The coronavirus pandemic has taken quite the turn when it comes to Economics. As everybody is in panic mode, sheltering in place, and businesses shutting doors, Donald Trump and the Federal Reserve are leading a behind the scenes communist revolution with the nationalization of American industries.
Peter Schiff, one of America’s leading economists said it best:
“The economic debate of the day centers on whether the cure of an economic shutdown is worse than the disease of the virus. Similarly, we need to ask if the cure of the Federal Reserve getting so deeply into corporate bonds, asset-backed securities, commercial paper, and exchange-traded funds is worse than the disease seizing financial markets. It may be.“
“In just these past few weeks, the Fed has cut rates by 150 basis points to near zero and run through its entire 2008 crisis handbook. That wasn’t enough to calm markets, though — so the central bank also announced $1 trillion a day in repurchase agreements and unlimited quantitative easing, which includes a hard-to-understand $625 billion of bond buying a week going forward. At this rate, the Fed will own two-thirds of the Treasury market in a year.“
Fear is a powerful tool and the government is taking advantage of the American people. The central bank is only allowed to purchase or lend against securities that have government guarantee. This includes Treasury securities, agency mortgage-backed securities and the debt issued by Fannie Mae and Freddie Mac and we are blindly letting them get away with it.
When one voice like Thomas Massie stood up today and demanded politicians put their name to their vote he was shut down by the powerful revolution that is sweeping through Washington.
The MAGA band of Americans need to wake up and see that this was predicted to be the nature of Donald Trump. He is a RINO that is going to destroy the Republican Party and the country under the umbrella of a national crisis. He is and will always be a Democratic Socialist and played everyone in 2016.