END the FED

R3publicans originally covered story 01.04.17
WASHINGTON, D.C. – On Tuesday, U.S. Senator Rand Paul reintroduced his Federal Reserve Transparency Act, widely known as the “Audit the Fed” bill, to prevent the Federal Reserve from concealing vital information on its operations from Congress. Eight cosponsors joined Senator Paul on the legislation.

Representative Thomas Massie (KY-4) has introduced companion legislation, H.R. 24, in the U.S. House.

Source post via R3publicans

rand-paul-audit-the-fed01.04.17
WASHINGTON, D.C. – On Tuesday, U.S. Senator Rand Paul reintroduced his Federal Reserve Transparency Act, widely known as the “Audit the Fed” bill, to prevent the Federal Reserve from concealing vital information on its operations from Congress. Eight cosponsors joined Senator Paul on the legislation.

Representative Thomas Massie (KY-4) has introduced companion legislation, H.R. 24, in the U.S. House.

Celebrating British Independence Day #Brexit

Celebrating British Independence Day! #Brexit Out of the box… and into the world!

A night to remember, a great people have once again chosen independence and reclaimed their sovereignty! #Brexit @SergioGor

Nigel Farage, “Dare to dream that the dawn is breaking on an independent United Kingdom” #EURefResults @SkyNews

You can see detail results here via BBC >>>

 

Finding Gems & Sharing Them – Celebrating British Independence Day #Brexit

 

“Bulgarians’ lack of faith in institutions sparked runs on two banks and triggered the worst financial crisis in 17 years, the nation’s president said. ‘Let me make this very clear: there is no banking crisis in my country, but there is a crisis of confidence,’ Rosen Plevneliev said today. With low trust in institutions, rumors, attempts at destabilization and speculative attacks can ‘create a panic,’ the president said. The central bank blames an ‘organized attack’ of ‘criminal actions’ for the run on First Investment Bank. Corporate Commercial Bank lost deposits because of a dispute between a majority shareholder and a large depositor, Capital newspaper reported June 18, citing unidentified people.” Continue reading

“Because of the extent of the fraud, BNB say that nationalizing CorpBank is not an option – it describes it as ‘a bottomless barrel’. The Bulgarian Finance Ministry estimates that the cost of the deposit guarantee will raise the public deficit from 1.8% of gdp to 3%, putting it at the Maastricht treaty limit. This will be seen as a considerable disappointment in Brussels, which in the recent European Semester report advised the Bulgarian government not to allow the deficit to rise any further. And it raises considerable questions about the capability of the BNB to supervise banks effectively. Only a month ago CorpBank was given a clean bill of health. Now it is bankrupt because of a major fraud.” Continue reading

“Surging mistrust of the euro during Europe’s debt crisis fed a campaign to bring Germany’s entire $141 billion gold reserve home from New York and London. Now, after the Free Democratic Party, which flirted with bringing the gold home, dropped out of Chancellor Angela Merkel’s coalition and was replaced by the Social Democrats, the government has concluded that stashing half its bullion abroad is prudent after all. Ending talk of repatriating the world’s second-biggest gold reserves is a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany.” Continue reading

“The sheer magnitude of the amounts of money used to combat the crisis – $2.6 trillion sitting at the Fed as bank reserves and $4.2 trillion held by the Fed in various securities – may complicate the U.S. central bank’s ability to control its target interest rate once the decision is made that it should be raised. The Fed has neared consensus that its workhorse tool will be the interest it pays banks on excess reserves on deposit at the Fed. Another tool would have a similar impact but apply more broadly, using overnight repurchase agreements that would let money market funds and other institutions as well as banks essentially make short-term deposits at the Fed.” Continue reading

“Japanese Economics Minister Akira Amari warned that it would be premature for the Bank of Japan to consider an exit strategy from its massive stimulus programme, voicing hope instead for further monetary easing if achievement of its inflation goal falls behind schedule. The central bank has kept policy unchanged since deploying an intense burst of monetary stimulus in April last year, when it pledged to double base money via aggressive asset purchases to accelerate inflation to 2 percent in roughly two years. With Japan only halfway to meeting that target, the BOJ is set to keep its stimulus plan intact well into next year.” Continue reading

“Those with access to the low-interest unlimited credit spigot of the Federal Reserve are free to snap up tens of thousands of houses and tens of thousands of acres of productive land, along with other rentier assets such as parking lots and meters, fossil fuels in the ground, and of course the engines of credit creation, the banks. Should a legitimate (as opposed to black market/cash business) small business manage to open its doors, it faces a blizzard of junk fees, permits and taxes that make its survival a dubious prospect. No wonder self-employment and small business are in structural decline.” Continue reading

Tax Collectors Grow More Aggressive; Payers Caught in the Middle

“Her Majesty’s Revenue & Customs doesn’t have enough power, or so the British Parliament is told. HMRC wants to be both judge and jury when it comes to recalcitrant taxpayers. It wants to the ability to ‘raid bank accounts’ and to do so without a court warrant. What comes across clearly in both the IRS stance and in the requests by the HRMC is a certain level of arrogance that is magnified by modern communication facilities. The pushback against intrusive tax collection is growing, even as agency demands for more power and revenue are expanding as well.” Continue reading

More Jawboning from Australia’s Central Bank

“RBA Governor Glenn Stevens proceeded from characterizing the level of the exchange rate as ‘uncomfortably high’ to noting ‘that foreign-exchange intervention can, judiciously used in the right circumstances, be effective and useful.’ That latter observation was particularly noteworthy because, according to The Wall Street Journal, a currency intervention has essentially been verboten in the decades since Australia shifted to a floating exchange rate in 1983. He closed his remarks on this particular topic with an even more overt statement: ‘Nonetheless, we think that investors are under-estimating the likelihood of a significant fall in the Australian dollar at some point.'” Continue reading

Finance Goes From Foe to Friend in Hollande Government

“During his election campaign in 2011, President Francois Hollande famously called finance his ‘greatest adversary.’ In a speech today, French Finance Minister Michel Sapin called finance ‘a friend,” quickly specifying that he was talking about ‘good finance.’ The new stance comes as the president’s popularity is at a record low and his economic policies have drawn the ire of members of his own Socialist Party and of allied groups. Recovery remains anemic and joblessness is at a record high. Global finance, however, has stuck with Hollande. Investors have piled into French bonds, giving Hollande’s government borrowing costs that are close to the lowest on record.” Continue reading