Federal Reserve is Wrecking the Banking System- Looks like printing money constantly is really working!

November 17, 2023 — bunkerville

It’s not clear just how much longer they can keep this up and continue to kick the can down the road.

The Fed used to be profitable and send billions of $$$ per year to the US Treasury to help pay for the budget. Because of reverse repos and interest on reserves, now the Fed pays commercial bank $700 million PER DAY to keep the system from falling apart. It will be a long time before the Fed is profitable again, if ever. Quote E.J. Antoni, Ph.D.

This isn’t some random crypto coin, meme stock, junk bond, or 3rd world country’s currency – it’s the losses at the Fed. The people with a money printer somehow managed to lose money. Billions of dollars…

Before you gray over thinking this is beyond you, this scheme, the Heritage Foundation does a nice piece for us average Joe and Bettys on what these graphs really mean to you an me. Why we should care. The ultimate Ponzi scheme, and it is worth the time.

Remittances due to the Treasury.

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Between reverse repurchase agreement operations (to maintain interest rate floor) and interest on reserve policy, Fed is shelling out $700 million DAILY interest in effort to keep $4.7 trillion sterilized – they’ve wrecked the whole system..

Daily Interest payments, millions of dollars.

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Interesting chart showing the FED paying all this money (in reverse repos) to the banks. The chart shows the losses at the Fed Reserve. The same FED who prints money like crazy are “losing money” to keep the system going…makes sense?

Heritage picks up the story:

The Heritage Foundation
Federal Reserve Doles Out Corporate Welfare—On Your Dime
Americans are being taxed an extra $800 million a day—that’s $292 billion a year—to enrich special interests in the financial sector,…
Jun 23, 2023
Americans are being taxed an extra $800 million a day to enrich special interests in the financial sector, and the Federal Reserve is doing it.

Today, however, the Fed is deeply in the red, largely because it’s funneling $800 million to Wall Street daily.

In short, the Fed has created a no-win situation for the American people while ensuring that the politicians and special interests still get paid.

….

Shortly after President Biden took office, the Fed faced a problem: It sought to create trillions of dollars for the government to spend, but it also wanted to minimize the inflationary impact of all that money printing—two diametrically opposed goals. The Fed decided to square the circle using reverse repurchase agreements, called “reverse repos.”

A reverse repo is basically a short-term loan to the Fed. But why would the Fed need a loan when it can create money at will? The Fed doesn’t need a loan—it needs to temporarily soak up excess liquidity, which effectively reduces the amount of money in circulation.

As the Fed created trillions of dollars for the government to spend, those dollars worked their way through the banking system and multiplied, a phenomenon that occurs courtesy of fractional reserve banking. For every dollar the Fed created, the banking system created several more, and that tsunami of liquidity gave us 40-year-high inflation.

But unlike Mr. Bernanke’s interest-on-reserves policy, Mr. Powell’s reverse-repo operations are available to financial interests beyond just big banks. Hedge funds, government-sponsored entities and others can park their cash at the Fed for a risk-free rate of return.

And what a return it is—the Fed is paying $800 million daily in interest on $6 trillion between bank reserves and reverse repos. Amazingly, in the name of fighting inflation, the Fed is now creating almost $300 billion via these interest payments. And those payments are going to large money interests, not the American people.

…..

Instead, Americans are footing the bill. Under normal operations, the Fed actually makes a relatively small profit, which it turns over to the Treasury, payments known as remittances. Today, however, the Fed is deeply in the red, largely because it’s funneling $800 million to Wall Street daily. Despite selling hundreds of billions of dollars in securities, the Fed has accrued a $70 billion loss since August 2022.

Read the whole thing… well worth it.

Read more

Looking back at Bunks Box of Gold, this nonsense started under Obama. Who else?

The very best of the swamp.

Posted in Federal Reserve. Tags: , , , , . 21 Comments »

Biden Gang Executed Hostile Takeover of FDIC – Now FDIC Bails Out SVB and Signature Bank

March 16, 2023 — bunkerville

One has to wonder whether the plan for taking over the banking industry started with the takeover of the FDIC. One can speculate whether the default of a bank by Directors who at most earned their seats on the Board merely by being BFF of Obama and Biden. An interesting “connect the dots” that Gateway Pundit strung together.

