Posted on 03/17/2023 6:17:35 AM PDT by Kaiser8408a
Cry for Argentina! Their central bank boosted its benchmark Leliq rate by 300 basis points to 78%. The monetary authority’s board considered the increase in response to accelerating inflation and after leaving the key rate unchanged for several months.
Of course, the US Federal Reserve is going in the opposite direction to combat the US banking crisis created by inflation and Yellen’s “Too low for too long” Fed policies.
I am beginning to wonder in Treasury Secretary Janet Yellen and Chicago Mayor Lori Lightfoot are the same person.
(Excerpt) Read more at confoundedinterest.net ...
Naw, not the same person. Yellen has destroyed much more than Lori.
Refresh me: The FDIC was a Depression-era response to bank failures, mandated by Federal Law.
So, the money paid by banks into their FDIC “insurance” is a federal mandate (and thus yet another tax in effect) on the potential extra earnings of each bank’s investor (stockholder) or savings account owner.
So this means that the “taxpayers” ARE paying for her “stroke of a pen” illegal FDIC bailout, right?
Correct.
We actually have worse demographics than A LOT of South America. So, there's that.
Precisely. Banks are supposed to be supported by the Fed so they do not go broke with the money provided by other member banks.
But remember, there are state banks and non-member banks who do not have to put reserves on with the Fed, so it is in a sense a voluntary tax to gain access to the Fed’s lower interest rates, but not mandatory.
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