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ECON Holy Cow! Fed REPO operations sharply accelerating
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  1. #81
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    If the Fed would give me just a couple million I could get a nicer place that was off-grid.

  2. #82
    Um, if one earns $1 a second which makes it $60 a minute for 24 hours a day and seven days a week then about 32 years or so one has made just 1 trillion dollars.

  3. #83
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    Picking right up where they left off. Another day, another $77 billion dollars. This is a liquidity crisis even more pronounced than the one that happened before the 2008 meltdown. Someone or something big is failing/failed.
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  4. #84
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    Quote Originally Posted by Hfcomms View Post
    Picking right up where they left off. Another day, another $77 billion dollars. This is a liquidity crisis even more pronounced than the one that happened before the 2008 meltdown. Someone or something big is failing/failed.
    The failing would be not being able to pay. To "settle". "Settlement" When the "base" goes up then you have what you are looking for.

  5. #85
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    Are these daily loans of many billions of dollars "new" or are they mostly rollovers from the previous day?
    Is it the sames 70 billion dollars that just gets re-listed everyday? This is mostly overnight lending but often the banks just roll the loan over each day until they no longer need it.
    If it was all "new" then it would be 70 billion fresh newly made dollars each day. If it was all or mostly roll-overs then it would be mostly the same money again and again.

  6. #86
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    Quote Originally Posted by hiwall View Post
    Are these daily loans of many billions of dollars "new" or are they mostly rollovers from the previous day?
    Is it the sames 70 billion dollars that just gets re-listed everyday? This is mostly overnight lending but often the banks just roll the loan over each day until they no longer need it.
    If it was all "new" then it would be 70 billion fresh newly made dollars each day. If it was all or mostly roll-overs then it would be mostly the same money again and again.
    If you go back to the original FED link. http://apps.newyorkfed.org/markets/autorates/temp

    It tells the settlement dates. They have this under control. That's what they are for. They will do whatever it takes. All it takes is to control what you think. and they can. Most do not pay attention to any of this and most who do jUSt want to make more. If the stock market were to actually fall instead of making new highs, shocking the pension funds people might look at this a little different but the VIX is like at 13 and it's been dropping for sometime. We have some nations around the world starting to hold the line on rates we will have to see if that builds momentum. The "pause" in the feds statement might mean they think we will be here for sometime. If you want real stimulus I'm afraid it has to come from the place that is wasting time chasing the president.

  7. #87
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    I see the settlement but no where does it say anything about roll-overs.
    So instead of 70 billion per day it might be just a fraction of that or maybe no new money. I guess all I can go by is the Fed balance sheet.

  8. #88
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    Deutsche Bank?

    How will it affect things if Deutsche Bank, goes under?
    JOHN 3:16 / John 8:32 And ye shall know the truth, and the truth shall make you FREE.

  9. #89
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    Quote Originally Posted by China Connection View Post
    Um, if one earns $1 a second which makes it $60 a minute for 24 hours a day and seven days a week then about 32 years or so one has made just 1 trillion dollars.
    That comes to only $1 billion not $1 trillion. You are off by a factor of 1,000.

    It would take 32,000 years to get to $1 trillion at $1 per second.

    The US government spends roughly $125,000 per second every minute of every hour of every day.
    "People are best convinced by reasons they discover on their own."

    "The next 20 years are going to be completely unlike the last 20 years." - Chris Martenson (The New 2014 Crash Course)

  10. #90
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    The financial system is therefore awash with money. That’s why interest rates have been so low for so long. Interest rates, essentially, are the price of money.

    Well, interest rates are the price of using/borrowing someone else's money anyway. Seems I have said that before. And what the system is awash with IS NOT money ...

    They have this under control.

    Which is why they are tapdancing their asses off every night to make the books balance.
    Last edited by Dozdoats; 11-05-2019 at 12:44 AM.
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
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  11. #91
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  12. #92
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    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  13. #93
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    Over 100 billion today.
    71 billion one-day and 31 billion 14-day
    Business is picking up.

