Msg. 36102 of 45651 (This msg. is a reply to
36100 by
capt_nemo)
Jump:
re: "Courtesy of Lee Adler"
I know Lee. He's . . . well . . . based on his not being here and the standards of fair play my mom drilled into me when I was little, that's about all I'm going to say about him.
However, no stars from me on that post, nemo!
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
They had to borrow with over 2 trillion in their stash????????????
Courtesy of Lee Adler of the Wall Street Examiner
The Fed was hit with withdrawals of $83.3 billion last Wednesday, the largest withdrawals from its deposit accounts that were not associated with quarterly tax payments since February of 2009. $7 billion of that was the net cash transferred to the US Treasury from its note and bond sales less outlays. The Fed still had to meet the other $76 billion. These transactions were revealed in the Fed's weekly H.4.1 report.
The Fed was apparently forced to take extraordinary measures to fund these withdrawals. These included the outright sale of nearly $24 billion in its Treasury note and bond holdings from the System Open Market Account. As a result, the Fed's System Open Market Account (SOMA) fell to $2.611 trillion, some $43 billion below the Fed's stated target of $2.654 trillion. Prior to this week, it had not strayed from by more than $7 billion since June. The Fed's action was not only a direct contradiction of its stated policy, but it was done without warning or explanation. It ran counter to Bernanke's penchant for telegraphing every important move the Fed makes so that the banking/speculating organizations can front-run it.
The Fed took another unusual and virtually unprecedented action to fund these massive withdrawals. It borrowed $43 billion from foreign central banks (FCBs) through Reverse Repurchase Agreements (reverse repos, or RRPs).
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