Posts Tagged ‘ Federal Reserve ’

Yellen: Fed can’t regulate Bitcoin

February 28, 2014
posted by

USA Today    

"Federal Reserve Chair Janet Yellen told senators Thursday that the central bank can't regulate troubled digital currency Bitcoin because it operates outside the banking system. 'I think it's important to understand that this is a payment innovation that's taking place entirely outside the banking industry,' Yellen told Sen. Joe Manchin, D-WV. 'The Federal Reserve simply does not have the authority to supervise or regulate Bitcoin in any way.'" [editor's note: Manchin is the drooling moron who's calling for Bitcoin to be "banned." As for Yellen, it's refreshing to see a central banker acknowledge limits to authority! - TLK] (02/27/14)

http://tinyurl.com/mpr66wm  

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Fed minutes point to continued paring of stimulus

February 19, 2014
posted by

ABC News    

"Federal Reserve officials agreed at their January meeting that further gradual reductions in their stimulus would be appropriate as long as the economy keeps improving. Officials weighed the need to stress to investors that the Fed's key short-term interest rate would remain near zero, according to the minutes of the Jan. 28-29 meeting released Wednesday. But Fed officials couldn't agree on how to modify their commitment to keep the rate near zero 'well past' the time the unemployment rate falls below 6.5 percent. The rate is now 6.6 percent." (02/19/14)

http://tinyurl.com/nlmduyu  

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It’s time to grill the Federal Reserve about Bitcoin

February 11, 2014
posted by

Reason Reason
by Ira Stoll  

"The cashless economy, once a techno-utopian dream, is now approaching reality. Even Hillary Clinton’s spokesman Philippe Reines was recently quoted about how he hadn’t withdrawn any cash from the bank since June 2012. There are a whole variety of ways that Yell[e]n may want to break with Bernanke’s legacy at the Fed. But one point where continuity might inspire confidence would be if she were to convey that she shares his view that digital currency is a potentially promising development rather than a dangerous threat to the dollar’s monopoly." (02/10/14)

http://tinyurl.com/qz3zb8o  

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Yellen sworn in as Fed chair, succeeding Bernanke

February 4, 2014
posted by

USA Today    

"Janet Yellen officially took over the leadership of the Federal Reserve on Monday -- and along with it a delicate task: Unwinding the Fed's extraordinary economic stimulus without spooking investors or slowing a still-subpar economy. Yellen, the first woman to lead the Fed in its 100 years, was sworn in during a brief ceremony in the central bank's board room." (02/03/14)

http://tinyurl.com/kj4mau3  

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US Senate confirms Yellen as new Fed head

January 7, 2014
posted by

Washington Post    

"The Senate confirmed Janet Yellen on Monday as the next leader of the Federal Reserve, placing her in charge of ensuring that the nation’s economy makes a full recovery. Her nomination passed the chamber on its first day back in session after winter recess, despite opposition from some Republicans who have advocated for greater oversight of the central bank. Yellen is currently the second-in-command at the Fed and will be the first woman in the top job. She is slated to take office Feb. 1." (01/06/14)

http://tinyurl.com/osddusc  

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Want to help the working poor? End the Fed

January 2, 2014
posted by

US Rep. Ron Paul (R-TX) Campaign For Liberty
by Ron Paul  

"Many so-called champions of economic equality and fairness for the working class are preparing to confirm Janet Yellen as next Chairman of the Federal Reserve. Yet Yellen is committed to continuing and even expanding, the upward redistributionist polices of her predecessors. Washington could use more sound economic thinking and less demagoguery." (01/02/14)

http://tinyurl.com/ny9uuym  

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One hundred years of the Federal Reserve

December 26, 2013
posted by

Sheldon Richman Future of Freedom Foundation
by Sheldon Richman  

"Two days before Christmas 1913, President Woodrow Wilson signed the Federal Reserve Act, creating America’s latest and current central bank, the Federal Reserve System. It’s a sobering thought that in the 100 years since the Fed’s creation, the dollar has lost 95 percent of its value. Had the Fed never been created, America would be dotted with Nickel Stores (other things being equal) instead of Dollar Stores. But that is just the beginning of the sad tale." (12/24/13)

http://tinyurl.com/n6uzjaa  

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Obama to announce nomination of Yellen as next Fed chair

October 9, 2013
posted by

Fox News    

"President Barack Obama will announce his intent to nominate Federal Reserve Vice Chairwoman Janet Yellen to become the U.S. central bank's new head on Wednesday, a White House official said late Tuesday. The president is expected to hold an event at 3:00 p.m. ET on Wednesday to make the announcement. President Obama will be joined by current Federal Reserve Chairman Ben Bernanke and Yellen." (10/09/13)

http://tinyurl.com/p4pxfor  

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End the Fed?

