The Fed Paid Banks $38.5 Billion in Interest on “Reserves” in 2018, Slickest Annual Wealth-Transfer from Taxpayers to Banks
Wolf Richter wolfstreet.com, www.amazon.com/author/wolfrichter Normally, this would be ironic: The Fed doesn’t need to borrow; it creates money when it needs some. So it wouldn’t pay interest. But these are not normal times. The Fed reported its preliminary results this morning for …