The Leviticus 25 Plan would provide the critical liquidity injections where they are most needed – at ‘ground level.’ Direct credit extensions to citizens is essential to ignite economic growth and advance the cause of economic liberty.
Meanwhile, the stagnation continues – June 20, 2012…
WASHINGTON (Reuters – June 20, 2012) – The U.S. Federal Reserve on Wednesday delivered another round of monetary stimulus and said it was ready to do even more to help an increasingly fragile U.S. economic recovery.
Fed Chairman Ben Bernanke, speaking at a news conference after a two-day policy meeting, said the central bank was concerned Europe’s prolonged debt crisis was dampening U.S. economic activity and employment.
The Fed slashed its estimates for U.S. economic growth this year to a range of 1.9 percent to 2.4 percent, down from an April projection of 2.4 percent to 2.9 percent. It cut forecasts for 2013 and 2014, as well.
A number of economists said the Fed was likely to eventually launch a more aggressive program to buy bonds outright. It has already purchased $2.3 trillion in debt in two earlier bouts of so-called quantitative easing.
The economy grew at only a 1.9 percent annual rate in the first quarter – a pace too slow to lower unemployment – and economists expect it to do little better in the second quarter.
The Fed, which has held overnight interest rates near zero since December 2008, reiterated its expectation that rates would stay “exceptionally low” through at least late 2014. Six of the Fed’s 19 policymakers do not expect an increase until sometime in 2015.
At his news conference, Bernanke pushed back against the notion that the Fed’s earlier bond-buying was not effective, and that the central bank was running out of policy ammunition.
Minutes from meetings of the Bank of Japan and Bank of England released on Wednesday suggest officials are poised to ease policy again. China cut benchmark rates on June 7, while the European Central Bank could take action at its July 5 meeting.
U.K. Telegraph June 14, 2012: Britain to give banks $200 billion to kick-start economy…
The Bank of England is to offer money [$200 billion or £140bn] to high-street banks to kick-start mortgage and small business lending to prevent loans being rationed for many families and entrepreneurs, the Chancellor announced.
It comes after sharp rises in the costs of mortgages and other loans in recent months as banks struggle to raise money in the midst of the single currency crisis.
Sir Mervyn King, the Bank of England Governor, said that the “industrialised world have thrown everything bar the kitchen sink” at the global economic meltdown but that even “bolder action” was now required.
A “Bolder” and more effective solution would be direct credit extensions for the citizens of Britain – as set forth in The Leviticus 25 Plan.
The Leviticus 25 Plan – flashpoint. Coming….