Jeroen Dijsselbloem has been a major player in European financial circles. A Dutch politician, Dijsselbloem became President of the Eurogroup, comprised of the finance ministers of the Eurozone, in January 2013 and served in that capacity until just recently.He offered a frank admission just last month about the naked, taxpayer-financed bailout of major banks.
“We had a banking crisis, a fiscal crisis and we spent lot of the tax-payers’ money – in the wrong way, in my opinion – to save the banks” outgoing Eurogroup head Jeroen Dijsselbloem said adding “so that the people criticizing us and saying that everything was being done for the benefit of the banks were to some extent right.”
“This is valid for the banks of all our countries. Everywhere in Europe banks were saved at taxpayers’ cost,” he underlined.
“This was the reason for banking union and the introduction of higher standards, better supervision and a reform and rescue framework when banks have losses,” he said stressing “precisely so that we don’t find ourselves in that situation again.”
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Again…: “This is valid for the banks of all our countries. Everywhere in Europe banks were saved at taxpayers’ cost.”
Exactly the same in the U.S.
Fine. The Fed did what it had to do.
Now it is time to level the playing field by granting U.S. citizens the same direct access to liquidity that was provided to Wall Street’s financial sector.
If taxpayer money can be used to bailout the very institutions which precipitated the financial crisis, then taxpayer money can be used to restore the financial health of the taxpayers.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
WSJ Letters: Who You Gonna Believe on Monetary Policy?
Judy Shelton on the Fed, inflation and fiscal policy.
June 24, 2021
Who’s in charge of inflation these days? Or perhaps better stated: Who’s to blame? When Congress engages in deficit spending, it must issue debt to cover the difference between federal budget revenues and expenditures. When the Federal Reserve purchases that Treasury debt, it creates new money to pay for it—and the Fed created trillions in new money during Covid by crediting depository accounts of banks.
Now that Covid seems to be receding as an economic threat, what happens to all that potential purchasing power? Who is overseeing monetary policy to ensure that inflation doesn’t undermine economic recovery? Joseph C. Sternberg poses the question: “Is There a Central Banker in the House?” (Political Economics, June 18) and wonders why, with inflation exceeding the Fed’s predictions, Fed Chairman Jerome Powell plays down the risk in his public comments. Delivering price stability is part of the U.S. central bank’s mandate from Congress, after all, yet the Fed remains in “accommodative” monetary mode.
It’s time to confront both the fiscal and monetary aspects of inflation: Government policies that cause prices to rise without expanding productive economic output amount to an expropriation of wealth—one that hurts the poor the most.
The latest “forward guidance” from Mr. Powell may assuage the fears of market investors who don’t want to see any reduction in the Fed’s monthly bond purchases. But it’s a different story for those struggling to pay rising bills—for groceries, gas, furniture and rent. “Who you gonna believe,” goes the famous line from the Marx Brothers’ “Duck Soup,” “me or your own eyes?”
Judy Shelton
Fredericksburg, Va.
Ms. Shelton, a senior fellow at the Independent Institute, was nominated to the Federal Reserve Board of Governors in 2020.
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The Leviticus 25 Plan is a perfect counter-plan to “expand productive economic output” without expropriating wealth.
It will revitalize productivity and economic growth, restore financial health to millions of American families, stabilize the U.S. Dollar for long-term strength and viability, generate $383 billion federal budget surpluses and price stability in the U.S. economic system.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
Global Central Banks are all ‘mushrooming’ their balance sheets up to unheard of levels to try to keep their respective economies from sinking deeper into the global ‘debt bog.’
And they are losing the battle. Global Debt is exploding, and economies are stagnating.
Here in the U.S., the Federal government is on a colossal spending spree, adding hundreds of billions of dollars to already-bursting entitlement programs (rent relief benefits, 25% food stamp enhancement, covering for student loans in default, expanding medicaid, broadening eligibility for Medicare benefits, billions of dollars for ‘free’ Covid immunizations), and things like….
Aug 5, 2021: A few quotes about taxpayer money spent on useless climate studies from a fascinating site called Open The Book
Quote The Third—White House Pluted Bloatocrats
Today, on July 1st, the Biden administration released the annual Report to Congress on White House Office Personnel. President Biden hired czars, expensive “fellows,” “assistants,” and spent on a much larger First Lady (FLOTUS) staff.
The payroll report included the name, status, salary and position title of all 567 White House employees costing taxpayers $49.6 million. (Search Biden’s White House payroll and Trump’s four years posted at OpenTheBooks.com.)
Since January, the Biden administration has quickly staffed up. Here are some key findings from our auditors at OpenTheBooks.com:
• There are 190 more employees on White House staff under Biden than under Trump (377) and 80 more than under Obama (487) at this point in their respective presidencies.
• $9.6 million increase in payroll spending vs. the Trump FY2017 payroll. In 2017, the Trump White House spent $40 million for 377 employees, while the Biden payroll amounts to $49.6 million for 567 employees. All spending amounts are inflation adjusted.
• Hires include 320 female staffers ($28.9 million salaries) vs. 240 male staffers ($20.8 million salaries). In terms of top staffers — Special Assistants — there are 52 female ($6.3 million salaries) vs. 10 males ($1.2 million).
• Currently, there are 12 staffers dedicated – at least in part – to Dr. Jill Biden vs. five staffers who served Melania Trump in her first year (FY2017).
• Counts of the “Assistants to the President” – the most trusted advisors to the president – are the same (22) in for the Biden administration and the Trump and Obama administrations. This year, these advisors make $180,000.
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Meanwhile, overat the Fed…
The Federal Reserve Holds More Treasury Notes and Bonds than Ever Before
The U.S. Federal Reserve has significantly ramped up its holdings of Treasury securities as part of a broader effort to counteract the economic impact of the coronavirus (COVID-19) pandemic. Currently, the Federal Reserve holds more Treasury notes and bonds than ever before.
As of July 14, 2021, the Federal Reserve has a portfolio totaling $8.3 trillion in assets, an increase of about $3.6 trillion since March 18, 2020. Longer-term Treasury notes and bonds (excluding inflation-indexed securities) comprise nearly two-thirds of that expansion, with holdings of those two types of securities doubling from $2.2 trillion on March 18, 2020, to $4.5 trillion on July 14, 2021.
By comparison, the Federal Reserve only increased its holdings of Treasury notes and bonds by $116 billion, or roughly 25 percent, between December 5, 2007 and June 24, 2009 (a period known as the Great Recession). Over that same period, the Federal Reserve expanded its total portfolio from $920 billion in December 2007 to $2.1 trillion in June 2009, a total increase of $1.2 trillion. Much of that increase stemmed from the purchase of mortgage-backed securities and the implementation of new programs to address the economic slowdown.
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There is a dynamic economic acceleration plan, loaded up and ready to go, with the raw power to rescue America and restore economic liberty for U.S. citizens.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
