Something especially odd took place at the US Federal Reserve central bank today when its main funds and debt transfer services suddenly became non-functional.
CNBC reports:
Continue reading Fed Reserve’s Money Transfer Networks CrashTag Archives: Federal Reserve
Yellen received $800G from hedge fund in Gamestop controversy; WH doesn’t commit to recusal
Sam Dorman
FoxNews
January 28, 2021
Newly-confirmed Treasury Secretary Janet Yellen received around $810,000 in speaking fees from the hedge fund that bailed out one of the primary losers in the recent Gamestopfrenzy.
Yellen’s financial disclosure shows her making $337,500 for multiple days in Oct. of 2020 from Citadel. She similarly banked $292,500 in October of 2019 and $180,000 in December of that year.
The Senate confirmed Yellen on Monday, making her the first female secretary of the department. She previously chaired the Federal Reserve after an appointment by former President Obama.
Both Citadel and Point72 infused almost $3 billion into Melvin Capital, which saw massive losses after betting against the video game retailer Gamestop. The White House said on Wednesday that Yellen was monitoring the situation.
Goldman Sachs Launches ‘US Coin’ Cryptocurrency
Justin Danneman
perc360.com
(September 30, 2018)
“This is the Fedcoin”
Goldman Sachs startup Circle, the Boston-based crypto finance company, has gone live with its stablecoin called the US Dollar Coin, or USDC.
This is the first cryptocurrency released by a major financial institution.
In order to avoid instability and inflation inherent to other unregulated cryptocurrencies, the value of the USDC will be tied to the dollar, according to CNBC.
“It unlocks an incredible amount of power for the dollar,” said Jeremy Allaire, CEO of Circle. “It’s basically a dollar that operates on the (Ethereum) blockchain.”
“Ethereum is the best bet but it’s not necessarily the end game,” he said. “For now it’s specifically on Ethereum.”
The USDC will be regulated as a registered Money Services Business under U.S. money transmission laws, and as a virtual currency, it will be regulated under its New York BitLicense. Furthermore, the company said it will hold deposits on a 1:1 basis in accounts that would be audited on a monthly basis. Each entity that wishes to enroll and issue USDC is held to the same regulatory-compliant standards.
Circle has said that the USDC will initially be available on its native trading platforms like the Circle Trade and Circle’s Poloniex exchange, and later available on other platforms like KuCoin, OKCoin, CoinEx, and others.
Inflation of Federal Reserve Note
What if the United States maintained a silver backing for the dollar, which it abandoned in 1964?
How much things cost in 1933 vs today if we still had a silver backed dollar ($21.60 price conversation).
Average Cost of new house $5,750.00
Today $124,200
Average wages per year $1,550.00
Today $33,480
Cost of a gallon of Gas 10 cents
Today $2.16
Average Cost for house rent $18.00 per month
Today $388.80
A loaf of Bread 7 cents
Today $1.51
A LB of Hamburger Meat 11 cents
Today $2.37
Plymouth 6 Car $445.00
Today $9,612
Campbells Vegetable Soup 10 cents
Today $2.16
Average Laborers Wage $20.00 per week
Today $432.00
Of course this doesn’t take into account technology reducing prices over the years, which would make this comparison even more stark.
By the mid-1960s inflation of everyday goods and services is notable yet still restrained.
If we were still backing the dollar with silver, does anyone doubt that we would have a higher standard of living in this country today?
H/t Michael Gray
“The System is Rigged”
Because the US executive and legislature have been largely controlled by transnational interests since the Woodrow Wilson administration that’s a gross understatement. Recently-released FBI documents now actually reference a “shadow government” overseeing affairs at the US State Department.
https://www.youtube.com/watch?v=8RkOqE8ZiE4
Tonight the third and final US Presidential Debate is scheduled. Corporate-controlled media that stand to profit most from the status quo (and that also looked the other way when the Bush/Cheney ticket stole the 2000 and 2004 elections) persist in feigning astonishment at the Republican candidate’s repeated assertion that “the system is rigged.”
One in four young Americans state they would rather experience a global apocalypse than see either major party candidate elected. As Reuters observes today,
Ron Paul Warns Financial Martial Law Imminent
“History has shown us that when the government needs to save itself it won’t hesitate to STEAL your money.”
Project Clarity
(August 10, 2016)
The following video ‘interview’ of former Congressman Dr. Ron Paul is a scripted presentation that is admittedly a bit stilted. Nevertheless, one needn’t look very far at national and world financial news to conclude the information and analysis are very real. For example, ‘bail in’ documents exist as laws in many Western nations, including Canada and the United States.
This may all appear Cassandra-like at first glance. Yet real economic indicators suggest an imminent economic crisis as central banks increasingly prop up the so-called ‘free markets’ through bond and now even by purchases of corporate debt and stock. At the same time, international events suggest that the US dollar’s days as the preeminent world reserve currency are numbered; on October 1 the Chinese Renminbi will be formally recognized as a foreign exchange reserve by the International Monetary Fund alongside the dollar and euro.
Reports and imagery from the ongoing economic collapse in Venezuela seem remote, yet the economic conditions for such a breakdown in Europe and the US are indeed very real. Of note is a special ‘Emergency Podcast‘ released September 16 by financial analysts Andrew Hoffman and Bix Weir lays out more recent developments in even greater detail.-JFT
From the video’s producer:
Continue reading Ron Paul Warns Financial Martial Law Imminent
Donald Trump’s “‘False Economy’ Nonsense”
Career Politicos Balk at Allegation of Central Bankers’ Market Shenanigans
By James F. Tracy
The federal government is guilty of numerous fraudulent practices, not the least of which is its collusion with the private Federal Reserve over the past century to devalue the US currency and rob people of their buying power while creating an almost endless state of war, thereby further allowing the central bank to undermine the host government’s resources and constituencies.
Could it be there’s finally one candidate from the Demopublican monolith that really does “get it”? Based on rhetoric alone this election season (and in the unfortunate absence of a Ron Paul candidacy) there are stark differences between the two major candidates, particularly in terms of pointing to the ongoing economic fraud briefly described above.
ZeroHedge observes:
Epocalypse Now: The Economic Apocalypse is Here
Submitted by David Haggith
The Great Recession
When I predicted the economic apocalypse would begin for the US this month, I said the stock market would rise euphorically after the Fed raised its interest target. Rise it did. Steeply, too. I also said it would fall shortly after. Fall it did. Quickly, too. Now I’m saying the Epocalypse is here.
“Particularly watch out,” I warned, “if the euphoria cools quickly because, after more than a year of concern over what would happen when stimulus ended, there is a lot of relief the bulls would like to celebrate. If the euphoria cools quickly, it’s likely to mean things are ready to go down hard and fast.”
Continue reading Epocalypse Now: The Economic Apocalypse is Here