From
Jerome Corsi's Read Alert - Japan's central bank has launched a 5 trillion yen ($60 billion) effort to buy a wide range of debt, including government bonds, corporate IOUs, real-estate investment trust funds and exchange-traded funds, setting off global concerns that central banks around the world are prepared for more quantitative easing. This came as the dollar hit fresh lows, reaching a record low against the Swiss franc, a 27-year low against the Australian dollar and a 15-year low against the Japanese yen. The Federal Reserve appears ready to restart the huge bond-buying effort ended last March, resuming government bond purchases as early as its next upcoming Nov. 2-3 scheduled meeting. What this means is that the Federal Reserve has decided to go back into the business of buying U.S. Treasury-issued debt by reinvesting into longer-term U.S. Treasury bonds the proceeds from expiring Fannie Mae and Freddie Mac mortgaged-backed securities that the Fed bought, mostly last year. "With interest rates already close to zero, the Fed will have to execute any monetary stimulus through the management of its balance sheet," the Financial Times in London reported. In the six weeks since the Fed announced that it would begin further easing of monetary policy, using its balance sheet to buy Treasury debt – part of a "quantitative easing" policy – the dollar has fallen 7 percent against a basket of currencies, the Wall Street Journal reported Friday. The moves by the Japanese and U.S. central banks indicate that global monetary policy is approaching the end of the road, having exhausted nearly every tool of monetary policy available to stimulate economies that remain resistant to job growth. With economic indicators again deteriorating, the White House is in near panic-mode, worried the economy will nose-dive just before the November mid-term elections into the second dip of the most serious economic downturn the U.S. has experienced since the Great Depression of the 1930s. Last week, Japan's central bank also moved rates to near zero, joining the United States Federal Reserve in using the last full measure of traditional monetary policy to stimulate economic growth.
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CURRENCY WARS: Japan sets interest rates at 0
From KOB.com - By: Jeff Maher, Eyewitness News 4 - KOB Eyewitness News 4 has learned there is going to be some serious discussion Friday morning with some APS school board members pushing the district to sue the state. They would be trying to get millions they say the state should be giving the school district. Not all school board members think a lawsuit is the best move to take. APS school board President Marty Esquivel says suing the state could backfire on the school district. He says it could cost up to $1 million and with appeals, could go on for years. And he says there is no guarantee that constitutionally, the courts have the authority to mandate a certain amount of funding for the state to give to education. "This is nothing that I think APS could do on its own, other school districts would have to step up and be apart of it," Esquivel said Thursday. Esquivel says public education currently makes up about 45 percent of the state's budget. He says that used to be higher; about 53 percent more than a decade ago. Some school board members, including Robert Lucero, are not satisfied with that, and are pushing for a lawsuit. "The constitution states clearly that education is supposed to be funded adequately," said Lucero. Lucero points out that previous successful lawsuits against the state have ensured a set amount of funding to be allocated to state prisons for each prisoner. He thinks APS could do the same. Read more
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