March 26, 2013
posted by

Daily Anarchist Daily Anarchist
by Christopher Zimny  

"Directly ending the Federal Reserve System through legislation is the wrong goal, both morally and practically, for those who oppose the Fed. Rather, we should be concerned with abolishing the legal tender laws that largely force us to use Federal Reserve notes. If this is achieved, the Fed will collapse under its own weight, for the Fed note could not hope to stand up to competition with sounder currencies in the free market." (03/24/13)

http://dailyanarchist.com/2013/03/24/end-the-fed/  

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Bernanke seen keeping up pace of QE until fourth quarter

March 20, 2013
posted by

Bloomberg    

"Chairman Ben S. Bernanke will probably start reducing the Federal Reserve’s $85 billion in monthly bond buying no earlier than the fourth quarter of 2013, economists said in a Bloomberg survey. The Fed chief will probably halt the unprecedented easing in the first half of next year after expanding central bank assets to a record of about $4 trillion, according to median estimates by 46 economists surveyed March 13-18 before a two-day meeting of policy makers ending today." (03/20/13)

http://tinyurl.com/bproocc  

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The Federal Reserve’s first century

February 20, 2013
posted by

Randall Holcombe Independent Institute
by Randall Holcombe  

"One factor often cited as contributing to the decline of the Roman Empire was the debasement of the currency. In a period of about 150 years following Emperor Nero’s reign (from 54 to 68 AD) the value of Rome’s currency fell by 50%. By 250 AD, 200 years after Nero, the value of Rome’s currency was only 5% of its value two centuries before. The Federal Reserve Bank (Fed), founded in 1913 and now in its centennial year, controls the value of the US dollar. The currency debasement in the Roman Empire looks positively tame compared to what the Fed has done to the value of the dollar." (02/19/13)

http://tinyurl.com/aaetwee  

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Fed undertakes QE3 with $40 billion per month mortgage debt purchases

September 13, 2012
posted by

San Francisco Chronicle    

"The Federal Reserve said it will expand its holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt a month in a third round of quantitative easing as it seeks to boost growth and reduce unemployment. ... [Fed Chairman Ben] Bernanke said the open-ended purchases would continue until the labor market improved significantly." (09/13/12)

http://bit.ly/RV8HIp  

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Fed moves toward open-ended bond purchases to satisfy Bernanke

September 3, 2012
posted by

Bloomberg    

"Federal Reserve Chairman Ben S. Bernanke says the U.S. economy is 'far from satisfactory.' His colleagues are moving to embrace policies that will stay in place until he’s satisfied. Four Fed presidents have come out in favor of an open-ended strategy for bond buying, with three calling for the program to begin now. Rather than specify a fixed amount of bonds to purchase by a certain date, such a strategy would leave the Fed able to announce a pace of purchases that it could adjust as the economy gets closer to Bernanke’s goals." (09/02/12)

http://bloom.bg/Q0IWTQ  

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The ultimate disorganizing organization

May 9, 2012
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Peter G. Klein  

"Ironically, though economics clearly teaches the impossibility of efficient resource allocation under centralized economic planning, as demonstrated (theoretically) in the 1920s and 1930s by economists such as Ludwig von Mises and F.A. Hayek, and (empirically) by the universally recognized failure of centrally planned economies throughout the 20th century, many people think that the monetary system is an exception to the general principle that that free markets are superior to central planning." (05/09/12)

http://mises.org/daily/6040/The-Ultimate-Disorganizing-Organization  

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The Fed: The keeper of monopoly

March 18, 2012
posted by

C4SS Center for a Stateless Society
by David D'Amato  

"The essential role of the Fed, both within the banking sector and the economy more generally, is to insulate an oligopoly status quo, a small cabal of banks able to claim unfair tolls on economic activity. This state of affairs is what nineteenth century anarchist Benjamin Tucker called the 'money monopoly.' That money monopoly saturates every defining aspect of the American capitalism passed off by its advocates as 'free enterprise.'" (03/15/12)

http://c4ss.org/content/9915  

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Bernanke: Fed to make bank rules clearer

