‘ US Appropriations Committee Awards Financial Support for Iron Dome of $621.6 Million ‘

#AceWorldNewsUNITED STATES (Washington) – July 16 – The US Congress showed tangible support for long-time ally Israel as Gazan terrorists fired rockets Tuesday, backing a measure that would double the amount of money for Israel’s Iron Dome missile defence system reported Times of Israel.

iron dome

iron dome

The Senate Appropriations defence subcommittee approved a defence spending bill on Tuesday that would provide $621.6 million for Israeli missile defence, including $351 million for the Iron Dome system that intercepts short-range rockets and mortars.

In the latest hostilities between Israel and Hamas, Iron Dome has been successful in shooting down rockets and preventing Israeli deaths.

“It works,” said Sen. Dick Durbin, a Democrat and chairman of the subcommittee.

#ANS2014

 

#dick-durbin, #hamas, #iron-dome, #israel, #missile-defense, #tuesday, #united-states-congress, #washington

' House Rules Committee Hearing on Initiating a Lawsuit Against President Barack Obama Over Affordable Care Act '

#AceBreakingNews – UNITED STATES (Washington) – July 16 – The House Rules Committee holds a hearing on initiating a House lawsuit against President Barack Obama over failing to enforce the Affordable Care Act.

The hearing begins at 10 a.m. and you can watch live above:

 

#ANS2014

#barack-obama, #capitol-hill, #executive-order, #john-boehner, #ohio, #republican-party-united-states, #united-states, #united-states-congress

` United States Secretly Funded the Establishment of `Cuban Twitter ' in 2009 in an Attempt to Undermine Government '

#AceWorldNews – NEW YORK – April 03 – The US government secretly funded the establishment of Cuban Twitter in 2009. The social network designed to undermine the government in Cuba. Associated Press conducted its own investigation into the circumstances of the operation and reported about it.

The project ZunZuneo by Agency for International Development ( USAID) was carried out for three years and has attracted tens of thousands of subscribers.

The main aim was to create a short message service which could circumvent existing in Cuba restrictions on access to the Internet.

The role of the US government carefully concealed. The target audience of Twitter has become mostly young people.

The Project stopped in 2012 because of insufficient funding. USAID officials refused to provide information about who had approved the program or whether the White House was aware of it.

According to (USAID) spokesman Matt Herrick said only the United States Congress was aware of the project and found it consistent with US law.

#ANS2014

#cuba, #cuban, #new-york, #twitter, #united-states, #united-states-congress, #united-states-international-development-agencyusiad, #us, #us-law, #usaid, #white-house

#Iran : ” Completion of `Nuclear Deal’ in Six Months” but `Dissenter’s Voice’ their Objection’s”

Advertisement from the 1970s by American nucle...

#AceNewsServices says `Iran Nuclear Deal Possible in Six Months according to – FM

An agreement on Iran’s nuclear program is possible within six months, Reuters quoted Iranian Foreign Minister Mohammad Javad Zarif as saying on Monday.

He added he was not worried about the US Congress trying to impose new sanctions.“With good will we can reach an agreement within six months,” he told the German Council on Foreign Relations. 

(Reuters) – Iranian Foreign Minister Javad Mohammad Zarif said on Monday a final deal with world powers on Tehran’s nuclear program is possible within six months if there is good will and he was not worried about the U.S. Congress trying to impose new sanctions.

U.S. President Barack Obama used his State of the Union address last week to veto any legislation that threatens the talks with Iran. U.S. senators including some of Obama’s Democrats have co-sponsored a bill that would impose new restrictions on Iran if talks on a permanent accord falter.

But Iran has warned that it will walk away from negotiations – raising the risk of conflict in the Middle East – if the bill becomes law. It is now stalled in the Senate.

Zarif was visiting Berlin after meeting U.S. Secretary of State John Kerry and other members of the six powers negotiating with Iran at the annual Munich Security Conference at the weekend.

Iran reached a landmark preliminary agreement with them in November to halt its most sensitive nuclear operations, winning some relief from sanctions in return. Talks with the six powers about a definitive settlement begin in Vienna on February 18.

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#US : “Obama to `Issue Executive Order’ Raising `Minimum Wage’ for `Federal Contract Worker’s’ to $10.10”

#AceFinanceNews says `Obama to Issue Executive Order‘ rising minimum wage for federal contract workers to $10.10

Breaking-News Alert US President Barack Obama will announce he is issuing an executive order to raise the minimum wage to $10.10 an hour for federal contract workers under new contracts, the White House said. He will lay out a strategy for getting around Congress and boosting middle-class prosperity on Tuesday in his State of the Union speech, Reuters reported. The president is expected to make clear in his 9pm (02:00 GMT Wednesday) address that he will bypass US lawmakers and go it alone in some areas by announcing a series of executive actions.

