You are here
Pam and Russ Martens: Fed again will give investment banks cash for trash
Fed Announces Program for Wall Street Banks to Pledge Plunging Stocks to Get Trillions in Loans at ¼ Percent Interest
By Pam and Russ Martens
Wall Street on Parade
Wednesday, March 18, 2020
The Federal Reserve Board of Governors announced at 6 p.m. last evening that it is following the direction of Steve Mnuchin, the former foreclosure king who now serves as U.S. treasury secretary, and authorizing the reinstatement of a hideously operated, multi-trillion-dollar bailout program for Wall Street's trading houses known as the Primary Dealer Credit Facility (PDCF).
Veterans on Wall Street think of it as the cash-for-trash facility, where Wall Street's toxic waste from a decade of irresponsible trading and lending will be purged from the balance sheets of the Wall Street firms and handed over to the balance sheet of the Federal Reserve -- just as it was during the last financial crisis on Wall Street.
... Dispatch continues below ...
Storage and Withdrawal of Gold with Bullion Star in Singapore
Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.
Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.
Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.
For more information, please visit Bullion Star here:
The Fed fought for years in court to keep the details of the PDCF and its sibling Wall Street bailout programs a secret from the American people. Thanks to an amendment attached to the Dodd-Frank financial reform legislation of 2010 by Sen. Bernie Sanders, the Government Accountability Office was instructed to conduct an audit of the PDCF and the rest of the alphabet soup of programs the Fed set up to secretly funnel $29 trillion to Wall Street, the foreign banks that were counterparties to their failing derivative trades, central banks, and even a hedge fund that was shorting the Wall Street banks' own stocks.
We learned from the GAO audit that the Primary Dealer Credit Facility was the largest Wall Street bailout program during the financial crisis. ...
... For the remainder of the report:
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:
Buyers can compose their case by choosing as many as four varietals from the list here:
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 email@example.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 --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at firstname.lastname@example.org.
* * *
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:
To contribute to GATA, please visit: