Topic: Federal Reserve

Congressman Kucinich Asks ‘Is the Fed Paying Banks NOT to Loan Money?’

July 23, 2009 |

Domestic Policy Subcommittee Chair Announces New Probe of TARP

The Federal Reserve

Washington D.C. – Representative Dennis Kucinich (D-OH), who has led the effort challenging the use of TARP funds through two administrations, Tuesday questioned whether or not “banks are parking a historic amount of taxpayers’ money in the Federal Reserve while the businesses and consumers across America are starved for credit” and whether the Federal Reserve is “paying banks not to make loans.”

Kucinich raised the question in a hearing this morning before the Government and Oversight Committee at which the Special Inspector General for TARP, Neil Barofsky, testified.

Kucinich cited Tuesday’s Fed news report on Bloomberg.com:

Meanwhile, banks’ excess reserves at the Fed rose to a record $877.1 billion daily average in the two weeks ended May 20, from $2 billion a year earlier. Excess reserves — money available for lending that banks choose to leave with the Fed instead — averaged $743.9 billion in the first two weeks of this month. – Bloomberg.com

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U.S. Market Meltdown: Three times is enemy action

September 23, 2008 |

James Bond’s wealthy nemesis may have had an obsession with gold, but he judged, quite correctly, that if people keep putting your plans awry, that was likely their intent.

“Once is happenstance. Twice is coincidence. Three times is Enemy Action.” — Auric Goldfinger, Ian Fleming’s James Bond

In 1982, the same year John McCain entered the Senate, a bill was put forward that would substantially deregulate the Savings and Loan industry. The Garn-St. Germain Depository Institutions Act was an initiative of the Reagan administration, and was largely authored by lobbyists for the S&L industry — including John McCain’s warm-up speaker at the convention, Fred Thompson. The official description of the bill was “An act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans.” Considering where things stand in 2008, that may sound dubious. It should. «Read the rest of this article»

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Video: Fiat Empire – A Closer Look at the Federal Reserve, and America Freedom to Fascism

By Bill Larson | December 15, 2006 |

These are two interesting films and if everything they claim is true, the situation is quite scary when you think about it. He who controls the currency, in the end controls everything.

I noticed a year ago, that the Federal Reserve Board would stop publishing its weekly M3 money supply number as of March 2006, but I never had any reason to think much about it until now.

M0 is all coins and paper bills. M1 is M0 plus all checking accounts. M2 is M1 plus savings accounts, money market accounts, and certificates of deposit of less than $100,000. M3 is M2 plus all deposits, euro dollars, and repurchase agreements that are $100,000 and larger… M3 is the broadest measure of how much money is circulating in the U.S. at any one time. Unlike M2, M3 is the big stuff, the super-size deposits.

Basically it lets the Federal Reserve and the US Government hide direct manipulation of the stock and currency markets by the Federal Reserve. If you are interested in the details read this article by Harlan Levy. It seems to me to go right along with these film’s assertions. «Read the rest of this article»

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