Wait Until You Hear What The Federal Reserve Is Getting Away With Now

Max Keiser and Stacy Herbert

Max Keiser and Stacy Herbert

The Fed is now paying interest on so-called ‘excess reserves’ held at the Fed. Those ‘excess reserves’ include a huge chunk of money held there by foreign banks who are only too happy to receive 1% on their holdings from the Fed given that their own central banks are paying 0%, or even negative rates.

The money that the Fed pays these foreign banks is deducted from the amount remitted to the US Treasury at the end of each fiscal year.

It’s this simple: foreign banks are being paid billions of US taxpayer dollars and not one single person in the US got to vote for or approve of that action.

Click here to read the full article

Link

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s