A look back…

The U.S. Federal Reserve generously infused major Wall Street global financial institutions, including foreign banks, with massive liquidity infusions during the height of the great financial crisis of 2007-2010.

One of the biggest recipients of the Fed’s generosity: Switzerland-based Credit Suisse…

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Bloomberg  Nov 28, 2011 – Excerpts:

“Credit Suisse Group AG, Switzerland’s second-biggest bank by assets, was the biggest user of the Fed’s single-tranche open market operations, or ST OMO, borrowing $45 billion in August 2008. Under ST OMO, securities firms swapped eligible mortgage bonds for cash.

The Zurich-based bank’s U.S. brokerage also used the Term Securities Lending Facility, which allowed firms to swap certain debt securities for Treasuries that could be loaned out or sold for cash. Credit Suisse took no part in any central bank’s collateralized funding facilities in the crisis, said Steven Vames, a bank spokesman in New York. TSLF doesn’t count because it involved no cash transfers, he said, and the bank borrowed from ST OMO only as a so-called primary dealer. Primary dealers weren’t required to bid in ST OMO.”

Peak Amount of Debt on 8/27/2008:  $60.8B

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What are single-tranche open market operations?

The Fed’s ‘secret liquidity lifelines that ran from 2007 – 2010 generally involved various credit facilities, set up to ‘rescue’ the banking system, and make banks ‘healthy.’

ST OMO’s were another unique form of liquidity infusions that provided “term funding” to the (big bank) Primary Dealers, primarily benefiting major European (Primary Dealer) banks. –  for the purpose of “mitigating heightened stress in funding markets.”

These ST OMO “secretive bailout operation” pumped out $855 billion between “March and December 2008.”

“These operations were conducted by the Federal Reserve Bank of New York with primary dealers as counterparties through an auction process under the standard legal authority for conducting temporary open market operations. In these transactions, primary dealers could deliver any of the types of securities–Treasuries, agency debt, or agency MBS–that are accepted in regular open market operations. By providing term funding to primary dealers, this program helped to address liquidity pressures evident across a number of financing markets and supported the flow of credit to U.S. households and business.”

“Well, not really. As the chart below shows the banks, pardon, primary dealers, that benefited the most from this secret iteration of Fed generosity were once again foreign banks, with the Top 5 borrowers being Credit Suisse, Deutsche Bank, BNP Paribas, RBS and Barclays. Together these five accounted for $593 billion of total borrowings, or 70% of the total.”

Below is a summary of who borrowed how much in total from the Fed’s ST-OMO program.

Source:  https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1113&context=journal-of-financial-crises

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Another highlight: Credit Suisse’s ‘corporate rap sheet’: https://www.corp-research.org/credit-suisse

__________________________________

And this brings us back again to the main point.

U.S. citizens deserve direct access to the liquidity extensions and credit guarantees that the Fed pumped out to rescue the banking system during the crisis period (2007 – 2010) when high-risk sub-prime debt took on ‘junk’ status, and fairly well ‘froze’ the system.

Certain Fed operations, like single-tranche open market operations, heavily favored major European banks – designed to mitigate “heightened stress.”

It is now time for the Fed to activate a U.S. Citizens Credit Facility to grant direct liquidity access to U.S. citizens – to eliminate debt and help relieve “heightened stress” at the family level in America.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America
$95,000 per U.S. citizen – Leviticus 25 Plan 2027 (56472 downloads )

A look back….

Excerpts from Bloomberg  Nov 28, 2011:

“Merrill Lynch & Co.’s stock surged 30 percent after the New York-based securities firm announced an agreement to sell itself to Bank of America Corp. in September 2008. The deal didn’t stop the firm’s liquidity from shrinking by about $27 billion in three days that month, according to internal Federal Reserve Bank of New York documents. In the ensuing weeks, the firm drew as much as $62.1 billion from the Federal Reserve’s Primary Dealer Credit Facility, Term Securities Lending Facility and single-tranche open market operations. After the takeover closed on Jan. 1, 2009, Charlotte, North Carolina-based Bank of America let Merrill’s Fed loans roll off while increasing its own liquidity draws from the central bank.”

