A totally no good year for farmers that only got worse as the months marched on has been capped with unprecedented new monetary powers for the United States Department of Agriculture. In what the mainstream media is calling a "temporary budget fix" the USDA Farm Services Division has been granted the authority to lend without limit through April 28th with the further stipulation that it can not reject any "qualifying" loan applications.1
This degree of fiat printing largess is typically reserved for the salvation of favored "banks" and "contractors" represents another sector of United States policy being blown up and destabilized on the road to the unpresidenting of Hussein Bahamas.
The extent to which US farmers who are accustomed to subsisting on "operational loans" will milk this opportunity for excess is uncertain, but an orgy of capital purchases2 and further investments in offensive cultivation practices.
The pretense behind this is the authority is "secured" against "future funding" and how this is interpreted by the incoming administration remains to be seen. ↩
Deere and Company stock is trading within a dollar of its 52 week high at the time of this writing even as the economic fortunes of its customers have declined over these past 52 weeks. ↩