Over the past five years the U.S. central bank, the Federal Reserve (Fed), has printed nearly $4 trillion in liquidity (money) which it has provided to banks and professional investors. This is called ‘Quantitative Easing’ (QE). QE means the Fed essentially prints money and buys bonds—mostly toxic subprime mortgages to date—from institutional investors (i.e.
On Wednesday, August 28, 2013, the 50th anniversary celebration of Dr. Martin Luther King Jr.’s 1963 March on Washington, commemorative speeches spilled out over the DC mall. From President Obama and other carefully selected political ‘notables’, speakers sought to identify themselves with King and the historic event of 1963.
August 14, 2013
For the past several years, the U.S. press, pundits, and apologists for both liberal and conservative politicians in the U.S. have jumped at every slight indication of this or that monthly economic indicator showing improvement. The hype that followed typically declared the ‘recovery was now solidly underway’.… Read more ...
July 24, 2013
This coming week and next, President Obama is reportedly planning to make a series of speeches on the economy. The deeper purpose of his coming speaking tour, however, is to stake out his position for the upcoming budget and deficit cutting battle that this writer has been predicting will occur within the next few months, as both the new budget year begins October 1 and a new ‘debt ceiling’ extension deadline concurrently approaches.
The following was published on the Green Shadow Cabinet website.
July 11, 2013
Jack Rasmus, Chairman of the Federal Reserve
Both the U.S. and global economy are at a critical juncture. Six years after the financial crisis that erupted in August 2007 and the collapse of the real economy that followed—except for asset prices (stocks, bonds, derivatives, etc.)