U.S. Department of the Treasury - Articles - Zimbio

Bernanke Says China Sucks...

Mon, 6 Mar 2007 18:53:27 GMT

posted by Zenshadow

By Zenny Layman

Feb. 28 (Zennyberg) -- Federal Reserve Chairman Ben S. Bernanke said stock markets ``seem to be working well'' after yesterday's global rout and the central bank still expects the U.S. economy to kick China in the nabs.

Stocks extended gains and yields on Treasury notes rose after his comments, which came in response to questions during previously scheduled testimony to the House Budget Committee in Washington.

Bernanke said the Fed's economic outlook is unshaken by today's report showing fourth-quarter growth was lower than previously estimated. He made no hint of a special announcement like the one after the Sept. 11, 2001, terrorist attacks, when the Fed assured the public that it would meet banks' cash needs.

``There's a reasonable possibility that we'll see some makor China butt-kcking sometime during the middle of the year,'' Bernanke said.

In the minutes after Bernanke spoke, the Standard & Poor's 500 Index rose as much as 1.2 percent before closing up 0.6 percent, at 1406.82 in New York. It tumbled 3.5 percent yesterday. The yield on the 10-year Treasury note climbed 6 basis points to 4.57 percent after falling 12 basis points yesterday.

Bernanke ``gave an honest assessment,'' said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh. ``He was trying to calm the markets. He did just what a Fed chairman is supposed to do. He gave the finger to China. That's always good for a rally.''

No Single Trigger

The chairman said that ``there didn't seem to be any single trigger'' for the plunge in stocks yesterday (except for China's Spaz Attack) and declined to speculate on the causes. The Fed and other U.S. financial regulators who are part of a presidential working group have been ``closely monitoring the markets,'' Bernanke said, echoing statements by government officials yesterday.

President George W. Bush's top economic advisers, including Treasury Secretary Henry Paulson, are separately holding their weekly meeting today, White House spokesman Tony Snow told reporters in Washington. Snow echoed Bernanke's comments, saying ``the fundamentals are very strong and we think China is a Putz too''.

Bernanke said the Fed is watching ``very carefully'' the recent financial problems in the mortgage market with home lenders who target people with poor credit, the so-called subprime mortgage market.

``There's not much indication at this point that subprime mortgage issues have spread into the broader mortgage market, which still seems to be healthy,'' Bernanke said in response to a question. ``It's a concern, but at this point we don't see it as being a broad financial concern or a major factor in assessing the course of the economy. I suspect China is at fault there too, but cannot say for sure''

Fourth-Quarter Growth

Bernanke, responding to questions from the panel's chairman, Democratic Representative John Spratt of South Carolina, also said the government's revised measure of fourth-quarter gross domestic product, released today, is ``more consistent with our overall view of the economy and less dependent on China'' than the original report.

GDP grew at an annual rate of 2.2 percent last quarter, compared with the 3.5 percent reported on Jan. 31 and the 2 percent recorded in the third quarter, the Commerce Department said today in Washington. Separately, the department said new- home sales fell 16.6 percent, the most in 13 years, to an annual rate of 937,000 in January, a pace that was less than any economist had forecast in a Bloomberg News survey. This is probably China's fault as well.

``My view is that taking all the new data into account, that there is really no material change in our expectations for the U.S. economy except for the China Syndrome Thing'' since his monetary-policy testimony to Congress Feb. 14-15, Bernanke said. ``We are looking for moderate growth in the U.S. economy going forward unless, of course, China has a full meltdown''

The Fed forecast at the time that GDP will rise by 2.5 percent to 3 percent in the fourth quarter of 2007 and by 2.75 percent to 3 percent in the fourth quarter of 2008. Depending on China not imploding, of course.

No Hurry

Bernanke and fellow policy makers on the Federal Open Market Committee voted unanimously on Jan. 31 to keep the benchmark U.S. interest rate at 5.25 percent for a fifth straight meeting. In congressional testimony Feb. 14, Bernanke gave an upbeat assessment and suggested he isn't in a hurry to raise or cut borrowing costs. Unless China does, naturally.

