And transfuse they did.

The U.S. Treasury turned the spigot into the ‘flow’ position with the Troubled Asset Relief Program (TARP).

And the Fed followed that up by turning the spigot into the ‘gusher’ position with their emergency lending, discount window lending, and their QE-based purchases of cesspool-grade MBS and agency debt from various global lending institutions.

……………………………………………………………

Notes on the liquidity transfusions:
SIGTARP, the oversight agency of the Troubled Asset Relief Program (TARP), in its July 2009 report, vetted by Treasury, noted that the U.S. Government’s “Total Potential Support Related to Crisis” (page 138) amounted to $23.7 trillion. While this figure represents a backstop commitment, not a measure of total potential loss, it is nonetheless an astounding degree of support, in the form of liquidity infusions, credit extensions and guarantees, various other forms of assistance for financial institutions and other business entities affected by the financial crisis.

One example of the mechanics of these backstop commitments involved two of the major investment-banks which were at the forefront of the U.S. financial crisis, Goldman Sachs and JP Morgan who, through their high-risk exposure to subprime debt and derivatives, received enormous financial assistance at the expense of U.S. taxpayers.

Goldman Sachs and J.P. Morgan received these direct liquidity infusions during the financial crisis via Fed disbursements through the Primary Dealer Credit Facility and numerous other credit facilities. The two (according to ZeroHedge 4-1-11) “had the temerity to pledge bonds that had defaulted (i.e. had a rating of D)… as in bankrupt, and pretty much worthless. . . that have no value whatsoever. . .” Goldman Sachs received $24.7 million and JP Morgan $1.4 million on the worthless collateral (September 15, 2008). Goldman Sachs pledged D-rated securities again September 29, 2008 and received $82.7 million (Citigroup received $102.8 million; Merrill Lynch – $217.8 million; Morgan Stanley – $261.0 million; UBS – $202.2 million).

In addition, the same two investment banking giants, Goldman Sachs and JP Morgan, earned free interest (again at taxpayer expense) through their access to credit extensions at the Federal Reserve discount window. Within two years, Goldman Sachs was paying out $111.3 million in “delayed bonuses” for the years 2007 and 2009 (NY Times 12-15-10).

_________________________________

U.S. citizens deserve nothing less than the same direct access to liquidity extensions, through a ‘Citizens Credit Facility,’ to restore financial health at the family level, that were provided to major domestic and foreign financial institutions during the financial crisis.

The initial credit extension outlay with The Leviticus 25 Plan ($18.0 trillion – assuming an 80% participation rate by U.S. citizens) would hardly be prohibitive, in light of the trillions of dollars in Federal Reserve and Treasury outlays over the past 5 years to major U.S. banking and financial institutions (Morgan Stanley, Citigroup, Bank of America, State Street Corp, Goldman Sachs, Merrill Lynch, JPMorgan Chase, Wachovia, Lehman Brothers, Wells Fargo, Bear Stearns) and major foreign financial institutions (Royal Bank of Scotland, UGS AG, Deutsche Bank AG, Barclays, Credit Suisse. Dexia, BNP Paribas).

The Federal Reserve’s various credit facilities, discount window transactions, emergency loans, Foreign Exchange swap lines, Interest on Excess Reserves (IOER) for foreign banks, and Treasury’s TARP and stimulus programs have done little to improve the financial status for the majority of American families. These government programs have also done nothing to change the dominance and risk profile of “too big to fail banks,” and they have done little to lessen the counterparty default risk in the global derivatives markets.

The time is now to balance things out, and grant U.S. citizens the same direct access to liquidity that was provided to Wall Street’s financial sector.

Special Note: The Leviticus 25 plan generates $465 billion budget surpluses over each of the first 5 years of activation – and pays for itself entirely over a 10-15 year period. There is no other plan in America that can match the raw economic power of this plan.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2020 (3268 downloads)

Alan Greenspan says economy will start to fade “very dramatically” because of entitlement burdens – CNBC, Apr 12, 2019 – Excerpts:

Key points:

• Economic growth won’t last as the U.S. labors under the burden of growing entitlement programs, former Fed Chairman Alan Greenspan tells CNBC.
• He also cites the effects of weakness around the world.

