Topic: Stanley Fisher

In September 2019, central bankers met in Jackson Hole to discuss a "Going Direct" plan to bypass traditional interest rate channels and inject liquidity directly into the economy. BlackRock was subsequently hired to manage government funds and purchase securities on behalf of the American people. The timing of this financial shift, occurring just before the 2019 repo market spike and the pandemic lockdowns, is presented as a potential method to regroup and print bank reserves.

A proposal is made to fund the $6 billion extension of unemployment benefits using the $20 billion in fines collected from JP Morgan for its role in the 2008 financial crisis. Instead, these fines typically flow into the Treasury for general spending. Meanwhile, the appointment of Stanley Fisher and Janet Yellen to the Federal Reserve suggests a continuation of "easy money" policies and quantitative easing to prop up the banking system.