This post follows yesterday’s post that raised the question. Who was minding the store and did anyone really care?

Marxist Fed Reserve Chair Daly of San Francisco, Former High School Drop Out, Oversaw Bank That Failed

Mary Daly, the Federal Reserve Bank of San Francisco chief who failed to see major red flags at failed Silicon Valley Bank, was inspired by Marxian economist Gene Wagner, who she said “has mentored me my whole life” Talk about moral hazards: The lesbian activist protege of Biden Treasury Secretary Janet Yellen was more concerned with regulating culture than regulating banks. Also a BLM activist.

One year ago the FDIC suffered a hostile takeover from the Biden gang.  A year later the FDIC is bailing out banks with a significant number of Chinese venture capital accounts.  

In February of 2022 President Trump’s FDIC Director resigned after what she claimed was a hostile takeover by the Biden regime.  She was appalled with the actions taken by those close to Biden.

McWilliams was appointed to the position in 2018 by President Donald Trump.

“When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government. During my tenure at the Federal Reserve Board of Governors, the United States Senate, and the FDIC, I have developed a deep appreciation for these venerable institutions and their traditions. It has been a tremendous honor to serve this nation, and I did not take a single day for granted. Throughout my public service, I have been constantly reminded how blessed we are to live in the United States of America,” the letter stated.

In December, McWilliams published an op-ed in the Wall Street Journal titled, “A Hostile Takeover of the FDIC.”

“The Federal Deposit Insurance Corporation is led by a five-member board, which for decades has delegated day-to-day operations to its chairman, who by statute serves a five-year term. This structure was designed to ensure independence from changing political administrations and has led to a long legacy of collegiality. For 88 years the chairman has controlled the board agenda and worked collaboratively with other board members.

That all changed on Oct. 31, when board member Rohit Chopra presented me with a draft request for information on bank mergers. Two-and-a-half weeks earlier, Mr. Chopra had been sworn in as director of the Consumer Financial Protection Bureau, a position entitling him to a seat on the FDIC board.

“Of the 20 chairmen who preceded me at the FDIC, nine faced a majority of the board members from the opposing party, including Mr. Gruenberg as chairman under President Trump until I replaced him as chairman in 2018,” McWilliams wrote. “Never before has a majority of the board attempted to circumvent the chairman to pursue their own agenda.”

 

 

A year later two banks fail that were run by woke liberals who donated to the Democrats.  Silicon Valley Bank had a large number of deposits that were related to Chinese venture capitalists.  Barney Frank was on the board of the other bank bailed out by Biden, Signature Bank.

Read more Gateway Pundit

Senator JD Vance says that community banks will take the fall for the bailouts of SVB and Signature Bank failures.

Vance was on with the War Room and he shared that over 90% of SVB deposits were uninsured deposits.

What we basically did is we’re going to charge community banks higher fees to put more money into Silicon Valley Bank to bail out depositors.  I think that’s a catastrophic decision.

 
 

Other than that its a swell time in the swamp.

Posted in Deep State. Tags: , , , . 38 Comments »

Marxist Fed Reserve Chair Daly of San Francisco, Former High School Drop Out, Oversaw Bank That Failed

March 15, 2023 — bunkerville

Mary Daly, the Federal Reserve Bank of San Francisco chief who failed to see major red flags at failed Silicon Valley Bank, was inspired by Marxian economist Gene Wagner, who she said “has mentored me my whole life” Talk about moral hazards: The lesbian activist protege of Biden Treasury Secretary Janet Yellen was more concerned with regulating culture than regulating banks. Also a BLM activist.

Federal Reserve Bank of San Fran Prez Mary Daly turned a blind eye to Silicon Valley Bank. President and chief executive officer of the Federal Reserve Bank of San Francisco since October 1, 2018. She serves on the Federal Reserve’s rate-setting Federal Open Market Committee on a rotating basis.

