Bob Chapman’s influential International Forecaster is reporting on the possibility of a so-called “bank holiday” planned for late August or early September. According to Chapman’s sources, U.S. embassies around the world are selling dollars and stockpiling money from respective countries where they operate.

Responding to the Obama administration’s new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy, Congressman Ron Paul told MSNBC that the Fed was now more powerful than Congress.

Only in government can someone keep their job after failing so miserably at doing their job. If Ben Bernanke were a corporate economist, accountant, or CEO, he would’ve been fired for incompetence and already taking orders at the local McDonald’s. Instead, to the dismay of real economists and free-marketeers, he is about to be rewarded and given more power than any other chairman in the Fed’s clandestine 96 year history.

The privately owned and run Federal Reserve is to be handed sweeping new powers under Obama administration proposals in a deal that will please bankers who lobbied for more Fed “oversight” of their activities.

I have written this time about a menace that has virtually consumed politics in America and through this shakes the entire world monitory system. Few of us are privileged to have lived before the Federal Reserve Banks were given license to enter into the business of controlling the economy. Standardized history taught in public schools does not question the policy of granting private economists the means to create and control the money for our use.

The Federal Reserve caused the current economic crisis by suppressing interest rates and creating the housing bubble, Texas Congressman Ron Paul, Euro Pacific Capital president Peter Schiff, and others have charged. And now there’s finally been enough political push-back for the damage the Federal Reserve has wreaked that the Fed will be hiring a lobbyist.