 

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#NSA : Security is a `Step by Step Process’ Step One in Place `Now’ We `Need’ Step Two” Mr Obama”

#AceGuestNews says this is an excellent post courtesy of “Cato Institute” and their `Liberty for All’ spot.
Good First Steps, But Real Surveillance Reform Will Require More

JANUARY 17, 2014 1:35PM

nsa eye1

`NSA Has Their Eye On You’

The president’s speech on surveillance today proposed some welcome first steps toward appropriately limiting an expanding surveillance state — notably, an end to the NSA’s bulk phone metadata program in its current form, and a recognition that judges, not NSA analysts, must determine whose records will be scrutinized.

The details are important, however. Obama’s speech left open the possibility that bulk collection might continue with some third-party — which would in effect be an arm of government — as a custodian. If records are left with phone carriers, on the other hand, it’s important to resist any new legal mandate that would require longer or more extensive retention of private data than ordinary business purposes require.

It was disappointing, however, to see that many of the recommendations offered by Obama’s own Surveillance Review Group were either neglected or specifically rejected. While the unconstitutional permanent gag orders attached to National Security Letters will be time-limited, they will continue to be issued by FBI agents, not judges, for sensitive financial and communications records.

Nor did the president address NSA’s myopic efforts to degrade the security of the Internet by compromising the encryption systems relied on by millions of innocent users. And it is also important to realize that changing one controversial program does not alter the broader section 215 authority, which can still be used to collect other types of records in bulk—and for all we know, may already be used for that purpose.

Most fundamentally, Congress must now act to cement these reforms in legislation — and to extend them —to ensure safeguards implemented by one president cannot be secretly undone by another.

 

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#TPP is Fast-Tracked Through Congress to Facilitate a Flawed Agreement

#AceWorldNews says according to a post today in EcoWatch written by Ilana Solomon it was yesterday, Congress pulled a rusty, old tool from the bottom of its toolbox. Senate Finance Committee Chairman Max Baucus (D-MT) and Rep. Camp (R-MI) introduced the Bipartisan Congressional Trade Priorities Act of 2014, otherwise known as “fast track,” which could facilitate passage of deeply flawed trade agreements such as the Trans-Pacific Partnership (TPP) trade pact with limited public and Congressional input. If fast-track legislation is approved by Congress, the President would be able sign the #TPP and then send it to Congress for a straight up-or-down vote—with no room for amendments and limited floor debate. If that sounds backward, it’s because it is.

tppFI

The#TPP agreement could devastate communities, our climate and our environment. It would open the floodgates for the expansion of natural gas exports and fracking across the U.S. Graphic courtesy of the Electronic Frontier Foundation

First, fast track is an outdated and inappropriate mechanism. It was first passed in 1974 when trade pacts focused on traditional trade issues, like tariffs and quotas. Today, trade pacts like the #TPP cover a broad range of issues including the environment, investment, labour, government procurement, consumer protections and many more things we face in our everyday lives. It is therefore critical that Congress maintain its constitutional authority to oversee trade policy and ensure that trade pacts protect communities, workers and the environment before the pacts get finalized.

Second, fast track is undemocratic. After congressional approval, the President could submit signed trade pacts to Congress for an up-or-down vote within 90 days with all amendments forbidden and a maximum of 20 hours of debate. Even more atrocious is that it would actually allow the President to write legislation that would change U.S. laws to make them conform to the terms of the secretly negotiated trade agreement.

In other words, fast-track authority eliminates a critical constitutional check-and-balance structure that aids most other democratic processes. By stripping Congress of its ability to fully debate and amend the language of today’s all-encompassing trade pacts, fast-track authority renders Congress unable to ensure that trade negotiations result in agreements that benefit communities and the environment.

Third, it’s a risky endeavor that could help rubber-stamp very harmful trade pacts such as the #TPP. The #TPP agreement could devastate communities, our climate and our environment. It would elevate corporations to the level of nations, thus allowing foreign companies to directly sue governments in private trade tribunals over laws and policies that corporations allege reduce their profits. It would also open the floodgates for the expansion of natural gas exports and, therefore,fracking across the U.S.

TPP What is Wrong?And the real kicker is that—despite these any many other consequences—there has been virtually no opportunity for public discussion of the trade pact, as no draft text has been publicly revealed. So Congress is actually voting on whether to quickly pass trade agreements it’s never even seen!

Now is the time we need a full discussion about the true costs of the #TPP and other trade pacts—not a process to rush flawed deals through the finish line.

The bottom line is that fast track would set us up for failure. It’s critical that Congress has the ability to effectively oversee trade negotiations and ensure that the contents of our trade agreements protect our workers, communities and environment in the U.S. and abroad. The public and members of Congress have effectively been left in the dark for too long. Now it’s up to Congress to take the reins and oppose fast track. On behalf of the Sierra Club and our 2.1 million members and supports, I urge members to oppose this fast-track bill and retain their right to ensure that the U.S. trades responsibly.

Courtesy of Ilana Solomon

 

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“Affordable Healthcare What Affordable Healthcare – I Am Still Not As Healthy”

#AceGuestNews says this was provided by a guest and colleague who sends items to us on a regular basis, and asks should we like to feature the post. So we are pleased to give him a platform to air his article across our network .Hope you enjoy and please comment. Thanks, Editor.

