When governments oppose their citizens…
Here are some of the latest acts by governments:
House Votes to Protect Citigroup if It Gambles and Loses
November 12, 2013
Michael Corbat, Citigroup CEO (photo: Citigroup)One of the nation’s leading banks wants Congress to amend federal law adopted in the wake of the 2008 financial crisis so it and other Wall Street institutions can go back to gambling with risky investments and have taxpayers cover the losses again if they bet wrong.
Under the Dodd-Frank Act of 2010 (pdf), banks can no longer use monies backed by the Federal Deposit Insurance Corporation (FDIC) to invest in high-risk derivatives, such as “swaps.” This prohibition was adopted because derivatives crippled numerous key players on Wall Street five years ago, including Countrywide Mortgages, Bear Stearns, AIG, Lehman Brothers, Washington Mutual, Wachovia and others.
One of those “others” was Citigroup, which had to be bailed out by the federal government to the tune of $45 billion. A Citigroup lobbyist, though, was primarily responsible for authoring the Swaps Regulatory Improvement Act, which was approved by the U.S. House of Representatives two weeks ago.
The bill would wipe out Section 716 (pdf) of Dodd-Frank that requires banks to use a non-bank entity for trading commodity, energy and other swaps. In other words, if the legislation becomes law, financial institutions could return to conducting high-risk trading with funds that are backed by the FDIC (i.e. the taxpayer).
Dennis Anderson, who’s running for Congress from Illinois, says “to propose an easing of the controls on such behavior is irresponsible.”
Continue reading at: allgov.com
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Merkel Rejects Referendums in Germany
by Martin Armstrong
Armstrong Economics
The Crisis in DEMOCRACY Continues. The European politicians are scared to death to allow citizens to votes. Angela Merkel has rejected any more direct referendums in Germany. Merkel is outright against any further democracy in Europe. This is the real reality. The end of democratic processes that goes hand in hand with the final stages of economic meltdown.
Continue Reading at ArmstrongEconomics.com…
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French Officials Warn of Social Tinderbox as Economy Contracts Again
Francois Hollande called on France to judge him on his success in “bending the curve in unemployment”, but this has come back to haunt him
by Ambrose Evans-Pritchard
Telegraph.co.uk
France’s economy has buckled once again amid official warnings of an explosive political mood across the nation that threatens to spin out of control.
French output fell by 0.1pc in the third quarter and Italy remained trapped in recession, dashing hopes of a sustained recovery in Europe. “It is no longer a question of whether the eurozone can achieve ‘escape velocity’, but whether it can grow at all,” said sovereign bond strategist Nicholas Spiro.
The latest data show a continued erosion of France’s industrial base and export share. It risks shattering the credibility of President François Hollande, who has been talking up recovery for months. A YouGov poll showed his approval ratings have dropped to 15pc, the lowest recorded for a French leader in modern times.
Continue Reading at Telegraph.co.uk…
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In Your Face Tyranny; It Will Escalate
Wednesday, November 13, 2013
Andrew Huszar: Confessions of a Quantitative Easer
Federal Reserve Building
We went on a bond-buying spree that was supposed to help Main Street. Instead, it was a feast for Wall Street.
For the Wall Street Journal, Andrew Huszar begins:
I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.
Five years ago this month, on Black Friday, the Fed launched an unprecedented shopping spree. By that point in the financial crisis, Congress had already passed legislation, the Troubled Asset Relief Program, to halt the U.S. banking system’s free fall. Beyond Wall Street, though, the economic pain was still soaring. In the last three months of 2008 alone, almost two million Americans would lose their jobs.
The Fed said it wanted to help—through a new program of massive bond purchases. There were secondary goals, but Chairman Ben Bernanke made clear that the Fed’s central motivation was to “affect credit conditions for households and businesses”: to drive down the cost of credit so that more Americans hurting from the tanking economy could use it to weather the downturn. For this reason, he originally called the initiative “credit easing.”
My part of the story began a few months later. Having been at the Fed for seven years, until early 2008, I was working on Wall Street in spring 2009 when I got an unexpected phone call. Would I come back to work on the Fed’s trading floor? The job: managing what was at the heart of QE’s bond-buying spree—a wild attempt to buy $1.25 trillion in mortgage bonds in 12 months. Incredibly, the Fed was calling to ask if I wanted to quarterback the largest economic stimulus in U.S. history. …
For the full story: Wall Street Journal Online
Posted by GGR staff for Mr. Arensberg.
Thanks to Chris Powell for the link.
– See more at: http://www.gotgoldreport.com/2013/11/andrew-huszar-confessions-of-a-quantitative-easer.html#sthash.BpFTU6YB.dpuf
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The Federal Reserve official who was in charge of the quantitative easing (QE) program has gotten fed up and apologized to the American people.
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