The fear of the LORD is the beginning of wisdom: and the knowledge of the holy is understanding. ~Proverbs 9:10

The Attack On Our Economy By The Creature From Jekyll Island

Posted: 2018-12-24

12-24-18

“If this weren’t the end of December, I would have thought it was April Fools,”

EVNN NOTE: Ever since the Federal Reserve was created in 1913, (see the book about it's creation by G. Edward Griffin "The Creature From Jekyll Island) it has interfered with the US economy under the premise that it would be a stabilizing factor in the US and world economy. Instead, and just 16 years later, it helped to usher in the greatest economic trainwreck in American history; "The Great Depresssion". All (credible) economists on the planet today will tell you that this economic disaster was, whether intentional or not, man made by the very ones supposedly trying to fix it; namely, Hoover, FDR and the Fed. Now we see, once again, the Fed meddling in the economy in a big way by deflating the currency and potentially bringing about a crash; thereby creating an opportunity for realty companies and others to swoop in and buy up properties and equities at firesale prices. The banks might not profit from it all but their shareholders do.

But, Merry Christmas anyway!

“The markets are already nervous enough. It’s like sending out a message saying our space shields can intercept incoming asteroids. Uh, I didn’t know there were any coming our way.”

ABC News By SOO YOUN Dec 24, 2018, 10:23 AM ET

The Dow Jones Industrial Average opened sharply lower Monday after U.S. Treasury Secretary Steven Mnuchin shocked investors worldwide over the weekend by tweeting that he had spoken to the CEOs of the six largest U.S. banks to ensure they were liquid.

The Dow opened 338 points, or 1.5 percent, lower at 22,112 in the first 20 minutes of trade. The losses added to last week's crushing performance, the index's worst week in 10 years -- during the 2008 financial crisis.

Over the weekend, Mnuchin tweeted that he called the CEOs of J.P. Morgan Chase, Bank of America, Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup.

The executives assured him that “they have ample liquidity available for lending to consumer, business markets, and all other market operations," Mnuchin wrote.

“They have not experienced any clearance or margin issues and that the markets continue to function properly,” he added.

Mnuchin's comments seem to have been meant to assuage investors, economists and traders that there would not be a run on banks, which precipitated the last crisis.

However, the message may have had the opposite effect since it was not a concern of market watchers until his tweet.

“If this weren’t the end of December, I would have thought it was April Fools,” Jared Bernstein, former chief economist to Vice President Joe Biden, told The Washington Post. “The markets are already nervous enough. It’s like sending out a message saying our space shields can intercept incoming asteroids. Uh, I didn’t know there were any coming our way.”

'When I saw he was calling the banks, that just tells me the administration is a little unsure of what's going on.'

READ MORE: https://abcnews.go.com/Business/dow-jones-opens-170-points-lower-treasury-secretary/story?id=59997548

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