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Above is a link to the website of the old Bank of England which today is a bar. Quite a beautiful one too as you can see in the pic. It states some brief history behind how this happened. So will the Federal Reserve become a bar or a restaurant one day? I think the probability is a lot higher than most would think. The Federal Reserve has bought up trillions of crap assets. Heck, the Fed owns the Red Roof Inn. Below is a video about this Red Roof heist. I'm sure most of you have probably already seen it but it still makes me laugh in disbelief:
But if the Federal Reserve can just print up phantom money and buy the Red Roof Inn, they can just print up money and buy your house right from under your feet. And that is what they have been doing and continue to do. This is what QE is all about. Sure, if you have a decent job, you can continue to pay your mortgage and keep your house. But if the Fed keeps interest rates low thus causing massive misallocations of capital and various bubbles, more people will continue to lose their jobs due to malinvestment and then the Fed will swoop in on their house. This game only ends when the Federal Reserve pretty much owns everything. You saw this happen with treasuries. The Fed started slowly buying treasuries and now they pretty much own more treasuries than China. Well, the same thing will happen with residential mortgage backed securities, aka your mortgage. Soon they will own more mortgages than the American people, just like they own more treasuries than China. So you don't believe me about the Fed owning more treasuries than China? Click here for the Financial Times article that confirms it and breaks down the numbers.
You see, sooner or later the Federal Reserve will totally crowd out the private sector and probably own everything. It will be at this point where the American people finially understand what has happened and vote to convert the Fed into a few beer taps.
What's sad is that the American people and world has suffered from constant inflation and wars from central banking, yet at the end of the day all we will probably get in return is a bar!
Maybe we can get a couple hair salons out of the deal also. Who knows. But the Fed isn't some almighty clandestine operation that knows all. The Fed will fall and be abolished. When this happens, we can all raise our glasses and drink to it!
Chris - Theweeklytelegram