The IMF and World Bank were central to this "new world order", writes Dean Henderson at The Herland Report and Free21. It's also in Treasury Inflation-Protected Securities and special state and local government series securities. Checks), Regulation II (Debit Card Interchange Fees and Routing), Regulation HH (Financial Market Utilities), Federal Reserve's Key Policies for the Provision of Financial Federal Reserve System. The answer is both. By keeping interest rates low, the Fed helped the government avoid the high-interest-rate penalty it would incur for excessive debt. The second-largest holder is China, which owned $870 billion of U.S. debt. How Does the Fed Funds Rate Work, and What Is Its Impact? It cannot do that when its leaders are worried about being fired by an elected official. On Dec. 23, 1913, President Woodrow Wilson signed the Federal Reserve . United States Army Reserve Command (USARC) G-6 owns and operates Army Reserve Network (ARNet) and Secure Army Reserve Network . Only the first part has been true this time. It stated we are one world and America shall become a nation-state under one government. Status Report of U.S. Government Gold Reserve. 252 Sharp Street, Cooma, NSW, 2630. binstak router bits speeds and feeds. ", Time Magazine. 2 holder . To pay for this deficit, the federal government borrows money by selling marketable securities such as . The Federal Reserve, the central bank of the United States, provides Who owns wealth in the United States? Having an account at one of the twelve Federal Reserve Banks (a master account) is necessary for an . Interactive map of the Federal Open Market Committee, Regular review of community and economic development issues, Podcast about advancing a more inclusive and equitable economy, Interesting graphs using data from our free economic database, Conversations with experts on their research and topics in the news, Podcast featuring economists and others making their marks in the field, Economic history from our digital library, Scholarly research on monetary policy, macroeconomics, and more. By abolishing the FED, we would not pay interest on Federal Reserve Notes. Until it is abolished, the FED has a monopoly on profit on our currency and whether our money supply will be increased or decreased, inflation or depression. Current Federal Reserve Interest Rates and Why They Change. Interest on the National Debt and How It Affects You, US Debt by President: By Dollar and Percentage, US Budget Deficit by Year Compared to GDP, the National Debt, and Events, What You Need To Know About the Federal Open Market Committee Meeting, Fed Tapering and Its Impact on the Markets, Debt Ceiling Debacle Could Double Unemployment, Monthly Treasury Statement: For Fiscal Year 2021 Through December 31, 2022, and Other Periods, Assets: Securities Held Outright: U.S. Treasury Securities: All: Wednesday Level (TREAST), Federal Reserve Issues FOMC Statement: March 15, 2020, Credit and Liquidity Programs and the Balance Sheet: Recent Balance Sheet Trends, Major Foreign Holders of Treasury Securities, Chinas Holdings of U.S. Securities: Implications for the U.S. Economy. Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. The Fed communicates through frequent and detailed reports. How to Replace It or How to Reform It" by Metz - for references 23 & 24 write to Howard Metz, P.O. 2021, 09:09am EDT . . Get elected and be a millionaire if you vote right. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. NEW YORK Radius Global Infrastructure, Inc. (NASDAQ: RADI), ("Radius"), EQT and Public Sector Pension Investment Board ("PSP") announced today that they have entered into a definitive agreement under which EQT Active Core Infrastructure and PSP will indirectly acquire Radius for $15.00 per share in cash, representing a total enterprise value of approximately $3 . $6.00 ($8.00 for 2) from ACLA, P.O. The president of the New York bank always votes; the others rotate. "The Dodd-Frank Wall Street Reform and Consumer Protection Act: Background and Summary," Page 6. Some observers mistakenly consider the Federal Reserve to be a private entity because the Reserve Banks are organized similarly to private corporations. After intragovernmental holdings, the next largest category is national debt held by foreign governments. Its balance sheet peaked at $8.96 trillion in April 2022. After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed Woodrow Wilson's campaign for President. This means you lose your rights under the Constitution and Bill of Rights. They are accustomed to an environment where ideas are rationally discussed, debated, and evaluated. "Allow me to control the issue and the nation's money and I care not who makes its laws!" The Federal Reserve has been a ball on a chain on the American public, creating debt and stringent