The US dollar is store of value for world's central banks. This sucks money out of the US and is why we've trade deficits since 1970s IIRC.
40% Of The Fed’s Interest On Excess Reserves Is Paid To Foreign Bankshttp://www.zerohedge.com/news/2017-07-13/40-feds-interest-excess-reserves-paid-foreign-banks …
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The other part of the trade deficit turns into massive amounts of US cash $100 bills. Residents of inflationary countries put em under bed.
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The US dollar inflates by more than the interest that is paid on these deposits. We're running a scam on their central banks.
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So what?
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Isn't Capitalism wonderful!
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"We wonder why the Fed does not simply cut off foreign banks' eligibility for its generous IOER subsidy?" Excellent closing question by TD.
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100% of the interest is a fraud. money printed out of nowhere, yet we owe it to private individuals. Pretty crazy stuff, yet people sleep.
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..and that IS Yellen's Folly...she owns that!
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Sounds like a ponzi scheme..like enron
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