Of Wages And Robots - By Azizonomics (17/1/13) PDF Print E-mail
Azizonomics   
Thursday, 17 January 2013 09:20

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What Do German Central Bankers Know That We Don't? - By Phoenix Capital Research (17/1/13) PDF Print E-mail
Phoenix Capital Research   
Thursday, 17 January 2013 09:16

Ben Bernanke and the rest of the US Federal Reserve bet the farm that they could engage in countless monetary interventions, keep interest rates at zero, and print over $2 trillion in new money without damaging the US’s credibility.

They were wrong. Indeed, Germany just fired a major warning shot to the US Federal Reserve.

On Monday, Germany announced that it will be moving a significant portion of its Gold reserves out of storage with the New York Fed and moving them back to Germany.

A few background details.

•    Germany has the second largest Gold reserves in the world behind the US.
•    Since the early ‘80s, Germany has stored the largest portion of its Gold reserves with the New York Fed (45% vs. 13% in London, 11% in Paris and the remaining 31% in Frankfurt).
•    In the fall of last year, German officials began raising the issue of auditing its reserves at the NY Fed.

Why would Germany suddenly decide that it wants to change a policy it has had in place for over 30 years?



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The Trillion Dollar Trick - By Peter Schiff (17/1/13) PDF Print E-mail
Peter Schiff   
Thursday, 17 January 2013 09:14

Euro-Pacific capital

The birth, and the apparent death, of the trillion dollar platinum coin idea may one day be recalled as a mere footnote in the current debt crisis drama. The ultimate rejection of the idea (which was to use a loophole in commemorative coinage law to mint a platinum coin of any denomination) by both the the President and the Federal Reserve seems to offer some relief that our economic policy is not being run by out-of-touch academics and irresponsible congressmen. In reality, our government has been creating more than one trillion dollars out of thin air every year for the past five. The only difference is that the blatant dishonesty of a trillion-dollar platinum coin is so easy to understand that the public simply couldn’t be expected to swallow it. The American people are more than willing to be fooled, but they won’t tolerate so simple a ruse.

People have a long and intimate history with coins. Some of us collected them as kids, and we all touch and see them every day. Unlike currency bills, we know intuitively that a coin’s value is supposed to come from its metal content. That’s why quarters are bigger than dimes. As a result, most people have viscerally rejected the platinum coin idea. To assign an arbitrary, sky high, valuation to a small piece of metal strikes most people as a deceitful, desperate act. They are right.

However, the same people have no problem with images of thousands of crisp paper notes flying off the printing presses. The acceptance is not impacted by how many zeroes the bills contain. People simply believe that paper money derives value from the numbers, not the paper. This was not always so. Paper money originally entered the public awareness as promissory notes to pay different amounts of gold. Once people got used to the paper, few really cared when the gold backing was finally removed. As a result, the public would likely have been much more accepting of the Fed printing a trillion dollar bill than the government minting a trillion dollar coin. But there was no legal pathway for the Fed to simply give that money to the government.



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Banks Using Funding For Lending Scheme To 'Rip Off' Savers - By Philip Aldrick (17/1/13) PDF Print E-mail
Philip Aldrick   
Thursday, 17 January 2013 09:07

The Telegraph, UK

Banks Have Been Accused Of Using The Government’s Taxpayer-Backed Cheap Credit Scheme To Rip Off Customers By Cutting Rates On Savings Accounts More Than On New Loans

The claim comes after Andrew Bailey, head of prudential regulation at the Financial Services Authority, told MPs yesterday that interest rates for borrowers had not come down “to the same extent” as those paid on deposits. He said “the jury is still out” on whether the Funding for Lending Scheme (FLS) was delivering what it was set up for.

The FLS was established to provide banks with cheap state-backed funding on around £80bn of loans, reducing their costs by about £800m a year. The gains were supposed to be passed on to households and businesses in the form of cheaper and more available credit.

But by providing an alternative source of funding to customer deposits, savings rates have been slashed since the FLS’s introduction in August. Sylvia Waycot, a financial expert at Moneyfacts, said: “Savers are being persecuted without borrowers getting the rewards. One would hope there will be better deals for borrowers coming through in the next few weeks.”



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Trillion Dollar Battle: Print, Baby, Print! - By Axel G Merk (16/1/13) PDF Print E-mail
Axel G Merk   
Wednesday, 16 January 2013 09:35

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