The Fed Has Created the Big Lie for Congress on its Repo Loans, while the New York Fed Blocks Freedom of Information Requests

KW: Nomi Prins writes…”If you’re a regular Daily Proof reader, you know the Fed’s pumped in hundreds of billions of dollars since September to prop up money markets. But the bulk of this money hasn’t gone to commercial banks that might use it to loan to businesses or to purchase housing. Instead, most of the money’s gone to brokerage firms and investment banks that use it to gamble in the stock, bond and commodities markets. Is it a coincidence that the stock market’s back to record heights again? But last week Fed chairman Jerome Powell appeared before Congress, where he said these were just routine “open market operations” and basically, that there’s nothing to see here. But the last time the Fed conducted these “open market operations” was during the financial crisis. Hardly routine. But that’s the big lie the Fed’s pushing.

 

By Pam Martens and Russ Martens: November 14, 2019 ~ Yesterday Federal Reserve Chairman Jerome Powell testified before the Joint Economic Committee of

Source: The Fed Has Created the Big Lie for Congress on its Repo Loans while the New York Fed Blocks Freedom of Information Requests