Fed Admits Crony Truth About Pandemic QE: “it creates new bank deposits”
John Titus of Best Evidence joins us to discuss Season 2 of his “Mafiacracy Now” video series, an exploration of the crimes of the banksters and their multi-trillion dollar heist that is being perpetrated during the current crisis. Today we talk about the Fed’s lies about the coronavirus and what horrifying truths about the collapsing economy are hidden behind them.
John’s Substack is BestEvidence.substack.com
2008 financial collapse was one lie after another after another till bailout was passed, and then more lying.
Too Big To Fail movie was a piece of s**t. The Big Short movie is great.
FED transaction for $5 million also created $5 million in deposits. They bought assets from non-banks and had to create a parallel amount of money. $9 trillion was actually created.
$13 trillion in deposit accounts at the onset of the pandemic. Now at $18 trillion. Set the stage for inflation.
In a debt-based monetary system, money contracting, which we have now, is either a depression or bad recession. Great Depression had 30% contraction of money supply.
Bank deposits between Feb and August 2022 have been flat, and now it’s falling.
How does the FED monetize Patrick’s car? It’s mostly with the financial instruments and mortgage back securities.
Creditors of US treasury are owed $5.6 trillion. The owners of the FED are the ones making money. Why don’t they have to pay back?
Paper by Ricard Werner: Can banks create money out of nothing?
Banks don’t get dispossessed of money they loan. The money is created on the balance sheet out of thin air, offset by a debit entry on the balance sheet.
Bank Robbery by Ivo Mossley explains it all.
.01% of the population can create money out of thin air and lend it at interest.
Mastercard is not a bank. Has a bank behind it.
Banks that own the Federal Reserve give Treasury 6% back after expenses. 12 district Federal Reserve banks.
Citigroup is dominant owner of New York FED. They’re not paying profits to the FED. Why not?
Citigroup borrowed $2.5 trillion from the FED in addition to TARP. Poorly run company with junk stock – did 10 for 1 stock split. Needed a bailout.
FED went to Citigroup. Said you have a bunch of mortgage bank securities that are worthless. FED bought them up out of reserves.
During pandemic, FED bought assets from BlackRock, who isn’t in the FED circuit of reserves. Made a 3 way transaction with 1 million reserves created, 1 million retail bank deposits created.
60% of FED paper money is overseas.
FED wants to bypass the banks and compete with them by dealing directly with consumers with CBDC.
Amount of legal tender is $2.3 trillion in FED reserve notes and coins.
If you have $50 million, you park them in Treasuries, and they’re insured.
John recommends reading the Z.1 Federal Reserve Report.
We’re in for a really bad time. Recession coming.
Items in federal budget are non-negotiable. Amount of interest owed, Social Security, Medicare and Medicaid are bigger than assets coming. Debt is spiraling out of control.
Increase in interest rates will show up in interest rates that the federal government pays.
Inflation is classic way out of runaway debt.
There’s no way out. No one with any money, like in 1929 recession, or everyone has lots of money and stuff costs 50 times as much.
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