The US Federal Reserve

[ynot2k]

Heresy Financial always has a good take on things in easy explained takes.

Here he talks about " It`s one big (bailout) club and you`re not in it"

Near end he states what I believe. The action that the CB`s take are to suppress workers not bankers.

I continually hear that credit is being tightened etc, but all I ever see is record after record for household debt, corporate debt and government debt.

I also note that my National Credit Gauge continues to read looser than normal credit conditions.

I would think the Fed is getting pretty worried about credit in aggregate not contracting with this type of rate increase in past 12 months.

Cracks are starting to form on the banking infrastructure they have built in past 35 years and they know it needs to work soon or it could get real bad.

https://www.youtube.com/watch?v=bo3mmUSyULo

Thanks for posting this. It's a stark reminder that psychopaths are basically in charge of the global financial system.

[vertical1]

Of note is that it is not in a Doctor's best fiscal interest to cure you and or keep you healthy. Just noticed a parallel ^^

[LongDonSilver]

Of note is that it is not in a Doctor's best fiscal interest to cure you and or keep you healthy. Just noticed a parallel ^^

There's no money in medical cures, lots of money in treatment. Just like there's no reelections if you push sound finances, but reelection for life if you hand out free stuff paid for by others.

[SilverPalm]

Here's a bit of central bank news that leaves me scratching my head -
https://www.nakedcapitalism.com/2023...-arrested.html

The opening few paragraphs -

"For the moment, it is not entirely clear why Godwin Emefiele has been removed from his post and detained by Nigeria’s secret police, but there are a whole slew of possible reasons.

Something rather out of the ordinary occurred in Nigeria, Africa’s most populous nation and largest economy, this past weekend: the (now former) Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was suspended from office by the country’s newly elected President Bola Tinubuand. Hours later, Emefiele — who had been at the helm of the CBN for nine years, during which time the Nigerian currency lost 65% of its value and inflation almost tripled — was taken into custody by Nigeria’s secret police, the State Security Service (SSS).

Governors of central banks, which are generally independent authorities, are rarely suspended from their posts, and they are hardly ever arrested. For the moment, it is not entirely clear why Emefiele has been detained but there are a whole slew of possible reasons. The arrest follows a months-long investigation into his office by the SSS, which tried unsuccessfully to arrest him in December on allegations of “financing terrorism, fraudulent activities, and economic crimes of national security dimension.”

All-Out War on Cash

Those “economic crimes of national security dimension” presumably now include waging an all-out war on cash, with dire consequences for Nigeria’s already embattled economy. Between January and February, the CBN withdraw all high-denomination notes from circulation and failed to replace them with the newly designed notes it had promised, triggering a cash crunch. The central bank also placed stringent limits on the daily cash withdrawals of anyone who could access cash. As with India’s brush with demonetisation in 2016, the result was unmitigated chaos and economic pain — in a country where 63% of the population was already poor and 33% unemployed."