Peak amount of debt on 09/26/2008:  $62.1B

Enlightening background information – on some of the investment practices engaged in by Merrill Lynch during the several years immediately preceding the $62.1B secret bailout: 

DealBook-NYTimes reported on January 25, 2011: “Merrill Lynch Settles S.E.C. Fraud Case”                      

Merrill Lynch “ agreed to pay $10 million on Tuesday to settle fraud accusations by securities regulators.”                                                                                           

“The Securities and Exchange Commission had accused Merrill of fraud, saying that the firm misused private information from its customers to place trades on its own behalf and that the firm repeatedly charged its customers trading fees without their knowledge.”

Bank of America – Corporate Rap Sheet – Aug 1, 2020

Bank of America acquired Merrill Lynch on Sep 24, 2001.

BofA / Merrill Lynch – “corporate rap sheet” revelations:

In August 2009 BofA agreed to pay $33 million to settle SEC charges that it misled investors about more than $5 billion in bonuses that were being paid to Merrill employees at the time of the firm’s acquisition. In February 2010 the SEC announced a new $150 million settlement with BofA concerning the bank’s failure to disclose Merrill’s “extraordinary losses.” At the same time, New York Attorney General Andrew Cuomo filed civil fraud charges against Lewis personally, as well as BofA’s former chief financial officer Joseph Price for “duping shareholders and the federal government.”

In May 2011 FINRA fined Merrill $3 million for misrepresenting loan delinquency data when selling residential subprime mortgage securities, and in October 2011 fined it $1 million for failing to properly supervise one of its registered representatives who was operating a Ponzi scheme. More FINRA fines came in 2012: $1 million for failing to arbitrate disputes with employees; $2.8 million (plus $32 million in remediation) for unwarranted fees; and $500,000 for failing to file hundreds of required reports. In December 2011 BofA agreed to pay $315 million to settle a class-action suit alleging that Merrill had deceived investors when selling mortgage-backed securities.  June 2012 court filings in a shareholder lawsuit against BofA provided more documentation that bank executives knew in 2008 that the Merrill acquisition would depress BofA earnings for years to come but failed to provide that information to shareholders. In September 2012 BofA announced that it would pay $2.43 billion to settle the litigation.

The Countrywide acquisition also came back to haunt BofA. In June 2010 it agreed to pay $108 million to settle federal charges that Countrywide’s loan-servicing operations had deceived homeowners who were behind on their payments into paying wildly inflated fees. Four months later, Countrywide founder Angelo Mozilo reached a $67.5 million settlement of civil fraud charges brought by the SEC. As part of an indemnification agreement Mozilo had with Countrywide, BofA paid $20 million of the settlement amount, which consisted of a $22.5 million penalty (a record amount for a case against a public company executive) and $45 million in “disgorgement of ill-gotten gains.” A criminal case against Mozilo was shelved.

In May 2011 BofA reached a $20 million settlement of Justice Department charges that Countrywide had wrongfully foreclosed on active duty members of the armed forces without first obtaining required court orders. And in December 2011 BofA agreed to pay $335 million to settle charges that Countrywide had discriminated against minority customers by charging them higher fees and interest rates during the housing boom. In mid-2012 the Wall Street Journal reported that “people close to the bank” estimated that Countrywide had cost BofA more than $40 billion in real estate losses, legal expenses and settlements with state and federal agencies.

BofA faced its own charges as well. In December 2010 it agreed to pay a total of $137.3 million in restitution to federal and state agencies for the participation of its securities unit in an alleged conspiracy to rig bids in the municipal bond derivatives market. In January 2011 BofA agreed to pay $2.8 billion to Fannie Mae and Freddie Mac to settle charges that it sold faulty loans to the housing finance agencies. In September 2011 the Federal Housing Finance Agency sued BofA and other firms for abuses in the sale of mortgage-backed securities to Fannie Mae and Freddie Mac.

