A Backdoor Central Bank Bailout of State Governments
To ensure the flow of credit to these cash-strapped governments, the Federal Reserve has embarked on a previously unthinkable act: creating up to $500 billion in new fiat currency and lending it directly to states, cities, and counties through its Municipal Liquidity Facility. Now that the Federal Reserve is actively engaged in creating new fiat currency to fund state and local governments, Congress must step in.
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India’s Yes Bank in deep trouble after shares plummeted 80%
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Berlin faces demands for more public investment
In a joint statement issued by Germany's BDI industry association and the DGB trade union, the German government has been called on to revise its budget to include larger boosts in public investment. DGB leader Reiner Hoffman stated that a better long-term public investment program may be the only way for Germany to ensure high-paying jobs and growth. KfW estimates that municipalities across Germany require a public investment of EUR 138 billion.
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