each federal reserve bank officially opened for business. reserve banks opened approximately five months ahead of schedule given the outbreak of war in europe, closure of the stock market in late july financial panic that occurred in august 1914. each reserve bank was able to serve as a lender of last resort and to conduct open market operations. later open market operations were consolidated in the new york fed. by year end 1914, the board employed 45 permanent staff and eight temporary staff. by year end 1915, the system had 499 employees, 58 of whom were at the board. operational responsibilities grew rapidly along with staffing such that the system has 12,540 employees by year end 1920. federal reserve did not gain a sense of permanence until 1927 when the mcfadden act eliminated the sunset provisions on the reserve bank's 20-year charters. during the great depression, the banking act of 1933 known as glass-steagall not only separated commercial and investment banking, but also created the federal open market committee. initially, the fom

they established the federal reserve to act as a cap start to the whole thing. the board was viewed at the time as a sort of regulatory agency that was supposed to oversee the operation of the regional reserve banks. so there was considerable confusion about what authority lay with the regional reserve banks and what authority lay with the federal reserve board. that confusion became a major problem during the great depression. the federal reserve bank of new york had a much more activist view of what it thought it should do. the federal reserve board -- a second problem was that wilson thought that it was not a good idea to put bankers on the federal reserve board because after all if you were creating a regulatory agency to oversee banks, if you put too many bankers on the board, they would be captured by the industry. so he put in a lot of people who knew nothing about banking. small town businessmen, some political acts. so the federal reserve board was characterized by -- was a remarkably inept institution in 1929. this has always been a challenge in any sor

on november 16, 1914 the federal reserve system began full-fledged operations. i want to specifically welcome our ward chairman both current and past, current and former board members and reserve tank presidents and distinguished members of our centennial of eyes or a council i welcome as well the board and reserve bank employees watching the ceremony throughout the federal reserve system today. with approximately 80 of us assembled in the boardroom this is the largest single gathering of current and former federal reserve senior officials in a history. we will begin our centennial commemoration by providing each of our chairman opportunity to share with us their thoughts and reflections on the history and perhaps also some noteworthy moments from the terms as chairman as the board of governors. first is my privilege to introduce paul volcker. he served as chairman of the board of governors from august august 79 to august 1987. prior to that he served as the president of the federal reserve bank of new york from august 1975 to august 1979. his leadership was note

the federal reserve act. and others saying, i think carter glass quotes and others saying, once we get this thing in place or now that this is in place, there won't be panics any more because people will know that there is someone there to act as lender of last resort to head off the panic. it's clear that that didn't work. not only in the '30s but in 2008. i think part of the issue was this business of so much migrating to the nonbank financial sector. that used to be thought of as a plus. you had banks, nonbanks. >> chairman greenspan once referred to it as a spare tire. the tire is flat. >> exactly. the spare tire is flat. all the tires were flat at the same time. >> and there was the fed trying to pump air in a tire with a hole in it. >> exactly. >> i'm sort of convinced the essence of monetary policy is picking the right simplistic cliched metaphor at the right time. >> that doesn't come back to haunt you later. >> true. the trouble is the wrong simplistic metaphor can do great damage. >> right. i think

plenty more announcements and plenty more actions ultimately if our demand for the federal for the federal reserve to be federalized if that demand isn't met by two thousand and fourteen sometimes or seventeenth then i think it's time to talk about reoccupied federal reserve absolutely will follow up with you and see where all of this goes that harrison schulte activists with fed up one hundred and r t's perry and boring thank you. and we're just learning that a central intelligence agency covert. action program bolstered by eavesdropping from the national security agency has helped the colombian forces kill more than two dozen leaders of rebel groups including the fark over the past decade this is all according to a new washington post report that reveals how the u.s. had been providing the colombian army with both human intelligence and a g.p.s. guidance kid when used together it would transform a regular bomb into a perception guided smart bomb that could accurately target specific leaders even in dense jungle the multibillion dollar covert program was authorized under president george w. bush

but i believe we're entitled to more than an audit the fed up one hundred is demanding that the federal reserve be federalized so that the treasury has the ability to print money then this will get us one step closer to putting the power to create money back in the hands of the american people as opposed to a private banking cartel right and one of the fed mandates of course is unemployment you know given that the unemployment rate is skrill pretty high what does that really say about how effective fed policy has been for the middle class. i don't think it's been effective for the middle class at all i don't think it's been effective for the poor classes for the marginalized classes at all i think this is an institution by and for the one percent. and perry and freedom works is an organization that is just for at least ten reasons to abolish the fed can you go over a few of the the reasons why they're advocating for an alternative here you know one of the biggest reasons that they believe it's unconstitutional the power to coin money in the constitution was clearly stipulated to be delegated to

