What We Must Not Overlook About The Default Crisis — Dick Eastman | richard writings

April 10, 2018 by · Leave a Comment 

One thing that I find most revealing about the great default crisis is the fact that very early in crisis which began in 2007, the Federal Reserve, ever the private money market of the rich, introduced the policy of paying interest to banks for their excess reserves — that is the central bank paid money to the member banks for holding cash balances idle — not making loans on it — in the midst of the deflationary depression. How obvious does the engineering of the default crisis and subsequent depression have to be?

On March 9, 2006, the Federal Reserve governors released this notice: On March 23, 2006, the Board of Governors of the Federal Reserve System will cease publication of the M3 monetary aggregate. The Board will also cease publishing the following components: large-denomination time deposits, repurchase agreements (RPs), and Eurodollars.”

Source: What We Must Not Overlook About The Default Crisis — Dick Eastman | richard writings

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