The Federal Reserve Returns to Creating Money to Bail Out Banks, Spending $75-Billion Per Day!

The Federal Reserve has returned to ‘quantitative easing’ a deceptive phrase that masks the reality that the banking cartel, called the Federal Reserve, is lending money into existence. In other words, money that does not exist until the Fed loans it to someone – at interest, of course. The Fed will be creating $75-billion daily in overnight ‘repo’ loans through October 10, and likely beyond that as long as someone is willing to borrow.

[To whom will the banks be lending this money? To themselves, of course, but they will do it by instructing the Fed to create money to lend to the government so the government will be able to lend it to the banks – knowing that there is an excellent chance that those loans will never be repaid or only partially repaid due to government under-the-table deals and bailouts.

The four largest banks on Wall Street, JPMorgan Chase, Bank of America, Wells Fargo and Citibank, hold more than $5.45 trillion in deposits. The public is kept in the dark as to why these mega banks were unable repay a $53-billion Federal loan made on September 17th. The author of this article speculates that these loans look suspiciously like a concealed bailout. The US dollar is doomed.] -GEG

Last Friday the Federal Reserve Bank of New York made it clear that its interventions in the overnight repo lending market were going to be a longer-term action. Call it what you will, the Fed has effectively returned to quantitative easing (QE) where it buys up Treasuries, Federal agency debt and agency mortgage-backed securities (MBS) from financial institutions in exchange for loans.

According to the New York Fed, the program has now been extended to at least October 10 and likely thereafter in one form or another. The Fed will be pumping in $75 billion daily in overnight repo loans while infusing $30 billion in 14-day term loans three times this week for a total of $90 billion in term loans.

The fact that there is one or more financial firms needing $30 billion on a two-week basis and can’t get it from anyone but the Fed isn’t confidence inspiring.

The necessity of Fed interventions is being blamed on temporary forces like a loss of liquidity from corporations paying their taxes for the quarter and large Treasury auctions where primary dealers are forced to buy under contracts with the U.S. Treasury. But as we previously wrote, these explanations do not jive with the gargantuan deposit bases of four of the biggest banks in the world that call the United States home. As we reported last week:

“As of June 30 of this year, the four largest banks on Wall Street (which are allowed to own Federally insured commercial banks as well as stock, bond and derivative gambling casinos known as investment banks) held more than $5.45 trillion in deposits. The breakdown is as follows: JPMorgan Chase holds $1.6 trillion; Bank of America has $1.44 trillion; Wells Fargo has $1.35 trillion; and Citibank is home to just over $1 trillion.

“A number of excuses have been offered by the business press to explain why the New York Fed had to ride to the rescue yesterday but the very simple question is this: how can four banks with $5.45 trillion in deposits not be able to cough up $53 billion in overnight loans.”

The reference to $53 billion is the amount that was borrowed from the Fed during the first day of the intervention, Tuesday, September 17, from the $75 billion offered out by the Fed. Now that the Fed is offering $30 billion in additional two-week loans, the question is this: is one bank tapping the spigot more than others? Is a financial institution in distress? If so, shouldn’t the public know why?

As the Government Accountability Office (GAO) revealed belatedly in 2011 in an audit of the Fed’s loans to Wall Street during the financial crisis, the Fed’s Primary Dealer Credit Facility (PDCF) had secretly made revolving loans totaling $8.95 trillion but 63 percent of that amount went to just three Wall Street firms: Citigroup received $2 trillion; Morgan Stanley got $1.9 trillion; and Merrill Lynch was the privileged recipient of $1.775 trillion. The rationale from the Fed that it made these secret loans to help banks return to lending to businesses to help the economy is bogus. Morgan Stanley and Merrill Lynch were predominantly retail brokerage firms with millions of trading clients. These Fed loans thus looked suspiciously like a bailout of margin loans and trading accounts.