  14. #94
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    The numbers are staggering and it isn't stopping only getting bigger over time.
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    http://bible-truths.com/lake1.html

  15. #95
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    Quote Originally Posted by Dozdoats View Post
    The financial system is therefore awash with money. That’s why interest rates have been so low for so long. Interest rates, essentially, are the price of money.

    Well, interest rates are the price of using/borrowing someone else's money anyway. Seems I have said that before. And what the system is awash with IS NOT money ...

    They have this under control.

    Which is why they are tapdancing their asses off every night to make the books balance.
    We have one of the brightest bankers at the head of treasury. That man works for the president not Goldman anymore. They want this played tight. One would do better to look toward "making profits as the cause. ie. greed.

    This article is probably a little dull for most of you.

    http://www.howestreet.com/2019/11/05...anic-or-greed/

  16. #96
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    Dull? Not hardly

    The whole repo rigmarole underscores the sleight of hand on which our money and banking systems are built, and why it is time to change them. Banks do not really have the money they lend.

    Because THERE IS NO MONEY. It is all debt.

    We have one of the brightest bankers at the head of treasury.

    That's damning with faint praise if I ever heard it. I see Mnuchin as part of the problem, not part of the solution, obviously your mileage varies.
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  17. #97
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    Quote Originally Posted by Dozdoats View Post
    Dull? Not hardly

    The whole repo rigmarole underscores the sleight of hand on which our money and banking systems are built, and why it is time to change them. Banks do not really have the money they lend.

    Because THERE IS NO MONEY. It is all debt.

    We have one of the brightest bankers at the head of treasury.

    That's damning with faint praise if I ever heard it. I see Mnuchin as part of the problem, not part of the solution, obviously your mileage varies.
    His connections with the tribe are impeccable. He works for the President. They have this.

  18. #98
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    Tell me that some more once it all blows up.
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  19. #99
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    Quote Originally Posted by Dozdoats View Post
    Tell me that some more once it all blows up.
    Define "blows up".

  20. #100
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    You'll know it when you see it
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  21. #101
    Quote Originally Posted by Hi-D View Post
    Define "blows up".
    It's like pornography. I'll know it when I see it.

    Hah, Doz types faster.
    Better to be a warrior in a garden than a gardener in a war.

  22. #102
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    LOL. The debt blows up?

  23. #103
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    Doug Casey has called what's coming "The Greater Depression" for years. He's an optimist …
    ==============

    https://www.caseyresearch.com/daily-...omic-problems/

    Doug Casey: The Deep State Is the Source of Our Economic Problems
    By Doug Casey
    June 14, 2019

    Justin’s note: As longtime readers know, Doug Casey says we’re well into what he calls the Greater Depression.

    America is headed for trouble… and it’s critical to know exactly what’s going on.
    That’s why today’s essay is so important. In it, Doug explains the source behind every negative thing that’s happening right now… and what’s really going on behind the scenes.

    It’s one of the most educational and entertaining pieces you’ll read all year.

    By Doug Casey, founder, Casey Research
    I’d like to address some aspects of the Greater Depression in this essay.
    I’m here to tell you that the inevitable became reality in 2008. We’ve had an interlude over the last few years financed by trillions of new currency units.
    However, the economic clock on the wall is reading the same time as it was in 2007, and the Black Horsemen of your worst financial nightmares are about to again crash through the doors and end the party. And this time, they won’t be riding children’s ponies, but armored Percherons.

    To refresh your memory, let me recount what a depression is.

    The best general definition is: A period of time when most people’s standard of living drops significantly. By that definition, the Greater Depression started in 2008, although historians may someday say it began in 1971, when real wages started falling.

    It’s also a period of time when distortions and misallocations of capital are liquidated, and when the business cycle, which is caused exclusively by currency debasement, also known as inflation, climaxes. That results in high unemployment, business failures, uncompleted construction, bond defaults, stock market crashes, and the like.
    Fortunately, for those who benefit from the status quo, and members of something called the Deep State, the trillions of new currency units delayed the liquidation. But they also ensured it will now happen on a much grander scale.

