President Obama's Treasury Secretary Timothy Geithner has embraced the “Buzz Lightyear” debt strategy to overcome the fiscal crisis known as the “fiscal cliff”: to infinity and beyond. Geithner told host Al Hunt on Bloomberg TV's Political Capital on November 16 that he favors elimination of the statutory debt limit.
After spending more than two decades in Congress vigorously standing up for liberty, peace, sound money, free markets, and the U.S. Constitution, Rep. Ron Paul (R-Texas), a hero to constitutionalists and libertarians all over the world, offered a stark warning about the dark future facing the United States and the American people without dramatic changes. However, the message was not all gloom and doom. In fact, there was also a sense of hope evident in his historic farewell speech.
According to the text of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the law is supposed “to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end ‘too big to fail,’ [and] to protect the American taxpayer by ending bailouts.”
Federal Reserve Bank of Boston President and CEO Eric S. Rosengren told a Babson College audience November 1 he favored the Federal Reserve continuing QE3 policies at least until unemployment falls below the 7.25 percent marker, even if the policies fail to stop another recessionary spike in unemployment.
Mario Draghi, president of the European Central Bank, told the German Parliament on Wednesday that, yes, he would be buying government bonds but, no, that wouldn't trigger inflation.
A review of the third installment in Rawles' Novels of the Coming Crisis series.
Ron Paul, the maverick Texas congressman who has twice run for the Republican presidential nomination, won't endorse the nominee of his party. Though Paul said last week it was "very unlikely" he would endorse former Massachusetts Governor Mitt Romney, he made it definitive in an interview October 11 on the CNBC program Futures Now.
The Republican Party standard-bearer for President Mitt Romney edged up toward criticism of the Federal Reserve Bank's “quantitative easing” in an interview for the October 7 edition of NBC's Meet the Press.
Everybody knew it was coming. With the economy continuing to founder, it was only a matter of time before Ben Bernanke and the Federal Reserve decided to turn once again — like the proverbial pig to its wallow — to printing money in a vain attempt to jolt the moribund American economy back to life. As with the first two such feckless efforts, they’re dressing this one in fancy verbiage — “quantitative easing” — that fools no one. This third round of quantitative easing — QE3 for short — announced Thursday and set in motion Friday, is just the digital equivalent of printing still more money, money that banks and other financials will either hoard in vaults or pour into equities, driving up stock prices but doing little to enliven the economy as a whole.
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.