Economic growth won’t last as the U.S. labors under the burden of growing entitlement programs and weakness around the world, former Federal Reserve Chairman Alan Greenspan told CNBC.

The long-time central bank chief repeated his warnings about the weight that Social Security, Medicare and other programs are having on what have been otherwise solid gains over the past few years.

“I think the real problem is over the long run, we’ve got this significant continued drain coming from entitlements, which are basically draining capital investment dollar for dollar”….

“Without any major change in entitlements, entitlements are going to rise. Why? Because the population is aging. There’s no way to reverse that, and the politics of it are awful, as you well know,” Greenspan added.

While he said the economy looks “reasonably good” in the short run, he expects that over the longer term, growth “fades very dramatically.”

_______________________________________________

According to Greenspan, “entitlements are going to rise”… and “there’s no way to reverse that.”

Chairman Greenspan is mistaken.

There is a powerhouse new economic plan which will dramatically change the entitlement spending landscape. It will also generate $465 billion budget surpluses for the federal government and some life-saving budget improvements at the state and local levels.

It will re-fire the economic growth engines, bolster the U.S. Dollar on a long-term basis, stabilize the banking industry, and restore financial security and economic liberty for American families..

The Leviticus 25 Plan 2020 – An economic acceleration plan for America

$75,000 per U.S. citizen / Plan summary: http://leviticus25plan.org/statistics/

The Leviticus 25 Plan

“PROCLAIM LIBERTY THROUGHOUT ALL THE LAND

UNTO ALL THE INHABITANTS THEREOF”  Leviticus 25:10

Andrew Huszar directed the Federal Reserve’s [QE1] $1.25 trillion agency mortgage-backed security purchase program which kicked off during March 2009.

Here are his after-thoughts…or “confessions”  (Andrew Huszar: Confessions of a Quantitative Easer – WSJ.com – excerpts):

“We went on a bond-buying spree that was supposed to help Main Street. Instead, it was a feast for Wall Street.

“I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what is really is: the greatest backdoor Wall Street bailout of all time.“

Five years ago this month, on Black Friday, the Fed launched an unprecedented shopping spree. By that point in the financial crisis, Congress had already passed legislation, the Troubled Asset Relief Program, to halt the U.S. banking system’s free fall. Beyond Wall Street, though, the economic pain was still soaring. In the last three months of 2008 alone, almost two million Americans would lose their jobs.

The Fed said it wanted to help—through a new program of massive bond purchases. There were secondary goals, but Chairman Ben Bernanke made clear that the Fed’s central motivation was to “affect credit conditions for households and businesses”: to drive down the cost of credit so that more Americans hurting from the tanking economy could use it to weather the downturn. For this reason, he originally called the initiative “credit easing.”

In its almost 100-year history, the Fed had never bought one mortgage bond. Now my program was buying so many each day through active, unscripted trading that we constantly risked driving bond prices too high and crashing global confidence in key financial markets. We were working feverishly to preserve the impression that the Fed knew what it was doing.

It wasn’t long before my old doubts resurfaced. Despite the Fed’s rhetoric, my program wasn’t helping to make credit any more accessible for the average American. The banks were only issuing fewer and fewer loans. More insidiously, whatever credit they were extending wasn’t getting much cheaper. QE may have been driving down the wholesale cost for banks to make loans, but Wall Street was pocketing most of the extra cash.

Trading for the first round of QE ended on March 31, 2010. The final results confirmed that, while there had been only trivial relief for Main Street, the U.S. central bank’s bond purchases had been an absolute coup for Wall Street. The banks hadn’t just benefited from the lower cost of making loans. They’d also enjoyed huge capital gains on the rising values of their securities holdings and fat commissions from brokering most of the Fed’s QE transactions. Wall Street had experienced its most profitable year ever in 2009, and 2010 was starting off in much the same way.

