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Title: Beware of Woolly-Minded Attacks on the Fed
Source:
WSJ
URL Source: http://www.wsj.com/articles/alan-s- ... -attacks-on-the-fed-1422401124
Published: Jan 27, 2015
Author: ALAN S. BLINDER
Post Date: 2015-01-31 19:56:42 by Gatlin
Keywords: None
Views: 14894
Comments: 46
Welcome to 2015. On the Chinese calendar, it will soon be the Year of the Sheep. On the financial calendar, it looks like the Year of the Fed. Let’s hope the Fed doesn’t get sheared.
As almost everyone knows, this year the Federal Reserve will start to “exit” from its hyper-expansionary monetary policies. But the Fed may also spend the year defending itself against a series of congressional attacks on its independence.
The barrage started on Jan. 12, when a seemingly innocuous provision was tucked into a piece of must-pass legislation, the Terrorism Risk Insurance Act, with no hearings, no congressional debate and, for the most part, no notice. The law now requires that the seven-member Federal Reserve Board include “at least 1 member with demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets.’’
Now, there is nothing wrong with having a community banker on the Fed board; and President Obama ’s announced nominee, Allan Landon, seems well qualified. The problem is assigning board seats to specific constituencies. What about big bankers? Labor leaders? Home builders? Professors? Democrats? Republicans? As Fed ChairJanet Yellen explained at a congressional hearing in July, this could lead to “earmarking each seat for a particular kind of expertise.” Yes, the new law could Balkanize and politicize the Fed. For example, what will happen when Democrats realize that virtually all community bankers are Republicans?
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#6. To: TooConservative, A K A Stone, Devil Anse (#4)
Gatlin doesn't think the posting rules apply to him, but he is the first to rat out someone who makes a mistake. Is it any wonder that he is despised by so many so many here?
Only in scumbag Gatlin and other corrupted scums minds can transparency be veiwed as an 'attack'. I spit on all who wish to fiscally create slaves out of me and my family.
Only in bizarro world, with sheep being the majority population, can an entity create money out of thin air, and insist on loaning it to us, because THEY say we need it, collect the vig on that created from nothing 'money', and balk at being transparent. Gatlin is LFs leading bleater.
A pox on the FED, God bless America. Since the creation of the private FED in 1913, the US dollar has lost 97% of it's value.
"The biggest mistake that libertarians make is the way they view government and private sectors. Government is the root of all evil, and the private sector is the source of all good. Libertarians have never figured out that people are the same whether in the government or in the private sector." --Paul Craig Roberts
To: TooConservative, Gatlin Gatlin is posting syndicated WSJ content from behind their paywall. Gatlin doesn't think the posting rules apply to him, but he is the first to rat out someone who makes a mistake. Is it any wonder that he is despised by so many so many here? I'm shocked....
Well “tutti trutti!” In 1913 the average individual income was $800. In 2013 it was $26,364. So the dollar lost 97% of its value while income increased 97% … Source. The Fed has now been vaccinated against your pox. God Bless America!
One of my all time favorite movies....
And it was backed by something of real value, silver and gold. Your paper Obama dollars are backed by shuck 'n jive, and are almost as worthless as your globalist propaganda releases. In God, and Ron Paul gold & silver dollars we trust.
Didn't they confiscate all those Ron Paul gold coins and send the maker to prison on counterfeiting charges? Ah, yes: Bernard von NotHaus I didn't know he also founded the Free Marijuana Church of Honolulu as well. Convicted of counterfeiting in 2011 but has never been sentenced. His last sentencing hearing was in 11/2014. A very odd case.
Ron Paul Coin Minter, Pot Priest, Faces 15 Years in Prison
"The biggest mistake that libertarians make is the way they view government and private sectors. Government is the root of all evil, and the private sector is the source of all good. Libertarians have never figured out that people are the same whether in the government or in the private sector." --Paul Craig Roberts
Not yet, it seems. As I mentioned, he was convicted over 3 years ago but has been free since with his last scheduled sentencing hearing set for December 2014. Seems a bit strange, maybe the feds know that it will eventually surface that they railroaded him. None of which will really count unless he serves time in a prison. The case was pretty trumped up as counterfeiting cases go and the charges that he was counterfeiting to support terrorism were nothing more than a prosecutor's fantasy.
They're jealous because RP precious metal dollars have permanent value, while the US dollar is dropping like a stone. Sentencing NotHaus would just make the government look even more crooked and vindictive.
