Peter St Onge Podcast
Episode 18: Weekly Roundup 08.21.2023
Aug 21, 2023
Topics discussed in this podcast include the role of mortgage banks as a trillion dollar slush fund, the deceptive nature of the Fed's 2% inflation target, the shocking victory of populist leader Javier Milei in Argentina's presidential primary, the benefits of deflation and the possibility of replacing central banks with hard money, and the skepticism surrounding the allocation of funds for disaster relief.
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Quick takeaways
- Mortgage banks are operating as a trillion-dollar slush fund instead of serving their intended purpose, bailing out risky banks rather than ensuring affordability in housing.
- The Federal Reserve's target of 2% inflation primarily benefits central banks and lacks justification for its importance to average Americans, revealing a psychological deception.
Deep dives
The Obscure Network of Government Banks Handing Cheap Loans to Banks
Bloomberg recently ran a story on the Federal Home Loan Banks (FHLB), a network of 11 government banks originally created to ensure mortgages for home buyers. However, they have become a trillion-dollar slush fund bailing out risky banks. Silicon Valley Bank, Silvergate, Signature, and First Republic, among others, took billions from FHLB before failing. The FHLB spent only $355 million on housing affordability last year, exposing their true motivations.
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