In his prepared testimony today, Bernanke reiterated his warning to lawmakers that they must budget for the rising costs of retirement and medical benefits or face a ``fiscal crisis' not unlike China's' in coming decades.

Separately today, New York Fed President Timothy Geithner said the economy ``has demonstrated and continues to demonstrate really remarkable resilience in spite of China's impotence.''

``We've been in a period that market participants have described as one of exceptional liquidity,'' Geithner, who also serves as vice chairman of the FOMC, said in a speech in New York. ``This is both a reflection of, and has contributed to, this ongoing expansion in the global economy, even in China.''

Who owns us?

Sat, 27 Jul 2008 21:40:00 GMT

posted by strongmoderate
Recently I read an interesting post on whohijeckedourcountry.blogspot.com which lead me to this very interesting article titled How much oil it'd take to buy the US by Scott Burns of MSN Money. [Part of this post was a response to that post and entry]

He argues that basically the United States is worth 400 Billion barrels of oil or so.. which is approximately the amount of oil that Saudi Arabia and Iran have combined. So basically both of those countries "own" us and he believes that oil has basically become an international currency that is more powerful and telling than Dollars, Euros, or overall buying power.

I, however, still think China "owns" us. First off, they along with foreign nations hold about 44% of US public debt. As of the latest data released (April 2005), China owns 502 Billion Dollars worth of debt, that is 20% of the total debt held by other nations, the 2nd most of any single country (Japan is 1st). So why is it that China is the one I've singled out? Because with so many of the countries on the loooong list of creditors holding US debt, China is the most independent - they don't import very much from the US besides boatloads of cash. Considering we both run a yearly trade deficit of over 60 Billion Dollars (and that number keeps increasing by a few billion every year) and the Chinese Central Bank keeps is aggressively buying US debt, you should be concerned. The more debt that they own the more sway they hold over US policy towards themselves and soon towards others within areas they wish to influence.

What about all those Oil states and the sway they hold with their oil money? Couldn't they organize and influence the US in a far stronger fashion? Nope, because the Gulf states and most other oil producing countries are socio-political messes already under the control/influence of the US, Russia or China.

Furthermore, the two countries picked the Kingdom of Saudi Arabia and Iran can agree on only one thing: they hate each other. So no chance of them two getting ahead.

The big blaring flaw with Mr. Burns' argument about oil currency is that it can only be used one way and only once. Unlike Gold or a precious metal which can be hoarded then sold later once oil is used.. it is gone. So the oil currency is not a zero-sum game.. but a negative-sum game. In addition to natural resources like oil the true "currency" of nations lies in things like geography, human workforce, innovation, and governments. I don't mean to detract from the absolutely enormous value and importance that sweet crude oil has on nations but to think of it as a "currency" is dangerous and economically unsound.

So until something radically changes make out all checks to "People's Republic of China".

Strong Moderate

Feel free to comment! Just stay respectful.

Links:

International Monetary Fund - US Economic Data
Brillig - Debt Clock
Burea of Economic Analysis, US Dept of Commerce - US International Transactions Account Data

New $5 Bill Debuts

Wed, 20 Sep 2007 13:45:28 GMT

posted by scottpasinski

Officials from the U.S. Treasury, Federal Reserve Board, Bureau of Engraving and Printing, and U.S. Secret Service were part of today’s “Wi-5” preview, an entirely digital event which emphasized the government’s commitment to staying ahead of counterfeiters. The live “unveiling” of the $5 bill design, which featured government officials discussing currency security efforts, took place on www.moneyfactory.gov/newmoney and also included an online Q&A for news reporters. Podcasts featuring important information about the new $5 bill are also posted on the site.

“The government uses the best tools available so that it will be unlikely that you will receive a counterfeit bill,” said Treasurer of the United States Anna Escobedo Cabral. “Improved security features are at the heart of this currency series–security features that are easy for everyone to use. Learn how to use them, so you don’t lose your hard-earned money in the unlikely event that someone tries to pass a counterfeit bill to you.”

