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Fed rejects bank for being too safe
1:49p ET Thursday, September 6, 2018
Dear Friend of GATA and Gold:
Bloomberg News opinion columnist Matt Levine today reports that the Federal Reserve is blocking the bid of a bank recently formed in Connecticut to give ordinary bank depositors access to the much higher rate of interest paid by the Fed to regular banks.
The availability to ordinary depositors of such a mechanism, Levine writes, might overthrow the banking business as currently constituted, since ordinary depositors then might flee regular banks to enjoy the risk-free higher interest now reserved for those banks by the Fed.
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The Fed's obstruction of the new bank's concept seems to confirm longstanding suspicions that the central bank's primary objective is to serve the banking industry rather than the people.
Levine's commentary is headlined "Fed Rejects Bank for Being Too Safe" and it's posted at Bloomberg News here:
https://www.bloomberg.com/view/articles/2018-09-06/fed-rejects-bank-for-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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