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OpEdNews Op Eds    H1'ed 11/7/19

Is the Run on the Dollar Due to Panic or Greed?

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Wall Street through a fish-eye lens.
Wall Street through a fish-eye lens.
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What's going on in the repo market? Rates on repurchase ("repo") agreements should be about 2%, in line with the Federal Reserve funds rate. But they shot up to over 5% on Sept. 16 and got as high as 10% on Sept. 17. Yet banks were refusing to lend to each other, evidently passing up big profits to hold onto their cash -- just as they did in the housing market crash and Great Recession of 2008-09.

Because banks weren't lending, the Federal Reserve Bank of New York jumped in, increasing its overnight repo operations to $75 billion, and on Oct. 23, it upped the ante to $120 billion in overnight operations and $45 billion in longer-term operations.

Why are banks no longer lending to each other? Are they afraid that collapse is imminent somewhere in the system, as with the Lehman collapse in 2008?

Perhaps, and if so, the likely suspect is Deutsche Bank. But it looks to be just another case of Wall Street fattening itself at the public trough, using the funds of mom-and-pop depositors to maximize bank profits and line the pockets of bank executives while depriving small businesses of affordable loans.

Why the Repo Market Is a Big Deal

The repo market allows banks and other financial institutions to borrow and lend to each other, usually overnight. More than $1 trillion in overnight repo transactions collateralized with U.S. government debt occur every day. Banks lacking available deposits frequently go to these markets to fund their loans and finance their trades.

Legally, repos are sales and repurchases; but they function like secured overnight or short-term loans. They work like a pawn shop: The lender takes an asset (usually a federal security) in exchange for cash, with an agreement to return the asset for the cash plus interest the next day, unless the loan is rolled over. The New York Fed currently engages in two types of repo operations: overnight repurchase agreements that unwind the next business day, and 14-day repurchase agreements that unwind after 14 days.

The Fed restarted its large-scale repo operations in September, when borrowing rates shot up due to an unexpectedly high demand for dollars. The Fed said the unusual demand was due largely to quarterly tax payments and Treasury debt settlements. Other factors proposed as contributing to the cash strains include regulatory change and a decline in bank reserves due to "quantitative tightening" (in which the Fed shrunk its balance sheet by selling some of its quantitative easing (QE) acquisitions back into the market), as well as unusually high government debt issuance over the last four years and a flight into U.S. currency and securities to avoid the negative interest rate policies of central banks abroad.

Panic or Calculated Self-Interest?

The Fed's stated objective in boosting the liquidity available to financial markets was simply to maintain its "target rate" for the interest charged by banks to each other in the Fed funds market. But critics were not convinced. Why were private capital markets once again in need of public support if there was no financial crisis in sight? Was the Fed engaged in a stealth "QE4," restarting its quantitative easing program?

The Fed insisted that it wasn't, and financial analyst Wolf Richter agreed. Writing on Wolfstreet.com on Oct. 10, he said the banks, and particularly the primary dealers, were hoarding their long-term securities in anticipation of higher profits. The primary dealers are the 24 U.S. and foreign broker-dealers and banks authorized to deal directly with the U.S. Treasury and the New York Fed. They were funding their horde of long-term securities in the repo market, putting pressure on that market, as the Fed said in the minutes for its July meeting, even before repo rates blew out in mid-September. Richter contended:

"They'd expected a massive bout of QE, and perhaps some of the players had gleefully contributed to, or even instigated the turmoil in the repo market to make sure they would get that massive bout of QE as the Fed would be forced to calm the waters with QE, the theory went. This QE would include big purchases of long-term securities to push down long-term yields, and drive up the prices of those bonds. ... Prices were high and yields were low, a sign that there was heavy demand. But the dealers were holding out for even higher prices and even lower yields. ... Massive QE, where the Fed buys these types of Treasury securities, would accomplish that. But that's exactly what the Fed said it wouldn't do."

What the Fed was doing instead, it said, was reviving its "standing repo facility -- the facility it had used before September 2008, when it abandoned that device in favor of QE and zero-interest rate policy. But it insisted that this was not QE, expanding the money supply. Overnight repos are just an advance of credit, which must be repaid the next day. While $165 billion per month sounds like a lot, repo loans don't accumulate; the Fed is just making short-term advances, available as needed up to a limit of $165 billion.

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Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books including the best-selling WEB OF DEBT. In THE PUBLIC BANK SOLUTION, her latest book, she explores successful public banking models historically and (more...)
 

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8 people are discussing this page, with 19 comments  Post Comment


lila york

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So the Fed bailed out the banks again and didn't tell anybody. This time a trillion dollars to Deutsche Bank. So the US taxpayers just gave a trillion dollars away to a foreign bank. But of course there is no money for healthcare.

Submitted on Thursday, Nov 7, 2019 at 5:57:34 PM

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David William Pear

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What about the right-wing meme on Medicare for All: "where is the money going to come from?"

Bailouts, corporate welfare, Pentagon: always enough money. Social Security, Medicare, and programs to improve the lives of the ordinary people---never any money.