But this is not the worst of it. Included in the post is a video of Kevin O’Leary AKA Mr. Wonderful. His opinion on what just happened?

“Biden Just Nationalized U.S. Banking System”…

But let us continue with this charade first.

.Mary C. Daly | Center on Finance, Law & Policy

Here is the Cliff Note edition of the woman who is running the shop at the Federal Reserve in San Francisco. .

Mary Daly’s career trajectory: drops out of High School, works at a donut shop, gets GED, goes to college, becomes enamored with leftist prof teaching Marxian economics, becomes San Fran Federal labor researcher, ingratiates herself with Janet Yellen, who keeps promoting her first openly gay Fed/ prez/CEO.  Her background is in the study of economic equality.

Mary Daly, the Federal Reserve Bank of San Francisco chief who failed to see major red flags at failed Silicon Valley Bank, was inspired by Marxian economist Gene Wagner, who she said “has mentored me my whole life”

She tells us everyone can be a Central Banker. Whoopee.

LinkedIn:

The Federal Reserve Bank of San Francisco chief who was supposed to be regulating Silicon Valley Bank, appeared sidetracked by social justice activism: “What Black voices have I lifted up? Equity & inclusion begins with me.” #GeorgeFloyd,

February 2021:

Feb 16 (Reuters) – San Francisco Federal Reserve President Mary Daly on Tuesday pushed back against critics warning low interest rates and government spending could overheat the U.S. economy and spark high inflation.

“I am not thinking that we have unwanted inflation around the corner,” Daly said at a virtual event held by the University of San Francisco. “I don’t think that’s a risk we should think about right now.”

That’s what you see on the surface. I would ask you to take a much deeper look into Mary Daly.  This was a coordinated, preplanned scheme for a government takeover of our banking system, to create a nationalized, central bank. On the way to Digital Currency.

Only ONE member of failed SVB’s board had a career in INVESTMENT BANKING.. The Rest were Obama, Clinton MEGA-DONORS who ‘grieved’ when Trump won including one who went to Shinto shrine ‘to pray’… -Daily Mail

Enter CEO of Silicon Valley Bank Greg Becker Comrade in Arms:

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What did SVB’s CEO do before the collapse ?

CEO of failed Silicon Valley Bank no longer a director at San Francisco Fed

(Reuters) – The chief executive officer of failed Silicon Valley Bank, Greg Becker, is no longer on the board of directors at the Federal Reserve Bank of San Francisco.

The 12 regional Federal Reserve banks are quasi-private institutions overseen by the Fed in Washington. Their respective boards watch over the banks directly and provide advice on governance as well as local economic intelligence.

Most importantly, these boards also lead the process to select new presidents when there are vacancies, although directors from firms regulated by the Fed are not allowed to participate in that process.

…

The directors of the Fed banks have been in the spotlight in recent years as the central bank has faced criticism that bank directors lacked racial and gender diversity and were too weighted towards the business and banking community. The Fed has been working on expanding who serves in these roles.

Analysis: With record diversity on their boards, Fed bank chiefs see lower chances of policy error

Feb 24, 2023 (Reuters) – A record number of women and minorities hold seats this year on the boards of the Federal Reserve’s 12 regional banks, providing perhaps the most diverse range of input ever as those banks’ presidents – alongside Fed governors in Washington – wrestle with how to slow inflation without tanking the economy.

Fed bank directors generally stay out of the limelight, but many U.S. central bankers view them as a critical resource. Indeed, some argue prospects for a best-case outcome to their policy-tightening campaign are heightened by the advice from such a wide spectrum of voices.

This year, of the 108 spots on the 12 Fed bank boards, 44% are filled by women, and 41% by people of color, a review of the data shows. “I think the probabilities are far higher of achieving that gentle transition, that smoother transition,” San Francisco Fed President Mary Daly told Reuters in an interview.  (What possibly could go wrong?)

Daly, her 11 bank president peers and the six current members of the Fed Board face some of the toughest decisions in their central banking careers in the months ahead.

To find it, they’ll be advised by a small army of PhD economists across the Fed system.

