Thomas R. Eddlem
First-time unemployment claims continue to increase at a faster pace than expected. “The Labor Department said the number of claims in the week ending July 25 rose by 25,000 from an upwardly revised figure the previous week,” the Agence France Press reported July 30.
Even the mass media is starting to take notice of the longtime cozy relationship that both the U.S. Treasury Department and the Federal Reserve Bank have with Goldman Sachs, a major Wall Street bank holding company and Democratic Party donor.
“U.S. officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead,” Reuters Wire Service reported July 14.
“We’ve slipped away from a true Republic,” Texas Congressman Ron Paul claimed in a speech to a Missouri audience February 18. “Now we’re slipping into a fascist system where it’s a combination of government and big business and authoritarian rule and the suppression of the individual rights of each and every American citizen.”
Chinese officials have once again publicly stated their intention to buy less U.S. Treasury debt, according to the December 18 Shanghai Daily newspaper. "The U.S. current account deficit is falling as residents' savings increase, so its trade turnover is falling, which means the US is supplying fewer dollars to the rest of the world," Zhu Min, deputy governor of the People's Bank of China, said. "The world does not have so much money to buy more U.S. Treasuries."
Federal Reserve Open Market Committee Chairman Ben Bernanke is pulling out all the stops to kill Congressman Ron Paul's legislation to audit the Federal Reserve Bank, this time with a November 29 op-ed column in the Sunday Washington Post.
News that another 263,000 jobs were lost in September has led a number of uninformed analysts to wonder whether the recession will continue.
Just call it irony. The same day the value of the dollar plunged to a current-year low as measured against six other major currencies, and the same week in which the U.S. Treasury is in the midst of a record $106 billion debt auction, Federal Reserve Chairman Ben Bernanke fielded a question on PBS’s “News Hour” from a man who touched on the problem:
Federal Reserve Chairman Ben Bernanke must know he’s in trouble. This week he completed a “town hall”-style meeting for PBS television to promote the Federal Reserve and suppress what appears to be overwhelming congressional support for an independent audit of the Fed.