organization:federal reserve bank

  • Daily chart: Revenge of the nerds | The Economist

    http://www.economist.com/blogs/graphicdetail/2015/03/daily-chart-2?fsrc=scn/tw/te/dc/revengeofthenerds

    THE economies of the rich world increasingly depend upon skilled workers, and college degrees are in high demand. In 1972 a university-educated man aged 25-34 could expect to earn 22% more than a peer without a degree, according to the Urban Institute, a think-tank. Today that premium has risen to 70%. But if university pays, its benefits are not spread evenly across all graduates. A new report from PayScale, a research firm, calculates the returns to higher education in American universities. Its authors compare the career earnings of college graduates with the present-day cost of a degree at their alma maters, after taking account of financial aid.

    • Les jeunes diplômés sont dans la mouïse ? Ouh la, ça va pas être bon pour l’immobilier !
      #prêt_étudiant #chômage_des_jeunes_diplômés #déqualification massive…
      (j’adore l’angle !)

      In the past, college was a ticket to a brighter future. Now, it’s a ticket to immense debt and an uncertain financial future for far too many students. Student loan debt in the U.S. has now topped $1 trillion. According to the Federal Reserve Bank of New York, 44 percent of recent college graduates are underemployed — working in jobs that don’t require their degree — as of 2012.

      In a recent report to Congress, Fed Chairwoman Janet Yellen talked about the struggles of the Millennial generation saying “They’re certainly waiting longer to buy houses, to get married. They have a lot of student debt. They seem quite worried about housing as an investment. They’ve had a tough time in the job market.

      Those delays could have a serious impact on the U.S. economy as a whole and specifically the housing market. Derek Thompson of The Atlantic recently wrote “More years of school + more student debt + lower starting salaries + a nervous housing market + stricter rules for new home-buyers = no new home-buyers.

  • Les nouveaux cambioleurs envahissent les coffres digitaux de la Federal Reserve Bank of New York

    The Incredible Story Of How Hackers Stole $100 Million From The New York Fed | Zero Hedge
    http://www.zerohedge.com/news/2016-03-10/incredible-story-how-hackers-stole-100-million-new-york-fed

    The story of the theft of $100 million from the Bangladesh central bank - by way of the New York Federal Reserve - is getting more fascinating by the day.

    As we reported previously, on February 5, Bill Dudley’s New York Fed was allegedly “penetrated” when “hackers” (of supposed Chinese origin) stole $100 million from accounts belonging to the Bangladesh central bank. The money was then channeled to the Philippines where it was sold on the black market and funneled to “local casinos” (to quote AFP). After the casino laundering, it was sent back to the same black market FX broker who promptly moved it to “overseas accounts within days.”

    That was the fund flow in a nutshell.

    As we explained, the whole situation was quite embarrassing for the NY Fed, because what happened is that someone in the Philippines requested $100 million through SWIFT from Bangladesh’s FX reserves, and the Fed complied, without any alarm bells going off at the NY Fed’s middle or back office.

    “Some 250 central banks, governments, and other institutions have foreign accounts at the New York Fed, which is near the centre of the global financial system,” Reuters notes. “The accounts hold mostly U.S. Treasuries and agency debt, and requests for funds arrive and are authenticated by a so-called SWIFT network that connects banks.”

    Well, as it turns out, Bangladesh doesn’t agree that the Fed isn’t ultimately culpable. “We kept money with the Federal Reserve Bank and irregularities must be with the people who handle the funds there,” Finance Minister Abul Maal Abdul Muhith said on Wednesday. “It can’t be that they don’t have any responsibility," he said, incredulous.

    Actually, Muhith, the New York Fed under former Goldmanite Bill Dudley taking zero responsibility for enabling domestic and global crime is precisely what it excels at.

    Federal Reserve Bank of New York
    https://en.wikipedia.org/wiki/New_York_Federal_Reserve

    The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. Working within the Federal Reserve System, the New York Federal Reserve Bank implements monetary policy, supervises and regulates financial institutions[1] and helps maintain the nation’s payment systems.[2]

    Among the other regional banks, New York Federal Reserve Bank and its president are considered first among equals.[3][4] Its current president is William C. Dudley. It is by far the largest (by assets), most active (by volume) and most influential of the 12 regional Federal Reserve Banks.

    #banques #cambrioleurs

  • Racial Wealth Gap Persists Despite Degree, Study Says - The New York Times
    http://www.nytimes.com/2015/08/17/business/racial-wealth-gap-persists-despite-degree-study-says.html

    Even with tuition shooting up, the payoff from a college degree remains strong, lifting lifelong earnings and protecting many graduates like a Teflon coating against the worst effects of economic downturns.

    But a new study has found that for black and Hispanic college graduates, that shield is severely cracked, failing to protect them from both short-term crises and longstanding challenges.

    “The long-term trend is shockingly clear,” said William R. Emmons, an economist at the Federal Reserve Bank of St. Louis and one of the authors of the report. “White and Asian college grads do much better than their counterparts without college, while college-grad Hispanics and blacks do much worse proportionately.”

    A college degree has long been recognized as a great equalizer, a path for minorities to help bridge the economic chasm that separates them from whites. But the report, scheduled to be released on Monday, raises troubling questions about the ability of a college #education to narrow the racial and ethnic wealth gap.

    “Higher education alone cannot level the playing field,” the report concludes.