    The Deep State is an extremely powerful network that controls nearly everything around you. You won’t read about it in the news because it controls the news. Politicians won’t talk about it publicly. That would be like a mobster discussing murder and robbery on the 6 o’clock news. You could say the Deep State is hidden, but it’s only hidden in plain sight.

    The Deep State is the source of every negative thing that’s happening right now. To survive the coming rough times, it’s essential for you to know what it’s all about.

    The State
    Now, what causes economic problems? With the exception of natural events like fires, floods, and earthquakes, they’re all caused directly and indirectly by the State, through its wars, taxes, regulations, and inflation.

    Yes, yes, I know this is an oversimplification, that human nature is really at fault, and the institution of the State is only a mass dramatization of the psychological aberrations and demons that lie within us all. But we don’t have time to go all the way down the rabbit hole, so let’s just talk about the proximate rather than the ultimate causes of the Greater Depression. And here, I want to talk about the nature of the State, in general, and then something called the Deep State, in particular.
    A key takeaway, and I emphasize that because I expect it to otherwise bounce off the programmed psyches of most people, is that the very idea of the State itself is poisonous, evil, and intrinsically destructive. But, like so many bad ideas, people have come to assume it’s part of the cosmic firmament, when it’s really just a monstrous scam. It’s a fraud, like your belief that you have a right to free speech because of the First Amendment, or a right to be armed because of the Second Amendment. No, you don’t. The U.S. Constitution is just an arbitrary piece of paper… entirely apart from the fact the whole thing is now just a dead letter. You have a right to free speech and to be armed because they’re necessary parts of being a free person, not because of what a political document says.

    Even though the essence of the State is coercion, people have been taught to love and respect it. Most people think of the State in the quaint light of a grade school civics book. They think it has something to do with “We the People” electing a Jimmy Stewart character to represent them. That ideal has always been a pernicious fiction, because it idealizes, sanitizes, and legitimizes an intrinsically evil and destructive institution, which is based on force. As Mao once said, political power comes out of the barrel of a gun. But things have gone far beyond that. We’re now in the Deep State.

    The Deep State
    The concept of the Deep State originated in Turkey, which is appropriate, since it’s the heir to the totally corrupt Byzantine and Ottoman empires. And in the best Byzantine manner, the Deep State has insinuated itself throughout the fabric of what once was America. Its tendrils reach from Washington down to every part of civil society. Like a metastasized cancer, it can no longer be easily eradicated.

    I used to joke that there was nothing wrong with Washington that 10 megatons on the capital couldn’t cure. But I don’t say that anymore. Partially because it’s too dangerous, but mainly because it’s now untrue. What’s now needed is 10 megatons on the capital, and four more bursts in a quadrant 10 miles out.

    In many ways, Washington models itself after another city with a Deep State, ancient Rome. Here’s how a Victorian freethinker, Winwood Reade, accurately described it:
    Rome lived upon its principal till ruin stared it in the face. Industry is the only true source of wealth, and there was no industry in Rome. By day the Ostia road was crowded with carts and muleteers, carrying to the great city the silks and spices of the East, the marble of Asia Minor, the timber of the Atlas, the grain of Africa and Egypt; and the carts brought out nothing but loads of dung. That was their return cargo.

    The Deep State controls the political and economic essence of the U.S. This is much more than observing that there’s no real difference between the left and right wings of the Demopublican Party. It’s well known by anyone with any sense (that is, by everybody except the average voter) that although the Republicans say they believe in economic freedom (but don’t), they definitely don’t believe in social freedom. And the Democrats say they believe in social freedom (but don’t), but they definitely don’t believe in economic freedom.

    Who Is Part of the Deep State?
    The American Deep State is a real, but informal, structure that has arisen to not just profit from, but control, the State.

    The Deep State has a life of its own, like the government itself. It’s composed of top-echelon employees of a dozen Praetorian agencies, like the FBI, CIA, and NSA… top generals, admirals, and other military operatives… long-term congressmen and senators… and directors of important regulatory agencies.

