Federal Reserve Funds Banks Billions to 'Keep Them Afloat', Market Is Broken: Another Coming Recession? - Glenn Beck Video
The Federal Reserve just stepped in, lending hundreds of billions of dollars to major banks to keep them afloat. Why? Banks didn’t have enough money to trade to each other. So, the Fed stepped in. And it’s happened now THREE DAYS IN A ROW. Overnight interest rates have spiked. And now economists say the Fed will remain active in the repo market for the time being. Glenn explains why these signs show there’s something wrong with the market and we need to do something before another crash.
‘Plumbing of the Financial System’ Under Pressure; Fed Providing Massive Liquidity and Potentially Permanent Repo and QE
◆ The ‘plumbing of the U.S. financial system’ is under pressure as liquidity dries up forcing New York Federal Reserve to provide massive liquidity and potentially they may be forced to move to permanent repo operations and renewed quantitative easing or QE
◆ The New York Fed appears to be set to do another $75 billion overnight repo operation today. It follows massive liquidity injections of the same size yesterday and on Wednesday, and $53.2 billion on Tuesday.
◆ The Fed is preparing a ‘temporary’ liquidity injection for a fourth straight day and there are concerns that increased signs of severe stress in the funding markets in the U.S. may force the Fed to permanently increase their reserves by electronically creating dollars in order to buy more U.S. Treasurys
◆ The Fed is deploying this ‘remedy’ for the first time in a decade, since the last global financial crisis and there are signs that we may be on the verge of another financial crisis centered on the U.S. financial and monetary system
◆ Gold prices are marginally higher today and for the week and appear headed for their first weekly gain in four weeks, supported by concerns about the U.S. financial system, a softer dollar, the tinder box that is the Middle East and trade wars which are impacting global economic growth.
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