In 1913 the average individual income was $800 American money is a pure fiat system. It is not backed by gold. But, gold is a fiat system itself. Gold only has value to humans just like American money. I don’t have any paper Obama dollars. I only have United States dollars which is a Federal Reserve Note. What a person purchased with US$800 in 1913 could be purchased in2013 for US$18,824.81. Which means the person 2013 would use only 71.4% of their purchasing power. Damn….ain’t American great?!? Calculator. Forget your Ron Paul gold & silver dollars in you want to preserve value, go for real estate. Link: Rich Buy Real Estate, Poor Want Gold Just give it up.
If you want permanent value, then screw the Ron Paul Gold and Silver Dollars....go REAL ESTATE!
"The biggest mistake that libertarians make is the way they view government and private sectors. Government is the root of all evil, and the private sector is the source of all good. Libertarians have never figured out that people are the same whether in the government or in the private sector." --Paul Craig Roberts
Now, that's FUNNY!
Some Ferrari's are even better. Ferrari sells for $27.5 million in Pebble Beach - Aug.... money.cnn.com/2013/08/18/autos/pebble-beach-ferrari/... Cached Aug 18, 2013 · A 1967 Ferrari convertible sold for $27.5 million at an auction near Pebble Beach, Calif., the highest price ever paid for a Ferrari at auction.
"The biggest mistake that libertarians make is the way they view government and private sectors. Government is the root of all evil, and the private sector is the source of all good. Libertarians have never figured out that people are the same whether in the government or in the private sector." --Paul Craig Roberts
I was too lazy to google it. He must have been a real criminal mastermind, being convicted of counterfeiting to support terrorism and then 4 years later he gets sentenced to a whole six months of home detention. Obviously, there was vast overreach by the prosecutors and the courts, recognizing this, stalled until the whole fiasco turned into home detention. I'd love to know how many millions they spent to prosecute him for a sentence of 6 months home detention. My initial guess is the feds probably spent in the range of $20-$30 million on the case.
You think so, huh? No, he wasn't a particularly bright criminal from the looks of it. The notice from the U.S. Mint must have been too difficult for him to comprehend. Just another typical Libertarian fanatic with a huge sense of entitlement. I wonder how many people he managed to sell his counterfeits to?
"The biggest mistake that libertarians make is the way they view government and private sectors. Government is the root of all evil, and the private sector is the source of all good. Libertarians have never figured out that people are the same whether in the government or in the private sector." --Paul Craig Roberts
Quite a few actually. I recall warning people against this. This guy was right on the edge of calling his products money. But he didn't actually cross the line. And that is why the case turned out as it did. I do recall the FBI raids on his storefront in Indiana, the attempts to track down and confiscate (without remuneration) all of the coins he sold. I doubt those who bought them ever got any money back. Free gold for the feds!
In 1913, $800 would buy 40 ounces of gold @ $20 an oz. In 2013, $26,364 would buy approximately 20 ounces of gold @ $1300 an oz. Inflation anyone?
The classic example is buying a nice business suit or a suit for a banker. A century ago, you could buy most any suit for a $20 gold double-eagle. Today you'd be talking in the range of $700-$1200 for a comparable business-class suit.
In 1913, $800 would buy you a Ford car for $525 with $275 left over. In 2013, $26,364 would buy you 2 Ford Fiestas for $26,200 with $164 left over. Wage rises outpaced inflation anyone?
In 2013, $26,364 would buy you 2 Ford Fiestas for $26,200 with $164 left over. In 1925, $260 was the price of a Model T, (the equivalent of $3,500 in 2015) Thus, your silly defence of what, inflation?, is blown out of the water.
In 2013, $26,364 would buy you 2 Ford Fiestas for $26,200 with $164 left over. You're comparing the era of one-income families with the modern era of two-income families. Which is why such simplistic comparisons fail so badly over the course of recent centuries. They are inherently flawed with plenty of apples-to-oranges problems.
In 2013, $26,364 would buy you 2 Ford Fiestas for $26,200 with $164 left over. You're comparing the era of one-income families with the modern era of two-income families. Which is why such simplistic comparisons fail so badly over the course of recent centuries. They are inherently flawed with plenty of apples-to-oranges problems. Don’t try and spin away the fact that Americans are 20 times better off today than Americans were 100 years ago. The page here will accumulate a series of posts pontificating on how much better our lives are today than 100 years ago. Multiple reasons explain why there is no better time to be alive than today!
