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During the last two months, the global economy has shuddered and a great number of people still attribute the financial meltdown to the Covid-19 outbreak. However, during the last two weeks, the blame has shifted, as many citizens are now blaming the government lockdowns, overly-predictive models, and industry shutdowns. Moreover, a recently published report notes that the financial crisis in America started five months before Covid-19’s first death report in the United States.

The Covid-19 outbreak has been scary, but a lot of people are more frightened by government regimes than the virus itself these days. Governments worldwide, without vote or discussion, shut down major industries and severe cracks in the supply chain are beginning to show. On May 1, financial columnists Pam Martens and Russ Martens explained in a report that the economic carnage started five months before the Covid-19 virus started to scare the population. For instance, Martens details that the first death in China was reported on January 11, 2020, but the signs of an economic meltdown started on September 17, 2019. In fact, the U.S. The Federal Reserve gave primary dealers a whopping $6.6 trillion before the first death from Covid-19 was reported in America.

The first signal that started showing signs of cracks in the U.S. monetary system was on September 17, 2019. “[The] New York Fed announces it is intervening in the repo loan market for the first time since the Wall Street crash of 2007 to 2010,” the report written by Martens highlights. “The Fed will provide a maximum of $75 billion per day to 24 Wall Street trading houses (primary dealers) with a cap of $40 billion going to any one firm. (This large-cap suggests the New York Fed knows that one or more specific firms are in trouble.),” the research further added. Three days later on September 20, the Fed again said the repo markets would continue and it also added an extra $30 billion to some 14-day repo contracts. By this point market strategists and U.S. economists knew something was wrong. Then on October 1, 2019, JPMorgan reduced its cash-on-deposit with the Fed and reduced holdings by 57%.

Three days later, the New York Fed decided to add an additional $75 billion toward specific overnight repo schemes. The $30 billion 14-day plans were increased to $45 billion and they even created a 6-day lend as well. By October 11, Martens’ research shows that the Fed would continue the repo schemes and it would also buy billions worth of American Treasury bonds as well. A week later the rules were changed again, and $75 billion repo contracts were increased to $120 billion. By November 9, 2019, a large swathe of central banks worldwide started following the Fed’s excessive money creation schemes. The first week of November had shown that more than 37 modern central banks were participating in stimulus and easing practices. By December 2019, politicians and Wall Street CEOs were showing a number of signs that something was amiss. 2019 saw a record number of CEO resignations and a large slew of corporate leaders abruptly stepped down. The report written by Martens notes that on December 17, 2019, the New York Fed announced:

[The central bank] would beef up its repo loans by adding a 32-day loan of $50 billion to its ongoing, twice per week term loans of 14-days and it will increase its overnight loans from $120 billion to $150 billion on December 31, 2019, and January 2, 2020. It will also add an extra $75 billion overnight loan that settles on December 31, 2019, and matures on January 2, 2020. That’s an extra $185 billion of liquidity over the turn of the year on top of the ongoing repo loans.

By the end of January 2020, the Fed’s balance and repo market spreadsheets had indicated the central bank injected $6.6 trillion to private institutions and there were no U.S. coronavirus deaths at this time. The first coronavirus COVID-19 death reported in America was on February 29, 2020, according to the report. As mentioned above, 2019 saw a record 1,300 top executives step down but January 2020, had also shown a record number of CEO resignations (240) in a one-month period. The list of noteworthy CEOs who stepped down is quite exhaustive but includes people like Hulu’s Randy Freer, Mastercard’s Ajay Banga, IBM’s Ginni Rometty, Tmobile’s John Legere, Harley Davidson’s Matt Levatich, and Linkedin’s Jeff Weiner.

What really upset people, however, was the fact that 2019 was one of the best years for Wall Street traders as stocks hit record numbers. Moreover, the world’s wealthy elite grew massively in 2019 and a Wealth-x report specifically cites the Fed’s stimulus programs “as a direct primer of the stock market and growth of very high net worth.” Meaning the Fed’s pumping just made the rich even wealthier than before. Nasdaq saw a new milestone, the Dow Jones and S&P500 broke records and the world’s 1%, solely protected by the bureaucracy, has reaped the benefits. On February 15, 2020, after the Wealth-x report was published, Northman Trader author Sven Henrich sarcastically congratulated the Federal Reserve for the achievement.

“Central banks have become the primary driver of wealth inequality. And they refuse to admit the self-evident,” Henrich further tweeted. “They are the driver of excess that primarily benefits the few. Central banking is socialism for the top 1%.”

After the coronavirus was in mainland America, Wall Street shuddered during the market rout on March 12, 2020, otherwise known as ‘Black Thursday.’ After this important date, the U.S. central bank fired its “financial bazookas,” like allowing private dealers to operate without declaring any reserve status. The Fed cut the benchmark interest rate to zero and introduced 14 foreign currency swap lines and discount windows. The Fed also created a $450 billion slush fund for Wall Street execs and the Commercial Paper Funding Facility (CPFF), a Term Asset-Backed Securities Loan Facility (TALF), and a Secondary Market Corporate Credit Facility (SMCCF). By the end of March 2020, politicians, the Fed and the U.S. Treasury helped pass the Coronavirus Aid, Relief & Economic Security Act” (CARES Act). This gave American taxpayers $1,200 each for economic relief, but U.S. lawmakers like Representative Thomas Massie from Kentucky said the CARES Act passing was a fraudulent cover-up.

Come to find out the CARES Act was loaded with pork funds and raises for members of Congress. The bill (section 4409) is also very controversial because it incentivizes hospitals who were already broke to get $1,300 for classifying Covid-19 deaths. The CARES Act also gives an extra $39,000 per patient for hospitals that had to use a ventilator. Lots of money that could’ve been spent on current healthcare costs like Covid-19 test kits and PPE resources went to pork funds, according to critics. For instance, Democratic House Speaker Nancy Pelosi added $25 million to fund the Kennedy Center and for the National Endowment for the Humanities and Arts in the CARES Act. Other stimulus plans created by the U.S. bureaucracy, Treasury, and the Fed also cheated small businesses because they allowed larger companies to take all the coffers’ money in less than 10 minutes.

Making matters worse, after distributing a measly $1,200 check to American citizens, the Fed gave special powers to the equity firm Blackrock. The massive financial institution Blackrock was appointed by the Fed to buy corporate bonds and commercial mortgages. Essentially, Blackrock will oversee $27 trillion and is now considered the most powerful business in the U.S. In fact, Blackrock can even bail itself out and the company’s friends at any time it wants, and most of Blackrock’s buddies are fossil fuel suppliers, big pharmaceutical companies and mainstream media corporations.

Despite the fact that most of the populace thinks Covid-19 sparked the economic downturn — It is simply not true. Sound money proponents and bitcoin supporters have always said that modern central banking and today’s monetary system is fraudulent and manipulated. Only the historical revisionists will blame the coronavirus outbreak on the virus itself, as most are realizing it really accelerated from government-induced lockdowns and the central bank’s Ponzi schemes. Before Covid-19 even started, Wall Street elites and the Fed’s private friends were given $6.6 trillion with only a few economists asking questions. But now nobody is questioning the motives of the bureaucracy and central bank governors because they still truly believe they were not lied to or defrauded. Unfortunately for them, the proof is in the pudding. All it takes is a quick look at the Fed’s announcements over the last seven months and the corrupt bills American politicians have passed so far.

What do you think about the banking system collapsing before Covid-19? Let us know in the comments below.

The post Data Shows the US Economy Was Collapsing 5 Months Before the Coronavirus Outbreak appeared first on Bitcoin News.

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