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Tag Archives: Federal Reserve

Peter Schiff: Janet Yellen Is as Clueless as Ever

Former Federal Reserve Chair Janet Yellen is making the media circuit and pontificating about the evolving economic crisis. As Peter recalled on his podcast, it wasn’t long ago that Yellen was saying she didn’t think we would ever see  another financial crisis “in our lifetime?”Yet, here it is, just a few years later, and we already have another financial crisis.”When Obama nominated Yellen to head up the Fed, everybody was saying she predicted the 2008 crisis. Peter went...

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Fed Set to Buy Risky Small Business Loans from Banks

The Federal Reserve keeps coming up with new and creative ways to get more people deeper into debt while simultaneously shielding banks from any risk.On Monday, the Fed announced it will purchase risky small-business loans from banks.The $2 trillion-plus stimulus bill passed by Congress included $350 billion remarked for small business loans to enable them to continue paying workers and meet basic expenses during the government-mandated shutdown. But the rollout of the loan program has...

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What’s the Exit Strategy??

As the coronavirus lockdown drags on and governments at every level enact more and more draconian measures, nobody seems to have an answer for what I believe is a most crucial question.What’s the exit strategy?Because clearly, we can’t go on like this forever.The dirty little secret is that COVID-19 isn’t going to just go away.  There will always be a risk of catching the virus. Trump health advisor Dr. Anthony Fauci said the world may never get back to “normal,” even if scientists find an...

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New York Fed, FDIC Tout “Opacity in a Banking Crisis” to Keep Corporations, Hedge Funds, PE Firms & Counterparties in the Dark about Weak Banks

“Suppressing” bank balance-sheet data in a banking crisis to prevent the biggies from yanking their billions out of a weakened bank. By Wolf Richter for WOLF STREET. US banks are now finding themselves in a situation where homeowners don’t have to make mortgage payments for few months, and renters don’t have to pay rent for a while, which leaves many landlords unable to make their mortgage payments – not to speak of the many Airbnb hosts that have no guests and won’t be able to make...

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Was the Fed Just Nationalized?

Did Congress just nationalize the Fed? No. But the door to that result has been cracked open  It took only a few days for Congress to unanimously pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will be doling out $2.2 trillion in crisis relief, most of it going to Corporate America with few strings attached.  (Photo: Public domain) Mainstream politicians have long insisted that Medicare for all, a universal basic income, student debt relief...

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Delusional Thinking: SchiffGold Friday Gold Wrap April 3

As the coronavirus economic lockdown drags on, there seems to be a lot of delusional thinking out there. Many people seem to believe that at some point, President Trump will snap his fingers and the economy will roar back to life. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey looks at the numbers and makes the case that this is actually the early stages of an unprecedented economic meltdown. Everything is not going to be fine. He also takes on the myth of the...

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$1.5 Trillion Helicopter Money for Wall Street in 3 Weeks of Fed Bailouts

Loading up on Treasury securities, mortgage-backed securities, repos, “central bank liquidity swaps,” and “loans” to keep the Everything Bubble from imploding further. By Wolf Richter for WOLF STREET: Total assets on the Fed’s weekly balance sheet – mostly composed of Treasury securities, mortgage-backed securities (MBS), repurchase agreements (repos), “foreign central bank liquidity swaps,” and “loans” – spiked by $557 billion in just one week, to $5.81 trillion, according to the...

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Peter Schiff: It’s Not Going to Be Fine

We just wrapped up the worst first quarter in the history of the US stock market. Think about that in context. Even during the dark days of the Great Depression, there has never been a worse start to a year for the US stock market than 2020.Nevertheless, there are still a lot of people out there who think this is going to be a short bear market. As Peter Schiff put it in his podcast, that’s because they’re still fixated on the pin.They’re still looking at the fact that ‘Oh, this is...

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Fed Launches International Repo Facility

In yet another unprecedented attempt to keep the air in the financial bubbles, the Federal Reserve announced the establishment of an international repo facility.The repo facility will allow foreign central banks and other international monetary authorities to enter into repurchase agreements with the Federal Reserve. According to the Fed announcement, FIMA account holders can temporarily exchange their US Treasury securities held with the Federal Reserve for dollars that can then be made...

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Peter Schiff: The Fed’s ‘Help’ Is Actually Hurting

The Federal Reserve is injecting trillions of dollars of monetary stimulus into the financial system to ‘help’ the economy through the coronavirus pandemic. This is the same kind of ‘help’ the central bank offered in 2008. But as Peter Schiff explains in his latest podcast, this kind of ‘help’ is actually hurting. In fact, the ‘help’ we got in 2008 set us up for the crisis we’re entering today.When the Fed cut interest rates to zero in December 2008, most of the mainstream pundits insisted...

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