Bernake: The coordinated response of the central banks saved the world from a financial meltdown
Bernake: Now government has to raise taxes and spend less

Ok, here is reality:

He, and his beleif system and many structural assumptions was a huge part of the latest financial meltdown

He did not see any need to be concerned about a sub prime bubble or exotic instruments as per the Open Market Meeting Notes of the time

Six months into the recession and in mid 2008 the Fed offically said their likely would not be a recession

Six months later they said the worst of the unemployment would be 6.1 % in early 2009 and full and rapid recovery would commence at that point

They just absorbed/created as much American debt in the last two years as was created in all the time from the time we started putting in electric lines in some cities until 1995

They did not save anything…they extended and pretended

Yet its time for us to pay higher taxes now that he saved the world from a problem he sponsored or “sheparded” into being and never saw and even after seeing it badly mis called its depth and nature.

Yet he is not challenged on any of this.

We forget that the Fed’s charter is not to help the nation or the citizens of the nation. It is to preserve the banks. That is its actual charter.

So who is in charge around here? And what are they doing?

Fed monetizations are less than the decline in total credit outstanding for now but inflation could accelerate if the Fed panics later this year and starts monetizing at an increasing rate.

The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years to come.

This article shows that interest rates (in Korea in this example) effect a currency. Since I’ll be moving US dollars to Korean won for a new apartment in Seoul soon I’m very curious to see what will happen to the won vs. the dollar short term. Obviously I’d like to see the dollar gain…

Everyone has a different opinion when it comes to exchanging money. Some travelers believe that waiting until you arrive at your destination airport is the most efficient way to exchange money, but in today’s volatile global market that strategy can be expensive. The currency market is in a constant state of change, so a good rate today could turn into a budget breaker tomorrow. Most trips out of the country are planned in advance and travel budgets are usually a top priority in that planning process, so it makes sense to know how much your currency exchanges will cost you. A last minute large amount exchange at an arrival airport could cost an extra $150 for every $1000 you exchange if the dollar has weakened by 1500 points over the last few days.

The best way to exchange money is to exchange small amounts of money while you are planning the trip. When you average your exchanges you know exactly how much each exchange costs, so your budget is more realistic. Averaging protects you from a major shift in currency value, which can occur at any time with some trading pairs. Exchanging money before you leave your own country is a strategy that will make your travel budget work when you arrive in your host country.

Where should I exchange money?

Some travelers rely on credit cards when they travel not realizing that credit card companies use an exchange rate that includes their profit plus they add a surcharge to every travel purchase, so you never know how much you are spending until you get a statement. Banks add a fee to every currency exchange and the rate some banks use may not be a real time rate, which can cost you more than necessary. Airport currency merchants may have hidden fees in their posted rates, which add additional cost to the trip. The best way to exchange money is to use an averaging system in the planning process and get advice from a reliable currency trader who watches the market hourly. A professional trader can help you make exchanges without extra fees, hidden surcharges or bogus rates.

Other travel points

It is a good idea to find out if your host country has cash limitations. If you are carrying more cash than the country allows it can be confiscated at a customs checkpoint. Always carry cash in a money belt or hidden pocket which is secure and out of sight. Carry a small amount of cash for incidentals in a purse or a wallet and hotel safes and other security measures should be used when you arrive at your destination. Common sense is always your best security tool when it is used.

The experts at ForexTraders.com provided this article to help you understand the importance of a strategy when trading currencies before traveling abroad. If you need more information about forex trading, forex brokers or margin trading and leverage accounts, please visit our website.

They call 2-3 a week and never stop. What in the hell can I do to get them from calling here? I already blocked 2 numbers, but they continue to get through with different numbers. We are on the National Do Not Call list, but that doesn’t seem to make a difference.

Anyone have any experience with these goons?

Answer:

First of all you should have received something in the mail stating there was an attempt to collect on a debt.

If you have not, this IS a scam.

Get a copy of your credit report [ free once a year ] from Equifax, Trans Union and Experian, Google it.

Debt is sold from one entity to another for pennies on the dollar so make sure you don’t owe anyone anything, even if you don’t recognize the debt collection company. But they have to notify you in writing in any case.

The next time they call tell them to send something in writing and get the company name and address.

Don’t bother reporting them to the No call list, nobody cares. Report them to their states Attorney General and the FTC and BBB [even though the BBB is a scam]. If they fail to agree to send you the debt collection attempt in writing, the threat of calling the Attorney General should end things.

If they agree to send you the information in writing, even better. Follow up by sending this letter, certified mail, return receipt requested.

Your Name
Your Address

Collector’s Name
Collector’s Address

Dear {insert name of collector or company},

I am writing in response to your (letter or phone call) dated {insert date}, (copy enclosed) because I do not believe I owe what you say I owe.

This is the first I’ve heard from you, or any other company on this matter therefore, in accordance with the Fair Debt Collection Practices Act, Section 809(b): Validating Debts:

(b) If the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector.

I respectfully request that you provide me with the following information:

* (1) the amount of the debt;
* (2) the name of the creditor to whom the debt is owed;
* (3) Provide a verification or copy of any judgment (if applicable);
* (4) Proof that you are licensed to collect debts in (insert name of your state)

Be advised that I am fully aware of my rights under the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. For instance, I know that:

* because I have disputed this debt in writing within 30 days of receipt of your dunning notice, you must obtain verification of the debt or a copy of the judgment against me and mail these items to me at your expense;
* you cannot add interest or fees except those allowed by the original contract or state law.
* you do not have to respond to this dispute but if you do, any attempt to collect this debt without validating it, violates the FDCPA;

Also be advised that I am keeping very accurate records of all correspondence from you and your company including recording all phone calls and I will not hesitate to report violations of the law to my State Attorney General, the Federal Trade Commission and the Better Business Bureau.

I have disputed this debt; therefore, until validated you know your information concerning this debt is inaccurate. Thus, if you have already reported this debt to any credit-reporting agency (CRA) or Credit Bureau (CB) then, you must immediately inform them of my dispute with this debt. Reporting information that you know to be inaccurate or failing to report information correctly violates the Fair Credit Reporting Act

“We expect construction activity to continue to pull back over the next 18 months,” as “property values still face significant further declines.”

If you think we’re in a bull market then fine – start buying. But I wouldn’t take Cohen’s word for it.

This is the front end of a recession – the tougher back end is in front of us.

Jobs are a lag…not a lead factor. This is not an inflation or inventory driven correction…this is a global credit and banking collapse.

Name a recession with a 17% unemployment rate on the front side since the panic of 1837? The 17% is not the government number of course – Birth death model corrections and other “assumptions” should not be accepted just becasue it convieniences them…the same calaculation basis used in the Great Depression (which was 30-33% at its trough) yields a number roughly north of 17% right now.

Japan is the second largest economy in the world. It dropped 41% in May and 43% in June….name a time when a major nation dropped like that on the front side of a recession?

You know, its a misnomer to call the end of the decline “a recovery” …thats Orwellian. The economy dropped like a stone…and the relief some think they see is the flattening out at an economy much smaller than it used to be…but with out the cash and credit to expand again normally found at the beginning of a true recovery…its not going to get better. Sorry.

What do you think about the economy? Are we flattening out? How long until we see an actual recovery and not just less of a decline?