Saturday, June 6, 2020

BlackRock Is Bailing Out Its ETFs with Fed Money and Taxpayers Eating Losses; It’s Also the Sole Manager for $335 Billion of Federal Employees’ Retirement Funds

by Pam Martens and Russ Martens, Wall St On Parade:

BlackRock, the international investment management firm run by billionaire Larry Fink, has played an outsized role in Federal Reserve bailouts of Wall Street. As it turns out, it’s also been quietly managing hundreds of billions of dollars for more than five million federal government employees in their retirement plan, known as the Thrift Savings Plan (TSP).

During the last financial crisis of 2007 to 2010, the Federal Reserve gave BlackRock no-bid contracts to manage the toxic assets held in three programs known as Maiden Lane, Maiden Lane II and Maiden Lane III. These were Special Purpose Vehicles set up by the New York Fed. Maiden Lane purchased $30 billion of toxic assets from Bear Stearns as an inducement by the New York Fed to get JPMorgan to purchase the good parts of Bear Stearns. Maiden Lane II purchased mortgage-backed securities from the giant insurer, AIG, as part of a program to bail out its securities lending to Wall Street banks. Maiden Lane III purchased collateralized debt obligations (CDOs) on which AIG Financial Products had written credit default swaps that it couldn’t make good on to the Wall Street and foreign global banks to whom it owed the money. (Thus, the AIG bailout was actually a bailout of mega banks.)

When The Next Global Financial Crisis Hits, Silver Coin & Bar Supply May Totally Dry Up

by Steve St. Angelo, SRSRocco Report:

If investors are waiting for much lower premiums to purchase silver bullion products, they may be waiting for quite some time.  Due to the global contagion, investors have bought a record amount of silver bullion.  However, as supply disruptions and lack of availability impacted the market, premiums on many silver bars and coins surged higher and continue to remain elevated.

FAKE JOBS REPORT//EVERYTHING CONTRIVED

by Harvey Organ, Harvey Organ Blog:

FAKE JOBS REPORT//EVERYTHING CONTRIVED: GOLD DOWN $40.40 TO $1680.40//SILVER DOWN 46 CENTS TO $17.34//ALMOST 157 TONNES OF GOLD STANDING AT THE GOLD COMEX//CORONAVIRUS UPDATE//RIOT UPDATES

GOLD:$1680.40  DOWN $40.40   The quote is London spot price

Silver:$17.34  DOWN 46 CENTS//LONDON SPOT PRICE

China Ups Ante in War on Cash With Rollout of Digital Currency

by Peter Schiff, Schiff Gold:

The Chinese government has launched a pilot program for a digital version of the yuan. The virtual currency ups the ante in the war on cash and creates the potential for the government to track and even control consumer spending. It also raises some concern that the Chinese could threaten dollar-dominance.

The digital currency is nothing more than a virtual banknote or coin that exists in a digital wallet on your smartphone instead of a billfold or a purse. The value of the digital currency is backed by the state, just like traditional fiat currency.

‘You’ve Gone Completely Mad’: Interview Between Piers Morgan, Rudy Giuliani Goes Off The Rails

by William Davis, The Daily Caller:

An interview between “Good Morning Britain” host Piers Morgan and former Republican New York Mayor Rudy Giuliani turned heated Thursday morning as Morgan and Giuliani traded personal insults.

Giuliani called Morgan a “failed journalist,” while Morgan called the former mayor “deranged,” as the two clashed over President Donald Trump’s response to riots occurring in the aftermath of George Floyd’s death.