Posted on 05/10/2010 6:45:39 AM PDT by blam
Edited on 05/10/2010 7:09:33 AM PDT by Admin Moderator. [history]
Last night in conjunction with the big Eurozone bailout, our own Federal Reserve announced its participation in the party by opening up big dollar swap facilities with its European partners.
What's this mean? It's actually pretty simple.
Among the recent problems in the EU has been that banks there have had trouble gaining access to Dollars to meet the insatiable flight to quality Dollar needs in the EU resulting from this crisis. This is likely the result of U.S. institutions trying to limit their respective exposure to a contagion. As such, the Fed and the ECB will now act as middlemen or clearing houses for the currency...
(Excerpt) Read more at businessinsider.com ...
It’s blatant market manipulation at US Taxpayer’s expense.
There, I fixed it :)
:(
I guess Spiro can stop rioting and go back to retirement?
It’s wonderful to have such a trustworthy patriotic nonpartisan cast of characters with keys to the federal reserve, isn’t it?
So instead of the Germans working to 75 years old so the Greeks can retire at 50, now the Germans and Americans can both retire at 72.
O pa! O Pa!
All of these bailouts we are seeing reminds me of trying to patch up a leaking dike that is continually having new leaks show up. Maybe the Big Zero is trying to imitate the legend of the boy and the dike.
Ding,Ding,we have a winner!
I believe the US taxpayer (and whoever else we borrow the money from) is coughing up about 57 billion for this bailout through the IMF. Ultimately we’re bailing out the banks that hold garbage sovereign debt. Sound familiar?
Think of this action as the largest credit card balance transfer in history... Meanwhile, Europe keeps deficit spending itself into oblivion.
as does America.
$57 Billion? Shouldn’t be too hard, just get each state in America to raise a billion each.
Yea, real patriots, for Europe.
LOL.
Every honest taxpayer in Europe, the UK and the US has now been dragooned into supporting the enormous wages of the flailing parasite class.
There’s something confusing about the “simple” explanation.
All weekend we heard that the market decline was due to the markets lack of confidence in sovereign debt.
This morning we’re told that the markets are going to sky rocket because the troubling sovereign debt has been cured by ...
you guessed it ....
another trillion bucks in sovereign debt.
So what gives?
Do the Wall Street traders really buy this fix - or are they just playing each other realizing the the day of reckoning will now be put off for another day - and they’ll play along until then?
I hope 72 is not too optimistic.
0bamao's Death Panels will probably say I've used up my carbon credits long before that anyway.
PING!
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