BofA was one of five large mortgage servicers that in February 2012 consented to a $25 billion settlement with the federal government and state attorneys general to resolve allegations of loan servicing and foreclosure abuses. An independent monitor set up to oversee the settlement reported in August 2012 that BofA had not yet completed any modifications of first-lien mortgages or any refinancings. The New York Attorney General later sued BofA for breaching the terms of the foreclosure settlement.

In September 2012 BofA settled federal allegations that it discriminated against recipients of disability income. In January 2013 BofA was one of ten major lenders that agreed to pay a total of $8.5 billion to resolve claims of foreclosure abuses. At the same time, BofA by itself agreed to pay $10.3 billion ($3.6 billion in cash and $6.75 billion in mortgage repurchases) to Fannie Mae to settle a new lawsuit concerning the bank’s sale of faulty mortgages to the agency. BofA also agreed to sell off about 20 percent of its loan servicing business.

In April 2013 the National Credit Union Administration announced that BofA had agreed to pay $165 million to settle claims relating to losses from the purchases of residential mortgage-backed securities.

In May 2013 BoA agreed to pay $1.7 billion to MBIA to settle a long-running lawsuit in which the bond insurer had sued Countrywide for misleading it about the quality of mortgages packaged into securities that MBIA agreed to insure.

In August 2013 the Justice Department filed a civil suit charging BofA and its Merrill Lynch unit of defrauding investors by making  misleading statements about the safety of $850 million in mortgage-backed securities sold in 2008.

In October 2013 a federal jury found BofA’s Countrywide unit liable for the sale of defective mortgages to Fannie Mae and Freddie Mac. A former Countrywide midlevel manager, Rebecca Mairone, was found individually liable in the civil fraud case.

In December 2013 Freddie Mac announced that BofA had agreed to pay $404 million to settle claims by the mortgage agency that the bank had sold it hundreds of thousands of defective home loans.

That same month, the SEC announced that BofA would pay $131.8 million to settle allegations that Merrill Lynch had misled investors about collateralized debt obligations.

In March 2014 the Federal Housing Finance Agency announced that BofA would pay $9.3 billion to settle the case involving the sale of deficient mortgage-backed securities to Fannie Mae and Freddie Mac. The total included $3.2 billion in securities repurchases.

In April 2014 the U.S. Consumer Financial Protection Bureau ordered BofA to pay $727 million to compensate consumers harmed by deceptive marketing of credit card add-on products.

That same month, BofA disclosed that it had mistakenly overstated its capital by $4 billion.

In July 2014 a federal judge ordered BofA to pay $1.27 billion in damages after being found guilty by a jury in a case involving defective mortgages sold by Countrywide. (In May 2016 a federal appeals court overturned that penalty.)

That case paled in comparison to the $16.65 billion settlement BofA reached with the Justice Department the following month to resolve federal and state claims relating to the practices of Merrill Lynch and Countrywide in the runup to the financial meltdown. The amount was made up of about $10 billion in cash  payments and $7 billion in so-called mortgaged relief to consumers.

In December 2014 FINRA fined Merrill Lynch $4 million as part of a case against ten investment banks for allowing their stock analysts to solicit business and offer favorable research coverage in connection with a planned initial public offering of Toys R Us in 2010.

In May 2015 the Federal Reserve fined BofA $205 million for “unsafe and unsound” practices relating to foreign exchange markets.

In June 2016 the SEC announced that Merrill Lynch would pay $415 million to settle allegations that it misused client cash to engage in trading for the company’s benefit.

In September 2016 the SEC announced that Merrill would pay a $12.5 million penalty for maintaining ineffective trading controls that failed to prevent erroneous orders from being sent to the markets and causing mini-flash crashes.

In 2019 Merrill Lynch Commodities entered into a non-prosecution agreement and agreed to pay $25 million to resolve criminal charges of manipulating the market for precious metals futures contracts. 

