Posts Tagged ‘ Federal Reserve ’

Seeds of Liberty Podcast, episode 59: Harriet Tubman irony on Federal Reserve Note trash

May 2, 2016
posted by

Peaceful Anarchism Peaceful Anarchism
by  

"Please enjoy this recent episode of the Seeds of Liberty Podcast. This week we had Merrick and Jonathan, from the RadicaLogic Podcast sitting in for Dave. Herein we discussed the distraction of Harriet Tubman on the $20, the constant devaluation of currency, the Colorado town where the police force quit, Fisher Pricing your message, being neutered by the State, the Cell 411 app, Canadian police protecting and serving the shit out of a friend of the show, dealing with home invaders, the fake war on cops, and more!" [MP3] (05/01/16)

http://peacefulanarchism.com/seeds-of-liberty-podcast-episode-59-harriet-tubman-irony-on-federal-reserve-note-trash/  

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With fiat money, everything is relative

April 28, 2016
posted by

Frank Shostak Ludwig von Mises
by Frank Shostak  

"An important factor in setting the purchasing power of money is the supply of money. If over time the rate of growth in the US money supply exceeds the rate of growth of the European money supply, all other things being equal, this will put pressure on the US dollar. Since a price of a good is the amount of money per good, this now means that the prices of goods in dollar terms will increase faster than prices in euro terms, all other things being equal." (04/28/16)

https://mises.org/blog/fiat-money-everything-relative  

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Monetary policies misunderstood

April 28, 2016
posted by

Steve H. Hanke Cato Institute
by Steve H Hanke  

"Ever since the U.S. Federal Reserve (Fed) began to consider raising the federal funds rate, which it eventually did in December 2015, a cottage industry has grown up around taper talk. Will the Fed raise rates, or won't it? Each time a consensus congeals around the answer to that question, all the world's markets either soar or dive. This obsession with taper talk -- the interest rate story -- is simple, but strange. Indeed, it is misguided -- wrongheaded. So, why the obsession? It is, in part, the result of a Keynesian hangover." (for publication 05/16)

http://www.cato.org/publications/commentary/monetary-policies-misunderstood  

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Tubman versus Jackson on the $20 bill

April 25, 2016
posted by

Jacob G Hornberger Future of Freedom Foundation
by Jacob G Hornberger  

"Amidst the tempest produced among politicians and the mainstream press over the Obama administration's decision to replace Andrew Jackson with Harriet Tubman on the $20 bill, no one bothers to ask some very simple questions: Why does the $20 bill say: 'Federal Reserve Note' on it? Doesn't the term 'note' connote a promissory note, which entails a promise to pay something? What exactly is the $20 'Federal Reserve Note' promising to pay? How and when is the promise fulfilled? When does the note come due? Can holders of the $20 bill demand to be paid now? If not, when? The answers to those questions are rooted in the monetary system that was originally established for the United States under the U.S. Constitution and in the abandonment of that system during the Franklin Roosevelt administration." (04/25/16)

http://fff.org/2016/04/25/tubman-versus-jackson-20-bill/  

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Dishonoring Harriet Tubman

April 21, 2016
posted by

Thomas L. Knapp William Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"Due to a cumulative inflation rate of more than 2,300% since 1913, a $20 bill today will buy goods valued at 83 cents in 1913 currency. That differential represents something that Tubman spent her whole life fighting. I wonder how one of slavery's greatest opponents would feel about having her image appropriated for use on the symbol of its resurgence -- an instrument of debt representing the promises of politicians to hold their subjects in perpetual bondage while taking the payments out of our hides?" (04/21/16)

http://thegarrisoncenter.org/archives/5668  

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Historic makeover: Harriet Tubman to be face on US $20 bill

April 21, 2016
posted by

Bloomington Pantagraph    

"Harriet Tubman, an African-American abolitionist born into slavery, will be the new face on the $20 bill. The leader of the Underground Railroad is replacing the portrait of Andrew Jackson, the nation's seventh president and a slave owner, who is being pushed to the back of the bill. And Alexander Hamilton, the nation's first Treasury secretary who's enjoying a revival thanks to a hit Broadway play, will keep his spot on the $10 note after earlier talk of his removal. The changes are part of a currency redesign announced Wednesday by Treasury Secretary Jacob Lew, with the new $20 marking two historic milestones: Tubman will become the first African-American on U.S. paper money and the first woman to be depicted on currency in 100 years." (04/21/16)

http://www.pantagraph.com/business/historic-makeover-harriet-tubman-to-be-face-on-bill/article_f3c7dfe3-793a-517a-8e38-2146aaf2246a.html  

