In this report, I cover the early market action from London on Thursday, August 29th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
With the furore created by former New York Fed President Bill Dudley's op-ed piece on Bloomberg in which he called for the Fed to try and overthrow President Trump, I will today look at the origins of the U.S. Central Bank.
The interesting thing about the Federal Reserve is that it is as federal as Federal Express and that it has no reserves. I will reference two interesting books that I think will help viewers understand the Fed and the powers behind it.
The Secrets of the Federal Reserve by Eustace Mullins is a must-read and it shows the private and international banking powers behind the Fed while the House of Morgan by Ron Chernow is also very helpful in understanding the subject as well.
My conclusion about the U.S. Central Bank is always the same and that is that it should be abolished. In a truly free market where there is competition, there is no place for a State-sponsored private monopoly that controls the money and credit of a nation.
"The Secrets of the Federal Reserve" by Eustace Mullins: https://www.amazon.co.uk/Secrets-Federal-Reserve-Eustace-Mullins/dp/0979917654
"The House of Morgan" by Ron Chernow: https://www.amazon.co.uk/s?k=the+house+of+morgan+by+ron+chernow&i=stripbooks&ref=nb_sb_noss
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