HR 1207 Full Financial Services Committee

[Jay]

Re: HR 1207 Full Financial Services Committee

Aw shucks. Ya think ;)?

Note that makes two parties (at least) which might be motivated to causing some sort of "dramatic stress event." The Fed defending its turf, and the IMF trying to expand its turf. This could get entertaining.

Isn't at least a big chunk of the real money and power behind the IMF in US oligarch control? So why fight themselves?

[WildspitzE]

Re: HR 1207 Full Financial Services Committee

Aw shucks. Ya think ;)?

I guess that was a bit of an obvious segway in my post. LOL.

I must remember to change the conversational tone in my writing.

Note that makes two parties (at least) which might be motivated to causing some sort of "dramatic stress event." The Fed defending its turf, and the IMF trying to expand its turf. This could get entertaining.

What dramatic stress event to you think the IMF can or would cause?

[WildspitzE]

Re: HR 1207 Full Financial Services Committee

So why fight themselves?

This question is asked everyday within much smaller constructs, e.g. companies with mutliple divisions.

Maybe cause the guy working in the IMF wants to be the favorite lap dog?

[vinoveri]

Re: HR 1207 Full Financial Services Committee

A supranational level organization is tedious and complex. It would basically be formalizing the cooperation that exists between central banks now. However, with formalization comes, among other things: transparency among its members, checks on power, and limits on control. I don't think that Fed stakeholders are all that enthused about these propositions.

But - Do they have a non-MAD choice?

If you were the Fed/banking system, which would you choose :
1) join a global CB, maintaining your privileged position as a CB (yielding sovereignty of the US, which arguable it already has)
OR
2) fight (a losing battle) against the other world CBs, BIS, etc, fight creditor nations as a debtor nation, knowing any of these creditors could destroy your currency whenever they felt the urge ... and knowing that the Fed would ultimately recieve the blame for any such event ...

pretty easy choice if you ask me; the idea that the Fed has any "national interest" at the core of its heart is ludicrous ... only if the national interest coincides with its own

[ThePythonicCow]

Re: HR 1207 Full Financial Services Committee

If you were the Fed/banking system, which would you choose :
1) join a global CB, maintaining your privileged position as a CB (yielding sovereignty of the US, which arguable it already has)
OR
2) fight (a losing battle) against the other world CBs, BIS, etc, fight creditor nations as a debtor nation, knowing any of these creditors could destroy your currency whenever they felt the urge ... and knowing that the Fed would ultimately recieve the blame for any such event ...

pretty easy choice if you ask me; the idea that the Fed has any "national interest" at the core of its heart is ludicrous ... only if the national interest coincides with its own

Good point. That still doesn't mean that the Fed wouldn't join without a fight. Playing hard to get is a tactic that the Ladies of the world have long ago mastered, and the Fed ain't no Lady. One always wants to work from a strong negotiationing position.

[WildspitzE]

Re: HR 1207 Full Financial Services Committee

If you were the Fed/banking system, which would you choose :
1) join a global CB, maintaining your privileged position as a CB (yielding sovereignty of the US, which arguable it already has)
OR
2) fight (a losing battle) against the other world CBs, BIS, etc, fight creditor nations as a debtor nation, knowing any of these creditors could destroy your currency whenever they felt the urge ... and knowing that the Fed would ultimately recieve the blame for any such event ...

pretty easy choice if you ask me; the idea that the Fed has any "national interest" at the core of its heart is ludicrous ... only if the national interest coincides with its own

LOL. I’m not sure how you got to the conclusion that I believe (or was discussing) that the Fed was doing anything on behalf of (or has) any “national interest.” As I’ve stated many times before the Fed’s sole mandate is to protect the major banks (its stakeholders). It is the tool by which the banking cartel consolidates its power. I didn’t change my mind on this all of a sudden, the quoted post is written with this view. It is also because of this view, while I generally agree with the end result for the USD, that I believe that you're oversimplifying the two options/choices – and to believe that this "fait accompli" is a slam dunk or will happen in a straight line is not a prudent approach to speculating on how things will unfold and how you should position yourself from now until then (which was, btw, the intent of my post).

The Fed is separate from the Treasury Dept, and in my opinion will have a huge misalignment of interests in the future (as it has in the past). Will the Fed address inflation (and the USD) at the expense of the economy and the massive amount of government debt? If the US were to enter into a formalized international central bank (one with monetary teeth, not just impose USD debt slavery on poor nations) would, IMO, require that the Fed be rolled into the Treasury Dept.

Also, yielding ones sovereignty on a practical basis (as we’ve done) vs. a legal contractual basis are two very different things – in spite of our sheeple’s education level.

The reality is that this is all being managed: The world’s central banks collaborate amongst all of the rhetoric, the banks within the cartels also collaborate, and a creditor with such a huge exposure is not going to blow up its [almost sole] debtor "when it feels the urge." Their fates are inextricably linked by a series of bad risk management decisions.

As I said in my post above, while I agree that the end of the USD hegemony will arrive soon enough, we won't see what the outcome will be until we see how the USD dominated commodity complex will be dealt with. Will the clearing mechanism for this complex be through an international “currency” arrangement or SDR? Likely IMO. But, will this initial clearing mechanism also be responsible for individual sovereign monetary policy? The frog will boil in stages. We should try to think about what those stages are and what’s required for an international central bank first.

[WildspitzE]

Re: HR 1207 Full Financial Services Committee

As I said in my post above, while I agree that the end of the USD hegemony will arrive soon enough, we won't see what the outcome will be until we see how the USD dominated commodity complex will be dealt with. Will the clearing mechanism for this complex be through an international “currency” arrangement or SDR? Likely IMO. But, will this initial clearing mechanism also be responsible for individual sovereign monetary policy? The frog will boil in stages. We should try to think about what those stages are and what’s required for an international central bank first.

http://www.bloomberg.com/apps/news?p...d=ai4e1MZcvHBc
"Dollar Falls on Report Gulf States May Stop Using Greenback "

[e_goldstein]

Re: HR 1207 Full Financial Services Committee

HR 1207 was gutted in committee by Mel Watt. Here is why:

http://www.opensecrets.org/politicia...328&cycle=2010

[Jay]

Re: HR 1207 Full Financial Services Committee

HR 1207 was gutted in committee by Mel Watt. Here is why:

http://www.opensecrets.org/politicia...328&cycle=2010

He only got 31k from finance. Sure, it is the most he got from anyone place, but isn't that a drop in the bucket for most politicians? Does it take only such a relatively small sum to capture a politician, or is something else going on? As a friend of mine likes to say, "the only scene is behind the scene." I look at the bonuses of the finance CEO's and the differences don't add up. I guess the major perk for these guys is a future private sector job or a promise of a private sector job for a family member or three.