A couple of years ago hear on the MB, one of the gurus was bemoning the fact that the Federal Reserve announced itwould stop reporting to the public the M3 money supply, the broadest measure of three standards of measurement.
At the time my ingnorance didn't allow me to realize the importance and value of this number and by not reporting it, the public had no way of knowing the amount of money the fed is printing and I guess where we stand in regards to inflation?
the following article brings to light what one of our members was concerned about and now I understand why.
Fed's secrecy policy 3 years old tomorrow
In 2006, money suppliers stopped reporting publicly on money supply
As America's economy continues in freefall, tomorrow marks an auspicious three-year anniversary – the day the Federal Reserve announced, with little fanfare, its decision to stop reporting to the public the M3 money supply, the broadest measure of three standards of measurement.
Federal Reserve is the non-government agency designated by Congress to control the nation's money supply, which directly impacts the value of the dollar and every investment held by Americans.
Since 2006, Americans have seen their investments plummet in value and witnessed the shrinking buying power of their earnings.
Why did the Fed make that decision three years ago? What was its rationale?
The justification for the secrecy by the organization that prints money was cost. By not producing those numbers for the public, the Fed would save about $1.5 million annually.
According to Jerry Robinson, author of the new book "Bankruptcy of Our Nation," the $1.5 million savings by the Fed amounted to 0.00000699 percent of it annual net income of last year.
"You would think that such a broad economic and inflation indicator would be continually produced, analyzed and monitored," says Robinson. "However, when the announcement came, it fell on deaf ears. This bold new move by the Fed caused some stir among economists, but it never received any real media coverage."
Just last Wednesday the Fed said it would flood the teetering financial system with an additional $1.2 trillion.
The money will be used, the Fed said, to buy government bonds and mortgage-related securities in hopes of lowering the borrowing costs for home mortgages and other types of loans, thereby stimulating economic activity. In other words, the central bank will print more money to pay for the purchases.
What the Fed does not explain publicly is how those kinds of infusions of money out of thin air, with nothing to back it, reduce the purchasing power and assets of all Americans by devaluing the dollar. The $1.2 trillion is in addition to hundreds of billions already added to the system since the beginning of the year and dwarfs even the biggest government bailouts to date.
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=92534
This article opened my eyes to the hurt we have coming down the road due to the lack of transparency and now I understand what that member was trying to say. Others probably understood, but at the time I didn't.
CB
So we can't even trust our Congressman, if we ever could. They must be born with the liars gene, cause they do it so easy and often. Very sad state of affairs.
Maybe if I clicked my heels three times. :laugh:
Even if the pols run this country into the ground I have faith the boys can keep gettin' in the face of adversity.
