The decision on Wednesday by Germany’s Federal Constitutional Court that clears the way for the European Stability Mechanism (ESM) to extend its power over the national sovereignty of the Eurozone’s member states was celebrated as a victory to save the euro.

 The U.S. national debt eclipsed the $16-trillion mark on August 31, the Treasury Department reported September 4, adding to Republicans’ growing criticisms of President Obama’s purportedly failed economic policies. In the fiscal year ending September 30, the government is estimated to spawn a deficit of more than $1.1 trillion, leaving tax revenue far behind government spending and nudging the national debt closer to its $16.394-trillion borrowing limit.

 

 Federal Reserve Chairman Ben Bernanke signaled that the Fed would return to another round of “quantitative easing” (QE) in his August 31 annual address from Jackson Hole, Wyoming, a speech that also claimed economic success for the Fed's past two QE purchases of federal debt securities.

Federal Reserve Chairman Ben Bernanke is expected to give his annual Jackson Hole speech on August 31 while the world waits in anticipation. They are likely to be disappointed.

 

 JBS CEO Art Thompson's weekly video news update for August 27 - September 2, 2012. In this week's video news update JBS CEO Art Thompson discusses: Immigration Agents Sue Obama Administration; Ecuadorian head seeks support from other communists in Assange case; South African mine workers retain tribal differences; and Germany headed for referendum on tighter integration into the EU.

The Republican Party looks set to adopt platform planks at the upcoming GOP national convention in Tampa to support an audit of the Federal Reserve and to call for a commission to study a return to the gold standard, according to news reports. Analysts had a range of reactions to the news, varying from excitement to disdain and disbelief. 

 Senator Rand Paul asks for help to get a Senate vote on 'Audit the Fed.'

In what analysts say is another indication that the economy will get worse in the not-too-distant future, recent filings by billionaire financier George Soros show he dumped virtually all his holdings in major financial companies like JP Morgan, Goldman Sachs, and Citigroup. His multi-billion-dollar U.S. fund also loaded up on gold, with the portfolio now holding more than $130 million worth of the precious metal. 


 

As American lawmakers debate reining in, auditing, reforming, or even abolishing the controversial Federal Reserve System following a growing wave of bipartisan outrage over its bailouts and wild currency printing, discredited U.S. central bank boss Ben Bernanke is actually urging Europe to create a centralized fiscal authority to be more like the United States. But the process is actually already well underway.

 After reviewing the weak jobs report from the Bureau of Labor Statistics (BLS) that was released last Friday, the president of the Federal Reserve Bank of Boston, Eric Rosengren, decided it was time to call for more money to be added to the economy.

 

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