Read full article here…

 




Transcript of the Phone Call Between Trump and Ukrainian President Zelensky that Led to Democrats’ Cry for Impeachment

The transcript of the July 2019 phone call between President Trump and Ukraine’s newly elected leader, President Zelensky of Ukraine, was published in response to accusations by a ‘whistleblower’ who lodged a formal complaint out of a belief that Trump was “using the power of his office to solicit interference from a foreign country” in the 2020 election. The Democrats used the accusation to begin the impeachment process against Trump. The transcript shows that Trump asked for information on Crowdstrike, the company behind the made-up dossier that led to Mueller’s Russian collusion investigation, and he inquired about the investigation into Joe Biden’s son’s involvement in Ukraine’s energy industry that was terminated after Joe Biden threatened to withhold aid to the country. The transcript shows that Trump did not threaten to withhold aid to Ukraine in exchange for an investigation. The New York Times claims the unidentified whistleblower is a CIA agent. Republicans want the identity of the whistleblower to determine if the accusations against Trump are biased.

This is the full text of the classified White House memo released amid the outcry over Donald Trump‘s dealing with Ukraine, showing what happened in his call with Volodymyr Zelensky. Spelling in this transcript is per the White House 

Declassified by order of the President’ September 24, 2019 

MEMORANDUM OF TELEPHONE CONVERSATION 

SUBJECT: Telephone Conversation with President Zelenskyy of Ukraine

PARTICIPANTS: President Zelenskyy of Ukraine 

Notetakers: The White House Situation Room 

DATE, TIME AND PLACE: July 25, 2019, 9:03 – 9:33 a.m. EDT Residence

The President: Congratulations on a great victory. We all watched from the United States and you did a terrific job. The way you came from behind,  somebody who wasn’t given much of a chance, and you ended up winning easily. It’s a fantastic achievement. Congratulations. 

President Zelenskyy: You are absolutely right Mr. President. We did win big and we worked hard for this. We worked a lot but I would like to confess to you that I had an opportunity to learn from you.

We used quite a few of your skills and knowledge and were able to use it as an example for our elections – and yes it is true that these were unique elections. We were in a unique situation that we were able to achieve a unique success. I’m able to tell you the following; the first time, you called me to congratulate me when I won my presidential election, and the second time you are now calling me when my party won the parliamentary election. I think I should run more often so you can call me more often and we can talk over the phone more often.

The President: [laughter] That’s a very good idea. I think your country is very happy about that. 

President Zelenskyy: Well yes, to tell you the truth, we are trying to work hard because we wanted to drain the swamp here in our country. We brought in many many new people. Not the old politicians, not the typical politicians, because we want to have a new format and a new type of government. You are a great teacher for us and in that.

The President: Well it is very nice of you to say that. I will say that we do a lot for Ukraine. We spend a lot of effort and a lot of time. Much more than the European countries are doing and they should be helping you more than they are. Germany does almost nothing for you. All they do is talk and I think it’s something that you should really ask them about. When I was speaking to Angela Merkel she talks Ukraine, but she doesn’t do anything. A lot of the European countries are the same way so I think it’s.something you want to look at but the United States has been very very good to Ukraine. I wouldn’t say that it’s reciprocal necessarily because things are happening that are not good but the United States has been very very good to Ukraine. 

President Zelenskyy: Yes you are absolutely right. Not only 100%, but actually 1000% and I can tell you the following; I did talk to Angela Merkel and I did meet.with her. I also met and talked with Macron and I told them that they are not doing quite as much as they need to be doing on the issues with the sanctions. They are not enforcing the sanctions. They are not working as much as they should work for Ukraine. It turns out that even though logically, the European Union should be our biggest partner but technically the United States is a much bigger partner than the European Union and I’m very grateful to you for that because the United States is doing quite a lot for Ukraine. Much more than the European Union especially when we are talking about sanctions against the Russian Federation. I would also like to thank you for your great support in the area of defense. We are ready to continue to cooperate for the next steps. specifically we are almost ready to buy more Javelins from the United States for defense purposes.

The President: I would like you to do us a favor though because our country has been through a lot and Ukraine knows a lot about it. I would like you to find out what happened with this whole situation with Ukraine, they say Crowdstrike… I guess you have one of your wealthy people… The server, they say Ukraine has it. There- are a lot. of things that went on, the whole situation. I think you are surrounding yourself with some of the same people. I would like to have the Attorney General call you or your people and I would like you to get to the bottom of it. As you saw yesterday, that whole nonsense ended with a very poor performance by a man named Robert Mueller, an incompetent performance, but they say a lot of it started with Ukraine. Whatever you can do, it’s very important that you do it if that’s possible. 

