(Reuters) Federal Reserve Chairman Ben Bernanke, in a rare comment on the U.S. dollar’s value, on Monday acknowledged the currency’s slump was raising some prices, but said other factors restraining inflation were winning the day.
While showing he was not indifferent to the dollar’s slide, Bernanke said tight credit and a weak job market would weigh on the economy’s recovery and he repeated the Fed’s pledge to keep interest rates exceptionally low for “an extended period.”
“We are attentive to implications of changes in the value of the dollar and will continue to formulate policy to guard against risks to our dual mandate to foster both maximum employment and price stability,” he told the Economic Club of New York.
The Fed chairman said the central bank’s commitment to its dual objectives, along with the strength of the U.S. economy, would help ensure that the dollar was strong and a source of global financial stability.
The dollar initially rose on his comments, but fell back later in the day, hitting a 15-month low against a basket of six major currencies. Gold prices hit record highs and oil prices settled up more than 3.0 percent as the dollar weakened.
Fed officials usually defer to the U.S. Treasury Secretary on issues relating to the dollar’s value, although Bernanke has commented on the currency in the past.
“Bernanke finally is doing what any self respecting central banker does, admit that the weakness of the reserve currency of the world matters,” said Peter Boockvar, an equity strategist at Miller Tabak and Co in New York. “Jawboning is one thing, but until the world sees actual action, the U.S. dollar will remain in secular decline.”
After the global financial crisis saw investors repatriate funds in 2008 pushing up the U.S. dollar, the greenback has lost about 16 percent since mid-March this year as risk appetite has returned.
“These safe haven flows have abated, and the dollar has accordingly retraced its gains,” Bernanke said.
The dollar’s decline this year has sparked concern from Paris to Beijing. In Europe, policymakers worry that the strength of the euro is harming economic recovery prospects while the dollar’s drop has eroded the value of the Chinese government’s massive holdings of U.S. Treasury debt.
Chinese banking regulator Liu Mingkang said on Sunday that low U.S. interest rates and a weak dollar posed a “new systemic risk” because they were fueling speculation in overseas asset markets, a particularly pointed criticism with U.S. President Barack Obama visiting China.
The Fed slashed U.S. overnight rates to near zero in December and it has said it would likely keep them ultra low for an “extended period” to support a recovery from the deepest U.S. recession since the Great Depression.
While Bernanke renewed that commitment on Monday, he cited “crosscurrents” in the inflation outlook and said “significant changes” in economic conditions could change the outlook for policy as well, suggesting the Fed would act if the dollar begins to unravel in a disorderly way.
Dallas Federal Reserve Bank President Richard Fisher said in Tyler, Texas, that the currency’s decline had been orderly, but that the central bank was aware its commitment to low rates could fuel speculative activity.
Bernanke noted that the currency’s decline had helped push commodity prices higher. However, he also said a high level of slack in the economy and stable longer-run inflation expectations should keep price pressures under wraps.
“On net, notwithstanding significant crosscurrents, inflation seems likely to remain subdued for some time,” he said.
He said the Fed would closely monitor inflation expectations, which can offer an early warning signal of whether an inflationary psychology is building.
Most gauges of inflation expectations have stayed within the Fed’s comfort zone, although the Reuters/University of Michigan survey of consumers on Friday showed five-year inflation expectations rose for a second month in November.
Bernanke said that while the economy appeared to be in the early stages of recovery, how it will fair once government stimulus measures dry up is uncertain.
“My own view is that the recent pickup reflects more than purely temporary factors and that continued growth next year is likely,” he said.
Like Bernanke, Kansas City Federal Reserve Bank President Thomas Hoenig said in a speech in Abu Dhabi that the U.S. economy still faced significant weaknesses.
(Reuters) – Federal agents investigating a prominent Florida lawyer suspected of running an elaborate Ponzi scheme said on Thursday the amount involved could exceed $1 billion, and they asked bilked investors to come forward.
At a news conference, investigators from the FBI and the U.S. Internal Revenue Service (IRS) made a public appeal for information from individuals who had invested in a so-called Structured Settlement Investment scheme offered by 47-year-old Fort Lauderdale attorney Scott Rothstein.
Criminal charges have not yet been filed against Rothstein, who lived a luxury lifestyle and helped bankroll local politicians, campaign records show.