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The Leviticus 25 Plan provides U.S. citizens with the same direct access to liquidity that was provided to the likes of Wall Street ‘rap sheet’ behemoths Merrill Lynch and Bank of America at the height of the great financial crisis.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America
$95,000 per U.S. citizen – Leviticus 25 Plan 2027 (56472 downloads )

A Look back…

Barclays Plc is a major multinational banking and financial services company headquartered in London.

Barclays is also a bank with an impressive rap sheet of scandals, from violating the Foreign Corrupt Practices Act, to the LIBOR fiasco, to Food Speculation

Excerpts from  Bloomberg  Nov 28, 2011:

“There was not a direct subsidy to Barclays” from governments during the financial crisis, Chief Executive Officer Robert Diamond told a U.K. House of Commons hearing in London on June 8, 2011. While the company avoided taking government capital, it was more accepting of emergency cash from the U.S. Federal Reserve.

Data show that the London-based bank borrowed $64.9 billion from the Fed on Dec. 4, 2008, more than two months after it agreed to buy the North American unit of Lehman Brothers Holdings Inc. in a bankruptcy auction. The London-based bank was still borrowing more than $40 billion from the Fed as late as June 2009, nine months after the Lehman deal closed. Sarah MacDonald, a Barclays spokeswoman, declined to say whether the bank also got liquidity from the Bank of England.

Peak amount of debt on 12/4/2008:  $64.9B                

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U.S. citizens deserve nothing less than to be granted the same direct access to liquidity that the Federal Reserve so generously provided to global banking titans, like Barclays Plc, during the great financial crisis.

The Leviticus 25 Plan – An Economic Acceleration Plan for America
$95,000 per U.S. citizen – Leviticus 25 Plan 2027 (56472 downloads )

A look back….

Even foreign banking interests, with U.S. subsidiaries, enjoyed massive liquidity infusions to help them deal with their faltering financial conditions and debt burdens.

Deutsche Bank has a long list of scandalous practices: Money laundering in Russia; U.S. mortgage transactions (selling top-rated complex financial products that instantly became worthless; Interest rate manipulation; Violations of U.S. – Iran embargo.

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Excerpts from:  Bloomberg  Nov 28, 2011:  “Deutsche Bank AG, Germany’s biggest bank, navigated the financial crisis without capital injections from the German government. The Frankfurt-based bank, which in 2008 reported its first annual loss since World War II, wasn’t so shy about getting liquidity in secret from the U.S. Federal Reserve. The lender tapped the Fed for $66 billion on Nov. 6, 2008 — $28.2 billion from the Term Securities Lending Facility, $21.8 billion from single-tranche open market operations and $16 billion from the Term Auction Facility. John Gallagher, a Deutsche Bank spokesman, declined to say whether the bank took emergency loans during the crisis from other central banks, such as Germany’s Bundesbank.”     

Peak amount of debt held on 11-6-2008:  $66B                                     

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U.S. citizens deserve nothing less than to be granted the same direct access to liquidity that was provided to multi-national financial institutions, like Deutsche Bank, during the financial crisis..

Deutsche Bank tapped billions from the Term Securities Lending Facility (TSLF), single-tranche open market operations (STOMO), and the Term Auction Facility (TAF).

It is now time to activate a U.S. Citizens Credit Facility to advance a ‘direct access’ liquidity extension conduit for U.S. citizens – to successfully manage their own financial affairs and expedite massive debt reduction for the millions of working families across America who remain heavily burdened by the inflationary aftereffects of the great Wall Street bailout.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

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Bloomberg Uncovers the Fed’s Secret Liquidity Lifelines | Bloomberg LP

Aug 22, 2011 – Excerpt:

“The U.S. Federal Reserve mounted an unprecedented campaign to head off a depression by providing as much as $1.2 trillion in public money to banks and other companies from August 2007 through April 2010.  The emergency loans were intended to help recipients cope with cash shortfalls and keep credit markets from grinding to a halt.  Bloomberg News sorted through more than 29,000 pages of previously secret documents and Fed spreadsheets detailing more than 21,000 loans to compile a database showing which companies got the emergency liquidity, and when.”

