The House that Ben Built
Submitted by Steve Brown…
After credit markets froze in the subprime crash of 2008-2009 Ben Bernanke and the Fed conjured up a number of monetary tricks to keep the system afloat. POMO, Twist, QE, TARP, repos, and currency swaps (and other monetary tricks) were used to provide liquidity to an essentially bankrupt system sporting a weaponized US dollar.[1] Even though the monetary tricks worked – or seemed to – they were based on a deeply flawed, immoral, and unlawful prospect: the privatization of profit enabled by the socialization of loss.