Central to getting that information, Fed bank presidents say, are their regular huddles with their boards and panels that until as recently as 2018 had largely been cut from the same cloth: bankers and business leaders, most of them white men.

Source Reuter

And at the White House? While the stock markets were in the throes of a meltdown on Friday with the bank collapse and panic setting in, and everyone was on the edge of their seat?  We were reassured that the best were at the helm,

Sky News nails it. Short sweet and to the point.

Biden administration throwing ‘more woke at the fire’

Mr. Wonderful Kevin O’Leary Stuns CNN Panel Telling Them “Biden Just Nationalized U.S. Banking System”…

The decision by Joe Biden to guarantee every deposit in U.S. regional banks is akin to “Joe Biden just nationalized the U.S. banking system.”

O’Leary is correct, and anyone who is holding assets like stocks or bonds in U.S. banks now needs to reconsider the disappeared line between government and the bank assets.  If the government can assume, control and backstop every single account balance within the bank, the government can assume and control all activity of the bank. Read more Conservative Tree House

For more on the roll out of digital currency see yesterday’s post:

Other than that all is well in the swamp. By the way, always follow the money.

Posted in Federal Reserve. Tags: , , , , . 42 Comments »

Failure of Banks Sets the Stage for Digital Currency

March 14, 2023 — bunkerville

We sit on our hands while the push for digital currency is moving through our State legislatures. With bank failures, the power move is on for the Biden henchmen to make their move. Some argue that with digital currency there would be no more bank runs.

Unlike a traditional deposit or checking account at a commercial bank, the depositor supposedly carries no risk, as a central bank is a sovereign credit, backed, at the end of the day, by the government’s ability to tax, not on a cushion of reserves and equity capital..  How true is this?  The question is at what price.

“If there anything we should’ve learned the last several years that the Government cannot be trusted.” -Gov. Kristi Noem

Gov. Kristi Noem: This is a threat to our freedom

South Dakota Gov. Kristi Noem explains why she vetoed a central bank digital currency bill on ‘Tucker Carlson Tonight” last Friday.

Mustang picks up the story and how this will work and why you should care.

by Mustang

Central Bank Digital Currency.  If the United States government decided to shift to digital currency, it would replace the U.S. dollar.  Some people think this would be a terrible idea.  Why?

The official term is CBDC

Converting to digital currency would threaten our privacy and open the door to government surveillance of the private sector.  There is neither privacy, protection, nor finality that cash provides.  This means that private citizens are tethered to the central bank — which is quite different from using credit cards, debit cards, and other prepaid cards.  Some people call this “digital liability.” in any case, digital currency has garnered the attention of politicians, central bankers, and the tech industries. 

Now, when consumers deposit money into their bank accounts, the deposits are liabilities of the banks — the banks owe their customers the money deposited in their accounts and are responsible for transferring it.   In the case of a digital currency, the money would be a liability of the central bank.  The government (Federal Reserve) would be directly responsible for holding, transferring, or otherwise remitting those funds to the owner.   This feature creates a direct link between the Fed and this feature that makes a radical departure from the U.S. financial system. 

Those who support digital currency argue that it promotes financial inclusion, provides for faster payments, protects the value of the U.S. dollar as a reserve currency — and makes it easier to implement monetary and fiscal policy.  But even proponents recognize that digital currency poses risks, threats to financial privacy, freedom, and challenges to the banking system. 

Another problem is that most consumers need help understanding digital currency.  They do know that in May 2022, the so-called stablecoin crashed — and wiped out more than $600 billion in investment and consumer funds.  I don’t have the personal wealth that would allow me to take such risks.  I suspect most Americans are just like me.  Many folks argue that digital currency would not provide any unique benefits to Americans.  What it would do is increase risks that outweigh any potential benefit. 

What do I mean when I say I worry about financial security?  Americans are entitled to privacy — it’s one of our Constitutional rights.  Still, there are laws designed to counter terrorism, deter money laundering, and collect taxes — and these laws allow the government to conduct warrantless surveillance of citizens’ financial information. 

