Carlos and Bob critically assess the Fed's $1.5 trillion repo operations, allegedly designed to stem market panic over the coronavirus. Bob observes that even Walter Bagehot's famous dictum said central banks should lend freely *at a high rate of discount*.Mentioned in this episode and other links of interest: Carlos and Bob's September 2016 presentation, "How to Weather the Coming Financial Storms." The documentary This Is Nelson Nash. Bob’s new series for the Mises Institute, Understanding Money Mechanics. Carlos and Bob’s book, How Privatized Banking Really Works. Bob's analysis of the Fed's latest emergency repo operations.The audio production for this episode was provided by Podsworth Media.