Tuesday, October 29, 2013

Grandstand with Rand

Rand Paul says he will place hold on the Janet Yellen nomination, reports Politico.
“I don’t think technically you can file a hold until she comes out of committee – but we’re putting people on notice that we will,” Paul told POLITICO.

The Senate Banking Committee is considering holding a hearing on Yellen’s nomination on Nov. 14. After that is done, the committee would need to vote to approve the nomination.

The Senate Banking Committee is considering holding a hearing on Yellen’s nomination on Nov. 14. After that is done, the committee would need to vote to approve the nomination.
Bottom Line: His "Audit the Fed" money raising campaign must be working. Of, as I have pointed out, this is nothing but Rand Paul grandstanding that will do nothing to stop or slow the Fed. It is a total waste of time and effort that will confuse the public into thinking Rand is doing something to reign in the Fed. He is not. (See: Rand Paul Grandstanding)

16 comments:

  1. Way off topic...can someone explain the Santelli/fama interview today?

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    1. Here's the interview you reference:

      http://www.mining.com/nobel-winner-fama-downplays-qe-risks-to-tea-partier-santelli-98551/

      I find it very interesting that Fama said he's been studying the issue for six months.

      That's a real insider tidbit.

      Anyway, I personally wonder who they plan to sell MBS's to when the "great liquidation" begins. They might think there won't be any backlash against an offsetting balance sheet transaction on Treasury's, I have my doubts but maybe Fama is right.

      What do you do with MBS's though? I have a hard time believing there's enough private money that's even willing to take that plunge again.

      You can't cancel that side of the balance sheet as far as MBS's go.

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    2. Fama said the Fed's liabilities (excess reserves held by banks) offset the assets purchased (long term treasuries and mortgage backed securities). That means the Fed is merely issuing short term debt to purchase long term debt. He said issuing short term debt should raise the rate on short term debt but the rate is not falling because the demand for short term debt is lowering the rates. So the Fed is not responsible for the low rate on short term debt. The market is driving that. He said issuing short term debt to purchase long term debt is "a wash." If you look at the Fed's balance sheet and look at excess reserves between Sept 2012 and Sept 2013, they do cancel out.


      Excess Reserves

      2012-09-01 1409442
      2013-09-01 2213872 = 80 billion


      Mortgage Backed Securities
      9/5/2012 930897
      9/4/2013 1357082 = 42 billion

      Long Term Treasuries
      9/5/2012 1274238
      9/4/2012 1663917 = 38 billion

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  2. Rand is surely a sell out. Having said that, I praise his efforts for pushing Audit the Fed whatever his motivations might be.

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  3. Stand with Rand not with Wenzel

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    1. You've evidently missed the point entirely, or are driven by other motivations. Even if Rand's bill passed, it would not audit the relevant aspects of the Fed - lulling many into a false sense of accomplishment

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  4. Okay, so Rand is not ancap. I'm fine with that. Ron is not either...

    http://www.youtube.com/watch?v=SAgkximgiYA&feature=em-uploademail

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    1. You don't have to be "AnCap" to want to end the Fed.
      Ron wants to END the Fed. Rand doesn't. Ron is an "Austrian"; Rand isn't.
      The continued attempt by some to see a similarity between father and son in the economical/political sense, is futile.

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    2. I disagree that Rand does not want to end the Fed or is not Austrian. 99% is not similar?

      http://www.ronpaul.com/2013-04-26/ron-paul-rand-paul-and-i-are-about-99-the-same/

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    3. Sometimes you have to play the game to effect change and win, so long as the end-goal remains the same. Has nobody heard of the trojan horse?

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    4. "I disagree that Rand does not want to end the Fed or is not Austrian. 99% is not similar?"

      What part of END do you not understand? Is cutting 99% of a malignant tumor similar to cutting it out completely?
      And i assume you are joking by claiming he is 'Austrian'.

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    5. "Sometimes you have to play the game to effect change and win, so long as the end-goal remains the same."

      Care to give us an example of a (morally upright) politician who did this, and moved toward his alleged "end-goal" at the same time?
      After all, i assume your assertion comes from wisdom instead of mere excuse-making?


      "Has nobody heard of the trojan horse?"

      Has nobody heard of wishful thinking and projection?

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    6. Tony, lets get real here. Even Ron doesn't want to "End the Fed" as you say. He says so himself. He says that will cause too much disruption. Ron has said the best thing to do was to legalize competition to the Fed and that will end it on its own. Rand has spoken in favor of allowing competition to the Fed.

      So they are the same there in terms of policies. Those are the facts. You're just plain wrong.

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  5. The Fed be dead, its previous interventionist monetary policies and monetary tools no longer provide stimulus, only death. The fiat asset inflation that came via the grand experiment by the US Federal Reserve policies of monetary intervention is over, finished and done. Fiat asset deflation has arrived and is bearing down on the World Financial Institutions, IXG, and on currency trading and credit sensitive nations, such as Greece, GREK, Ireland, EIRL, Spain, EWP, Brazil, EWZ, EWZS, India, INP, SCIN, China, YAO, ECNS, with Greece’s National Bank of Greece, NBG, Ireland’s Bank, IRE, and Spain’s Banco Santander, SAN, Brazil Financials, BRAF, India Earnings, EPI, China Financials, CHIX, leading lower.

    With the ECB announcing a plan to supervise 130 European Banks, and the UK Central Bank providing the new monetary policy tool of the Revised Sterling Monetary Framework, and the US Federal Reserve providing two new monetary policy tools, that is Fixed Rate Full Allotment Reverse Repo Facility, and the Liquidity Coverage Ratio, ... the monetary policies of the world central banks have changed from expanding the money supply, to integrating banks into government by introducing the antifragile financial system, an Alberto Mingardi Econolog Econolib term, http://tinyurl.com/ptz6hra.

    Please do not, repeat do not look in the rear view mirror. Instead, please look down the road at what is coming.

    Financial market place trading, world central banks’ monetary policies and monetary tools, as well as enduring enforcement of austerity measures by the Troika in exchange for seigniorage aid, have pivoted the world from the economic and political paradigm of liberalism into authoritarianism.

    The world central bankers have effected a global economic and political coup d’etat, ... with the ECB announcing a plan to supervise 130 European Banks, and the UK Central Bank providing the new monetary policy tool of the Revised Sterling Monetary Framework, and the US Federal Reserve providing two new monetary policy tools, that is Fixed Rate Full Allotment Reverse Repo Facility, and the Liquidity Coverage Ratio, ... pivoting the world from democracy into statism.

    As on October 23, 2013, Jesus Christ, fully opened the First of Seven Seals of The Scroll, Revelation 6:1, containing the details of the culmination of history, Revelation 1:1, which releases the First of the Four Horsemen of the Apocalypse, the Rider on the White Horse, who has a bow but no arrows, signifying his role in effecting a global coup d’etat, transferring sovereignty from nation states to nannycrats and regional bodies, as they come to rule in regional governance, in each of the world’s ten regional areas.

    Liberalism was the age of investment choice based upon schemes of credit and carry trade investing. Authoritarianism is the age of diktat based upon schemes of debt servitude and totalitarian collectivism.

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  6. Hater's, damn you all. Your arguments are futile. Accept the state, for it is the sum of us.

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  7. Rand is fighting to audit the Fed. If the Senate has to vote on it, it will pass. It already passed the House.

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