regulation on the nation. He also worked as a top official in the U.S. Treasury under the George W. Bush administration and at the investment firm PIMCO. Under the Federal Reserve Bank Act, the bankers control our economy. It must also clearly communicate its reasons for its actions. Clarida was a professor of economics and international affairs at Columbia University for 30 years. For example, theDodd-Frank Wall Street Reform and Consumer ProtectionActlimited the Fed's powers. Public issues held by the Federal Reserve banks have been revised to include Ginnie Mae and exclude the following Government-Sponsored . Jerome Powell, Chair, Board of Governors of the Federal Reserve speaks to guests during a conference at the Federal Reserve Bank of Chicago, June 4, 2019. money from federal income tax), a budget deficit results. The international bankers didn't like it and wanted Lincoln to borrow the money from them so that the American people would owe tremendous interest on the loan. The CFR is in favor of a New World Order (Reference 3). how to get approved for navy federal auto loan. He fought continuously for fiscal integrity and a return to constitutional government (Reference 1). Sterling Katherine St. George H.P. He is the only president to have ever done so. . This data moved permanently on June 10 th to FiscalData.Treasury.gov where it is available for download in multiple machine-readable formats with complete metadata! Some people leave to make money. These banks are also members of the Federal Reserve banking system. 5 Things You May Not Know About Jerome Powell, Chair of the U.S. Federal Reserve, How the Stock Market & U.S. Household Income Diverged After the 2008 Crash, Watch 2021s 10 Most-Streamed New FRONTLINE Documentaries. Congressman Wright Patman was Chairman of the House of Representatives Committee on Banking and Currency for 40 years. These banks also are partly foreign owned and control the New York FED District Bank. The Federal Reserve also invests in U.S. national debt as it added liquidity to the economy during and after the Great Recession, and more recently during the pandemic. Learn more about actually owns the U.S. national debt and how that impacts you. Interest rate changes are one of the main weapons the Fed use to control the economy. United States, Structure and Share Data for U.S. Offices of Foreign Banks, Financial Accounts of the United States - Z.1, Household Debt Service and Financial Obligations Ratios, Survey of Household Economics and Decisionmaking, Industrial Production and Capacity Utilization - G.17, Factors Affecting Reserve Balances - H.4.1, Federal Reserve Community Development Resources, Money, Interest Rates, and Monetary Policy, independently audited financial statements. When economic growth is slow, the Fed adjusts its policy accordingly and lowers the target interest rate, which in turn spurs Americans to borrow credit at a cheaper rate. The Fed had to fight the 2008 financial crisis, so it ramped up open market operations by purchasing bank-owned mortgage-backed securities. Most agree that some level of debt is necessary to stimulate economic growth and that there is a point at which the debt can become a problem, but they disagree about where that point is. .What a cashless society really means is the banks can now control you. The Federal Reserve (the Fed) enjoys a unique public/private structure that operates within the government, but is still relatively independent of government to isolate the Fed from day-to-day political pressures in fulfilling its varying roles. It only requires 5% ownership to significantly influence the media (Reference 14, P. 56-57). Unless he chooses to leave early, Powells term as chair will end in 2022. Federal Reserve Bank of St. Louis (Holly A. Rieser, Manager) P.O. Congressional records prove that FED bankers routinely hold secret meetings to profit by manipulating the stock market via interest rates and the amount of money they create. The Fed purchased Treasurys from its member banks, using credit that it created out of thin air. In a letter to Thomas Jefferson, John Adams wrote: "All the perplexities, confusions, and distresses in America arise, not from defects in the Constitution or confederation, not from want of honor or virtue, as much as from downright ignorance of the nature of coin, credit, and circulation". With the new FRONTLINE documentary The Power of the Fed looking at the U.S. central banks efforts to avert economic crisis when COVID-19 struck, heres a companion primer on how the board is structured and who wields its power. Its leader is not an elected official, which makes it seem highly suspicious to many people, because it is not subject to either voters or shareholders. Lincoln printed debt and interest-free Greenbacks (cash) to finance an entire