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A modest proposal to end Fed independence

April 20, 2016
posted by

Joseph T. Salerno Ludwig von Mises Institute
by Joseph T Salerno  

"In the decade leading up to the financial crisis, the intellectual climate was such that anyone suggesting that the Fed have its independence curtailed or even abrogated by Congress would have been considered beyond the pale of rational, let alone scholarly, discussion. However, as the painful and protracted recovery from the Great Recession has dragged on, the Fed's independence of 'politics,' i.e., of legislative oversight and constraint, has begun to be challenged even by economists and financial pundits." (04/19/16)

https://mises.org/library/modest-proposal-end-fed-independence  

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What did Fed chairman Yellen tell Obama?

April 18, 2016
posted by

Ron Paul Campaign For Liberty
by Ron Paul  

"This week, President Obama and Vice President Biden held a hastily arranged secret meeting with Federal Reserve Chairman Janet Yellen. According to the one paragraph statement released by the White House following the meeting, Yellen, Obama, and Biden simply 'exchanged notes' about the economy and the progress of financial reform. Because the meeting was held behind closed doors, the American people have no way of knowing what else the three might have discussed. Yellen's secret meeting at the White House followed an emergency secret Federal Reserve Board meeting. The Fed then held another secret meeting to discuss bank reform. These secret meetings come on the heels of the Federal Reserve Bank of Atlanta's estimate that first quarter GDP growth was .01 percent, dangerously close to the official definition of recession." (04/18/16)

http://www.campaignforliberty.org/ron-paul-fed-chairman-yellen-tell-obama  

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US stocks rise on higher oil, dovish Fed minutes

April 7, 2016
posted by

Business Times [Singapore]    

"Wall Street stocks rose solidly Wednesday as higher oil prices lifted petroleum-linked shares and minutes from the Federal Reserve suggested the US central bank would keep interest rates low. The Dow Jones Industrial Average gained 112.73 (0.64 per cent) to 17,716.05. The broad-based S&P 500 added 21.49 (1.05 per cent) to 2,066.66, while the tech-rich Nasdaq Composite Index jumped 76.78 (1.59 per cent) to 4,920.72." (04/06/16)

http://www.businesstimes.com.sg/stocks/us-stocks-rise-on-higher-oil-dovish-fed-minutes  

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The Libertarian Angle, 04/05/16: Abolish the Fed

April 5, 2016
posted by

Future of Freedom Foundation Future of Freedom Foundation
by  

"In this segment, Richard Ebeling and Jacob Hornberger discuss the why free trade is pragmatically a boon to civilization and ethically the only moral result when you allow people to live in freedom." [various formats] (04/05/16)

http://fff.org/explore-freedom/article/libertarian-angle-abolish-fed-video/  

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Kocherlakota on the inflation outlook

March 17, 2016
posted by

Scott Sumner EconLog
by Scott Sumner  

"When considering the fact that inflation is expected to run only a few tenths below target, keep in mind that both the Fed and private forecasters have tended to overestimate inflation in recent years. Market forecasts have tended to run lower, although those may have biases as well. In the end I think Kocherlakota's criticism should be taken seriously, because the one thing we've learned over the past decade is that at the zero bound, dovish credibility is much harder to achieve (using their current instruments) than hawkish credibility." (03/17/16)

http://econlog.econlib.org/archives/2016/03/kocherlakota_on.html  

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Understanding the Federal Reserve’s shell game

March 2, 2016
posted by

Dan Sanchez Ludwig von Mises Institute
by Dan Sanchez  

"The Federal Reserve is a key component of the American Transfer State. Under the guise of 'macroeconomic management,' it redistributes vast amounts of wealth on an ongoing basis through inflation. The victims of these transfers are ordinary Americans. The beneficiaries are the government and its elite cronies. The Fed masks the nature of this surreptitious taxation and corporate welfare by performing a simple shell game that is just complicated enough to confound the general public." (03/02/16)

https://mises.org/library/understanding-federal-reserve%E2%80%99s-shell-game  

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Central banks should stop paying interest on reserves

