliberate targeting of company stocks to force a payment, well the entire investment world has been turned on its ears! The awesome leverage of stocks in electronic trading, disregarding the actual paper involved, has only added to the problems.
Central and World Bankers are distorting the markets to that there is a disconnect now. As long as interest rates remain lower than real inflation, businesses will engage in all sorts of buybacks, mergers, and other activity to pump up share value. But the economic number that just came out last week are bleak – businesses are not hiring, investing into new processes and infrastructure, and productivity. So as the real economy and employment roles wither, the markets gave nary a blink to the economic report and they continue bubbling along, completely disconnected from any production of real values.
In Europe, the economic decline is ahead of us in time a bit, and so are the central bankers’ moves. Obama is targeting the savers in our society incrementally with his initial proposal for MyRa savings accounts (he wants to drive retirements savings eventually 100% into US treasuries, and ideally he’d like to nationalize, then plunder them like what happened with the social security trust fund). But in Europe, Christine Lagarde has openly advocated seizing 10% of private savings in the Eurozone to bail out the irresponsibility of public fiscal policy, as well as extend the maturities of sovereign debt to prevent people from exiting it:
http://armstrongeconomics.com/2014/06/28/christine-lagarde-the-most-dangerous-woman-in-the-world-imf-advocates-taking-pensions-extending-maturities-of-govt-debt-to-prevent-redemption/
(here in the US, one of the Fed governors has already proposed levying a fee for investors to exit treasury bond funds for the same reason, and central banks have bought substantial holdings in equities).
The most responsible people in our society have worked hard their entire lives and forgone vacations, home improvements, and other enjoyments in in order to save for their own retirements in tax-advantaged 401K’s and IRA’s that the government made available for that. To let them work for 45 years to fill the coffers of those accounts, and then nationalize and seize them is more evil that taxing the people or even debasing their currency. If they, betray, dishearten and impoverish the most prudent, productive, and responsible members in our society, then what will become of this society ?
Meanwhile, multinational organzations like the IMF also want to pick the pockets of Americans next to further fund their losing sanctions of losing societies. And of course, John Kerry via the UN just surrendered a good deal of US sovereignty and wants get the UN to limit Americans’ ability to own firearms since subverting the constitution directly here at home causes too much of a fuss with the citizens.
But social unrest is coming – people will not be enslaved, robbed, and pushed down forever. Like Larry Edelson has said, people will rise up against their governments here and elsewhere – but here our people own weapons. Its no wonder that the government agencies have been arming themselves to the teeth over these past couple of years. Why do bureaucrats in the Dept. of Agriculture need .40 cal. submachine guns ? – have those crop studies become that dangerous ? It is because the kleptocrats know very well what they are doing to the ordinary man – and they know that he wont take it forever. FEMA camps are ready for roundups, Obama can declare martial law by fiat at any moment after his NDAA modification and other moves, and when the economic collapse comes, he’s going to try to seize everything in the name of saving it and us as his final step in installing governmental control over the American people (he’s been pursuing a Cloward-Pivens strategy since he came to office).
But the people of this county, as dumb-&-numb as they’ve become, wont let it happen. There will be war. I dont look forward to experiencing it, but do look forward to experiencing what comes afterwards.
About those FEMA camps, South Carolina is already making it illegal to be homeless as they’re being told its jail or FEMA camp, and once there they are being chipped whether they want it or not. Several other SE States are now making the same move. Once the homeless are all corraled up into FEMA, the government will be ready for the next group. There are 600 FEMA camps built in the US and each one is capable of housing 100,000 people. These camps all have stacks of black plastic coffins.. just research the videos on youtube if you don’t believe what’s coming. Obama has also signed numerous Executive Orders which give government total control over all national assets once he declares martial law.
Put your money not just gold and silver; but, I think land and non-genetically modified seed would be important purchases when a collapse is imminent. You can’t eat gold or silver. And, I think investments into the US oil and gas industry would be good. We will need to buy local energy when the middle east is in turmoil. And those investments will create jobs.
All this is hoax. This is other way of ” the water”. Until the stupid idea ” to get all the money the bay boomers have” nothing will be change. Central banks are scared from “people have extra money”, and they want to have it. Unfortunately the “Millenia generation do not like to take loans. They want to have they own security. The central banks will take very long time to figure out this – and will be already to late to safe them.