that's outgoing federal reserve chairman ben bernanke. he's talking about unemployment, inflation, and monitory policy. he mentioned today that he set transparency as an important priority for the time that he served as fed chair. when he talks like that is the public meant to follow it or really is he talking in technical terms to an audience of journalists and others who understand the technical talk? >> i think he's doing the best to straddle both worlds. his first attempt to be colloquial than his "60 minutes" interview that he did. he has done a great job, especially when you consider where the fed is coming from. his predecessor alan greenspan led in policy by discretion. we're doing this because we think its best and we're not going to tell you the reasoning behind it, bernanke has gone out of his way to use explanations to the public. he uses terminology that may not be your average person's vernacular, but he has increased the amount of transparency. >> and in this case what does that mean? >> very low interest rates for a very l

scene the us federal reserve has reached its one hundred. not everyone is celebrating its government i'll stop straight ahead will tell you why a growing number of americans are fed up with effect from. plus the kabul government seems to be getting an upper hand in its ongoing battle with far as it turns out over cit program. assassinated dozens of our commanders and that's not all details next. and humanoid robots of dry sunny south florida all to compete in a challenge organized by the pentagon. coming up next and see what these machines can do. a fan. monday the twenty third time here in washington d c time in your id that we are watching our tea. today marks a very special birthday for the federal reserve believe it or not the central banking system has now been in existence for exactly one hundred years. it was created on december twenty third nineteen thirteen primarily as a result of a severe panic in nineteen oh seven that panic is often referred to as the meat locker prices and a set of financial downfall in which the new york stock

federal reserve did not gain a sense of permanence. not until 1927 when they eliminated the sunset provisions on the 20 are charters. during the great depression come in the banking act of 1933 known as glass people not only separated commercial and investment banking, but also created the federal open market committee. and initially it comprised 12 members selected by the reserve bank's while the board of governors that regulations governing open-market regulations. the sase was constructed and then president roosevelt signed in the banking law. and it was on form with voting numbers consistent of the seven members of the board of governors and the bank reserve presidents. 1977, congress clarified the federal reserve mandate by establishing three key objectives were monetary policy and maximum employment and moderate long-term interest rates that are part of this. and this has played a crucial role in u.s. and global economics and this includes maintaining stable price of goods and this can contribute to an effective payment system in

if you were on the federal reserve -- >> it's a very close call. >> if you were on the federal reserve financial policy committee, would you be concerned there are beginning of signs that this very easy money, lots of low rates is causing excess? >> yes. i think i would point to the leverage lending market, for example, where the terms on a lot of loans have become so-called covenant lights so a lot of the terms have gotten much easier. >> banks putting fewer and fewer strings. >> right. it's not just the banks. those loans tend to be securitized. the banks originate them and some are in the market. junk bond market. and there are other signs. i do think i would be somewhat concerned. i think the federal reserve has reacted in an entirely appropriate and proportionate way. among the things they've done is they have put out guidance on leveraged loans and said we are worried about what's happening here to the banks. you guys need to be more careful with what you put on your balance sheet but also what you originate and put through to the rest of the economy. they said they are going to

the federal reserve ought to begin to reduce bond purchases next week. the only question is we thought that in september and they were too nervous to do it then, they would still be too nervous to do it in december. >> what do you think is holding them back, david? >> i think they are at the personnel and federal reserve right now is about as devilish we've seen. i'm not sure what should hold them back further. i've called them wrong in the past, so i don't want to say it's a sure thing. logically, they absolutely should begin. this is the most extreme monetary policy we've had in 100 years of federal reserve. it doesn't make sense with the unemployment rate coming down. the economy is too strong for the federal reserve to keep emergency measures in place. >> when the fed does taper, bring this home to our audience, when does it mean for people's investments, portfolios and what does it mean if you're a borrower for mortgage rates or other personal loans? >> okay. for the economy, 2014 will not be a great year for the bond market like 2013. we expected l

