Posted on 12/01/2010 3:31:06 PM PST by RobinMasters
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.
The revelation of the scale of overseas lenders’ borrowing underlines the global nature of the turmoil and the crucial role of the Fed as the lender of last resort for the world’s banking sector.
However, news that banks such as Barclays of the UK, Switzerland’s UBS and Dexia of Belgium borrowed billions of dollars at favourable terms from the US government may further anger critics already enraged about the Fed’s bail-out of Wall Street.
After being ordered by Congress to lift the secrecy on the crisis-time aid, the Fed published the details on Wednesday of more than 21,000 transactions with banks from 2007 to 2010.
(Excerpt) Read more at ft.com ...
Q: Why was the U.S. Government trying to save the Globe?
Did we ever find out who made off with the two TRILLION dollars that disappeared during the collapse? Inquiring minds still want to know.....
They are backing International Communism. That is why.
Has Drudge been sleeping for the past couple of years?
Michael Savage is covering this on his show right now .
Barclays got 200+ billion and proceeded to snag what was left of Lehmann Bros !
How much of this “missing” $2 Trillion wound up in Soros’ pockets?
This town needs an enema. Let’s start with the Fed.
My take on this is a bit different. If we are the only folks in the world that can do stuff like this, fight the war on terror, etc. why does Obiwon want to turn us into Belgium that can’t do anything and is just like everyone else? What the heck ?
BTW - I understand why everyone’s upset, but if Barclay’s fails, and AIG, it ain’t long until Citi and eventually Main Street Community Bank. TARP sucked, but the alternative wasn’t worth finding out. I agree with Pres. Bush on this one.
This is old news.
I am glad someone agrees with me.
Screw you socialist.
Q: Why was the U.S. Government trying to save the Globe?
US has done it since the end of WWI; about 80 yrs or so.
It seems to me to ask do we (US) keep devaluating the dollar, save the euro, play with inflation/deflation, try to get the Fed to bail us out of unheard of debt as the leading money supplier to the world...and is eliminating debt best through inflation/deflation/taxes/tarps/voodoo??? Would the rest of the (One) world stand for it if US was not a debtor nation??? How long does this mess last???? And so on and so on.
I think you're wrong.
Continuation of the international financial system means the end of the US, eventually.
The world banking cartel is insolvent. The sooner it dies, the better off we all will be.
No paper or debt-based money system has ever survived, it is probable that this one won't, either.
Our paper losses are going to be massive - but it's important to realize that they have already occurred. What is going on now is the transfer of the losses from banks and from the recipient class to the taxpayers and producers.
Money systems have ended before. If we liquidated the Fed and renounced our (obviously unpayable) debt tomorrow, we could be up and running with a constitutional money system in 6-12 months.
And this is going to be the outcome anyway. The sooner we take our losses, the better we will be in the long run.
I disagree on the principle of not rewarding failure, and the increase in associated moral hazard for the future.
Failures need to fail, quickly, massively if necessary, and get it behind us. Otherwise, you could wind up 2 years later and no better off yet.......
Spooky Dude.
argghhh... you are spot on...
Do you think they are kidding when they say the US President is “the leader of the free world?” Global banksters and especially European banksters look at us as their sugar daddy.
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