Affordable Healthcare … Hi! I’m from the Government to Help You

Better than Paper – The healthcare industry has made tremendous strides in patient care and records management by riding themselves of paper records and doing more and more on-line and on device. The increased use of technology has helped control quality and cost, except when it comes to reporting patient services/care to the government.

I haven’t bothered to sit down and read the American affordable healthcare act that was passed a year ago, so that makes me about as qualified to talk about it as anyone in Congress (either side).

But in doing a little research, I have come to realize that:

–        The American healthcare system just is not working for most folks

–        The idea that you sign up or else (something like that) sort of bothers me

–        Bureaucrats can’t develop a website to save their behinds

–        To believe they can ensure data security defies logic

Globally, around 54.5 million people die each year because of disease or preventable healthcare issues.

One in eight of these deaths occur in children under the age of five.

At the same time, our worldwide population is over 7 Billion and climbing.

Since people are not going simply disappear when they turn 30 (as they did in Logan’s Run), we’re going to have to address the healthcare issue with the same focus and determination that has produced today’s feature-rich technologies.

It can’t be that the countries of the world are not spending enough on health.

The World Health Organization (WHO) estimates that globally, we’ll spend more than $6.5T this year. Despite that expenditure, healthcare isn’t available to everyone.

In fact, there are gross shortages of healthcare professionals in way too many countries.

Care Distribution – While industrialized countries have done a lot to ensure better healthcare and services are provided to citizens, there is still a very large part of the world’s population that does not have even the basic assistance.

While WHO indicates the U.S. has sufficient services available, they also noted:

–        The government spends more than any other country – $8362/person per year

–        That works out to about $948 per person per year

–        The WHO’s highly contested 2000 health report put the U.S. healthcare system in 15th in overall performance

–        The US was 37th in overall ranking

WHO did not bother ranking countries in their 2010 report but … the Commonwealth Fund ranked seven developed countries on their health care performance and surprise … the U.S. was dead last.

The U.S. may be last, but they are investing in healthcare.

According to McKinley, seven percent of the average household income goes for healthcare and another 11 percent for personal insurance and pensions (if you live that long). That expenditure is expected to be 13.6 percent of the GDP (gross domestic product) this year; and by 2020, it is expected to be 19.8 percent of GDP.

All of those U.S. healthcare payments come from:

–        32 percent private health insurance

–        20 percent Medicare

–        15 percent Medicaid

–        13 percent other government funds

–        12 percent out of the consumer’s pocket

–        8  percent from private funds

It just does not look like Americans are getting the same ROI as people in other countries.

Room for Improvement – Even though the U.S. government, citizens and companies spend more on healthcare that others on the planet, citizens still have a lower average life expectancy than people in many other countries.

Americans have a lower life expectancy as well as higher rates of infant mortality, low weight birth, injuries and homicides, adolescent pregnancy and sexually transmitted diseases, HIV/AIDS, drug-related deaths, obesity, diabetes, heart disease, chronic lung disease and disability than people in other industrialized countries.

Throwing more money at the problem is not working.

 It’s easy to see why Senator Ted Kennedy championed healthcare reform right up until he died, and Hillary Clinton (among others) pushed really hard for it.

 The U.S. Affordable Healthcare Program got off to a rocky start…it sucked!

 We spent $630 Million in technology to get the federal health insurance website open for business. Right after it was unveiled, someone figured they’d use it and … BAM!!!

 Did not anyone run the numbers and notice that there are $300 Million plus people in the U.S. who might sign up or at least be a little curious?

 Rotten Take-Off – The federal government said the healthcare web site was open for business and ready to fly, but it crashed within hours of being made available. Even a duck knows you try a few test flights, including take-offs/landings, before you show folks how good you are.

Instead of a showcase for Verizon’s data centers and the site developer, it’s an embarrassment … it crashed right out of the gate.

Amazon, Google, Oracle, Microsoft and other folks have jumped in to bail out CGI, “the important part of the team,” and straighten things out.

These folks don’t work for the government; they work for a living and understand the importance of availability, fast response/page refresh, customer satisfaction.

Hey, I am not an IT guy but after 20-plus years, I know IT is complex, was never meant to be commercialized like it is and that the Internet was not developed to handle the media and workload it does.

It’s so complex. With constantly changing with each browser, each device, system/tablet/smart phone, it’s a wonder that websites and the Internet work at all!

That’s why the companies listed earlier let people test it, try to break it, find the bugs … there are thousands of folks who just love doin’ that sorta’ thing.

If the federal folks had done some testing, they might have figured out, “Hey, this pig isn’t ready to be put on display.”

Big, Ugly – It didn’t take long for people to find out that the government’s healthcare services site was a bloated pig with a lot of serious issues. Not a great way to start a new, better program.

 Millions of people tried, but early reports said only 100 – 250 struggled through the early process.

Even though they worked for the government or were trained government contractors, they should have figured out it had been thrown together, had not been thoroughly tested and was not ready for prime-time.

All they had to do was have the Cajone’s to go to the boss and say, “we’re going to have to have a few more weeks before we’re ready for business.”

 The boss would have been ticked and the opposition would have something to crow about for a little while, but that’s better than showing the world you’re incompetent.

 All they have done is insulted the intelligence of the people they’re trying to win over.

