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 ...
LLS
Retirement? Hah! Quite the optimist, ain't ya.
Just kidding. Sort of.
It attempts to keep Europe healthy so they can continue to help Obama disparage and undermine the USA.
We have just crossed the Rubicon of global socialism without a shot fired.
Rahm said OKAY just as long as the usual cut was wire-transferred offshore to the usual notorious money laundering havens: Lebanon, Liechtenstein, Russia, India, Israel, Panama, the Bahamas, the Cayman Islands, the Cook Islands, Dominica, the Marshall Islands, Nauru, Niue, Panama, the Philippines, St. Kitts and the Grenadines, Cyprus, Gibraltar, Monaco, Antigua, Tortola, BVI.
So Obama quickly obliged and asked Congress to fold the $108 billion into a war-spending bill, originally crafted to send money to US troops.
Sen Jim DeMint (R-SC) offered an amendment to take it out of the war bill b/c he knew this was an "international version of the domestic TARP" (containing the same billion dollar kickbacks).
But the Democrat Senate voted to keep the IMF bailout in the war-spending bill (thus guaranteeing Democrats that their percentage was intact).
THe USA is in economic devasation, and Obama is loaning money we don’t have to the lazy/murderous Greek Communist parasites.
LOL! — Our money is going up in flames.
Can we return the champaign?
“
THe USA is in economic devasation, and Obama is loaning money we
don’t have to the lazy/murderous Greek Communist parasites.
“
If we had a President, not a socialist demagogue, in The Oval Office,
the Greek government would have gotten the following phone call:
“Hello, America is BROKE. But we can give you the phone number of
our banker in Beijing. Otherwise, F-— off. We rescued you from
the Nazis, then the Communists. You’re on you’re own seeing how you’ve
embraced the Communist model.”
Let me see if I get this straight...
US Banks are trying to limit their exposure to European debt and contagion (for many good reasons), so the US Government is doing an end around those banks and opening the US taxpayer to those very same risks instead with effectively no cap on the amount “we” could ultimately be on the hook for.
About right??
Tell me how does this fit into the US Budget, our deficit and the amount of money that has already been borrowed under a floating debt cap of $14 Trillion??
Let’s all stand up and give a warm Welcome to Euro-Mae....
Musical chairs. Everyone keeps smiling and dancing around until the music stops.
“Euro-mea” Precious! And you know that this will end well; NOT!
“Here’s How Our Fed Threw A Big Lifeline To European Banks”
Shorter headline: “Insolvents bail out bankrupts”.
Lazy bumbs! ;0)
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