Switching to digital currency could remove what little privacy protections that remain because it would give the federal government complete visibility into every financial transaction by establishing a direct link to each citizen’s financial transactions.  Do we, as Americans, who value our inalienable rights, want more or less government intrusion? 

Related to security is the issue of individual freedom.  If the government had unfettered access to consumer financial information, it could seize and control a citizen’s financial transactions.  Examples include:

  • Prohibiting or limiting purchases.
  • Denying access to personal funds.
  • Seizing funds.

Moreover, the government can program digital currency. 

Suppose we assume that the federal government would stoop so low as to impose house arrest on its citizens because of some health crisis, for example.  In that case, digital currency could be programmed to refuse any exchange beyond “essential business” or alert federal agents when citizens’ expenditures include travel beyond the lockdown area.  We call this warrantless digital surveillance. 

Why would I think such a thing possible inside the United States, the land of the free?  Because governments have used financial systems to control citizens for years.  You know — keep them in their place by taxing them to such an extent that they have no disposable income. 

And what about financial markets?  If people lost confidence in digital currency, would there be a “run” to close bank accounts?  What might happen to bank deposits, the foundation of bank loans and investments?  Credit unions have thought about this, leading them to conclude it’s a bad idea. 

Finally, what should we think about cyber security?  Placing digital currency in a central location, such as the federal reserve, would make it a desirable target for hacking.  Indeed, though, the federal government is immune from computer hacking!  In 2015, the Federal Reserve was successfully hacked by a bank in — of all places — Bangladesh. 

True, private institutions are also targets of computer thieves.  Still, the difference is that a bank hack exposes only a few citizens, while a breach of a federal database could jeopardize everyone’s private information.  Let’s ask the Pentagon or the Office of Personnel Management how they fared against hackers from China. 

FACT SHEET:  White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets

Here’s what the White House says about digital currency.

And the IRS? Check out yesterday’s post and what 87.000 Brown shirts may have in store for us and what their role may be.

Biden: ‘Surprised GOP Wants To Stop Dems 87,000 New IRS Agents’

Here is the wrap up. Tucker Carlson gave it a whirl on the banking crisis and where it is headed. A portion:

The best of the swamp.

Posted in Federal Reserve. Tags: , , , . 34 Comments »

FBI Lied to Judge, then Confiscated $86 Million from 1400 Safe Deposit Boxes

September 27, 2022 — bunkerville

Another amazing out of control move by the FBI and DOJ. Wait until we get the 84,000 more IRS agents. It gives new meaning to “drill baby drill.” What happened to probable cause? Here we go:

The FBI ‘drilled and pried’ their way into 1,400 safe-deposit boxes at a private vault company in Beverly Hills after misleading a judge about their plan to permanently confiscate everything inside every box containing at least $5,000 in cash or goods, a senior FBI agent recently testified.

Query Image

They rummaged through personal belongings of a jazz saxophone player, an interior designer, a retired doctor, a flooring contractor, two Century City lawyers and hundreds of others.

Agents took photos and videos of pay stubs, password lists, credit cards, a prenuptial agreement, immigration and vaccination records, bank statements, heirlooms and a will, court records show. In one box, agents found cremated human remains.

They omitted from their warrant request a central part of the FBI’s plan: Permanent confiscation of everything inside every box containing at least $5,000 in cash or goods, a senior FBI agent recently testified.

The FBI’s justification for the dragnet forfeiture was its presumption that hundreds of unknown box holders were all storing assets somehow tied to unknown crimes, court records show.

The U.S. attorney’s office has tried to block public disclosure of court papers that laid bare the government’s deception, but a judge rejected its request to keep them under seal.

The failure to disclose the confiscation plan in the warrant request came to light in FBI documents and depositions of agents in a class-action lawsuit by box holders who say the raid violated their rights.

The court filings also show that federal agents defied restrictions that U.S. Magistrate Judge Steve Kim set in the warrant by searching through box holders’ belongings for evidence of crimes.

“The government did not know what was in those boxes, who owned them, or what, if anything, those people had done,” Robert Frommer, a lawyer who represents nearly 400 box holders in the class-action case, wrote in court papers.

