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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)
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.
Mainstream politicians have long insisted that Medicare for all, a universal basic income, student debt relief and a slew of other much-needed public programs are off the table because the federal government cannot afford them. But that was before Wall Street and the stock market were driven onto life-support by a virus. Congress has now suddenly discovered the magic money tree. 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. Beyond that, the Federal Reserve is making over $4 trillion available to banks, hedge funds and other financial entities of all stripes; it has dropped the fed funds rate (the rate at which banks borrow from each other) effectively to zero; and it has made $1.5 trillion available to the repo market.
It is also the Federal Reserve that will be picking up the tab for this bonanza, at least to start. The US central bank has opened the sluice gates to unlimited quantitative easing, buying Treasury securities and mortgage-backed securities “in the amounts needed to support smooth market functions.” Last month, the Fed bought $650 billion worth of federal securities. At that rate, notes Wall Street on Parade, it will own the entire Treasury market in about 22 months. As Minneapolis Fed President Neel Kashkari acknowledged on 60 Minutes, “There is an infinite amount of cash at the Federal Reserve.”
In theory, quantitative easing is just a temporary measure, reversible by selling bonds back into the market when the economy gets back on its feet. But in practice, we have seen that QE is a one-way street. When central banks have tried to reverse it with “quantitative tightening,” economies have shrunk and stock markets have plunged. So the Fed is likely to just keep rolling over the bonds, which is what normally happens anyway with the federal debt. The debt is never actually paid off but is just rolled over from year to year. Only the interest must be paid, to the tune of $575 billion in 2019. The benefit of having the Fed rather than private bondholders hold the bonds is that the Fed rebates its profits to the Treasury after deducting its costs, making the loans virtually interest-free. Interest-free loans rolled over indefinitely are in effect free money. The Fed is “monetizing” the debt.
Chinese journalists have shed light on their country’s deadly coronavirus cover-up which has led to tens of thousands of deaths and sent global economies crashing to a halt.
Sky News Australia presents COVID-19: Ground Zero – an investigation into what caused the killer coronavirus and how China managed to bury the truth for so long.
South China Morning Post news editor Josephine Ma told Sky News her government covered up more than 200 cases of coronavirus in 2019, delaying global warnings and allowing the spread of the virus to leak into other countries.
Ground Zero also details the incredible steps nations around the world are taking to minimise the impact of the COVID-19 pandemic.
Heimbach “coming to the light”: another example illustrating the inherent instability of the right, including as a result of introducing its elements by means of third positionism.
Light Upon Light Shape Shifters - Matthew Heimbach, a Former White Nationalist. To struggle against hate we need…
BRUSSELS (Reuters) - The European Union’s top court ruled on Thursday that Poland, Hungary and the Czech Republic had broken the law by refusing to host refugees to help ease the burden on southern states such as Greece and Italy after a surge in migrant arrivals from 2015.
The ruling underscores Europe’s bitter divisions over migration, though the three ex-communist nations face no immediate penalty as the relocation of tens of thousands of people agreed by the EU was only envisaged until 2017.
“By refusing to comply with the temporary mechanism for the relocation of applicants for international protection, Poland, Hungary and the Czech Republic have failed to fulfil their obligations under European Union law,” the Luxembourg-based Court of Justice of the European Union said in its ruling.
Baruch Feldheim, 43, was arrested on Monday for allegedly making false statements to the FBI and hoarding desperately needed medical supplies, including 80,000 N95 masks which he was selling at a 700% markup.
When the FBI came to arrest him, he allegedly coughed on their agents and claimed he had the coronavirus.
According to a Department of Justice press release, Feldheim was hoarding enough medical supplies “to outfit an entire hospital.”
A Brooklyn man who said he had COVID-19 coughed on FBI agents, and lied to them about personal protection equipment he was hoarding to try to make a buck, authorities said Monday.
NEWARK, N.J. – A Brooklyn man was arrested today for allegedly coughing on FBI agents while claiming to have COVID-19, and with lying to them about his accumulation and sale of surgical masks, medical gowns, and other medical supplies, U.S. Attorney Craig Carpenito announced.
Baruch Feldheim, 43, was arrested by special agents of the FBI today and charged by complaint with assaulting a federal officer and with making false statements to law enforcement. Feldheim is scheduled to have his initial appearance this afternoon before U.S. Magistrate Judge Michael A. Hammer in Newark federal court.
According to documents filed in this case and statements made in court:
On March 25, 2020, the Department of Health and Human Services issued an executive order designating certain scarce health and medical resources necessary to respond to the spread of the Coronavirus. Those designated materials included N95 filtering face-piece respirators, personal protection equipment (PPE) face masks, surgical masks, sterilization services, and disinfecting devices, among other things.
Feldheim allegedly sold certain designated materials, including N95 respirators, to doctors and nurses at inflated prices. In one instance, on March 18, 2020, a doctor in New Jersey contacted Feldheim via a WhatsApp chat group labeled “Virus2020!” Feldheim agreed to sell to the doctor approximately 1,000 N95 masks and other assorted materials for $12,000, an approximately 700 percent markup from the normal price charged for those materials. Feldheim directed the doctor to an auto repair shop in Irvington, New Jersey, to pick up the order. According to the doctor, the repair shop contained enough materials, including hand sanitizers, Clorox wipes, chemical cleaning supply agents, and surgical supplies, to outfit an entire hospital. Feldheim later told the doctor that he had been forced to move all of those supplies from Irvington to another location.
On March 23, 2020, Feldheim allegedly offered to sell a nurse a quantity of surgical gowns and directed the nurse to his residence in Brooklyn. Feldheim also received, on March 25, 2020, a shipment from Canada containing approximately eight pallets of medical facemasks. On March 27, 2020, FBI agents observed an empty box of N95 masks outside of Feldheim’s residence.
On March 29, 2020, FBI agents witnessed multiple instances during which individuals approached Feldheim’s residence and walked away with boxes or bags that appeared to contain medical supplies. On that date, FBI agents approached Feldheim outside of his residence. After identifying themselves as FBI agents, they told Feldheim that they wanted to stay a distance away from him given concerns over the spread of Coronavirus. When the agents were within four to five feet of him, Feldheim allegedly coughed in their direction without covering his mouth. The agents then told him that they were looking for certain PPE materials and that they had information that Feldheim was in possession of large quantities of such materials. At that point, Feldheim told the FBI agents that that he had the Coronavirus.
Feldheim then made false statements to the FBI agents regarding his possession and sale of personal protective equipment and other materials. He falsely told the agents, among other things, that he worked for a company that bought and sold personal protective equipment and other materials and that he never took physical custody of the materials. Feldheim further falsely stated that he did not possess large quantities of personal protective equipment materials and that he never sold them directly to individuals.
The assault charge carries a maximum penalty of one year in prison and a $100,000 fine. The false statements charge carries a maximum penalty of five years in prison and a $250,000 fine.
Here’s video allegedly showing the FBI seizing box after box of 3M N95 masks from Feldheim’s apartment:
The countries concerned would help Greece do the right thing though - mancinblack
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)
