For most investors, the primary reason for buying gold is to hedge against currency debasement, which, of course, comes about because of excessive money creation by central banks and via fractional reserve banking. At times, gold investors stand alone, even being ridiculed by mainstream investors. Now, though, one of Wall Street’s famed names, Merrill Lynch,
According to Mark Hamrick, bankrate.com economist, there is an accepted theory by Fed critics that the Fed had JFK killed. The only reason for Hamrick to comment on this is to paint all Fed critics as “whacko birds,” to use a John McCain pejorative. No serious Fed critics, such as former Congressman Ron Paul, his son Senator Rand Paul (R-KY) and the economists and historians at Mises.org, have ever suggested that the Fed had President Kennedy killed.
However, serious critics of the Fed do lament that destructive money creation policies of the Fed, which is a universal argument against all central banks. Further, Fed critics decry the lack of transparency, for which they call for a genuine audit of the Fed’s purchases and holdings. They would also like to have the Fed’s gold holdings properly audited, something that has not happened since the Eisenhower administration.
Suggesting that Fed critics had JFK assassinated is a ploy to keep from discussing the real flaws of the Fed (and central banking).
- Myth 5: The Fed had President John F. Kennedy killed
- Gold: the first and only safe haven
- Myth 4: The Federal Reserve is not audited
- Myth #3: The Fed prints money
- Dollar steady as America declines
- Myth #2: The Fed isn’t part of the US government
- Glenn Beck speculates on the Fed’s slow return of Germany’s gold
- The assertion that the Fed is run by foreigners is specious
In 5 myths debunked about the Federal Reserve, Bankrate’s Mark Hamrick points out that the Fed is audited by Deloitte Touche Tohmatsu Ltd., using generally accepted accounting principles. Therefore, the Fed is audited. Not so fast. While DTT may audit the Fed, it does not delve into the Fed’s gold holdings. DTT does not randomly
In his 5 myths debunked about the Federal Reserve, Mark Hamrick of Bankrate, asserts that the Fed does not print money. He is correct, but he obfuscates the issue. The Bureau of Printing and Engraving prints the paper dollars that we use for money, but paper dollars (and coins) account for only about three percent
So wrote Gillian Tett in Friday’s Financial Times. Mr. Tett started his piece by noting that Nigeria’s central bank had announced that it would convert almost a 10th of Nigeria’s $43 billion reserves from dollars to renminbi. Tett went on to acknowledge that only 0.01 percent of the world’s central bank reserves are now held
In 5 myths debunked about the Federal Reserve, Mark Hamrick, Washington Bureau Chief for Bankrate, asserts that Myth #2 about the Fed is that The Fed isn’t part of the US government. As is typical of “Fed defenders,” Hamrick does not tell the whole story, and he confuses by using the words “part of.” I
It’s now been a year since Germany announced that it was recalling gold that had long been stored in New York and Paris. The Bundesbank (Germany’s central bank) said that the purpose of the recall was so that half of Germany’s gold reserves would be stored in Frankfort. At last report, according to the IMF
In The Federal Reserve under attack like never before, I referred to bankrate.com’s cheerleading piece for the Fed, 5 myths debunked about the Federal Reserve. Let’s take a look at what Mark Hamrick, the writer, calls Myth 1: The Fed is run by foreigners. I’ve been in the precious metals business for forty years and
In The Federal Reserve under attack like never before, I noted that when I started in the silver bullion business in 1973 few people knew what the Federal Reserve was and what it did. That was not always the case. Before the Fed was instituted in 1913, the United States had had two central banks,
The World Financial Crisis of 2008 now seems a long time ago and not worthy of discussion, except at the academic level where professors can point to the power of central banking. After all, didn’t the Fed solve the crisis by buying assets, many of which that were worthless on the free markets, with freshly
When I entered the silver bullion business in 1973, few people knew what the Federal Reserve System was and what it did. Still fewer knew it was a central bank, and with little knowledge of what a central bank did. Those that knew the Fed existed knew that it expanded the nation’s money supply, which