President Zelenskyy: Yes it is very important for me and everything that you just mentioned earlier. For me as a President, it is very important and we are open for any future cooperation. We are ready to open a new page on cooperation in relations between the United States and Ukraine. For that purpose, I just recalled our ambassador from United States and he will be replaced by a very competent and very experienced ambassador who will work hard on making sure that our two nations are getting closer. I would also like and hope to see him having your trust and your confidence and have personal relations with you so we can cooperate even more so. I will personally tell you that one of my assistants spoke with Mr Giuliani just recently and we are hoping very much that Mr. Giuliani will be able to travel to Ukraine and we will meet once  he comes to Ukraine. I just wanted to assure you once again that you have nobody but friends around us. I will make sure that I surround myself with the best and most experienced people. I also wanted to tell you that we are friends. We are great friends and you Mr. President have friends in our country so we can continue our strategic partnership. I also plan to surround myself with great people and in addition to that investigation, I guarantee as the President of Ukraine that all the investigations will be done openly and candidly. That I can assure you. 

The President: Good because I heard you had a prosecutor who was very good and he was shut down and that’s really unfair. A lot of people are talking about that, the way they shut your very good prosecutor down and you had some very bad people involved. Mr. Giuliani is a highly respected man. He was the mayor of New York City, a great mayor, and I would like him to call you. I will ask him to call you along with the Attorney General.

Rudy very much knows what’s happening and he is a very capable guy. If you could speak to him that would be great. The former ambassador from the United States, the woman, was bad news and the people she was dealing with in the Ukraine .were bad news so I just want to let you know that. The other thing, There’s a lot of talk about Biden’s son, that Biden stopped the prosecution and a lot of people want to find out about that so whatever you can do with the Attorney General would be great. Biden went around bragging that he stopped the prosecution so if you can look into it … It sounds horrible to me. 

President Zelenskyy: I wanted to tell you about the prosecutor. First of all I understand and I’m knowledgeable about the situation. Since we have won the absolute majority in our Parliament, the next prosecutor general will be 100% my person, my candidate, who will be approved by the parliament and will start as a new prosecutor in September. He or she will look into the situation, specifically to the company that you mentioned in this issue. The issue of the investigation of the case is actually the issue of making sure to restore the honesty so we will take care of that and will work on the investigation of the case. On top of that, I would kindly ask you if you have any additional information that you can provide to us, it would be very helpful for the investigation to make sure that we administer justice in our country with regard to the Ambassador to the United States from Ukraine as far as I recall her name was Ivanovich. It was great that you were the first one. who told me that she was a bad ambassador because I agree with you 100%. Her attitude towards me was far from the best as she admired the previous President and she was on his side. She would not accept me as a new President well enough.

The president: Well, she’s going to go through some things. I will have Mr. Giuliani give you a call and I am also going to have Attorney General Barr call and we will get to the bottom of it. I’m sure you will figure it out. I heard the prosecutor was treated very badly and he was a very fair prosecutor so good luck with everything. Your economy is going to get better and better I predict. You have a lot of assets. It’s a great country. I have many Ukrainian friends, their incredible people.

President Zelenskyy: I would like to tell you that I also have quite a few Ukrainian friends that live in the United States. Actually last time I traveled to the United States, I stayed in New York near Central Park and I stayed at the Trump Tower. I will talk to them and I hope to see them again in the future. I also wanted to thank you for your invitation to visit the United States, specifically Washington DC. On ,the other hand, I also wanted to ensure you that we will be very serious about the case and will work on the investigation. As to the economy, there is much potential for our two countries and one of the issues. that is very important for Ukraine is energy independence. I believe we can be very successful and cooperating on energy independence with United States. We are already working on cooperation. We are buying American oil but I am very hopeful for a future meeting. We will have more time and more opportunities to discuss these opportunities and get to know each other better. I would like to thank you very much for your support .

 

Call me: Bill Barr is named repeatedly by Trump in the course of his call

The President: Good. Well, thank you very much and I appreciate that. I will tell Rudy and Attorney General Barr to call. Thank you. Whenever you would like to come to the White House, feel free to call. Give us a date and we’ll work that. out. I look forward to seeing you. 

