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“Our purpose is to expose the failure of America's fiat money system.”
That original goal, expressed at the outset of this site 7 years ago, still holds true. But how
incredibly more complex the global economic landscape has become, and how much more
challenging the financial markets are as a consequence.
This site will continue to shed light on the demise of modern central banking and the tragic
fiat-money fiasco that threatens our wealth and welfare and is now unfolding before our eyes. |
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The Fed as Giant Counterfeiter
Robert P. Murphy, 02/01/2010
San Jose State economics professor Jeffrey Rogers Hummel tells all his students that the easiest way to
understand the Federal Reserve is to think of it as a giant, legalized counterfeiter. I had
always known that the Fed and other central banks...Read More >>
America 2030: Why We Must Act - Now
David Walker, 02/01/2010
Those of you who are parents (and I'm a parent) may want to reject out of hand the idea that we are in
effect stealing from our children's future and bequeathing to them a far less prosperous life. But if we don't
begin to address our fiscal...Read More >>
‘Everything that could go bad, did not’
Krishna Guha, 01/31/2010
Hank Paulson feared there would be a run on the dollar during the early phase of the financial crisis when
global concerns were focused on the US, the former Treasury secretary has told the Financial Times. “It was
a real concern...Read More >>
So, How Do You Think This Movie Will End?
Henry Blodget, 01/30/2010
These two charts tell you pretty much all you need to know about the state of the US economy. They also,
unfortunately, provide some clues as to how this movie will end. First, from John
Mauldin, the state of the U.S. government's finances...Read More >>
Legalize Competing Currencies
Ron Paul, 01/27/2010
Much has been made recently about the supposed economic
recovery. A few blips in a few statistics and many believe our
troubles are all over. Of course, they have to redefine recovery as “jobless” to account for
the lack of improvement...Read More >>
An Insider's View of the Real Estate Train Wreck
David Galland, 01/25/2010
The first time I spoke with real estate entrepreneur Andy Miller was in late 2007, when I
asked him to serve on the faculty of a Casey Research Summit. As John Mauldin, a former
faculty member himself, knows, we're very selective with our speakers...Read More >>
Unscrambling the Cause and Effect
Kris Sayce, 01/25/2010
Well, we've taken a look at US President Barack Obama's proposal for bank reform. Not surprisingly, the plan
involves trying to 'unscramble the egg' rather than throwing the whole thing out -
including the pan - and starting again...Read More >>
Illusions of the Age of Keynes
Doug French, 01/25/2010
"There is no means of avoiding the final collapse of a boom brought about by credit expansion…The alternative
is only whether the crisis should come sooner as the result of a voluntary abandonment of
further credit expansion, or later as a final and...Read More >>
The Bernanke Nomination
Wall Street Journal Editorial, 01/25/2010
The politicians turn on a political central banker. The White House said yesterday it has
damped down a political revolt against Ben Bernanke and now has the votes to secure the
Federal Reserve Chairman's second four-year term...Read More >>
The Volcker Rule
Doug Noland, 01/22/2010
One of the big problems today is that there are tens of Trillions of marketable securities
out there – and their value depends greatly on the ongoing creation of Trillions more...A war
on Wall Street would put Credit growth, asset markets and economic...Read More >>
‘Trader Dan’ Comments on China’s Credit Tightening
Dan Nocinci, 01/20/2010
As you know by now, China announced last evening that they intended to tighten
credit availability in an attempt to stave off “overheating” in their economy. The markets
today interpreted this event as evidence that inflation fears are...Read More >>
A Banner Year for Bank Failures
Karen De Coster, 01/20/2010
While the government spent zillions trying to prop up its swine flu propaganda campaign in
order to grab unprecedented new powers by putting the populace under the spell of a doomsday crisis,
duplicitous public officials who paint...Read More >>
Current Account Deficits: 25 Years and Counting:
Doug Noland, 01/15/2010
The U.S. ran small current account surpluses in 1980 and 1981. By 1984, the current account had
turned to a (at the time massive) negative $94bn. The deficit ballooned further to $118bn in
1985, $147bn in 1986 and $160bn in 1987...Read More >>
The FED Seeks Control, Not Profits.
Gary North, 01/13/2010
The Federal Reserve Paid the Federal Government $46 Billion in 2009 [Please note links to
two extraordinary videos below.] This report is from Fortune. It says that the Federal Reserve
System made $51 billion in 2009, and it returned over $46 billion to the..Read More >>
Why the Fed Likes Independence
Ron Paul, 01/12/2010
Last week it was revealed that when Treasury Secretary Tim Geithner was Chairman of
the New York Federal Reserve, he urged AIG officials not to disclose to the
Securities Exchange Commission relevant details of agreements with banks to...Read More >>
Chairman Bernanke's Monetary Apologia
Judy Shelton, 01/08/2010
Discounting the role Fed policy played in the crisis won't help avert the next one. This past
Sunday [January 3, 2010], at the American Economic Association's annual meeting in
Atlanta, Ga., Federal Reserve Chairman Ben Bernanke offered up a...Read More >>
Inflation: A deliberate policy, not the natural way
Steve Saville, 01/11/2010 [Excerpt]
The US Federal Reserve ("the Fed") was created
in 1913. All the shares of the Fed are owned by private banks (every
bank operating within the Federal Reserve system must have equity
in the Fed), so it can be said that the Fed is privately owned...Read More >>
Issues 2010
Doug Noland, 01/08/2010
The world is operating without a stable monetary regime... Like never before, Credit
systems around the world operate unrestrained.
