Fed Pays Banks $12 Billion on “Excess Reserves,” Taken from Taxpayer Pockets

http://ift.tt/eA8V8J

Circuitous hidden wonders of paying interest on “excess reserves.” The Federal Reserve just went through its annual ritual of disclosing its preliminary results for the year: The income it earned less its operating expenses, according to central bank accounting, and how much of these earnings it is remitting, as it does every year, to the US Treasury Department. But this statement includes another nugget.

Vía BlackListed News http://ift.tt/2iLNlPC

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