That was when I realized the Fed had lost any remaining ability to think independently from Wall Street. Demoralized, I returned to the private sector.

Where are we today? The Fed keeps buying roughly $85 billion in bonds a month, chronically delaying so much as a minor QE taper. Over five years, its bond purchases have come to more than $4 trillion. Amazingly, in a supposedly free-market nation, QE has become the largest financial-markets intervention by any government in world history.

And the impact? Even by the Fed’s sunniest calculations, aggressive QE over five years has generated only a few percentage points of U.S. growth. By contrast, experts outside the Fed, such as Mohammed El Erian at the Pimco investment firm, suggest that the Fed may have created and spent over $4 trillion for a total return of as little as 0.25% of GDP (i.e., a mere $40 billion bump in U.S. economic output). Both of those estimates indicate that QE isn’t really working.

Having racked up hundreds of billions of dollars in opaque Fed subsidies, U.S. banks have seen their collective stock price triple since March 2009. The biggest ones have only become more of a cartel: 0.2% of them now control more than 70% of the U.S. bank assets.”                                                                               _____________________________

The Leviticus 25 Plan levels the playing field by providing direct credit extensions to U.S. citizens.  This would provide real, sustainable economic stimulus for Main Street America.  And it would restore economic liberty across the land.

America, it is time for a change.  It is time for a bold, new economic plan.

The Leviticus 25 Plan – An economic acceleration plan for America

$75,000 per U.S. citizen.

A short trip down memory lane, courtesy of Bloomberg – 2014, brings to light more of the Fed’s creative thinking and programmatic ‘liquidity free-wheeling’ during the great financial crisis.

The nation of Libya, officially christened, the “Great Socialist People’s Libyan Arab Jamahirya” (March 2, 1977), received generous liquidity transfusions from the U.S. Federal Reserve during the 2007-2010 financial crisis.

This is the same Libya whose intelligence service and Libyan embassy planned the 1986 bombing of the West Berlin nightclub, LaBelle, targeting U.S. servicemen (2 killed and dozens injured).

And this is the same Libya that was involved in the tragic Lockerbie airline terror bombing on December 21, 1988, that brought down Pan Am Flight 103 over Lockerbie, Scotland, killing 283 passengers and 16 crew members. A 3-year investigation pinpointed Libyan involvement. Libya later took responsibility (but did not admit ‘guilt’) and paid reparations to families, in order to get relief from ‘sanctions.’

And now…April 1, 2011 (Bloomberg)                                                                               Libya-Owned Arab Banking Corp. Drew at Least $5 Billion From Fed in Crisis  Excerpts:

Arab Banking Corp., the lender part-owned by the Central Bank of Libya, used a New York branch to get 73 loans from the U.S. Federal Reserve in the 18 months after Lehman Brothers Holdings Inc. collapsed.

The bank, then 29 percent-owned by the Libyan state, had aggregate borrowings in that period of $35 billion — while the largest single loan amount outstanding was $1.2 billion in July 2009, according to Fed data released yesterday. In October 2008, when lending to financial institutions by the central bank’s so-called discount window peaked at $111 billion, Arab Banking took repeated loans totaling more than $2 billion.

Fed officials say all the discount window loans made during the worst financial crisis since the 1930s have been repaid with interest.

The U.S. government has frozen assets linked to the regime of Libyan ruler Muammar Qaddafi and engaged in air strikes against his military forces, which are battling a rebel uprising in the North African country. Arab Banking got an exemption that allows the firm to continue operating while barring it from engaging in any transactions with the Libyan government, according to the U.S. Treasury Department.

_________________________________________

This brief history lesson provides an important liquidity perspective on ‘fair play’…

U.S. citizens deserve nothing less than the same access to liquidity that was granted to the Arab National Bank Corp., along with scores of other domestic and foreign banks, at the height of the financial crisis – to help them along in their ‘time of need.’