Multiple reasons explain why there is no better time to be alive than today! In some ways. Such as material comfort. But not in other ways. Such as moral character.
In 1925, $260 was the price of a Model T, (the equivalent of $3,500 in 2015) Thus, your silly defence of what, inflation?, is blown out of the water. You libertarians always try to tilt the playing field when you are pinned down. By 1913 the Ford Model T sold for $550 or $12,067 in today's money. Source. You can buy two fords today. My comparison is valid. My point still stands.
In some ways. Such as material comfort. But not in other ways. Such as moral character. Oh, I will definitely agree with that. And what we are seeing with the lack of moral character today is both shocking and depressing.
In 1925, $260 was the price of a Model T, (the equivalent of $3,500 in 2015) Thus, your silly defence of what, wages outpacing inflation?, is blown out of the water. 1913 was the first year that Ford perfected his assembly line, which reduced the price of a 'T' to $260 by 1925. So does mine, as in 1925, $260 was (the equivalent of $3,500 in 2015). Thus, your silly defence of what, wages outpacing inflation?, is blown out of the water.
I will leave you to wallow in your gloom and doom, click on this:
In some ways. Such as material comfort. --- But not in other ways. Such as moral character. ---- A K A Stone Yep, no one can dispute that most of us live better today in material comforts than even the upper classes in 1913. But the difference in individual freedoms is quite a lot. -- Knowing of course, the gatlin faction approves of that development.
Nah, I don’t approve of that. And neither do I approve of the libertarians wanting blanket prevention of all interventionism around the world because they blindly believe that perhaps that will reduce the extreme hostility against America. That said, I know that even a perfect foreign policy, it there is such a thing, will provide us with no guarantee we will not be attacked. It is easy to see that Ron Paul and his scrounge collection of Paultards keep trying and continue to screw up big time with many of their criticisms of U.S. actions.
Yep, no one can dispute that most of us live better today in material comforts than even the upper classes in 1913. But the difference in individual freedoms is quite a lot. -- Knowing of course, the gatlin faction approves of that development. (0ur loss of such freedoms, since 1913) Bull. -- Virtually every day you post or defend articles/opinions approving of the war on drugs, swat type police tactics, and big brother govt. Your tar baby comments about ALL libertarians are getting really silly. Most American libertarians are constitutionalists. Congrats on your first rational comment of the post. There you go again, -- with the juvenile paltard crap. Dream up some new bullshit
It's "Paultard" ... and it is not crap!
Petty little lightweight reply.. -- Thanks.
The Death Of The American Dream In 22 Numbers #1 The Obama administration tells us that 8.69 million Americans are “officially unemployed” and that 92.90 million Americans are considered to be “not in the labor force”. That means that more than 101 million U.S. adults do not have a job right now. #2 One recent survey discovered that 55 percent of Americans believe that the American Dream either never existed or that it no longer exists. #3 Considering the fact that Obama is in the White House, it is somewhat surprising that 55 percent of all Republicans still believe in the American Dream, but only 33 percent of all Democrats do. #4 After adjusting for inflation, median household income has fallen by nearly $5,000 since 2007. #5 After adjusting for inflation, “the median wealth figure for middle-income families” fell from $78,000 in 1983 to $63,800 in 2013. #6 At this point, 59 percent of Americans believe that “the American dream has become impossible for most people to achieve”. #7 In 1967, 53 percent of Americans were considered to be “middle income”. But today, only 43 percent of Americans are. #8 For each of the past six years, more businesses have closed in the United States than have opened. Prior to 2008, this had never happened before in all of U.S. history. #9 According to the New York Times, the “typical American household” is now worth 36 percent less than it was worth a decade ago. #10 According to one recent report, 43 million Americans currently have unpaid medical debt on their credit reports. #11 Traditionally, owning a home has been one of the key indicators that you belong to the middle class. Unfortunately, the rate of homeownership in the U.S. has now been falling for seven years in a row. #12 According to a survey that was conducted last year, 52 percent of all Americans cannot even afford the house that they are living in right now. #13 While Barack Obama has been in the White House, the number of Americans on food stamps has gone from 32 million to 46 million. #14 The number of Americans on food stamps has now exceeded the 46 million mark for 38 months in a row. #15 Right now, more than one out of every five children in the United States is on food stamps. #16 