G. Edward Griffin on the Federal Reserve of New York

Just in case you missed this excellent Expose from G. Edward Griffin about the real nature of the Federal Reserve of New York and the Federal reserve system worldwide. John Key was one of only four advisors to the NY Federal Reserve from 1999 until March 2001. G. Edward Griffin is the writer of a […]

The Federal Reserve gets the key to the safe.

Thomas Jefferson, declared, “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” […]

Dollar Declines on Speculation Fed Rescue Package Won’t Succeed

March 12 (Bloomberg) — The dollar fell against the euro and the yen on speculation the Federal Reserve’s plan to provide funds to banks won’t be enough to break the gridlock in money- market lending and stem credit losses. “Read the need for such new measures as being a symptom of what ails the world […]

Fed Announces $60B March Auctions

This is not good. Just printing money causes inflation, inflation will make the poor and the middle class even poorer, and they promised they will keep on doing it until there is nothing left. (WASHINGTON) – The Federal Reserve announced Friday that it will auction another $60 billion in March as it continues to combat […]

U.S. banking sector headed for meltdown, official says

Banks face massive loan losses because of defaults on debts and housing-price slide Duncan Mavin Toronto — The U.S. banking sector is headed for a credit downturn that will be “the worst in generations,” featuring widespread defaults on a range of debts and a national housing price slide not seen since the Great Depression, one […]

Thousands of investors hit hard

The investments of many of the 380,000 people who have joined the KiwiSaver scheme have taken a battering with the dramatic slump in sharemarkets. New Zealand and world sharemarkets have taken a dive in the past fortnight after falls in the United States. Fears of a recession there and massive losses in US housing markets […]

Credit crisis turmoil claims new victims

By Stephen Foley in New York and Sean Farrell Thursday, 21 February 2008 Losses resulting from the credit market turmoil – until now largely limited to the world’s biggest investment banks – are starting to be felt much more widely, by wealthy individuals, local government and even sports teams, presaging a new and potentially litigious […]

Bush Administration Hides More Data, Shuts Down Website Tracking U.S. Economic Indicators

The U.S. economy is faltering. Family debt is on the rise, benefits are disappearing, the deficit is skyrocketing, and the mortgage crisis has worsened. Conservatives have attempted to deflect attention from the crisis, by blaming the media’s negative coverage and insisting the United States is not headed toward a recession, despite what economists are predicting. […]

House sale low is sign the tumble has started

The seven-year low in house sales last month could be a sign of prices falling for the year, says the Real Estate Institute of New Zealand’s national president. Traditionally, January has always been a weak time to sell, with holidays interrupting transactions but sales were unusually low at 5186 – the lowest since January 2001 […]

ECB warns crashing dollar may stop Fed cuts

On a day when Citigroup announces an $18 billion write-down on subprime, news of Alan Greenspan’s latest consulting gig brings to the forefront a painful reminder that not everyone was hurt by the mortgage-market meltdown. The former Federal Reserve chairman—the very man whom many blame for ushering in the housing collapse with his bargain-basement interest-rate […]

US subprime lenders targeted blacks, poor: report

WASHINGTON (AFP) — US mortgage lenders targeted minorities and people with low incomes in recent years as the “best candidates” for subprime home loans, with devastating economic consequences, a report claimed Tuesday. The report by the United for a Fair Economy (UFE) advocacy group said subprime mortgages, home loans issued to Americans with scant finances, […]

Crisis may make 1929 look a ‘walk in the park’

Meet some of John Key’s palls. And wonder if you want someone who adheres to the same principles is your first choice as Prime minister of New Zealand. As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues things are rapidly spiralling out of their control […]

US Subprime Bailout Won’t Reverse Trend in House Prices

We can hardly bring our self to talk about America’s socialist subprime bailout. So we won’t spend much time on it! Don’t confuse the Hope Now Alliance of lenders, investors, and banks for a bunch of modern day capitalist altruists. A close examination of the plan offered by George Bush and Hank Paulson shows that […]

The planned collapse of America

There is no shortage of speculation about “why” our leaders are still adamantly planning for the destruction of Iran, in the face of overwhelming popular opposition, even though everyone except the neocons and their allies believes that America would not survive our own actions. An irrational attack is planned and apparently the decision has been […]

Florida Just First to Face National Run on the Bank: Joe Mysak

Dec. 4 (Bloomberg) — Florida officials are going to meet today to talk about the crisis in the state’s Local Government Investment Pool. I don’t know what they are going to talk about, but I know what they had better decide. The State Board of Administration runs the pool, and its three trustees, Governor Charlie […]

Wall Street faces legal probe on sub-prime crisis.

By Stephen Foley in New York Published: 06 December 2007   The New York state attorney general is examining whether Wall Street turned a blind eye as mortgages were foisted on borrowers who could not pay them back, and then misled investors when they sold them mortgage-backed securities. Andrew Cuomo has sent subpoenas to several of […]

National Debt Grows $1 Million a Minute

WASHINGTON (AP) — Like a ticking time bomb, the national debt is an explosion waiting to happen. It’s expanding by about $1.4 billion a day — or nearly $1 million a minute. What’s that mean to you? It means almost $30,000 in debt for each man, woman, child and infant in the United States. Even […]

A Dollar the Size of a Postage Stamp

Lately it seems as though everyone wants to take a poke at the dollar. Last week, it was the Brazilian supermodel who demanded euros for her jaunts on the catwalk instead of USD. The week before that, hip-hop impresario, Jay-Z, released a video dissin’ the dollar and praising the euro as the ‘baddest Dude in […]

“Market Fundamentalism” and the Tyranny of Money

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness. What We Must Do Today “Life, liberty, and the pursuit of happiness” are, or should be, the fruits of democracy. […]

The Financial Tsunami: Sub-Prime Mortgage Debt is but the Tip of the Iceberg

Part 1: Deutsche Bank’s painful lesson                  Even experienced banker friends tell me that they think the worst of the US banking troubles are over and that things are slowly getting back to normal. What is lacking in their rosy optimism is the realization of the scale of the ongoing deterioration in credit markets globally, centered in […]

Dollar Crisis: None dare call it ‘conspiracy’

Crude oil prices hit an all-time high this week, closing above $98 a barrel for the first time in history. According to the AAA, many drivers in my home state of California are already paying more than $4 a gallon for regular unleaded gas. And in one town south of Big Sur, unleaded gas topped […]

The Last Dead Bull on Wall Street

By Mike Whitney   11/11/07 “ICH” — – Whew! What a week for the stock market. On Wednesday the market took a 360 point nosedive followed, two days later, by a 220 point belly-flop. By the time it was over, the trading pits looked more like a sausage-packing plant than the world’s financial epicenter. After the […]

Merrill Lynch reels from big write-down

Merrill Lynch & Co was the bank John Key last worked for before coming back to NZ.  NEW YORK – US financial giant Merrill Lynch & Co today reported the biggest quarterly loss in its history after writing down US$8.4 billion, mostly from bad investments related to risky subprime mortgages. “The bottom line is we got it […]

Financial crisis was an ‘accident waiting to happen’

An unusually high degree of risk-taking across asset classes made recent financial market turmoil all but inevitable, former Federal Reserve Chairman Alan Greenspan said. “The financial crisis that erupted on August 9th was an accident waiting to happen,” Greenspan said in a speech on the sidelines of the International Monetary Fund and World Bank meetings. […]