The US Treasury has gone into competition with the Fed.
"The US Treasury loans "excess receipts" to the Primary Dealer Banks in an innovation that is separate from Fed Monetary Policy"
Graphic of excess receipts
Oh, by the way, some central banks are adding gold to their reserves according to updated IMF data:
Russia added 7.54 tonnes
Philippines added 1.4 tonnes
Kazakhstan added 7.38 tonnes
Greece added 3.56 tonnes
According to I-Net Bridge news South Africa's central bank in January increased its reserves to $ 4.68 million ounces from 3.99 from the previous month.
Central banks are slowly turning from selling gold to buying gold.
. . .
"The encouragement of mere consumption is no benefit to commerce because the difficulty lies in supplying the means, not in stimulating the desire for consumption; and production alone furnishes those means. Thus, it is the aim of good government to stimulate production, of bad government to encourage consumption." - Jean-Baptiste Say, A Treatise on Political Economy, 1803
Well, the US government, some of semi-private enterprise, and the US media has been doing one heck of a job stimulating consumption. One of the ways to monitor the current unwinding of over stimulated consumption is to check in with the Implode-O-Meter ( http://ml-implode.com ) . . . "a saga of corruption, stupidity and government complicity".