Thursday, December 2, 2010

We have no money but we can bail out foreigners. What's that you say? Ben Bernanke lie? he wouldn't do that, would he

Foreign banks were among the biggest beneficiaries of the $3,300bn in emergency credit provided by the Federal Reserve during the crisis, according to new data on the extraordinary efforts of the US authorities to save the global financial system.
Under the Dodd-Frank financial reform act, the Fed on Wednesday detailed more than 21,000 transactions with banks carried out through half a dozen special financing programmes starting in 2007. They include the Primary Dealer Credit Facility (PDCF) for overnight funding of investment banks and the Term Auction Facility (TAF) for one- to three-month loans
Full story here

And remember this headline from last February 2010 (link)

Federal Reserve Chairman Ben Bernanke Warns Congress That The Federal Reserve Will Not “Print Money” To Pay For The Exploding U.S. National Debt

Does Ben Bernanke lie? forward to October 2010 (link)
Rampant Inflation In 2011?  The Monetary Base Is Exploding, Commodity Prices Are Skyrocketing And The Fed Wants To Print Lots More Money


Mark said...

I'm just waiting for the Trumpets.

Maggie@MaggiesNotebook said...

I do not remember Bernake's warning. I'm off to check it out. Thanks Norm.

Storm'n Norm'n said...


I got that headline from here