If you or anyone else can explain the import of all this to those who are clueless, this clueless one would appreciate it.
I'm not gonna to pretend to fully understand this. The red outlined part is key, but this is the best part:
In effect, the Fed is giving the Treasury access to its printing press. This means that, in the extreme, the administration would be free to use its control, not the Fed’s control, of these SPVs to instruct the Fed to print more money so it could buy securities and hand out loans in an effort to ramp financial markets higher going into the election.
Original sauce from Dept of Treasury:
Statement from Secretary Steven T. Mnuchin on the Establishment of the Money Market Mutual Fund Liquidity Facility
Anon: Do we have the gold?
Yes.
Gold shall destroy FED.
Q
If you or anyone else can explain the import of all this to those who are clueless, this clueless one would appreciate it.
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Same here.
I am highly suspicious of it - as I am of this rescue bill: $6.2 trillion. On the one hand I don't mind seeing the central bank sailing into the Bermuda Triangle never to be seen again. OTOH, the alternative seems to be to put the economy and it's currency into the hands of carpetbagger politicians. At least bankers understand gain and loss.
I suppose one could argue that the burden falls to Prez Trump. What happens when he is no longer at the helm? There is that expert on the House banking committee, Maxine Waters. Yikes!