–LA Times

From Bunkerville’s earlier story in April 5, 2021:

Back to today’s story:

This is the problem with these Magistrate Federal Judges. They have not been approved by the senate and may have questionable legal experience. They are basically to do the “grunt” work of the Federal Judges. In this case though, the FBI clearly roamed beyond the restrictions set.

The government shops for them to do their dirty work. Article III judges should be required for warrants such as these:

Article III Judges

Article III of the Constitution governs the appointment, tenure, and payment of Supreme Court justices, and federal circuit and district judges. These judges, often referred to as “Article III judges,” are nominated by the president and confirmed by the U.S. Senate.

Back to the story:

The FBI and US attorney’s office in Los Angeles justified the 5-day dragnet forfeiture at the US Private Vaults store by assuming that hundreds of anonymous box holders were storing assets somehow tied to unknown crimes.

At the end of the operation, agents had recovered more than $86 million in cash, and a ‘bonanza’ of gold, silver, rare coins, jewelry and other items of value.

Now, around 700 box holders who aren’t implicated in any crimes liken the raid to police barging into a building’s 700 apartments and taking every tenant’s possessions when the only evidence of wrongdoing is against the landlord.

The plaintiffs in the class-action suit have asked U.S. District Judge R. Gary Klausner to declare the raid unconstitutional. If he grants the request, it could force the FBI to return millions of dollars to box holders whose assets it has tried to confiscate.

It could also spoil an unknown number of criminal investigations by blocking prosecutors from using any evidence or information acquired in the raid, including guns and drugs. –LA Times

“The government did not know what was in those boxes, who owned them, or what, if anything, those people had done,” said their lawyer, Robert Frommer. “That’s why the warrant application did not even attempt to argue there was probable cause to seize and forfeit box renters’ property.”

After the raid, the FBI posted a notice in the store window where customers could claim their property. Those who came forward had their bank records, state tax returns, DMV files and criminal histories investigated, agents testified.

Keep reading

As far as having a private vault lockbox, if it is anything like where I live, there are no bank boxes available. When is America going to say enough is enough?

The best of the swamp today.

For the best aggregator of conservative news push the button

Posted in Deep State. Tags: , , , , . 26 Comments »

Wells Fargo Latest Bank to Set Emissions Reduction Rules for Gas Oil Companies

May 10, 2022 — bunkerville

More insanity as the banks collude with the government to make sure our energy prices continue to skyrocket. Back in 2011 ten banks owned 77 percent of all banking assets. Would anyone be surprised that this number has grown? Here tis:

Wells Fargo has become the latest major financial institution to set new greenhouse gas standards requiring borrowers in the energy sector to reduce emissions.

Oil and natural gas companies must reduce their absolute emissions by 26% by 2030, based on 2019 emission levels, Wells Fargo said last week. Other power sector businesses must see a 60% reduction during the same time period.

The new rules from Wells Fargo are part of a trend from financial institutions around the world to implement such climate regulations for its lending programs, joining the likes of Citigroup Inc. and the United Nations-convened Net-Zero Banking Alliance. The alliance is an industry-led coalition of banks from across the globe with the goal to align their lending and investments with net-zero emissions by 2050.

…

Wells Fargo said it is an “important step” toward achieving climate goals and transitioning to a cleaner future.

“This is an important step in the company’s work to realize its goal of net-zero greenhouse gas emissions by 2050, including client emissions attributable to its financing,” the company said last week. “The company intends to reach this net-zero ambition by continuing to support and work with its clients and providing the capital needed to meet the demands of today while working to transition to a low carbon future.”

Read more

10 Banks Own 77 Percent Of All U.S. Banking Assets

July 18, 2011 — bunkerville

Instead of breaking up these monolithic institutions, we are simply allowing them to grow. Am I the only one who is seeing where we are headed? It does not require one to believe in conspiracies to  foretell the outcome of this. But then again, that is what the game plan requires. Total control by a handful of people and our destiny is sealed. The full story is a great read, and highly recommended. Here its:

These megabanks have rigged the game so that the wealth of the nation is slowly transferred from us to themselves and to the international financial interests that control them.

