Dave Kranzler: A hopelessly corrupt financial system plus historic bubbles -- Got gold?

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By Dave Kranzler
Investment Research Dynamics, Denver
Tuesday, May 12, 2020

The Federal Reserve has re-inflated the biggest stock and asset bubble in history after the previously biggest stock bubble was punctured in March.

Today the Fed will begin buying junk bond/leveraged loan exchange-traded funds using Blackrock as its front. There ars two obvious problems with this.

... Dispatch continues below ...



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First, how does this help the economy? The money printed and used to purchase the ETF securities will never flow to the companies issuing junk bonds. Ask United Airlines, which had to abandon plans to raise a couple billion in the junk bond market after the market rejected its attempt to issue 11% coupon bonds.

Why didn’t the Fed just buy up that issue? It’s an odd lot compared to what the Fed has printed and thrown at the big banks up to this point.

The second problem is Fed Chairman Jay Powell's conflict of interest. Powell has an $11 million equity stake in Blackrock. For its riskless efforts in buying ETFs for the Fed, Blackrock will be paid $15 million.

And guess what -- The taxpayers are on the hook for the money the Fed prints and transfers to ETFs and to Blackrock when the trade goes bad, which it will. ...

... For the remainder of the commentary:

https://investmentresearchdynamics.com/a-hopelessly-corrupt-financial-sy...

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