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3130 downloads)

“Freedom to order our own conduct in the sphere where material circumstances force a choice upon us, and responsibility for the arrangement of our own life according to our own conscience, is the air in which alone moral sense grows and in which moral values are daily recreated in the free decision of the individual. Responsibility, not to a superior, but to one’s own conscience, the awareness of a duty not exacted by compulsion, the necessity to decide which of the things one values are to be sacrificed to others, and to bear the consequences of one’s own decision, are the very essence of any morals which deserve the name.”   – Friedrich A. von Hayek, The Road to Serfdom

__________________________________

When government gains control of the material circumstances which must order the very lives of its citizens, the moral sense of a nation is sacrificed.

It is time to return the control of material circumstances back to the people, advancing the free expression of moral values, recreated daily in the free decisions of individual citizens to order their daily lives in accordance with their own consciences.

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

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3113 downloads)

Summer, 2011: A look back in history…

The International Monetary Fund (IMF) disbursed $780 million in a bailout package to Greece in July 2011. They funded a second large bailout package of $36.7 billion in March 2012 (Reuters, 3-15-12).

IMF receives somewhere between 17.07% to 21% of its budget courtesy of the U.S. government.  Make that “U.S. taxpayers.”

A new report, hot off the presses, sheds additional light on exactly where a healthy share of that money went (ZeroHedge 03/04/2015):                                                          

IMF Director Admits: Greek Bailout Was “To Save German & French Banks”
The IMF has admitted that the various Greek bailouts were not for The Greeks at all…

“They gave money to save German and French banks, not Greece,” Paolo Batista, one of the Executive Directors of International Monetary Fund told Greek private Alpha TV on Tuesday.   Source: Keep Talking Greece

_____________________________________________

If the U.S. Government can transfuse the IMF with U.S. taxpayer dollars to bailout German and French banks for their Greek debt gambling binge… then the U.S. Government can direct the Federal Reserve, right now, to activate a U.S. citizens credit facility to grant U.S. citizens the same direct access to liquidity that major foreign and domestic banks received during the Great Financial Crisis.

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3096 downloads)

BNP Paribas is the largest bank in the Eurozone and 10th largest bank worldwide. The French bank is headquartered in Paris, with global headquarters in London.  It owns subsidiaries all over the world, including BankWest in the U.S..

BNP was a major recipient of U.S taxpayer funds courtesy of the Federal Reserve and U.S. Treasury Department during the financial crisis years – to help restore them to ‘financial health.’ BNP has been involved in some distinctly ‘shady’ (and blatantly illegal) schemes in the past. They have recently ‘rolled the dice’ on an $80 million derivatives trade – and came up empty…

ZeroHedge (Feb 6, 2019): BNP lost $80 million in S&P500-linked derivative trades around Christmas; the massive trading loss emerged after Antoine Lours, BNP’s head of US index trading, put on positions on the S&P 500 which then quickly started losing money.

“BNP Paribas escaped the 2007–09 credit crisis relatively unscathed reporting a €3 billion net profit for the year of 2008, and €5.8 billion for 2009.” (Source: Wikipedia)

Thanks in no small part to U.S. taxpayers…

Background – Exhibit A:

Zero Hedge  Feb 13, 2014:  US Taxpayer “Bailed Out” BNP Paribas Probed By DoJ & Fed

“TARP Recipient BNP Paribas got $4.9bn of bailouts from the U.S. Taxpayer – Today, as the WSJ reports we learn BNP Paribas has been funding transactions in Iran, Syria and other countries subject to U.S. Sanctions since 2002. The bank set aside $1.1 billion to settle investigations by the Department of Justice and the Federal Reserve but as the NY Times reports, investigations are playing out on multiple fronts – centering on whether the firm did “a significant amount” of business in “blacklisted” countires (and routed the deals through the US financial system).”

Via WSJ,  –  “…an internal probe conducted over the past few years “a significant volume of transactions” between 2002 and 2009 that could be “considered impermissible under U.S. laws and regulations...” “involving entities that were doing business in U.S.-sanctioned countries, such as Iran, Cuba, Sudan and Libya during the 2002 to 2009 period.

