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Central Bank

Posted on in Economics

The Next Generation of Currency Wars: Private vs. State-Backed Crypto

Recently, Russia announced that it will be unleashing a CryptoRuble, just a week after Vladimir Putin strongly criticized Bitcoin and other private cryptocurrencies.  When announcing the move, Minister of Communications Nikolay Nikiforov acknowledged that it was in part inspired by the aim of getting ahead of other governments: I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after two months our neighbors in the EurAsEC will. In doing so, Russia is following the lead of another country that too has become hostile to private crypto, China. Last July, the People’s Bank of China became the first central… Keep Reading

Posted on in Economics

Fed Chair Yellen: The Economy May Be Weaker than We Thought

Federal Reserve Chair Janet Yellen this week cast doubt on the Fed’s announced plan to continue Fed rate hikes and reverse its years of “unconventional” monetary policy. “My colleagues and I may have misjudged the strength of the labor market,” Yellen announced on Tuesday, adding that they’d also misjudged “the degree to which longer-run inflation expectations are consistent with our inflation objective, or even the fundamental forces driving inflation.” Yellen also “noted that the labor market, which historically has been closely linked to inflation, may not be as tight as the low unemployment rate suggests.” In other words, Fed economists are… Keep Reading

Posted on in News

Rand Paul Upholds Father’s Legacy With Renewed Audit The Fed Push

At the height of the Ron Paul movement, crowds of thousands of passionate individuals chanted “End the Fed!” around the country, and America looked to be on the cusp of a revolution against central banking. Although that fervor has long since waned, Sen. Rand Paul (R-KY) is still intent on upholding his father’s legacy. Paul is pushing his father’s signature Audit the Fed legislation that would finally at long last bring some transparency and accountability to the central bank that has been responsible for crushing the purchasing power of the dollar while unleashing a century of war and big government… Keep Reading

Posted on in Economics

Beware the Predictions of “Experts” Like Janet Yellen

Speaking in London, Federal Reserve chair Janet Yellen predicted recently that the “the system is much safer and much sounder” and explained that the Federal Reserve is prepared to deal with numerous enormous shocks to the economy. In her conversation with Lord Nicholas Stern, Yellen also went on to list the reasons that, thanks to central bank intervention, there is unlikely to be another financial crisis “in our lifetimes.” For those who have lived through more than one business cycle, however, alarm bells tend to go off every time an economist, central banker or high-ranking government official declares that there’s… Keep Reading

Posted on in News

Rep. Thomas Massie’s “Audit the Fed” Bill Approved in House Committee

The House of Representatives Committee on Oversight and Government Reform approved a measure today that would audit the Federal Reserve, in spite of intense opposition from Democratic legislators and global banking sector. Rep. Thomas Massie (R-KY) introduced H.R. 24, the Federal Reserve Transparency Act of 2017, more commonly referred to as “Audit the Fed.” It is the copy of legislation that Massie introduced in the past, based on Rep. Ron Paul’s signature bill that he introduced repeatedly over the course of his Congressional career. Keep Reading

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