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THAT WAS FAST!! Wells Fargo Already Ran Out Of Money For Small Businesses

Posted By: RumorMail
Date: Wednesday, 8-Apr-2020 11:44:42
www.rumormill.news/144075

By Simon Black, Sovereign Man

Snip

As I explained last week, Congress set up these loans to be “forgivable”. They’re non-recourse loans, and no personal guarantee is required. So a small business owner can take the money, never pay a penny back, and there will be no consequences (as long as the money was used for its intended purpose.)

But based on yesterday’s announcement, a ton of these loans will end up being owned by the Federal Reserve.

Bear in mind that the Federal Reserve’s total capital is just $38 billion. So $300 billion worth of small business loans (or even just a fraction of the $300 billion) would completely dwarf the Fed’s capital.

In other words, widespread loan defaults could easily wipe out the Fed’s capital, rendering the largest and most important central bank in the world insolvent.

Of course the federal government is supposed to guarantee these loans… so if a borrower defaults, the Small Business Administration will make the lender (or the Fed) whole.

But the federal government itself is insolvent! Think about it– just to be able to make this $300 billion loan guarantee, the US government has to borrow money from… the Federal Reserve!

It’s mind boggling when you think about it: the Federal Reserve prints money and loans it to the US government, so that the US government can financially guarantee the Federal Reserve.

So bizarre.

Anyhow, we’ll talk about those consequences more later. For now, my team put together a detailed report on the CARES Act and its small business loan programs.

So if you have a qualifying business (and pretty much anyone with a pulse qualifies) and you’re interested in some specifics about how to apply for one of these forgivable loans, you can download this free report.

Source: The Daily Bell

https://www.thedailybell.com/all-articles/news-analysis/that-was-fast-wells-fargo-already-ran-out-of-money-for-small-businesses/


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