Network Archives

Bill Gross: Central bank ‘casinos’ to run out of luck

"Investors should cut risk heading into 2016 as central banks trying to pump up their respective economies make losing bets, bond guru Bill Gross says. Institutions like the Federal Reserve and the European Central Bank are like 'casinos' that create money instead of chips 'they'll never have to redeem,' said Gross, founder of bond giant Pimco who now runs the $1.4 billion Janus Global Unconstrained Fund. Furthering the gambling analogy, he said central bankers are using a familiar ploy — doubling down on losing bets until they break even. 'How long can this keep going on? Well, theoretically as long as there are financial assets (including stocks) to buy,' Gross said." Continue reading →

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Michigan Bill Would Nullify Some Federal Roadside Checkpoints

LANSING, Mich. (Dec. 15, 2015) – A Michigan bill that would nullify in practice certain federal “voluntary” checkpoints in the state continues to move through the legislative process. Rep. Jim Runestad (R-44) introduced House Bill 4870 (HB4870) on Sept. 16. The legislation would prohibit state and local law enforcement agencies and personnel from participating in,…

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Wisconsin Action Alert: Help Stop Asset Forfeiture, Support AB537

Wisconsin AB537 would reform asset forfeiture laws to prohibit the state from taking property without a criminal conviction. The legislation also takes on federal forfeiture programs by banning prosecutors from circumventing state laws by passing cases off to the feds in most situations. It must pass through the Assembly Committee on Criminal Justice and Public Safety before…

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New Jersey Bill to Legalize Industrial Hemp, Effectively Nullify Federal Ban, Passes Assembly Committee, 6-0

TRENTON, NJ. (Dec. 15, 2015) – Last week, a New Jersey Assembly committee passed a bill to authorize the farming, production, and sale of industrial hemp in the state. This bill would effectively nullify in practice the unconstitutional federal prohibition on the same. Introduced in Feb. by Asm. Reed Gusciora (D-Mercer), Assembly Bill 2719 (A2719) sets…

Continue ReadingNew Jersey Bill to Legalize Industrial Hemp, Effectively Nullify Federal Ban, Passes Assembly Committee, 6-0

South Carolina Action Alert: Help Stop Automated License Plate Readers, Support H4496

South Carolina H.4496 would completely ban the use of automatic license plate readers by law enforcement in the state. It would also throw significant roadblocks in the way of a federal program using states to help track the location of millions of everyday people through pictures of their license plates. It must pass through the House Judiciary…

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Ben Bernanke Was Incredibly, Uncannily Wrong [2009]

"We now have the diametrical opposite of the famous 'Peter Schiff Was Right' video (a compilation of 2006 and 2007 clips in which Schiff, a financial expert who subscribes to Austrian economics, predicted the deep recession that would follow the bursting of the housing bubble). The new, opposite video is a compilation of the 2005–2007 prognostications of Federal Reserve Chairman Ben Bernanke. In it, Bernanke is shown to have been just as embarrassingly wrong as Schiff was uncannily right. Could their differences in economic understanding have anything to do with this remarkable dichotomy?" Continue reading →

Continue ReadingBen Bernanke Was Incredibly, Uncannily Wrong [2009]

U.S. Banks to Face $120 Billion Shortfall in Fed Crisis Plan

"The largest U.S. banks would face a $120 billion total shortfall of long-term debt under a Federal Reserve proposal aimed at ensuring their failure wouldn’t hurt the broader financial system. Banks such as Wells Fargo & Co. and JPMorgan Chase & Co. will be required to hold enough debt that could be converted into equity if they were to falter, according to a Fed rule that was approved by a unanimous vote on Friday. The Fed’s proposal, which applies to eight of the biggest U.S. banks, requires debt and a capital cushion equal to at least 16 percent of risk-weighted assets by 2019 and 18 percent by 2022." Continue reading →

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New Hampshire Bill Would Reject Federal Militarization of Police

CONCORD, N.H. (Dec. 14, 2015) – A bill prefiled in the New Hampshire House would prohibit state and local law enforcement agencies from obtaining most types of military hardware, thereby rejecting federal militarization of police officers. Rep. J.R. Hoell and seven other representatives have prefiled House Bill 1402 (HB1402). The legislation would prohibit state and…

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Ohio Bill Would Place Limits on Drones, Hinder Federal Surveillance Program

COLUMBUS, Ohio (Dec. 14, 2015) – A bill introduced in the Ohio Senate would restrict the use of drones by state and local law enforcement. The legislation would not only establish important privacy protections at the state level, it would also help thwart the federal surveillance state. Sen. Michael Skindell (D) and Sen. Kris Jordan…

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Get Government Out of Marriage: New Hampshire Bill Would Nullify Both Sides in Practice

CONCORD, N.H. (Dec. 14, 2015) –A bill has been filed in the New Hampshire state House that would end mandatory government licensing of marriages in the state, effectively nullifying in practice both major sides of the contentious national debate over government-sanctioned marriage. HB1596 acknowledges the right of two individuals to marry and that because of this “it is…

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