In a landmark step with global implications, the Federal Reserve — despite national security concerns — approved the first communist Chinese takeover of a U.S. bank: New York's Bank of East Asia.

 

In a rare moment of bipartisan unity, lawmakers and economists on both sides of the aisle largely agreed on two points: The Federal Reserve System as it stands is hurting America and something must be done to stop it. Just what exactly needs to happen, however, was the subject of considerable debate during a Subcommittee on Domestic Monetary Policy hearing Tuesday chaired by sound-money advocate and GOP presidential contender Rep. Ron Paul (R-Texas).

 Video of JBS President John F. McManus speaking on the economy, debt, and the dollar.

 JBS CEO Art Thompson's video news update for May 7- 13, 2012.

A bill establishing gold and silver as legal tender has passed committee and is scheduled to be heard by the South Carolina House of Representatives.

As outrage and concern over the Federal Reserve and its embattled fiat currency continue to grow, lawmakers in Missouri are considering legislation to protect residents by making gold and silver legal tender within the state. If passed, Missouri would join the state of Utah — which adopted a similar sound-money law last year — in its efforts to expand the monetary choices available to citizens.

Just two days separated a letter from Matt Taibbi of Rolling Stone magazine and a report from the president of the Dallas Federal Reserve, each remarkably calling for the end of “too big to fail” (TBTF) banks.

A sugar-coated analysis of the global economy released by the International Monetary Fund April 17 nevertheless contains dire warnings about a world in a looming global government bond crisis.

As free market-based digital currencies like Bitcoin and e-gold continue to gain traction around the world, the government of Canada responded with the “MintChip,” an electronic payment system touted by authorities as “better than cash” and the “evolution of currency.” Critics of the scheme, however, were not so enthusiastic about the accelerating march toward a cashless society. 

 
 

The Federal Reserve System investigated itself and determined that concerns about undue political influence surrounding its alleged role in the Nixon Watergate scandal and a subsequent cover up, as well as allegations that the Fed facilitated a massive weapons loan to former Iraqi dictator Saddam Hussein, were unfounded. Analysts and critics of the central bank, however, were not entirely convinced.

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