But a court document filed this week carried allegations that Rothstein masterminded a scheme in which he sold bogus or nonexistent legal settlements to unsuspecting investors since at least 2005. It said new investor money was used to pay previous investors in the classic Ponzi scheme model.
Monday’s filing by the U.S. Attorney for the Southern District of Florida was used to justify the seizure of properties, luxury vehicles and a yacht belonging to Rothstein.
Appealing for cheated investors to come forward with information, John Gillies, Special Agent in Charge of the FBI Miami Division, said the fraud investigation was going to be one of the largest ever seen in South Florida.
“I’ll tell you, when it’s all said and done, I estimate that this scheme could well exceed $1 billion,” he said.
He added he did not think that Rothstein had acted alone: “I do not believe this was a one-man show.”
He did not elaborate, and an FBI spokeswoman said the agency could not give details of an ongoing investigation.
“We will not be rushed; we will be thorough and we are far from over,” Gillies added.
Rothstein, who returned from a trip to Morocco last week, has not been arrested and could not immediately be reached for comment. “He can run but he can’t hide,” Gillies said.
Rothstein’s lawyer, Marc Nurik, was not immediately available for comment.
Rothstein told a local TV station on Monday he had made “a very serious mistake” and intended to make amends.
“If anyone’s lost any money, I’m going to do every single thing in my power to make sure that every single penny is recovered,” he said in the interview broadcast by WSVN, speaking with his attorney Nurik at his side.
Rothstein’s Fort Lauderdale law firm Rothstein, Rosenfeldt, Adler, PA, in which he was the chief executive officer and managing partner, was placed in receivership last week.
Federal investigators said they were seeking to determine the full extent of the alleged fraud, which has shocked legal, business and political circles in the Southeast U.S. state.
But Florida is no stranger to fraud scandals. The state has been rocked by a number of high-profile Ponzi schemes this year, including fallout from the cases surrounding convicted Wall Street swindler Bernard Madoff and accused Texas financier Allen Stanford.
The settlement ventures allegedly offered to investors by Rothstein involved lucrative whistle-blower and employment discrimination cases. The investors would make up-front cash payments to individuals owed money by the courts to buy the right to collect the full amount of the settlements later.
EDITORS NOTE: The members of WeAreChange NJ are Regulars on Federaljack, as are allot of WAC chapters. They constantly submit top notch information to us and I wanted to make sure that they get the proper credit they deserve. Nj isn’t an easy place to wake people up. If you know anything about trauma based mind control you will understand why its so hard, if not I suggest you look the subject up. The Tri-state area was subjected to the trauma on 9/11, and the media drilled the story they wanted you to believe. Not only do they cover NJ they also cover parts of PA as well, and these guys deal with allot of bullshit from sheeple, and cops, just to wake up the masses. I lived in Jersey so I now the kind of people they have to deal with. Thankfully to their efforts and the efforts of WAC NY the people of the TRI-STATE area are waking up. And they are not afraid to do some investigating. Bravo Zulu Gentlemen, Semper Fi
(WeAreChange NJ) Hello all, today was a very interesting day. I learned about a mass vaccination drill that occurred in Bucks County PA, my home county. I received this mailer from buckscounty.org and when I opened it I was shocked to read a mass vaccination for the seasonal flu shot “drill” had occurred just minutes from my house. So like the very concerned citizen that I am, I called the Bucks County Health department and started asking questions. I was connected to a women in the nursing department who’s name I’ll leave out of this posting. First I asked her was this a compulsory exercise for the people who showed up. Her response was no, which made me smirk for only a second. My next question was simply; how many participated? Her response was very disturbing. “6500 people were vaccinated, it was great”! My next question to her was; who paid for this exercise? She had no response because she didn’t know. I then started asking her about PA house bill 492 the emergency health powers act which is in committee right now. She was clueless and didn’t know what I was talking about. In turn I started telling her about the sweeping powers the bill grants to “public health official of the county” who’s name is David Damsker MD MPH. And again she was clueless, and after one of those really long uncomfortable pauses she said I can transfer you to his voicemail. I thought “PAYDIRT” maybe I can finally get some answers, so I said sure. I left Mr Damsker a message at around 12:30 pm and didn’t expect a response, but to my surprise he himself called me back at around 4:10
During my conversation with Dr. Damsker my first question to him was. Who paid for this mass vaccination “drill” ? He said it was “federal money” . I replied Homeland Security funded this? Yes was his response, but then he paused and said “well maybe all I know it was federal money not local tax dollars” . After a brief pause, I then asked him if he knew about Pa house bill 492. His response was no he hadn’t heard of the bill. I proceeded to tell him what powers the bill granted him under direction of the Governor . I could tell he was genuinely shocked by what I was telling him. He then started rationalizing the need for such legislation and how people who posed a serious health risk to other’s should rightfully be quarantined. As a medical doctor I can see his point, but this bill has broad language that can interpreted in either direction. So my next point to him was that the bill also contained restrictions on firearm sales and transfers during a state of public health emergency. He simply responded ” why is that in there” and I replied “I really don’t know”. Our conversation lasted about 10 minutes, and Dr Damsker thanked me for contacting him and giving him the information and said he would look into the bill and follow up on this. My response was “I Hope you will, I hope you will”.