Trust is hard to win back–especially when you’re asking people to give you all of their personal and vital information.

Heck, we all know government spies, hackers, whacker’s and cyberspie’s are rubbing their hands together just waiting to start mining the site.

 Inside, Outside – Most IT people will tell you that their major security problems arise from inside the organization, not from outsiders attempting to penetrate the organization. Most of the time, the security breaches aren’t malicious, it’s just easier if you bypass the security hurdles. But then, there are bad folks on the inside as well … sometimes.

 As the recent Snowdon “excitement” has proven, government agencies can’t even handle their own internal security.

 With all the stuff Snowdon “releases” the dude had to be taking 8-10 6 TB HD’s home every night!

 And that was all about grabbing information from … well everyone.

 The idea that suddenly one government department is going to keep a citizen’s information safe and secure from others is a real leap of faith.

 We all know that bugs, crashes, delays and hacks are a fact of life in the industry. But if you’re trying to convince folks the site is good for their health and well being, putting up a garbage site as a finished product just doesn’t resonate.

Poor Norm – The U.S. Affordable Care Act was designed – and heavily promoted– to Americans to reduce fee-for-service provider payment updates and lower payments to private plans. The way the website registration has gotten off the ground, you may wonder.

 It would not have taken much to dodge the bullet … label it BETA and you’d attract techie’s like flies who love telling you where you mucked up!

 True to governmental protocol though, they opened a finished site and then were selective in the “facts.”

 They tried to make you believe the site was pretty good, even though there were/are “a few problems.”

–        HHS (Health and Human Services) said 15 million site visits proved it was popular

–        Pew Research said 70 percent of the visitors have insurance  and were curious.

–        Pew Research reported that 46 percent said that the online exchanges weren’t working well

–        65 percent of the uninsured were going to get regardless of the law

The biggest issue with the site’s failure is that it makes people question the credibility, viability of the entire program and the competence of the people in charge.

Anyone who turns on a device and surfs the web knows the stuff should work perfectly – the first time, every time.

You also know that is not going to happen.

Just don’t lie to us … it makes us mad.

 

#aceguestviews, #affordable-healthcare, #american, #commonwealth-fund, #congress, #government, #health-care-in-the-united-states, #health-care-reform, #health-insurance, #insurance, #life-expectancy, #patient-protection-and-affordable-care-act, #united-states, #united-states-congress, #world-health-organization

“Creation of Money into Wealth Using Cap-It-All-ism as their First Watchword”

USA Financial Crisis 1914 -2#AceDebtNews says the simple act of creating wealth has long been disputed in the world of borrowing and lending ,many economists have argued over who is right or wrong about the next federal reserve move, or what should be done to balance the economy. Though one blatant thing stands out above all else, and that is without money or the use of the wealth ,we could not survive!

Or could we?

Grover Cleveland - Series of 1914 $20 bill

Grover Cleveland – Series of 1914 $20 bill (Photo credit: Wikipedia)

For a long time now and having tried and failed at setting in motion every conceivable system, of monetary control, from QE to the recent debacle of “Debt Ceiling” nothing ever works!

Unless people spend money!

Over many years of providing “Other Peoples Money” , that l simple shall term as “OPM” for this post, the simple fact was, as more people borrowed to get richer, they actually got poorer, Oh not in the pocket but simply in their heart!

The  richer they got ,the more they wanted and the More they wanted, the worst the economy became!

It was just like that drug called  “OPIUM” and they could not stop!

The Great Financial Crisis of 1914:

What Can We Learn from Aldrich-Vreeland Emergency Currency? 

William L. Silber*

USA Financial Crisis 1914At the outbreak of World War I, the biggest gold outflow in a generation posed a double-barrelled threat to American finance: An internal drain of currency from the banking system and an external drain of gold to Europe. The Federal Reserve System, newly authorized by Congress on December 23, 1913, remained on the sidelines during the summer of 1914, a  victim of political and administrative delays. The absence of an operational central bank encouraged Treasury Secretary William G. McAdoo to improvise the modern principle of aiming an independent weapon at each policy target. He employed a form of capital controls to deal with the external threat, shutting the New York Stock Exchange (NYSE) for more than four months to prevent Europeans from selling their American securities and demanding gold in return. And he invoked the emergency currency provisions of the Aldrich-Vreeland Act to deal with the internal threat, allowing banks to issue national bank notes, an important form of currency in pre-Federal Reserve days, without the normal requirement that the currency be secured by U.S. Government bonds.

So how did we get into this situation in the first place ,well everything has to have a beginning and will l am sorry to say have an end, but not an end in this case anyone will expect.

According to Friedman and Schwartz (1963, p.196), by November 1914 “the country had recovered from … the declaration of war in Europe, thanks in no small part to the availability of Aldrich-Vreeland emergency currency.” Friedman and Schwartz (1963, p. 172) also suggest that emergency currency “would have been equally effective on the occasion of the next threat of an inter-convertibility [sic] crisis which arose in late 1930.”

