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Treasury prints money2008-03-25 16:11:29 by tilting_windmills
Fed borrows, loans & sets reserve requirements. Your point is taken - the government is up to its eyeballs in debt, is printing more money than it should and we are going to pay for it between a greater portion of our taxes going to service the debt and inflation from over-supplied currency - but get the story straight.
A portion of the board of each regional Federal Reserve Bank is elected by the member banks like JP Morgan. These boards select a president for each bank, subject to approval by the Board of Governors, who are appointed by the President of the US, subject to approval of the US Senate. Bernanke is the current chair of the Board of Governors. The Board and the presidents of five of the reserve banks (4 rotating plus NY) make up the Federal Open Market Committee...
How Bush Destroyed the Dollar2009-09-28 11:39:08 by J6P_is_Clueless
January 26 / 27, 2008
** The Profile of a Third World Country
How Bush Destroyed the Dollar
By PAUL CRAIG ROBERTS
It is difficult to know where Bush has accomplished the most destruction, the Iraqi economy or the US economy.
In the current issue of Manufacturing & Technology News, Washington economist Charles McMillion observes that seven years of Bush has seen the federal debt increase by two-thirds while US household debt doubled.
This massive Keynesian stimulus produced pitiful economic results. Median real income has declined. The labor force participation rate has declined. Job growth has been pathetic, with 28% of the new jobs being in the government sector. All the new private sector jobs are accounted for by private education and...
Dollar trades steady at AR$4.47, black market price climbs to AR$5.63 — Buenos Aires Herald
After the AFIP tax collection agency began tightening controls on dollar purchases this week, the US currency rate's black market price moved up by four cents, trading at AR$5.63, compared with yesterday's close. Meanwhile, the Euro dropped two cents, …