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Pam and Russ Martens: New York Fed considers becoming sugar daddy to hedge funds as their distress grows
By Pam and Russ Martens
Wall Street on Parade
Thursday, January 16, 2020
It's apparently not enough of a billionaire subsidy for the U.S. Treasury's Internal Revenue Service to give a monster tax break to hedge fund titans by allowing them to pay Federal taxes on the basis of "carried interest," meaning that they have a special loophole to pay a lower tax rate than many school teachers, nurses, and plumbers.
Now, according to an article in The Wall Street Journal, the Federal Reserve is actually considering opening its super-cheap repo loan money spigot to hedge funds.
It doesn't get any crazier than this.
... Dispatch continues below ...
Dunnedin Drills New Copper-Gold Porphyry Discovery
in 'Gate Zone' at MPD Project in Southern British Columbia
VANCOUVER, British Columbia, Canada -- Dunnedin Ventures Inc. (TSX-V: DVI) today reports results from its first drill program at its 100-percent owned MPD copper-gold porphyry project in southern British Columbia. The MPD project is accessible year-round from paved highways 5A and 97C.
Discovery drill hole MPD-19-003 has intersected the new Gate Zone containing the highest-grade porphyry copper-gold mineralization reported in drill core at the MPD property to-date.
The new discovery underlies a large copper-in-soil anomaly with over 1 kilometre of strike at the "Prime" area of the project. More than 100 historical drill holes containing copper and gold mineralization define a large, likely multi-center porphyry system across 10 square kilometers of the MPD project
The Gate Zone includes intervals of higher-grade copper-gold within a broad lower grade interval, with mineralization present from near surface to a vertical depth of 800 meters, and remains open at depth. ...
... For the remainder of the announcement:
Morphing from a central bank mandated to set monetary policy on the basis of maximum employment and stable prices, to the lender of last resort to the criminally-charged trading houses on Wall Street and now, potentially, to the insider-trading/"Big Short" hedge funds, the New York Fed has totally lost its way if not its mind. (Unless, as many suspect, the New York Fed is simply the poorly-disguised money puppet of the 1 percent.)
The talk of a hedge fund bailout comes at a time when multiple hedge funds and illiquid mutual funds have locked their gates, preventing investors from getting back their money. It also comes after a year of giant net withdrawals from hedge funds. Equally noteworthy, in the past two years more than 1,200 hedge funds have shut down, according to Hedge Fund Research. ...
... For the remainder of the analysis:
Toast to a free gold market
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