“BNP Paribas SA on Thursday became the latest bank to disclose the extent of its litigation problems in the U.S., saying it has set aside $1.1 billion against potential penalties related to transactions in countries under sanctions...

…………………………………

Background – Exhibit B:                    

BNP Paribas Sued by US Over Banker’s Alleged Role in Fraud 

Oct. 19, 2011 (Bloomberg) — “BNP Paribas SA was sued by the U.S. over allegations the Paris-based bank aided a grain export fraud scheme involving commodity payment guarantees provided by the Department of Agriculture.

A corporate banker in BNP’s Houston office allegedly helped a scheme that defrauded the Agriculture Department of at least $78 million through deals he made with four U.S. grain exporters, according to a complaint filed yesterday in federal court in Houston.”

………………………….

Bloomberg  Nov 28, 2011  –  #18 recipient of Fed’s “secret liquidity lifelines”“The credit crisis accelerated after BNP Paribas SA, France’s biggest bank, announced in August 2007 that it would halt withdrawals from three funds because mortgage-market turmoil “made it impossible” to value certain assets. BNP began taking Federal Reserve loans in December 2007 when the Term Auction Facility opened. By April 2008, its Fed debt reached $29.3 billion. In 2009, BNP became the euro region’s largest bank by deposits, purchasing Brussels-based Fortis’s units in Belgium and Luxembourg for 10.4 billion euros ($15.2 billion). It issued 5.1 billion euros of preference shares to the French government in March 2009, and reimbursed the state by October. In December 2010, when the Fed disclosed the loans, BNP said it used the TAF “to assist in recycling and facilitating liquidity.”

Peak Amount of Debt on 4/18/2008:  $29.3B

_______________________________________

BNP Paribas received $4.9 billion in TARP funds from the U.S., and they went on to rake in a tidy $29.3 billion credit extension from the Fed via the Term Auction Facility… “to assist in recycling and facilitating liquidity.”

They were meanwhile funding significant transactions (Bloomberg) “involving entities that were doing business in U.S.-sanctioned countries, such as Iran, Cuba, Sudan and Libya during the 2002 to 2009 period.”  And they ran a “grain export fraud scheme” which ‘cooked’ the U.S. Department of Agriculture for a cool $78 million.

The $64,000 question:  If BNP Paribas is deserving of direct liquidity infusions from the U.S. government and the Fed, then would it not be perfectly reasonable for U.S. citizens to also qualify for their own direct liquidity extensions “to assist in recycling and facilitating liquidity” at the family level.

………………………………………….

The Leviticus 25 Plan is the most powerful and dynamic economic acceleration plan in the world – delivering citizen-driven economic growth and citizen-centered healthcare.

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

$75.000 per U.S. citizen – Leviticus 25 Plan 2018 (3074 downloads)

The U.S. Federal Reserve ‘saved’ the day by creating various credit facilities for the express purpose of ‘transfusing’ these these banks and insurers with hundreds of billions of dollars in secret ’emergency loans.’

The Fall of 2008 marked the beginning of what would be a long slide in the value of the U.S. Dollar vs. hard assets as the Fed initiated various forms of direct (and indirect) debt monetization and emergency loans – much of it directed at the very same Wall Street financial institutions (both U.S. and foreign) that had precipitated the crisis.

Excerpts from “The Quiet Coup,” by Simon Johnson, The Atlantic May 2009

“In its depth and suddenness, the U.S. economic and financial crisis is shockingly reminiscent of moments we have recently seen in emerging markets (and only in emerging markets): South Korea (1997), Malaysia (1998), Russia and Argentina (time and again). In each of those cases, global investors, afraid that the country or its financial sector wouldn’t be able to pay off mountainous debt, suddenly stopped lending. And in each case, that fear became self-fulfilling, as banks that couldn’t roll over their debt did, in fact, become unable to pay. This is precisely what drove Lehman Brothers into bankruptcy on September 15 [2008], causing all sources of funding to the U.S. financial sector to dry up overnight. Just as in emerging-market crises, the weakness in the banking system has quickly rippled out into the rest of the economy, causing a severe economic contraction and hardship for millions of people.