Robert Schwartz

Robert Schwartz (Photo credit: mlzafron)

This paper tests Friedman and Schwartz’s conjecture about the power of Aldrich-Vreeland emergency currency and draws lessons for monetary policy. Proof of the potency of the Aldrich-Vreeland Act, passed in 1908 to avoid a replay of the Panic of 1907, comes from a little-known experiment conducted by William McAdoo in1913. Friedman and Schwartz’s suggestion that the1930 banking crisis might have been nipped in the bud with an operational Aldrich-Vreeland Act gains credibility from a key characteristic of crisis control under the Act: liquidity flowed automatically to where it was needed most.

It was him that recommended that the Federal Reserve adopt the principles of the Aldrich-Vreeland Act in its administration of the discount window. This will help preserve the integrity of the banking system, especially under wartime conditions with impaired communications.

I. What happened in 1914?
Foreigners owned more than $4 billion U.S. rail-road stocks and bonds at the outbreak of the Great War, with $3 billion of that in British hands. These securities were liquid assets and could be sold quickly on the NYSE. Under the gold standard, foreign investors could then use their cash proceeds to acquire the precious metal from the American banking system. Fear that the United States would abandon the gold standard pushed the value of the dollar to unprecedented depths on world markets. The magnitude of the problem forced America to defend itself: At the outbreak of the war, reserves at New York banks would have been cut in half if the British sold only five percent of their holdings (see Noyes, 1916, p.94). People knew that the banks had tried to conserve reserves in 1907 by suspending the convertibility of deposits into currency. In 1914, the bankers worried that the gold outflow to Europe would “inspire fear” and trigger an added rush into cash before suspensions took effect. Without an operational Federal Reserve Systemthe currency shortage would spawn bank runs like “those experienced in the fall of 1907” — only worse.

English: The floor of the New York Stock Excha...

English: The floor of the New York Stock Exchange published in 1908. (Photo credit: Wikipedia)

The crisis began on July 27, 1914. The sale of dollars for pounds sterling in the foreign exchange market, and the increase in the exchange rate to $4.92 per pound, four cents above the gold export point, provoked gold shipments. On July 31, 1914, after the price of sterling failed to decline in response to record gold exports, Treasury Secretary McAdoo asked the NYSE to close. If foreigners could not sell their U.S. stocks, they could not raise dollars and demand gold in exchange. McAdoo had rejected the direct approach, suspending the gold standard, as too costly to American credibility. The NYSE remained shut through December 12, 1914, mitigating sales of American securities by foreigners and hampering their demand for gold.

Seal of the United States Office of the Comptr...

Seal of the United States Office of the Comptroller of the Currency, part of the Department of the Treasury. The design is the same as the Treasury seal with a Comptroller of the Currency inscription. (Photo credit: Wikipedia)

But the threat of a run on America’s bank reserves did not disappear. American debts denominated in British pounds matured during this period, and U.S. borrowers would need sterling or gold to meet their obligations. Moreover, precautionary withdrawals of currency from the banks threatened to exacerbate the loss in reserves from the gold outflow. Under the National Banking laws then in existence, commercial banks could create additional currency only by depositing U.S. Government bonds with the Office of the Comptroller of the Currency in the U.S. Treasury. The Treasury’s Bureau of Engraving and Printing would then ship newly printed national bank notes to the banks to meet depositor withdrawals. In the summer of 1914, national bank notes outstanding had already reached its maximum based on the outstanding supply of government securities.

Beginning August 4, 1914, after McAdoo invoked the Aldrich-Vreeland Act, banks could create currency, either by depositing municipal bonds directly with the Office of the Comptroller of the Currency or by depositing other securities or commercial paper with a local group of banks that had formed a National Currency Association under the Act. Thus a bank facing a sudden withdrawal of currency could create national bank notes to meet the demand, thanks to the emergency currency provisions of the “Aldrich-Vreeland Act”.

English: A crowd forms on Wall Street during t...

English: A crowd forms on Wall Street during the Bankers Panic of 1907.http://www.frbatlanta.org/invoke.cfm?objectid=83FD4128-9AF0-11D5-898400508BB89A83&method=display_body From the New York Public Library’s Digital Gallery, in the Irma and Paul Milstein Division of United States History, Local History and Genealogy Français : La foule se presse sur Wall Street pendant la panique causée par la crise bancaire d’octobre 1907. (Photo credit: Wikipedia)

McAdoo recognized the potential danger of his policies – closing the stock exchange left the capital markets without a rudder and flooding the country with emergency currency tempted inflation. McAdoo’s recipe for smothering the crisis included an exit strategy. He organized the Bureau of War Risk Insurance on September 3, 1914 to promote exports of cotton and wheat to Europe. Exports would generate gold inflows in payment for American goods, which could then settle foreign obligations. McAdoo’s policies prevented a panic. Banks never suspended their promise to convert deposits into currency and the U.S. Treasury never left the gold standard during the summer and fall of 1914. On November 11, 1914, less than four months after the onset of the crisis, and four days before the opening of the Federal Reserve Banks, the exchange rate of the dollar relative to the pound sterling fell below the gold export point, and gold exports ceased.

