Is America skint? EU worlds super financial power

JC · 08-10-07, 03:23 PM

I cringed when I heard the Fed was adding money ro prop up the market.

I don't see how it fits in with their mission statement. Maybe you could stretch one of them. But they're not supposed to be there just to prop up the market.

http://www.federalreserve.gov/generalinfo/mission/default.htm

Today, the Federal Reserve’s duties fall into four general areas:

conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates

supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers

maintaining the stability of the financial system and containing systemic risk that may arise in financial markets

providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system

Jamie_UK · 08-10-07, 03:25 PM

supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers

I think that counts, but it does not excuse the paltry figures the USA added to liquidity

JC · 08-10-07, 03:29 PM

If anything it's 1 or 3.

It just seems a tad premature. It's not like the market has been above these levels for a long time. So now it's back here.

I'd rather they save their bailouts for anomalies like 9/11 instead of the market having a helathy reaction to the mess the banking community brewed up over the last 10 years.

Omnivorous Frog · 08-10-07, 03:39 PM

The fed reserve is one of the downfalls of our nation. Our currency is theoretically worthless. And the more they print and release, the worse it gets. Everything our great forefathers put in place to protect us from has been usurped or twisted to benefit very few. Rich old white guys have money fights, corporations get no bid spending incentive boondoggles, pull the puppets strings to get us into Iraq, and the fed reserve holds the country by the purse strings, where we cannot even service the interest on our mounting debt. Once this smoke clears the mirrors will yield a very ugly reflection. We will be asking for debt forgiveness and borrowing instead of artificially holding back the inevitable reality check.

Omnivorous Frog · 08-10-07, 04:45 PM

Highly recommended book: The Creature from Jekyll Island
by G. Edward Griffin

Tells how the German Jew tricked the ignorant politicans into buying off on privatizing of our monetary policy because it was wartime and our government was going broke. Our monetary policies were just above the politicians grasp. So here comes Warburg, an old time wealthy Jewish banking family. His brother runs the central bank in Germany. The same Germany that went into hyperinflation and sponsored good old Adolf. Yes the bankers and the industialists signed off on that lunatic, making a deal with the devil hoping they could profit from it. It did not save Germany, it sure as hell did not prevent our collapse either in 1929, even though it had been in place for 16 years. Probably one of the most catastrophic events in the 20th century. Yet the meeting was held in strict secrecy, and not even known about by congress until after the act was approved. Everyone of our forefathers had the foresight to not allow this, but in a time of weakness, under secrecy, they slid it by. A federal act to privatize our nations money supply. They did not even know what they voted into law. Too late now, the damage was done and is so secretive the average Joe has no clue this occured or what the Fed reserve actually is.

To keep this from sounding like a Mel Gibson anti semite rant, it had American backing from JP Morgan and the Rockefellers. Sugar

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Omnivorous Frog · 08-10-07, 05:09 PM

Release Date: August 10, 2007

For immediate release

The Federal Reserve is providing liquidity to facilitate the orderly functioning of financial markets.

The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's target rate of 5-1/4 percent. In current circumstances, depository institutions may experience unusual funding needs because of dislocations in money and credit markets. As always, the discount window is available as a source of funding.

2007 Monetary policy

Omnivorous Frog · 08-10-07, 05:39 PM

Despite these warnings, Woodrow Wilson signed the 1913 Federal Reserve Act. A few years later he wrote: I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. -Woodrow Wilson

Stuff you never learn in school, see in the media, because they bought all of that also. After the secret meeting, they had enough clout to slide it by at Christmas, when many congressmen had already gone home. And you thought attaching the gambling bill to the port security bill and voting on it at midnight was a new trick.

Omnivorous Frog · 08-11-07, 10:28 AM

More artificially created wealth to manipulate an already overburdened system. Talk about putting a band aid on a severed limb. So this non backed money created by the fed reserve private bankers goes to banks, who put up mortgage based loans as collateral, even though they are the reason this is taking place, no one will touch them due to the horrible underwriting and even worse foreclosure rates. That's like getting a loan using a 1976 salvaged Ford Pinto with a $10,000 lien on it for collateral. This has disaster written all over it, and has not been done since 9/11. Who are the terrorists this time?