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.
The Daily Bell features consistently solid analysis of and thoughtful challenges to contemporary statism. I am proud to be on the team.
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 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.
OUT OF THE DARK
The Daily Bell leads us out of the dark tunnel of manipulated press into the light of free press.
Get outside the box with The Daily Bell and experience independent views.
CUTTING EDGE ANALYSIS
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.
PROFOUND AND PROVOCATIVE
Every day, I rely on the Daily Bell for a different perspective you'll never find in the regular media. It's an analysis and timely insight that is profound and provocative.
AHEAD OF THE CURVE
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.
SOURCES YOU CAN TRUST
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.
I read The Daily Bell every day and I find it very informative.
READ IT EVERY DAY
A defender of free markets, The Daily Bell takes a libertarian approach to expose and unravel global misinformation. Read The Daily Bell – every day!
For alternative views on contemporary politics, culture and science, from a libertarian point of view, check out The Daily Bell.
GUTS, OBJECTIVITY, WISDOM
Rarely does a publication have the guts and objectivity to tell it like it is, yet the eloquence and wisdom to listen carefully to the ‘other side.’ This is The Daily Bell accomplishing its daily mission.
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.
A LEADING LIGHT
The future is created by the people who build it, not the people who predict it will not exist. You can meet lots of important builders by reading The Daily Bell.
MESSAGES OF TRUTH
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.
INFORMATIVE SOURCE OF INFORMATION
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.
TRUTH AT WORK
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.
SEPARATES WHEAT FROM CHAFF
The Daily Bell is a true beacon to lead in helping the reader to separate the wheat from the chaff.
A MUST-READ FOR EVERYONE
The Daily Bell is a must-read for anyone who wants to understand the effects of the state on our economic future.
The Daily Bell is a fantastic source of challenging thought from a wide range of freedom loving people.
THOUGHTFUL NEWS, EXCLUSIVE INTERVIEWS
I always read the Bell. The news items are thoughtfully selected, and the interviews are unavailable elsewhere.
GREAT JOB, DAILY BELL
I can say that, unlike the mainstream press, The Daily Bell knows the questions to ask and has the chutzpah to ask them. They realize that socialism and Keynesianism are wrecking the world and they are helping to save what is left of liberty and free markets.
PREMIER FREE-MARKET ANALYSIS
The Daily Bell rings out for liberty every day. It is the premier online source for insightful and hard-hitting free-market analysis and interpretation of economic, political and business events.
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.
INSIGHT YOU CANNOT IGNORE
The Daily Bell provides unique insights on contemporary political, economic and social problems that can be found in such a concentrated form nowhere else. Whether one agrees or disagrees with it, one cannot afford to ignore it.
Liberty is under assault by Big Government. The Daily Bell is an essential tool for information for those who want to fight for freedom.
GREAT THINKERS YOU CAN'T GET ANYWHERE ELSE
The Daily Bell has revived that great old institution of the personal interview, extracting information from today's great thinkers you can't get anywhere else. Outstanding!
I consider The Daily Bell essential reading for anyone desirous of understanding the way the world really works.
The Daily Bell is an indispensable source of news and information for those seeking to curtail the power of the welfare-warfare state.
A VIRTUAL WHO'S WHO
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 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 enjoy reading The Daily Bell because it often has refreshing and novel ways of looking at things.
The Daily Bell has a great libertarian point of view, and excellent economic analysis. Add it to your daily reading.
VOICE OF REASON
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
PART OF MY DAILY NEWS DIET
I read it every day!
GREAT INVESTMENT INFORMATION
I love reading The Daily Bell! Interesting investment information, a political and social viewpoint that lets me know I'm not alone in the world and "annotated" with analysis. I highly recommend it to all interested readers.
NEVER MISS AN ISSUE
I love the Daily Bell. Every issue is principled and informative.
A Fistful of Euros
March 27, 2012
Editorial By Ron Paul
This week, my congressional committee will hold a hearing to examine how the Federal Reserve bails out European banks, propping up spendthrift European governments in the process. Unfortunately, this bailout comes at the expense of American citizens, in the form of higher prices and diminished savings down the road.
A good analysis of the Fed's "swap" scheme first appeared in the Wall Street Journal back in December, in an article by Gerald O'Driscoll entitled, "The Federal Reserve's Covert Bailout of Europe." Essentially, beginning late last year the Fed provided US dollars to the European Central Bank in exchange for Euros − sometimes as much as $100 billion at a time. The ECB then funneled those dollars to European banks to provide liquidity and prevent crises from bank insolvencies. Since the currency swap was not technically a loan, the Fed did not have to embarrass itself by openly showing foreign bank debt on its balance sheet. The ECB meanwhile did not have to print new euros and expose the true fragility of big European banks.
The entire purpose of this unholy arrangement was to obscure the truth: namely that the Fed was bailing out Europe with US dollars.
But why is it the business of the Federal Reserve to bail out European banks that find themselves short of dollars to pay their dollar-denominated contracts? After all, those contracts often were hedges taken to protect banks against weakness of the euro. Hedges are supposed to reduce risk, but banks that miscalculate should suffer their own losses accordingly. It's not our business if the ECB chooses to create moral hazards by providing liquidity to European banks, but why should the Fed prop up Europe's bad decisions!
The Fed has promised to provide unlimited amounts of dollars to the ECB, should circumstances require it. It boggles the mind. Of course, when Fed officials first entered into these swap agreements with the ECB last September, they did so quietly. The American public only found out via websites of the ECB, the Bank of England, or the Swiss Central Bank.
The Fed already has pumped trillions of dollars into the economy since 2008, and US banks currently hold $1.5 trillion of excess reserves. So why don't American banks lend those excess trillions to European banks if they really need dollars? If US banks could earn 1 or 2 percent on those loans, they might just be interested. But they can't compete with the ½ percent interest rate charged by the Fed to the ECB. That's one glaring example of the harm caused by the Fed's ability to create money and loan it at below-market interest rates.
The Fed argues that these loans will be temporary, merely providing a little boost to get Europe over the hump. But that's what they thought a few years ago when such lines of credit to the ECB were set to expire, only to see the Fed reauthorize them. What happens if the European financial system collapses? Will the Fed be left holding a bunch of worthless euros? Will the ECB simply shrug and turn over the collateral it received from European banks, maybe in the form of bonds from Ireland, Italy, or Greece? Have the 17 individual central banks backing the ECB pledged their gold holdings as collateral?
The Fed has placed a hundred-billion dollar bet on the future of the euro, with the strength of the dollar on the line. This is absolutely irresponsible, and directly contrary to market discipline. Let private banks, European or otherwise, take their own risks. Let foreign central banks inflate their own currencies and suffer the consequences. In other words, it's time to apply market principles to banks and money.