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The New York Fed Is Exercising Powers Never Bestowed on It by any Law

Courtesy of Pam Martens

New York Fed's Balance Sheet

By Pam Martens and Russ Martens

John Williams, President of the New York Fed

John Williams, President of the New York Fed

Earlier this month President Trump advanced the view that during a national emergency the President has “total power.” The real power, however, is being exercised by the Federal Reserve Bank of New York (New York Fed) with not so much as one vote by any elected representatives of the citizens of the U.S.

The speed at which the New York Fed, owned by multinational banks, can create trillions of U.S. dollars by pushing an electronic button and bring financial relief to the 1 percent on Wall Street stands in sharp contrast to the millions of mom and pop small businesses across America who are still waiting to see a dime in relief from an elected Congress, forcing a growing number of small businesses to close permanently and thus further consolidating money and power in the United States.

On September 17, 2019, months before any case of coronavirus COVID-19 had been discovered anywhere in the world, the New York Fed began pumping out hundreds of billions of dollars a week in super cheap loans to the trading houses of Wall Street, a group of 24 firms it calls its “primary dealers.” This action in the repo loan market was the first by the New York Fed since the financial crisis of 2008. By January 27, 2020, before one death had been announced in the United States from the virus, the New York Fed had pumped $6.6 trillion cumulatively in revolving loans to the trading houses of Wall Street. By March 14, the loan tally was more than $9 trillion and climbing.

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