Expectations of when the Fed will hike interest rates are driving the markets. However, no interest rate increase is likely to come from the Fed until at least June–if not farther out–according to Fed statements following the March FOMC meeting. This means that the federal funds rate will remain at the target of zero to
Charles Plosser and Richard Fisher, presidents of the Philadelphia and Dallas Feds, respectively, announced plans to retire, leaving the Fed in the hands of inflation doves who seemingly have no fear of inflation.
China is the latest to join the money printing binge, this time printing the equivalent of $81 billion. The goal: to fillip an economy that grew in August at “only a 6.9 percent” annualized rate. If the US economy were growing at 6.9 percent, the Dow would be at 25,000. The world’s central bankers are
Precious metals are now three years into what I believe is a correction in a very long bull market that has still further to go. Yet suffering through such dismal price action after ten years of rising prices is trying, despite predictions of higher prices. I have one client who regularly emails me with questions
In the 1960s, I attended the University of Chicago and spent many hours with Milton Friedman and graduate students in his economics department. They called themselves “the Chicago school,” and they stood apart from the professors of economics at Harvard, MIT, Stanford, et al. Those were the days of High Keynesian economics. The Chicago school
Ron Paul recently interviewed Bill Haynes, CMI Gold & Silver Inc. president, for the RonPaulChannel.com. Ron and Bill discussed the gold industry, the right forms of gold to buy and developments that affect the precious metals market.
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
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
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