October 11, 2009
After a highly successful street action in Jersey City, I was harassed by as-yet-unknown prank caller who called using two blocked numbers and a voice modifier that utilized both male and female voices. The last time I received one of these threatening psychological intimidation tactics, the phonecall lasted less than a minute and used a male tone on the voice modulator and the number being used was the White House Switchboard: 202-456-1414 (SOURCE: http://www.whitehouse.gov/CONTACT/)
Today, as the pictures indicate, I was contacted from 911-911-9111 and 202-600-6078 at the conclusion of our eleventh-of-the-month street action. Being a prominent voice in the New Jersey 9/11 Truth Movement, I am certainly a target for COINTELPRO and other harassment. Please help me stop the madness by uncovering the individuals responsible for these and other similar incidents. If you have had an experience like this or any information regarding this suspicious behavior please do not hesitate to email me @ email@example.com
TO THE PERPETRATOR:
If you are reading this, you are duly warned. You are treading in murky waters and must prepare to be vanquished unless you cease your activity immediately. Further action on my part may include legal and physical steps taken towards your arrest and your unwanted injury or death may occur if you persist in psychological warfare against me.
Indicted Officials Too Arrogant to Resign:
Uninformed Protestors Complain At Council Meeting
Wednesday July 29, 2009
Steeped in a political climate of fearmongering and trauma-based mind-control, the American public is painfully unaware of its impending doom. On the election campaign, Barack Obama called for a civilian national security force, which his chief of staff, Rahm Emanuel, endorsed by demanding that 18-25 year-olds be manditorily conscriptedinto a program of 3-5 months of
“basic training…in a kind of civil defense.” Obama has stated that this security force should be just as big, just as strong,and just as well-funded as our military. With propaganda like tv-spots from CityYear and billboards from AmeriCorps at
shopping centers being unveiled, it is no surprise that the gullible American youth is eager to sign up for the spy brigades. From half-page advertisements by the CIA in the Epoch Times asking the public to join the National Clandestine Service to MSNBC articles encouraging the agency’s recruitment, to the Washington Post discussing the administration’s desire to target college students as potential spies, the government is sending Americans a clear message: “You are either with us or you are with the terrorists.” This was the central pillar in the Bush administration’s flawless execution of stupendous warcrimes.