According to a Washington Post article published just recently, more than 50 percent of the children in U.S. public schools now come from low income homes. This is the first time that this has happened in at least 50 years. #17 According to the Census Bureau, 65 percent of all children in the United States are living in a home that receives some form of aid from the federal government. #18 In 2008, 53 percent of all Americans considered themselves to be “middle class”. But by 2014, only 44 percent of all Americans still considered themselves to be “middle class”. #19 In 2008, 25 percent of all Americans in the 18 to 29-year-old age bracket considered themselves to be “lower class”. But in 2014, an astounding 49 percent of all Americans in that age range considered themselves to be “lower class”. #20 It is hard to believe, but an astounding 53 percent of all American workers make less than $30,000 a year. #21 According to one recent survey, 62 percent of all Americans are currently living paycheck to paycheck. #22 According to CNN, the typical American family can only “replace 21 days of income with readily accessible funds”. The key to the recovery of the middle class is jobs. The truth is that without middle class jobs, it is impossible to have a middle class. Unfortunately, more middle class jobs are being offshored, are being replaced by technology, or are being lost to a slowing economy every single day. The competition for the jobs that remain is incredibly intense. Just consider the following example… In 2012, Eric Auld, an unemployed 26-year-old with a master’s degree in English, decided to find out what was on the other side of the black hole. He created a fake job ad as an experiment: Administrative Assistant needed for busy Midtown office. Hours are Monday through Friday, nine to five. Job duties include: filing, copying, answering phones, sending e-mails, greeting clients, scheduling appointments. Previous experience in an office setting preferred, but will train the right candidate. This is a full-time position with health benefits. Please e-mail résumé if interested. Compensation: $12-$13 per hour. If you have ever applied for a job like that, I offer my condolences. You have better odds at the casino. Auld received 653 responses in 24 hours. 10% of the applicants had more than 10 years of experience, and 3% of them had master’s degrees. Presumably, one of them would get the job. But what does that mean? It means that all the other experienced applicants and master’s degree holders would remain unemployed. That is about 64 experienced workers and about 19 workers with master’s degrees. So how can we get this turned around? How can we start to increase the number of middle class jobs in America once again?
That is what Salam is trying to discuss, to start a dialog among writers on the Right about rising wealth disparities. The wealthy have done fine throughout all these crises, their losses made good through bailouts. But nobody bailed out the middle class or the working class in any way comparable to what the feds did for the upper class types. And most everything the federal government has done has made things worse, not better. You begin to think this is a bipartisan operation to elevate the tycoons and the upper class donors over everyone. And, judging by the major lobbying influence we see in the Beltway, that seems to be the case. The truth is that no one in either party seems to care much about the working class and the middle class.
#7. To: TooConservative, Gatlin (#4)
Gatlin is posting syndicated WSJ content from behind their paywall.
“Truth is treason in the empire of lies.” - Ron Paul
Americans who have no experience with, or knowledge of, tyranny believe that only terrorists will experience the unchecked power of the state. They will believe this until it happens to them, or their children, or their friends.
Paul Craig Roberts
#8. To: TooConservative (#5)
(Edited)
#9. To: Deckard (#7)
#10. To: Gatlin, NWO stooge, Globalist Scum, Quantitative Weaseling (#6)
The D&R terrorists hate us because we're free, to vote second party
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#11. To: TooConservative, Gatlin (#3)
#12. To: Deckard (#7)
#13. To: hondo68, ignoramuses, economic dimwits, Ron Paul Tools (#10)
A pox on the FED, God bless America. Since the creation of the private FED in 1913, the US dollar has lost 97% of it's value.
#14. To: Dead Culture Watch, Deckard (#12)
I'm shocked....
#15. To: Gatlin, fiat money, backed by, shuck 'n jive (#13)
In 1913 the average individual income was $800
The D&R terrorists hate us because we're free, to vote second party
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#16. To: hondo68 (#15)
#17. To: hondo68 (#15)
#18. To: Palmdale (#17)
Ron Paul Coin Minter, Pot Priest, Faces 15 Years in Prison
#19. To: TooConservative (#16)
has never been sentenced. His last sentencing hearing was in 11/2014.
The D&R terrorists hate us because we're free, to vote second party
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#20. To: hondo68 (#15)
(Edited)
In 1913 the average individual income was $800. In 2013 it was $26,364.