    #racisme #minorités #écarts

  • #ÉTATS-UNIS
    Mes très chères #études
    http://www.courrierinternational.com/article/2014/03/21/mes-tres-cheres-etudes

    1 000 milliards de dollars : c’est le montant que doivent rembourser les jeunes Américains pour payer leurs études, selon des données publiées fin février par la Federal Reserve Bank de New York.

    En dix ans, les dettes des étudiants et des diplômés ont augmenté de 300 % (de 253 milliards fin 2003 à 1 000 milliards fin 2013), s’étonne Time Magazine. Une hausse colossale qui s’explique par plusieurs facteurs : l’augmentation des coûts de la scolarité, celle du nombre d’étudiants et les intérêts de la dette.

    “Ces emprunts qui ruinent la vie de nos étudiants sont en passe de ruiner notre économie”, s’inquiète le journal, qui cite l’économiste de la banque fédérale : “Les étudiants fortement endettés dépenseront moins pour d’autres biens et services. Or la consommation est le moteur de l’#économie américaine.”

    #dettes

  • Egypt May Not Need Fighter Jets, But The U.S. Keeps Sending Them Anyway : Planet Money : NPR
    http://www.npr.org/blogs/money/2013/08/08/209878158/egypt-may-not-need-fighter-jets-but-u-s-keeps-sending-them-anyway

    Every year, the U.S. Congress appropriates more than $1 billion in military aid to Egypt. But that money never gets to Egypt. It goes to the Federal Reserve Bank of New York, then to a trust fund at the Treasury and, finally, out to U.S. military contractors that make the tanks and fighter jets that ultimately get sent to Egypt.

    The U.S. started sending M1A1 Abrams tanks to Egypt in the late ’80s. In all, the U.S. sent more than 1,000 tanks to Egypt since then — valued at some $3.9 billion — which Egypt maintains along with several thousand Soviet-era tanks.

    “There’s no conceivable scenario in which they’d need all those tanks short of an alien invasion,” Shana Marshall of the Institute of Middle East Studies at George Washington University, told me.

    A thousand tanks would be helpful for large land battles, but not for the threats facing Egypt today, such as terrorism and border security in the Sinai Peninsula, according to Robert Springborg, an expert on the Egyptian military at the Naval Postgraduate School in Monterey, Calif. In fact, he said, at least 200 of the tanks the U.S. has sent to Egypt have never been used.

    “They are crated up and then they sit in deep storage, and that’s where they remain,” he told me.

    The story with F-16 fighter jets is similar. Since 1980, we’ve sent Egypt 221 fighter jets, valued at $8 billion. “Our American military advisers in Cairo have for many years been advising against further acquisitions of F-16s,” Springborg said. Egypt already has more F-16s than it needs, he said.

    (...)

    The U.S. wants Egypt to have them in part because of people like Bruce Baron, president of Baron Industries, a small business in Oxford, Mich. “The aid that we give to Egypt is coming back to the U.S. and keeping 30 of my people working,” Baron told me. Specifically, he said, 30 of his 57 employees are working on parts for the M1A1 Abrams tanks that we give to Egypt.

    Every March for the past few years, Baron says, he and other small-business owners have gone to Capitol Hill at the invitation of General Dynamics, a big contractor. They visit their congressmen and “let them know of our support for these programs and also the impact that these programs have on employment,” he says.

    (...)

    (...) the State Department doesn’t want to upset the status quo, the Defense Department doesn’t want to upset a valuable ally in the region, and, of course, defense contractors want to keep their contracts.

  • Economics, one scoop at a time | The Economist

    http://www.economist.com/blogs/freeexchange/2012/11/historical-data?fsrc=scn/fb/wl/bl/economicsoncescoopattime
    Nov 28th 2012, 21:26 by M.C.K. | WASHINGTON

    THE Federal Reserve Bank of St. Louis provides a valuable public good for observers of the American economic scene: the St. Louis Federal Reserve Economic Database, affectionately known by many as “FRED”. FRED aggregates data collected by others, which saves a lot of time. Moreover, FRED provides intuitive web-based tools for manipulating and sharing visualisations of its data. This is not news. However, many may not know that FRED recently expanded its data offerings to include a wealth of historical information. I was recently exploring this section of the website when I discovered what might be my favourite data series: American ice cream production.

    This chart shows the annual change in ice cream output between 1918 and 1942:

  • Blog de Paul Jorion » Le 18 mars 2009 : fin du capitalisme
    http://www.pauljorion.com/blog/?p=2354

    Aujourd’hui en effet, la Federal Reserve Bank, la banque centrale américaine, a annoncé son intention de racheter des Bons du Trésor (dette à long terme des États–Unis) en quantités considérables (pour un volant de 300 milliards de dollars), son budget atteignant désormais le chiffre impressionnant de 1,15 mille milliards de dollars. Pareil au serpent ouroboros dévorant sa propre queue, les États–Unis avaleront donc désormais leur propre dette, un processus désigné par l’euphémisme sympathique de « quantitative easing ». Pareille à celui qui tenterait de voler en se soulevant par les pieds, la nation américaine met fin au mythe qui voudrait que l’argent représente de la richesse : dorénavant la devise américaine représentera uniquement le prix du papier et de l’encre nécessaire pour imprimer de nouveaux billets. Elle se coupe aussi, incidemment, de la communauté internationale, mais baste !

    #finance #capitalisme #usa #argent