    But the Deep State is much broader than just the government. It includes the heads of major corporations, all of whom are heavily involved in selling to the State and enabling it. That absolutely includes Silicon Valley, although those guys at least have a sense of humor, evidenced by their “Don’t Be Evil” motto. It also includes all the top people in the Fed, and the heads of all the major banks, brokers, and insurers. Add the presidents and many professors at top universities, which act as Deep State recruiting centers… all the top media figures, of course… and many regulars at things like Bohemian Grove and the Council on Foreign Relations. They epitomize the status quo, held together by power, money, and propaganda.

    Altogether, I’ll guess these people number a thousand or so. You might analogize the structure of the Deep State with a huge pack of dogs. The people I’ve just described are the top dogs.

    But there are hundreds of thousands more who aren’t at the nexus, but who directly depend on them, have considerable clout, and support the Deep State because it supports them. This includes many of the wealthy, especially those who got that way thanks to their State connections… the 1.5 million people who have top secret clearances (that’s a shocking, but accurate, number)… plus top players in organized crime, especially the illegal drug business, little of which would exist without the State. Plus mid-level types in the police and military, corporations, and non-governmental organizations.

    These are what you might call the running dogs.

    Beyond that are the scores and scores of millions who depend on things remaining the way they are. Like the 50%-plus of Americans who are net recipients of benefits from the State… the 60 million on Social Security… the 66 million on Medicaid… the 50 million on food stamps… the many millions on hundreds of other programs… the 23 million government employees and most of their families. In fact, let’s include the many millions of average Joes and Janes who are just getting by.

    You might call this level of people, the vast majority of the population, whipped dogs. They both love and fear their master, they’ll do as they’re told, and they’ll roll over on their backs and wet themselves if confronted by a top dog or running dog who feels they’re out of line. These three types of dogs make up the vast majority of the U.S. population. I trust you aren’t among them. I consider myself a Lone Wolf in this context and hope you are, too. Unfortunately, however, dogs are enemies of wolves, and tend to hunt them down.

    The Deep State is destructive, but it’s great for the people in it. And, like any living organism, its prime directive is: Survive! It survives by indoctrinating the fiction that it’s both good and necessary. However, it’s a parasite that promotes the ridiculous notion that everyone can live at the expense of society.

    Is it a conspiracy, headed by a man stroking a white cat? I think not. I find it’s hard enough to get a bunch of friends to agree on what movie to see, much less a bunch of power-hungry miscreants bent on running everyone’s lives. But, on the other hand, the top dogs all know each other, went to the same schools, belong to the same clubs, socialize, and, most important, have common interests, values, and philosophies.

    The American Deep State rotates around the Washington Beltway. It imports America’s wealth as tax revenue. A lot of that wealth is consumed there by useless mouths. And then, it exports things that reinforce the Deep State, including wars, fiat currency, and destructive policies. This is unsustainable simply because nothing of value comes out of the city.

    Regards,

    Doug Casey
    Founder, Casey Research
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  24. #104
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    Obviously the debt will blow up - there can be no other outcome. You have to service debt. When your debt gets too high you can no longer pay the interest. When your debt gets too high you can no longer find anyone to borrow you money to pay your interest.
    The USA has the Fed (like every country has their central bank) to print more money to pay the interest on the national debt. This works - until the currency loses so much value it becomes worthless. I would say that is when debt "blows up".

  25. #105
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    Won't make any real difference whether it implodes or explodes ...
    The wonder of our time isnít how angry we are at politics and politicians; itís how little weíve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  26. #106
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    Stock market value is now 145% of GDP. "Proper" value is about 90% of GDP. The market is WAY over-valued. This commonly happens just before a recession.

  27. #107
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    Wow!! $120 Billion dollars today!! And out of the 14 day term repo $5 billion of requests was turned down. Things are not getting better but worse!
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  28. #108
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    The financial system is therefore awash with money (Post #67)

    Then why has the PM's taken such a hit the last couple days?

