Posts Tagged Treasury
Treasury Admits It Underestimated Debt Needs, Predicts Ceiling Breach In 2012; $600 Billion More Debt In Second Half
By: Tyler Durden
July 30, 2012
July 28, 2012
“The suspicions that the system is rigged in favor of the largest banks and their elites, so they play by their own set of rules to the disfavor of the taxpayers who funded their bailout, are true.
It really happened. These suspicions are valid.”
Neil Barofsky, TARP Inspector General
The Fed is not the solution; the Fed is a creature of the biggest banks, and very much a part of the problem.
Once again we hear a lone voice of common sense, and reason for reform, in this case Sarah Bloom Raskin, speak out forcefully for reform.
You may recall ‘The Warning’ which featured Brooksley Born, who sounded the alarm about the growing dangers of the unregulated derivatives market during the Clinton Administration. And who was thwarted and bullied by team Greenspan-Summers-Geithner.
And you might remember how the Wall Street Banks used the NY Fed and the Treasury’s Tim Geithner to block the reforms proposed by the FDIC’s Sheila Bair.
by: Tyler Durden
July 6, 2012
For better or mostly worse, the Federal Reserve has been governing the monetary system of the United States since 1914. The visual history below maps the rise of the Fed from its origins as a relatively minor institution, often controlled by Presidents and The Treasury to its supposedly independent and self-aware current position as, arguably, the most powerful entity in the world. And because we always like to be ‘fair-and-balanced’ we juxtapose this clarifying truth of the maniacal growth of the Fed’s balance sheet and shift from passive to hyperactive – highlighting every major macro-economic and political event on the way – with G. Edward Griffin’s 1994 speech on ‘The Creature From Jekyll Island’.
Sunday, March 18, 2012
Rob McEwen’s McEwen Mining (the product of the recent US Gold/ Mindera Andes merger) has responded to our friend Eric Sprott’s call to mining companies to believe in their own products by saving in bullion rather than dollars by holding 1/3rd of its $79 million treasury in gold and silver bullion.
McEwen, who turned Goldcorp into an amazing success using similar practices, is calling for $200 silver and $5,000 gold by 2015.
As Sprott’s plan to hold company assets in bullion rather than cash or treasuries continues to gain momentum, it will be interesting to see whether the producers can eventually withhold sufficient physical silver from the market to wrestle the control of the market from the paper markets that currently wags the dog.
McEwen Mining, the product of the January fusion of US Gold and Minera Andes, said on Thursday its San Jose mine in Argentina produced 1.45-million ounces of silver and 20 934 oz of gold in the fourth quarter.
The TSX- and NYSE-listed firm also said it held around one-third of its $78.8-million treasury in bullion, betting that prices will rise.
CEO Rob McEwen followed a similar practice when he headed up Canada’s Goldcorp, and repeatedly forecast that gold prices would hit $5 000/oz by the middle of the decade, and silver $200/oz.
Last year, Canadian fund manager Eric Sprott called on silver producers to hold some of their treasuries in the metal itself
McEwen Mining said it expected San Jose, which US-based Hochschild Mining owns 51% of, to produce 5.7-million ounces of silver and 85 000 oz of gold in 2012.