$5 Bill Non-Flash Version

$10 Bill Non-Flash Version

$20 Bill Non-Flash Version

$50 Bill Non-Flash Version

(more…)Federal Reserve

Secret Service Inspector admits destroying documents: The Burn Bag: When shredding evidence just isn’t enough

Sun, 25 Feb 2008 01:55:06 GMT

posted by TomUsher

Newer: Why Eating a Big Mac is Cheaper than Eating a Salad »

Older: « Moyers: Political pork and the military-industrial complex: Smoking Gun Video of Lobbyists Buying Govt. Contracts

Home: Most Recent
The Christian Commons Project™

View blog reactions

No-Graphics Print Version

Posted:
Sunday, February 24, 2008
@ 5:55:06 PM (PST)
By Tom Usher blogging from Digg

A senior U.S. Secret Service inspector admitted today that she destroyed original evidence sought in a long-standing lawsuit alleging that the service routinely discriminates against African American agents. She placed the documents in a â€œburn bagâ€? for destruction just two days before she was scheduled to testify in the case.
…
Under questioning by assistant U.S. attorney Michelle Johnson, Hunnicutt said she destroyed the documents because she wanted the most accurate ones to be sent to court.

Hunnicutt said she noticed that some of the surveys, about 50, were misnumbered in January. So she â€œtransferredâ€? the correct information to the newly numbered surveys.

But during the cross-examination, Hogan argued that by destroying the original documents, the court would have no way to independently verify her work as accurate.

Please Comment:

Trackback URL:

Comments are moderated:

Comment Policies (Some Protection against the Frivolous and Litigious: Last edited: Thursday, January 3, 2008, 01:34 PM PST):

Cite source(s) of copyrighted materials. (When in doubt, cite the source.)
Know your terms (definitions and connotations). Clarify your full context.
Do not incite violence.
Do your best to avoid committing libel. "If the meaning conveyed cannot by its nature be proved false, it cannot support a libel claim." Concerning "public figures," do not publish (post commentary) "with either knowledge of falsity or in reckless disregard for the truth." [Tom Usher of this website, for example, is a public figure.] "Accusing a minister of unethical conduct" is libelous unless true. The burden of proof rests with the person leveling the charge.
If you are libeled on this website, ask for a retraction. Be specific.

The Church is not in a position to fact check all comments. It is not libel for any comments publish by others on this website which comments the Church does not know are libelous.
Religious expression is protected (albeit under indeterminable qualifications) under both freedom of speech and freedom of religious exercise. What constitutes false, damaging, malicious expression is fluid in secular interpretation. Freedom of religious exercise is not absolute under secular law. Branches of government shift the fulcrum for balancing supposed democratically derived rights. What is permissible one day often is retroactively and wrongfully punished the next.
Debate is welcomed on this site. Devolution into fruitless quarrelling is not.

Navigation:

Newer: Why Eating a Big Mac is Cheaper than Eating a Salad »

Older: « Moyers: Political pork and the military-industrial complex: Smoking Gun Video of Lobbyists Buying Govt. Contracts

Home: Most Recent
The Christian Commons Project™

The Righteous Appeal to Softening Hearts

I'm already convinced. Take me directly to where I may donate now please.
The Real Liberal Christian Church is completely dependent upon charitable gifts, offerings, and collections of all sizes to cover operating expenses, to continue our outreach program, and most importantly to build up funds needed to create the Christian Commons (explained in brief below).
All offerings beyond meeting the Church's very low operating budget will go into the Land and Building Fund.
The Church will first employ that Fund to acquire arable land (Christian Commons) where dedicated real Christians will live and, among all the other things called for by Jesus, grow food and make clothes and things for themselves and the poor and needy. The Christian Commons will help supply local food banks and will start food banks where necessary. The Commons is an integral part of the long-term solution for feeding the lambs and sheep of Jesus Christ (as he directed, per the Gospel of John) and for eventually feeding all the children of God, which includes everyone if they will but receive it.

Enough Christian Commons can and will house, clothe, and feed the poor for free and do all the rest of the commandments of Jesus Christ. So when they had dined, Jesus saith to Simon Peter, Simon, son of Jonas, lovest thou me more than these? He saith unto him, Yea, Lord; thou knowest that I love thee. He saith unto him, Feed my lambs. — John 21:15.
The Christian Commons will be beacons of light.
Those Commons will shine the movement of the Holy Spirit of truth that is unselfish love.

