GAO's Federal Reserve System - Opportunities Exist To Strengthen Policies And Processes For Managing Emergency Assistance (25/7/11) PDF Print E-mail
Administrator   
Sunday, 24 July 2011 19:37

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Hutt's Crushing Blow To Keynes - By Hunter Lewis (25/7/11) PDF Print E-mail
Hunter Lewis   
Sunday, 24 July 2011 19:34

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100 Basis Points To Armageddon - By Bill Bonner (25/7/11) PDF Print E-mail
Bill Bonner   
Sunday, 24 July 2011 19:30

Daily Reckoning

Is there a fender anywhere in Christendom that the financial authorities have not dented yet?

They are lost without a compass. They are up the river without a paddle. At the automatic teller without a pin number. They have no theory that has not been discredited. They have no experience which does not contradict them.

In 2006, they couldn’t see the crisis coming. In 2008, they couldn’t understand it. In 2009-2011, they couldn’t fix it. Their theory told them they couldn’t spot a bubble; it was obvious to just about everyone else. Even here on the back page, we warned readers. Then, the financial elite mistook the problem for a lack of ready cash. Practically every American household knew what the real problem was: too much debt. And then, while everyone else knows you can’t fix a problem of too much debt by adding more debt, the authorities missed the point entirely. Since they began applying their fixes, the national debt of Italy grew $360 billion. Japan’s national debt rose $1.1 trillion. And the US added more than $2 trillion. They may have successfully ‘kicked the can down the road’; but now it is a bigger can. Last week, they tripped on it again.



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Last Updated on Wednesday, 27 July 2011 21:17
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Bank of America Tumbles To Paulson's Cost Basis Following Report Bank Will Need $50 Billion More In Capital Cushion - By Tyler Durden (22/7/11) PDF Print E-mail
Tyler Durden   
Thursday, 21 July 2011 20:32

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Last Updated on Wednesday, 27 July 2011 21:18
 
Fed Preparing For US Default Says Plosser - By Tyler Durden (22/7/11) PDF Print E-mail
Tyler Durden   
Thursday, 21 July 2011 20:28

Zero Hedge

That giant whooshing, and humming, sound you hear are all the printers at the basement of Marriner Eccles getting refills and start the warm up process. Because according to the Fed Charles Plosser the Federal Reserve is actively preparing for the possibility that the United States could default. Which can only mean one thing: an immediate paradrop of millions of $100 bricks to every man woman and child in the US since as we all know by know Tim Geithner has repeatedly confirmed the Treasury has absolutely no default plans. None.

Per Reuters [1]:

Philadelphia Federal Reserve Bank President Charles Plosser said the Fed has for the past few months been working closely with Treasury, ironing out what to do if the world's biggest economy runs out of cash on August 2.

"We are in contingency planning mode," Plosser told Reuters in an interview at the regional central bank's headquarters in Philadelphia. "We are all engaged ... It's a very active process."



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