that's outgoing federal reserve chairman ben bernanke.e's talking about unemployment, inflation, and highly accommodative monitory policy. and even today he mentioned that he set transparency as an important priority for a the time that he served as fed chair. when he talks like that is the public meant to follow or is he talking in-- >> during the press conference it's difficult for him not to get technical because we ask him somewhat technical questions, but i think he has done a great job. his predecessor alan greenspan believed in policy by discretion, and it was sort of we're doing this because we think its best. we're not going to tell you the reasoning behind it, and ba bernanke has gone out of his way to discuss the policy. he has not use the average person's vernacular, i think he does his best to describe why the fed is doing what it's doi doing. >> in this case what does this mean? >> very low interest rates for a very long time. the fed is going to remain supportive of the economy regardless of this small retreat from the won'

thest had one comment about federal reserve. i am not against the federal reserve. i am concerned about how monetary policy is used to be a de facto taxation when they drop interest rates and take money from people who are on fixed income and redistribute that two people who are trying to get out from under their homes. that is not under the purview of the congress is concerning. i just wanted to wish everybody a happy hundredth birthday on the 16th amendment. the country has changed quite a bit in 100 years. we talk about economic fixes. the republicans talk about cutting spending and the democrats talk about raising taxes. you do not hear people talk about the third option of taking the income tax out of the price of products overseas and heading that to the tax of the products sold within the united states, which would be the fair tax act of 2013. i like to hear the guest's thoughts on that. guest: i am not familiar with that bill. a lot of people have talked about the value added tax. that would be levied on domestic production and on imports. it would be exclud

this would be like asking the federal reserve, why don't you take some u.s. taxpayer money and shift it to brazil or argentina 10, 20, 30 years ago when they had crisis. this is really une kwquivalency. you would have to ask, if they agreed to this, then the federal reserve would be able to do this. >> okay, so let's get back to reality. first point, the ecb is the most independent central bank in the world. the european parliament only sits over barely in name. they can ignore it. european parliament has no power to change the rules, prerogatives, anything. that's all in the international treaty. second, when the ecb has wanted to ignore pop you lar popular man date, it has done so repeat dwli. >> third, whenever central bankers tell you it's too hard because they don't have tool, you should hear a warning sign go off in your head. they kept saying we can't really do anything. inflation in orflat deflationary, but gosh, the comet -- the government changed the central leadership with these mandate never trust a central bank. it is like of military. i cannot g

days really mind blowing stuff and i think the biggest misconception that people have of course federal reserve its right i mean it's public but it's not why is that not the case that's exactly what i mean the title is almost intentionally mis. misconceived because it isn't a federal institution it isn't a public institution it's a private institution that serves a public mission and it fulfills this in a variety of ways but basically it's a group of private banks that kind of got together like you mentioned a jungle island initially to serve the needs of the public basically to serve the banking needs of the united states of america that is what the fed does it's not it is a private institution and was designed to be a hybrid of the to make no mistake it is not run by the federal government ever and this was not a new concept i mean other countries. systems of the federal reserve was the u.s. central banking system concocted jackal island the original intent as you said was the kind of. stabilize the booms and busts of the economy what it turned into though i mean it seems like it started off

all of this comes just a day ahead of the federal reserve's final and crucial approximately see meeting of the year. policymakers could decide it could wind down the fed's stimulus measures because economic data like today's batch continue to improve. chairman bernanke will announce the fed's decision on wednesday. now ahead of all of that, here's a look at the market's closing numbers today. the dow jumped almost 130 points. all, but three of the 30 dow components were in the green today. the nasdaq rose 28 and the s&p added 11 points breaking a four-day losinging streak. >>> another reason for today's rally beyond those improving economic fundamentals could be the likelihood that tomorrow the senate would follow the house and pass a two-year budget agreement. what a change that would signal from holiday time just a year ago. that was when the so-called fiscal cliff was on everybody's lips. remember that one? washington was squabbling over the prospect of big automatic budget cuts and the simultaneous exploration of the so-called bush-era tax cut, a double bham they many thought would

the federal reserve was formed in the war room to serve ranks. with the public is often told that it's there to provide full employment moment pleasure and that's just a cover story programs or it was there to make sure that the big banks not all the banks just a few big banks that nothing really goes wrong for them that substantially and that's what it's been doing ever since their claim. now i want to talk about yellen for a second do you think that recent fed policy has been beneficial to the economy kind of biryani what's come up with her everything that she's been saying. no i don't think it has been because it's created a moment's wobble and bonds and stocks and it commits the federal reserve to printing new and huge amounts of new dollars and the huge amount of money printing alternately has to threaten the value of the doll act people's confidence in an ns war reserve currency so i think it's really been detrimental to the economy and certainly been detrimental for savers especially retired people who don't like to risk their life savings