Congress was told that if the “too big to fail” banks did not receive bailouts that there would be chaos in the streets and this country would plunge into another Great Depression.  Since that time, however, essentially no efforts have been made to decentralize the U.S. banking system.

Instead, the “too big to fail” banks just keep getting larger and larger and larger.  Back in 2002, the top 10 banks controlled 55 percent of all U.S. banking assets.  Today, the top 10 banks control 77 percent of all U.S. banking assets.  Unfortunately, these giant banks are also colossal mountains of risk, debt and leverage.  They are incredibly unstable and they could start coming apart again at any time.  None of the major problems that caused the crash of 2008 have been fixed.  In fact, the U.S. banking system is more centralized and more vulnerable today than it ever has been before.

It really is difficult for ordinary Americans to get a handle on just how large these financial institutions are.  For example, the “big six” U.S. banks (Goldman Sachs, Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, and Wells Fargo) now possess assets equivalent to approximately 60 percent of America’s gross national product.

They are predators.

In fact, a very revealing article in Rolling Stone described Goldman Sachs this way….

The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.

Unfortunately, they may have actually been understating things a bit.

These megabanks have rigged the game so that the wealth of the nation is slowly transferred from us to themselves and to the international financial interests that control them.

They can make money if the markets are going up, and they can make money if the markets are going down.

Here is the scheme.

Carbon pricing: how does a cap-and-trade system work?

Chris Ragan explains how a cap-and-trade system works. Companies who can take more low-cost actions do so. This reduces emissions at the lowest possible cost to the economy, while meeting the cap on emissions set by the government.

The best of the swamp today.

For the best in conservative news

Posted in Energy, Green. Tags: , , , . 31 Comments »

Shocked Russians Rush to Withdraw Money From ATM’s as Bank Runs Begins

February 28, 2022 — bunkerville

With the Ruble down thirty percent so far and a run on the ATMs this weekend, Interest Rates 20 percent, looks like Putin has an unhappy citizenry. It is claimed over 3000 Russians were arrested for demonstrating against the war in Ukraine. They are looking at 20 to30 year sentences. While the argument was that the oligarchs were going to be hit with this SWIFT business, it will be the average man/woman that suffers first. Banks are closed today.

“First, we commit to ensuring that a certain number of Russian banks are removed from SWIFT.
 It will stop them from operating worldwide and effectively block Russian exports and imports.”
5:12 PM · Feb 26, 2022
 
“Second, we will paralyse the assets of Russia’s central bank.   This will freeze its transactions.   And it will make it impossible for the Central Bank to liquidate its assets.”
 
 

Zero Hedge:

In his brief assessment on the impact exclusion from SWIFT would have on Ukrainian banks, hedge fund billionaire Bill Ackman said that “once a bank can’t transfer or receive funds from other banks, its solvency can be at risk. If I were Russian, I would take my money out now. Bank runs could begin in Russia on Monday.“

Looks like they have started.

“I’ve stood in lines for an hour, but foreign currency is gone everywhere, just rubles,” said Vladimir, a 28-year-old programmer who declined to give his last name, while waiting in a long line at an ATM in a Moscow shopping mall. “I got a late start because I didn’t think this was possible. I’m in shock.”

All is well in the swamp. For the best of conservative news push the button

Posted in Military. Tags: , , , . 19 Comments »

Lloyds Bank drops overdraft fee on Islamic accounts, charges non-Muslims

October 16, 2017 — bunkerville

 

What is next? Money laundering for Great Britain’s new best friends?

Lloyds Bank has been accused of religious discrimination after offering free overdraft accounts to Muslims.

The bank sent customers a booklet this month explaining new charges.

 

While many will have to pay up to £80 a month if they go into the red, Muslims were told they would escape the charges. The document said: “We are removing the monthly overdraft management fee of £6 from our Islamic Account, Islamic Student Account and Islamic Graduate Account. So, if you use an unplanned overdraft on these accounts, there won’t be any charges.”

The Islamic account was set up by the High Street bank to attract Muslim customers by allowing them to keep faithful to their religion.

