News

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The Independence of the Fed?

Mises Institute Daily Articles - 14 hours 9 min ago

The Fed must be seen as controlled by the federal government, making it indivisibly part of the federal government. Here is the evidence.
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Freedom and Legislation

Mises Institute Daily Articles - 14 hours 12 min ago

The rule of law, in the classical sense of the expression, cannot be maintained without actually securing the certainty of the law, conceived as the possibility of long-run planning on the part of individuals.
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International Monetary Cooperation

Mises Institute Daily Articles - 15 hours 21 min ago

The international gold standard works without any action on the part of governments. It is effective, real cooperation of all members of the world-embracing market economy. There is no need for any government to interfere.
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RRND/FND Spring Fling

Rational Review News Digest - 17 hours 38 min ago

Update, 03/19/10: Tap … tap … is the ChipIn meter broken? Nope. It’s stuck at $310, and we’re stuck at $365 in “Spring Fling” contributions toward our $1,000 goal. We did have a monthly “subscribing contributor” payment from long-time supporter DD, who also kicked in $100 for “Spring Fling” — thanks as always for your support, DD! — but on this short, reasonable-goal fundraiser, we are dead in the water.

Folks, the quicker we get to $1,000, the quicker I can stop hectoring you. We’re coming up on 7 1/2 years of reliably bringing you the freedom movement’s daily newspaper; we need you to support it if you want it to be around for another 7 1/2 years. Please, click the ChipIn meter, or one of the “donate” buttons in the sidebar of most pages at rationalreview.com, and return a little value for value received - TLK

We’ve been avoiding the “in your face” fundraising for awhile (since early last fall, in fact) but it’s time for a bump. For the last few months, our part-time editors have been taking home less than $100 a month; I’ve been working nearly full time for less than $200 a month.

I’ll keep this short, sharp and sweet:

Our goal is $1,000 in two weeks — that’s somewhere in the neighborhood of 15-20 cents per reader — after which we’ll revert to the more passive fundraising approach again. Please return value for value to the people who bring you the freedom movement’s daily newspaper.

Yours in liberty,
Tom Knapp
Publisher
Rational Review

Iraq: Eight killed, ten wounded

Rational Review News Digest - 17 hours 47 min ago

“[A]t least seven Iraqis were killed and 10 more were wounded in the latest violence. Also, one U.S. soldier was killed in combat in Baghdad today.” (03/18/10)

Afghanistan: US launches Kandahar operation

Rational Review News Digest - 17 hours 49 min ago

“Operations to push the Taliban out of their Afghan stronghold of Kandahar are under way and will steadily build in the months ahead, military officials said Thursday, APA reports quoting AFP. The military and political efforts against the Taliban around Kandahar, Afghanistan’s third biggest city and the militia’s spiritual capital, are the next step in the US-led strategy to end a war now in its ninth year. NATO was also planning an anti-Taliban offensive in the north this year, a German general told German ARD public radio from Kabul.” (03/19/10)

Israel: Rocket fired from Gaza kills Thai worker

Rational Review News Digest - 17 hours 50 min ago

“A rocket launched from the Gaza Strip killed a Thai farmworker in southern Israel on Thursday, the first such fatality in the area in more than a year. The blast occurred in a clump of greenhouses in the farming community of Netiv Haasara, just north of Gaza. The 30-year-old victim was not immediately identified. Rocket and mortar fire into southern Israel from Gaza, which once occurred daily, has been dramatically reduced since the Israelis’ 22-day assault on the coastal strip at the end of 2008 and early last year. But in recent days, the number of attacks has increased, including five in a 48-hour period, military officials said.” (03/18/10)

Federal drug thugs launch new anti-tobacco offensive “for the children”

Rational Review News Digest - 17 hours 51 min ago

“Taking aim at the tobacco industry’s youth marketing machinery, the Food and Drug Administration Thursday outlawed free samples of cigarettes and banned the use of tobacco brand names on promotional gear and in the sponsorship of concerts and sporting events. The agency also added a federal ban on the sale of cigarettes and smokeless tobacco products to people under 18, imposing a uniform standard on varying state restrictions already in place. … The new rules ‘will help our kids stay healthier by making it harder for tobacco companies to target them,’ said Health and Human Services Secretary Kathleen Sebelius said at a press conference announcing the new marketing rules.” (03/18/10)