The threat to the American financial system disappeared!
Friedman and Schwartz (1963, p.196) are reasonably accurate in saying “by November 1914 the country had recovered from the immediate shock of the declaration of war in Europe,” but with so many components to McAdoo’s plan, perhaps they overreached when adding, “thanks in no small part to the availability of Aldrich-Vreeland emergency currency.”

Knickerbocker Trust CompanyThe contrast between 1914 and 1907 supports Friedman and Schwartz’s interpretation. The growth in emergency currency between August 1, 1914 and its peak at the end of October 1914, produced a seven percent increase in the monetary base. The money supply grew at an annual rate of 9.8 percent over the same period. By way of contrast, in 1907 the public’s obsession with currency beginning the week of October 22, 1907, when the “Knickerbocker  Trust Company” suspended payments, triggered a decline in the money supply at an annual rate of 11.6 percent during the final three months of the year. Additional evidence of the power of Aldrich-Vreeland emergency currency comes from a little-known experiment that McAdoo conducted a year before the European war erupted.

II. The Lesson of 1913: 

Description: Newspaper clipping USA, Woodrow W...

Description: Newspaper clipping USA, Woodrow Wilson signs creation of the Federal Reserve. Source: Date: 24 December 1913 (Photo credit: Wikipedia)

McAdoo flirted with Aldrich-Vreeland currency during the spring of 1913. The newly elected “President, Woodrow Wilson”, had proposed tariff reduction legislation that provoked considerable opposition in the business community. Wilson pushed for prompt passage of the “Federal Reserve Act”, in part because he expected that the new currency system could supply easy money during the first few months of reduced protection from foreign competition. When Wilson suspected that Republican Senators wanted to block currency revision to precipitate a financial panic and blame the Administration’s new tariff policies, he turned to McAdoo. In the evening of June 11, 1913, McAdoo announced (Washington Post, June 12, 1913) that “he would not hesitate to issue emergency currency to any banks making application and qualifying under the [Aldrich-Vreeland] Act.” When McAdoo was asked whether any applications had been made he simply said: “No.” The press noted that: “The only explanation obtainable as to Mr. McAdoo’s purpose…is that it is intended to give assurance…that the Wilson Administration will do its utmost to overcome any financial embarrassment that may come.”

 Would Aldrich-Vreeland currency succeed in calming the business community?

Opponents of the original legislation had argued that, instead of preventing a panic, the provision of emergency currency might backfire and provoke one. The then Comptroller of the Currency, William Ridgely, said (Comptroller of the Currency, 1907, p.74): “The issue of so-called emergency notes…would at once be a confession of weakness and a danger signal that no bank would dare make until in desperate condition.” Perhaps that is why no emergency currency had ever been requested since the Aldrich-Vreeland Act had been passed in May 1908. How did the business world respond to McAdoo’s June 11, 1913 invitation?

McAdoo released his statement invoking the Aldrich-Vreeland Act on the evening of June 11, after the stock market had closed. Thus, if McAdoo’s announcement had a material impact, for better or worse, it should have been reflected in stock price movements on June 12. The return of more than 2.5 percent in the index of railroad stocks (currently called the Dow Jones Transportation Average), and over 3 percent in the index of industrial stocks (currently called the Dow Jones Industrial Average), on June 12, 1913, are the largest statistically significant positive daily price movements during the first six months of 1913. Wall Street’s vote of confidence on June 12, 1913 demonstrated the potential power of the Aldrich-Vreeland Act. The record during the summer of 1914 confirmed it.

III. Liquidity in Wartime:
An important characteristic of the Aldrich-Vreeland Act was that once the Treasury Secretary declared a financial crisis under the Act, a bank could decide the timing and magnitude of securities to deposit as collateral for additional currency. Thus high-powered money expanded endogenously to meet a shortage of liquidity. According to Sprague (1915, p.517) this feature of the Aldrich-Vreeland Act accounted for its success: “For the first time since the establishment of the national banking system the banks exercising the powers conferred upon them by the Aldrich Vreeland Act of 1908 were able to issue bank notes freely in coping with a crisis.”

Direct aid to individual banks needing liquidity may be the best way to combat a panic under wartime conditions. Interruptions in communications facilities, caused by total war or by terrorist attacks, can precipitate liquidity shortages at specific financial institutions. McAndrews and Potter (2002, p.72) cite the importance of the Federal Reserve’s lending at the discount window to individual banks as the key to mitigating the financial consequences of the terrorist attacks of September 11, 2001. Open market operations, the preferred method of injecting funds in the modern banking system, may not have accomplished its objective. Impaired funds transfer prevented some banks that needed cash from borrowing it in the inter-bank market.

In 1914, the threat of an external drain of gold forced McAdoo to close the NYSE. Call loans secured by stock exchange collateral, which normally would have been the primary source of liquidity to an individual bank, disappeared. Under the Aldrich-Vreeland Act banks turned their assets into emergency national bank notes. Like Federal Reserve lending at the discount window during the September 11, 2001 crisis, Aldrich-Vreeland currency provided a universally accepted domestic medium of exchange directly to the banks needing it.