Read full transcript here…

The NY Times claims the whistleblower is a CIA agent:

https://www.zerohedge.com/political/nytimes-outs-ukraine-call-whistleblower-cia-officer




Top-Level Climate Modeler Spills the Beans on the ‘Nonsense’ of ‘Global Warming Crisis’


Dr. Mototaka Nakamura, author of the book, Confessions of a Climate Scientist: the Global Warming Hypothesis Is an Unproven Hypothesis, is a top-level oceanographer and meteorologist who is calling “Nonsense!” on the models that underpin the global-warming hoax. He received his doctorate in meteorology at MIT and worked on cloud dynamics from 1990 to 2014. He says that climate models are useful tools for academic studies, but “the models just become useless pieces of junk or worse when they are used for climate forecasting.” In 2001, the UN’s IPCC Report itself conceded, “In climate research and modelling, we should recognize that we are dealing with a coupled non-linear chaotic system, and therefore that the long-term prediction of future climate states is not possible.” Nakamura agrees, and says that the dynamics of the atmosphere and oceans are critical facets of the climate system, and the computer models are too simplistic. Furthermore, most climate researchers do not understand ocean dynamics.

There’s a top-level oceanographer and meteorologist who is  prepared to cry “Nonsense!”on the “global warming crisis” evident to climate modellers but not in the real world. He’s as well or better qualified than the modellers he criticises — the ones whose Year 2100 forebodings of 4degC warming have set the world to spending $US1.5 trillion a year to combat CO2 emissions.

The iconoclast is Dr. Mototaka Nakamura. In June he put out a small book in Japanese on “the sorry state of climate science”. It’s titled Confessions of a climate scientist: the global warming hypothesis is an unproven hypothesis, and he is very much qualified to take a stand. From 1990 to 2014 he worked on cloud dynamics and forces mixing atmospheric and ocean flows on medium to planetary scales. His bases were MIT (for a Doctor of Science in meteorology), Georgia Institute of Technology, Goddard Space Flight Centre, Jet Propulsion Laboratory, Duke and Hawaii Universities and the Japan Agency for Marine-Earth Science and Technology. He’s published about 20 climate papers on fluid dynamics.[i]

Today’s vast panoply of “global warming science” is like an upside down pyramid built on the work of a few score of serious climate modellers. They claim to have demonstrated human-derived CO2 emissions as the cause of recent global warming and project that warming forward. Every orthodox climate researcher takes such output from the modellers’ black boxes as a given. 

A fine example is from the Australian Academy of Science’s explanatory booklet of 2015. It claims, absurdly, that the models’ outputs are “compelling evidence” for human-caused warming.[ii] Specifically, it refers to model runs with and without human emissions and finds the “with” variety better matches the 150-year temperature record (which itself is a highly dubious construct). Thus satisfied, the Academy then propagates to the public and politicians the models’ forecasts for disastrous warming this century.

Now for Dr Nakamura’s expert demolition of the modelling. There was no English edition of his book in June and only a few bits were translated and circulated. But Dr Nakamura last week offered via a free Kindle version his own version in English. It’s not a translation but a fresh essay leading back to his original conclusions.

The temperature forecasting models trying to deal with the intractable complexities of the climate are no  better than “toys” or “Mickey Mouse mockeries” of the real world, he says. This is not actually a radical idea. The IPCC in its third report (2001) conceded (emphasis added),

In climate research and modelling, we should recognize that we are dealing with a coupled non-linear chaotic system, and therefore that the long-term prediction of future climate states is not possible. (Chapter 14, Section 14.2.2.2. )]

Somehow that official warning was deep-sixed by the alarmists. Now Nakamura has found it again, further accusing the orthodox scientists of “data falsification” by adjusting previous temperature data to increase apparent warming “The global surface mean temperature-change data no longer have any scientific value and are nothing except a propaganda tool to the public,” he writes.

The climate models are useful tools for academic studies, he says. However, “the models just become useless pieces of junk or worse (worse in a sense that they can produce gravely misleading output) when they are used for climate forecasting.” The reason:

These models completely lack some critically important  climate processes and feedbacks, and represent some other critically important climate processes and feedbacks in grossly distorted manners to the extent that makes these models totally useless for any meaningful climate prediction.

