The enormous daily losses of the Federal Reserve System require a scale for context to be understood.  The scale we will use is the budgeted cost of the U.S. armed forces for 2022, including the Air Force, the Navy, the Army, the Space Force, cyberspace activities, the Marine Corps, and special ops, but excluding readiness development, which is budgeted separately.  This totals $250 billion, which means $685 million each calendar day.

The Federal Reserve is making daily payments of interest through a Reverse Repo facility for banks in the Federal Reserve System, including U.S. subsidiaries of foreign banks and a FIMA (Foreign and International Monetary Authorities) facility for foreign governments.  Including both as of today, the Fed is paying them $272.4 million each day, which is 40% of the daily cost of the U.S. armed forces.  When the Fed raises the rates another 50 basis points, as expected at the December meeting, the Fed will be paying 45% of the daily cost of the armed forces out to foreign banks.  If the Fed continues as expected in the first quarter of 2023, the Fed will be paying out well over half the daily cost of the armed forces to its global banking colleagues.

Defense Department bureaucrats, who have a well earned reputation for profligacy and waste, but still produce some deliverable results, pale in comparison to the Fed's distribution of largesse to the global elite, with results that are, shall we say, less tangible, excluding the enrichment of its recipients.

Image: Federal Reserve.