Celente – This Seems Unimaginable Even In Today’s Crazy World

With continued volatility in global markets, the top trends forecaster in the world noted that even in today’s crazy world this seems unimaginable.

Is This Really Happening?

(King World News) – Gerald Celente:  The Federal Reserve Bank of New York has pumped $6.6 trillion into major financial trading houses in the last five months through the repo market (repurchase agreement) market, according to data posted on the bank’s website.

The first week of the current repo rescue was last 17 through 24 September, when the repo interest rate unexpectedly jumped to 10 percent. During those seven days, the New York Fed put $373.9 billion into Wall Street trading firms, lending the money at between 1 and 2 percent to keep the markets oiled and working.

During the first week of 2008’s Great Recession – a week during which Lehman Brothers filed bankruptcy and the Bank of America swallowed Merrill Lynch – the New York Fed put $285 billion into the repo market to keep institutions afloat. That’s about $339.2 billion in today’s dollars.

In other words, the New York Fed has had to put about $34.7 billion more into the repo market now than it did at the crash that set off the Great Recession…..more here

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