February 23, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Brendan Brown  

"In 2008, the Federal Reserve began paying interest on reserve balances held on deposit at the Fed. It took more than seven decades from the US leaving the gold standard -- in 1933 -- for the fiat regime to do this and thus revoke a cardinal element of the old gold-based monetary system: the non-payment of any interest on base money. The academic catalyst to this change came from Milton Friedman's essay 'The Optimum Quantity of Money' where he argued that the opportunity cost of paper money (any foregoing of interest compared to on alternative money-like instruments such as savings deposits) should be equal to its virtually-zero marginal cost of production." (02/23/16)

https://mises.org/library/central-banks-should-stop-paying-interest-reserves  

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It takes a regime change

February 11, 2016
posted by

Scott Sumner EconLog
by Scott Sumner  

"In the 1970s, the Fed kept tinkering with interest rates, not understanding that high rates don't mean tight money. Inflation and NGDP growth kept soaring higher and higher. Eventually economists came to believe that (old) Keynesian economics was bankrupt. A new regime requires new leadership, not invested in the failed policy. President Carter 'promoted' Fed chair G. William Miller (actually he was basically fired), and replaced him with Paul Volcker, who abandoned the interest rate targeting regime. Inflation was brought under control. It may be too soon for this sort of personnel change today, but it's certainly not too soon to conclude that the current interest rate targeting regime has failed." (02/11/16)

http://econlog.econlib.org/archives/2016/02/it_takes_a_regi.html  

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No, Senator Sanders, the Fed was ALWAYS a creature of cronyism

February 4, 2016
posted by

Independent Institute Independent Institute
by David Flemming  

"In his letter to the New York Times on Dec. 23, Sanders claims that the Federal Reserve is 'an institution that was created to serve all Americans (which) has been hijacked by the very bankers it regulates.' 'Hijacked' is misleading terminology. The Fed was created on behalf of bankers seeking government favors. Sanders unwittingly propagates the myth that it was created to 'serve all Americans.'" (02/04/16)

http://blog.independent.org/2016/02/04/no-senator-sanders-the-fed-was-always-a-creature-of-cronyism/  

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The cozy relationship between the Treasury and the Fed

February 4, 2016
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by David Howden  

"Last year was a tough one for investors. Gold was down 10 percent. The Dow Industrials fell 2.5 percent, and most bond indexes finished down by at least that much. One institution that performed remarkably well in 2015 was the Federal Reserve. It just finished its most profitable year on record." (02/04/16)

https://mises.org/library/cozy-relationship-between-treasury-and-fed  

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Federal Reserve: Bizarro Robin Hood?

January 21, 2016
posted by

Campaign For Liberty Campaign For Liberty
by Norm Singleton  

"Bizzaro World is a land featured in the Superman comics where everything is the opposite of our world. While Bizzaro World is a fictional creation, at times it seems that some individuals and institutions from Bizarro World have stepped off the pages of the comics and into real life. Take the Federal Reserve for example. Michael Gray of the New York Post is the latest to point out that the Federal Reserve is a Bizzaro Robin Hood, since it steals from the poor and gives to the rich ..." (01/21/16)

http://www.campaignforliberty.org/federal-reserve-bizzaro-robin-hood  

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What does the Federal Reserve have to hide?

January 13, 2016
posted by

Thomas L. Knapp William Lloyd Garrison Center for Libertarian Advocacy Journalism
by Thomas L Knapp  

"Supporters paint a Fed audit as simple common sense; opponents as an attempt to 'politicize' US monetary policy. It seems to me that logic and reason are entirely with the pro-audit side. The Federal Reserve system was established by Congress in 1913 for the express purpose of manipulating the national currency pursuant to statutory objectives (creating and maintaining 'maximum employment, stable prices, and moderate long-term interest rates'). That's inherently 'political.' It's not 'politicization' that audit opponents really object to. What they object to, their dark references to 'conspiracy theory' and other attempts at distraction notwithstanding, is transparency." (01/12/15)

http://thegarrisoncenter.org/archives/4051  

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US Senate rejects “Audit the Fed” bill

January 13, 2016
posted by

The Washington Post Washington Post    

"The Senate on Tuesday blocked legislation calling for tougher audits of the Federal Reserve, rebuffing an attempt by Republican presidential candidate Rand Paul to give lawmakers greater oversight of the central bank’s moves on interest rates. The 53-44 vote fell short of the threshold to overcome a Democratic filibuster. But the Kentucky Republican, who is seeking the GOP's nomination for president, was joined by independent Sen. Bernie Sanders of Vermont, a candidate for the Democratic nomination for president who occupies the opposite end of the political spectrum from Paul." (01/13/16)

https://www.washingtonpost.com/politics/federal_government/senate-rejects-rand-pauls-audit-the-fed-legislation/2016/01/12/f3a21abe-b968-11e5-85cd-5ad59bc19432_story.html  

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Are we headed for another bust?

