Tuesday, February 24, 2009
Shot in Iraq.......................
Iraqi policemen shot dead four US soldiers and their local interpreter in the main northern city of Mosul on Tuesday, an interior ministry official said "Four US soldiers and their Iraqi interpreter were killed by two Iraqi policemen who opened fire at them in the Dawasa district of (central) Mosul and then fled," the official told AFP, declining to be named. The incident took place during a US army visit to the Mosul headquarters of the Iraqi police in charge of protecting the city's bridges, police said. The bullet-riddled body of the interpreter was taken to the local mortuary....Link
Rove skips House Judiciary deposition.......
Former Bush adviser Karl Rove was a no-show today at his scheduled deposition deadline for the House Judiciary Committee's ongoing probe into the U.S. attorney firings -- setting up a major decision for President Obama on how to respond to congressional subpoenas. Committee Chairman John Conyers (D-Mich.) subpeonaed Rove to find out what he knows about the Dec. 2006 firings which eventually toppled former Attorney General Alberto Gonzales. When Rove was subpoenaed in 2007, President Bush asserted "absolute immunity" for his top aides, refusing to allow them even to appear before a congressional panel. House Democrats eventually sued, and won an initial legal victory. The Bush White House, through the Justice Dept., appealed the ruling, and when Bush left office in January 2009, the case was still undecided....Link
A nation of Santellis............
When CNBC’s Rick Santelli argued last week that President Barack Obama’s mortgage bailout plan would force hardworking Americans to pay for their neighbors’ mistakes, White House press secretary Robert Gibbs dismissed him as a know-nothing derivatives trader out of touch with Main Street. But if the White House simply dismisses Santelli’s point, it may do so at its peril: A Rasmussen poll released Monday found that 55 percent of those surveyed thought federal mortgage subsidies to those most at risk of losing their homes would be “rewarding bad behavior.”....Link
U.S. Bubble Collapse to Be Worse...........
Feb. 23 (Bloomberg) -- The U.S. is facing a deflationary collapse more severe than the crash that hobbled Japan’s economy in the 1990s, leaving gold as the only defensive play for investors, according to CLSA Ltd.’s Christopher Wood. The housing recession in the U.S. led to a crisis in the banking system as lenders became saddled with illiquid mortgage assets, souring the securitization industry that helped drive credit growth in recent years. The nation’s retail sales fell 10.5 percent in December as consumers became more pessimistic and scaled back purchases...Link
Monday, February 23, 2009
Ron Paul: On Transparency of the Fed......
by Ron Paul | Texas Straight Talk
February 23, 2009
This week the Federal Reserve responded to the American people’s increased concerns over our monetary policy by presenting new initiatives aimed at enhancing the Fed’s transparency and accountability. As someone who has called for more openness from the Fed for over 30 years, I was pleased to see the Fed acknowledge the legitimacy of this need.
The Federal Reserve controls the flow of money and credit in our economy because Congress has abdicated its responsibility over the nation’s currency. This process therefore occurs centrally, and almost completely outside the system of checks and balances. Because of legal tender laws, people are left with no real choice, except to build their lives and futures around this monopoly currency, vulnerable to powerful central bankers. The Founding Fathers intended only gold and silver to be used as currency, however, inch by inch over the decades, this country has backed away from this important restraint. Our money today has no link whatsoever to gold or silver. For many reasons, this is extremely dangerous, and has a lot to do with the boom and bust cycles that have resulted in the crisis in which we find ourselves today.
The Fed is now pledging to reveal to the public more about its economic predictions, and calls this greater transparency. This is little more than window-dressing, at best, utterly useless at worst. Many analysts, especially those familiar with the Austrian school of economics, saw the current economic crisis coming years ago when the Federal Reserve was still telling the American people their policies were as good as gold. So while it might be nice to know what fantasy-infused outlook the Fed has on the economy, I am much more interested in what they are doing as a result of their faulty, haphazard interpretation of data. For instance, what arrangements do they have with other foreign central banks? What the Fed does on that front could very well affect or undermine foreign policy, or even contribute to starting a war.
We also need to know the source and destination of funds provided through the Fed’s emergency funding facilities. Information such as this will provide a more accurate and complete picture of the true cost of these endless bailouts and spending packages, and could very likely affect the decisions being made in Congress. But with so much of the Fed’s business cloaked in secrecy, these latest initiatives will not even scratch the surface of the Fed’s opaque operations. People are demanding answers and explanations for our economic malaise, and we should settle for nothing less than the whole truth on monetary policy.
