How Trump’s Nominee for the Fed Could Turn Central Banking on Its Head

 

President Donald Trump on July 10 nominated Randal Quarles to be one of the seven governors of the Federal Reserve System, the central bank of the United States.

Before I get to Quarles and his qualifications, it’s important to understand the Fed and what it does. Its decisions are vital to every person on the planet who borrows or lends money (pretty much everybody) since it has enormous influence over global interest rates. Its board of governors also influences most other aspects of the global financial system, from regulating banks to how money is wired around the world. Continue reading

On the Road to Autonomy

BERLIN/WASHINGTON (Own report) – Recent media reports have, for the first time, disclosed US American interference in German business deals with recalcitrant countries. US authorities intervene directly, if German companies carry out financial transactions, for example, with Iran. Repeatedly, Washington has successfully blocked business deals – even though they had been legal in Germany – and had the respective employees and board members fired from their jobs, using the justification that (German) companies with sites in the USA are subject to US law. This also applies to bilateral US sanctions imposed, for example, on Iran. This means that Washington actually succeeds in transposing US domestic law onto other countries, including Germany. The most recent example: Washington is considering a veto on a Chinese company’s taking over Aixtron, a German chip equipment manufacturer. President Obama is expected to announce his decision today, Friday. These US-practices have been disclosed at a time of political transition, as Berlin is reinforcing its efforts to create an EU armed forces, to achieve “strategic autonomy” and become a world power. This arrogant US interference in the German-European economy is a taboo that cannot be tolerated on the road toward the long anticipated “superpower Europe.”

Russia threatens to change Iran stance over US sanctions

Moscow warns it will respond to Washington’s ‘unfriendly gestures’; US Treasury enforces financial sanctions

MOSCOW — Russia on Tuesday angrily criticized the latest US sanctions, saying they could derail cooperation with Washington on dealing with the Iranian nuclear standoff and the Syrian crisis.

The Russian Foreign Ministry on Tuesday dismissed the new US sanctions as unfounded and warned Washington that its actions “are putting in question the prospects for bilateral cooperation in settling the situation around the Iranian nuclear program, the Syrian crisis and other acute international problems.”

“We haven’t left, and will not leave, such unfriendly gestures without response, as Washington might have seen,” the ministry said. Continue reading

Number of U.S. expatriations reaches record high In 2013

The Treasury Department published the names of 560 Americans who renounced their citizenship or are long-term residents who gave back their green cards during the third quarter of 2013, The Wall Street Journal reported. According to tax lawyer Andrew Mitchel who tracks the data, these expatriations reached a record high of 2,369 for the year. The prior highest number of published expatriates was in 2011, said Mitchel. Continue reading

Braced for imminent nuclear accord with Iran, US pulls away from military option, IDF stays on the ready

This is a followup from a previous DEBKAfile article, which can be found here:

Mystery of missing ayatollah: Ali Khamenei’s three-week seclusion for work on nuclear deal with US

Israel’s high command, working on the assumption that an American-Iranian nuclear accord is near its final stage, plans to keep in place advanced preparations for a unilateral military strike on Iran’s nuclear program into 2014 – hence the IDF’s request for a supplemental NIS3.5bn (app. $1bn) defense budget this week.

DEBKAfile’s military sources report exclusively that the main body of the accord is essentially complete. All the same, President Barack Obama plans to announce before Christmas that only partial agreement has been achieved and negotiations will continue.

He will be cagey in public – partly because not all parts of the accord have been finalized, although the pace of US-Iranian negotiations have been accelerated, and partly to avoid coming clean on the full scope of the deal with Tehran. Continue reading

U.S. unlikely to block Chinese purchase of Smithfield

The U.S. government should soon give the go-ahead for the largest ever Chinese acquisition of a U.S. company: a Chinese food group’s $4.7-billion (U.S.) deal to buy Smithfield Foods Inc., a person familiar with the matter told Reuters.

Government approval of the purchase of Smithfield by Shuanghui International Holdings would be a major step forward for the deal. But it still needs shareholder approval, and at least one substantial shareholder is looking for a higher price. Continue reading