So the dollar lost 97% of its value while income increased 97% …
The Fed has now been vaccinated against your pox. God Bless America!
And it was backed by something of real value, silver and gold. Your paper Obama dollars are backed by shuck 'n jive, and are almost as worthless as your globalist propaganda release
#21. To: hondo68 (#19)
...have permanent value,
#22. To: Gatlin (#21)
#23. To: Palmdale (#22)
#24. To: Gatlin (#21)
If you want permanent value, then screw the Ron Paul Gold and Silver Dollars....go REAL ESTATE!
#25. To: TooConservative (#18)
#26. To: Palmdale (#25)
Von NotHaus was now sentenced to six months of home detention, to run concurrently with three years of probation.
#27. To: TooConservative (#26)
He must have been a real criminal mastermind
#28. To: Palmdale (#27)
I wonder how many people he managed to sell his counterfeits to?
#29. To: Gatlin, -- a fool and his gold are soon parted (#13)
In 1913 the average individual income was $800. In 2013 it was $26,364
#30. To: tpaine (#29)
#31. To: tpaine, -- all you glass half empty libertarians (#29)
(Edited)
In 1913 the average individual income was $800. In 2013 it was $26,364
In 1913, $800 would buy 40 ounces of gold @ $20 an oz.
In 2013, $26,364 would buy approximately 20 ounces of gold @ $1300 an oz.
Inflation anyone?
#32. To: Gatlin (#31)
In 1913, $800 would buy you a Ford car for $525 with $275 left over.
#33. To: Gatlin (#31)
In 1913, $800 would buy you a Ford car for $525 with $275 left over.
#34. To: TooConservative (#33)
In 1913, $800 would buy you a Ford car for $525 with $275 left over.
#35. To: Gatlin (#34)
The page here will accumulate a series of posts pontificating on how much better our lives are today than 100 years ago.
#36. To: tpaine (#32)
In 1913, $800 would buy you a Ford car for $525 with $275 left over. In 2013, $26,364 would buy you 2 Ford Fiestas for $26,200 with $164 left over.
I will not let you do that....we will keep the playing field level. We were comparing 1913 to 2013.
#37. To: A K A Stone (#35)
The page here will accumulate a series of posts pontificating on how much better our lives are today than 100 years ago. Multiple reasons explain why there is no better time to be alive than today!
#38. To: Gatlin (#36)
In 1913, $800 would buy you a Ford car for $525 with $275 left over. --- In 2013, $26,364 would buy you 2 Ford Fiestas for $26,200 with $164 left over. - --- Wage rises outpaced inflation anyone?
You libertarians always try to tilt the playing field when you are pinned down. I will not let you do that....we will keep the playing field level. We were comparing 1913 to 2013.
By 1913 the Ford Model T sold for $550 or $12,067 in today's money. Source. - -- You can buy two fords today. My comparison is valid. My point still stands.
#39. To: tpaine (#38)
50 Reasons We're Living Through the Greatest Period in World History!
#40. To: A K A Stone, gatlin, Y'ALL (#35)
Gatlin (#34) --- The page here will accumulate a series of posts pontificating on how much better our lives are today than 100 years ago. Multiple reasons explain why there is no better time to be alive than today!
#41. To: tpaine (#40)
#42. To: Gatlin (#41)
Nah, I don’t approve of that.
And neither do I approve of the libertarians wanting blanket prevention of all interventionism around the world because they blindly believe that perhaps that will reduce the extreme hostility against America.
That said, I know that even a perfect foreign policy, it there is such a thing, will provide us with no guarantee we will not be attacked.
It is easy to see that Ron Paul and his scrounge collection of Paultards keep trying and continue to screw up big time with many of their criticisms of U.S. actions.
#43. To: tpaine (#42)
... paltard crap ...
#44. To: Gatlin, Y'ALL (#43)
#45. To: Gatlin, TooConservative, tpaine (#34)
Don’t try and spin away the fact that Americans are 20 times better off today than Americans were 100 years ago.
“Truth is treason in the empire of lies.” - Ron Paul
Americans who have no experience with, or knowledge of, tyranny believe that only terrorists will experience the unchecked power of the state. They will believe this until it happens to them, or their children, or their friends.
Paul Craig Roberts
#46. To: Deckard (#45)
How can we start to increase the number of middle class jobs in America once again?
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