IV. 1930:
The two key characteristics of currency creation under the Aldrich-Vreeland Act — (1) direct aid to an individual bank, and (2) at the discretion of the bank — support Friedman and Schwartz’s (1963, p. 172) conjecture that emergency currency “would have been equally effective on …the next threat of an inter-convertibility [sic] crisis which arose in late 1930.” During the Great Depression the Federal Reserve knew of Bagehot’s principle of lending freely to stem an internal drain of currency, but did not implement it consistently (see Meltzer [2003, p.282]). The Aldrich-Vreeland Act would have eliminated discretionary delays, by allowing banks under liquidity pressure to exchange assets for currency automatically, had the Act not expired by Congressional design on June 30, 1915 (as part of the Federal Reserve Act of December 23, 1913). Although banks that were members of the Federal Reserve System could initiate a demand for reserves at the discount window in 1930, the Federal Reserve banks exercised considerable discretion (see Chandler, 1971, pp. 225-239).

Open market operations suffered from discretionary delays plus the potential for reserves to accumulate in banks that did not need funds. Unwarranted mistrust of otherwise sound institutions during the 1930’s (some mistrust was warranted, but some was not), meant that open market purchases might not channel the funds to banks under depositor attack, similar to the breakdown of communications on September 11, 2001 described by McAndrews’ and Potter (2002, p.72). The mechanism for currency creation under the Aldrich-Vreeland Act would have provided credit at the bank’s initiative directly to banks needing it most. V. A Concluding Recommendation for Current Federal Reserve Policy
The Aldrich Vreeland Act helped William G. McAdoo triumph over the financial crisis during the summer of 1914. Two key characteristics of the process — direct aid to an individual bank, at the initiative of the bank — suggest that the Aldrich Vreeland mechanism would be especially appropriate in avoiding discretionary delays in liquidity provision and in circumventing problems associated with funds transfers among financial institutions. The Federal Reserve’s revised guidelines for extending primary credit at the discount window moved in the direction of the Aldrich-Vreeland Act by limiting discretionary delays, but still falls short.

The Federal Reserve should complete the progress it has made towards incorporating the 1908 emergency currency legislation in its operating procedures.

VI. References:
Chandler, Lester V., 1971, American Monetary Policy: 1928-1941, Harper & Row publishers, New York.

Comptroller of the Currency, 1907, Annual Report, Government Printing Office, Washington, D.C.

Friedman, Milton, and Anna J. Schwartz, 1963, A Monetary History of the United States, Princeton University Press.

McAndrews, James J. and Simon M. Potter, 2002, “Liquidity Effects of the Events of September 11, 2001,” Federal Reserve Bank of New York

Review, November Meltzer, Allan H., 2003, A History of the Federal Reserve, Volume I, 1913-1951, Chicago, University of Chicago Press

Noyes, Alexander D., 1916, Financial Chapters of the War, Charles Scribner’s and Sons, New York

Silber, William L., 2007, When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America’s Monetary Supremacy, Princeton University Press

Sprague, O. M. W., 1915, “The Crisis of 1914 in the United States,” American Economic Review, Volume 5, No. 3, pp. 499-513

Conclusion: 

If the creation of wealth for the reason outlined had not been so manipulated as to eventually allow the use of “The Albert Vreeland Act” to be use in such a way, as to give rise to the eventually creation of “The Federal Reserve” allowing currency to become controlled under the “The Office of the Comptroller of the Currency in the offices of the US Treasury ” we would not be in the position we are today.

The blatant misuse of the certain acts, enabled a misdirection to take place, allowing the then “Treasury Secretary ” William McAdoo to as it was put – McAdoo flirted with Aldrich-Vreeland currency during the spring of 1913 allowing him to eventually both manipulate and control the price of gold and the eventual allowing banks to issue national bank notes, an important form of currency in pre-Federal Reserve days, without the normal requirement that the currency be secured by U.S. Government bonds.

The overall plan being to put in place a way of “Printing Currency at Times of Financial Crisis” or at such time of needing to raise “The Debt Ceiling” levels above their norm ,even when the amount owed in “Debt Repayments” exceeds the GDP of the country.

The fact that simply by “Creation of Currency Legislation” allowing control of “Peoples Spending” by valuation and devaluation of their effective currency, they could use the “Federal Reserve” as a tool for currency manipulation, and create what has become simply known as “Quantitative Easing” to borrow more against the book debt, by simply revaluing the book debt by how much you owe in debts.                   

This eventually led to what is now termed as inter-bank lending that was started here – “Open market operations, the preferred method of injecting funds in the modern banking system, may not have accomplished its objective. Impaired funds transfer prevented some banks that needed cash from borrowing it in the inter-bank market”. This was cited as ” Direct aid to individual banks needing liquidity may be the best way to combat a panic under wartime conditions”. Interruptions in communications facilities, caused by total war or by terrorist attacks, can precipitate liquidity shortages at specific financial institutions. McAndrews and Potter (2002, p.72) cite the importance of the Federal Reserve’s lending at the discount window to individual banks as the key to mitigating the financial consequences of the terrorist attacks of September 11, 2001.

Finally this led to the single currency of US of A and the creation of more of the same leading to the eventual “Financial Crash of 2008”

But of course the real reason was Money!