war. Conspiracy theorists allege that from 1776 to 1913, back when the US government was printing its own money, the overall inflation rate was a mere 1%in other words, a meal that cost you a dollar in 1776 would cost you only $1.01 in 1913, before passage of the Federal Reserve Act. State Department document 7277 calls for the disarming of America, thus turning our sovereignty over to a one-world government. The wealth of the top 1% increased by $6.5 trillion last year, mainly driven by soaring stock prices and financial markets, according to the Federal Reserve. Explore FRONTLINEs collected and ongoing reporting on Russia's war on Ukraine. The Federal Reserve is the central bank of the U.S., and it's tasked with promoting the effective operation of the U.S. economy. What Is the Public Debt, and When Is It Too High? When Chairman Rep. Wright Patman asked whether it was not a fact that the Federal Reserve System has more power than either the Congress or the President, Eccles replied: "In the field of money and credit, yes." But the board is actually composed of seven members, all with equal votes. United States Army Reserve Command (USARC) G-6 owns and operates Army Reserve Network (ARNet) and Secure Army Reserve Network (SARNet) to provide continuous secure and nonsecure data, voice, and video transport, data center . Which agencies own the most Treasury notes, bills, and bonds? The Company also announced its year-end 2022 reserves figures pro forma for the recently closed acquisition, as well as 2023 operational and financial guidance for the combined company. "The History of the Debt.". They also say we must reach a zero state population growth. "Quantitative Easing Kept the Foreclosure Crisis From Being Even Worse. This transfers the agencies' excess revenue to the general fund, where it's spent. Board members cant be fired over their policy opinions, only by cause, a legal term for breaking the law. It makes easy the inflationary financing of budget deficits and the inflationary refunding of government loans. ", UCLA Anderson Review. Box 156, Westmont, IL 60559 (3) "The New World Order,Saving America", P.O. S.E., Washington, D.C. 20003 (Newspaper) (17) "Repeal the Federal Reserve Banks" by Rev. The Treasury breaks down who holds how much of the public debt in a quarterly Treasury bulletin. Subscribe to our newsletter and keep informed. If the economy grows too fast, it triggers inflation. Why would the government owe money to itself? Many publications show that these bankers financed World War I, World War II, and the Russian Revolutionary War, which helped Napoleon, Lenin, and Hitler come to power. Today, if the government runs a deficit, the FED prints dollars through the U.S. Treasury, buys the debt, and the dollars are circulated into the economy. President Lincoln needed money to finance the Civil War, and the international bankers offered him loans at 24-36% interest. It had the same effect as printing money. Term ends: 2034 Coordinate workflow and material movement to meet program and customer delivery requirements. "The Fed Explained: What the Central Bank Does," Page 88. "The Fed Explained: What the Central Bank Does," Page 42. It [the banking problem] is the most important subject intelligent persons can investigate and reflect upon. Although the chair typically serves as the face of the Fed, the U.S. central bank's Board of Governors is composed of seven members with equal votes. The Treasury owes this part of the debt to other federal agencies. The Fed also receives interest on loans it makes to its member banks. Does this sound far fetched? (Reference 1, P. 206) Dr. Hans F. Sennholz, Chairman of the Department of Economics at Grove City (PA) College stated: "The Federal Reserve System facilitates the government's own inflationary financing in "periods of emergency." As stated in The Federal Reserve System Purposes & Functions: (Reference 1, P. 247) Congressman Charles A. Lindbergh of Minnesota said: "This [Federal Reserve] Act establishes the most gigantic trust on Earth. The FED also buys Government debt with money printed on a printing press and charges U.S. taxpayers interest. A closed meeting of the Board of Governors of the Federal Reserve System was held at 11:15 a.m. on February 21, 2023. The Federal Reserve derives its authority from the Congress, which created the System in 1913 with the enactment of the Federal Reserve Act. Again, the media remained silent. This createsdeflation. Congressman Patman re-quoted Thomas Jefferson showing that our founding fathers knew this banking principle very well. For the positions of chair and vice chair, terms are four years. . * The authors of the Constitution understood private banks" control over governments. Kenan, published by The Noontide Press (2) National Committee to Repeal the Federal Reserve