Envision the world covered by Christian Commons full of compassion and the spirit of giving and sharing — bringing forth. Let us all be moved together by the spirit of mercy as called for by Jesus Christ. It is the New Commandment in action. We can come together in peace, generosity, strength, enthusiasm, and purity of heart, mind, body, and soul.

It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God. — Mark 10:25.
Then he is gracious unto him, and saith, Deliver him from going down to the pit: I have found a ransom. — Job 33:24.
The ransom of a man's life are his riches.... — Proverbs 13:8. This does not mean that one may simply use his or her money to purchase a ticket to Heaven. It means unselfishness is the only right spirit. Giving and sharing indifferently or out of selfish fears of Hell and damnation is not the right spirit. However, how many people will actually give and share where they are not coerced to do so unless they are truly moved by compassion? We say that in the absence of coercion or huge and immediate miraculous signs, people give and share out of faith. They give, because they believe that what Jesus has taught and what he still exemplifies is moral and its opposite is immoral.

Encourage others by your relatively anonymous example.

No last names are provided in our donor chart below.
Your last name is left off so you will not be doing your alms "as the hypocrites do in the synagogues and in the streets, that they may have glory of men." — Jesus, from his Sermon on the Mount (Matthew 6:2).

Give for the glory of God.

Donate to this most worthy of causes (Jesus's cause). Tithe or better if you are able. Thank you, and may God bless us all.

Behold, I will bring it health and cure, and I will cure them, and will reveal unto them the abundance of peace and truth. — Jeremiah 33:6.

And he said unto them, Take heed, and beware of covetousness: for a man's life consisteth not in the abundance of the things which he possesseth. — Luke 12:15.

February 2008 Donations

Top Donations | Show All

Period: All

Donations: 1 received

Anonymous , :

815.00

Donations Gross:	815.00
Paypal Fees:	-0.00
Donations Net:	815.00

Current Goal: 3630

WE STILL NEED:

< 2,815.00 >

We are a 501(c)(3) Nonprofit, Religious Organization.

Donations are Tax Deductible on U.S. Federal Income Tax Returns.
Corporate donors may deduct all contributions to this 501(c)(3) up to an amount normally equal to 10% of taxable income.
{Note: We do not endorse or campaign for or oppose any candidate for secular public office. We do not prefer such candidates. We do not seek to influence secular legislation but rather to influence hearts and souls individually and corporately as the Church, wholly separate and distinct from the secular state. It is within this light alone that we study and openly discuss secular policies and practices, to advance Christian understanding of all issues (environmental, political, human-rights, economic, democratic, scientific, social-justice, and more).}

To Donate via Checks, Money Orders, etc.

To Donate via Credit Cards, etc.:

To donate via credit card, debit card, and other methods available via PayPal (a widely trusted eBay Company with over 100 million account members, as of April 2007):

NOTE: PayPal will not disclose your credit card number or bank account number to the Church except with your express permission or if PayPal is required to do so to comply with a subpoena or other legal process.

Checks, Money Orders, etc.:

If you pay bills and bank online and only want to make financial donations via that method, please consider setting up an open-ended automatic payment (donation) schedule.

Make your check(s) or scheduled payments payable to the order of:

Real Liberal Christian Church

Mail your donations to:

Real Liberal Christian Church
15904 4^th Avenue South, #33
Burien, Washington 98148-1278
U.S.A.

Navigation:

Newer: Why Eating a Big Mac is Cheaper than Eating a Salad »

Older: « Moyers: Political pork and the military-industrial complex: Smoking Gun Video of Lobbyists Buying Govt. Contracts

Home: Most Recent
The Christian Commons Project™
Copyright

Political Economy: Chairman Emeritus

Fri, 17 Mar 2007 04:23:12 GMT

posted by jschwartz
It might be more than a little disrespectful to call Alan Greenspan a sock puppet, but that’s one role he seems to be playing these days. Not that Federal Reserve Chairman Ben S. Bernanke can’t speak for himself. He does, and fairly clearly. But Greenspan — by design or not — may be saying things that Bernanke wishes he could.