P.S. The longer the next crash is delayed, the worse it will be.

Submitted on Thursday, Nov 7, 2019 at 6:17:35 PM

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Lois Gagnon

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I see this as the logical final step in the hollowing out of the US economy before the banking oligarchs turn us into just another third world colony. They will crash this place to the ground and then move on. And the media and politicians will claim no one saw it coming.

Submitted on Thursday, Nov 7, 2019 at 8:47:37 PM

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They have left themselves nowhere to "move on" to. They have already destroyed the rest of the planet.

Submitted on Thursday, Nov 7, 2019 at 11:28:16 PM

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Lois Gagnon

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They are purchasing property in New Zealand and other still relatively unspoiled environments. The Bushes own the most important aquifer in Paraguay. They may be evil, but they know how to save themselves, even if it's only for a little while longer than the rest of us have.

Submitted on Friday, Nov 8, 2019 at 9:00:18 PM

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Stan Crawford

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This whole sellout agenda has been in the making for a long time now. First open up China 72, then off shore/out source US manufacturing there 80's onward. Transfer the latest technologies there for monitoring its citizens, while throwing another bone to its working classes to keep them compliant.


As the slides/accents of the "Free Market" needed bailing out S&L Scandal (78), PNAC 9/11 (01), War of Terror (07/08) as examples, the corruption has grown more intense by the same people milking the system, having their musguided foreign policies weaken the country. We now have roughly 40% of the population believing a serial Con who resides in the White House due to public rebuke of the Obama administration.


tRump is tasked with the collapse of the $ and its happening within the Elites plan for World government, using the PRC/CCP model to administer their system. China is mostly developed with its fast train moving people, its expressways transporting products and 5G rollout two months ahead of schedule. tRump is king when it comes to Bankruptcy, leaving a few riding the Tsunami wave while the rest are left with shattered lives and destitution in the wake. tRumps base has not a clue they were sold out long before he was selected POTUS. The heavily subsidized new scam of energy independence, is proving not to contain the estimated reserves originally presumed to possess.


The BRI's whole intent is to pick up where the USA influence void quickly expanding, to be the new kid on the block, along with Russia that provides the goods and energy to supply the future for Europe, who long ago started to ignore tRump's whining and negotiate with the Bear and Dragon directly.


If your in debt, figure out a way to pay it off before the snare entraps you. Stock up on a few food stuffs and have some bartering material on hand, for when the SHTF it's going to be ugly for a while, as the transition causes mayhem. Enjoy the remaining "free" time (5-10 years), if humanity has this long. The Guide Stones predict most won't make it to the other side.

Submitted on Thursday, Nov 7, 2019 at 10:13:17 PM

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lila york

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the 5G rollout. I am active in the movement to stop 5G internationally. You need to educate yourself. It has nothing to do with internet speeds. It is a weapon. It can be aimed at you from that tower outside your window and kill you. It causes cancer, DNA damage, birth defects, ADHD, autism, sterility. and that is just for starters. Never allow a "smart" meter or appliance into your home or apartment. 5G is is microwave 150,000 times the microwave emission of 4G. Cancer rates have already skyrocketed from the cumulative RF emissions now present in all cities. 5G will wipe out most of the global population.

Submitted on Thursday, Nov 7, 2019 at 11:44:50 PM

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I'm well aware of 5G military applications, and apparently didn't get its point across in my comment.


It must also be noted that LED street lighting has its nefarious intended uses also. click here

Submitted on Friday, Nov 8, 2019 at 12:31:56 AM

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Doing some Google searching I found that 5G creates calcium toxicity in skin cells and peroxynitrites, that literally melt the cell wall when stimulated by the direct energy wave. Causing mental disorders, lowers libido and sperm cell count; just to name a few side effects.

Submitted on Friday, Nov 8, 2019 at 4:21:15 AM

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Lance Ciepiela

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Despite the Fed statement about interest rate pause in March, the Fed has not stopped tightening. It is via the little noticed policy called Quantitative Tightening, the moves by the Fed to tighten money liquidity in the banking system and economy. If a recession now unfolds over the next 6 months until the November, 2020 elections, it will once again by the "gods of money" at the Fed and their banker backers who caused it. #FederalReservePower. We once derided Obama as the 'king of debt'." But at this point in his presidency Trump seems to have happily inherited the mantle.

Submitted on Thursday, Nov 7, 2019 at 10:37:12 PM

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lila york

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Lance, you should rethink that. Powell has been counterfeiting 120 billion dollars a day. That is why stock prices are in the stratosphere in spite of the fact that none of those companies make money and most are totally in debt, and people are way too broke to buy anything.

Submitted on Thursday, Nov 7, 2019 at 11:30:15 PM

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Lance Ciepiela

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Reply to lila york:   New Content

Oh yes, would certainly be great to get the truth about the fed's 'way of doing things' - that was candidate Trump back in 2016 'tweeting' that "it's so important to audit the Federal Reserve". After taking office, however, instead of auditing the fed, Trump apparently decided to turn up the volume on Powell to keep lowering the interest rates.

