PBI LIVE Ep3: The Fed vs. the states

In the wake of COVID-19, a mere 5% of the nearly $3 trillion CARES relief package was allocated to the 50 states, which remain desperately short of funds. Meanwhile, the Federal Reserve money helicopter flew directly to Wall Street and hovered. Banks can now borrow money virtually interest-free with no strings attached. States, on the other hand, can access the Fed only by selling bonds to it at more expensive market rates, plus penalty fees. What is behind this discrimination? What does it mean for the people? PBI Chair Ellen Brown talks with Cornell Prof. Robert Hockett and Michael Brennan, Democratizing Capital Policy Organizer for the Democracy Policy Network.

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