By getting the citizens to spy on each other and report supicious behavior, dissent was effectively stifled and any accusation of misconduct was labeled “anti-American” or “conspiratorial-theoretical” in nature. By externalizing conflicts, scaring the masses with often vague, undefined “universal threats,” the Bush regime was able to get away with murder–literally. Despite all this, the Obama administration has decided to “move forward” while Top Democrats like Dennis
Kucinich have repeatedly condemned Obama for expanding many of the unConstitutional Bush programs. Even liberals like Jon Stewart have gone so far as on inauguration night to compare Obama to Bush, saying their rhetoric is identical. Unfortunately for President Obama, whose support in the poll numbers is slipping considerably, his confident smile may not last much longer. In an effort to help his fellow Goldman-Sachs operative, Jon Corzine, with a gubernatorial bid, Barack Obama made a trip to the state of New Jersey on the same day that 5 Jersey City police officers were wounded in a deadly shootout. One of the officers is now dead. In a desperate attempt to salvage the image of a disgraced part of the country, the President actually dragged himself and the Democratic Party into deeper mud. The president’s visit backfired on him, delivering the change we can actually see–that is, none at all–and not the change we can believe in. New Jersey, and particularly Hudson County, in which Jersey City is located, has been a notorious nexus of political corruption. On top of the Healy administratior’s repeated abuses of the Jersey Police Department, emerged the state-wide corruption probe including various political and religious leaders. 44 people were swept up in an FBI dragnet–an investigation that took ten years–and the citizenry were again dismayed to learn that several of their elected representatives as well as spiritual leaders were in fact phonies. Local scandals and the national mood have resulted in a typical shell game, where the FBI along with the Governor and Mayor Healy are all playing
Good Cop, while the indicted City Council members are playing Bad Cop. Some of the accused are so arrogant that they refuse to resign from office. The Mayor-Elect of Hoboken, Peter
Cammarano has publicaly declared his willingness to fight the charges brought against him while simultaneously carrying out his term, even though over 200 Hoboken residents called for him to bow out. Instead of taking their cues from now-former Mayor of Secaucus Dennis Elwell to step down, the indicted council members of Jersey City are so defiant that Council President Mariano Vega has decried the allegations accusing him of bribery and has vowed to continue to remain in public (dis)service. These recent developments come at a time when the other side of the story is now being broken. It turns
out that the Feds are no friends of the people either, as the Associated Press reports that phony right-wing “hate blogger” Hal Turner is actually a long-time FBI informant who was fomenting dischord in a classic COINTELPRO (Counter-Intelligence Program) operation. With the federal government being caught redhanded running PSYOPS (Psychological Operations) that stir up racial tensions and provocateur violence, and the state and municipal government engaging in financial terrorism, it is difficult for the average citizen to comprehend the magnitude of the present-day politican situation in America. The masses are caught in a left-right paradigm; the Democrats fail to acknowledge that their party and liberal “progressive” ideologies are crumbling beneath the pressure of the independent movement in the country. Former government officials are crawling out of the woodwork to spill the beans about the true nature of America’s descent into tyranny. Eliot Spitzer has called attention to the real culprit in the financial meltdown: the Federal Reserve.
Calling it a Ponzi scheme, Spitzer warned that our entire economy is fake and on the brink of destruction. It will be refreshing to see a day when people get fired up about real issues such as a private banking oligarchy staging coups d’état one after another, forcefully seizing America’s assets and infrastructure. A recent Gallup poll reveals that 70% of Americans believe the Federal Reserve is doing a poor job and a majority of THAT majority believe that the quasi-governmental institution
needs to be abolished entirely. It will be refreshing to see a day when people get behind courageous individuals such as veteran Police Detective John Carroll of the Jersey City Police Department, who has gone public stating that 9/11 is a huge cover-up and that the government has been never properly held accountable for failing to protect the country. The issue of national security is completely invisible to the American people, who are completely oblivious that their sovereignty is being violated on all levels. Nevermind the fact that at the time of this article’s publication FEMA (Federal Emergency Management Agency) is engaging in a national-level excercise (NLE), not to respond to disasters but in fact to pre-empt “terrorists.” The fact that this NLE is being conducted in conjunction with foreign troops (“This year the United States welcomes the participation of Australia, Canada, Mexico and the United Kingdom in NLE 09. “)is an absolute outrage as many states have recently passed resolutions of sovereignty under the 10th Amendment to the Constitution. This is not a separatist movement but rather an ultimatum being issued to the federal government, which has repeatedly violated orders by the states to cease and desist its treasonous activities.
For the discerning among you, the serious students of history, this article is no doubt a recapitulation of obvious facts. For the naive, it should be a wake-up call to join the Alternative Media, expand your awareness and reject the mainstream false-reality, which is nothing more than the matrix, a world that has been pulled over your eyes to blind you from the simple truth that you are a slave on a global plantation. Change begins with the self, and the societal degradation we are witnessing is directly related to our thoughts and actions. If that is not explained and the bigger picture of the New World Order is not exposed, then the masses will continue arguing over nonsense while the real controllers of the world remain hidden from scrutiny.