Two months after it was hacked, the secretive U.S. Federal Reserve was caught off guard by a “premature release” of sensitive economic information.
Happens to the best of us, right?
Anyway, this “premature release” provided a list of congressional staffers and industry lobbyists with the minutes from the Fed’s latest meeting – at which its board members failed to reach consensus on the nation’s monetary policy.
What’s that policy? Well, last September the Fed agreed to create assets (i.e. print money) at a rate of $85 billion a month – with no end date. This decision was reached after three previous rounds of money-printing failed to provide sufficient “stimulation” to the economy.
Up until last month’s disastrous jobs report, Federal Reserve chairman Ben Bernanke had hinted that this open-ended money-printing might be tapered off. Now it’s looking increasingly like it will continue.
The end result? All those nickels Americans are working harder than ever to rub together are going to be worth less and less …
That’s the real story here …
Well, that and the fact this pseudo-agency operates in perpetual secrecy.
UPDATE: Via Zero Hedge, here’s the guy responsible for the leak.
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12 comments
When someone on this site obtains a degree in Economics, perhaps there will be informative articles on the Fed.
Here’s what I’ve been reading about this:
http://economistsview.typepad.com/timduy/2013/04/fomc-minute-signal-end-to-qe.html
When someone on this site obtains a degree in Economics, perhaps there will be informative articles on the Fed.
Here’s what I’ve been reading about this:
http://economistsview.typepad.com/timduy/2013/04/fomc-minute-signal-end-to-qe.html
Actually, nickels are gaining in value(in relation to paper money, which is obviously losing value)…which is why the mint wants to change their composition(75% copper, 25% nickel).
Funnier though is the penny, which is now 97.5% zinc(which the mint went because of the cost of copper) is still yet going up too much in price….it costs the mint around .02 to make a .01 penny…lol
What a bunch of clowns.
I happened to come across a dozen “steel pennies” (1943) when I cleaned out some of the stuff that I’ve had boxed up since I “graduated” from my parents’ home in 1954.
I have wondered if they went back to steel if the cost would be less than $0.001…
edit and correct – $0.01
Actually, nickels are gaining in value(in relation to paper money, which is obviously losing value)…which is why the mint wants to change their composition(75% copper, 25% nickel).
Funnier though is the penny, which is now 97.5% zinc(which the mint went because of the cost of copper) is still yet going up too much in price….it costs the mint around .02 to make a .01 penny…lol
What a bunch of clowns.
I happened to come across a dozen “steel pennies” (1943) when I cleaned out some of the stuff that I’ve had boxed up since I “graduated” from my parents’ home in 1954.
I have wondered if they went back to steel if the cost would be less than $0.001…
edit and correct – $0.01
End the Fed!
End the Fed!