Pam and Russ Martens: Despite JPM's five felonies, the Fed entrusts the bank with $2 trillion in bonds

Section:

Maybe the Fed and JPMorgan Chase are actually the same entity -- the government is the bank and the bank is the government. That would explain many things very nicely.

* * *

By Pam and Russ Martens
Wall Street on Parade
Friday, October 30, 3030

Imagine that your neighbor across the street had been criminally charged with five felony counts for financial crimes in the past six years and admitted to committing each and every crime to the U.S. Department of Justice. Would you put a third of all of your money in a safe, give that neighbor the combination, and ask him to hold the safe in his house for you?

You would probably be suited up for a straitjacket if you did something like that.

... Dispatch continues below ...


ADVERTISEMENT

Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:

http://www.asantegold.com/assets/Video/SEMSpitMagSmthCore.mp4

In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:

https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant...



That's effectively what the Federal Reserve, the central bank of the United States, has done when it comes to JPMorgan Chase.

As of this past Wednesday, the Fed has a $7 trillion balance sheet and $2 trillion of its agency mortgage-backed securities are sitting at JPMorgan Chase, the bank that the Justice Department has charged with five criminal felony counts since 2014 -- all of which the bank admitted to.

Since JPMorgan Chase first inked a contract with the Federal Reserve Bank of New York on December 31, 2008, it has been the sole custodian of all of the agency mortgage-backed securities that the Fed had bought in its long-running quantitative-easing programs. The contract was updated on January 30, 2017, and continues to this day.

We confirmed that with the New York Fed yesterday. As of this past Wednesday, JPMorgan Chase was holding $2,000,305,000,000 (principal amount) in MBS backed by Fannie Mae, Freddie Mac, or Ginnie Mae that belongs to the Fed. ...

... For the remainder of the report:

https://wallstreetonparade.com/2020/10/despite-its-five-felony-counts-th...

* * *

Join GATA here:

Mining Investment Asia (Virtual)
Monday-Wednesday, November 2-4, 2020

Mining Investment North America (Virtual)
Wednesday-Thursday, November 11-12, 2020

https://www.mininginvestmentasia.com/

* * *

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