James Grant discusses recent actions on the part of the Federal Reserve and the effect it will have on the stock market, which has been steadily climbing with Maria Bartiromo on CNBC's Closing Bell.
"[I]f the spectre of "under-employment" appears again in the world tomorrow, as is probable, (the Keynesian philosophy) will be the universal recourse of peoples and governments. If it is true, it will be the salvation of the world; if it is false, it may lead to catastrophe by turning the world to ineffective remedies which may make the evil much worse. ... Whom Jupiter wishes to destroy, he first makes mad."
" Morgan swiftly assembled the very best financiers to assist him with the rescue effort…. The task force had two assignments. The first … was to decide which banks caught in the upheavals were to be bailed out and which left to go under. The second… was to raise the money for the rescue effort. By early November, despite having injected $3 million of his own cash, raised over $8 million from the other banks collectively, secured a commitment from the secretary of the treasury to provide $25 million in deposits, and even managed to extract $10 million from John D. Rockefeller, Sr., Morgan had been unable to check the panic. Depositors continued to withdraw their money and one of the largest trust companies in the country, with over $100 million in deposits, tottered on the edge of collapse. "
— Liaquat Ahamed, Lords of Finance (Penguin Books, 2009, p. 53)
... In 1929 {Jacques] Rueff was attached to the League’s Gold Committee, which studied the problems facing the international monetary system. In his report, “Abnormal Fluctuations in the Purchasing Power of Gold,” Rueff called attention for the first time to the threat posed by the “gold-exchange standard.” Rueff warned that, whereas the consequences of typical economic policy mistakes were confined to the country that made them, the nature of the “reserve-currency” system was to transmit inflation or deflation on a worldwide scale.
Zombies are making a comeback. World War Z will appear next month. Brad Pitt will start in what the New York Times’ Brent Staples called “a zombie apocalypse.”
The excellent GoldMadeSimple News (a worldwide gold trading house based in the UK with which thegoldstandardnow.org is not affiliated) provides a clear and succinct analysis (and infographic) on...
Libertarianism, thanks, among other factors, to the emergence of leading presidential candidate Sen. Rand Paul, is coming to the fore. It is presenting itself in fresh, less eccentric, and increasingly attractive ways. Moderate libertarianism may be capturing...
THOSE OF US who believe in the goals of the Reagan revolution had better face up to the consequences of the last two years. We called for boom and got something very close to bust. We called for a balanced budget and...
Sean Fieler, James Grant, Steve Hanke, John D. Mueller, Lawrence Parks, Judy Shelton, Lawrence H. White
Senior European Advisor Paul Fabra
Advisors Jeffrey Bell, Ralph J. Benko, Andresen Blom, Frank Cannon, Rich Danker, Brian Domitrovic, Charles Kadlec, Christopher K. Potter, John Tamny and Frank Trotta