Fed Continues Printing Billions While Banks Get Fat Off Flipping Just Issued Bonds

Just in case you didn’t get the memo, the Wall Street banks are raping you wide out in the open.

By flipping just issued bonds, they take a nice fat cut of the sale off the top with no risk to themselves, while the Fed prints billions upon billions of dollars.

Zero Hedge reports:

Today’s monetization of 5 Year Notes closed with $6.580 billion of debt bought by Brian Sack in this week’s last POMO (none tomorrow). And in what should not be a surprising development to anyone, the one issue which represented over half of the total operation was the just issued 5 Year QA1 which was placed literally a week ago (highlighted on the table). And so the grand scam continues: the Fed pretends not to be monetizing, the Primary Dealers pretend not to be making millions in preferential Bid terms, and taxpayers pretend to care.

But without a central bank we would all be doomed, right?