Not beginner stuff, but I'll give you the short verios:
The Central Banking System is very aware that the nation's teetering on the edge of utter financial collapse, & are therefore following the Bush Administration in tweaking, "adjusting," or outright killing the publishing of simple benchmarks that would readily signal this danger.
Tired of seeing that damned "LOW OIL" light glaring out at you all the time? Hell, just disconnect it -- & you'll even save a little energy!
quote:
Why should you mourn the death of a statistical measure? Because inflation (unless you're a strict monetarist) has two causes:
Cause 1: Prices go up when demand exceeds supply. This is the kind of inflation the Federal Reserve under Alan Greenspan and Ben Bernanke has targeted and is working to control with interest-rate increases that are intended to reduce demand in the economy to non-inflationary levels.
Cause 2: Growth in the money supply produces inflation as the price of money itself fluctuates with changes in the supply and demand for money.
_________________________ "This will not be the last thing that you read about that makes me look ridiculous." -- Rev. Dr. James C. Dobson
Posts: 598 | Location: Santa Fe, NM | Registered: 17 February 2004
While it is rude to ask someone to change the title of someone else's thread, I am asking you to change this. Ben had nothing to do with this decision! As stated in the article:
quote:
The death of M3 No, the underreported story that, in my opinion, deserved headline treatment and didn't get it was the end of M3, on March 23. As the Federal Reserve had promised last November , the U.S. central bank will no longer collect or publish this most-inclusive measure of the growth of the U.S. money supply, although it will continue to publish narrower measures such as M1 and M2.
So just tell me when did Ben take over the Federal Reserve Board? We do not know ,as far as I am aware of, what the new chairman's view on this issue is. He was an economist for Princeton and realizes the importance of numbers for research. Please learn some more about this man first... Ben S. Bernanke.
Posts: 7939 | Location: Santa Barbara | Registered: 19 July 2005
and anyone else... just a note, this connects with a discussion on a nearby thread begun in anticipation of this M3 event and the possible change to euros in the Iranian oil bourse, back on March 3:
Ren, I don't have much time before my wife is going to ask to go out to Trader Joe's. Yes, and related to the meeting scheduled between the US and Iran.
The UAE announced the move out of dollars and into the euro just after their ports deal got killed as a "thank you" to congress.
A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.
Posts: 8264 | Location: Fl | Registered: 05 July 2001
Originally posted by Sawdust: The UAE announced the move out of dollars and into the euro just after their ports deal got killed as a "thank you" to congress.
Interesting.
Now the "thank you" to Congress, that seems real important in the scheme of things.
Now the "thank you" to Congress, that seems real important in the scheme of things.
The price of secrecy? UET kind of complicates things no? Especially with an exceptionally incompetant E. Talk a little with congress-[or appoint someone to talk- since he hasn't clue] and the port deal would've sailed, then no UAE Bourses in EUROs, no scrambling to hire Arthur Anderson accountants to hide all accepted economic indicators, oh and those 'off budget' expenses aka the Iraq Account.
Blaise Pascal Men never do evil so completely and cheerfully as when they do it from religious conviction. Pensees
Posts: 2917 | Location: Sverige | Registered: 21 June 2005
and anyone else... just a note, this connects with a discussion on a nearby thread begun in anticipation of this M3 event and the possible change to euros in the Iranian oil bourse, back on March 3:
I haven't found anything indicating the oil bourse event has occurred yet, anyone?
IRANIAN PILFERAGE
As a preface, the Iranian Oil Exchange will not set up shop in March 2006. The exchange for Central Asian energy product sale, will not go into operation, will not come to pass, at least not anytime soon, and certainly not this month. My reliable sources traceable to London tell me that Iranian mullahs and clergy entrenched in high office have decided they do not wish to relinquish their corrupt siphon from vast energy sales into their personal accounts. Some old leaders have stolen and wish to continue to steal from their people, from their national energy deposit treasure. The launch of the Iranian Oil Exchange (IOX) will not succumb to Western pressure, will not back off from a challenge to the Petro-Dollar. The IOX will not happen because certain influential Moslem Iranian leaders wish to continue their pilferage, still brisk as each day passes. A formal exchange would force their ruling class to abide by rules of law, official transparency requirements, and that aint gonna happen. Some cock & bull story will be forthcoming as to feasibility or prepared facilities or whatever, so as to save face. To be sure, Iran will continue to sell energy products, and will likely not store the proceeds from those sales in USDollar denominated securities. The diversion away from US$-based assets will continue.
