Fed will 'temporarily' monetize foreign-held U.S. Treasuries

Section:

Fed Sets Up Scheme to Meet Booming Foreign Demand for Dollars

By James Politi, Brendan Greeley, and Colby Smith
Financial Times, London
Tuesday, March 31, 2020

The Federal Reserve has taken a new step to meet the global demand for dollars, setting up a facility that would allow central banks and international monetary authorities to enter into repurchase agreements with the U.S. central bank.

The Fed said the new facility would work in tandem with the dollar swap lines already established by the central bank with its peers across 14 different countries as the coronavirus pandemic has spread across the world. 

... Dispatch continues below ...



ADVERTISEMENT

Transfer Assets and Own Gold and Silver Coins
and Bars in the Safest Way

GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given growing monetary, cyber, and systemic risks, it is increasingly important to take delivery or have legal title and outright ownership of fully segregated coins and bars.

On all investment and pension purchases and gold and/or silver coin and bars transfers (from banks, ETFs, and digital gold providers) worth more than $10,000 stored in GoldCore Secure Storage in Zurich, Switzerland, we are now offering Secure Storage for free for six months and the gift of a silver bullion coin -- a beautiful, legal tender, 1-ounce Silver Eagle.

GoldCore does not report transactions to any authority, and safety, privacy, and confidentiality are paramount when we are entrusted with safekeeping of our clients' precious metals.

Please visit GoldCore here for more information about this offer:

https://info.goldcore.com/zurich-gold-silver-storage-goldcore-exclusive-...

Key information regarding GoldCore Secure Storage, our partner vaults and jurisdictions, and storage rates is here:

www.goldcore.com/us/services

For further information, please email the GoldCore team at info@goldcore.com or call our trading desk:

U.S.: +1-302-635-1160

U.K.: +44(0)203-086-9200

International: +353(0)1-632-5010



As investors have flocked to safe assets and companies have scrambled to offset the blow to revenues from widespread economic shutdowns, they have pushed the greenback's value sharply higher, leading to a global shortage of dollars that has destabilised emerging markets. 

"This facility should help support the smooth functioning of the U.S. Treasury market by providing an alternative temporary source of U.S. dollars other than sales of securities in the open market," the Fed said in a statement. 

The temporary facility for foreign and international monetary authorities, or FIMA, will allow foreign central banks and international organisations with accounts at the New York Fed to "temporarily exchange their U.S. Treasury securities held with the Federal Reserve for U.S. dollars, which can then be made available to institutions in their jurisdictions," according to the statement. ... 

... For the remainder of the report:

https://www.ft.com/content/6c976586-a6ea-42ec-a369-9353186c05bb

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16