    GGK
    "You want your bubbles in your champagne glass , not in your portfolio. "
    THE DAILY PFENING

  29. #109
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    Quote Originally Posted by Gitche Gumee Kid View Post
    The financial system is therefore awash with money (Post #67)

    Then why has the PM's taken such a hit the last couple days?

    GGK

    A sharply rising PM price shows trouble in the dollar and dollar denominated assets along with distrust of the system. At all costs they will suppress the paper prices of precious metals as well as keeping the stock market propped up. This is a giant Confidence game. Confidence in the system is the only thing keeping things afloat right now once confidence is lost the air comes out of the everything bubble so fast it will make heads spin.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  30. #110
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    New York Fed Adds $115.14 Billion in Short-Term Liquidity to Markets
    Michael S. Derby

    The New York Fed added $115.14 billion to financial markets via temporary operations on Thursday.

    The liquidity additions came in two parts. One was an overnight repurchase agreement with eligible banks totaling $80.14 billion, and the other was via a $35 billion 14-day repo. Eligible banks didnít take all the liquidity offered by the Fed in the one-day operations, but in submitting $41.15 billion in Treasurys and mortgages for the latter operation, their interest in securing liquidity exceeded what the Fed was willing to provide on Thursday.

    Fed repo interventions take in Treasury and mortgage securities from eligible banks in what is effectively a short-term loan of central-bank cash, collateralized by the bonds. The Fedís injections are aimed at ensuring that the financial system has enough liquidity and that short-term borrowing rates remain well-behaved.

    Recent Fed market interventions arenít designed to serve as stimulus. While the sizes of recent operations are large, the practice of adding and subtracting liquidity from short-term markets to manage short-term interest rates goes back decades. The Fed is also buying Treasury bills to increase the size of its balance sheet and to add permanent liquidity to the financial system, and it hopes that effort will reduce the need for large temporary interventions.

    https://www.wsj.com/articles/new-yor...ts-11573141440
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  31. #111
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    You will know it when you see it.

    Quote Originally Posted by hiwall View Post
    Obviously the debt will blow up - there can be no other outcome. You have to service debt. When your debt gets too high you can no longer pay the interest. When your debt gets too high you can no longer find anyone to borrow you money to pay your interest.
    The USA has the Fed (like every country has their central bank) to print more money to pay the interest on the national debt. This works - until the currency loses so much value it becomes worthless. I would say that is when debt "blows up".
    Frog in boiling water. I see it, why do you not?

    http://www.macrotrends.net/2015/fed-...storical-chart

    Blowing up the debt. You mean your social security, your pension funds. Take a look at other countries with debt problems and what "austerity" means. Look in the mirror most of that debt is ours.

    The Tyler Durdens of this world have a real problem with reality.

  32. #112
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    Quote Originally Posted by Hfcomms View Post
    A sharply rising PM price shows trouble in the dollar and dollar denominated assets along with distrust of the system. At all costs they will suppress the paper prices of precious metals as well as keeping the stock market propped up. This is a giant Confidence game. Confidence in the system is the only thing keeping things afloat right now once confidence is lost the air comes out of the everything bubble so fast it will make heads spin.
    Not really. The price rise show the perception of trouble and that can start from several places. Like here with people who run with emotion. The first twenty percent of this type of trade is speculative for the most part. When the facts on the ground do not reflect the move, the move has no legs and the speculation goes away. Remember speculative money is USually short term because it is leveraged and has margin calls.

  33. #113
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    I see the Fed says their balance sheet from 10/30 to 11/06 only rose 20 billion (from the repo's).
    10/30 it was 4019 billion to 11/06 was up to 4039 billion.
    While this is certainly possibly true, I have a hard time believing it.
    I think this month is when they will be restarting their QE with 60 billion per month on top of whatever they do in the repo market.

    Weekly balance reports available here............ https://fred.stlouisfed.org/series/WALCL

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    I can not get it to load..

    Quote Originally Posted by hiwall View Post
    I see the Fed says their balance sheet from 10/30 to 11/06 only rose 20 billion (from the repo's).
    10/30 it was 4019 billion to 11/06 was up to 4039 billion.
    While this is certainly possibly true, I have a hard time believing it.
    I think this month is when they will be restarting their QE with 60 billion per month on top of whatever they do in the repo market.

