After more than three decades of tilting at windmills, Ron Paul is finally gaining support for his beloved Audit The Fed bill.
The bill, H.R. 459, passed the House Oversight Committee this morning on a voice vote, with no vocal opposition. House Republican leaders have said that they plan on addressing the legislation on the floor sometime next month.
Britain's economic outlook has worsened markedly in the space of just six weeks due to the deepening euro zone crisis and signs that a global slowdown is taking root in the United States and emerging markets, the Bank of England said on Tuesday.
Federal Deposit Insurance Corporation regulators released a “rulemaking notice” of proposed changes to capital requirements for banks under their supervision. While this sounds like a relatively obscure move, which has drawn almost zero media attention, it could be the single largest event affecting gold demand since central banks became net purchasers in 2010.
Below Is The Link To The Letter From The FDIC To The Commercial And Savings Banks. Type in "Gold" in the search at the top of the PDF file snf look for where they address gold.
A. Zero Percent Risk-Weighted Items
The following exposures would receive a zero percent risk weight under the
proposal:
Cash;
Gold bullion;
Direct and unconditional claims on the U.S. government, its central bank,
or a U.S. government agency;
Exposures unconditionally guaranteed by the U.S. government, its central
bank, or a U.S. government agency;
Brazil, Russia, India and China, the BRIC countries, are back to talking about creating a unified financial system where they can avoid euro and dollar volatility. This time, a pooling of Central Bank dollars from the countries in case liquidity dried up as the world tracks the West’s crisis momentum.
Details of a GAO audit of the Federal Reserve’s eye-popping secret $16 trillion-dollar bailout reveals that Federal Reserve board members gave their own banks $4 trillion.
Fed Board Members Gave Their Own Banks 4 Trillion dollars
Here’s the text of the PDF summary released by Senator Sanders highlighting the culprits identified in the GAO audit on the Federal Reserve’s conflicts of interest.
Jamie Dimon Is Not Alone
During the financial crisis, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that collectively received over $4 trillion in low-interest loans from the Federal Reserve.
U.S. Senator Bernard Sanders (I-Vt.) Washington, D.C. June 12, 2012
1. Jamie Dimon, the Chairman and CEO of JP Morgan Chase, has served on the Board of Directors at the Federal Reserve Bank of New York since 2007. During the financial crisis, the Fed provided JP Morgan Chase with $391 billion in total financial assistance. JP Morgan Chase was also used by the Fed as a clearinghouse for the Fed’s emergency lending programs.
In March of 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns. During the financial crisis, the Fed provided JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. The Fed also agreed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.
2. Jeffrey Immelt, the CEO of General Electric, served on the New York Fed’s Board of Directors from 2006-2011. General Electric received $16 billion in low- interest financing from the Federal Reserve’s Commercial Paper Funding Facility during this time period.
3. Stephen Friedman. In 2008, the New York Fed approved an application from Goldman Sachs to become a bank holding company giving it access to cheap Fed loans. During the same period, Friedman, who was chairman of the New York Fed at the time, sat on the Goldman Sachs board of directors and owned Goldman stock, something the Fed’s rules prohibited. He received a waiver in late 2008 that was not made public. After Friedman received the waiver, he continued to purchase stock in Goldman from November 2008 through January of 2009 unbeknownst to the Fed, according to the GAO. During the financial crisis, Goldman Sachs received $814 billion in total financial assistance from the Fed.
4. Sanford Weill, the former CEO of Citigroup, served on the Fed’s Board of Directors in New York in 2006. During the financial crisis, Citigroup received over $2.5 trillion in total financial assistance from the Fed.
5. Richard Fuld, Jr, the former CEO of Lehman Brothers, served on the Fed’s Board of Directors in New York from 2006 to 2008. During the financial crisis, the Fed provided $183 billion in total financial assistance to Lehman before it collapsed.
6. James M. Wells, the Chairman and CEO of SunTrust Banks, has served on the Board of Directors at the Federal Reserve Bank in Atlanta since 2008. During the financial crisis, SunTrust received$7.5 billion in total financial assistance from the Fed.
7. Richard Carrion, the head of Popular Inc. in Puerto Rico, has served on the Board of Directors of the Federal Reserve Bank of New York since 2008. Popular received $1.2 billion in total financing from the Fed’s Term Auction Facility during the financial crisis.
