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A major global outlet funded by leftist billionaire George Soros actually published scathing criticism by two economists blasting the Federal Reserve’s role in creating the pretext for the bank failures that rocked U.S. markets.

Project Syndicate, which dubs itself as the “World’s Opinion Page,” published an op-ed by economists Raghuram Rajan and Viral Acharya headlined: “The Fed’s Role in the Bank Failures.” The authors iterated Silicon Valley Bank's (SVB) and Signature Bank's collapse aren't merely linked to the fact that 90 percent of their deposits were “uninsured.” The problem, said Rajan and Acharya, “may be more systemic,” and it involves the Fed’s recklessness. Even a broken clock is right twice a day.  Apparently Project Syndicate — which has a notorious habit of peddling radical anti-capitalist and eco-extremist views on a global scale — decided to let the truth slip out for once. Soros funded Project Syndicate with at least $1,682,390 between 2018 and 2021 alone. 

The authors pointed out that “there is typically a huge increase in uninsured bank deposits whenever the US Federal Reserve engages in quantitative easing [(QE)].” The Fed kept interest rates at near zero and “purchased trillions of Treasury and mortgage bonds” for around two years to artificially stimulate the economy, according to The Hill. This served as the genesis for the inflation crisis that preceded the Fed’s aggressive interest rate hike campaign that would ultimately lead to SVB’s collapse.

The authors noted that these kinds of reckless easy money antics by the Fed contributed to a drastic expansion in the broader banking system's uninsured demandable deposits:

As the Fed resumed QE during the pandemic, uninsured bank deposits rose from about $5.5 trillion at the end of 2019 to over $8 trillion by the first quarter of 2022. At SVB, deposit inflows increased from less than $5 billion in the third quarter of 2019 to an average of $14 billion per quarter during QE. But when the Fed ended QE, raised interest rates, and switched quickly to quantitative tightening (QT), these flows reversed. SVB started seeing an increase in outflows of uninsured deposits.

In essence, the Fed effectively helped set the foundation for the banking disaster by encouraging bad behavior, the equivalent of giving a sugar-addicted child too much candy. Banks were then stuck with “flighty uninsured deposits. Having been generated by Fed action, they were always poised to flow out when the Fed changed course,” Rajan and Acharya analyzed.

The economists’ concluded their argument by demanding that the Fed take more responsibility for what its own policies created:

The bottom line is clear: As it re-examines bank behavior and supervision, the Fed cannot afford to ignore the role that its own monetary policies (especially QE) played in creating today’s difficult conditions.

Conservatives are under attack. Conservatives are under attack. Contact ABC News (818) 460-7477, CBS News (212) 975-3247 and NBC News (212) 664-6192 and demand they tell the truth about the Fed’s policies contributing to the ongoing banking crisis.