think it has been because it's created a moment's wobble and bonds and stocks and it commits the federal reserve to printing you know huge amounts of new dollars and the huge amount of money printing alternately has to threaten the value of the doll act people's confidence in it and swore reserve currency so i think it's really been detrimental to the economy and it's certainly been detrimental for savers especially retired people who don't like to go out and risk their life savings and stock market because they don't know they'll live long enough to see a recovery should the market correct and they are dependent on interest income they've got no interest and come down for a number of years so we follow suit the fed does not serve in american people or the economy it serves the banks that are too big to fail or the whole purpose of the policy is to keep the prices of the debt related securities or derivatives the debt related to remain to. explore shy when you buy bonds all debt crisis rise with the treasury has. got a mortgage backed securities this takes some of the toxic assets away from the

that the federal reserve was formed in the war room to sort by x. . the public is often told that it's there to provide full employment moment pleasure and that's just a cover story programs or it was there to make sure that the big banks not all the banks just a few big banks that nothing really goes wrong for them that substantially and that's what it's been doing ever since. now i want to talk about yellen for a second do you think that recent fed policy has been beneficial to the economy kind of via yellen what's come up with her everything that she's been saying. no i don't think it has been because it's created a moment's wobble and bonds and stocks and it commits the federal reserve to printing new and huge amounts near dollars and the huge amount of money printing alternately has to threaten the value of the doll act people's confidence in ns war reserve currency so i think it's really been detrimental to the economy and certainly been detrimental for savers especially retired people who don't like to risk their life savings and stock market b

, his final press conference, after his federal reserve term. good afternoon, everybody, i am liz claman. 24 minutes before the closing bell, we have seen the taper, and it is not so terrifying at all. ben bernanke and the federal reserve taking the plunge announcing come january it will start to reduce its $85 billion per month bond buying program, slicing it very delicately with almost a suz sushi knife qualit. 5 billion from the treasury purchases. ben bernanke saying the economy simply looks better and it is time to wean it off all of the fed's generous accommodation. reaction, the dow moving on that news. from up 44.2 down about the same amount to check it out, back and double digit gains. the dow up 255 points holding onto significant gains at 16,116 or so. up 244. the 10-year treasury yield shot up 2.94%, you can see it moderating a bit. a similar story for the five year treasury note. much of wall street up 2 basis points at the moment. the yield has spiked around 2:00 p.m. eastern and has since moderated. the greenback, what does your d

. >> coming up next, a look at the influence of the federal reserve on the economies of global markets. then a live discussion with former trade representatives from the george h.w. bush and clinton administrations as they discuss the effects of the north american free trade agreement 20 years after its implementation. and later, the senate returns at 3 p.m. eastern for debate and votes on executive branch nominations including homeland security secretary and assistant secretary of state for near eastern affairs. >> also today the chairman and ceo of general motors, dan akerson. he gives an update on his company's progress and investment plans as well as the state of the auto industry. he'll be speaking to a luncheon at the national press club in washington d.c. you can watch it live at 1 p.m. eastern over on c-span. >> now, a look at the role and influence of the federal reserve in global markets. you'll hear from a former director of the federal reserve's international finance division who's now the global head of international economics at citigroup. he's joined by former officials

the federal reserve market committee concluded a two-day meeting earlier today. as you already know from our statement, the committee decided starting next month to modestly reduce the pace at which it is increasing the size of the federal reserve's balance sheet. the committee also clarified its guidance on interest rates emphasizing that the current near zero range for the federal funds rate target likely will remain appropriate well past the time that the unemployment rate declines below 6.5%s especially if projected inflation continues to run below the committee's 2% longer run goal. today's policy actions reflect the committee's assessment that the economy is continuing to make progress, that it also has much farther to travel before conditions can be judged normal. notably, despite head winds the economy has been expanding at a moderate pace and we expect growth will pick up some what in coming quarters and waning fiscal drag. the job market has continued to improve with the unemployment rate having declined further. at the same time, the recovery clearly r