8. James Smith, the Chairman and CEO of Webster Bank, served on the Federal Reserve’s Board of Directors in Boston from 2008-2010. Webster Bank received $550 million in total financing from the Federal Reserve’s Term Auction Facility during the financial crisis.
9. Ted Cecala, the former Chairman and CEO of Wilmington Trust, served on the Fed’s Board of Directors in Philadelphia from 2008-2010. Wilmington Trust received $3.2 billion in total financial assistance from the Federal Reserve during the financial crisis.
10. Robert Jones, the President and CEO of Old National Bancorp, has served on the Fed’s Board of Directors in St. Louis since 2008. Old National Bancorp received a total of $550 millionin low-interest loans from the Federal Reserve’s Term Auction Facility during the financial crisis.
11. James Rohr, the Chairman and CEO of PNC Financial Services Group, served on the Fed’s Board of Directors in Cleveland from 2008-2010. PNC received $6.5 billion in low-interest loans from the Federal Reserve during the financial crisis.
12. George Fisk, the CEO of LegacyTexas Group, was a director at the Dallas Federal Reserve in 2009. During the financial crisis, his firm received a $5 million low-interest loan from the Federal Reserve’s Term Auction Facility.
13. Dennis Kuester, the former CEO of Marshall & Ilsley, served as a board director on the Chicago Federal Reserve from 2007-2008. During the financial crisis, his bank received over $21 billionin low-interest loans from the Fed.
14. George Jones, Jr., the CEO of Texas Capital Bank, has served as a board director at the Dallas Federal Reserve since 2009. During the financial crisis, his bank received $2.3 billion in total financing from the Fed’s Term Auction Facility.
15. Douglas Morrison, was the Chief Financial Officer at CitiBankin Sioux Falls, South Dakota, while he served as a board director at the Minneapolis Federal Reserve Bank in 2006. During the financial crisis, CitiBank in Sioux Falls, South Dakota received over$21 billion in total financing from the Federal Reserve.
16. L. Phillip Humann, the former CEO of SunTrust Banks, served on the Board of Directors at the Federal Reserve Bank in Atlanta from 2006-2008. During the financial crisis, SunTrust received$7.5 billion in total financial assistance from the Fed.
17. Henry Meyer, III, the former CEO of KeyCorp, served on the Board of Directors at the Federal Reserve Bank in Cleveland from 2006-2007. During the financial crisis, KeyBank (owned by KeyCorp) received over $40 billion in total financing from the Federal Reserve.
18. Ronald Logue, the former CEO of State Street Corporation, served as a board member of the Boston Federal Reserve Bank from 2006-2007. During the financial crisis, State Street Corporation received a total of $42 billion in financing from the Federal Reserve.
China overtook India as the world's top consumer of gold in the first quarter, the World Gold Council said, cementing expectations that China will be the dominant buying force in the gold market in 2012.
Indian gold demand dropped 19% in the first three months from a year earlier, to 207.6 metric tons, rattled by strikes following the announcement of new taxes on the gold trade and weakness in the Indian rupee that made dollar-denominated gold more expensive for Indian buyers.
In contrast Chinese gold demand rose 7% in the same period, to 255.2 tons, according to the WGC.
Missouri may be the second state, after Utah, to authorize the use of gold and silver coins or special "sound-money depositories" to pay debts to state government.
A Swiss-parliament panel is discussing, today, the introduction of a parallel ‘gold-franc’ currency.
The panel will discuss a proposal aimed at introducing a new currency known as the 'gold franc'. Under the proposal, which will be debated in the lower house’s economic panel in Bern, one gold coin would be worth about 5 Swiss francs ($5.30), according to published reports, which said the Swiss franc would remain the official currency.
The Census and Statistics Department of the Hong Kong government reported that during the first quarter of 2012, imports of gold from Hong Kong to China were 135,529 kilograms (135.53 metric tons) – a 587% increase over the 19,729 kilograms imported from January through March of 2011 – according toBloomberg.
The Royal Canadian Mint achieved record revenue of $3.2 billion for 2011, representing an increase of 42.9% from the prior year. The increase in revenue was driven primarily by the bullion and refinery segment, although numismatics and collectibles also put in a strong performance.