But there’s a deeper and more disturbing similarity: elite business interests—financiers, in the case of the U.S.—played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.

Of course, this was mostly an illusion. Regulators, legislators, and academics almost all assumed that the managers of these banks knew what they were doing. In retrospect, they didn’t. AIG’s Financial Products division, for instance, made $2.5 billion in pretax profits in 2005, largely by selling underpriced insurance on complex, poorly understood securities. Often described as “picking up nickels in front of a steamroller,” this strategy is profitable in ordinary years, and catastrophic in bad ones. As of last fall [2008], AIG had outstanding insurance on more than $400 billion in securities. To date, the U.S. government, in an effort to rescue the company, has committed about $180 billion in investments and loans to cover losses that AIG’s sophisticated risk modeling had said were virtually impossible.

Stanley O’Neal, the CEO of Merrill Lynch, pushed his firm heavily into the mortgage-backed-securities market at its peak in 2005 and 2006; in October 2007, he acknowledged, “The bottom line is, we – I – got it wrong by being overexposed to subprime, and we suffered as a result of impaired liquidity in that market. No one is more disappointed than I am in that result.” O’Neal took home a $14 million bonus in 2006; in 2007, he walked away from Merrill with a severance package worth $162 million, although it is presumably worth much less today.

In October [2009], John Thain, Merrill Lynch’s final CEO, reportedly lobbied his board of directors for a bonus of $30 million or more, eventually reducing his demand to $10 million in December; he withdrew the request, under a firestorm of protest, only after it was leaked to The Wall Street Journal. Merrill Lynch as a whole was no better: it moved its bonus payments, $4 billion in total, forward to December, presumably to avoid the possibility that they would be reduced by Bank of America, which would own Merrill beginning on January 1. Wall Street paid out $18 billion in year-end bonuses last year [2008] to its New York City employees, after the government disbursed $243 billion in emergency assistance to the financial sector.

In a financial panic, the government must respond with both speed and overwhelming force. The root problem is uncertainty—in our case, uncertainty about whether the major banks have sufficient assets to cover their liabilities. Half measures combined with wishful thinking and a wait-and-see attitude cannot overcome this uncertainty. And the longer the response takes, the longer the uncertainty will stymie the flow of credit, sap consumer confidence, and cripple the economy—ultimately making the problem much harder to solve. Yet the principal characteristics of the government’s response to the financial crisis have been delay, lack of transparency, and an unwillingness to upset the financial sector.

…[TARP] money was used to recapitalize banks, buying shares in them on terms that were grossly favorable to the banks themselves. As the crisis has deepened and financial institutions have needed more help, the government has gotten more and more creative in figuring out ways to provide banks with subsidies that are too complex for the general public to understand….”

Full article:  http://www.theatlantic.com/magazine/archive/2009/05/the-quiet-coup/307364/

Simon Johnson, a professor at MIT’s Sloan School of Management, was the chief economist at the International Monetary Fund during 2007 and 2008. He blogs about the financial crisis at baselinescenario.com, along with James Kwak, who also contributed to this essay.

…………………………………

The Leviticus 25 Plan is a dynamic economic acceleration plan that will level the playing field by granting U.S. citizens the same direct liquidity extensions from the Federal Reserve that were so generously provided to major U.S. and foreign banks during the financial crisis.

The Leviticus 25 Plan will effect massive debt reduction at the family level, re-ignite economic growth, and reduce the scope of government involvement in the daily affairs of U.S. citizens..

The time has arrived for the Federal Reserve, though a Citizens Credit Facility, to restore financial health and economic liberty for U.S. citizens and their families..

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3063 downloads)

A look back….

LIBOR, the London Interbank Offered Rate, is the average interest rate (estimate) that leading London banks would pay, at a given point in time, if they were to borrow money from other banks.

