We have now reached a point when a Senator has to write a well-intentioned letter to the very administration he serves, (whose sworn duty is to preserve the wealth of all of its constituents, not just Goldman Sachs), with a cautionary tale that continued lying to the general population combined with a culture of opacity and persistent fraud, will lead to a disastrous effect to the economy and to the very fabric of American society.
This is just getting ridiculous. First the NYT had some choice words over the weekend in describing the whole CDS fiasco, which alas did not have quite the desired effect, and now the BBC is out with a primer on SPECULATION ANALYSIS (yes, a primer), in which it has the following stunner: Government bonds come with an insurance policy, called a credit default swap (CDS).
From Brian P. Sack , Executive Vice President
Compliments of reader Chindit13 , we present to you this religiously monetary parable on how to keep your sanity under the modern verion of "efficient" markets.
Yesterday we had the Cleveland Fed posting videos complete with the Ben Bernanke doodles of 3 year olds explaining how the Fed should (but does not) work.
A week ago Ron Paul asked Ben Bernanke a series of questions, which the Chairman and pundits immediately dismissed as "bizarre" and an indication that the potential presidential candidate has finally lost it (among these was a very nuanced question whether or not the Fed is buying sovereign debt , something which Bernanke disclosed in 2002 is a distinct possibility and an action the Fed is permitted to do). Chief among these were queries arising from the work of U of T professor Robert Auerbach, and specifically his book " Deception and Abuse at the Fed " ( not available on Kindle), which seek information on whether the Fed was involved in the Watergate scandal and, subsequently, in Iraqi weapons purchases.
Ron Paul provides a follow up to his last week Q&A with Ben Bernanke, from the weekly column on his congressional website . Bizarre Spending Habits Last week I had the opportunity to bring up spending and transparency in two important hearings.
Evans-Pritchard: Don't go wobbly on us now, Mr. Bernanke ( Telegraph ) Euro drops, pounds plummets below $1.48 for first time since May ( Bloomberg ) Greece now, U.K.
In a speech before the Imperial College in London, Bank Of England Policy Committee member David Miles made it almost a
Thursday, March 11, 2010
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