Submitted on Friday, Nov 8, 2019 at 2:42:02 AM

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David William Pear

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Stan missed a lot of crashes besides the S&L crash of the 1980's. There was the commercial real estate crash caused by crooked tax shelters, the stock market crash of 1987, the recession of 1992, Long-Term Capital hedge fund bailout, the Asian Contagion, dot.com speculative bubble, Y2K panic, Crash of Japan, Russian debt default, and more.

Capitalism is an unstable system. It crashes about every 10 years. It constantly needs government bailouts. Roosevelt was the only president to bailout the public. The only reason he did was because socialism was a real "threat" to the elites. All the others depressions since the 19th century have been borne by the public.

All the wars have been for the benefit of the oligarchs, banks, weapons manufacturers and war profiteers. "Banana republics" have been overthrow for corporations such as United Fruit Co. and British Petroleum.

It is absolutely laughable that people believe that socialism "never works" when it has been capitalism that has never worked. If the purpose of government is not to take care of the needs of ordinary people then wtf good is it. Hyenas at Trump rallies get their rocks off on empty nationalist slogans. Fox News has panels of billionaires to 'debate' the virtues of the free market.

Here is how QE operates: the Fed gives the banks money to speculate with, then it buys back all the loses and lets the banks keep any winning gamble.

The banks and fed think they can postpone the next crash forever. They can't. Defaults on auto loans are already hitting record highs. People can no longer afford to buy a home. Rents are sky high, credit card debt is the highest ever, auto loans and student debt are both at a $Trillion.

Medical insurance for a family of 4 is about $28,000 a year counting employer contribution, deductibles and co-pays. Most families live paycheck to paycheck.

Submitted on Friday, Nov 8, 2019 at 12:42:31 AM

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shad williams

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I read your words a tumbling but did not understand them one bit. It seems that financial charts and indicators are like at least the twelve sided dodecahedron with disconnected financial analysis existing on each of its worlds.

Negative interest rates? Business models like Lyft, Uber, WeWork that will never have positive cash flow but will get funded and continued to find new investors in what appears to be a Ponzi?

Max Kaiser says businesses such as these have no respect for money...they are just burning it. He bad mouths the frackers who are producing fracked oil and gas above the market price and contributing to the US being the largest oil producer...propped up by fiat dollars. I wonder how much of the Petroleum Reserve remains?

How can this be good for ordinary people like me when the music stops? Businesses close, jobs end, and dollars become more worth less? Has there been an audit of gold reserves which belong to US government which is the same as belonging to the thieving ruling class since we are too brain dead and timid to take it from them?

What will the fiat dollars in my account buy or should I even have fiat dollars in my account? And how will I know when to withdraw my fiat before the bank confiscate it?

What about gold and or bit coin? Of what use are paper certificates of gold? If I buy I actual gold will it be delivered? How will I subdivide the gold and use it to buy anything? Will I need an assay device to prove its purity? Would you believe someone with an assay kit wanting to exchange a "precious" metal for something you hold dear?

And isn't the gold market manipulated? What about crypto currencies? If I cannot get access to electricity how will I have the ability to make purchases using it? Maybe I should buy real property, grow food, have clean water, timber, wind and solar, like Chuck N. What do I do if the county assesses taxes that I am unable to pay even though I own the real property outright? How quickly before all of us begin to behave in accordance with the law of the jungle?

Inquiring minds want to know.

Submitted on Friday, Nov 8, 2019 at 3:34:26 AM

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Fred W

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In the unlikely case that global warming doesn't do away with us first, James Kunstler's "World Made By Hand" series of novels seems to me a realistic view of the future, hopefully not too optimistic.

Submitted on Saturday, Nov 9, 2019 at 1:11:26 AM

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Very few Americans understand that the federal reserve is not federal and is unconstitutional. It is made up of the wall street banks. I want to run an ad at Times Square that says" The Fed is counterfeiting billions of dollars and giving it to itself. We will not pay off wall street's gambling debts. End the Fed. Lock em up"

Submitted on Friday, Nov 8, 2019 at 6:14:18 PM

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Ellen Brown

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Thanks Lila, good point! I think though that we need a central bank. Rather than ending it, I always say we need to nationalize it -- make it a true public utility.

Submitted on Friday, Nov 8, 2019 at 7:35:52 PM

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Of course you are right. The problem is that the wall street banks OWN Congress, the White House and the courts. They steal our money every day. Would any government representative be willing to support public banking? I think the corruption is just too total at this point. To stop this grand theft of the American people, we would need to throw out the entire government and start over.

Submitted on Friday, Nov 8, 2019 at 7:40:08 PM

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Yes - Monetary reform nationalizes the Federal Reserve (this name is deceptive so the public would perceive it as a government entity) and retain its use for bank administrative functions. #PublicBankSolution.

Submitted on Friday, Nov 8, 2019 at 9:33:30 PM

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