In mid-August the U.S. stock market defied odds and mainstream media claimed after the Standard & Poor’s 500-stock index touched new heights on August 18, it ‘officially’ ended the “shortest bear market in history.” Interestingly while roughly 30 to 40 million Americans face the risk of eviction, the 16th Chair of the Federal Reserve, Jerome Powell, is profiting from all the stock market craziness.
The U.S. economy is facing financial disaster after the country’s government decided to enforce harsh lockdowns and shutdown over 60% of the nation’s business production. U.S. bureaucrats leveraged Covid-19 as an excuse and politicians continue to keep the American economy constricted.
Meanwhile, the U.S. Federal Reserve has been providing “unlimited money” to the central bank’s friends from Wall Street. All this money the Fed has hosed at the hedge funds, special interests, and bureaucrat-backed slush funds, all the while 30 to 40 million U.S. citizens face eviction. In mid-August, the stock market, specifically the top three U.S. indexes, has seen impressive gains rebounding enough to make mainstream journalists call it the “shortest bear market in history.”
A number of reporters and financial commentators have reported that the 16th Chair of the Federal Reserve, Jerome “Jay” Powell, has a conflict of interest with these rallies. Financial analyst Sven Henrich and Wall Street on Parade reporters recently explained how Powell is profiting from the stock market spikes.
“One person who is financially benefiting from every stock market rally is Jay Powell who has tens of millions in ETF fund long holdings,” Henrich notes. “Including SPY, RUT & holdings with Blackrock the same firm he selected for doing the Fed’s ETF buying.”
News.Bitcoin.com reported on how America’s banks can simply bail themselves out, thanks to the Fed’s deal with Blackrock created this spring. Henrich also shared a screenshot of the Fed Chair’s holdings and said:
Imagine being in charge of deciding unlimited QE while holding this long index portfolio and then saying the Fed does not increase wealth inequality.
Wall Street on Parade columnists, Pam Martens and Russ Martens, have grilled the U.S. central bank’s fraudulent financial moves on a regular basis and have also detailed Jerome Powell’s conflict of interest extensively.
“Powell is a member of the one percent class,” the Martens write. “According to his 2019 financial disclosure, his net worth could run as high as $55 million. Much of his investments are with Goldman Sachs (a Wall Street bank that is supervised by the Fed) or with Blackrock and its iShares Exchange Traded Funds (ETFs). The government-mandated financial disclosures report investment values in a range.”
The Martens further added:
The upper value of Powell’s holdings with Blackrock is $11.6 million. The upper range of Powell’s holdings with Goldman Sachs is $16.55 million. The name Goldman Sachs has been shortened to ‘GS’ in the disclosure document.
It is well known that the Fed started funneling massive amounts of money to private dealers in mid-September 2019. By May, trillions of dollars in bailout money ($6.98T) was given to Wall Street special interests at the whims of five unelected officials. These five governors of the Federal Reserve Board and the New York Fed report to megabank shareholders such as JPMorgan Chase, Citigroup, Goldman Sachs, and Morgan Stanley.
Instead of helping the American people, Fed Chair Jerome Powell and the board governors have protected the banking cartel elite and dishonest bureaucrats. Central planners have leveraged the coronavirus in every possible way as an excuse to create massive stimulus packages.
“Once the pandemic entered the picture, the Fed opened its money spigot to Wall Street even wider, setting up 11 additional bailout programs,” the Wall Street on Parade authors recently wrote on September 3.
Despite the conflict of interest, Jerome Powell can pump his own bags whenever he wants. Moreover, Powell has no background as an economist and spent most of his career with the Wall Street firm, Dillon Read. That specific firm had a strong partnership with Carlyle Group, which spent $1 billion lobbying the government according to Martens’s report.
Author: Jamie Redman
Read more at: https://news.bitcoin.com/unlimited-qe-and-an-index-portfolio-how-fed-chair-jay-powell-can-pump-his-bags/
