The biggest story of this week of March 29, 2020 — amidst Coronavirus Chaos — may have broken on Friday, March 27 — bigger than the Coronavirus itself — yet barely covered by Main Stream Media. It was the day that US President Donald Trump signed the $2 Trillion Stimulus package — provisions of which, some argue, essentially end the power of the Federal Reserve Bank — at least temporarily — which ‘constitutionalists’ and supporters of the middle class have been asking for, for 50 or more years.
The Federal Reserve Bank was instituted in 1913. It is a consortium of private banks that controls the US money supply and thus the US. Some, like US Senator Rand Paul, say it is un-constitutional; it essentially allows the un-elected elite rich to control the United States. It is only “Federal” in name — like Federal Express. It is a private corporation.
It is said that John F Kennedy was attempting to end the Fed (and take on the military industrial complex) just before he was assassinated.
Bloomberg News — owned and operated by Mike Bloomberg, a competitor to Trump who has massive investments in China — published an opinion piece on this event by Jim Bianco on March 27th as soon as it happened:
The Fed’s Cure Risks Being Worse Than the Disease
In case the article disappears — we took a picture of it — click the thumbnail (right) to read it.
Key points of the Bloomberg piece:
- Since the Fed does not have the power to spend the stimulus money directly, an “alphabet soup” of new Special Purpose Vehicle (SPV) programs have been invented to enable direct spending of the stimulus money via the Treasury. These SPV’s are:
- PFF (Commercial Paper Funding Facility) – buying commercial paper from the issuer.
- PMCCF (Primary Market Corporate Credit Facility) – buying corporate bonds from the issuer.
- TALF (Term Asset-Backed Securities Loan Facility) – funding backstop for asset-backed securities.
- SMCCF (Secondary Market Corporate Credit Facility) – buying corporate bonds and bond ETFs in the secondary market.
- MSBLP (Main Street Business Lending Program) – Details are to come, but it will lend to eligible small and medium-size businesses, complementing efforts by the Small Business Association.
- According to the Bloomberg piece, “The Fed will finance these SPV’s to conduct these operations. The Treasury, using the Exchange Stabilization Fund, will make an equity investment in each SPV and be in a “first loss” position. The Treasury, not the Fed, is buying all these securities and backstopping of loans.”
- According to the Bloomberg piece, “In other words, the federal government is nationalizing large swaths of the financial markets. The Fed is providing the money to do it. BlackRock will be doing the trades.”
- According to the Bloomberg piece, “This scheme essentially merges the Fed and Treasury into one organization. So, meet your new Fed chairman, Donald J. Trump.”
Bianco sums up his piece by saying “Fed Chair Jerome Powell needs to tread carefully indeed to make sure his cure isn’t worse than the disease”.
50,000 Foot View?
Going beyond the Bloomberg article, the key points at the 50,000 foot view are:
- Special Purpose Vehicles (SPV’s) have been set up to directly dispense the money of the stimulus plan.
- The Fed essentially now becomes part of the Treasury, which means it has been nationalized and is under the President’s control.
- Beforehand, Trump has put his people in as leaders of the Federal Reserve — which enabled him to get the Fed’s approval to allow this in the bill (see example below).
Trump Has Put His People on Board of the Fed
Over the last 3 years, Trump has quietly (not reported much by main stream media) been appointing his people to the 7-member Federal Reserve Board. Current members of the 7-member Federal Reserve:
- Jerome Powell — chair — appointed by Trump and confirmed by the Senate
- Richard Clarida — appointed by Trump but also served under Obama
- Randal Quarles — appointed by Trump
- Michelle Bowman — appointed by Trump but also served under Obama
- Lael Brainard — appointed by Obama
- Judy Shelton — appointed by Trump; pending approval in the Senate
- Christopher Waller — appointed by Trump; pending approval in the Senate
Trump nominated Herman Cain to the board but he dropped out. You might imagine a Fed Board seat, as controlled by Trump, might be a ‘Hot Seat’, as there might be powers that would want that board member to not do as Trump wants.
