left right politics showbiz tech invest good life gossip fun hot
Mother Jones Hot Air Huffpo Variety Engadget Seeking Alpha Lifehacker TheSuperficial Daily Beast reddit
Daily Kos Michelle Malkin Politico Billboard Boing Boing TheBigPicture Luxist TMZ.com Fark BuzzFeed
ThinkProgress RightWingNews First Read CNN Showbiz Gizmodo FT Alphaville Joystiq Perez Hilton 4chan memorandum
Crooks+Liars Power Line CNN ticker E! Online Techcrunch Josh Brown Kotaku gamer Bastardly Post Secret Techmeme
TalkngPtsMemo Ameri..Thinker Swampland TV Guide Ars Technica 24/7 Wall St. TreeHugger Egotastic hascheezburgr Drudge
The Raw Story NewsBusters The Caucus Ent. News Mashable bloggingstocks Consumerist PinkIsTheNew dooce digg
Wonkette Wizbang fishbowlDC HlywdWiretap Google blog DealBook lifehack.org CelebrityBaby Someth'nAwful trends
Atrios Taki Magazine WashWhisprs DeadlnHllywd Read/Write Jeff Matthews 43folders GoFugYourself Neatorama PSFK
Firedoglake Big Hollywood The Fix MSN Ent. OReilly Radar PhilsStockWorld Autoblog Page Six Cool Hunter BBC
Young Turks IMAO Capital Gains Rot'nTomatoes GigaOM Daily Rec'ng Deadspin BestWeekEver stereogum Timespop
Americablog AceOfSpades Open Secrets Cinematical ProBlogger Zero Hedge DownloadSqd Dlisted CuteOverload media eye
Politicususa Redstate WikiLeaks law Cool Tools Bespoke MediaZone PopSugar Dilbert blog TVNewser
CounterPunch Jawa Report econ law.alltop Scobleizer BtwTheHedges Deviant ArtHollyw'dTuna gapingvoid BuzzMachine
TalkLeft Patterico EconLog Volokh Consp. Apple Blog Minyanville Gothamist x17online DailyGrail MediaGazer
Feministing Townhall.com Freakonomics Legal Insurrec.. Valleywag Fast Money Curbed DailyBlabber Prof. Hex Steve Rubel
PolitAnimal OutsideBeltwy CrookedTimbr Conglomerate mozillaZine RealClearMkts FabSugar Gawker OvrheardinNY MediaBlgNRO
Truthdig Moonbattery MarginalRevo SportsLawBlog Smashing W$J Mktbeat Gridskipper Radar Last.fm Threat Level
Alternet RealClearPoli crime W$J Law BlogTechdirt AbnormalRtrns Material Defamer kottke.org Seth's blog
Media Matters Instapundit CrimeblogsBalkinizationMAKE RandomRoger Sartorialist Jossip PumpkinChuckin mediamatters
The Nation Hugh Hewitt All Crime Credit Slips SrchEngLand Stock Advisors Drink'nMadeEasy Just Jared Maps Mania Newshounds
Maddow Blog PJ Media Smoking Gun FindLaw VentureBeat Slope of Hope Mark Cuban Celebitchy CollegeHumor FAIR

Friday, November 5, 2010

Celebrating 100 Years of Federal Reserve Power and Dollar Devaluation

Items of Interest:

The 100 year anniversary of the founding of the Federal Reserve is being celebrated at Jekyll Island, Georgia this weekend. The first Fed meeting in 1910 was a secret gathering of bankster conspirators and Washington insiders. They formulated a conspiracy to grab the financial cojones of the United States. Their evil conspiracy came to fruition in 1913, when Congress passed the Federal Reserve Act. It's been downhill for the dollar ever since then.

The dollar has dropped in value so it is now worth 4 cents and dropping in 2010, compared to 1913. In other words, the 1913 dollar was worth more than $25 in current dollars. Thank you very much.

old grocery prices, 1940s, Lincoln Nebraska
Grand Grocery Company. Lincoln, Nebraska, 1942.
International Business Times:
Fed returns to Jekyll Island -- Federal Reserve officials, including chairman Ben Bernanke, are going to Jekyll Island in Georgia this weekend to commemorate the 100th birthday of the Federal Reserve. This event, called "A Return to Jekyll Island: The Origins, History, and Future of the Federal Reserve," is hosted by the Federal Reserve of Atlanta...

Contrastingly, the November 1910 Jekyll Island meeting that gave birth to the Federal Reserve was shrouded in secrecy. According to author Edward Griffin, Forbes founder Bertie Charles Forbes said the event was so secret that the full names of the attendees were not mentioned once. Attendees of this "most secret expedition in the history of American finance" reportedly included the powerful Senator Nelson Aldrich and several leading bankers of the time...
Not just crackpot bloggers are calling the Fed names. The German finance minister calls Bernanke's QE 2 policy "clueless".

Irish Times:
US Federal Reserve's $600bn stimulus doomed to failure, says German minister -- The US Federal Reserve’s $600 billion injection is “dismal”, “clueless” and doomed to failure, according to German finance minister Wolfgang Schäuble.

In unusually sharp language, Mr Schäuble said Washington was mistaken to pump further billions into the US economy in the hope that it would encourage growth.

“With all due respect, my impression is that the US is at a loss as to what to do,” said Mr Schäuble.

“This isn’t about a liquidity shortage, so to say ‘we’ll throw $600 billion at it’, won’t solve the problem.” He found sharp words, too, over the ongoing currency unrest between the US and China.

Washington has accused Beijing of keeping the value of its yuan artificially low to help exports, but Mr Schäuble accused Washington of “pursuing the same goal with different instruments”...
NY Times:
Fed Chief Defends Action in Face of Criticism -- The Federal Reserve chairman, Ben S. Bernanke, on Friday defended the central bank’s decision to inject $600 billion into the American economy, in the face of objections from European and Asian officials about the weakening of the dollar that is likely to result from the action...
more discussion:
Robert Kuttner / Boston Globe:
Cheap Money Will Not Save the Economy

How Ben Bernanke Sentenced The Poorest 20% Of The Population To A Cold, Hungry Winter

Jeremy Warner / Daily Telegraph:
The Age of the Dollar Drawing to a Close

Campbell Harvey /  TheStreet:
Why the Fed's QE2 Won't - and Can't - Work

Colin Barr, Fortune:
Bernanke Is Soft-Pedaling Quantitative Easing Risks

Editorial / Los Angeles Times:
Don't Blame Ben Bernanke, Blame Congress 

Sewell Chan / New York Time:
Bernanke Fearing Fate of Japan, Not Greece
Timeout for Amazing!

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia