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FED to hold "expedited" meeting today
derryb
Posts: 36,201 ✭✭✭✭✭
FED will be holding a closed door "expedited" meeting today "during which the Board of Governors will review and determine advance and discount rates charged by the Fed banks."
"the last time such a meeting took place was on November 21, less then a month before the Fed's historic first rate hike in years.
Also of note is the president and the vice-president will be unexpectedly meeting privately this afternoon with the FED chairman "to discuss the state of the American and global economy, Wall Street reform, and the long-term economic outlook."
If the WH meeting occurs first I'm gonna take that as their desire to see rates hiked. We could see a big move in gold today, direction unclear at the moment.
"the last time such a meeting took place was on November 21, less then a month before the Fed's historic first rate hike in years.
Also of note is the president and the vice-president will be unexpectedly meeting privately this afternoon with the FED chairman "to discuss the state of the American and global economy, Wall Street reform, and the long-term economic outlook."
If the WH meeting occurs first I'm gonna take that as their desire to see rates hiked. We could see a big move in gold today, direction unclear at the moment.
Keep an open mind, or get financially repressed -Zoltan Pozsar
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Buy the rumor, sell the news. Earnings kick-off today as well.
Words of wisdom here.
Buy the rumor, sell the news. Earnings kick-off today as well.
If only some company had some actual earning to report
Once again...weaker dollar + higher oil prices = PM's advancing..
Japan's troubles are coming to a head - she will become the first poster child for careless economic stimulus and rapidly rising inflation. It will spread.
Would sure love to have been a fly on the wall at the Yellon/Obama/Biden closed door meeting yesterday. Something's got the WH spooked. Likely the projected blow-up in the Japanese economy and the eventual fallout.
A growing banking crisis in europe and a severe debt crisis in Japan pose a serious threat to US exports. I imagine controlling dollar strength is currently at the top of the FED's list. Look for the FED to rapidly grow the US money supply one way or the other.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Monday's "expedited" (emergency) FED meeting followed by another "expedited" meeting on Tuesday. Add in Monday's unusual and rare meeting of both the Prez and the VP with the FED chairman, I'd say we have some pretty good indication that something is seriously wrong in the world of finance and banking. I'm pulling a chunk of cash out before Friday as a precaution.
Where there's smoke. . .
Keep an open mind, or get financially repressed -Zoltan Pozsar
What in the World is Going on with Banks this Week?
Monday's "expedited" (emergency) FED meeting followed by another "expedited" meeting on Tuesday. Add in Monday's unusual and rare meeting of both the Prez and the VP with the FED chairman, I'd say we have some pretty good indication that something is seriously wrong in the world of finance and banking. I'm pulling a chunk of cash out before Friday as a precaution.
Where there's smoke. . .
Smells a little like 2008...same but different.
All relevant departments in the bank said they had nothing to do with the block. What I was told next was quite troubling. Apparently, at the beginning of this week the federal government placed some manner of quarantine on card-based transactions conducted with businesses physically based in California (where PayPal is, among countless other entities), Texas, Illinois, and Tennessee. The reason is that there is some kind of massive hacking effort taking place in those locations that is deeply impacting all levels of electronic banking. Due to the sheer size of those states, their populations, and the businesses contained within them, the implication was that this was a state-level endeavor.
I feel this would explain much of the "mystery" behind the highest-level finance meetings this week, as well as why both the President and the Vice President attended the same emergency meeting. California alone practically has a GDP, so one can only imagine what kind of reaction would originate from a statement informing the public of just how compromised non-cash transactions are in those states.
Although there was a good reason for it in this instance, what quite surprised me was hearing that the federal government apparently has the ability to control or otherwise limit transactions conducted using individual checking accounts. Again, multiple authorities in the bank confirmed that the block was not, in fact, something which the bank had in place (or ever put in place).
CME, operator of one of the world's biggest derivatives clearinghouses and several exchanges including the Chicago Mercantile Exchange, is moving it's customers' cash from commercial bank accounts to the "safety" of a FED account “to better safeguard cash deposited by its traders” (cash put up by it's big traders to cover margin requirements).
Questions that have not been asked:
Does CME see an eminent threat to the cash it keeps in the banks?
More importantly, is this a move to avoid any fast approaching possibility of having to, as an account holder, help fund a bank bail-in by no longer having deposits at a failing bank?
Recent financial news, for those who are paying attention, is painting an ugly picture for the safety of big banking.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Knowledge is the enemy of fear
A visit to my bank this afternoon provided a possible reason for this unprecedented high-level meeting, as well as an explanation for why there was absolutely no press coverage after it. I originally went in there to inquire why the bank was supposedly blocking PayPal from withdrawing money from my checking account.
The bank said they had nothing to do with the block. What I was told next was quite troubling. Apparently, at the beginning of this week the federal government placed a quarantine on all card-based transactions conducted with businesses physically based in California (where PayPal is, among countless other entities), Texas, Illinois, and Tennessee. The reason is that there is some kind of state-level hacking taking place in those locations that is affecting all levels of electronic banking.
As I see it, this would explain all of the "mystery" behind the finance meetings this week, as well as why both the President AND the Vice President attended the same emergency meeting. California alone practically has a GDP, so we can only imagine what kind of reaction would originate from a statement informing the public of just how compromised non-cash transactions are in those states.
Although there was a good reason for it in this instance, what quite surprised me was hearing that the federal government apparently has the ability to control or otherwise limit transactions conducted using individual checking accounts.
And you actually believe that?
Knowledge is the enemy of fear
It's easy to understand why fiction books sell so well.
It's even easier to cast doubt on questions you cannot answer. Welcome back to the grind.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Yes, I realize that it does sound like something straight off of a conspiracy website. However, it was "big news" amongst the personnel at the bank today, as they've apparently had to deal with a massive wave of stolen debit/ credit card account use this week (accompanied by charges that all originated from those four states).
Continuing over into today, it has proliferated to such an extent that the bank has actually had to institute counter-measures against the fraud- including monitoring transactions from, again, the four aforementioned states. Believe it if you will (or do not), but the context the story/ discussion was presented in was reasonable enough.
The other thing that intrigued me--and which jump-started the conversation--was the block thrown up against PayPal's attempt to add money taken from my bank account. I've had a PayPal account for 9 years, and I've never had that happen before. The PayPal representative I spoke with said that PayPal itself was barred from taking the money out, while my bank confirmed that they themselves did not institute such a block in that instance.
Again, please bear in mind that this is just a recounting of a personal experience I had today, whose timing and apparent scope seemed to coincide with this week's unusual meetings. With regard to the person who actually relayed the story to me, I have known them for a decade, and trust them implicitly.
Knowledge is the enemy of fear
It's easy to understand why fiction books sell so well.
It's even easier to cast doubt on questions you cannot answer. Welcome back to the grind.
As you should be casting doubt on what you read.
And as iv'e mentioned to you before, be thankful you dont know what I know.
Knowledge is the enemy of fear
Liberty: Parent of Science & Industry
So a $20/hr bank employee knows about some super secret multiple state hacking scheme?
To the extent that the issue may be under-reported or unknown in mainstream news outlets, yet known in the area of banking (which is responsible for resolving it), yes, it could be possible.
In addition, due to the fact that this is something the bank has been actively dealing with all week, it is at least evident that something is not "right" in the area of finance.
And this did not come from a teller.
The Next Big Bailout
It's easy to understand why fiction books sell so well.
It's even easier to cast doubt on questions you cannot answer. Welcome back to the grind.
As you should be casting doubt on what you read.
And as iv'e mentioned to you before, be thankful you dont know what I know.
I am. I knew the precious metal markets were being manipulated when you knew they weren't.
Keep an open mind, or get financially repressed -Zoltan Pozsar
It's easy to understand why fiction books sell so well.
It's even easier to cast doubt on questions you cannot answer. Welcome back to the grind.
As you should be casting doubt on what you read.
And as iv'e mentioned to you before, be thankful you dont know what I know.
I am. I knew the precious metal markets were being manipulated when you knew they weren't.
You should know manipulation as you have fallen for it.
Knowledge is the enemy of fear
So a $20/hr bank employee knows about some super secret multiple state hacking scheme?
To the extent that the issue may be under-reported or unknown in mainstream news outlets, yet known in the area of banking (which is responsible for resolving it), yes, it could be possible. Because this is something the bank has been actively dealing with all week, it is at least evident that something is not "right" in the area of finance.
And this did not come from a teller.
Who said anything about a teller? And it wouldn't matter if your sour ce was the branch manager. Is your friend Jamie Dimon?
Knowledge is the enemy of fear
It's easy to understand why fiction books sell so well.
It's even easier to cast doubt on questions you cannot answer. Welcome back to the grind.
As you should be casting doubt on what you read.
And as iv'e mentioned to you before, be thankful you dont know what I know.
I am. I knew the precious metal markets were being manipulated when you knew they weren't.
And yet you still played the game and touted your purchases of silver at prices 50% higher than today. I think there's a word for that.
Knowledge is the enemy of fear
And yes, on occasion I share my purchases, along with other forum members, in the Friday Metal Porn threads. Maybe you should share something with the forum other than petulence.
Keep an open mind, or get financially repressed -Zoltan Pozsar
The Federal regulators didn’t say JPMorgan could pose a threat to its shareholders or Wall Street or the markets. It said the potential threat was to “the financial stability of the United States.”
Of course this only follows Congress's prodding of the FED to comply with the Dodd-Frank Act and ensure that the big banks have their own contingency plans in the event of a bank failure. What we do know now is that those plans will include use of depositors' money to aid in a rescue.
Keep an open mind, or get financially repressed -Zoltan Pozsar
Keep an open mind, or get financially repressed -Zoltan Pozsar
Wat a==country!
Liberty: Parent of Science & Industry
So a $20/hr bank employee knows about some super secret multiple state hacking scheme?
It's always with the stature of what a person makes with you. Your division of class tactics are sickening once again.
So a $20/hr bank employee knows about some super secret multiple state hacking scheme?
It's always with the stature of what a person makes with you. Your division of class tactics are sickening once again.
So a $100/hr bank employee knows about some super secret multiple state hacking scheme? Is that better POM. Gosh man, have more confidence in yourself.
Knowledge is the enemy of fear
you're referring to free physical metal I get with some of the profits from playing the fed-induced up and downs in the metal paper markets. Ordered another box yesterday. The riggers don't much care about the direction as long as they make money. Volatility is their friend, make it yours.
And yes, on occasion I share my purchases, along with other forum members, in the Friday Metal Porn threads. Maybe you should share something with the forum other than petulence.
Its tough to show n tell if you haven't been the fool.
The petulence you perceive has grown from the ignorance I percieve. None of the events that have happened in metals over the past 5 years was unexpected, yet so many have been shocked or surprised, always blaming someone or something else for their lack of understanding. And when explanation was provided, it was quickly met with the typical fervor of arrogant contempt, which while also not unexpected, was underestimated. So no further attempts at explanation will be forthcoming.
Knowledge is the enemy of fear