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Pam and Russ Martens: Fed report shows a spike in repo loans warns of market crash
By Pam and Russ Martens
Wall Street on Parade
Thursday, August 12, 2021
On July 29 the Federal Reserve released its annual report for 2020. ahe Appendix contains 13 statistical tables that would make most folks’ eyes glaze over.
Table G.5A., however, is worthy of a glass of good wine, a comfy armchair, and some serious musing.
... Dispatch continues below ...
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That table provides a 36-year history of, among other things, the Fed's deployment of repurchase agreements (repo loans) at the outbreak of a crisis; its loans and other credit extensions; and its securities held outright -- which have exploded since the Fed adopted quantitative easing (QE) in 2008.
QE is the Fed's wonky expression for it buying up trillions of dollars in notes and bonds to push interest rates down near zero, thus forcing money in search of a return into the stock market, which is majority-owned by the top 10 percent of the wealthiest Americans.
In other words, QE is a wealth transfer system in drag as monetary policy. ...
... For the remainder of the analysis:
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