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Bloomberg Aug 22, 2011 – The #8 Recipient:

“JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has touted a “fortress balance sheet” that helped his bank survive the crisis better than rivals. “The markets were always open to us,” Dimon wrote in a letter to shareholders in March 2010.

Data show the New York-based bank got Federal Reserve liquidity after its March 2008 acquisition of Bear Stearns Cos. and in early 2009 as debt markets froze. In February and March 2009, JPMorgan borrowed $48 billion from the Fed’s Term Auction Facility, as executives said liquidity was “strong.” In the March 2010 letter, Dimon said JPMorgan loaned as much as $70 billion to other banks after Lehman Brother’s failure and bought “a net $250 billion of securities” to help facilitate market liquidity. The Fed loans became public in late 2010.”

Peak amount of debt on 10/1/2008:  $68.6 billion

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Wall Street’s financial institutions engaged in a high-risk leveraged speculation gambling spree during 2004-2007 – precipitating the Great Financial Crisis which directly followed.

The U.S. Federal Reserve quietly marched in and orchestrated a massive ‘public money’ bailout scheme – to literally rescue major U.S. and foreign financial behemoths and put them back on the road to ‘financial health.’

It is now time to put Main Street America back on the road to ‘financial health’ by granting U.S. citizens access to the same direct liquidity extensions that were so generously provided to Wall Street titans like JPMorgan, Goldman Sachs, State Street, Citigroup, Bank of America, Morgan Stanley, State Street, Deutsche Bank, Barclays, UBS … and dozens of others.

It is time to level the playing field – with the most powerful economic acceleration platform in the world.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

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The Federal Reserve’s gargantuan emergency lending programs transfused dozens of global financial heavyweights in the banking world with hundred of billions of dollars during the great financial crisis 2008-2012.

A look back: Matt Taibbi, Rolling Stone Feb 17, 2010

Excerpts:

“At the height of the housing boom, Goldman was selling billions in bundled mortgage-backed securities — often toxic crap of the no-money-down, no-identification-needed variety of home loan — to various institutional suckers like pensions and insurance companies, who frequently thought they were buying investment-grade instruments. At the same time, in a glaring example of the perverse incentives that existed and still exist, Goldman was also betting against those same sorts of securities — a practice that one government investigator compared to “selling a car with faulty brakes and then buying an insurance policy on the buyer of those cars.”

Goldman hedged its massive blind bet by purchasing from AIG a “virtually unregulated form of pseudo-insurance called credit-default swaps”  Goldman did not apparently concern itself with the fact that “AIG wasn’t required to [and didn’t] actually have the capital to pay off the deals.”

AIG had sold $440 billion of this ‘worthless crap’ to various banks (like Goldman and the French multinational investment bank, Société Générale)… a large portion of which the “taxpayer ended up having to eat.”

AIG was taken over by the government in September 2008, and instead of the normal course of bankruptcy-arbitration, the government saw to it that “Goldman was paid 100 cents on the dollar on an additional $12.9 billion it was owed by AIG…”

Less than one week after the massive AIG bailout, Goldman Sachs and Morgan Stanley were granted permission to become bank holding companies – will full access to borrowing funds, at very low interest rates, at the Fed Discount Window.

“Borrowing at zero percent interest, banks like Goldman now had virtually infinite ways to make money. In one of the most common maneuvers, they simply took the money they borrowed from the government at zero percent and lent it back to the government by buying Treasury bills that paid interest of three or four percent. It was basically a license to print money — no different than attaching an ATM to the side of the Federal Reserve.”

“You’re borrowing at zero, putting it out there at two or three percent, with hundreds of billions of dollars — man, you can make a lot of money that way,” according to one prominent hedge fund manager.