    Weekly balance reports available here............ https://fred.stlouisfed.org/series/WALCL
    My WIFI is bad after kids in the county hit the schools and phones in the morning. If that is what the info says that is what we have. The last couple days was a slap in the psychology of the market.

    People that "suppress" the price also are the same who make the price rise.

    http://www.google.com/search?q=jp+mo...e+fund&ie=&oe=

  35. #115
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    Quote Originally Posted by Hi-D View Post
    If that is what the info says that is what we have.

    ]
    The info says what the Fed makes it say. The Fed is not audited so who would know if what they say is true? So like I said, it could be true but I am not very trusting.

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    Quote Originally Posted by hiwall View Post
    The info says what the Fed makes it say. The Fed is not audited so who would know if what they say is true? So like I said, it could be true but I am not very trusting.
    You can believe what you want. I only give you people the facts on the ground. Doesn't matter to me, all things prove out in time. What we have been talking about is as basic as it gets.
    That chart finally loaded. Looks good as far as data and all fed heads are saying they see their positions as "slightly accommodative". Now you can believe what you want but when they tell you what you actually see in the chart and if you really don't want to loose money. Then listen to your eyes.

  37. #117
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    Quote Originally Posted by hiwall View Post
    I see the Fed says their balance sheet from 10/30 to 11/06 only rose 20 billion (from the repo's).
    10/30 it was 4019 billion to 11/06 was up to 4039 billion.
    While this is certainly possibly true, I have a hard time believing it.
    I think this month is when they will be restarting their QE with 60 billion per month on top of whatever they do in the repo market.

    Weekly balance reports available here............ https://fred.stlouisfed.org/series/WALCL
    I always use this link which shows treasuries

    https://fred.stlouisfed.org/series/TREAST

    Its interesting that there is such a huge difference between the graph from your link and the graph from mine in assets held. It implies that the Fed holds about an equal number of assets which are not treasuries. I know that in the later QEs they also bought mortgage securities so I wonder if they are still holding them or have start buying them up also.

    Once they get to the point that they are buying stocks in the stock market then you know we have serious issues

    tbd

  38. #118
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    The two graphs from the same place are interesting when compared

  39. #119
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    Quote Originally Posted by hiwall View Post
    The info says what the Fed makes it say. The Fed is not audited so who would know if what they say is true? So like I said, it could be true but I am not very trusting.

    FASAB Statement 56: Understanding New Government Financial Accounting Loopholes

    /snip

    In the absolute most simple terms, Standard 56 allows federal entities to shift amounts from line item to line item and sometimes even omit spending altogether when reporting their financials in order to avoid the potential of revealing classified information. However, as with all laws, nearly every word in that sentence is a complicated concept to unpack. Who counts as a federal reporting entity? When and how can these entities conceal or remove financial information from their reports? What information can be removed? When does something count as confidential, and who makes that determination? All of these questions have enormous bodies of writing in FASAB memorandums addressing, and sometimes failing to address, their answers.

    The simplest place to start with understanding Standard 56 is its scope. It applies to federal entities that issue unclassified general purpose federal financial reports (GPFFR), including where one entity is consolidated with another. This means it only applies to otherwise unclassified financial reports where there is a risk of revealing classified information; classified financial reports are their own can of worms. (see generally FASAB Statement of Federal Financial Accounting Standards 56, available at http://files.fasab.gov/pdffiles/handbook_sffas_56.pdf) Standard 56 also doesnít remove the actual requirement to report, it just allows these entities to change their reports in ways that donít reflect their actual spending. (see id.) However, for the purposes of government transparency, determining who is responsible for classifying information, and/or removing that information from unclassified reports, is quite opaque for the average interested citizen.

    https://home.solari.com/fasab-statem...ing-loopholes/
    /snip
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  40. #120
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    Of course we all know that the Federal Reserve is not a government entity.

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