CONCLUSION The United States, under its hostile, arrogant, irresponsible, nearsighted economic leadership, guided by misdirected, unwise, heretical, charlatan financial counsel, fully encouraged in indulgent, thoughtless, undisciplined, indebted lifestyle among the public, has actually thought it could export inflation, import deflation, enjoy the spending largesse afforded by a housing bubble, and expect to get away with the crime against Mother Economic Nature month after month, year after year. The price to be paid will come. It always does. Its form is uncertain. What is so exasperating is that instead of working toward a remedy, we desperately increase pressure on the gas pedal on the financial buggy. A flood of USDollars has entered into the world markets, with no prospect of abatement. The USGovt and USFed have inflated like crazy for ten years running, and now must defend the USDollar. THIS IS CLEAR WEIMAR-LIKE ACTIVITY, LOCKED INTO POLICY MAKING.
My view is that a return to normalcy is poppycock, never to happen! We have gone so far afield, so far from anything recognizable or rectifiable, that normalcy is not even remotely possible in the gold and crude oil markets. The USFed will tighten until they cause a crisis, then deny their role, then clean it up, probably followed by easing of interest rates. The next LTCM fiasco lies around the corner, under the surface, ready to be revealed, sure to wreck havoc. Gold and crude oil will be given a grand assist when it happens, not if. It is guaranteed since the USFed can no longer even define what “neutrality” means in its policy. Besides, what it says usually obscures its actual policy motive. My firm belief is that the Enron model was hatched from the USGovt incubator, where it continues.
If he'd just say what he means.
This message has been edited. Last edited by: douglaslee,
Blaise Pascal Men never do evil so completely and cheerfully as when they do it from religious conviction. Pensees
Posts: 2917 | Location: Sverige | Registered: 21 June 2005
The Iranian foreign minister has said that Tehran will not use oil as a weapon in the row with the West over its nuclear programme, comments that caused the price of oil to drop sharply.
Manouchehr Mottaki said: "We're not going to use energy as a political leverage."
However, Mottaki also said that Iran would not give up its right to develop nuclear energy for civilian use, which he said was enshrined in the nuclear Non-Proliferation Treaty (NPT).
Tranlation: we know what side our bread is buttered. We can scream a lot but in the end we want money/power.
Posts: 7939 | Location: Santa Barbara | Registered: 19 July 2005
Real Translation: We'll sell most of our oil in dollars for now, we Iranians are "reasonable", all we ask in exchange for not plunging Amrica into hyperinflation/depression is the ability to create fissionable material. Once we have 100 nukes, however, we may change our minds.
"No one ever went broke underestimating the American people."
PT Barnum
Posts: 1148 | Location: Repentant States of America | Registered: 28 November 2003
While it is rude to ask someone to change the title of someone else's thread, I am asking you to change this. Ben had nothing to do with this decision! As stated in the article:
...
So just tell me when did Ben take over the Federal Reserve Board? We do not know ,as far as I am aware of, what the new chairman's view on this issue is. He was an economist for Princeton and realizes the importance of numbers for research. Please learn some more about this man first... Ben S. Bernanke.
I take it that the guy who buries someone, is not necessarily the guy that killed said someone, or took out a contract to kill that someone, etc. (Way to go, Ronald. Another false premise. )
Not that i think its rude to point out such things. ***
If part of the reason the US wanted to invade iraq was to return the sales of oil back to the dollar. (the US changed back to the dollar in iraq a few months after the invasion. U.N. to let Iraq sell oil for euros, not dollars (2000), and The Invasion of Iraq: Dollar vs Euro ) Then surely there could be a connection to the delay of the iranian euro oil burse and the delay in the US attack on iran?
