There have been many disparagers of the Federal Reserve and its control over the currency recently and there are also many Gold-Bugs in commodity land touting buying gold. I was wondering actually how any return to a non-fiat currency would take place. The US economy’s GDP released on Friday is approximately $14.872 billion according to the Bureau of Economic Analysis site. This was a sharp upward revision to a growth rate of 3.1 and knocked down commodity prices, including gold. Many of the Gold-Bug people decry the “fiat money” and the Federal Reserve, and would like to get rid of the Fed and return to a Gold Standard or a hard money standard. But, all the gold in Fort Knox, if allowed to underpin the dollar at current market values, would cover about 1.5% of the needs of the US economy. . . . → Read More: For all the gold in Fort Knox
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This is a refreshing, and chilling little video making the rounds this week. The fact that the cute anime doglets are so affect constrained is part of its charm. I liked at about 4:50 where this exchange takes place: Girl: Is this an episode of the Twilight Zone? Guy: I don’t think so. Girl: Are you Sure? . . . → Read More: Ben Bernank and the Goldman Sacks The Fed has announced quantitative easing 2 known by the QE2 moniker. The expectations that this alone can raise the level of economic growth in the US is definitely overstated. The Financial Times however points at two other adverse consequences which may turn up in the next 12 months: …other countries are likely to counter what they view as an unnecessarily disruptive surge . . . → Read More: QE2’s like unintended consequences Rather than steering towards balmy waters, Captain Bernanke has set course towards the iceberg fields. Full speed ahead! . . . → Read More: QE2: A Titanic loss? Hard-pressed homeowners are asking why lenders often balk at short sales, which allow owners to sell deeply devalued homes for less than what remains on their mortgage. But servicers can reap high fees from foreclosures. And lenders may collect on private mortgage insurance in a foreclosure. . . . → Read More: Are banks declining loan mods and short sales because they make more fees on foreclosures? |
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