Two arrested in White House protest vs. “don’t ask, don’t tell”

Rational Review News Digest - 17 hours 52 min ago

“An Iraq war veteran and vocal opponent of the military’s Don’t Ask Don’t Tell policy was arrested by police officers after chaining himself to the front gate of the White House, in apparent protest of that policy. Lt. Dan Choi, a gay Arab linguist whose case for possible discharge from the New York national guard is still under review, has long opposed this policy. A second soldier, James Pietrangelo II, a plaintiff in the case turned down in the Supreme Court last year, also chained himself with Choi to the White House gate and was arrested.” (03/18/10)

Citigroup Reverses Plan to Shrink Mortgage Business

"Citigroup Inc., the bank 27 percent owned by the U.S. government, will ramp up purchases of mortgages underwritten by other firms and keep more loans on its balance sheet after reversing a plan to scale back home lending."
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Republicans: Phase Out Fannie, Freddie Over 4 years

"The group of Republicans led by Rep. Spencer Bachus, of Alabama, wants the operations of both Fannie and Freddie to wind down over a four-year process that would result in private capital as the primary source of mortgage financing."
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Fed Ends Exemption Aimed at Adding Mortgage Liquidity

"The Federal Reserve Board today removed an exemption it had given to six banks at the start of the financial crisis in 2007 aimed at boosting liquidity in financing markets for mortgage- and asset-backed securities. The so-called 23-A exemptions, named after a section of the Federal Reserve Act that limits such trades to protect bank depositors, were granted days after the Fed cut the discount rate by half a percentage point on Aug. 17, 2007. Their removal is part of a broad wind-down of emergency liquidity backstops by the Fed as markets normalize.
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The FHA Is Being Run Like A Ponzi Scheme That Will Surely Implode

"Along the way to becoming a behemoth, the FHA has radically transformed its business. Very few people seem to understand how thorough going this transformation has been. In many ways, the FHA is being run like a Ponzi scheme. And like all such schemes, it is likely to eventually fail." Interesting read from John Carney, Managing Editor of Clusterstock.
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Federal Reserve Must Disclose Bank Bailout Records

``The opinion may not be the final word in the bid for the documents, which was launched by Bloomberg LP, the parent of Bloomberg News, with a November 2008 lawsuit. The Fed may seek a rehearing or appeal to the full appeals court and eventually petition the U.S. Supreme Court.
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Fannie Mae Boosts Estimate for March Buyouts of Loans

"Fannie Mae, the mortgage-finance company under government control, released its third announcement on plans to purchase delinquent loans out of its securities, reducing investor confusion with new details. Prices for some of its mortgage-backed securities jumped."
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I.M.F. Chief Calls for ‘Fire Brigade’ to Aid European Banks

" Europe should have a “fire brigade” backed by funds from governments and the private sector to deal with failures of large banks, the managing director of the International Monetary Fund said Friday. "
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Govt rewarded bank auditors with big bonuses

"As banks gambled on the risky mortgages that helped create the worst financial crisis in generations, the U.S. government handed out millions of dollars in bonuses to regulators at agencies that missed or ignored warning signs that the system was on the verge of a meltdown."
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Roach: I think we should take the baseball bat out on Paul Krugman

" "They don’t want to look in the mirror. America doesn’t have a China problem. It really has a savings problem. "
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True Money Supply (TMS) vs. Austrian Money Supply (AMS or M Prime) Update

"Is money supply soaring or not? If it is, to what extent? Once again this is the question many grapple with. The answer depends on the definition of money supply"
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Trendbusters! Foreign Cenbank Holdings of US Obligations Weekly Update — to March 17, 2010

" The Fed's own MBS holdings shot up $37.268 billion last week, in one of the last few big buying splurges before the Fed's quasi-exit from the MBS market. Meanwhile, out of nowhere, foreign central banks' holdings of treasuries suddenly surged upwards in one of the biggest leaps of the last decade, crashing the combined obligations number straight through the $3 trillion mark. Obviously something happened, but as usual we are left in the dark as to what it was."
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