Beijing is planning to avoid U.S. financial sanctions on Iran by paying for oil with gold. China’s imports of the metal are already large, and you can guess what additional purchases are going to do to prices.
The legendary Jim Sinclair states that this is the most important event in the modern history of gold, and that gold is officially replacing the US dollar June 28th. This massively accelerates gold’s replacement of the dollar as the world reserve currency and the average person has no clue what this even means.
“I don’t think this has any practical implications,” says David Rapach, associate professor of economics at St. Louis University. “This could be a combination of nostalgia toward both states’ rights and the gold standard, but we moved away from those types of models for good reasons.”
Perhaps the good professor has never heard of Gresham’s Law. This is a typical response from a main stream economist who is so out of touch with what real money is.
Latest IMF statistics released overnight show that a dozen countries increased their gold holdings in March, continuing the trend of Central Bank purchases which has now been apparent for the past to to three years.
According to the latest IMF statistics at least 12 countries are known to have increased their gold reserves in March indicating the continuation of a trend now going back more than two years, and one which has been on its own a substantial supporter of the higher gold prices seen over the period.
Harvey Organ has been analyzing the bullion markets closely for decades. The quality and accuracy of his work is respected enough to have earned him an invitation to testify before the CFTC on position limits for precious metals back in 2010.
And he minces no words: Gold and silver prices are suppressed. With extreme prejudice.
The silver markets are rigged. Every day. Every trade. Every option. Every derivative. The silver markets have been rigged since the early 1970's when Alan Greenspan introduced computer market trading systems to the world beginning the long term commodity market rigging operation.
Allow me to bring you up to date on what you need to know about JP Morgan's manipulation of the silver market.
It is being exposed, and JP Morgan is failing, and losing money on their scheme.
On April 5th, we were given the gift of JP Morgan's Blythe Masters giving a TV interview on CNBC where she was trying to claim that JP Morgan does not hold any position in the silver market, but rather, is hedging client long positions in silver.
Could you tell us when and how you got started researching this matter?
It started around 1985, when a brokerage client asked me to explain how silver could remain so low in price (in the single digits) when the world was consuming more metal than was being produced. I accepted the intellectual challenge, and it took me more than a year to figure out that the paper short positions on the COMEX were so large as to constitute an almost unlimited supply. It was this paper supply that was depressing the price.
The BRICS - Brazil, Russia, India, China and South Africa - have agreed to provide credit to each other in local currencies. Officials say the deal will facilitate economic growth in times of crisis.
Treasury Secretary Tim Geithner outlined how his department will find savings, including $286 million in the next fiscal year, by changing the materials that go into coins, replacing paper with electronic communications and consolidating internal agencies. The U.S. Mint is currently researching alternative materials.
This use of the international interbank system as a war machine has surprised and angered nations in the BRICS (Brazil, Russia, India, China and South Africa) and you can bet that they will be in talks to get around using the U.S. dollar in trade in the future.
Legendary trader and investor Jim Sinclair explained the severity of this ban on Iran and explained what it means to gold in an interview on King World News Below.
The Royal Canadian Mint achieved record revenue of $3.2 billion for 2011, representing an increase of 42.9% from the prior year. The increase in revenue was driven primarily by the bullion and refinery segment, although numismatics and collectibles also put in a strong performance.
Latest IMF statistics released overnight show that a dozen countries increased their gold holdings in March, continuing the trend of Central Bank purchases which has now been apparent for the past to to three years.
The silver markets are rigged. Every day. Every trade. Every option. Every derivative. The silver markets have been rigged since the early 1970's when Alan Greenspan introduced computer market trading systems to the world beginning the long term commodity market rigging operation.
Allow me to bring you up to date on what you need to know about JP Morgan's manipulation of the silver market.
The BRICS - Brazil, Russia, India, China and South Africa - have agreed to provide credit to each other in local currencies. Officials say the deal will facilitate economic growth in times of crisis.
Treasury Secretary Tim Geithner outlined how his department will find savings, including $286 million in the next fiscal year, by changing the materials that go into coins, replacing paper with electronic communications and consolidating internal agencies. The U.S. Mint is currently researching alternative materials.
This use of the international interbank system as a war machine has surprised and angered nations in the BRICS (Brazil, Russia, India, China and South Africa) and you can bet that they will be in talks to get around using the U.S. dollar in trade in the future.