The route or root of all evil – but not so, as the real saying is ” The Love of Money is the of All Evil” and it is that word “Love” that makes all the difference, between “Good and Evil” as it measures the person as either “Wanting or Lacking” as so many a person now destitute or alone or having taken their own life, all for the “Want” of money!

The Bible steps up to the plate so many times as a way to change but simply put ” Change Or Be Damned” seems to fit the bill in this case, as chasing the ” Dollar a Day” as a way to build you future is gradually dying a death, as the new kid on the block “China” says no longer are you our ” “Preferred Reserve Currency” the question in the future will not be, is it the Chinese, Hungary, Russia, India, Syria or Turkey [C.H.R.I.S.T] that is in charge ,but simply –

“The Word of God ”

Amen.    

 

#acebankingnews, #acefinancenews, #acemoneynews, #aldrich, #banking-in-the-united-states, #bitcoin, #congress, #federal-government-of-the-united-states, #federal-reserve, #federal-reserve-system, #great-recession, #new-york, #new-york-stock-exchange, #panic-of-1907, #quantitative-easing, #u-s-government, #united-states, #united-states-congress, #world-war-i

Congress the Other Day Forced Asbestos Victims and Their Families to Release Private Information that will Put Them at Risk of Identity Theft

United States House of Representatives Seal

United States House of Representatives Seal (Photo credit: DonkeyHotey)

 

#AceWorldNews  says ” Asbestos Victims React To House Vote On H.R. 982 a few days ago that requests them to release private information ,that will put them at risk of identity theft”

 

Leaders of the Asbestos Cancer Victims Rights Campaign today reacted strongly to the 221-199 vote to pass the FACT Act, H.R. 982, by the House of Representatives.

 

Susan Vento, widow of Rep Bruce Vento (D-MN):

 

“I’m deeply disappointed in the vote, but grateful to the Members of Congress who stood up for asbestos victims and their families in opposing legislation that hurts cancer victims. We will continue to oppose this legislation and ensure that it never becomes law.”

 

Judy Van Ness, widow of Naval Veteran Richard L. Van Ness, commented after the vote:

 

Congress today forced asbestos victims and their families to release private information that will put them at risk of identity theft. This delays and could deny badly needed compensation to victims and their families.”

 

Contact: Joy Howell, ACVRC
202-828-7838, c-202-302-5932

 

 

 

 

 

 

English: photograph of Bruce Vento from http:/...

English: photograph of Bruce Vento from http://bioguide.congress.gov (Photo credit: Wikipedia)

 

SOURCE  Asbestos Cancer Victims Rights Campaign

 

Asbestos Cancer Victims Rights Campaign

 

WASHINGTON, Nov. 13, 2013 /PRNewswire-USNewswire/ —

 

 

 

#acehealthnews, #acejusticenews, #acenewsgroup, #asbestos, #bruce-vento, #cancer, #fair-and-accurate-credit-transactions-act, #identity-theft, #member-of-congress, #pr-newswire, #united-states-congress, #united-states-house-of-representatives

Bread for the World Urges Congress to Protect Food Stamps and Improve International Food Aid in the Farm Bill

Bread for the WorldAs millions of families brace for automatic cuts to SNAP (the Supplemental Nutrition Assistance Program, or food stamps), members of the House and Senate meet today to finalize a farm bill that will impact vital anti-hunger programs–specifically SNAP and international food aid.

“Struggling U.S. families will suffer enough hardship as a result of this week’s food stamp cuts,” said Rev. David Beckmann, president of Bread for the World. “We must urge Congress to protect life-saving anti-hunger programs and not balance the budget on the backs of hungry people who cannot afford additional hardship.”

SNAP effectively and efficiently helps more than 47 million low-income Americans put food on the table. Even though unemployment and poverty have remained high, the number of families at risk of hunger has not increased since 2008. Unfortunately, Congress voted twice in 2010 to cut SNAP in order to pay for other priorities. Eleven billion dollars in cuts to the program–or nearly 10 million missed meals per day–will take effect this Friday.

Food StampsProposed food stamp cuts the range from $4 billion to $39 billion.

Congress is also considering improvements to international food aid programs that will increase flexibility, cost-effectiveness and efficiencies in order to better respond to global hunger and malnutrition in the 21(st) century.

“Last year, international food aid programs reached more than 66 million people affected by famine, disasters and other emergencies,” added Beckmann. “Still, our food aid programs could be more efficient. Bread for the World supports these and other changes that reduce global hunger and malnutrition.”

Bread for the World urges lawmakers to support a farm bill that reduces hunger in the United States and around the world by protecting and strengthening SNAP and improving international food aid.

Bread for the World (www.bread.org) is a collective Christian voice urging our nation’s decision makers to end hunger at home and abroad.

SOURCE  Bread for the World

Courtesy of Bread For The World  

Website: http://www.bread.org

 

#acefoodnews, #bread-for-the-world, #congress, #david-beckmann, #food-aid-programs, #food-stamps, #friday, #hunger, #international-food-aid, #poverty, #snap, #supplemental-nutrition-assistance-program, #united-states, #united-states-congress, #world