Dr. Elliott is interviewed by John Michael Chambers on the Nemos News Network. Here are bullet points of the eye opening interview.
- The Fed (by previous mandate) was only able to but official government securities and were autonomous to the White House.
- With the new arrangement—they were just neutered.
- TREASURY DEPARTMENT will determine which markets/segments need capital (could be stocks, municipals, specific industries, even corporate debt—doesn’t appear there is a restriction)
- TREASURY DEPARTMENT gets to tell the Fed to print money and how much
- All the FED does is print that much money
- A third party (BLACKROCK) executes the trades that the TREASURY department dictates. This gets everything out of the hands of the FED except for the printing of money.
- Still not sure who determines interest rates.
Taking out the fluff, this is basically the framework of how it appears to hav been set up moving forward.