>>19986904<<<---The Fed went from holding mostly non interest-bearing liabilities—cash in circulation—Federal Reserve Notes (2007) to holding mostly interest-bearing liabilities today (in interest paid to primary dealers (for IORB) and MMFs (for reverse repos))
also note it was fucking illegal for the Fed to fucking hold MBSs before 2007
almost 100% of MBS issued during the two years of QE4 was purchased by the NYFed
the NYFed was holding 40% of ALL MBS at the end of 2022
Also note that fiat notes (which are A FORM of ANY fucking national currency) are SUPPOSED TO BE A NON-INTEREST BEARING LIABILITY FOR A DEBT-BASED CENTRAL BANK.
this is because fiat notes are supposed to JUST BE A TOOL to facilitate commerce/trade, this is the fucking whole reason we hired the fucking Fed-- to provide a stable currency, lolololol, NOT to prop up the NYFed's primary dealers and their private securities LLC firms, but to stabilize DEPOSITORY INSTITUTIONS.
