Considering all the money that has no good home, it’s awfully odd the Fed feels duty-bound to shove $120 billion down the throats of banks month after month with no end. Here’s the overnight reverse repo:
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
For the press conference. You’re welcome.
Let’s imagine the year is 2028. Let’s further imagination this is the scenario:
- The Federal Reserve is finishing up its twentieth year of “extraordinary accommodations” that began with the Great Financial Crisis, and interest rates remain nominally at 0%;
- The national debt has crossed the $50 trillion level;
- The US dollar has lost its reserve currency status and has plunged against other currencies;
- The Dow is approaching the 100,000 mark for the first time, much to the excitement of the media;
- The employment participation rate has slipped under 50% for the first time in the country’s history;
- Every citizen is guaranteed $50,000 in U.S. Digital Dollars every year for their living and housing expenses.
- Recent testimony by the Chairman of the Federal Reserve reveals that they are continuing to monitor the economic data, they believe it is too soon to taper, and they will deploy whatever tools they require in order to fulfill their dual mandate.
I did an article last night about this special. Here it is, in its entirety:
Moments ago, I finished watching the premier of the PBS Frontline special about the Federal Reserve. It was pretty good, although there wasn’t a single morsel of information that was new to me (I mean, come on, this is just about all I read and write about, so a general interest program isn’t going to be novel for me). The attitude of the program was actually pretty softball, since my own disposition, were I to be the show’s producer, would be to have the American public mentally file away Ben Bernanke and Jerome Powell in their heads right next to Josef Mengele and Jeffrey Dahmer.
I must comment on one person, however: Neel Kashkari. To Mr. Kashkari’s credit, he was the only current Fed official who had the balls to get in front of a camera. Those of you familiar with Neel’s disposition will not be surprised to know he maintained his role as the Fed’s tireless apologist, and he held the Fed’s candle high and proud throughout the entire broadcast.(more…)