January 5, 2016
posted by

Frank Shostak Ludwig von Mises Institute
by Frank Shostak  

"On Wednesday December 16, 2015, Federal Reserve Bank policymakers raised the federal funds rate target by 0.25 percent to 0.5 percent for the first time since December 2008. There is the possibility that the target could be lifted gradually to 1.25 percent by December next year. Fed policymakers have justified this increase with the view that the economy is strong enough and can stand on its own feet. 'The Committee judges that there has been considerable improvement in labor market conditions this year, and it is reasonably confident the inflation will rise over the medium term to its 2 percent objective,' the Fed said in its policy statement. Various key economic indicators such as industrial production don't support this optimism." (01/05/16)

https://mises.org/library/are-we-headed-another-bust  

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Janet Yellen fights the tide of falling interest

January 4, 2016
posted by

Cobden Centre
by Keith Weiner  

"On Wednesday Dec 16, Federal Reserve Chair Janet Yellen announced that the Fed was raising the federal funds rate by 25 basis points. Let's get one thing out of the way. This is not a move towards free markets. Whether the Fed sets interest lower, or whether it sets interest higher, we still have central planning. We still have price fixing of interest rates.
Interest rates may be set too low. However, forcing interest up is no cure. We need to eliminate central planning, and move to a free market in interest. This is impossible in our present monetary regime." (01/04/16)

http://www.cobdencentre.org/2016/01/janet-yellen-fights-the-tide-of-falling-interest/  

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A free market in interest rates

December 23, 2015
posted by

The Cobden Center
by Keith Weiner  

"UUnless you're living under a rock, you know that we have an administered interest rate. This means that the bureaucrats at the Federal Reserve decide what's good for the little people. Then they impose it on us. In trying to return to freedom, many people wonder why couldn't we let the market set the interest rate. After all, we don't have a Corn Control Agency or a Lumber Board (pun intended). So why do we have a Federal Open Market Committee? It's a very good question." (12/22/15)

http://www.cobdencentre.org/2015/12/a-free-market-in-interest-rates/  

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Do we need the Fed?

December 21, 2015
posted by

Ron Paul Campaign For Liberty
by Norm Singleton  

"When the Fed floods the market with artificially created money, it lowers the interest rates, which are the price of money. As the price of money, interest rates send signals to businesses and investors regarding the wisdom of making certain types of investments. When the rates are artificially lowered by the Fed instead of naturally lowered by the market, businesses and investors receive distorted signals. The result is over-investment in certain sectors of the economy, such as housing. This creates the temporary illusion of prosperity." (12/21/15)

http://www.campaignforliberty.org/ron-paul-need-fed  

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Federal Reserve raises key interest rate, ending seven years of near-zero rates

December 17, 2015
posted by

Minneapolis Star Tribune    

"The Federal Reserve is raising interest rates from record lows set at the depths of the 2008 financial crisis, a shift that heralds modestly higher rates on some loans. The Fed coupled its first rate hike in nine years with a signal that further increases will likely be made slowly as the economy strengthens further and inflation rises from undesirably low levels. Wednesday's action signaled the central bank's belief that the economy has finally regained enough strength 6 1/2 years after the Great Recession ended to withstand modestly higher borrowing rates." (12/16/15)

http://www.startribune.com/fed-finally-lifts-key-interest-rate-from-near-zero/362666011/  

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Banking on aggression

December 16, 2015
posted by

Mary Ruwart Ruwart.com
by Mary J Ruwart  

"The Federal Reserve is probably the most powerful cartel in the world. Most people think it is a government agency; in fact, it is an organization of private bankers. The US government has given it a monopoly on US currency, which it can inflate or deflate at will. Virtually overnight, the Fed, as it's often called, can destroy the US economy, creating boom and bust cycles. As goes the United States, goes the world." (12/14/15)

http://www.ruwart.com/blog/banking-on-aggression-from-the-cliff-notes-version-of-healing-our-world.html  

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