The calamitous economic plight of the so-called “PIGS” nations of the European Union (Portugal, Ireland, Greece, and Spain) is well known to the world. Greece is in the spotlight this week, as, according to the New York Times, "[It] took the first step to raise money from the sale of government assets on Monday while a top official at the European Central Bank argued that the country was not insolvent and should not be excused from paying its debts."
In 2006 the Federal Reserve decided it was time to begin to reach out and influence middle schoolers with the party line about the Fed, and launched the Federal Reserve Kids Page. Consisting of 10 harmless-appearing questions, either in English or Spanish, the Fed’s answers gloss over, and sometimes deliberately misstate, the correct answers.
Analysts are warning that the Federal Reserve is gearing up for a third round of quantitative easing, which involves printing money and flooding the market with the inflated cash through the bond market. The Federal Reserve purchases bonds with printed money, which in turn leads to more inflation. Despite the lessons learned by the first two rounds of quantitative easing, the Federal Reserve is preparing for a third round.
Many were shocked to learn that foreign banks were the largest recipients of the Federal Reserve’s discount loan program during the height of the financial crisis. Unfortunately, providing emergency cash to foreign banks is just one “absurdity from the recession-era financial markets,” as dubbed by The Blaze. According to Bloomberg News, the Federal Reserve also handed out $80 billion in secretive loans to banks at absurdly low interest rates.
Echoing the Obama administration’s characterization of the tax breaks being enjoyed by the five major oil companies (Exxon, ConocoPhillips, BP America, Shell, and Chevron) as "subsidies," the Senate tried to remove them on Tuesday, but failed.