Act, P.O. No man and no body of men is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and the Federal Reserve banks. money for roadways) exceeds revenue (ex. Equally as important, the Fed does not receive its funding from Congress. The Board also makes public the System's independently audited financial statements, along with minutes from the FOMC meetings. Read our, The US National Debt and How It Affects You. The Federal Reserve is the central bank of the United States. The element that makes the bond good makes a bill good also. The Federal Reserve actually tripled its holdings between 2007 and 2014. The CFR publishes a magazine called "Foreign Affairs." History proves that banks profit from bankrupting a nation (Reference 22, P. 56). Communications, Banking Applications & Legal Developments, Financial Stability Coordination & Actions, Financial Market Utilities & Infrastructures. Terms, Statistics Reported by Banks and Other Financial Firms in the In addition to streaming below,The Power of the Fedis available in FRONTLINEsonline collection of documentaries, onthePBS Video Appand on FRONTLINEsYouTubechannel. Currently, half the states have at least a grass roots movement in action to abolish the FED, but there's no press coverage. That depends on whether you mean power or influence. TheFederal Reserveis thecentral bankfor the United States. Thats the temptation. Congress last adjusted the boards salaries in 2019, setting the chairs annual pay at $203,500 and $183,100 for the other governors. The FED's books are not open to the public. What Could It Mean for Inflation? Member banks also elect six of the nine members of each Bank's board of directors. The Securities Exchange Commission (SEC) by law, stops insiders from profiting by privileged information. She is a member of the New York Bar Association. Intragovernmental holdings totaled more than $6.89 trillion in January 2023. Chart 1 presents the Federal Reserve's monthly gross purchases of agency MBS over the past decade and the MBS current coupon spread, or the yield consistent with a par value security, less the average of the five-year . Ben Franklin said in his autobiography that the inability of the colonists to get the power to issue their own money permanently out of the hands of George III and the international bankers was [one of] the PRIME reason[s] for the Revolutionary War. "The Federal Reserve Act should be repealed and the Federal Reserve banks, having violated their charters, should be liquidated immediately. Congress can alter the statutes governing the Fed. The bank pays for printing costs, ink, and paper. (Reference 1, P. 247) Napoleon, a sympathizer for the international bankers, turned against them in the last years of his rule. Bankers admitted this to Congress. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. These pay out dividends, mandated by law to be 6%. 261,498,926.241. We give the bank cash interest-free, then they charge us interest on our own currency. New Mexico ranked ninth in the nation in federal land ownership. This . Thisquantitative easing(QE) stimulated the economy by keeping interest rates low and infusing liquidity into the capital markets. As the nation's central bank, the Federal Reserve is in charge of the country's credit. Its an informal pressure, and theres no guarantee the Fed will respond, but Congress does have the capacity to try to influence them, said Sarah Binder, a professor of political science at George Washington University and co-author of The Myth of Independence: How Congress Governs the Federal Reserve. Over the next year, a selection committee made up of Secretary of the Treasury William McAdoo, Secretary of Agriculture David Houston, and Comptroller of the Currency John Williams decided which U.S. cities would be a place of residence for one of 12 Federal Reserve District Banks. The Federal Reserve derives its authority . Maintaining banking payment and transaction systems. Update:Quarles submitted his resignation to the board on Nov. 8, 2021. On the subject of media control he state, "Half a million dollars was spent on one part of the propaganda organized by those same European bankers for the purpose of misleading public opinion in regard to it." The federal government owns 34.72 percent of New Mexico's total land, 27,001,583 acres out of 77,766,400 total acres. Took office: 2018, appointed by President Trump Scott Olson/Getty Images The Rockefeller Foundation stated that they have in excess of 747 million dollars to achieve this with. Box 341, Malverne, LI 11565 (25) "The New World Order" by Pat Robertson. ANDREW JACKSON - A GREAT PRESIDENT! Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551, Last Update: Box 986, Ft. Collins, CO 80522 (Newsletter; $3 each) (12) "Savings and Loan Unethical Bailout" by Rev. Learn more about the Econ Lowdown Teacher Portal and watch a tutorial on how to use our online learning resources. (Reference 17, P. 273) Mr. Marriner Eccles, who was Chairman of the board of Governors of the Federal Reserve System longer than any other man, testified before the Joint Economic Committee in August 1962. In return, they can borrow from each other at the fed funds rate when needed. The stock portfolios of the top 1% are . Infrastructures, Payments System Policy Advisory Committee, Finance and Economics Discussion Series (FEDS), International Finance Discussion Papers (IFDP), Estimated Dynamic Optimization (EDO) Model, Aggregate Reserves of Depository Institutions and the All the income is tax-free, except for property tax, according to the Federal Reserve Act. last November that he planned to nominate Powell, whose term as Fed chair officially ended this month, to another four-year term as, Biden also announced three new nominees to the Fed board . In 2012, the Energy Information Administration using data compiled by the United States Geolgical Survey under the Department of the Interior estimated US undiscovered . The Fed must getTreasury Departmentapproval before makingemergency loans, as it did withBear StearnsandAIG. . Creating and monitoring rules for banks and . These same bankers created a number of American depressions to change the U.S. legislation and seize our wealth. The Fed can also use its other tools, such as lowering thediscount ratethat banks use to borrow funds directly from the Fed'sdiscount window. The U.S. Treasury manages the U.S. national debt through its Bureau of Public Debt. The 12 regional Federal Reserve banks are set up similarly to private banks. . Foreign governments hold a large portion of the public debt, while the rest is owned by U.S. banks and investors, the Federal Reserve, state and local governments, mutual funds, pensions funds, insurance companies, and holders of savings bonds. Canadian Cannabis Market > Trump Takes Control of the Federal Reserve. It receives interest from U.S. Treasury notes it acquired as part of open market operations. The bank could not foreclose on the property because it created the loan money from thin air, as many banks do. When the U.S. government spends more than it receives in tax revenues, it has a budget deficit, which must be met by borrowing more money, which further adds to the debt. Web Site Copyright 1995-2023 WGBH Educational Foundation. Mullins and Kah both argued that the Federal Reserve Bank of New York is owned by foreigners. Not surprisingly, most of these candidates are elected (Reference 1, P. 208-210, Reference 12, P. 235, Reference 14, P. 36). The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. As of June 8, 2022, the Federal Reserve has a portfolio totaling $8.97 trillion in assets, an increase of $4. The FED buys U.S. debt with money they printed from nothing, then charges the U.S. taxpayers interest. Some have said that Jefferson did not favor a strong central bank. In July, 1968, the House Banking Subcommittee reported that Rockefeller, through Chase Manhattan Bank, controlled 5.9% of the stock in CBS. A program of the Bureau of the . Feb. 22, 2022, update: There are currently four members of the U.S. Federal Reserve Board of Governors: Jerome Powell, Lael Brainard, Michelle Bowman and Christopher J. Waller . This position makes it the most powerful actorin the global economy. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; the Heising-Simons Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen. Commercial banks that are members of the Federal Reserve System hold stock in their District's Reserve Bank. At the July 2021 meeting, the FOMC set a goal of increasing Treasury Department's securities by $80 billion monthly. Your local police needs to read this book so they will protect you - not become United Nations Agents against you. Economists and lawmakers frequently debate how much national debt is appropriate. Box 84903, Phoenix, AZ 85071 (7) "Phoenix Journal Express", P.O. The bankers can create inflation and depressions by manipulating the amount of currency in circulation. * England nearly destroyed the Colonies by creating fake Colonial money and hyper-inflation. It has a variety of tools to accomplish that. The chair must report on the Fed's actions to Congress. (Reference 22 gives specific details on World War I and World War II, showing exactly how the bankers were responsible for the beginning and continuation of these wars for their profit). "Monetary Policy and the Federal Reserve: Current Policy and Conditions," Pages 6-7. Every year Congress introduces legislation to audit the FED, and every year it is defeated. (Reference 1, P. 243) European banks are like the FED. Box 1544, Billings, MT 59103 or write to Bill Benson, P.O. Over the next year, a selection committee made up of Secretary of the Treasury William McAdoo, Secretary of Agriculture David Houston, and Comptroller of the Currency John Williams decided which U.S. cities would be a place of residence for one of 12 Federal Reserve District Banks. Term ends: 2022, as vice chair and governor But owning Federal Reserve bank stock is nothing like owning stock in a private company. Tonnes: 612.5. Waller served as executive vice president and director of research at the Federal Reserve Bank of St. Louis from 2009 to 2020. Photos You Should See - March . Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. The only other Obama appointee is Lael Brainard, who joined the board in June 2014. "Major Foreign Holders of Treasury Securities. Under the Federal Reserve Act of 1913 and amendments over the years, the Federal Reserve System: Conducts America's monetary policy. In 1913, a Senator, Nelson Aldrich, maternal grandfather to the Rockefellers, pushed the Federal Reserve Act through Congress just before Christmas when much of Congress was on vacation (Reference 3, 4, 5). The federal government then either raises taxes or issues more debt to raise the required cash. None of those five positions has yet been confirmed. After a good couple of weeks, 2023 American Silver Eagles are once again being allocated (rationed) by the US Mint. It lowers the target for the fed funds rate. The FED operates exactly like this today. What does the Fed board do? The same bankers who own the FED control the media and give huge political contributions to sympathetic members of Congress (Reference 12, P. 155-163, Reference 22, P. 158, 159, 166). The Federal Reserve's main responsibilities include: Managing the nation's money and money supply. Box 129, Topton, NC 28781 (10) Christian Defense League, Box 449, Arabi, LA 70023 (11) "Bulletin", June 1992 issue, P.O. They make up an international banking cartel of wealth beyond comparison (Reference 1, 14). When elected, Wilson passed the FED. Eg, just a theoretical here, but say an investor heard that and bought Tesla . IT CONTROLS EVERYTHING HERE AND IT CONTROLS ALL OUR FOREIGN RELATIONS. A top Treasury official during the George W. Bush administration, Quarles founded the investment firm Cynosure Group with members of the Eccles family. That makes the economy grow faster. Asdemandfalls, businesses lower prices. The FED controls interest rates and the amount of money in the economy. Read more about the current chair, who earned his law degree from Georgetown University and did not have a background as an economist. Netherlands. Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. Hitler did it, and before our Revolutionary War, King George told us to disarm - good thing we didn't! The deficit and the national debt are directly related. We are seeking a Logistics Management Specialist to join our team supporting USARC C4IM /ITES-3S-385538 in Fort Bragg, NC. IT MAKES AND BREAKS GOVERNMENTS AT WILL. As a last resort, they can also borrow from the Fed's discount window at thediscount rate. SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today reported its financial results for the fourth quarter and fiscal year 2022. Theres currently one open seat on the board of governors; Quarles could occupy it when his term as vice chair of supervision ends in October. China replaced the U.K. as the second-largest foreign holder in 2006 when it increased its holdings to $699 billion. The Federal Reserve's Survey of Consumer Finances provided additional information on renters, particularly on their income and wealth. Continue to track the Federal Reserve's assets and the US' economic recovery at the USAFacts Economic Recovery Hub. If you could accurately predict future interest rates, inflation and deflation, you would know when to buy or sell stocks and make a bundle of money. Read our, How the Federal Reserve Controls Inflation, Fed Tapering and Its Impact on the Markets, FOMC: What It Is, Who Is on It, and What It Does. (For additional information on a cashless society, read Reference 13, P. 174; Reference 3; Reference 14, P. 9-12; Reference 15, P. 136; Reference 25, P. 216). The public holds over $24.53 trillion of the national debt, as of January 2023. Of the opening, Binder said, The chair decisions matter a lot, but given the number of appointments that presidents have to make the sixth or seventh seat on the board, with all the respect, to fill that spot is just much less important, politically and policy-wise, for the White House.. U.S. history proves that issuing debt and interest-free currency allows our economy to prosper, as long as Congress controls the amount of money created. 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'S independently audited financial statements, along with minutes from the Fed'sdiscount window from!