Zozn\u00e1mte sa so svoj\u00edm nov\u00fdm predsedom Fedu Donaldom J. Trumpom. Podrobnosti sa chystaj\u00fa, ale po\u017ei\u010dia sa opr\u00e1vnen\u00fdm mal\u00fdm a stredn\u00fdm podnikom, \u010do dopln\u00ed \u00fasilie Zdru\u017eenia mal\u00fdch podnikov. \u00daprimne povedan\u00e9, Fed nesmie ni\u010d urobi\u0165. Centr\u00e1lna banka smie nakupova\u0165 alebo po\u017ei\u010diava\u0165 iba za cenn\u00e9 papiere, ktor\u00e9 maj\u00fa \u0161t\u00e1tnu z\u00e1ruku. Patria sem cenn\u00e9 papiere \u0161t\u00e1tnej pokladnice, cenn\u00e9 papiere zabezpe\u010den\u00e9 hypot\u00e9kami agent\u00fary a dlh emitovan\u00fd spolo\u010dnos\u0165ou Fannie Mae a Freddie Mac. Mo\u017eno uvies\u0165 argument, ktor\u00fd m\u00f4\u017ee zah\u0155\u0148a\u0165 aj komun\u00e1lne cenn\u00e9 papiere, ale ni\u010d z vy\u0161\u0161ie uveden\u00e9ho zoznamu bielizne. Ako to m\u00f4\u017eu urobi\u0165? Fed bude financova\u0165 \u0161peci\u00e1lny \u00fa\u010delov\u00fd n\u00e1stroj (SPV) pre ka\u017ed\u00fa skratku na vykon\u00e1vanie t\u00fdchto oper\u00e1ci\u00ed. \u0160t\u00e1tna pokladnica pomocou Fondu pre stabiliz\u00e1ciu v\u00fdmenn\u00fdch kurzov uskuto\u010dn\u00ed kapit\u00e1lov\u00e9 invest\u00edcie do ka\u017ed\u00e9ho SPV a bude v poz\u00edcii \u201eprv\u00e1 strata\u201c. <\/p>\n
\u010co to znamen\u00e1? Treasury, nie Fed, v podstate nakupuje v\u0161etky tieto cenn\u00e9 papiere a uzatv\u00e1ra p\u00f4\u017ei\u010dky; Fed p\u00f4sob\u00ed ako bank\u00e1r a poskytuje financovanie. Fed si najal spolo\u010dnos\u0165 BlackRock Inc., aby k\u00fapila tieto cenn\u00e9 papiere a spravovala spr\u00e1vu SPV v mene vlastn\u00edka Treasury. In\u00fdmi slovami, feder\u00e1lna vl\u00e1da zn\u00e1rod\u0148uje ve\u013ek\u00e9 mno\u017estv\u00e1 finan\u010dn\u00fdch trhov. Fed na to poskytuje peniaze. BlackRock bude robi\u0165 obchody. T\u00e1to sch\u00e9ma v podstate sp\u00e1ja Fed a Treasury do jednej organiz\u00e1cie.
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\nThis is not another [4] year election.
\nQ
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Zozn\u00e1mte sa so svoj\u00edm nov\u00fdm predsedom Fedu Donaldom J. Trumpom. <\/p><\/blockquote>\n
V roku 2008, ke\u010f sa nie\u010do podobn\u00e9 stalo, to bolo v men\u0161om meradle. Preto\u017ee to m\u00e1lo pochopilo, Bushova a Obamova administrat\u00edva post\u00fapila \u00fapln\u00fa kontrolu nad t\u00fdmito skratkov\u00fdmi programami vtedaj\u0161iemu predsedovi Fedu Ben Bernanke. Uvo\u013enil ich pri prvej dostupnej pr\u00edle\u017eitosti. Ale teraz, o 12 rokov nesk\u00f4r, m\u00e1me ove\u013ea lep\u0161ie pochopenie toho, ako funguj\u00fa. A m\u00e1me prezidenta, ktor\u00fd dal jasne najavo, ako sa mu \u013eutuje, \u017ee centr\u00e1lni bank\u00e1ri nevyu\u017eili svoju zna\u010dn\u00fa silu na to, aby prin\u00fatili priemyseln\u00fd priemer Dow Jones najmenej o 10 000 bodov vy\u0161\u0161\u00ed, \u010do si u\u017e mnohokr\u00e1t s\u0165a\u017eoval pred pandemick\u00fdm z\u00e1sahom. Ke\u010f bol Fed spr\u00e1vne znepokojen\u00fd s\u00fa\u010dasnou dysfunkciou na trhoch s pevn\u00fdm pr\u00edjmom, c\u00edtili, \u017ee musia kona\u0165. To bola spr\u00e1vna my\u0161lienka. Aby v\u0161ak z\u00edskali opr\u00e1vnenie na stabiliz\u00e1ciu t\u00fdchto \u201es\u00fakromn\u00fdch\u201c trhov, potrebovali centr\u00e1lni bank\u00e1ri ministerstvo financi\u00ed, aby sa dohodlo na zn\u00e1rodnen\u00ed (vlastnen\u00ed) t\u00fdchto trhov, aby mohli na tento \u00fa\u010del poskytn\u00fa\u0165 finan\u010dn\u00e9 prostriedky. <\/strong>Fed v skuto\u010dnosti umo\u017e\u0148uje ministerstvu financi\u00ed pr\u00edstup k jeho tla\u010diarni. <\/p>\n
To znamen\u00e1, \u017ee v krajnom pr\u00edpade by administrat\u00edva mohla slobodne pou\u017e\u00edva\u0165 svoju kontrolu, nie kontrolu Fedu, t\u00fdchto SPV, aby dala Fedu pokyn tla\u010di\u0165 viac pe\u0148az\u00ed, aby mohla nakupova\u0165 cenn\u00e9 papiere a rozd\u00e1va\u0165 p\u00f4\u017ei\u010dky v snahe rampova\u0165 finan\u010dn\u00e9 trhy. Pre\u010do sa zastavi\u0165? Keby Trump znovu vyhral mohol by sa pok\u00fasi\u0165 pou\u017ei\u0165 tieto SPV na z\u00edskanie t\u00fdch 10 000 bodov Dow Jones,<\/strong> o ktor\u00fdch sa domnieva, \u017ee Fed ka\u017ed\u00e9mu poprel.<\/p>\n
The Fed’s Cure Risks Being Worse Than the Disease<\/a><\/p>\n
\nWill someone please explain to the Fake News New York Times (ALL THE NEWS THAT\u2019S NOT FIT TO PRINT) that the Democrats make it almost impossible for us to fill positions within government. They \u201cmaximum\u201d delay even the best candidates, including Judges, leaving little time!<\/p>\n
— Donald J. Trump (@realDonaldTrump) March 27, 2020<\/a><\/p><\/blockquote>\n