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Pam and Russ Martens: Fed plans to backstop Wall Street with a $500 billion standing repo loan facility

Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Thursday, July 29, 2021

You really can’t make this stuff up. A G30 Working Group Chaired by Tim Geithner, the former President of the New York Fed, that secretly sluiced $29 trillion to bail out the Wall Street banks from their hubristic collapse in 2008, released a report today calling for a Standing Repo Facility from the Fed that would be “open to a broad range of market participants….”

... Dispatch continues below ...

Asante Gold Acquires Key Exploration Land on Ashanti and Asankrangwa Gold Belts in Ghana

Company Announcement
via Globe Newswire, Omaha, Nebraska
Friday, May 28, 2021

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE: ASE / Frankfurt: 1A9 / U.S. OTC: ASGOF) reports that it has received notice from the Minerals Commission of Ghana that eight highly prospective concessions covering approximately 314 square kilometers have been recommended for transfer to Asante.

These licenses are comprised of the Diaso (104.1 km2), Juabo (59.2 km2), Manhia (18.69 km2), Dunkwa Gyimigya (32.72 km2), Gyimigya (5.52 km2), Agyaka Manso (40.0 km2), Amuabaka (28.86 km2), and Nkronua-Atifi (24.97 km2) prospecting licenses. All licenses are being acquired as issued by the Minerals Commission from Goknet Mining Co. Ltd. pursuant to the terms of agreement with Goknet dated December 28, 2016.

The concessions were variously explored by Canadian exploration juniors Nevsun Resources, Tri-Star Gold, and Golden Rule Resources in the late 1990s and most recently by PMI Gold Corp. (now Galiano Gold) from 2002 through August 2014, when rights to the land were acquired by Goknet. ...

... For the remainder of the announcement:

The ink was barely dry on that report when the Fed issued a press release today saying it was doing just that. The Standing Repo Facility (effectively meaning that it is permanent until the Fed says otherwise) will be able to lend out $500 billion in overnight loans each day at below-market interest rates. If the $500 billion runs out, Fed Chair Jerome Powell has the discretion to increase it. The repo operations will be conducted by the Open Market Desk of the New York Fed – which means that the names of the banks getting the loans will never see the light of day, unless a media powerhouse decides to stand up for democracy and transparency and take the Fed to Court.

The cringe-worthy name of Geithner is enhanced by two other cringe-worthy members of the Working Group: Larry Summers, who helped repeal the Glass-Steagall Act so that Frankenbanks on Wall Street could hold trillions of dollars of risky derivatives alongside trillions of dollars of taxpayer-backstopped deposits from moms and pops; and Bill Dudley, another former president of the New York Fed whose wife collected $190,000 a year from JPMorgan Chase, while it was “supervised” by the New York Fed. ...

... For the remainder of the report:

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