For an outfit that is so vocal about clearly communicating with the public, the Federal Reserve sure is good at being mysterious and even obscure. Look at the way the Federal Reserve Open Markets Committee describes its discussions in the minutes released yesterday. The various viewpoints raised at the meeting are attributed to "participants" rather than identifiable individuals. This creates the initial level of obscurity: who are the participants? The FOMC has twelve voting members—seven … [Read more...] about The Mysterious Minutes of the Federal Reserve
NEW YORK — Turns out the Federal Reserve's gold is secure and a bit more pure than previously thought — or so the government says. Auditors spent weeks last year in a vault five stories beneath Manhattan counting, weighing and drilling small holes into gold bars owned by the U.S. Treasury. It was the first time the Treasury's inspector general had audited the department's gold held by the Federal Reserve Bank of New York, which has captured the imagination of Hollywood as well as government … [Read more...] about Audit of Fed’s gold finds it’s safe, more pure than expected?
Gold increased for the first time in a week on speculation prices near a six-month low may boost demand amid concerns that the U.S. economic recovery may slow. Silver climbed, while platinum was little changed. Gold for immediate delivery gained as much as 0.3 percent to $1,614.75 an ounce and traded at $1,614.05 at 9:42 a.m. in Singapore. Prices dropped to $1,598.23 on Feb. 15, the lowest since August. Silver added 0.5 percent to $30.085 an ounce. Bullion lost 3.7 percent this year as … [Read more...] about Gold Advances as Price Drop Seen Boosting Demand; Silver Gains
WASHINGTON, DC, February 13, 2013 ― Ben Bernanke announced in September that the Federal Reserve would buy $45 billion per month of mortgage backed securities. In December, he announced the Fed would be purchasing $40 billion per month in US treasuries. Since then, bank holdings of mortgage backed securities have barely budged. What little change there has been, has been upward. The banks are buying, not selling the MBS. So where is the money going? Every Friday the federal reserve releases a … [Read more...] about The US Federal Reserve bailout of Europe
This year marks the 100th anniversary of the federal income tax (February) and the Federal Reserve System (December), both of which today are doing immeasurable harm. And, thankfully, both will be undergoing enormous changes. Income taxes punish the very things we want more of: productive work, risk-taking and success. We can’t say this enough: A tax on income is the price you pay for working; a tax on profits, the price you pay for success; and a tax on capital gains, the price you pay for … [Read more...] about Two Awful Anniversaries: Income Tax and Federal Reserve
Did you hear the U.S. Mint just ran out of silver? In mid-January, the Mint suspended sale of the 2013 run of its popular U.S. “Eagles.” The new silver Eagles sold out fast. They went on sale, and buyers bought everything they could lay hands on. Within days, the shelves at the Mint were stripped bare. It’s not the first time that this has happened. The Mint quickly announced that it’s obtaining new supplies of silver. It will stamp out more Eagle coins. There will be more to buy, or so they … [Read more...] about The Silver Shortage of 2013