I myself used to use climate simulation models for scientific studies, not for predictions, and learned about their problems and limitations in the process.

Nakamura and colleagues even tried to patch up some of the models’ crudeness

…so I know the workings of these models very well … For better or worse I have more or less lost interest in the climate science and am not thrilled to spend so much of my time and energy in this kind of writing beyond the point that satisfies my own sense of obligation to the US and Japanese taxpayers who financially supported my higher education and spontaneous and free research activity. So please expect this to be the only writing of this sort coming from me.

I am confident that some honest and courageous, true climate scientists will continue to publicly point out the fraudulent claims made by the mainstream climate science community in English. I regret to say this but I am also confident that docile and/or incompetent Japanese climate researchers will remain silent until the ’mainstream climate science community’ changes its tone, if ever.

He projects warming from CO2 doubling, “according to the true experts”, to be only 0.5degC. He says he doesn’t dispute the possibility of either catastrophic warming or severe glaciation since the climate system’s myriad non-linear processes swamp “the toys” used for climate predictions. Climate forecasting is simply impossible, if only because future changes in solar energy output are unknowable.  As to the impacts of human-caused CO2, they can’t be judged “with the knowledge and technology we currently possess.”

Other gross model simplifications include

# Ignorance about large and small-scale ocean dynamics

# A complete lack of meaningful representations of aerosol changes that generate clouds.

# Lack of understanding of drivers of ice-albedo (reflectivity) feedbacks: “Without a reasonably accurate representation, it is impossible to make any meaningful predictions of climate variations and changes in the middle and high latitudes and thus the entire planet.”

# Inability to deal with water vapor elements

# Arbitrary “tunings” (fudges) of key parameters that are not understood

Concerning CO2 changes he says,

I want to point out a simple fact that it is impossible to correctly predict even the sense or direction of a change of a system when the prediction tool lacks and/or grossly distorts important non-linear processes, feedbacks in particular, that are present in the actual system …

… The real or realistically-simulated climate system is far more complex than an absurdly simple system simulated by the toys that have been used for climate predictions to date, and will be insurmountably difficult for those naïve climate researchers who have zero or very limited understanding of geophysical fluid dynamics. I understand geophysical fluid dynamics just a little, but enough to realize that the dynamics of the atmosphere and oceans are absolutely critical facets of the climate system if one hopes to ever make any meaningful prediction of climate variation.

Solar input, absurdly, is modelled as a “never changing quantity”. He says, “It has only been several decades since we acquired  an ability to accurately monitor the incoming solar energy. In these several decades only, it has varied by one to two watts per square metre. Is it reasonable to assume that it will not vary any more than that in the next hundred years or longer for forecasting purposes? I would say, No.”

Read full article here…

 




Teens Fatally Attacked John Marvin Weed, 59, After ‘He Declined to Give Them $1

Two brothers, age 15 and 16 years old, have been charged in the fatal attack of 59-year-old John Marvin Weed, who was beaten on his head before collapsing to the ground, at a county fair in Frederick, Maryland. The teens are charged as minors, with the 15-year-old charged with first-degree assault, second-degree assault, and reckless endangerment. His 16-year-old brother faces charges of second-degree assault. Manslaughter charges may follow. Video shows that they spit on him after he fell to the ground because “he declined to give them $1.” Some people claim that this death was caused by the ‘Knock Out Game’ against white people and that hate-crime charges should be added. -GEG

Two teenage brothers allegedly fatally attacked 59-year-old John Marvin Weed at a fair in Frederick, Maryland and spit on him while he was on the ground because “he declined to give them $1.”

Warning: Graphic video:

“I think it’s despicable, and it tells me a lot about how these young people view this person by the very fact after they had him on the ground they taunted and they spit on him,” Frederick County Sheriff Chuck Jenkins said. “That to me shows hatred and disgust and despise.”

Read full article here…

Additional source:

https://www.fredericknewspost.com/news/crime_and_justice/deadly-attack-at-frederick-fair-may-have-started-over/article_1e572a3f-317f-50e9-bb12-231d76cc7f76.html