Today’s domestic Credit excesses are concentrated in the Treasury and agency markets...In an ominous
replay of...Read More >>
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Clyburn: 'We've got to spend our way out of this recession
O'Brien, 2/1/10
The U.S. government must spend its way out of the recession, the Democrats' third-ranking
House leader stressed Monday. Rep. James...Read More >>
U.S. Bank Bailout Encourages Risky Behavior Reuters, 01/31/2010
The U.S. taxpayer-funded rescue program set up to save banks from collapse during
the financial crisis makes future reckless behavior..Read More >>
State Budget Gaps for Fiscal Year
Click to
View Illustration >>
AIG's Bailout Disclosure Surprised NY Fed
Reuters, 01/22/2010
New York Federal Reserve officials debated in November 2008 whether the
terms of the bailout of American International Group could..Read More >>
Doug Noland's Credit Bubble Bulletin
[Selected Notes] 01/22/2010
For the week, the S&P500 sank 4.3% (down 2.1% y-t-d), and the
Dow lost 4.1% (down 2.1% y-t-d). The broader market did a little...Read More >>
A Declaration of War on Wall Street
Financial Times Editorial, 01/21/2010
Markets nosedived on Thursday when Barack Obama set out broad new
measures on financial regulation. The most significant of...Read More >>
Doug Noland’s Credit Bubble Bulletin
[Selected Notes]
01/15/2010
“The correlation between Treasuries and German bunds that has prevailed since credit markets
started freezing in 2007 is breaking down...Read More >>
Balance Sheet Ties Fed's Hands, Forecaster Says Nutting, 01/11/2010
The Federal Reserve's bloated balance sheet could become a big liability in
coming years if inflationary pressures explode, a top...Read More >>
State Tax Revenue in U.S. Drops Most Since 1963 Sullivan, 01/07/2010
U.S. state tax collections fell the most in 46 years in the first three
quarters of 2009 as the recession shrank revenue from sources...Read More >>
Banks' Loans To Funds Are Back at Levels Before Crisis
Zuckerman and Strasberg, 01/09/2010
Banks are boosting their lending to hedge funds and private-equity..Read More >>
Doug Noland's Credit Bubble Bulletin
[Selected Notes] 01/08/2009
One-month Treasury bill rates ended the week at 3 bps...Two-year
government yields dropped 16 bps to 0.88%. Five-year T-note yields
fell...Read More >>
Tim Geithner's NY Fed Told AIG to Keep Quiet about $105bn Paid to Banks James Quinn, 01/07/2010
Tim Geithner's Federal Reserve Bank of New York urged American
International Group (AIG) to remain...Read More >>
U.S. Savings Rate Falls to
Depression-Era Levels
Wilson, 1/6/10
Government deficits have caused the U.S. savings rate to turn negative
for the first time since the Great Depression, and the gap is
widening...Read More >>
US Public Pensions Face $2,000B
Deficit Guerrera & Bullock, 01/04/2010
The US public pension system faces a higher-than-expected shortfall of more than
$2,000bn that will increase pressure on many states...Read More >>
Aughts Were a Lost Decade for U.S. Economy, Workers
Irwin, 01/02/2010
For most of the past 70 years, the U.S. economy has grown at a steady clip,
generating perpetually higher incomes and wealth for...Read More >>
Doug Noland's Credit Bubble Bulletin
[Selected Notes] 12/30/2009
One-month Treasury bill rates ended the week at 4 bps...Two-year government
yields jumped 11 bps to end the year at 1.04%..Ten-year yields...Read More >>
Finances: On Guard for 2010
5 Min. Forecast, 12/29/2009
One good reason to guard your finances in 2010: The Federal Reserve’s balance sheet has quietly ballooned back to near-record highs...Read More >>
U.S. Move to Cover Fannie, Freddie Losses Stirs Controversy
Hagerty and Holzer, 12/28/2009
The Obama administration's decision to cover an unlimited amount of losses at the
mortgage-finance giants Fannie Mae and Freddie Mac over...Read More >>
Renminbi Set to Replace US Dollar for Trade in Asia Pacific
Georgina Lee, 12/27/2009
Hong Kong moves to position itself as clearing hub for renminbi-based
transactions. The Chinese renminbi is taking on an increased...Read More >>
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