Five central banks plan to pump U.S. dollars into European b

[flip]

http://www.bullfax.com/?q=node-five-cen ... pean-banks

Heard a young lady almost blurt this out last night but this is not the way she said it. This article suggests that it's just a concerted effort to help each others economies to grow. The way she implied was that there was a new partnership agreement between all these entities from this point forward. I'm still trying to verify that but if that's correct, I wonder if this is a power move on the banking industry to consolidate power in this time, especially consider the recent threats made against the FED as to severely limit their decision making power.

[flip]

The central banks seemed determined to demonstrate
that they would not hesitate to deploy their combined weight to keep the crisis
from leading to a collapse of the euro zone.

“They are getting together
and acting together,” Christine Lagarde, the president of the International
Monetary Fund, said in Washington on Thursday. “To me, that is the most
important message.”

But Ms. Lagarde also warned that
policy makers had not done enough and suggested more action was needed. “We have
entered into a dangerous phase of the crisis,” she said. There is still a path
to recovery, she said, but it is “a narrow one.”

http://theiraqidinar.com/2011/09/16/5-c ... to-europe/

[flip]

Jean-Claude
Trichet, the president of the European Central Bank, called the move “a clear
illustration of our very close cooperation at the global level.”

Ok, I'm convinced. Let the in-fighting really begin now. Buncha hapless bastids.

[woodchip]

And where are the banks getting the money?

[Zuruck]

The 25% interest rates maybe?

[flip]

As far as I can tell, this was done within the central banks themselves, without real authorization. A real " If you can't do anything, WE will". ALso considering it's US dollars and NONE of our elected officials even had a say, should speak pretty loudly now. Isn't the US FED the only one that prints US dollars?

EDIT: I know the treasury does the actual printing right? but who has sole authority to authorize the printing? I just wonder how they can do this with really only so much as a peep AND with OUR national currency. I wonder what happens to the dollar after to prop up a failing Euro?

[callmeslick]

And where are the banks getting the money?

they're borrowing it from Greece.





.....yeah, I'm back from my fishing trip.

[flip]

The Federal Reserve announced an unconventional plan on Wednesday to reduce borrowing costs for businesses and consumers, trying once more to spur economic growth despite urgings from Republicans that it refrain from any expansion of its stimulus program.

These guys are big thinkers.

http://www.nytimes.com/2011/09/22/busin ... rowth.html

EDIT: Makes you wonder if these 5 central banks have come up with a world wide "stimulous program" and don't give a ★■◆● who likes it either with our elected officials helpless to do anything but "urge" them. Sickening.

[flip]

I don't know, call me crazy, but what does this do to the democratic process if those in control of the money can make these kind of decisions with no oversight at all? Maybe I'm making too big a deal over it, but it seems to me that when the central banks of foreign countries can get together and determine world economic policy amongst themselves and behind closed doors is a significant threat to our constitution and our democratic process. Can someone show me where this is not a huge game changer for us?

[callmeslick]

I don't know, call me crazy, but what does this do to the democratic process if those in control of the money can make these kind of decisions with no oversight at all? Maybe I'm making too big a deal over it, but it seems to me that when the central banks of foreign countries can get together and determine world economic policy amongst themselves and behind closed doors is a significant threat to our constitution and our democratic process. Can someone show me where this is not a huge game changer for us?

what in the Constitution states that we are not subject to the world economy? What in our democratic process is altered by economic processes, per se? Governance and economics are two separate matters entirely, something folks seemingly refuse, on a regular basis, to see. I am always amused that folks speak of the inherent Constitutional determination that the US be a capitalist society. Capitalism, or most accepted aspects of it, wasn't even formulated when the US Constitution was written and ratified.

[flip]

Your comfortable with a small group of central banks located throughout the world having the final say over global economic decisions? At what point could our constitution be used as protection against such a centralized global authority, or is it now ineffectual against that kind of threat to our national economy here. Could a decision they make end up ruining us here, leaving grocery stores empty and our politicians left only pointing the finger? I'm not sure I'm comfortable now knowing that policies concerning money in this country don't even have to see the Presidents desk.

[Will Robinson]

... Governance and economics are two separate matters entirely, something folks seemingly refuse, on a regular basis, to see. ....

Tell that to the Congress and President and while you are at it tell them the only "bailout" we want to see from them from now on is the one where they bailout of Washington!

[Grendel]

Right now is the time to buy some metals !

[callmeslick]

Your comfortable with a small group of central banks located throughout the world having the final say over global economic decisions? At what point could our constitution be used as protection against such a centralized global authority, or is it now ineffectual against that kind of threat to our national economy here. Could a decision they make end up ruining us here, leaving grocery stores empty and our politicians left only pointing the finger? I'm not sure I'm comfortable now knowing that policies concerning money in this country don't even have to see the Presidents desk.

and never really did, by the way. Did you read what I wrote and ponder what I asked you, above?

[callmeslick]

... Governance and economics are two separate matters entirely, something folks seemingly refuse, on a regular basis, to see. ....

Tell that to the Congress and President and while you are at it tell them the only "bailout" we want to see from them from now on is the one where they bailout of Washington!

short term economic stimulus is merely a stop-gap. No one claims otherwise,that I have heard, ever, including GW Bush or Obama, when they proposed such measures. Our system of government is designed and always has been so as NOT to dictate long term economic systems(note I state systems, as opposed to policy). Our government, as presently constructed, can only regulate rules of trading and monetary policy. If the people decided they wanted a full-out communist/collectivist economic system, it would take some serious Amendment of the Constitution to allow that. On the other hand, a return to the actual rules(pre-amendments and Supreme Court decisions) of 1790 or so, you could manage a post-feudal system of small farms, small shopkeepers and large-scale landowners quite nicely......but, little else.

[callmeslick]

Right now is the time to buy some metals !

why?







('slick was always taught the rule, "Buy low, Sell dear", and metals don't seem to lend themselves to
a buying spree by that measure).

[Grendel]

Au & Ag took quite a hit over the last 4 days. Good time to buy.

[flip]

We see things differently Slick. You say it's always been that way yet it has not. You say it in such a way as it's the status quo and we should just yield to it as it's our fate.To be ruled by those whose only qualifications are they are wealthy. That wealth providing certain power I say this has been contended with throughout the ages. The problem now is that it is no longer regional but all-encompassing. Your lot in life affords you to agree with it and deprives you of certain insights. That is beyond your control, but in my mind a whole new precedent was set with the title of this thread. One that had never been made at least in my lifetime or anyone that preceded me. In what ways did our constitution govern our economy initially and in what way is it different now? That is what should be pondered before listening to all the speech that enables. I say a global banking industry usurps all political systems of government and that soon enough.

EDIT: Meaning that whoever we elect, even to the President, will still be accountable to someone higher. Who do we appeal too now?

[flip]

No one sees a stark contrast between our elected officials arguing down to the last minute whether to raise the debt ceiling, front page news, and 5 central banks deciding to pump US Dollars into a failing European economy. The whole time ours isn't doing too hot. That's why I have no confidence in the crowd.

[callmeslick]

We see things differently Slick. You say it's always been that way yet it has not. You say it in such a way as it's the status quo and we should just yield to it as it's our fate.To be ruled by those whose only qualifications are they are wealthy.

well, that WAS the way the system was set up to work, eh?

EDIT: Meaning that whoever we elect, even to the President, will still be accountable to someone higher. Who do we appeal too now?

once we started selling notes on our Treasury(around 1782, as I recall) we have ALWAYS been accountable to someone outside. Not necessarily 'higher' up, but still accountable to lenders.