The Bernanke Doctrine continues: The Federal Reserve Board of Governors (a Federal agency) that oversees the privately owned Federal Reserve System of (central) Banks, increasing the size of the Term Auction Facility to 100,000,000,000 “dollars”; and beginning Single Tranche (portion of an investment) Repurchase Agreements that will allow those commercial and investment banks that deal directly with the FRSB to use any type of debt instrument as collateral for loans of newly issued Federal Reserve Notes (Bills of Credit).
NOTE: This is the further realization of plank number five of the “Communist Manifesto” by Karl Marx.
[restored 6/20/2024] Thanks to Jim Lorenz for this entry.
Subsequent Events:
References:
FRB Press Release–Federal Reserve announces two initiatives to address heightened liquidity pressures in term Funding markets–March 7, 2008
www.federalreserve.gov/newsevents/press/monetary/20150307a.htm
A Year in Bank Supervision: 2008 and a Few of Its Lessons
www.fdic.gov/regulations/examinations/supervisory/insights/sissm09/bank_Supervision.html
Repurchase Agreements and Covert Nationalization—Seeking Alpha
seekingalpha.com/article/6/776/7-repurchase-agreements-and-covert-nationalization
A Year in Bank Supervision: 2008 and a Few of Its Lessons
www.fdic.gov/regulations/examinations/supervisory/insights/sissm09/bank_Supervision.html
Communist Manifesto 10 Planks
www.libertyzone.com/Communist-Manifesto-Planks.html
Current U.s. National Debt:
