Busted: Bankers and The Global Economy

January 15, 2008

The Prophecy of Paul Volcker

Former Federal Reserve chief Paul Volcker foretold upcoming events at the second annual summit of the Stanford Institute for Economic Policy Research. In his keynote speech he warned that the nation is facing “huge imbalances and risks”.

“Altogether, the circumstances seem as dangerous and intractable as I can remember.”

“Boomers are spending like there is no tomorrow.”

“Homeownership has become a vehicle for borrowing and leveraging as much as a source of financial security.”

“I come now to the heart of the problem (more…)

January 11, 2008

The Joy of Electronic Passports

Filed under: government, money, passport, security — Tags: , , , , , , , , — digitaleconomy @ 12:00 am

passportchip.jpgThe U.S. passport is almost ready to join the digital age. After more than three years of research, discussion and the typical indecision expected, the State Department has finalized most of the technical and logistical details of new, supposedly tamper-proof passports embedded with a smart-card chip. This “contactless smart chip and antenna” is flexible enough to embed in the cover of a standard passport booklet. These electronic issue passports have supposedly been available through the U.S. Passport Website, but have not yet entered the mainstream just yet.

Proponents of the new passport say (more…)

November 30, 2007

Fed Alert to U.S. Instability

Filed under: banking, federal reserve, government, passport, politics — Tags: , , , , , , — digitaleconomy @ 3:01 am

Despite some strengths, the Fed continues to worry over the general outlook of the United States economy.

“Economic forecasting is always difficult, but the current stresses in financial markets make the uncertainty surrounding the outlook even greater than usual. We at the Federal Reserve will have to remain exceptionally alert and flexible as we continue to assess how best to promote sustainable economic growth and price stability in the United States.”
~ Fed Chairman Ben S. Bernanke, November 29, 2007

National and regional economic overview

October 27, 2007

Interest of Fed is in Economic Performance

Filed under: banking, federal reserve, government, passport, security — Tags: , , , , , — digitaleconomy @ 2:56 am

Fred says it well. It’s all about money and performance of the economy so the Fed can profit. Obviously, the Fed is concerned. The Bush Administration hasn’t said a thing.

“The interest of the Federal Reserve in financial stability does not arise out of a concern for the functioning of financial markets as such or out of a desire to aid distressed investors or institutions. Rather, the Federal Reserve vigorously promotes financial stability because of the intimate connection between a stable financial system and solid macroeconomic performance.”
~ Governor Frederic Mishkin, October 26, 2007

Financial Instability and the Federal Reserve as a Liquidity Provider

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