decided starting next month to modestly reduce the pace at which it is increasing the size of the federal reserve'sck. but midi also clarified guidance on interest rates, emphasizing the current range for the federal interest-rate target likely will remain appropriate well past the time that the rate declines below 6.5%, especially projected inflation continues to run below the committees two percent longer run goal. today's policy actions reflect the assessment that the economy is continuing to make progress and that it also has farther to travel before conditions can be judged normal. despite significant headwinds, the economy has been expanding at a moderate pace and we expect growth to pick up somewhat inane coming quarters -- in coming fiscals, modified by drag. the jobless rate has continued to improve. at the same time, the recovery is far from complete with him -- with unemployment still elevated and unemployment and long-term underemployment still major concerns. we have also seen declines in labor force participation, which reflects not only the aging of the population, but also disgorgem

from your work, and conversations you and i have had down through the years, your rule said the federal reservehould not have lowered the fed funds rate to 1% in the middle of 2003, the spring or summer of 2003. >> that's the key. >> that was the most prominent mistake of the federal open market committee which mr. greenspan chaired. what would your rule have said? what should they have done? >> they should have had rates moving up earlier and bay larger amount then they wouldn't have to come up so high, wouldn't have had as much of a bust as we had. there's other things. you don't have to look at a particular taylor rule or other rule. the fund rate was 1% when the inflation rate was 2%. it is much lower in that period by any way you want to calculate it. you don't have to have a taylor rule to see it was too low by that time. >> alan, your response. >> first of all, what the data shows is that sometime in the early part of this decade, largely because international events meaning essentially the end of the cold war we had a dramatic shift from essentially third world socialism to capitalism o

the federal reserve said today it will begin winding down the landmark stimulus program, a process wall street dubbed the taper. starting in january, the central bank will cut back on the huge bond purchases by $10 billion a month. why now? speaking at his last press conference as fed chairman, ben bernanke said the economy is healthier and the job market is making progress. this marks the beginning of the end of the historic money program that lunched in 2008 to stabilize the economy during the deb tating financial crisis. the reaction was surprisingly positive. stocks skyrocketed and the dow and s&p 500 hit new record highs. the blue chip dow soared almost 300 points rebounding and closing well above the 16,000 level. the nasdaq jumped 46 and the s&p surged almost 30 points. over in the bond market, prices on the ten-year treasury fell and yields rose to 2.89%. >>> we have two reports on the fed's big decision, the massive record setting reaction in the stock market. bob has that story but we begin with steve liesman on what the fed did, why and what the chairman said about it in the

. >>> up next, is the federal reserve putting america on the wrong track? has some ideas alan greenspan, the former chairman of the fed. of course you can! even if that heart was broken by zack peterson. bake the world a better place with nestle toll house. bake the world a better place ♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. where their electricity comes from. they flip the switch-- and the light comes on. it's our job to make sure that it does. using natural gas this power plant can produce enough energy for about 600,000 homes. generating electricity that's cleaner and reliable, with fewer emissions-- it matters. ♪ pop in the drum of any machine... ♪ ...to wash any size load. it dissolves in any temperature, even cold. tide pods. pop in. stand out. >>> for almost 20 years, my next guest presided over america's economic well-being, from 1987 to 2006, allan greenspan was the chairman of the federal reserve board. shortly after his tenure began, black monday hit, then game the

i think we have seen the federal reserve go closer to the legal texts than what the european banks arethis has appeared right now. >> if i can pick up on that. at the federal bank of new york when they were at the board. i do not get hired by the board. it is interesting that there was this convergence. aagree that it started to be more apparent diversions in the last couple of years. there is a mistake we are making to emphasize too much to mandate. if you go back through recent history or the last couple of years, they have very little predictive power. swiss national bank which was one of the most price stability oriented banks and always delivered very low inflation had a mandate of about eight different targets including something to do with agricultural milk prices. fed isot just that the more literally interpreting the mandate, it is that the ac -- ecb is more ostentatiously ignoring the mandate. >> in what way? >> it is supposed to have a pursuing price stability, meaning an inflation rate of close to or below 2% measured in the way they specify and they're supposed to be havin

the federal reserve decided to reduce its monthly stimulus for the u.s.my because the job market has shown steady improvement. the fed will trim its $85 billion in monthly bond purchases by $10 billion starting in january. the fed said it could further reduce the purchases next year if improvement continues. the shift could lead to higher long-term borrowing rates for individuals and businesses. let's check where the markets finished today as we hit the bottom of the hour. record day on wall street. snp up 1.6% at 1810. dow jones industrial average falls 1.8%. the nasdaq composite index of over 1% at 4070. let's check the top stories we are following for you. delta airlines says it will not allow in-flight voice calls throwing the weight of one of the industry's biggest against lifting a ban on in air phone conversations. the federal communications commission voted 3-2 on december 12 to seek public comment on ending the restriction that has been in place since the 1990's. another vote would be needed to end the band. president obama has chosen openly gay

because it might mean the federal reserve starts taking care of them. let it be known this is the day the market said the hell with the health. just help us with more stocks. they didn't care if ben bernanke and his likely successor takes the punch bowl away. this is the day wall street punched back and investors never looked back. >> wow. welcome everybooy, i'm neil could tattoo -- cavuto. who needs help from the feds when a good jobs report can do the trick. it came in the face of an employment report that was uplifting. the economy cranking out 203,000 jobs last month and the jobless rate dropping to to 7%, lower tn anyone could remember in five years. it might not be a fluke because consumers are feeling it, too. back to why this is all so weird. normally investors sell off on good news like this because it would signal the federal reserve starts helping them out and starts tapering the 85 billion bucks a month it's been flowing their way to keep interest rates low. a lot more on weather stocks stay high, but first, to mother nature, anything but ho

so the whole treasury market is being propped up by the federal reserve.ept the economy afloat. they may say they will taper, i don't believe it. if they taper we'll slip back in recession which i don't believe at all in the recovery. david: we're growing at anemic rates. even ben bernanke admits that. >> if you believe their staff. david: he claims we would be even worse off were it not for what he was doing? you disagree. >> i disagree. i think the whole system, i think the whole business model is broken. the united states has a broken business model. and we're profligate. we've become, spending our way into a third world country and federal reserveeenabled it. historians will look back and see this as a huge tragic -- david: by the way something else broken is healthcare.gov. again even the president admits that it was a terrible rollout. he brought in yesterday to his office, a bunch of silicon valley folks to ask their advice. is obamacare fixable? >> oh, no, it isn't, the problem isn't just the website. the basic design of the program is, is wrong. d

federal reserve marks one hundred years since its foundation conceived as a tool to stabilize the economy critics say there's little to celebrate about its century of money printing. and as we begin a look back at the big stories of twenty thirteen for a racket becomes the deadliest in the past five years with over nine thousand killed in bloody sectarian strife. are working it's nice to have you company you're watching party international. pussy riot band member maria law has walked free from jail her lawyer says another member of the band. is expected to be released soon to the both been serving time following a stunt in moscow's main cathedral let's get the details from marty's there in the . you know this story and they're jailing cause a lot of controversy around the world but it appears they have their freedom at last well at least one of them does that is correct and there has indeed been released from her prison earlier on monday she immediately after her release she went in for a meeting with human rights activists and indeed that is was she's. said she's going to do with her tim

still to come as a happy birthday to the federal reserve in the u.s. we look at who's actually glad to see the hundred year anniversary of the. an institution i'm sure the law and what it has a husband achieve that's coming up. largest consumer of the seas and i see it with me in the country is the federal government simply saves property of the united states government. this the united states somebody that was probably going to realize you can't just buy. your own just throw it away this is a problem for instance belongs to the you know thieves environmental protection agency i found this on a dump site here this year it's not always. the producers of these little i have to should be able to collect these i believe that this should be responsible for their products from cradle to grave. face up to mexico. mental health proper jail cell to emerge very cooperative but also belongs to the washington metro area transit authority properties obey devastates page and trademark office. so again today the u.s. federal reserve has one hundred candles to blow on

thest had one comment about federal reserve. i am not against the federal reserve. i am concerned about how monetary policy is used to be a de facto taxation when they drop interest rates and take money from people who are on fixed income and redistribute that two people who are trying to get out from under their homes. that is not under the purview of the congress is concerning. i just wanted to wish everybody a happy hundredth birthday on the 16th amendment. the country has changed quite a bit in 100 years. we talk about economic fixes. the republicans talk about cutting spending and the democrats talk about raising taxes. you do not hear people talk about the third option of taking the income tax out of the price of products overseas and heading that to the tax of the products sold within the united states, which would be the fair tax act of 2013. i like to hear the guest's thoughts on that. guest: i am not familiar with that bill. a lot of people have talked about the value added tax. that would be levied on domestic production and on imports. it would be exclud