Millenia generation do not like cashless world. How this will end – I do not know. But what I know is – how will start
Best
the BIS FED WORLD BANK IMF AND OTHERS ARE ALL ON TARGET!!! PROBLEM, IT IS “THEIR BIG BANK, WORLD RUNNING FAMILIES, ETC” TARGET!
I RESPECT THE LAS VEGAS CASINOS ALOT MORE THAN THESE INTITIES MINIPULATING FIAT $$’S FROM THIN AIR, AND TAKING DOWN ANY BODY IN THEIR WAY.
WE WILL SEE HIGHER INTERSET RATES WHEN THEY CAN DEMAND IT, AND POLICIES ARE EFFECTING FOOD PRICES FOR REGULAR PEOPLE, AND OIL ARTIFICIALLY INFLATED NOT BY THE GUY PRODUCING IT, BUT FED TAXES RAISED BIG TIME WITH OIL 20% HIGHER, SO IS THEIR REVENUE. GOD HELP AND BLESS AMERICA!!! HAPPY FOURTH OF JULY, AND EVEN WITH THIS CORRUPTION, WE STILL DO HAVE SOME FREEDOMS, ALTHOUGH LESS THAN MOST PEOPLE REALIZE!
Tim – Are you a former Litton DSD employee?
Frank J Fundak
I’m concerned and I’m sure you have a following that’s concerned, but we are a small minority group compared to the majority of US air heads that don’t even know or care about anything except Facebook, TV, fast-food, games, beer, wine, pot , free stuff and their phones. Based on the mentality of the majority Bubbles and Ponzi scheme are inevitable. I’m cautiously trading getting in and out with some profits. I decided not to ever be long again until I feel safe and secure and I’m not counting on that happening to soon either.
i am heavy in gold and siver stocks etc.
and my managed accounts are heavy in bonds?
It is long past time society stopped feeding the beast that is capitalism as practiced by the banks. Finally, a voice of a bit of reason from BIS – I am waiting for action; too much
talk, too many promises.
i thnk we are going to see inflation surge or if they raise rates to high we are
going to have big time econmy problems. i just do not see it any other way
Thanks
When these characters finish their strategy, it will fall directly on the little guy left holding the bag. End of story.
SCOTUS has just recognized religious interests as being superior to Congress in their contraception verdict. This would seem to be quite in contravention of the United States Constitution’s prohibition of recognizing an establishment of religion, if you take the policies of certain religious organizations as being instruments of their establishment. Of course, if one recognizes religions as being simply political entities like all the others, which they seem to have become, then perhaps SCOTUS is correct in their decision.
Yes, it’s terribly confusing that honchos of the banking system would say this, especially in view of the fact that several of the financial news guys have designated July 1 (tomorrow!) as the day that FATCA begins making inroads into everybody’s IRAs, 401Ks, and even piddling savings accounts like mine. This poses the question of when retirement systems, including Social Security, falter and the American public enters a period not unlike the Great Depression of the 1930s?
I find it difficult to believe that the Fed or the Central Banks in general will get it right. They never have since their inception in 1913 and I can’t imagine they will this time around. The very idea that control of money in the hands of a few bankers could conceivably determine the fate of an infinitely complex world wide economy is ludicrous in the extreme. BIS has it right but the bankers won’t abandon their mindless attempts at controlling the economy.
Zero interest rates are killing the retired who saved for some interest income to supplement their Soc. Sec.. After all, look at Japan – recession/depression for the past 25 years. The banks did not pay back the Tarp Money, the Savers did, In fact they paid about a 99.75% Tax on their savings. I have read where the CEO of Goldman Sacks was paid $21,000,000.00 (21 million) the year they should have bankrupted. BUT,Timmy (former Goldman Sacks) Bailed them out.
winston church said history repeat’s it self. the money system will go eventually. for the bible talk’s about a mark on the right hand or fore head which you cannot buy or sell with out the mark. thing’s will not get any better. it will keep getting worst. u.s.a. will eventually colapse. because you cannot keep spending with out job’s to pay back the debt we are in. beside’s there is no gold in fort knox to back up the paper money. the money we have has no value. love from a baptist warning you ahead of the colapse. roger isaaaac
The fed takes a different route w/ exit tax! “central banks are investing in equities” “Central Banks are buying up corporations” they are in a “competition in credit creation to buy resources, real estate, public and privatized infrastructure, bonds and corporate stock ownership.” “central banks have become some of the world’s largest stock investors” PBOC is a big player
Corporations , powerful economic and political .58 percent of the world’s biggest 150 economic entities in 2012 were corporations. They include oil, natural gas, and mining majors, banks ….I have recently formulated a theory . QE is funding The complete hostil takeover of the world. when the are succesful they will break it up and sell off the parts to keep share holders happy and the employees will be left swinging in the breeze . The devastation and destruction left will be on a biblical scale. by the way speaking of scales check out these few proverbial trinkets
Revelation 6:5-6
(5) When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand. (6) And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.”