March 14, 2012
posted by

Reuters    

"The Federal Reserve will try to make it clearer whether new banking rules apply to small lenders, Federal Reserve Chairman Ben Bernanke said in remarks on Wednesday. Bernanke said the goal is to prevent community banks from wasting time and money trying to figure out if a new regulation applies to them." (03/14/12)

http://tinyurl.com/73yaj73  

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The mystery of Bernanke solved

February 19, 2012
posted by

EconLog EconLog
by Bryan Caplan  

"Ben Bernanke was my teacher, and a major influence on my macroeconomic thinking. When he became Fed chairman, I expected the best of him. I was sorely disappointed. His behavior as Fed chairman seemed utterly disconnected from his lectures and writing. In 2008, I kept wondering why he backed the madness of TARP instead of following his own long-standing prescriptions." (02/18/12)

http://econlog.econlib.org/archives/2012/02/the_mystery_of_2.html  

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Marshmallows and the Federal Reserve

February 19, 2012
posted by

Downsize DC Downsize DC
by James Wilson  

"Obviously, self-control is important. But we can't dismiss two factors in the experiment that are less certain in real life. Namely, security and trust." (02/16/12)

http://bit.ly/xJQlZ9  

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Fed pledges low interest through 2014, floats new “easing” trial balloon

January 25, 2012
posted by

Bloomberg    

"Chairman Ben S. Bernanke said the Federal Reserve is considering additional asset purchases to boost growth after extending its pledge to keep interest rates low through at least late 2014. ... In a separate statement of its long-range goals and strategy, the FOMC specified a 2 percent goal for inflation, as measured by the annual change in the price index for personal consumption expenditures." (01/25/12)

http://bloom.bg/yUDgck  

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The Fed as a criminal organization

January 23, 2012
posted by

LewRockwell.com
by Walter Block  

"I regard the Fed as a criminal organization, since it engages in (well, aids and abets) counterfeiting. The Fed is to the U.S. economy as was the old central planning apparatus of the late and non-lamented Soviet Union to the entire economy of the U.S.S.R. The Federal Reserve System has been responsible since its inception in 1913 for destroying some 97% of the value of our dollar, the life blood of our economy." (01/23/12)

http://lewrockwell.com/block/block196.html  

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The true cost of using privately provided currency

January 4, 2012
posted by

Fr33 Agents
by Szandor Blestman  

"I’m not certain if there’s some power above the central banks and their corporate establishment. I’m not certain if there’s some power pulling the strings of the private owners of these banks. The central banks, those who create the power, are as high up the economic ladder and the power structure as I can see." (01/04/12)

 

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The Fed’s mission impossible

January 3, 2012
posted by

Cato Institute Cato Institute
by John H. Cochrane  

"The Federal Reserve last week announced its new 'Enhanced Prudential Standards and Early Remediation Requirements' for big banks, as required by the Dodd-Frank law. You have to pity the poor Fed because it faces an impossible task." (12/29/11)

http://www.cato.org/pub_display.php?pub_id=13963  

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What ELSE is the Fed up to?

December 11, 2011
posted by

Downsize DC Downsize DC
by Jim Babka  

"Why should Americans have 'faith' in an unaccountable agency that secretly manipulates their money? I personally believe that an audit will reveal the folly of central economic planning, and my hope is that the Fed will be abolished and that honest money and free banking -- subject to harsh regulations imposed by picky customers instead of the untrustworthy political class -- will take its place." (12/09/11)

http://www.downsizedc.org/blog/what-else-is-the-fed-up-to  

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Stocks surge as Bernanke, ECB throw more dollars at Europe’s crisis

November 30, 2011
posted by

Forbes    

"Wall Street enjoyed a big jump Wednesday morning, after a coordinated action by central banks around the world to provide more liquidity to the global financial system. ... Wednesday’s move from the Fed was matched by corresponding actions from the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank." (11/30/11)

http://onforb.es/t1SLeQ  

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Sumner needs to watch some film and hit the gym

November 3, 2011
posted by

Free Advice
by Robert P. Murphy  

"The Fed today lowered its forecast for economic growth next year, and raised its forecast for unemployment. So Scott is saying, rather than refusing to pump in more money, and resting content with a worsening forecast, the Fed should do what it needs to do, so that it doesn’t have to give the public the bad news about gloomier prospects for next year. OK, now that we understand what Sumner is doing in his cute analogy, we are ready to get knocked onto the floor by how wrong the analysis is." (11/02/11)

http://bit.ly/uB3EZq  

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