Control of the Senate Is Key
You can see from the list above that the Senate has to approve the President’s nominations for the Fed board — and understand why for the 2018 midterm election Trump concentrated his efforts on endorsing people running for the Senate. This not only guaranteed the Democrats couldn’t impeach him fully (in the House and Senate) but also control of the Senate also gets you control of the Federal Reserve. Trump concentrated his efforts prior to the 2018 elections on endorsing people for the Senate at the expense of the House of Reps (where Bloomberg bragged he bought 50 seats).
Main Stream Media Not Asking About It
Not one reporter at any of the six 1.5-hour White House Press Conferences that were held at around 5 pm to 7 pm every day the last week (they are all 1.5 to 2 hours as Trump patiently answers every question) — asked Trump about this.
Other Coverage — Bill Still Report
Bill Still is a former newspaper editor and publisher. He now creates “The Still Report“. According to his website, he has “written for USA Today, The Saturday Evening Post, the Los Angeles Times Syndicate, OMNI magazine, and has also produced the syndicated radio program, Health News. He has written 22 books and four documentary videos.”
I don’t agree with everything that Bill Still says — he believes in God and Gold; I’m an atheist who doesn’t believe in either — but he explains the Fed very well here (sans the annoying Gold ads that trivialize his message at two points in the video):
In summary, Still argues that the US Government should generate its own money supply — not allow a 3rd party private corporation of bankers to do it, and essentially “borrow” money from this 3rd party, with massive (hundreds of $ billions a year) interest. This, he argues, is what has caused the massive US Government debt.
Other Coverage — Lionel Nation’s Take
Here is Lionel Nation — a moderate and former radio analyst on Air America a liberal station — speaking about this:
Other Coverage — Infowars Take
Here is Alex Jones and Infowars take (below). Alex Jones is a smart dude, if evangelist ‘entertainer’. He has been lampooned on SNL, and Infowars has been banned from youtube, Facebook, and Twitter, and say they have been hit with numerous frivolous lawsuits in Lawfare against them by the “Deep State”. But Jones makes some very interesting points — on the links to JFK, and Lincoln, and US Government printed money. It is a fascinating take (as usual for Jones):
Other Takes — IBankCoin
The Real Fly published this article today, which adds another expert voice to those suggesting this has happened — the Treasury has co-opted the Fed, thereby killing the Fed — although The Real Fly intones this will allow the US Government to ‘print money’, a bad thing.
Bob Dylan’s New Song — Related?
Here’s where it gets trippy: Bob Dylan — on Friday, March 27, 2020 of all days, as Trump was signing this bill and possibly ending the power of the Federal Reserve — came out of the blue — with his first new song in 4 years. About the assassination of President John F Kennedy.
Dylan has never said a bad word about Trump. Dylan is pro Israel.
Here is Dylan’s new song — it is powerful, and moving.
Are We in ‘The Storm”
While Infowars predicted two years ago that the “Deep State” would launch biological warfare during this final year before the next election, with attempt to take out Trump and the economy, and cause a Martial Law state — at the same time, for two years, we have heard from QAnon (rumored to be ‘white hat’ CIA) evangelists about “The Storm” that is coming — that Trump and the people behind him are taking down the power threads of the Deep State, and that a Storm is coming to the fore in this election year. To this point, amongst many not-reported events, Trump has:
- Taken down the Hollywood-money power thread of Harvey Weinstein.
- Taken down the Sex-Trafficking power thread of Jeffrey Epstein.
- Is lining up, through the Durham investigation, a take down of the political power thread of the “Deep State” interfaces John Brennan, and others.
- As the Coronavirus rages, Trump has stated that the US Military is cracking down on child- and female-sex trafficking rings — another prediction made by QAnon.
On March 8, Trump (re)tweeted this:
Who knows what this means, but it sounds good to me! https://t.co/rQVA4ER0PV
— Donald J. Trump (@realDonaldTrump) March 8, 2020
If Trump has indeed begun the end of The Fed, it would mean Trump kept another one of his election promises (along with reducing taxes, building the wall, renegotiating and improving trade deals between the US and other nations, reducing red tape to allow, for example, the FDA to quickly approve new drugs that you used to have to go to Europe to get, and ‘draining the swamp’).
But this one is the most impossible and dangerous and inconceivable promise of all.