The Federal Reserve has returned to ‘quantitative easing’ a deceptive phrase that masks the reality that the banking cartel, called the Federal Reserve, is lending money into existence. In other words, money that does not exist until the Fed loans it to someone – at interest, of course. The Fed will be creating $75-billion daily in overnight ‘repo’ loans through October 10, and likely beyond that as long as someone is willing to borrow.
[To whom will the banks be lending this money? To themselves, of course, but they will do it by instructing the Fed to create money to lend to the government so the government will be able to lend it to the banks – knowing that there is an excellent chance that those loans will never be repaid or only partially repaid due to government under-the-table deals and bailouts.
The four largest banks on Wall Street, JPMorgan Chase, Bank of America, Wells Fargo and Citibank, hold more than $5.45 trillion in deposits. The public is kept in the dark as to why these mega banks were unable repay a $53-billion Federal loan made on September 17th. The author of this article speculates that these loans look suspiciously like a concealed bailout. The US dollar is doomed.] -GEG
Last Friday the Federal Reserve Bank of New York made it clear that its interventions in the overnight repo lending market were going to be a longer-term action. Call it what you will, the Fed has effectively returned to quantitative easing (QE) where it buys up Treasuries, Federal agency debt and agency mortgage-backed securities (MBS) from financial institutions in exchange for loans.
According to the New York Fed, the program has now been extended to at least October 10 and likely thereafter in one form or another. The Fed will be pumping in $75 billion daily in overnight repo loans while infusing $30 billion in 14-day term loans three times this week for a total of $90 billion in term loans.
The fact that there is one or more financial firms needing $30 billion on a two-week basis and can’t get it from anyone but the Fed isn’t confidence inspiring.
The necessity of Fed interventions is being blamed on temporary forces like a loss of liquidity from corporations paying their taxes for the quarter and large Treasury auctions where primary dealers are forced to buy under contracts with the U.S. Treasury. But as we previously wrote, these explanations do not jive with the gargantuan deposit bases of four of the biggest banks in the world that call the United States home. As we reported last week:
“As of June 30 of this year, the four largest banks on Wall Street (which are allowed to own Federally insured commercial banks as well as stock, bond and derivative gambling casinos known as investment banks) held more than $5.45 trillion in deposits. The breakdown is as follows: JPMorgan Chase holds $1.6 trillion; Bank of America has $1.44 trillion; Wells Fargo has $1.35 trillion; and Citibank is home to just over $1 trillion.
“A number of excuses have been offered by the business press to explain why the New York Fed had to ride to the rescue yesterday but the very simple question is this: how can four banks with $5.45 trillion in deposits not be able to cough up $53 billion in overnight loans.”
The reference to $53 billion is the amount that was borrowed from the Fed during the first day of the intervention, Tuesday, September 17, from the $75 billion offered out by the Fed. Now that the Fed is offering $30 billion in additional two-week loans, the question is this: is one bank tapping the spigot more than others? Is a financial institution in distress? If so, shouldn’t the public know why?
As the Government Accountability Office (GAO) revealed belatedly in 2011 in an audit of the Fed’s loans to Wall Street during the financial crisis, the Fed’s Primary Dealer Credit Facility (PDCF) had secretly made revolving loans totaling $8.95 trillion but 63 percent of that amount went to just three Wall Street firms: Citigroup received $2 trillion; Morgan Stanley got $1.9 trillion; and Merrill Lynch was the privileged recipient of $1.775 trillion. The rationale from the Fed that it made these secret loans to help banks return to lending to businesses to help the economy is bogus. Morgan Stanley and Merrill Lynch were predominantly retail brokerage firms with millions of trading clients. These Fed loans thus looked suspiciously like a bailout of margin loans and trading accounts.
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Representative Warren Davidson said, “It’s a sad, disappointing day. Republicans promised to spend less and secure the border. This bill does neither.” The national debt recently skyrocketed to over $34.578 trillion.
Squatters in some blue states are treated like tenants and law enforcement doesn’t help, so landlords are forced to evict them through a lengthy and costly court process.
Gunmen killed 133 concert goers. The building was set on fire. Four Tajik nationals were arrested as their vehicle tried to escape to Ukraine. An affiliate of ISIS operating in central Asia claimed responsibility for the attack. The US warned Russia of a potential attack. The CIA may be involved.
Candace was labeled an antisemite after making a comment about Hitler giving nationalism a bad name was out of context. Her career was put on ice until she had a secret meeting with a rabbi to restore her reputation. The media still pretends that she made an antisemitic slur.
Leonel Morena, an illegal alien from Venezuela living it the US, made this announcement: “My people have thought about invading a house in the United States because I learned that there is a law that says that if a house is not inhabited we can expropriate [seize] it.” The video has racked up 4 million views.
The recent photo of Kate with her three children created a scandal because it was modified. This incident points toward artificial intelligence playing a large role in constructing narratives in the future using fake photos and videos that may discount important evidence.
Irish Prime Minister Varadkar told Biden that the Irish have deep compassion for the Palestinian people and compared the Irish famine with the war and starvation currently in Gaza. Varadkar said that Palestinians need food and water, but they especially need the bombs to stop.
There is a shortage of recruits for the US military due to wars over oil and other resources, COVID vaccine mandates and demoralizing policies. Democrat Senator Dick Durban’s solution is to pass a law allowing ‘undocumented’ people who serve in the US military honorably to become citizens of the United States.
Polish farmers used their tractors to block a major highway crossing the border with Germany in an ongoing protest against European Union agricultural ‘green’ policy and duty-free imports from Ukraine.
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terry shead
4 years ago
One word comes to mind, in fact two words F—–g madness?
The Federal Reserve Returns to Creating Money to Bail Out Banks, Spending $75-Billion Per Day! | WeAreChangeTV.US
4 years ago
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USA: The Federal Reserve Returns To Creating Money To Bail Out Banks, Spending $75-Billion Per Day…! (Photo) | DER KAMERAD
One word comes to mind, in fact two words F—–g madness?
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