Asset management firm BlackRock will be helping the US Federal Reserve System oversee its balance sheet:
https://www.ft.com/content/f3ea07b0-6f5e-11ea-89df-41bea055720b [subscription may be required to view]
But is that such a good idea? Here are some claims about BlackRock from the German Business News:
BlackRock manages German assets and bets against them at the same time
The world's largest asset manager benefits in several ways. Some of the shares that are entrusted to it for investment are lent to itself in order to bet on falling prices. It is also allowed to manage the trillions created by the US central bank to save the financial system.
Source - https://deutsche-wirtschafts-nachrichten.de/503154/BlackRock-verwaltet-deutsche-Vermoegen-und-wettet-gleichzeitig-gegen-sie [translation required]
So, if BlackRock does in the US what it is being accused of in Germany, it may use our own assets to bet against their value in trades which benefit Blackrock but which will work to the detriment of the US Treasury and the American people.
Do you see now why the swamp backed Trump into a corner over the COVID-19 crisis? BlackRock is just about guaranteed a huge windfall, while We the People and "our" government are in a no-win scenario.
As Mike Whitney said, "We’re truly fu**ed."
https://sainthoward.blogspot.com/2020/03/quote-for-day-3272020.html
No comments:
Post a Comment