Recent New York Fed...

This week, the president of the Federal Reserve Bank of New York, John Williams, mentioned the daily $75 billion in liquidity interventions 'in order to bring overnight repo's back in line with the Fed funds rate.'

Now this is not particularly an 'admission' of anything, really, and certainly not, as many (msm) media editorials have been saying, an admission that the Fed has erred in its calculations of reserves needed.

New York Fed's John Williams

It's a statement of fact about how retail and commercial banks have no substance and are selling everything they get handed from the US Treasury, at discounts to the 'Fed funds rate target' in order to find immediate cash (aka 'liquidity').

Why do they need cash all the time...?

LOL

Because, they are addicted to spending, that's why. They need to 'spend' to continue to falsify the valuations of all property and real estate.

They need to spend to give executives ridiculous bonuses and directors their fees.

Burnt butter and mustard lobster

Some editorials are at last outright saying this whole thing has been a grand scheme of fraud, cheating, and theft. And it has.

So what happens next?

Well this thing can go on for a bit longer yet. No Crash this week. And none next week either.

No. Maybe no Crash at all.

You see the lobster, my friends, has already been boiled and it is dead.

And I intend to eat it. First I need some French cream and mustard sauce, a little butter, and some salt and pepper.