Neel Kashkari, the at-the-time little-known Goldman Sachs banker who was put in charge (by Treasury Secretary and former Goldman Sachs CEO Hank Paulson) of the Troubled Asset Relief Program (that is, the bank bailouts) in 2008, has been named the new president of the Minneapolis Federal Reserve Bank.
A shipment of $93 million in cash, traveling from Zurich to the Federal Reserve Bank of New York, arrived with $1.2 million missing, according to ABC News. The shortage wasn't noticed till the Fed counted the money, which had left Switzerland on Saturday in three sealed crates bound for JFK Airport.
Today, New York Times columnist and Nobel prize winning economist Paul Krugman wrote that President Obama should be "absolutely" prepared to mint a one trillion dollar platinum coin and use it to pay the government's bills. It wasn't a typo: a lot of people are discussing the trillion-dollar coin as a way to avoid a fight over the debt ceiling. But what is it? And why? And whose face will be on it? Here's our guide.
Are American right-wing terrorists no longer competitive in their own country? Fifteen years ago, any terrorist plot against the New York Federal Reserve building would surely have been the product of one of our many fine homegrown white-nationalist separatist Christians, trying to stop Barack Maobama's Jewish bankers from taxing white babies. But now foreign-born students are moving here, and beating out our terrorists for some of the best plots: Today, the FBI arrested a 21-year-old Bangladeshi student, Quazi Mohammad Rezwanul Ahsan Nafis, for attempting to blow up the Fed building 1,000 pounds of explosives. Where's Thomas Friedman when you need him?
The Federal Reserve is working toward monitoring Facebook and Twitter to find out what people online are saying about the government bank's discount rate, open market operations and overall monetary policy. Do we tell them now that no one on Facebook or Twitter has ever given a shit about any of those things, or leave it for a surprise?
The Federal Reserve's Open Market Committee responded to congressional Republicans' unprecedented letter warning that "further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy" by, well, intervening further anyway! Slightly further. Helpfully further? Eh, probably not.
The Republican party's sudden hatred of the Federal Reserve and easier monetary policy, as encapsulated by Rick Perry's suggestion that Fed chairman Ben Bernanke might be committing "treason" by "printing money," is considered a vindication of Rep. Ron Paul's growing ideological clout among the party's rank-and-file. Ron Paul's goal for several decades has been to eliminate the Federal Reserve, after all! And yet even he thinks that Perry's comments were kind of insane.
So this, this is what a web video for a presidential campaign with no money looks like: Get out the video camera, Metro over to the Federal Reserve for a couple of exterior shots, Metro back to some closet you rent out as an office, and babble about a Federal Reserve audit that already has plenty of support in Congress with or without a once-in-a-century intellectual force like Newt Gingrich as the driving force behind it.