- Here’s what’s in your Prime Interest today:
To taper or not to taper. That is the question being asked at the Federal Reserve. Do we stop printing $85 billion per month, or not. And guess what? Today, we learned that half the voting members want it to end — not even taper — by year end. We talk with Jim Rickards about this and the big trouble in China.
Also, there are 12 members of the Federal Open Market Committee who vote on monetary policy eight times per year. The last meeting was on June 19th and it caused quite a stir. That’s because we learned the committee was more bent on winding down QE — so-called tapering. Well, the *minutes* of that meeting were released today, and they said half the members thought QE should *end* by year-end. This is the most descent at these meetings we’ve seen in years. Bob speaks with James Rickards, author of Currency Wars about mutiny at the Fed.
And, the first non-bank institutions to be named too-big-to-fail was announced today. Actually, the term is systemically important financial institution. Guess who they are? AIG and GE — who both required massive bailouts during the financial crisis. Bob and RT Producer Rachel Kurzius duel over too big to fail companies.
Finally, Seems the new living wage law here in DC has Walmart threatening to “tear down their Wal”-mart — plans. Perianne Boring breaks down Minimum Wage.