根據美東時間3/31最新的Fed新聞稿，Fed宣布成立臨時FIMA Repo Facility（a temporary repurchase agreement facility for foreign and international monetary authorities）。其目的是要對美國家庭與企業維持足夠的信用供給（supply of credit to U.S. households and businesses）。
果然，這個FIMA Repo Facility的成立目的可從Fed提供的Q&A中看到： 「The facility reduces the need for central banks to sell their Treasury securities outright and into illiquid markets, which will help to avoid disruptions to the Treasury market and upward pressure on yields. By allowing central banks to use their securities to raise dollars quickly and efficiently, the facility will also support local markets in U.S. dollars and bolster broader market confidence. Stabilizing foreign dollar markets, in turn, will support foreign economic conditions and thereby benefit the U.S. economy through many channels, including confidence and trade.」
Fed這手明顯是害怕美國國債的最大持有者如中國或日本等國家央行在此時向市場倒貨。FIMA針對的就是外國央行設計以避免美國政府或大型企業、金融機構的破產危機。我們可以再看Fed的說明： 「The FIMA repo facility would allow foreign central banks to temporarily raise dollars by selling U.S. Treasuries to the Federal Reserve’s System Open Market Account and agreeing to buy them back at the maturity of the repurchase agreement. The term of the agreement will be overnight, but can be rolled over as needed. The transaction would be conducted at an interest rate of 25 basis points over the rate on IOER (Interest on Excess Reserves), which generally exceeds private repo rates when the Treasury market is functioning well, so the facility would primarily be used only in unusual circumstances such as those prevailing at present.」
第一任總統華盛頓束手無策，時任國務卿Thomas Jefferson，這位始終主張「小農立國」的建國賢人則喜孜孜去信友人：「黃熱病可以有效阻止國家被有害於人類道德、健康與自由的城市塞滿！（ “The yellow fever will discourage the growth of cities in our nation,” he wrote a friend, “& I view great cities as pestilential to the morals, the health and the liberties of man.”）」
當年的醫生不知道傳染途徑是蚊子，而錯誤地怪罪於沼氣。要等到一百年後Dr. Walter Reed才找出罪魁禍首。
It’s normal when a country has been using licensing systems to protect the medical staffs’ and industries’ monopoly for such a long time.
On the other hand, we also notice that more than 50% of the American people try to get other medical services or treatments instead of the mainstream ones. Causes and effects, it’s not difficult to understand.
This video also reflects the shortcoming of the democracy I talked about yesterday: few interest groups manipulate the majority, due to the differences in the marginal costs. Most people just have no idea of the true medical costs. Naturally, they are vulnerable to the few interest groups and tend to be cheated in their votings as long as they are told some clichés, such as “The licensing system is trying to protect people.”