While American citizens wait for bureaucrats to pass a new coronavirus relief package, the Federal Reserve has continued to serve corporate interests and the banking cartel. Behind the curtains from the comfort of their own mansions, members of the Fed have given more stimulus to crony Wall Street corporatists than it did in 2008. The U.S. central bank’s monthly rounds of stimulus have effortlessly surpassed the quantitative easing (QE) tactics that followed the United States’ subprime mortgage crisis.
Ahead of the presidential election, the Fed is still purchasing $80 billion a month in mortgage-backed securities and $40 billion per month in Treasuries. The net of redemptions outpaces the 2008 bailouts and the QE from 2012 through 2014 as well.
Meanwhile, while most Americans haven’t even blinked over the central bank’s massive money creation, mainstream media continues to dangle talks of a stimulus package for the average citizen.
On Friday, the Fed dropped the threshold for the Mainstreet Lending program as the bank lowered the threshold for certain businesses. At the same time, the Fed has commissioned JPMorgan Chase with $2 trillion in bonds, according to data collected by the investigative financial journalists’ Pam Martens and Russ Martens.
“Imagine that your neighbor across the street had been criminally charged with five felony counts for financial crimes in the past six years and admitted to committing each and every crime to the U.S. Department of Justice. Would you put one-third of all of your money in a safe, give that neighbor the combination, and ask him to hold the safe in his house for you?” the Martens ask in jest.
“You would probably be suited up for a straight jacket if you did something like that,” the Martens insist. “That’s effectively what the Federal Reserve, the central bank of the United States, has done when it comes to JPMorgan Chase.”
The financial columnists also published the U.S. Representative for California, Congresswoman Katie Porter’s recent letter to Fed Chair Jerome Powell, and the Board of Governors. Porter writes that the Federal Reserve “is using billions of taxpayer dollars to purchase the debt of banks like JPMorgan Chase.”
Additionally, Porter’s letter highlights a serious conflict of interest between the Fed and the firm Blackrock. Essentially, the letter stresses that the “[Federal Reserve’s] decision to buy corporate debt with taxpayer dollars directly benefited Wall Street and the world’s richest corporate executives.”
The talks of looming stimulus for the average American citizen has been a revolving farce passed around the headlines mainstream media (MSM) publishes every day. Massive rounds of stimulus are happening with QE-style debt purchases but a carrot is being dangled in the air by the media with these talks of…
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