The third horseman, then, portrays a scenario of hunger and suffering, when the powers that be tightly control the meting out of staple foods at highly inflated prices.”do not harm the oil and the wine.” suggests human involvement, a wild card in every circumstance, which would fit well with the first two seals. Unlike simple natural disasters, religious deceptions and wars require the decisions and actions of people to bring them about. God hints at a human element in all these disasters, including famine, that occur down through the centuries to remind us of our culpability in them. When man governs without the guidance of God, catastrophe and destruction are not far behind.
The thing about “Central banks” is this … we say the words but do we really know what they actually mean? Its like words such as spirit, soul, space, matter, or time … we say them as if we actually know exactly what we’re talking about (and that we all understand them to mean the same thing) …. that their meaning is plain, solid and clear … but its an illusion … the problem is we really don’t understand what they really mean . No one really does. So … what really is a central bank? Arguably its an institution whose primary function may be simply that its is a propaganda machine … and that its real true purpose is actually “social engineering” by the fathers of the “New World Order”. Because these are the people who own the central banks. These people will look you straight in the face and lie to you … and they won’t blink. What they do is completely calculated to accomplish their agenda (and they consider their agenda to be the highest good … so they see nothing wrong with lying … and a million other unspeakable things … in order to accomplish that agenda). All one need do to reach this epiphany is to go onto YouTube and listen to an interview with Norman Dodd by a fellow named G. Edward Griffin. All this has been plain since the 1950s … not to me of course … because I’m as dumb as a stump. But even I, after the last few years, can see it now. Can you?
Well Mike, you asked; so here it is. It depends on whether you are looking at the situation from the Keynesian economics side or if you believe in the Mises market based system. It appears that most banking systems still rely on the ability of the banking establishment to create money out of ‘thin air’, so to speak. With the stock market in the stratospheric portion of the atmosphere, the thin air approach will cause the lack of oxygen to deflate all all efforts to rescue the present paradigm. It’s just a matter of time until the controls the ‘financial wizards’ put into place could cause an financial avalanche of such epic proportions so as to stagger the imagination.
IMO, the only prayer we have is that there are enough safeguards built into some underlying market systems whereby
a true free market system backed by intrinsic value of gold and silver has the chance to take root and flourish as it has in centuries past when left alone. All goods and services have always proven to fit within and fluctuate according to the values attributed to the weights and measures of this system.
My apologies for the premature release of the first part of this comment, I don’t know how it happened.
Time is short. It’s September 1929.
They mess up and we pay up. Nice work if you can get it. Maybe people will learn the value of prayer as the noose tightens.
Yes, I am expecting greater inflation starting by the end of Summer 2014. Obama’s plan to “borrow” retirement accounts not being used and replace them with a government IOU [Savings Bond?] if there is a financial emergency could be activated this year. I just wonder what the “emergency” will be. I have talked to a few small investors and they have become disillusioned with the stock market. Some have turned to buying property [land, rentals, etc.] and some have turned to silver & gold, And of course there are those who have invested in food, water and fuel. i.e propane for the stove to boil the water and cook the food. Planting a garden of green vegetables has become popular. In the United States the threat of confiscation of savings, cash, guns, silver & gold, property, food, etc. has become a real threat.
1. As long as politicians continue to receive bloated campaign contributions from Wall Street nothing will change,
2. As long as politicians provide welfare to more citizens those citizens will keep them in office indefinitely.
3. When the realization that ” a government that is powerful enough to give you everything you want is also powerful enough to take away everything you have” becomes reality. Some citizens may forcefully want change. But their voices are silenced by a government that has everything.
4. While we still have some power left. We and all citizens should stop re-electing all politicians. It doesn’t matter if a politician won two terms as Senator or local dog catcher. Their political career is ended after two terms and they return to live in the world or mess they created.