Anyway, i thought 'China' was going to be the big economic blow to the US dollar. That being the case if oil can be bought in anything but US dollars. I take it China would then then be buying bonds (and other securities) from elsewhere, the euro zone instead, as an example, knowing that it can always buy oil with what ever it gets back in Euros.
Lots more Chinese money will flow to the euro zone. And the US dollars will flow back to the US and cause inflation. The only way to deal with the inevitable inflation is to pay off the debt with the returning flow of US dollars.
Will that then cuase contraction of the money supply (As more and more business goes to the euro zone, i mean, if china doesnt buy oil with the money, they may well spend it in the euro zone anyway, having effectively purchased Euros), and this then is part of the reason behind the burying of the M3?
The Iranian foreign minister has said that Tehran will not use oil as a weapon in the row with the West over its nuclear programme, comments that caused the price of oil to drop sharply.
Manouchehr Mottaki said: "We're not going to use energy as a political leverage."
However, Mottaki also said that Iran would not give up its right to develop nuclear energy for civilian use, which he said was enshrined in the nuclear Non-Proliferation Treaty (NPT).
If thats all there is to go on, then how did "We're not going to use energy as a political leverage." turn into "that Tehran will not use oil as a weapon in the row with the West over its nuclear programme,"?
Which then morphed again into -
quote:
Ronald:
Tranlation: we know what side our bread is buttered. We can scream a lot but in the end we want money/power.
quote:
No election, No Peace:
Real Translation: We'll sell most of our oil in dollars for now, we Iranians are "reasonable", all we ask in exchange for not plunging Amrica into hyperinflation/depression is the ability to create fissionable material. Once we have 100 nukes, however, we may change our minds.
Its hard to know whether Ronald and No election, No Peace thought they were giving a translation of the original statement from the iranian, or of the comments made from it.
Posts: 6749 | Location: here again | Registered: 12 November 2004
Oil Minister Kazem Vaziri Hamaneh said on Wednesday that the establishment of Oil Stock Exchange is in its final stage and the bourse will be launched in Iran in the next week.
He told reporters, upon arrival from Qatar where he attended the 10th General Assembly of International Energy Agency and consultations with OPEC member states, that registration of the Oil Stock Exchange is underway and the entity will operate after being approved by by Council of Stock Exchange.
He rejected a statement attributed to him saying that Oil Stock Exchange will bring to the ground the US economy and said, "I don't know who has speculated that I've not talked about US economy." Asked about conference on energy in Doha, he said that more than 60 countries and 30 oil companies and consultants took part in the conference.
Vaziri Hamaneh said that serious discussions were held including security of supply and demand, security of investment in energy and environment issues.
"The best method for security of demand in the oil sector is that consumers should be given opportunity to enter into partnership with the suppliers in investment in oil industry."
He said that the conference called for diversifying energy resources and cooperation of the developed states with the countries possessing oil and gas resources.
Asked about the oil price rise, Vaziri-Hamaneh said that oil price is being influenced by political situation, whereas it should be freed from political impacts and economic and technical fundamentals should determine the oil prices.
"As long as political impacts dominate the oil market, price hike will continue," he concluded.
The threat to a fistful of petrodollars By Liam Halligan (Filed: 23/04/2006)
From Russia, you might say, with love. This weekend, Alexei Kudrin, Russia's finance minister, dropped a bombshell in Washington. Attending the annual meetings of the World Bank and International Monetary Fund, Kudrin caused his American hosts discomfort by openly questioning the dollar's pre-eminence as the world's "absolute" reserve currency.
It is worth noting that Tehran has ongoing plans to set up an oil trading exchange to compete with New York's NYMEX and with London's International Petroleum Exchange. In the light of Kudrin's comments, it is significant that the Iranians want to run their oil bourse in euros, not dollars.
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Another false premise. )
