Their shareholders. Individuals and mutual funds, mostly.
but the inflation brought about since the fed was founded has eroded your money by about 98 %.
I haven't been holding cash since 1913.
So who gets the free money again? What's the rate on that free money? How much are they borrowing?
No “risk” and all NIM. Free profit.
You want to finance long term bonds with overnight loans? Which bonds would you buy?
You are naive.
You don’t think that the member banks get money at a discounted rate, and that they are not turning around and lending it—or simply buying Treasury bonds. Low risk interest income.
Ok, you haven’t held dollars since 1913. That’s fair. Do you have any money in savings? Well, the fed took away 2% of that last year.
And, the Feds injection of $85 billion per month is not going to lead to inflation?
You must work for CNBC if you really believe that the people ruining the Fed, and the member banks give a flying f&@k about you or me. They care about the dividends and interest that they get for running the economy.
You have to agree that the increase of interest rates on government debt is not going to drive the economy into the ground.