Goldman then tapped into “a new federal operation called the Temporary Liquidity Guarantee Program [which] let insolvent and near-insolvent banks dispense with their deservedly ruined credit profiles and borrow on a clean slate, with FDIC backing. Goldman borrowed $29 billion on the government’s good name, J.P. Morgan Chase $38 billion, and Bank of America $44 billion. “TLGP,” says Prins, the former Goldman manager, “was a big one.”

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Bloomberg  Nov 28, 2011: “On Sept. 21, 2008, a week after Lehman Brothers Holdings Inc. went bankrupt, Goldman Sachs Group Inc. converted to a bank holding company, gaining access to the Federal Reserve’s last-resort lending program for banks, the discount window. While it took only $50 million from the window, New York-based Goldman Sachs had been borrowing from the central bank for six months from two temporary programs for broker-dealers: the Term Securities Lending Facility and the single-tranche open market operations, or ST OMO. On Dec. 31, 2008, Goldman Sachs had $34.5 billion of loans from ST OMO, some of it at an interest rate of 0.01 percent.”

Peak Amount of debt as of 12-31-2008:  $69 billion

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That hardly tells the full story, however.

Epilogue:  Goldman had also received a $10 billion TARP loan, but quickly paid it back, proudly exclaiming that “the firm does not require further capital” and the $10 billion can now be “used by the government to revitalize the economy, a priority in which we all have a common stake.”

“During the three months following Goldman’s re-payment of its $10 billion TARP loan, the Fed purchased $27 billion of MBS from Goldman.”

“In all, the Fed would purchase more than $100 billion of MBS from Goldman during the 12 months that followed Goldman’s TARP re-payment,” according to a Dec 15, 2010 Business Insider report.

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It is now time to re-balance the severely out-of-whack financial equation in America with a new credit facility, The Citizens Credit Facility, which grants U.S. citizens the same direct access to liquidity that was so generously provided to the likes of Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, State Street, UBS, and many other domestic and foreign financial institutions.

Meet the most powerful economic resuscitation plan in the world…:

The Leviticus 25 Plan – An Economic Acceleration Plan for America

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UBS Ag is Switzerland’s largest bank.  Headquartered in Basal and Zurich, this global financial services company also specializes in investment banking, asset management and wealth management.  UBS existed as Union Bank of Switzerland prior to 1998 – at which time it merged with Swiss Bank Corporation.

This foreign banking titan received massive Fed liquidity injections during the early months of the Great Financial Crisis.

Bloomberg  Nov 28, 2011 – Excerpts:
“UBS AG, Switzerland’s biggest bank by assets, received a capital injection of 6 billion Swiss francs ($7.12 billion) from the Swiss government in October 2008. The next month, the Zurich-based lender borrowed $77.2 billion from the Federal Reserve after customers removed a net 83.6 billion francs from its money-management units in the three months through September. At the peak, UBS got $37.2 billion from the Commercial Paper Funding Facility, $20.5 billion from the single-tranche open market operations, $12.5 billion from the Term Auction Facility and $6.9 billion from the Term Securities Lending Facility. A UBS spokeswoman declined to comment on whether the bank also tapped the Swiss National Bank or other central banks for liquidity.”

$77.2 billion – Peak Amount of Debt on 11/28/2008

“The Fed’s Secret Liquidity Lifelines: The U.S. Federal Reserve mounted an unprecedented campaign to head off a depression by providing as much as $1.2 trillion in public money to banks and other companies from August 2007 through April 2010.  The emergency loans were intended to help recipients cope with cash shortfalls and keep credit from grinding to a halt.  Bloomberg News sorted through more than 29,000 pages of previously secret documents and Fed spreadsheets detailing more than 21,000 loans to compile a database showing which companies got the emergency liquidity, and when.”
___________________________________________

If a major foreign banking colossus like UBS is to be ‘lathered up’ with massive financial transfusions from the U.S. Federal Reserve’s emergency lending programs… to “help recipients cope with cash shortfalls” … then U.S. citizens deserve nothing less than to be granted that same direct access to liquidity to help shore up their own balance sheets — and restore financial stability for millions of working families across our great country.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$95,000 per U.S. citizen – Leviticus 25 Plan 2027 (55729 downloads )

The Devil Neither Political Party Will Name

May 25, 2026 – Submitted by QTR’s Fringe Finance

Excerpt:
The widening wealth inequality gap is the political third rail nobody in power truly ever wants to touch.

