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I have thoroughly enjoyed the analysis and interviews at The Daily Bell, which has so often been a voice of reason during these perilous times
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The Daily Bell is a must-read for anyone who wants to understand the effects of the state on our economic future.
For alternative views on contemporary politics, culture and science, from a libertarian point of view, check out The Daily Bell.
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The Daily Bell should be on everyone's shortlist of news sources you can trust. It's on mine, and we often refer to it in our own weekly news service at The Reality Zone.
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There is no other publication in print or on the Internet like The Daily Bell. They have the courage to report the truth and analyze current foreign policy, politics and economic events in the context of a formerly hidden history of financial elites.
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At a time when growing majorities worldwide are tuning out mainstream news, people are seeking the cutting edge, insightful and thought provoking analysis that The Daily Bell consistently provides.
I read The Daily Bell every day and I find it very informative.
I really enjoy reading The Daily Bell for the excellent research and content provided on a wide variety of issues vital to the Freedom Movement.
Sit down to read from The Daily Bell and experience a jolt of intellectual energy.
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The Daily Bell does a remarkable job of exposing how money power uses central banking to crush people into submission via global government with economic and political slavery being the desired end result.
The Daily Bell is one of the most innovative and in-depth websites on the Internet. The breadth of the content is awe inspiring and the amount of knowledge imparted is almost impossible to quantify. For me, as a liberty minded seeker of knowledge, it is a must read.
The Daily Bell features consistently solid analysis of and thoughtful challenges to contemporary statism. I am proud to be on the team.
Liberty is under assault by Big Government. The Daily Bell is an essential tool for information for those who want to fight for freedom.
THE DAILY BELL IS A MUST-READ
Because the world is changing so rapidly, it is difficult to keep up, which means The Daily Bell is a must read. I consider the information critically important reading.
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The Daily Bell is an informative source of information and commentary from leading figures in the liberty movement. It's a pleasure to be interviewed alongside far more notable individuals.
Get outside the box with The Daily Bell and experience independent views.
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The Daily Bell has come out of nowhere to introduce to the Internet community some of the most intriguing and proactive interviews there are out there. Let's hear it for creativity and being ahead of the curve.
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There are very few publications out there that have the smarts and guts to tell the truth about the dictatorial forces at work destroying our civilization. Thankfully The Daily Bell is one of them, and it appears in the mailbox every day.
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The good and the bad, the big dogs and the small, the thinkers and the doers among libertarians and on the "Right" – you can encounter them all in The Daily Bell's exclusive weekly interviews. Indispensable.
The Daily Bell is a fantastic source of challenging thought from a wide range of freedom loving people.
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The Daily Bell website is one of the authentic voices cutting through the clouds of vapid opinion, the morass of mediocre media and the confusion of Orwellian doublespeak. The Bell website lives up to its name, ringing unheard messages of truth in our ears.
The Daily Bell affords an excellent alternative perspective on some of the noise and nonsense of mainstream media. In particular, I enjoy reading Anthony Wile's 'free-market analysis' on current subjects and articles. Very insightful.
I consider The Daily Bell essential reading for anyone desirous of understanding the way the world really works.
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GREAT JOB, DAILY BELL
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Why No Glass-Steagall II? ... Eighty years ago this month, Ferdinand Pecora, the cigar-chomping former assistant district attorney for New York City, was appointed chief counsel for the US Senate Committee on Banking and Currency. In subsequent months, the hearings of the Pecora Commission featured many sensational revelations about the practices that led to the 1930's financial crisis. – Project Syndicate
Dominant Social Theme: It is simply common sense. If banks can't gamble their own money in the big casino of the global stock market, they won't go broke.
Free-Market Analysis: Barry Eichengreen is a professor of economics and political science at the University of California, Berkeley, and a former senior policy adviser at the International Monetary Fund. So why does he, in our view, misrepresent the history of the financial industry in this article posted over at Project Syndicate?
He writes about the US Glass-Steagall Act, which separated commercial and investment banking and suggests that it should be reinstituted. He is a fan of Ferdinand Pecora, whom Franklin Delano Roosevelt picked to head up the 1930s hearings that led to various regulatory impositions including the Securities and Exchange Commission. True, he doesn't mention that there is in force a Volcker Rule currently ... but maybe that's because the Volcker Rule is such a weak version of Glass-Steagall that it's not worth commenting on.
The big issue as regards the Volcker Rule is that it is only in force for 60 days. And thus, banks like Goldman Sachs can restructure their proprietary trading so that their trades are set for longer than 60 days and thus not break the rule. Ironically, trades can be removed before 60 days without breaking the rule, so far as we can tell. It's not much of an impediment. Here's some more from the professor's editorial:
Glass-Steagall ... created federal insurance for bank deposits. With unit banking (in which all operations are carried out in self-standing offices) viewed as unstable, banks were now permitted to branch more widely. Glass-Steagall also strengthened regulators' ability to clamp down on lending for real-estate and stock-market speculation.
The hearings also led to passage of the Securities Act of 1933 and the Securities Exchange Act of 1934. Securities issuers and traders were required to release more information, and were subjected to higher transparency standards. The notion that capital markets could self-regulate was decisively rejected ...
Another popular argument for the success of 1930's reform is that Congress had already agreed on a diagnosis of the problem and could build on its own earlier efforts to treat it. Senator Carter Glass had been pushing for years for more permissive branching laws and centralized supervision of banks. He had already introduced a bill containing several such measures in January 1932 ...
Ultimately, the explanation for the passage of far-reaching financial reform can only be the severity of the crisis. In the 1930's, the Great Depression brought the entire economy to its knees. The need for root-and-branch reform was undeniable. After 2008, by contrast, policymakers succeeded in preventing the worst, which ruled out the sense of urgency that surrounded the Pecora Commission hearings. The ultimate irony is that this very success led to less reform.
Leave aside the professor's strong supposition that the 1930s security reforms constituted "a success" and one is still left with a curious presentation of history. He writes that the Great Depression brought "the entire economy to its knees." Not so fast ...
Actually, it was the Federal Reserve's illegal overprinting of dollars that led to the stock market crash and subsequent economic contraction. This contraction would have been over quickly had Roosevelt not begun a decade-long attack on free markets, loading them down with taxes, regulations and tariffs.
It is simply sad that the economics profession is filled with intelligent people who have the capacity to carry two completely contradictory ideas in their heads at the same time. The first idea is that regulation works. The second is that price fixing doesn't.
Ask any savvy observer of markets and economic activity if laws restricting people's freedom of action when it comes to buying and selling are a good idea, and he will probably say no. But at the same time, this person may well espouse legislation that amounts to the same thing.
Regulations ARE price fixes. They don't work the way they are expected to because they cannot. They always encourage activity that is different from what was anticipated because of what Austrian economists call "human action." Confronted with government mandates forbidding a certain activity, people will seek a way around it.
In the case of Glass-Steagall, one could argue that it did not appreciably "calm" the markets in the 20th century because the problem it was addressing had to do with Fed overprinting of money, probably on purpose to get rid of the gold standard.
Thus, what Congress should have removed was the central bank, not the ability of this or that private bank to trade proprietarily, something they'd done successfully for decades.
The financial history related in this article is well known by now. It is all over the Internet. At the very least, the professor should take the time to rebut it before advancing an alternative view of history that seems more like a power elite promotion than a clear-eyed view of the evolution of US markets.