Fed Might Accept Foreign Collateral
June 1st, 2008Via: MarketWatch:
The Federal Reserve is actively considering creation of a lending facility that would accept “very safe” foreign collateral from “sound” global banks in case of a widespread liquidity crisis, Fed Vice Chairman Donald Kohn said Thursday.
A new global discount window is “under active study,” Kohn said. “It is possible that over time, major central banks could perhaps agree to accept a common pool of very safe collateral, facilitating the liquidity management of global banks,” he said, stipulating that such loans only be made to sound institutions.
Kohn’s suggestion came in prepared remarks wrapping up a special conference in New York on liquidity in money markets that was sponsored by the New York Fed and the Columbia Business School.
“Market functioning remains far from normal,” Kohn said, pointing in particular to large spreads between overnight bank rates such as Libor and other short-term rates. Such large spreads indicate that markets still are in shock.
So now the Fed is going to be creating billion$ more out of thin air with which to buy OTHER countries’ toxic crap, phony “financial assets”? Apparently, the Fed believes its mission isn’t just to rescue their Wall Street cronies from their own greedy follies, but the rest of the world’s parasitic money-churners as well, huh.
As Andrew Jackson said, “If the American people only understood the rank injustice of our money and banking system – there would be a revolution before morning…”
But tm, didn’t you see? It’s only going to accept “very safe” foreign collateral from “sound” global banks. Nothing to worry about! 😉
What could possibly go wrong?! HAHA
The first term that springs directly to mind, word-association style, is “mega-merger”.
Next comes “consolidation”, followed by “streamlining” and “integration”. Hints of “hostile takeover” are quickly dispelled by the careful and constructive semantic forms used in the announcement, building a false stability meme under the actuality of the situation: “safe”, “sound”, “facilitating” and “creation”.
That’s how it’s done over the last several decades, since SMFs like Bernays and Lee turned their intellect loose on categorizing the human animal and showing those willing to pay the toll all of the different buttons and the various techniques best used to activate them.
You are a fiddle. I am a fiddle. Anyone connected to the hive mind is an instrument, to be played by those who can afford to pay the toll and the hired guns who love their big security budgets. Even the nerdy ones who wear their standard-issue black jumpsuit with Chuck Taylors and a baseball cap and spend an average of sixteen hours a day within an eyeball’s distance of a screen.
This is them creating reality and the press dutifully observing and reporting, just like the politico said in the interview in the early days of Bush the Second.
In their reality, I am but one of a multitude of useless eaters, made useless by our lack of utility to the system and its adjuncts. Never mind that I am voluntarily so, because the alternative has become utterly repellent to me, having fed the monster my soul in trade for table scraps long enough already. I’d rather be a dirt farmer with a small holding and livestock, work hard when I must, eat well in a traditional way and skip out on the mind-polluting BS at every opportunity to keep the head as clear as possible.
Sound familiar? =)
The deep dark brooding calculating side of my brain
keeps telling the other rational,..logical side
ARMOR UP!Dummy!
$475 BILLION! in Granite counter-topped coke loving Banker freebies since Bear Sterns?
Impossible!
I seemingly can remember stuff for more
than 5 minutes,…check out the MSM propaganda
it has a shelf life of 3.2 hours apparently
11:20 EST
Wall Street rose modestly Tuesday after Federal Reserve Chairman Ben(SHALOM) Bernanke reiterated expectations the economy will improve later this year
2:45 EST
Wall Street fell for a second straight day Tuesday as investors grew more worried that the financial sector is still suffering badly from the credit crisis
Believe in me,cuz I da*n sure don’t believe in YOU!