Politicians will scream at each other all day over taxes, healthcare, immigration, tariffs, student loans, climate policy, or whatever outrage is currently driving engagement on cable news and social media. But the second the conversation turns toward monetary policy, toward the machinery of money creation itself, the room suddenly gets very quiet.

That’s because monetary policy has quietly become the single most powerful force reshaping wealth distribution in modern America. And unlike the endless partisan theater surrounding fiscal policy, monetary intervention oddly enjoys remarkable bipartisan support.

Republicans and Democrats may pretend to be existential enemies on television, but when it comes to flooding the financial system with dollars, both parties reliably fall into line. And that support is precisely why this topic is politically radioactive: once people understand how the system works, the illusion of two competing economic ideologies starts to collapse. Republicans want less spending, Democrats want higher taxes…but both parties want the Fed to keep printing dollars.

Since the early 2000s, and especially after 2008 and the COVID era, America has effectively entered a permanent regime of monetary intervention. Quantitative easing, near-zero interest rates, endless debt monetization, emergency lending facilities, and the mainstream acceptance of Modern Monetary Theory-adjacent thinking have fundamentally altered the structure of markets beyond recognition.

When Ben Bernanke first rolled out quantitative easing during the 2008 financial crisis, Americans were repeatedly assured it was a temporary emergency measure. Bernanke described the programs as targeted interventions designed to stabilize markets and support recovery, not permanently redefine the financial system.

QE1 was supposed to calm panic. Then came QE2. Then Operation Twist. Then QE3 became effectively open-ended, with the Fed purchasing tens of billions in bonds every month indefinitely. What began as a supposedly temporary crisis tool metastasized into a permanent feature of the modern economy. And every subsequent crisis only justified bigger interventions: larger balance sheets, lower rates, more liquidity, more market dependence on central bank support.

_______________________________

Federal Reserve monetary interventions (“Quantitative easing, near-zero interest rates, endless debt monetization, emergency lending facilities, and the mainstream acceptance of Modern Monetary Theory-adjacent thinking”) have indisputably favored Wall Street’s principal actors, and they have done so in grand fashion.

When insurance behemoth AIG collapsed during the 2008 financial crisis under the weight of their Financial Products division’s wild Credit Default Swap (CDS) gambling spree, the Federal Reserve Bank of New York and the U.S. Treasury Department stepped in to orchestrate their infamous $182 billion AIG bailout.

AIG had sold $440 billion of this ‘worthless CDS crap’ to various banks (like Goldman and the French multinational investment bank, Société Générale)… a large portion of which the “taxpayer ended up having to eat.”

AIG was taken over by the government in September 2008, and instead of the normal course of bankruptcy-arbitration, the government saw to it that “Goldman was paid 100 cents on the dollar on an additional $12.9 billion it was owed by AIG…”

Meanwhile, 8.7 million Americans lost their jobs (2008-2012), the national unemployment rate soared to 10%, and 6 million households lost their jobs.

The Leviticus 25 Plan is the most powerful Wall Street / Main Street counter-balancing economic acceleration machine in the world, and the only plan with the raw power to clean up America’s colossal fiscal dilemma.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$95,000 per U.S. citizen – Leviticus 25 Plan 2027 (55727 downloads )

State Street Corp, a Boston-based financial services holding company, is one of the oldest financial institutions in the U.S..  This multi-national corporation became the largest security services firm in the world in 2003 – even larger than JP Morgan and The Bank of New York Mellon.

State Street Corp was one of the top recipients of the Fed’s targeted liquidity ‘fire-hosing’ operations during 2008-2010.

