In the midst of speculation over possible changes to President Obama’s economic team, the chair of the National Economic Council, Lawrence Summers, announces his plans to resign his position at the end of the year. Considered the “chief architect” of Obama’s economic policies, Summers now plans to return to his position as a professor at Harvard University.
The global regulation of banks took a major leap forward with the conclusion on September 12 of a round of talks held at the Bank of International Settlements (BIS) in Basel, Switzerland. Present were central bankers and regulators from 27 countries, trying to come up with tougher international regulations to prevent another banking crisis like the one we have been enduring for the past couple of years.
The Federal Reserve has been a nightmare for the American people. It inflates the money supply, thereby devaluing already-existing money and placing a massive hidden tax on the people via rising prices. It also uses its monopoly power to cause interest rates to go up or down, usurping the rightful place of the market and causing massive malinvestment and generally an improper and unproductive allocation of resources.
If all the advocates of a world fiat currency (a currency not backed by a precious commodity like gold) were to scream at once, workers in world capitals, business centers, colleges, and news media may be deafened. And if global financial elites have their way, America will move quickly toward accepting a planetary fiat currency issued by a world central bank.
Facing more scrutiny than its leaders have ever wanted, the Federal Reserve responded beginning in 2009 with a campaign designed to tell everything the Fed thinks the American people ought to know. How to do this? A series of comic books!