Deceptive Warnings: Nearing Economic Disruption, the Fed Distorts Perception

Notes:

¹ "Alan Greenspan Speech Before the Advancing Enterprise Conference, London, England " , December 2, 2005, http://www.federalreserve.gov/boarddocs/speeches/2005/200512022/default.htm
² "Alan Greenspan Speech to the To the Federal Reserve Bank of Philadelphia Policy Forum", December 2, 2005,
http://www.federalreserve.gov/boarddocs/speeches/2005/20051202/default.htm
³ "Debt Level Places U.S. at Risk", The Boston Herald, April 4, 2004.
⁴ "Comments by Governor Ben S. Bernanke, At the Conference to Honour Milton S. Friedman, University of Chicago", November 8, 2002; www.federalreserve.go/boarddocs/speeches/2002/20021108/default.htm
⁵ Under S. 2A of The Federal Reserve Act, the Fed is tasked to "...maintain long run growth of the monetary credit aggregates commensurate with the economy's long run potential to increase production so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."
⁶ This is not strictly a US practice. Canada's government statistics agency Statistics Canada uses similar methods to define-down inflation.
⁷ Federal Reserve Bank of St. Louis data: December 2004 : M3 = $ 9,478 Billion ; December 1994: M3 = $4,372 Billion
⁸ "Release: Federal Reserve discontinuance of M3"; www.federalreserve.gov/releases/h6/discm3.htm
^9] Caroline Baum, " Europeans, Conspiracy Theorists Lead M3 Mourners"; November 22, 2005, Bloomberg; http://quote.bloomberg.com/apps/news?pid=10000039&refer=columnist_baum&sid=abJD2CVu7kHk
¹⁰ Peter Warburton, "Debt and Delusion: Central Bank Follies That Threaten Economic Disaster", 1999, Penguin Books.
¹¹ Peter Warburton, "Debt and Delusion: Central Bank Follies That Threaten Economic Disaster", 1999, Penguin Books.
^12] "OTC derivatives market activity in the first half of 2005", Bank for International Settlement; www.bis.org/press/p051117.htm
¹³ Peter Warburton, "The Debasement of World Currency: It Is Inflation, But Not As We Know It", April 21, 2001, Prudent Bear; http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=8763
¹⁴ "Greenspan: "The traditional fixed rate mortgage may be an expensive method of financing a home"", Merk Investment Newsletter, 23 February 2005, Merk Investments; http://www.merkfund.com/merk-perspective/insights/2004-02-23.html
¹⁵ "Greenspan: "The traditional fixed rate mortgage may be an expensive method of financing a home"", Merk Investment Newsletter, 23 February 2005, Merk Investments; http://www.merkfund.com/merk-perspective/insights/2004-02-23.html
¹⁶ "Greenspan: "The traditional fixed rate mortgage may be an expensive method of financing a home"", Merk Investment Newsletter, 23 February 2005, Merk Investments; http://www.merkfund.com/merk-perspective/insights/2004-02-23.html
¹⁷ "A Call to A.R.M.s", 24 March, 2005,Time Magazine; http://www.time.com/time/globalbusiness/article/0,9171,1101040322-600886,00.html
¹⁸ "Greenspan Warns on Mortgages", September 26, 2005, The Financial Times; http://news.ft.com/cms/s/640889ea-2ec4-11da-9aed-00000e2511c8.html
¹⁹ Alan Greenspan Humphrey Hawkins Testimony, July 2005; www.federalreserve.gov/boarddocs/hh/2005/july/testimony.htm
²⁰ "Bernanke: There's No Housing Bubble to Go Bust", October 26, 2005, The Washington Post, http://www.washingtonpost.com/wp-dyn/content/article/2005/10/26/AR2005102602255.html
²¹ "Greenspan issues fresh warning to investors", September 27, 2005, Associated Press; http://www.msnbc.msn.com/id/9503454/
²² Rob Parentau, "Apologia of a Central Banker: What does this tell us?", October 3, 2005, link, The Prudent Bear; http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=47213
^{23] "Supply Demand Mix Shifting in the Housing Market" , Merrill Lynch Newsletter; http://www.sortweb.com/cwsimages/Miscfiles/2238_Housing.pdf
24 "Stability Fanned Excess, Fed's Greenspan Warns", October 12, 2005, The Wall Street Journal; http://online.wsj.com/article/SB112912033862066569.html?mod=home_whats_news_us
25 "The Doctrine Was Not to Have One", August 26, 2005, NY Times; http://www.nytimes.com/2005/08/26/business/26fed.html?ex=1282708800&en=f6fd47041180d680&ei=5090&partner=rssuserland&emc=rssCopyright © SafeHaven.com
26 "Don't Worry About the Post-Greenspan Era: Central Banking Itself Has Been Elevated", WSJ; http://online.wsj.com/public/article_print/SB112708168486544319-0S8Fb4mhCC9SD8aQvKnhyk4XzUo_20060918.html
27 "Remarks by Governor Ben S. Bernanke Before the National Economists Club, Washington, D.C.", December 2, 2004.
28 "Greenspan Warns U.S. on Budget Deficits", November 3, 2005, Associated Press; http://biz.yahoo.com/ap/051103/greenspan.html
29 "Greenspan Warns on Deficits, Trade", August 26, 2005, Associated Press, http://www.cbsnews.com/stories/2005/08/26/national/main797050.shtml
30 Frank Shostak, "Inflation, Deflation, and the Future", www.mises.org/story/309
31 Louis Uchitelle, "To Fight Rising Prices, Fed Nominee May Need New Weapons", November 4, 2005, The New York Times; http://www.nytimes.com/glogin?URI=http://www.nytimes.com/2005/11/04/business/04fed.html&OP=17f2a4fcQ2FALROADeQ26Q23Q7BeeFQ7EAQ7EQ5DQ5DgAkkAQ5DQ7DAO.Q23_Q3DRQ23Q23AQ5DQ7DYRD82FQ27Q22
32 University of British Columbia MBA class discussion, Fall 1997.
33 "Testimony of Chairman Alan Greenspan Before the Committee on Banking and Financial Services, U.S. House of Representatives", July 24, 2998; http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm}