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A UN IPCC scientist and author responds to "Climate Gate"-- the situation where on November 20 an unknown hacker stole at least 169 megabytes of emails from computers at the prominent Climate Research Unit (CRU) of the University of East Anglia and put them online for the world to see.

 

http://www.reuters.com/article/internal_Re...E5AO4TW20091125

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I don't disagree at all.

 

But markets have always been manipulated, and always respond to the injection or withdrawal of cash by the central banks

And I do not at all disagree with what you are saying. I just feel that the rules have changed the past decade plus, and that may reduce the impact of certain established linkages (like the tides going in and out).

 

A distinction that I would like to respectfully make is the accounting treatment between an injection or withdrawal of cash by the central banks as compared with the impact of futures transactions. As best as I can tell, in the US the futures transactions are substantially invisible on the financials (other than the mark to market changes). Thus tremendous leverage can be had without leaving any footprints on the financials of the major market players. This accounting difference is extremely important in my mind and has lead to the shift in how the markets are being manipulated.

 

In Japan finding out the futures positions of the major market players is fairly easy and is public. In the US this information is next to impossible to find these days.

 

Again, this process was known when Robert Heller wrote his piece that resulted in the PPT.

 

Additional differences between countries concerns antitrust theories. Our antitrust laws are almost never used today. The Fed and its cronies are exempt, meaning that they get away with their daily coordination of activities. Europe is somewhat stronger in its application of antitrust laws today. Whterh this extends to the markets in Europe I personally do not know.

 

So to me it is not the issue whether the markets are manipulated. It is understanding how they are manipulated and trying to outsmart the enemy on a daily basis by understanding the "rules of the game," which are constantly changing.

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Makes a lot of sense to me. With regard to the link between the U.S. and Europe being strong, I seem to remember reading some list of who owns the Federal Reserve, and if I remember correctly, a lot of it was European banks. If so, add Europe to the list of who owns/controls the U.S. It's not just China that owns us through having bought tons of our bonds. Of course, more than either of the above, the largest multi-national corporations own and control both the U.S. and the world.

 

That insane idea keeps reappearing here like clockwork in spite of my repeated attempts to crush it like the roach that it is.

 

The Federal Reserve Board is an Agency of the US Government, with governors and the Chair appointed by the President with the advice and consent of the US Senate. The Fed was created and operates under a legislative mandate of the United States Congress, which has the sole right to change its mandate or even abolish the Fed altogether.

 

All member banks are required by law to own a percentage of the stock of the District Bank where they are domiciled. They receive a legislatively mandated 6% dividend. As stockholders they exercise no control over the operation of the district banks. The boards which oversee the district bank are selected according to the rules written by Congress. All surpluses earned by the District Banks are returned annually to the US Treasury. That's not to say that the Fed does not exist to benefit the banking system. That's an obvious fact. But it has nothing to do with the Fed's ownership structure.

 

There is zero, zilch, nada, no, outside ownership of the Fed. The Fed is not a private institution. It may have a lot of faults, but being run by some nefarious European cabal is not one of them.

 

In short, that idea is pure crap, and I guess I'll just have to keep debunking it forever.

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A UN IPCC scientist and author responds to "Climate Gate"-- the situation where on November 20 an unknown hacker stole at least 169 megabytes of emails from computers at the prominent Climate Research Unit (CRU) of the University of East Anglia and put them online for the world to see.

 

http://www.reuters.com/article/internal_Re...E5AO4TW20091125

More obfuscation!

 

No denials that the released information was genuine. Nor does the news article explain away the many statements in the released documents.

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Radio Free Wall Street 11/25/09

Russ Winter rejoins Lee Adler to discuss the current state of the market.

 

Not a subscriber? Click here to hear a free excerpt. Or listen to a one time only free release of last week’s podcast with Lee Adler and Aaron Krowne about the state of the housing market, and the future of Fed efforts to prop it.

 

To subscribe and hear this podcast right now, click here!

 

audio_mp3_button.png Radio Free Wall Street 11/25/09 [41:21m]: Play Now | Play in Popup | Download (1)

Subscribers, click player to start.

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That insane idea keeps reappearing here like clockwork in spite of my repeated attempts to crush it like the roach that it is.

 

The Federal Reserve Board is an Agency of the US Government, with governors and the Chair appointed by the President with the advice and consent of the US Senate. The Fed was created and operates under a legislative mandate of the United States Congress, which has the sole right to change its mandate or even abolish the Fed altogether.

 

All member banks are required by law to own a percentage of the stock of the District Bank where they are domiciled. They receive a legislatively mandated 6% dividend. As stockholders they exercise no control over the operation of the district banks. The boards which oversee the district bank are selected according to the rules written by Congress. All surpluses earned by the District Banks are returned annually to the US Treasury. That's not to say that the Fed does not exist to benefit the banking system. That's an obvious fact. But it has nothing to do with the Fed's ownership structure.

