“Shock and awe” is how the Pentagon described the opening stages of the 2003 U.S. invasion of Iraq: overwhelming force designed to demoralize the enemy into surrendering. Having witnessed how spectacularly that war turned out, the Obama administration decided to employ the same tactic, in a metaphorical sense, to the European debt crisis.
Congressman Ron Paul (R-Texas) and Senator Bernie Sanders (I-Vt.) had long worked together on their campaign for a full audit of the Federal Reserve, which emerged last year as H.R. 1207 and S. 604. Dr. Paul's House version of the Audit the Fed bill had 319 cosponsors; Sanders’ Senate version, 32 cosponsors. Despite these bills’ massive popularity with a public grown increasingly suspicious of central banking, efforts to audit our central bank, the Federal Reserve, have been effectively thwarted for the time being.
Quick: What’s a “derivative”? The difference between a “custodial account” and a “trust”? “Listed” versus “unlisted” markets? “Debentures”? How about “price earning ratios”? “Assets” per se, versus “net asset value”? “Capitalism” versus “capitalization”? Stumped? Well, don’t feel badly. Most of your friends and neighbors are stumped, too, unless they majored in economics and are pursuing finance as a career.
Vice President Joe Biden predicted job growth of 250,000 to 500,000 jobs a month in the next two months, according to CNBC on Monday. Biden was speaking at a political fundraiser in Pittsburgh, where he said, “We caught a lot of bad breaks on the way down. We’re going to catch a few good breaks because of good planning on the way up.... All in all, we’re going to be creating somewhere between 100,000 and 200,000 jobs next month.” Even though some have cautioned Biden about his excessive and premature enthusiasm, Biden continued: “I’m here to tell you some time in the next couple of months we’re going to be creating between 250,000 jobs a month and 500,000 jobs a month.”