(Mac Slavo) The Federal Reserve is once again secretly shelling out trillions of dollars in the dark, while Congress willingly looks the other way. In other words, the central bank has initiated a replay of the 2007-2010 financial crisis.
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by Mac Slavo, September 30th, 2019
You can call it QE4 if you want, or don’t call it QE4. What it’s labeled isn’t as important as what it’s doing. Arguing semantics is not going to change the outcome. The central bank is injecting $100 billion per day into the financial markets. Any label on that cannot hide the fact that if this economy was doing well or was “robust” than there wouldn’t be a need for any of this.
The Federal Reserve Bank of New York first initiated its emergency overnight loans to Wall Street this year on Tuesday, September 17, starting off at the rate of $75 billion daily. It then increased its loans by adding, in addition to the $75 billion daily, 14-day term loans in the amount of $30 billion to be offered three times this past week. But after the demand for the first 14-day loan was more than double the $30 billion offered, the New York Fed boosted the next term loans to $60 billion and increased its overnight loans to $100 billion. –Wall Street on Parade
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This mirrors the Great Recession of a decade ago. When the Fed is secretly handing out money to banks at low rates to bail them out, you’ve got a repeat of the previous crisis. It’s hard to say, however, if this crisis will be worse than the last one. And simple math tells you that something is very wrong.
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. –Wall Street on Parade
The total GDP (gross domestic product) of the entire U.S. is about $20.5 trillion. That means that the four aforementioned banks hold 27% of the entire U.S. GDP. How is it possible that they don’t have $100 billion per day? Something is wrong here, folks.
Additionally, the New York Fed is only allowed to engage in these repo transactions with its 24 primary dealers. That list of these 24 primary dealers includes the securities units of big U.S. banks like JPMorgan Chase, Citigroup, Bank of America and Wells Fargo, but it also includes the U.S. based securities units of troubled foreign banks like Deutsche Bank, Credit Suisse, and Societe Generale (SocGen). According to Wall Steet on Parade, because the New York Fed is not announcing which banks are drawing down the bulk of its loans, neither Congress nor the American people know if the money is flowing to U.S. banks or foreign bank subsidiaries in the U.S. Propping up troubled foreign banks is not what most Americans want their central bank to be doing.
Stillness in the Storm Editor: Why did we post this?
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