 

There is zero, zilch, nada, no, outside ownership of the Fed. The Fed is not a private institution. It may have a lot of faults, but being run by some nefarious European cabal is not one of them.

 

In short, that idea is pure crap, and I guess I'll just have to keep debunking it forever.

 

http://www.factcheck.org/askfactcheck/who_...serve_bank.html

 

Says the Fed is owned by the banks that comprise it. Who owns those banks? Perhaps this is not public information, but numerous web sites have guesses, of course.

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. . .

 

There is zero, zilch, nada, no, outside ownership of the Fed. The Fed is not a private institution.

 

. . .

 

I am with you up to this point.

 

Please correct me if I am wrong.

 

Only the Board of Governors of the Federal Reserve System is a federal agency under the Federal Reserve Act. The various Federal Reserve District banks are distinct corporations ("a body corporate") owned by the member banks having separate enumerated general corporate powers. (Federal Reserve Act Section 4)

 

Also the various members of the Board of Directors for the Federal Reserve District banks are essentially selected by the member banks and are not directly appointed by the President nor confirmed by the Senate, unlike the members of the Board of Directors of the Federal Reserve System. Federal Reserve Act, Section 4.6 and following.

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http://www.factcheck.org/askfactcheck/who_...serve_bank.html

 

Says the Fed is owned by the banks that comprise it. Who owns those banks? Perhaps this is not public information, but numerous web sites have guesses, of course.

See the Federal Reserve Act. A reference to it is available at the Fed's website.

 

The problem is with the use of terms: Federal Reserve System versus the Board of Governors of the Federal Reserve System versus the Federal Reserve District banks, etc.

 

Your statement that the article says the "Fed is owned by the banks that comprise it" does not acurately reflect what the referenced article says.

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http://www.factcheck.org/askfactcheck/who_...serve_bank.html

 

Says the Fed is owned by the banks that comprise it. Who owns those banks? Perhaps this is not public information, but numerous web sites have guesses, of course.

 

OH FOR CRYING OUT LOUD CAP!

 

The District Banks are owned by all the member banks. There's no secret here. Every bank that has the Federal Reserve System sticker on the window is an "owner" of stock in the district bank of which it is a member, as required by the law.

 

Who owns those banks? Please. Please. Tell me you don't understand that these are stockholder owned public corporations.

 

Just like if you own 100 shares of C or BAC or WFC. What control does that give you?

 

This is a non-issue. There's no conspiracy. No hidden ownership.

 

We already know that the Fed exists to serve the banks. This is not news.

 

The ownership is NOT THE ISSUE. The CRONYISM is the issue.

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. . .

 

Tell me you don't understand that these are stockholder owned public corporations.

 

. . .

 

I do not mean to be argumentative, but just want all of us to understand the terminology. I am not addressing the substance, which I do not dispute.

 

I believe that the Federal Reserve District banks are not technically "public corporations." They are neither corporations owned by a government nor are their shares publicly traded. I believe a better term may be a private corporation.

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I do not mean to be argumentative, but just want all of us to understand the terminology. I am not addressing the substance, which I do not dispute.

 

I believe that the Federal Reserve District banks are not technically "public corporations." They are neither corporations owned by a government nor are their shares publicly traded. I believe a better term may be a private corporation.

 

The Federal Reserve is not owned by the Treasury and the Federal Reserve is not a hindrance to Congress spending money. I think that's our real problem. Nationalize the Fed and send us a paycheck from the money system.

 

Andrew Gause

http://www.oneradionetwork2.com/mp3/money/...nov_25_2009.mp3

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Another debate on who owns the fed! I've never read the creature, but I will say this, it doesn't really matter who owns it, whether it is a part of the government or some nefarious cabal. What matters is what it is and what it does. This heinous institution is an incompetent group that is suppose to, among other things, contain inflation. It is suppose to regulate the country's fiscal policy in order to maintain economic success in a fluctuating market. It does this by manipulating the money supply and interest rates - that is the simple explanation and I am sure most here already know this. However, it does a very poor job at this and actually does the opposite of its intended purpose. It is the main culprit behind these crazy boom bust cycles that we have been experiencing lately. Benana Ben, the douche fed head, is a self-proclaimed expert on the Great Depression. Unfortunately, he still doesn't know what caused the great depression and he sure as heck doesn't know how to fix one, just ask shorty. Congress has the authority to abolish this evil institution, but that will never happen because the government benefits from the fed through inflation. It's a sick game. Ron Paul has been trying to audit the fed. This is really bizarre, I say, because why should the government have to pass a bill to audit something that is a part of it? The fed is a sham, a scam. If we only knew. Anyway, I say abolish the fed and spank benny and let interest rates float on their own.

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