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The Forum > General Discussion > Monetary Porn

Monetary Porn

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This has got to be seen to believed.
http://www.youtube.com/watch?v=EsTEn-fcjU0

Elizabeth Coleman is the Inspector general of the US Federal Reserve.Alan Grayson a Democrat Congressman is questioning her on where all the tax payer debt money has gone in the last 8 months.A total of $9 trillion is unaccounted for and the Inspector cannot even account for a small portion of this.$9 trillion represents $30,000.00 debt for every person in the US.

Imagine you took out a $30,000.00 loan from bank who took control of this money and you are legally obliged to pay back both the principal and interest even if it is mismanaged or lost.For every family this is a debt of $120,000.00.

This is the reality the US people faces,but they haven't a clue about the machinations of their Govt and a private group of banks called the Federal Reserve.Most Americans think the Fed is an arm of Govt.The Inspector General is supposed to keep them honest,but she obiviously has not the power or the intention of investigating anything.

We should all take a keen interest in what is happening in the US,since their folly could mean our demise.
Posted by Arjay, Monday, 25 May 2009 8:12:23 PM
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I know highly educated people who just don't want to know about this.The reality apparently,is just too harsh for them to contemplate and the facts pass over them like a shroud of impossibility.

Just like a smoker lives in denial of cancer,so do we who live in our comfort zones,re-assured by past certainties.
Posted by Arjay, Monday, 25 May 2009 11:09:16 PM
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That’s a shocker Arjay – The US Federal Inspector General’s ineptitude, I mean.

The parallel that immediately springs to my mind is probably not something that you or other monetarily-inclined people would think of first up or at all – the extraordinarily inept way in which our capital in Australia is being consumed while we are at the same time placing an ever-higher demand upon our non-renewable and potentially renewable resource base, and not improving our value-adding industries.

In other words – the manner in which we are going in exactly the opposite direction to achieving sustainability. That is; economic, social, environmental and every other sort of sustainability.

I bet if we were to ask Rudd or Swan, or Turnbull or Hockey a few probing questions about this and how we might change the financial direction of Australian society in the near future in order to address this enormous and ever-greater imbalance that threatens to bring Australian society down, they’d come up as blank as Elizabeth Coleman.

I’d posit that this aspect of the big-picture financial situation is vastly more important for us in Oz than the extraordinary mismanagement that we’ve witnessed in the US, UK and elsewhere.
Posted by Ludwig, Tuesday, 26 May 2009 8:21:18 AM
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Arjay, we've had this discussion before. And one thing became crystal clear during those interchanges, and that is that you haven't the faintest idea how money works, or how economies work.

What does attract you, like a magpie to cheap and shiny baubles, is the whiff of conspiracy, and the political posturings of folk who enjoy stirring the conspiracy pot.

This is nothing more than a piece of political theatre.

For a start, where is the evidence of the "nine trillion dollars"?

The Congressman refers to a Bloomberg article. I suspect that this one may the culprit. (I'm even doing your research work for you Arjay, since you are so wrapped up in your conspiracy theories to bother)

http://www.bloomberg.com/apps/news?pid=20601087&sid=armOzfkwtCA4&refer=home

There's a lot of useful information in it, but here's a key pointer.

"New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks."

Note carefully the word "pledge"

This is probably the only level at which you might understand what is going on here, but it's worth a try.

"Distressed loans" were one of the major causes of the present crisis.

If they had all been allowed to go bad at the same time, the banking system would have failed, and the resulting depression would have made the nineteen-thirties look like boom-times.

Rather than allow that to happen, governments around the world have elected to provide a backstop facility.

Remember, the debt was originally incurred by people, not by Banks. The bail-out is designed to help these people.

I know you won't understand it, but here's last week's formal Fed position statement

http://www.federalreserve.gov/releases/h41/Current/

Once the system has settled down a little, there will no doubt be a thorough audit of this balance sheet, which probably still contains a few holes.

But the idea that these trillions of dollars have somehow disappeared into someone's pocket, is laughable.

The hole was already dug. These commitments are simply what is needed to fill it back up again.
Posted by Pericles, Tuesday, 26 May 2009 9:08:30 AM
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We at the Dallas Fed believe the total is over $99 trillion,”
http://republicbroadcasting.org/?p=2112

In a sobering holiday interview with C-SPAN,President Obama boldly told Americans:“We are out of money.”
http://www.drudgereport.com/flashocs.htm
C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY:You know the numbers,$1.7 trillion debt,a national deficit of $11 trillion.At what point do we run out of money?

OBAMA:Well,we are out of money now.We are operating in deep deficits,
http://republicbroadcasting.org/?p=2093

The US dollar is not Russia’s basic reserve currency anymore.The euro-based share of reserve assets of Russia’s Central Bank increased to the level of 47.5 percent as of January 1,2009 and exceeded the investments in dollar assets,which made up 41.5 percent
http://www.washingtonsblog.com/2009/05/russia-dumps-dollar-as-reserve-currency.html

see the trend
http://www.washingtonsblog.com/2009/05/china-and-brazil-team-up-to-end-dollars.html
http://republicbroadcasting.org/?p=2086
http://revolutionarypolitics.com/?p=822
http://www.lewrockwell.com/blog/lewrw/archives/026931.html#more
http://www.time.com/time/photogallery/0,29307,1879735,00.html
Posted by one under god, Tuesday, 26 May 2009 1:10:01 PM
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We might be making some progress here. Not sure, but it's possible.

oug provides a couple of beams of light on the topic.

"We at the Dallas Fed believe the total is over $99 trillion"

And provides a link to the estimate that describes what the authors believe is "the 'very big hole' in unfunded pension and health-care liabilities".

Yet another case of non-existent money.

A warning, of course, that commitments made by governments (who tend to be the biggest culprits in unfunded super) and by businesses have a tendency to come back and bite.

But at some future time.

So far, not a single trillion has actually been turned into a real debt.

When it does, it will happen over time, because a) not everyone will claim their pension entitlements simultaneously and b) not everyone gets sick at the same time.

The other possibility is that those commitments will not be honoured.

Voilà. I just "saved" $99 trillion.

Does that make the difference between debt and money a little clearer?

President Obama is of course absolutely right when he says "we don't have any money".

They have debt.

I don't have any money either, but I have debt in the form of a substantial overdraft.

But just like me, America can continue to drive cars and catch buses and trains, still buy food at the supermarket, still treat themselves to the odd beer.

Now the purists, wishful thinkers, those of the Austrian School - and of course the Chinese - are saying "wouldn't it be nicer if we all lived within our means?"

The answer is "quite possibly. But instead of the steady increase in our prosperity over the past fifty years, we would still be stuck in a 1950's style economy. Low investment (no borrowings ahead of earnings, you see) and low growth go hand in hand.

As far as “living within our means”, going back to the gold standard, embracing the Austrian School or whatever is concerned, the train has left the station.

If that's where you want to go, you can't get there from here.
Posted by Pericles, Tuesday, 26 May 2009 1:53:47 PM
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