The first step is to pass legislation I will soon introduce requiring an audit of the Federal Reserve so we can at least get an accurate picture of what is happening with our money. If this audit reveals what I suspect, and Congress has finally had enough, they can also pass my legislation to abolish the Federal Reserve and put control of the economy’s lifeblood, the currency, back where it Constitutionally belongs. If Congress refuses to do these two things, the very least they could do is repeal legal tender laws and allow people to choose a different currency in which to operate. If the Fed refuses to open its books to an audit, and Congress refuses to demand this, the people should not be subject to the whims of this secretive and incompetent organization.
February 23, 2009
This week the Federal Reserve responded to the American people’s increased concerns over our monetary policy by presenting new initiatives aimed at enhancing the Fed’s transparency and accountability. As someone who has called for more openness from the Fed for over 30 years, I was pleased to see the Fed acknowledge the legitimacy of this need.
The Federal Reserve controls the flow of money and credit in our economy because Congress has abdicated its responsibility over the nation’s currency. This process therefore occurs centrally, and almost completely outside the system of checks and balances. Because of legal tender laws, people are left with no real choice, except to build their lives and futures around this monopoly currency, vulnerable to powerful central bankers. The Founding Fathers intended only gold and silver to be used as currency, however, inch by inch over the decades, this country has backed away from this important restraint. Our money today has no link whatsoever to gold or silver. For many reasons, this is extremely dangerous, and has a lot to do with the boom and bust cycles that have resulted in the crisis in which we find ourselves today.
The Fed is now pledging to reveal to the public more about its economic predictions, and calls this greater transparency. This is little more than window-dressing, at best, utterly useless at worst. Many analysts, especially those familiar with the Austrian school of economics, saw the current economic crisis coming years ago when the Federal Reserve was still telling the American people their policies were as good as gold. So while it might be nice to know what fantasy-infused outlook the Fed has on the economy, I am much more interested in what they are doing as a result of their faulty, haphazard interpretation of data. For instance, what arrangements do they have with other foreign central banks? What the Fed does on that front could very well affect or undermine foreign policy, or even contribute to starting a war.
We also need to know the source and destination of funds provided through the Fed’s emergency funding facilities. Information such as this will provide a more accurate and complete picture of the true cost of these endless bailouts and spending packages, and could very likely affect the decisions being made in Congress. But with so much of the Fed’s business cloaked in secrecy, these latest initiatives will not even scratch the surface of the Fed’s opaque operations. People are demanding answers and explanations for our economic malaise, and we should settle for nothing less than the whole truth on monetary policy.
The first step is to pass legislation I will soon introduce requiring an audit of the Federal Reserve so we can at least get an accurate picture of what is happening with our money. If this audit reveals what I suspect, and Congress has finally had enough, they can also pass my legislation to abolish the Federal Reserve and put control of the economy’s lifeblood, the currency, back where it Constitutionally belongs. If Congress refuses to do these two things, the very least they could do is repeal legal tender laws and allow people to choose a different currency in which to operate. If the Fed refuses to open its books to an audit, and Congress refuses to demand this, the people should not be subject to the whims of this secretive and incompetent organization.
Democrats who backed Bush policies....
In a little noticed one-line remark on Sunday, Senate Judiciary Chairman Patrick Leahy (D-VT) endorsed the investigation of Democrats who approved of President George W. Bush's policies as president that he aims to review as part of a "truth commission." The veteran Democrat has floated the idea of a "truth commission" to probe and put to rest alleged Bush Administration constitutional abuses, in areas such as wiretapping and harsh interrogation. Those who participated would likely be granted immunity from prosecution so long as their testimony is truthful, mirroring similar venues of public catharsis as were practiced in South Africa and Chile in previous decades...Link
Iran's nuke program not weapons-capable....
Can Iran build a nuclear bomb? The new answer to that long-debated question is "yes," if you ask the Washington-based Institute for Science and International Security (ISIS). The non-partisan think-tank, which focuses on stopping nuclear proliferation, released a report Thursday citing a brand-new report from the U.N.'s nuclear watchdog that declared Iran had reached "nuclear weapons breakout capability." Not so fast, says an official at the International Atomic Energy Agency, which released its report Thursday, according to IAEA's website. The report can be found here, at ISIS's website....Link
Obama administration backs Bush........
The Obama administration, siding with former President George W. Bush, is trying to kill a lawsuit that seeks to recover what could be millions of missing White House e-mails in a stunning reversal of Obama's rhetoric about Bush secrecy on the campaign trail. Two advocacy groups suing the Executive Office of the President, including one of the groups that helped derail former House Speaker Tom DeLay, say that large amounts of White House e-mail documenting Bush's eight years in office may still be missing, and that the government must undertake an extensive recovery effort. They expressed disappointment that Obama's Justice Department is continuing the Bush administration's bid to get the lawsuits dismissed....Link
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