[LibertarianExchange] OPINION RELEASE: Solari Action Network: Thoughts on cancellation of M3 Reports and "Where Would Jesus Bank?"

Sun, 27 Nov 2005 11:18:27 -0800

 
Rick Stanley
Constitutional Activist
Phone: 303-329-0481
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We the People Scoop 11/27/05
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OPINION RELEASE: Solari Action Network: Thoughts on cancellation of M3 Reports and
"Where Would Jesus Bank?"
 

TO THE SOLARI ACTION NETWORK
November 25, 2005
 
A Note from Catherine on the Fed's Cancellation of M3
 
I have been asked by several network members to comment on
the cancellation by the Federal Reserve of the publication of its broadest
series of aggregate monetary statistics, known as "M3."
 
========================================
 
 
Discontinuance of M3
On March 23, 2006, the Board of Governors of the Federal Reserve System will
cease publication of the M3 monetary aggregate. The Board will also cease
publishing the following components: large-denomination time deposits,
repurchase agreements (RPs), and Eurodollars. The Board will continue to
publish institutional money market mutual funds as a memorandum item in this
release.
 
Measures of large-denomination time deposits will continue to be published by
the Board in the Flow of Funds Accounts (Z.1 release) on a quarterly basis and
in the H.8 release on a weekly basis (for commercial banks).
 
Last update: November 10, 2005
 
==============================================
 

In a nutshell, here are my thoughts:
 
1. The twelve federal reserve banks -- that together run the bank clearing and
currency system -- are privately owned. If you call them up and write to them
-- as I once did-- and ask who owns them, who manages their data and whether or
not their owners have access to their data, you will be told that this is
private information. Fed bank data is arguably the most valuable databank in
the world.
 
2. The flagship Federal Reserve bank is the NY Fed. The NY Fed is the depository
for the US government and manager of a powerful slush fund -- the Exchange
Stabilization Fund.
 
3. Significant efforts have been made to ensure that citizens do not have easy
access to data about how all the government revenues and expenditures, credit
and regulations work within the areas from which they vote for political
representation. In short, you do not get annual financial statements that
document the most basic government financial performance within your
Congressional District. This means you have no basis for assessing performance
or providing for citizen based accountability.
 
4. What 1-3 in combination mean is that corporate profits and stock, mortgage
and bond markets (and other capital markets) can be invisibly rigged using
taxpayer funded and backed resources in the form of government contracts,
subsidies, asset sales and transers, tax benefits, credit guarantees and market
intervention and manipulation -- all in a manner that perpetually increases the
wealth of a few insiders and drains the many outsiders. This process steadily
lowers overall productivity by switching power and money from the productive to
the unproductive.
 
5. There is over $4 trillion missing from US government agencies that we know
about-- this is $14,000 per US resident -- who knows how much is missing in
total. This disappearance was financed by presumably trillions in debt
securities for which the US government and government agencies are liable. As
total debt outstanding explodes, it becomes more and more challenging to
refinance outstanding debt let alone issue more. Grossly oversimplified, our
financial dependency on other nations channeling greater and greater amounts of
their total retirement savings to financing our military expeditions and
consumer purchases of their manufacturing output becomes ever more politically
sensitive.
 
6. The way to keep the game going is for the Federal Reserve system to simply
buy increasing amounts of debt issued by the US government and for the US
Treasury and Congress to use the proceeds to protect "insiders" from the
resulting inflation while squeezing everyone else while the NY Fed manages
market interventions that help do the same.
 
7. The cancellation of M3 helps accomplish #6 by cancelling some of the
statistics (particularly on "repos") that would help market analysts see what
is going on.
 
8. The Federal Reserve's explanation that this is a cost cutting move does not
compute given the nature of the Federal Reserves rich resources and the
importance of transparency to the functioning of markets.
 
9. In short, a small group of people continue to use US government debt to
finance a war machine to build and consolidate global empire and to use inside
information along with the US government budget and credit machines to ensure
that this war machine is richly profitable for them and their global allies
while draining and depopulating everyone and everything else.
 
10. The cancellation of m3 is Tapeworm Economics at its best.
 
For some useful pieces on the M3 cancellation, see:
 
 
Please do post links to any additional articles and blog comment you recommend.
 
For more recomended reading on the US banking system and actions you can take to
do something about this, see Solari Audio Seminar:
 
 
Back to top
 

Daniel237
 
 
 
Joined: 15 Jun 2003
Posts: 6
 
Posted: Sat Nov 26, 2005 1:57 am    Post subject: Some Thoughts on M3
 
 
 
I have been thinking that the banks will use the discontinuance of M3 statistics
to cover 2 things. My idea is that they know now that there are several large
corporations that are going bankrupt. They can sell their soon to be worthless
bonds to the FED at the discount window. They will be monetizing the debt but
in 2006 they will be able to hide the surge in money supply becasue M3 will no
longer be divulged. I am thinking that since they know the dollar will collapse
that they will be using this new money to buy commodities, such as, gold, oil,
silver and copper. We might want to watch for a spike in commodity prices over
the next 6 months.
I should point out that when they unload their junk corporate bonds they will
leave American pension funds holding the bag when those major companies do
declare bankruptcy. And the ensuing inflation will devalue what is left of
their pensions and savings to zero.
Now you know
 

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