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Federal Reserve to Offer $270 Billion in Loans to Wall Street Tomorrow

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By Pam Martens and Russ Martens: March 11, 2020 ~

John Williams, President of the Federal Reserve Bank of New York

John Williams, President of the Federal Reserve Bank of New York

The little people in America will have to continue to wait to hear any concrete plans for their government to provide financial relief to them for business disruptions resulting from the coronavirus. But Wall Street banks and their sprawling trading desks got the word today that the Fed’s money gusher (repo loans) that began on September 17 of last year will offer them up another $270 billion in cold hard cash at unprecedented low interest rates tomorrow.

The Fed announced that its 1-day emergency loans that it has been making each weekday will increase to as much as $175 billion a day beginning tomorrow; its 14-day loans, which will continue to be offered twice a week, will remain at the elevated amount of $45 billion; and the Fed will add three one-month loans of a whopping $50 billion each. The first one-month loan will be funneled out tomorrow, along with a cap of $45 billion in a 14-day loan and up to $175 billion in a one-day loan, bringing the one-day tally to the astounding sum of $270 billion – all without so much as a vote, or debate or even a hearing in Congress.

All of this money gusher will be dispensed by the New York Fed, the same regional Fed bank that funneled the bulk of the secret $16 trillion in aggregate emergency loans to Wall Street during the last financial crisis. (See chart below.)

For detailed background on this stealth bailout of Wall Street that has now been running without making headlines for the past six months, see our in-depth series here.

GAO Data on Emergency Lending Programs During Financial Crisis

Government Accountability Office Data on Fed’s Emergency Lending Programs During Financial Crisis

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Nearly 100,000 Pentagon Whistleblower’s Complaints Have Been Silenced

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Article of 17 April 2019 by Lee Camp on Pentagon Whistleblower Complaints

I don’t know if I’d have the nerve to be a whistleblower. I’d like to think I would. We all like to think we would, just like we all like to think we could catch the game-winning touchdown, triumph on “America’s Got Talent,” and fold a fitted sheet quickly and without cursing.

But to blow the whistle on a huge organization with a lot of power, likely drawing that power to come crashing down on your head—that takes some serious spine-age. Now, imagine the organization you’re calling out is arguably the largest, most powerful, most secretive and most violent organization on planet Earth. I’m speaking, of course, of the U.S. Department of Defense.

Yet thousands, even tens of thousands, of people have taken that step over the past five years. (More on this in a moment.)

All the while our organized human murder machine continues its work around the world. Every day. Every hour. Never a moment of rest. Never pausing to clip their toenails or scratch their ass. Bombs dropped. Buildings blown up. People killed or imprisoned. No end in sight.

By the way, that’s the term I like to use instead of “military”—Organized Human Murder Machine.

It has a nice ring to it, doesn’t it? “Mili-tary” sounds too boring, too banal. Sounds like a super-lame couple you met at a party. “Yeah, Millie and Terry over there are accountants. If I have to hear one more joke about capital gains taxes, I’m gonna kill myself.”

But that’s not what the military is. The military is a gigantic organized human murder machine, and even if you “support” every action our military has ever taken, you can still acknowledge it’s an organized human murder machine. (You would just bizarrely argue that all the murder has been just and sound and pure.)

Eleven months ago I covered $21 trillion of unaccounted-for adjustments at the Pentagon over the past 20 years. Don’t try to think about the number $21 trillion because you’ll pass out and hit your head on the desk. If your salary is $40,000 a year, in order to earn $21 trillion, it would take you 525 million years. (At which point you can’t even enjoy the new jet ski you just bought with all your money because you’re almost certainly a brain in a jar … though a nice embroidered jar that only the rich brains can afford.)

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