The report said a new reserve system "must not be based on a single currency or even multiple national currencies but instead, should permit the emission of international liquidity - such as SDRs - to create a more stable global financial system."
As for the Fed, I venture to say that a common jury of 12 American men and women placed on the Federal Open Market Committee would have done a better job of setting monetary policy over the last 20 years than Doctors Bernanke and Greenspan.
A devastating report in the New York Times documents how Timothy Geithner’s New York Fed worked tirelessly to make sure that AIG was forced to pay banks such as Goldman Sachs 100 percent on dubious contracts...
The intention of Central Bank of Russia would be to cause a 50 percent overnight devaluation of the U.S. dollar and displace the U.S. dollar as the leading global reserve currency. The expected market value of gold resulting from this...
Each time the day of reckoning is put off, the bigger the price down the road. Thus, we should all be fearing more Keynesian and Monetarist attempts to forestall the inevitable collapse.
The Federal Reserve Bank of New York has been probing major financial firms' exposure to BP Plc to ensure that if the oil giant buckles under the costs of the Gulf oil spill, it won't put Wall Street or the global financial system at risk, according
Whenever anyone has ever told me something was too complex, there was usually a scam around the corner, as indeed it is with the Fed. The Fed is, itself, a scam. The complex matter in which they carry on is done to obfuscate the scam.
Kartik Athreya has written the most idiotic "research" piece to come out of the Federal Reserve since 1913, and the Fed has written a lot of idiotic research since then - after all you don't destroy 98% of the dollar's purchasing power in 97 years...
We cannot stress enough how strongly we believe that a cliff-edge may be around the corner, for the global banking system (particularly in Europe) and for the global economy. Think the unthinkable," he said in a note to investors.
But the situation needs to be monitored closely. Any indications that Bernanke is indeed conducting massive quantitative easing operations will mean that its time to get in aggressive inflation protection mode.
Evans-Pritchard does a good job of recapping all the various reasons why Bernanke has now completely cornered himself, and facing a newly collapsing economy, is left with just one recourse: the printing of more, more, more paper.
I was anticipating a slowdown in the 4th Q. It is now looking more likely that we will fall of a cliff starting July 1st. Extended benefits will be ending. Most states start a new fiscal year and they are all dead dead dead on revenue.
The Peoples Bank of China has announced that it will no longer fix its currency in terms of the dollar. Instead it will manage the yuan against a basket of currencies.
In February 2001 Alan Greenspan warned that the Federal Government was in danger of paying off the national debt too quickly (by 2010), and therefore it was more prudent to run deficits. He was afraid the US would buy equities with it's cash...