RE: World GDP is only about 62 trillion dollars a year!
So, the good old US of A’s economy is 1/4th of the world’s GDP?
It seems clear to me — if the world economy is going to recover, it has got to start HERE first. And if we implode, the rest of the world does too.
They were overnight loans and they are counting the sum of the daily loans, not the amount that was outstanding at any one time. So if you borrow $1 million consistently every night, over a 3.5 year time frame, they are reporting it as 365*3.5*$1 million = $1.3 Billion, when you never borrowed more than $1 million.
It’s a ridiculous way of counting designed to make the Federal Reserve look bad.
All of the loans had collateral and they were all paid back with interest.
The Federal Reserve is the only one up there doing what they are supposed to be doing. The problem is congressional spending, not the Federal Reserve.
There are people like Soros and China who would like to see the Federal Reserve replaced with something they can control or something like the gold standard, that they can manipulate and make money off of.