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Fed Chairman Ben Bernanke told Congress Wednesday that a new stimulus program is in the works that will entail more asset purchases, the clearest sign yet the central bank is weighing another round of monetary easing.
Gold prices hit a record $1,580.70 an ounce on Wednesday as concerns over the euro zone debt crisis deepened, and after minutes to the Federal Reserve's June meeting suggested some members were pondering the need for additional monetary easing.
Stocks advanced Wednesday, after Ben Bernanke said the Federal Reserve is ready to provide additional stimulus if the economy continues to weaken.
“The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support,” Bernanke said in prepared testimony before the House Financial Services Committee in Washington today. “The Federal Reserve remains prepared to respond should economic developments indicate that an adjustment of monetary policy would be appropriate.”
A U.S. default isn't a matter of "if" but "when," David Murrin, chief investment officer at Emergent Asset Management, told CNBC.
"It's inevitable that the U.S. will default—it's essentially an empire which is overextended and in decline—and that its financial system will go with it," he said. The question is: Does the U.S. default when it is forced to by the outside world, probably the Chinese, or does it take the option to default on its own terms in such a way that it may have a strategic advantage, Murrin said.
Originally posted by beezzer
The definition of insanity is doing the same thing over and over; and expecting different results.
Bernanke needs some therapy.
Originally posted by ExPostFacto
reply to post by Americanist
Crazy. On the heels of cutting social security, they want to place fear into the American public so that we will allow further degradation to the monetary supply giving the money to banks and large multinational corporations. Why are the priorities and government handouts always focused on the rich at the expense of the poor and middle class? If we must degrade our currency then give the damn money to the people who will use it to live, not those that use it to keep.
"The Pan Asia Gold Exchange is going to send shockwaves through the mechanisms for the price discovery for both gold and silver. It's backed by China's state administration for foreign exchange and also the Chinese security regulatory commision. But the biggest bombshell is the offer of an RMB gold contracts for international investors.
"This is concrete evidence that China plans to bring the Remninbi to the world stage. It's going to provide access to a much more physical market and I know it's going to attract a lot of the world's precious metal business, providing much more of the Chinese and the international customers an alternative platform on which they can buy and sell buy and sell physical gold and silver.
"Now the first contract is actually going alive this month and its a 10-ounce gold mini-contract for the domestic Chinese retail market, which really until now has been restricted to physical purchases, so this domestic contract should be fully operational this month.
"It's going to have a major impact on the demand side of precious metals equation. Especially as there are 320 million customers of Ag bank of China, who going to be plugged into this exchange platform from the off... If just 1% of their customers bought a single 10-oz contract, that would require new physical demand of 1,000 tons.
"Now this is welcome competition. And it should improve price discovery and dilute the effect of short side concentration."
"The impact on silver is going to be much more pronounced. We know silver is a much small market and it's already in tight supply. This is the tinder box."
Bottom line: "The shorts are going to looking for a quick exit as they're factoring in this unforeseen demand in the physical market," says Maguire.
Read more: www.businessinsider.com...
Originally posted by gaurdian2012
when will the fools in power realize the monetary capitalist system has failed. How many holes in the dike can be plugged? they are only delaying the inevitable total financial meltdown. the only cure to the disease of big business is a people first policy. it's time for the so-called leaders to either step up or step out. my personal financial fix is everyone has value everyone must contribute to the betterment of our society. and I don't mean more taxes. no more high middle low class everyone must help everyone else. that should be law and for the ones with more than enough (the so called wealthy) they should be taxed more not less they can afford it. the ones with not enough (the so called poor) no more welfare as it currently is. they should be forced to work. if they are taking money from the govt they are basicly working for the govt and should be forced to work or no money. any govt officer should be held accountable for there actions tsa police feds etc......this world of ours could be a utopia only if we want it to be
what is the alternative a living hell oh sorry we already have that. lets try something else if anyone has a better idea to fix the financial mess by all means step up because our govt will not. they only seem to cater to the ones who pay them not the ones who voted for them!!!!!!!!!!!!!!!!!!!!!!!
Originally posted by GeorgiaGirl
You cannot legislate "help[ing] everyone else". However, you may be my guest, and feel free to help everyone you'd like to.
We already live in a country where the top 5% of taxpayers pay over HALF of the tax burden, while only earning about 1/3 of the income. The top 50% pay almost 100% of the taxes. I can't see how taking more from the earners would help. Source: U.S. Treasury, Office of Tax Analysis
We don't have an income problem...we have a SPENDING problem. Also, many people who would consider themselves to be "taxpayers" actually don't pay ANY income taxes...they actually get a "refund" equal to MORE than they actually put in. That is income redistribution.
We are so far on the wrong track. I agree that what the Fed is doing is NOT the answer. I'm a fan of the Fair Tax, which would make the United States into a global competitor once again.
As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all. The most egregious example is General Electric ( GE - news - people ). Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.
Originally posted by GeorgiaGirlYou cannot legislate "help[ing] everyone else". However, you may be my guest, and feel free to help everyone you'd like to.
We already live in a country where the top 5% of taxpayers pay over HALF of the tax burden, while only earning about 1/3 of the income. The top 50% pay almost 100% of the taxes. I can't see how taking more from the earners would help. Source: U.S. Treasury, Office of Tax Analysis
We don't have an income problem...we have a SPENDING problem. Also, many people who would consider themselves to be "taxpayers" actually don't pay ANY income taxes...they actually get a "refund" equal to MORE than they actually put in. That is income redistribution.
Originally posted by samcrow
Finally, why 'FairTax' even gets discussed outside of joke punchlines is beyond me. It drastically discourages consumption, which is the life blood of any economy. People don't buy as much (this has been studied and proven time and time again), thus causing a drop in money in the market, thus inhibiting business growth, thus causing less money to be earned, and then it spirals into an abyss of money hoarding, non-purchasing except for bare essentials, and a class division like none that we've seen before in this country. There is a reason that no country ever has attempted to raise its revenue solely based on sales tax. It won't work. The 'Fair Tax' is anything but 'fair,' and if an economist tells you it will, run, don't walk, away, because he/she isn't cable of telling you if the sky is blue.
Originally posted by GeorgiaGirlThe America I live in loves consumption far too much to stop consuming because of a consumption tax. We already have sales taxes, and the last time I checked, consumption is still occurring.
Originally posted by GeorgiaGirlHave you read about the Fair Tax (other than arguments against it made by those who have not studied the proposal thoroughly)? Did you know it was developed by economists who were charged with developing a better system than what we have now? Based upon analyses I have read, it does more for our economy than trying to patch or repair the current system.
Currently, when corporations are taxed on their income, these costs are passed on to the consumer anyway. This is why all of the cries to "tax the corporations" makes me laugh. And you call ME naive.
I recently had the opportunity for a job with more responsibilities and a raise in pay. It would require me to work more days, but the higher pay would make it worth it, right? WRONG. After taxes, I would be working more days for LESS take home pay. So I declined. The punitive tax system at work.