Before a hurricane then is a lull. The air becomes hot and sticky. The sky is still blue and bright. But within a few hours the sun goes dark. The wind begins to pick up. The ocean starts to go crazy. By the nightfall the wind is pulling the trees right out of the ground and the rain is blinding and painful to be in. Things are flying all over the place and the electricity goes out. Then the flood comes from the rivers and the ocean. Nothing works anymore.
That is what is coming folks. You may not be able to stop the day of reckoning, but you can prepare for it. You can go to higher ground and a safe strong shelter. You can have water and food and batteries and all the other things for survival ready.
The storm is coming. You can just do nothing and watch and pray. Or
You can make and execute a survival plan.
OK, so what does Mike Larson think about the statement at the end of the Business Insider article that says, “Get out now, in other words, because the Fed won’t be able to rescue stocks with more liquidity should the market begin a secular slide.”? Is it time to pull the plug and get out of the market or not? You can’t wait until the end trying to squeeze the last % out. Last time all the big institutions and hedge funds with all the crazy hedging strategies and astronomical leveraging levels made the system so clogged with sell-offs that no little guy could get a trade in edgewise and all their selling caused good stocks to hit bottom. So what do the experts at Money and Markets say? That’s what matters.
My question exactly. I have used basic Tech., Indicators to monitor my Vanguard funds and have 75% in the dollar fund. The 25% are in different cap funds doing ok but I have always been very conservative and have low tolerance for risk over alleged big gains.
So now what? We are being taken to the cleaners by the bankers and the Sheeple still watching Kard-trashians….!!! One can hole up with hurricane provisions true enough and if it comes to that point we are all in deep doo-doo. There is no perfect prep for this storm.
History shows we have as the human race survived many forms of perverse governments, we will survive this one…but the new Amerikan is a socially engineered mild form of euro-socialist and clueless about their surroundings.
Do not look forward to this at all but if it does….and read the news about the UN looking into Detroit’s water getting shut off as a human rights violation. The camel is sniffing inside the tent……If any thinking person on this board knows anything about the UN; they are a communist organization. The first Sec. Gen. was Alger Hiss who McCarthy outed as such and history proved him correct. The media keeps the UN alive with the perception of a Humanitarian Organization……A blue helmeted Kevorkian army is trying to enter our nation as the Cloward and Piven border issue is aided and abetted by the present POTUS…….yep “Fundamental Transformation” is unfolding and all San Antonio cares about is the freaking Spurs winning a stupid boys game…….Sigh we are in deep sheep dip folks!
One of the first rules I learned in Business School was: “As Income Inequity goes down Markets Flourish. As Income Inequity goes up, Markets Falter”….
Income Inequity went up from 1920-1929 (Conservative Domination)…. Income Inequity went down from 1932-1982 (Liberal Domination)…… Income Inequity went up from 1982-2009 (Conservative Domination)….. And Income Inequity has been falling since 2009 (Liberal domination)……
The stock market has been exploding higher since 2009, much as it did from 1932 for the next 50 years…
One of the other rules I learned was: “Those that do not study history are doomed to repeat it”….
It does not get any simpler than that…….
Greenspan to Berneke to Yellen, the triple play that ended the U.S.
Mike: This market is being driven by cheap money/credit. We are consuming more than we produce. this is unsustainable! I firmly believe that we should go back to the classical gold standard, were a dollar will be defined in law as a certain weight in gold. From 1870 to 1914, the world with the exception of China was on the gold standard. China was on the silver standard. All international transactions were settled in gold. This kept everyone honest! I believe that is high time that the Fed be audited. Part of that audit should be a complete inventory of our gold stock which has not been done since 1953! Regards, Robert Calabro.
Robert,
When you have to stop a stock market panic, you do what ever you have to do to be successful….. That happened on March 9th with Obama’s PIP program in concert with the Fed’s QE….. Now five years later the markets have reached new highs and the economy is improving. QE is being tapered and the PIP program has banks buying back their CDO’s… Looks to me like we have had another successful turn around by another Democratic Administration… Last time that prosperity lasted 50 years until the Republican Revolution of 1982…. :)
It is no secret that the crash of 29 was a planned event. The insiders placed their shorts and the Fed shut off the money. Will be no different this time, and Lagard has said as much on Jan 14 at the National Press Club. All I can say is the house of cards will be blown down and people without cash will be in deep trouble…