A Lloyds spokesman said Islamic accounts were intended for customers who cannot receive or pay interest under sharia, but were available to anyone, regardless of their faith. More at

Creeping Shariah

Posted in War on Terror. Tags: , , , . 13 Comments »

Watch what you write on your bank check’s memo line

March 29, 2016 — bunkerville

Put this down as a heads up folks. While Obama is in the process of importing tens of thousands of “refugees” from terrorist ridden countries, the bank is checking out your memo line on your checks, even if you do online banking, to see if your a terrorist. So the man gets investigated for using the word Dash. Good luck America.

The Department of Treasury flagged a California man’s bank account — because his dog’s name, Dash, was similar to a term used for ISIS in the Islamic world, Daesh.

The alarm bells went off after Bruce Francis, who suffers from multiple sclerosis, put “for Dash” in the memo line of his monthly payment to his dog walker.

But earlier this month, he found out that his check hadn’t gone through.

“The dog walker comes to me and says, ‘I haven’t gotten your check,’” Francis told KTVU San Francisco.

“I looked in my Chase account and there was a message saying, ‘Please explain what ‘for Dash’ means,’” he said.

Banks are required to turn over any suspicious financial transactions to the Treasury Department. You betcha.

“What happens is that the government requires the banks to become in effect, outsourced spies for the government,” Hasbrouck said. (You think so huh? Anyone want to guess if they don’t a big ole fine will be coming from the DOJ over something)?

More at New York Post

Posted in War on Terror. Tags: , , , , , . 10 Comments »

What Hillary Clinton told Wall Street behind closed doors

February 8, 2016 — bunkerville

Bernie Sanders has found a sweet spot in the armament of Hillary Clinton. That being the obscene amounts of money she is receiving from those who want stuff in return. Oh yes, that is how it works, and Hillary cackling away that it is not so is simply false. Hillary will be dogged for a while about releasing the transcripts, so I have her video response which has changed from “I will look into it” to go to hell essentially. If she tells us she doesn’t have them, that will be a lie. So here we go:

Former secretary routinely demanded a stenographer at paid speeches

Contracts indicate Clinton owns transcripts, controls their release Read more here: McClatchy

But now back to the heart of the matter:

“Enough is enough. If you’ve got something to say, say it directly,” Clinton said the next day, effectively daring Sanders to accuse her of being bought and paid for. She also said she would “look into” releasing the transcripts of her paid speeches. But by Friday morning, her campaign seemed to indicate that full disclosure was not forthcoming. “I don’t think voters are interested in the transcripts,” Joel Benenson, Clinton’s pollster.

Well actually voters are interested, and fortunately, Politico has an account of one recent address which underscores Sanders’ concerns. “Clinton offered a message that the collected plutocrats found reassuring, declaring that the banker-bashing so popular within both political parties was unproductive and indeed foolish,” Politico writes. “[She struck] a soothing note on the global financial crisis, she told the audience, in effect: We all got into this mess together, and we’re all going to have to work together to get out of it.” Here’s more:

What the bankers heard her to say was just what they would hope for from a prospective presidential candidate: Beating up the finance industry isn’t going to improve the economy—it needs to stop. And indeed Goldman’s Tim O’Neill, who heads the bank’s asset management business, introduced Clinton by saying how courageous she was for speaking at the bank. (Brave, perhaps, but also well-compensated: Clinton’s minimum fee for paid remarks is $200,000).

Certainly, Clinton offered the money men—and, yes, they are mostly men—at Goldman’s HQ a bit of a morale boost. “It was like, ‘Here’s someone who doesn’t want to vilify us but wants to get business back in the game,’” said an attendee. “Like, maybe here’s someone who can lead us out of the wilderness.”

Right. Wall Street is looking at Washington “with complete revulsion.” Except when it comes to Clinton. Who offers “a way out of the wilderness.”

Needless to say, Politico’s account only serves to underscore the notion that a vote for Hillary is a vote for business as usual inside the Beltway. A ballot for America’s entrenched political aristocracy, and a sure fire ticket to more of the same.

More at Zero Hedge

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