federal reserve marks one hundred years since its foundation conceived as a tool to stabilize the economy critics say there's little to celebrate about its century of money printing. and as we begin to look back at the big stories of twenty thirteen for iraq it becomes the deadliest in the past five years with over nine thousand killed in bloody sectarian strife. and i welcome the watching r.t. international with me andrew farmer. pardon former tycoon mikhail khodorkovsky says he won't engage himself in politics or business but will dedicate himself to helping he's imprisoned comrades at his first press conference following his release he said he needs to pay back its debts to those still behind bars artie's peter oliver looked into one of the cases of ski's associates mikhail khodorkovsky entered into the press conference in a whirlwind of media hype into a room packed to the rafters with journalists many of whom were congratulating him on his release as a political prisoner however there is a nother side to the yukos saga one that's not often heard. free after ten years this is that som

meanwhile washington monthly one hundredth birthday of the federal reserve coming out will look back at a century of scandals and financial scandals and the world's most indebted country . plus. people should feel free to go out and come back safely where is that i can leave but there's no guarantee i'll come back alive and our correspondent has to iraq had still iraq to find out what it feels like to live in a country what dozens die from terrorist attacks almost on a daily basis that sounds much more all right after the break. the news sigrid laboratory to mccurry was able to build a new most sophisticated robot which all unfortunately doesn't give a darn about anything tim's mission to teach music creation why it should care about humans and world events this is why you should care only on the dog. do we speak your language anything about the will or not of the. news programs and documentaries and spanish more matters to you breaking news a little turn it into angles couldn't stories. you hear. that try to alter the spanish find out more visit eye to eye. teeth. you're watching ou

federal reserve marks one hundred years since its foundation conceived as a tool to stabilize the economy critics say does little to celebrate about its century of money printing. that it's nice to have you company you're watching party international. pussy riot band member maria long walk free from jail her lawyer says another member of the band tolokonnikova is expected to be released soon to have both been serving time following a stunt in moscow's main cathedral let's get the details from our teacher in the collusion she joins us now. jailing cause a lot of controversy around the world but it appears that they do have their freedom and that is correct at least one of the many i looked into has been released on monday morning immediately after her release she went in for a meeting with human rights activists and indeed that's what we're hearing from my loathing of herself who has already gone public saying that she intends to do work with human rights activists in the future that's what she plans to do now that she is out of prison now it's important to note that before before her sent

federal reserve marks one hundred years since its foundation conceived as a tool to stabilize the economy critics say there's little to celebrate about its century of money printing. and as we begin a look back at the big stories of twenty thirteen for iraq that becomes the deadliest in the past five years with david nine thousand killed in bloody sectarian strife. are you watching r t international with me andrey farmer. pussy riot band member maria law has walked free from jail her lawyer says another member of the band. is expected to be released soon to been serving time following a stunt in moscow's main cathedral so let's get the details now from art. juggling did provoke a lot of controversy around the world but it appears they are now free yes we do know at this point that money i looking at is certainly free she's actually currently meeting with human rights activists and then she is supposed to be on her way back to moscow. to give an interview she gave a phone interview to one of the. t.v. channels and in that interview she said that she plans to connect her future activities t

federal reserve the result of a hundred years since its foundation conceived as a tool to stabilize the economy critics say there's little to celebrate about it same tree of money printing. this is all seen to national coming to life for most hello and welcome to the. and we'll start with breaking news on also international peace to ride bond. is free have found a member. that left prison today they'd follow it's been a serving time for carrying out a protest and in most cases the main cathedral. arena so they had chanting of course provoked a massive response around the world but now they're free that is absolutely correct they're free and it looks like they're actually planning to meet up in the nearest future at least that's what has said earlier today she was the first to be released from prison mediately after her release she went on to meet with the a number of human rights activists and then she could have swayed for a little bit and then said that she is going to the siberian city of course and they are planning to do that and meet with the desert like when you go to afterwards

joining us now is jim burst director of the film money for nothing inside the federal reserve available this month on d.v.d. thank you so much for being here today now i want to start off by asking you it's clear in your film that you're not a fan of alan greenspan for both his mismanagement of bubbles and keeping rates too low for too long however paul volcker is clearly portrayed as the hero in your film how do you feel about bowker's latest act of valor the volcker rule coming to fruition this week you know i think we won't really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the vocal rule it's really just kind of a start to the process i think you know regulation is such a hard thing to do what i think i think at least the rules a step in the right direction the question is is what comes of it i think we we really will k