Nearly 100 years after its creation, the power of the U.S. Federal Reserve has never been greater. Markets and governments around the world hold their breath in anticipation of the Fed Chairman’s every word. Yet the average person knows very little about the most powerful – and least understood – financial institution on earth. Narrated by Liev Schreiber, Money For Nothing is the first film to take viewers inside the Fed and reveal the impact of Fed policies – past, present, and future – on our lives. Join current and former Fed officials as they debate the critics, and each other, about the decisions that helped lead the global financial system to the brink of collapse in 2008. And why we might be headed there again…
Stefan Molyneux and G. Edward Griffin look at the central banking scam, the crisis in Greece, the inevitability of economic collapse, the possible collapse of the Euro, widespread panic in the Eurozone, Gold as a historical store of financial value, the practical impossibility of solving the problems in Greece and fiat currency withdrawals.
At the heart of the European debt crisis is the euro, the currency that tied together 18 countries in an intimate manner. So when one country teeters on the brink of financial collapse, the entire continent is at risk. How did such a flawed system come to be?
Marc Goodman has been a Resident Futurist for the FBI and a senior adviser to Interpol. He is also author of the much anticipated Future Crimes.
In this episode, we’ll go deep into the digital underground to expose the alarming ways criminals, corporations, and even countries are using emerging technologies against you…and some simple steps you can take to decrease your vulnerability.
The biggest bubble ever, some call it a money bubble, others call it a debt bubble, both are right, this is a bubble based on over hundred years of constant growing money supply, and since money today is a byproduct of debt, the debt supply is also constantly growing. The supply of money and debt load is now so large we measure it in trillions and soon in quadrillions (derivatives already valued over one quadrillion, see picture above). Extremely fast growing money supply and debt is now what we call normal, we have been living in this bubble all our lives. Still, a lot of people can feel at a deeper level that there’s something very wrong with the world economic system, I’m one of them. It wasn’t until I did some deeper research into how this system works that I realised the extent of the bubble. It’s so much larger than most can imagine.
The value of the Venezuelan bolívar has plummeted in the past month, depreciating from 102.56 to 159.02 per US dollar on the black-market exchange. November’s decline indicates that Venezuela now flirts with hyperinflation.
The rule of thumb among economists is that hyperinflation occurs when inflation — the declining purchasing power of a currency as measured by a rise in the price level — exceeds 50 percent on a monthly basis. As deduced from the black-market exchange rate and the US Consumer Price Index, Venezuela’s inflation for November reached 55.27 percent.* Even the highest denomination of the bolívar, the 100 Bs. note, is now worth a mere 62.9 US cents.
Published on Dec 8, 2014 by Kirsten Grind, James Sterngold and Juliet Chung
New rules mean some deposits aren’t worth it, J.P. Morgan, Citigroup and others tell large U.S. clients.
Banks are urging some of their largest customers in the U.S. to take their cash elsewhere or be slapped with fees, citing new regulations that make it onerous for them to hold certain deposits. The banks, including J.P. Morgan Chase & Co., Citigroup Inc., HSBC Holdings PLC, Deutsche Bank AG and Bank of America Corp., have spoken privately with clients in recent months to tell them that the new regulations are making some deposits less profitable, according to people familiar with the conversations.
On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board’s “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,” which completely changes the rules of banking.
Four decades ago, university researchers figured out the key to computer privacy, sparking a battle with the National Security Agency that continues today.
WHAT IF your research could help solve a looming national problem, but government officials thought publishing it would be tantamount to treason? A Stanford professor and his graduate students found themselves in that situation 37 years ago, when their visionary work on computer privacy issues ran afoul of the National Security Agency. At the time, knowledge of how to encrypt and decrypt information was the domain of government; the NSA feared that making the secrets of cryptography public would severely hamper intelligence operations. But as the researchers saw it, society’s growing dependence on computers meant that the private sector would also need effective measures to safeguard information. Both sides’ concerns proved prescient; their conflict foreshadowed what would become a universal tug-of-war between privacy-conscious technologists and security-conscious government officials.
The world’s poor need the stability and security that banks have traditionally offered, but increasingly they do not need banks to provide it.
PEOPLE stream in as the doors to a massive stone building open. Guards in khaki uniforms wield ancient British rifles as men in crisp white dhotis and women in colourful saris direct the flow of customers toward the 14,000 people who work here, at the Mumbai branch of the State Bank of India. Gold-buyers go to the left where they are offered certified coins or ingots that come in sealed plastic cases. A dozen naval officers wait patiently: their salaries, like those of many state employees, are paid through the bank. At a counter upstairs, tellers help illiterate Nepalese migrant workers to send money home.
Not since the Great Depression has wealth inequality in the US been so acute, new in-depth study finds.
Wealth inequality in the US is at near record levels according to a new study by academics. Over the past three decades, the share of household wealth owned by the top 0.1% has increased from 7% to 22%. For the bottom 90% of families, a combination of rising debt, the collapse of the value of their assets during the financial crisis, and stagnant real wages have led to the erosion of wealth.
Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings, according to a survey released by Bankrate.com Monday.
Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.
Published by Glenn Greenwald via theguardian.com on Wednesday 23 January 2013
PBS’ Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.
What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with immunity for their fraud, but thrived as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.
Published by Ben Steverman on Oct 30, 2014 via Bloomberg
New fiber optic wires can carry a two-hour movie in 31 millionths of a second. Hedge funds already make trades in a fraction of that time. And when you pay a bill online, money disappears from your account at high velocity.
So why does money take so long to appear in your account? Why, when you want to move cash from one account to another, is it faster to walk it there — even if it’s a really long walk?
By Kit Chellel and Alexander Weber on Oct 27, 2014 via Bloomberg
One day in December 2005, a few hours before dawn, employees of the Austrian central bank, dressed in blue overalls, began stacking about 30 million bank notes onto wooden pallets. They loaded the manat bills, the currency of Azerbaijan, into 38-ton trucks, according to people familiar with the shipment. Escorted by police in unmarked BMWs, the convoy rumbled past Vienna’s centuries-old churches and Habsburg palaces, crossed the Slovakian border and arrived at Bratislava Airport. There, the shrink-wrapped pallets were loaded onto a plane destined for Baku, Azerbaijan’s capital on the shores of the Caspian Sea.
It looked like any other transaction in the international money-printing market, where bills are bought and sold amid tight security, Bloomberg Markets magazine reports in its December issue. In fact, Austrian prosecutors say, the sale was part of a corrupt bargain between officials at the Austrian central bank and their Azerbaijani counterparts.
By Ellen Brown on February 08, 2014 via Global Research
The Fed is privately owned. Its shareholders are private banks.
“Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.” – The Honorable Louis McFadden, Chairman of the House Banking and Currency Committee in the 1930s
The Federal Reserve (or Fed) has assumed sweeping new powers in the last year. In an unprecedented move in March 2008, the New York Fed advanced the funds for JPMorgan Chase Bank to buy investment bank Bear Stearns for pennies on the dollar. The deal was particularly controversial because Jamie Dimon, CEO of JPMorgan, sits on the board of the New York Fed and participated in the secret weekend negotiations.1 In September 2008, the Federal Reserve did something even more unprecedented, when it bought the world’s largest insurance company. The Fed announced on September 16 that it was giving an $85 billion loan to American International Group (AIG) for a nearly 80% stake in the mega-insurer. The Associated Press called it a “government takeover,” but this was no ordinary nationalization. Unlike the U.S. Treasury, which took over Fannie Mae and Freddie Mac the week before, the Fed is not a government-owned agency. Also unprecedented was the way the deal was funded.