FOMC Meeting: Fed Just Backtracked on QE Taper Talk
The Federal Open Market Committee (FOMC) meeting ended today (Wednesday) with word that the Fed plans to the stay the course on QE for now, backtracking from earlier hints it might begin tapering this fall.
"For all those looking for clear guidance on when quantitative easing will end, well, you will have to wait a little longer," Joel Naroff, president and chief economist at Naroff Economic Advisors Inc., wrote in a research note. "Indeed, there may have been some walking backwards today."
Money Morning Capital Wave Strategist Shah Gilani said it's no surprise the Fed has backed away from talk of tapering.
Exclusive: Obama Tells Money Morning Why He Just Loves Larry Summers…
Larry Summers for Fed Chief... He's got my vote. Absolutely!
Why? You just have to get to know the guy and you'll see he's perfectly qualified to head the Federal Reserve.
Here's just part of his resume.
From 1982-1983, Larry Summers was on staff at Ronald Reagan's Council of Economic Advisers. That's where Lawrence of Enablers earned his "Deregulate Everything" T-shirt.
After his brief stint on the Gipper's Council, where he was taught how real pros corral free markets for personal profit, the Enabler headed back to Harvard to teach kids (and himself) how to squeeze personal wealth out of mere economic theory.
He got his next shot at stardom as Chief Economist of the World Bank in 1991. He was there until 1993.
While there he wasted no time shining a light on himself.
In a 1991 interview he famously said:
Read on here...
The Bernanke Shock
The financial world was shocked this month by a demand from Germany's Bundesbank to repatriate a large portion of its gold reserves held abroad.
By 2020, Germany wants 50% of its total gold reserves back in Frankfurt - including 300 tons from the Federal Reserve.
The Bundesbank's announcement comes just three months after the Fed refused to submit to an audit of its holdings on Germany's behalf. One cannot help but wonder if the refusal triggered the demand.
Either way, Germany appears to be waking up to a reality for which central banks around the world have been preparing: the dollar is no longer the world's safe-haven asset and the US government is no longer a trustworthy banker for foreign nations.
It looks like their fears are well-grounded, given the Fed's seeming inability to return what is legally Germany's gold in a timely manner. Germany is a developed and powerful nation with the second largest gold reserves in the world.
If they can't rely on Washington to keep its promises, who can?
The Federal Reserve Is Socialism's Insidious Tool
If you think for one second that the Federal Reserve System is a Godsend that backstops America's banks and our economy in times of trouble, you'd be right for that one second.
But if you take any time to learn how the Fed really works and in whose interest they operate, you'd make yourself sick for a long, long time.
The truth about the Federal Reserve is that it's a dangerous, insidious socialist tool.
Rather than allowing free markets to function as a "clearing mechanism" that rewards success and punishes failure, the Fed fosters underdevelopment of third-world nations, props up corrupt governments, protects the greedy, self-serving banking constituency it serves, and by design promotes socialism to further its mandate to enrich its masters.
I'm sick of the Fed and their control over the U.S. Congress, the American economy, and the world order.
It's about time the American public revolted against the Fed and our pandering Congressmen who pimp for it, abrogated their Constitutional duties to it, and get rich off it, all the while pretending they control it and it's some kind of Constitutional safeguard.
The Untold Story About The Federal ReserveYou see, the Fed was the brainchild of a bunch of the world's most powerful bankers and a few greedy U.S. Congressmen who were not surprisingly in the employ of banker backers.
The history of the Fed is a fascinating story about American politics and power-broking bankers.
The undisputed truth about the creation and mandate of the Federal Reserve System is laid bare, beautifully I might add, in G. Edward Griffin's The Creature from Jekyll Island.
I thought I knew a lot about the Fed, and it turns out I do. But there is so much more that I didn't know, and it's all laid out in the book, with all the accompanying references and proof.
It chilled me to my very core...
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