From:
If Alan Greenspan Wants To 'End The Fed', Times Must Be Changing (
Forbes, 3/14/2013)
Edward Griffin's
The Creature from Jekyll Island is an excellent account of how the Fed came into being. The fact that this 1994 book is, today, the #2 bestselling book in
Amazon.com's Banks and Banking category, the #2 bestselling book in the Economic Policy and Development category, and the #4 bestselling book in the Economic Policy category, shows why crowds start chanting "End the Fed" wherever Ron Paul turns up, with no prompting from him.
In recent years, any attentive watcher has noticed that the Fed has been working rather closely with certain "Too Big to Fail" banks, in ways that are not necessarily in the public's best interest. The fact that the Fed is likely heavily influenced by a certain well-known European banking family — a criticism that president Andrew Jackson applied to its predecessor the Second Bank of the United States, just before he killed it — is all the more reason to eliminate its influence in U.S. affairs.
As a member of the "keep the Fed" camp in prior years, it seems to me now that we will most likely come to that point, in not too many years, where replacing the Fed will be the best and even the easiest path.
We are not there yet.
"Analysts say you should ride the train until just before it goes off the cliff. Each thinks they are smart enough to get off in time, but not everyone can get out of the door at the same time. That is why you get bubbles and crashes."
'The world's governments have agreed to restrict the global temperature rise to 2C, beyond which the impacts become severe and unpredictable. But Stern said the investors clearly did not believe action to curb climate change was going to be taken. "They can't believe that and also believe that the markets are sensibly valued now." '
"This report makes it clear that 'business as usual' is not a viable option for the fossil fuel industry in the long term. [The market] is assuming it will get early warning, but my worry is that things often happen suddenly in the oil and gas sector."
I find this next one remarkably important:
The report calculates that the world's currently indicated fossil fuel reserves equate to 2,860bn tonnes of carbon dioxide, but that just 31% could be burned for an 80% chance of keeping below a 2C temperature rise. For a 50% chance of 2C or less, just 38% could be burned.
Carbon capture and storage technology, which buries emissions underground, can play a role in the future, but even an optimistic scenario which sees 3,800 commercial projects worldwide would allow only an extra 4% of fossil fuel reserves to be burned. There are currently no commercial projects up and running. The normally conservative International Energy Agency has also concluded that a major part of fossil fuel reserves is unburnable.
Oh, and the pension funds, you ask?
Pension funds are also concerned. "Every pension fund manager needs to ask themselves have we incorporated climate change and carbon risk into our investment strategy? If the answer is no, they need to start to now," said Howard Pearce, head of pension fund management at the Environment Agency, which holds £2bn in assets.
I think this guy [
Jeremy Grantham, a billionaire fund manager who oversees $106bn of assets] speaks sense, when he "
said his company was on the verge of pulling out of all coal and unconventional fossil fuels, such as oil from tar sands. "The probability of them running into trouble is too high for me to take that risk as an investor.""