Bloomberg  Nov 28, 2011 – Excerpts:

“Unlike banks that drew liquidity from the Federal Reserve in 2008 out of desperation, Boston-based State Street Corp. initially did so for profit. State Street, the third-largest U.S. custody bank, collected $75.6 million as a middleman for the Fed’s Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, or AMLF. Under the program, it borrowed from the Fed to buy securities from money-market funds, helping them meet customer redemptions while being indemnified against losses on the securities. By October 2008, State Street had joined peers in tapping the Term Auction Facility and Commercial Paper Funding Facility, emergency-liquidity programs. On March 31, 2009, its total borrowings from the TAF and CPFF reached $18.5 billion, about the amount its excess liquidity fell that year.”                                                                                          

Peak amount of debt on 10/1/2008 :   $77.8 billion

________________________________________ 

The Federal Reserve’s massive balance sheet expansion during the Great Financial Crisis did nothing to solve America’s snowballing debt extravaganza, nothing to improve the long-term prospects for financial security for American families, nothing to stimulate long-term economic growth, and nothing to allay the ongoing erosion of the U.S. Dollar.

The Leviticus 25 Plan is a dynamic, ‘ground level’ solution with the raw power to eliminate vast tracts of public and private debt, and redirect trillions of dollars in debt service flows, much of it to the very banks that precipitated the 2008-2010 great financial crisis, back into the economy.

The Leviticus 25 Plan reduces ‘dependence on government’ for millions of Americans, re-establishes a market-based,economy, a citizen-centered health care system.

The Leviticus 25 Plan produces massive new tax revenue flows for federal, state, and local governmental entities. It produces $37.303 billion federal government surpluses during each of its first five years of activation, 2027-2031, and pays for itself entirely over the first 10-15 years.

It is time to create a bright new future for America.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$95,000 per U.S. citizen – Leviticus 25 Plan 2025 (12113 downloads )

Bloomberg Nov 28, 2011:                                                                                                       “Royal Bank of Scotland Group Plc, whose 45.5 billion-pound ($74 billion) emergency capital injection from U.K. taxpayers was the world’s biggest announced bank bailout, also got more secret loans from the U.S. Federal Reserve than any other foreign bank. On Oct. 10, 2008, as the bank’s stock price plunged 21 percent in a single day, the Edinburgh-based RBS was borrowing $62.5 billion from the Fed through its U.S. broker-dealer, $11.5 billion through its New York branch, $10 billion through its RBS Citizens NA bank and $500 million through Citizens Bank of Pennsylvania. The Fed aid exceeded even the 36.6 billion pounds of emergency liquidity the Bank of England supplied in secret to RBS in October 2008. The BOE disclosed the aid package in November 2009, more than a year before the Fed aid was revealed.”

RBS’ secret liquidity line from the Fed served up a “peak amount of debt” totaling $84.5 billion on 10/10/2008.

RBS also happened to be one of a suspected dozen or so major banking interests involved in the big LIBOR ‘interest rate fixing” scandal – which bilked “U.S. states, counties, and local governments” to the tune of “at least $6 billion in fraudulent interest payments, above [and beyond the] $4 billion that state and local governments have already had to spend to unwind their positions exposed to rate manipulation,” according to Bloomberg (10 Oct 2012).

ZeroHedge 02/06/2013:  RBS Busted On Libor Manipulation: “its just amazing how libor fixing can make you that much money”

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All of this leads, as a matter of course, to a very simple question: How can the Federal Reserve and U.S. Treasury justify the transfusion of massive liquidity streams into the veins of major banks like Morgan Stanley, Citigroup, Bank of America, and subsidiaries of major foreign banks like RBS (note: RBS blatantly manipulated LIBOR rates, to the detriment of states, counties and local governments)…

… While denying access to those same direct liquidity lines to American families – who have not broken any laws…?

It’s time to CORRECT these blatant imbalances.

The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens.  It is a comprehensive plan with long-term economic and social benefits for citizens and government.

The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$95,000 per U.S. citizen – Leviticus 25 Plan 2027 (54914 downloads )