Some 16 major global banking operations are believed to have been involved in ‘rate-manipulation’ schemes that burned U.S. homeowners out of “billions of dollars” by consistently, artificially popping the LIBOR rate up on the first day of the month – the day when interest rates were reset for ARMs (adjustable rate mortgages).

Affected U.S. mortgage-holders were defrauded in the schemes.

LIBOR rate-rigging also cost municipalities across the U.S. billions of dollars in municipal bond costs by artificially ‘tilting’ rates against the interest rate swaps that had been purchased by municipalities, such as Baltimore, to hedge the bonds.
And these schemes affected the value of ‘swap lines’ that were held by several dozen U.S. banks, that were tied to LIBOR rates.

Reuters reported on March 14, 2014 that the FDIC was suing 16 banks that it believed were involved in LIBOR rate-rigging: “The banks named as defendants include[d] Bank of America Corp, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, and Royal Bank of Scotland Group PLC.”
“Other defendants in the lawsuit… Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG.”  Barclays and UBS had already settled.
……………………………………………..
Note: all of the named banks had received billions of dollars, during the height of the financial crisis, from the Fed’s “secret liquidity lifelines.”
Citigroup, peak amount received from Fed: $99.5B
Bank of America: $91.4B
RBS:   $84.5B
Barclays  $64.9B

The most recent bank to be implicated, and fined: Lloyd’s Banking Group, Plc, peak amount received from Fed during the financial crisis: $505M
___________________________________

So here we had a situation whereby the very banks that had precipitated the global banking crisis, and then received billions of dollars in emergency lending through various credit facilities created by the U.S. Federal Reserve to help them regain their ‘financial health’ …… were, at the same time, defrauding American families, state municipalities, and other U.S. financial institutions.

American families deserve nothing less than to have their own ‘financial health’ restored through the same direct access to liquidity that these banks received, from U.S. taxpayers, during the 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

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3061 downloads)

A look back…. Federal Reserve – in the gift-giving mood….

ZeroHedge Nov 2014 – Excerpts:

Federal Reserve Vice President Richard Fischer has been unequivocal about the broader effects of QE.

At the London School of Economics, March 2014,  Fischer explained the Fed’s QE wealth effect goals: “It was deliberate in that we were hoping to create a wealth effect.”

The “wealth effect” created by the Fed was anything but broadly based.

Fischer: “There was a more concentrated effect. And you see it in the kind of earnings that are announced by certain private equity groups and individuals and so on.” ….. “the distribution of the wealth effect was heavily concentrated.”Indeed.  Here are the illustrations of how heavily concentrated it has been –  in favor of the rich.”                                                                                                       

A steep drop in Mean Net Worth for the Bottom 50% from 2007 – 2013…

Thanks to QE, a modest dip for the “Top 5%” … and now rising…

Financial Asset grew nicely for the “top 5%” grew from 2007 – 2013.

They dropped for everyone else….

.Dallas Fed President Richard Fischer: “So that’s been one of my bigger disappointments.”

____________________________________________

You didn’t need to be so disappointed, Mr. Fischer.  Let’s just go ahead now and square things up…

Here’s how…

The Leviticus 25 Plan grants U.S. citizens the same direct access to liquidity extensions that you granted to major banks and insurers like Morgan Stanley, Citigroup, Bank of America, Goldman Sachs, State Street, Wells Fargo, AIG, Merrill Lynch, UBS, Barclays, BNP Paribas, Deutsche Bank, Royal Bank of Scotland… and many, many others.

The Leviticus 25 Plan will then massively reduce debt at the family level, re-ignite economic growth in America, generate massive, sustainable tax revenue growth (Federal, State, Local), and restore economic liberty.

And best of all, it will pay for itself over a 10-15 year period.

It’s time to get moving, Mr. Fischer:

The Leviticus 25 Plan – An Economic Acceleration Plan for America

$75,000 per U.S. citizen – Leviticus 25 Plan 2018 (3059 downloads)