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 ...
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.”
Excellent Post. We are already broke, everything the Fed and the Government has done to prop up the economy only prevents us from marking the losses that have already occurred to market.
Damn, when is enough enough?
Im ready to take action against this out of control govt. Where the hell is the disgust?!?!
Where is the outrage!?!
I cant believe how passive the american taxpayer has become. CMon people!!! BOHICA baby, BOHICA.
Now people understand how central banks work in tandem robbing governments for profit.END THE FED before the bankers rob America and the world.
I am outraged. I am disgusted. And just when will they pay it back (not) and what interest rate? And all under the radar too. Who OKed it? Geither? Bernanke? Obama? Did the Congress know? Not even covered on Fox news tonight (Bret Baier)—no, we had to be treated to a fifteen minute tribute to all the good work the taxpayers have done supplying AIDS drugs to Africa. When does the madness end?
” Where the hell is the disgust?!?!
Where is the outrage!?! “
The sad truth is that the vast majority of our countrymen just aren’t prepared to understand what’s going on...
Having been conditioned to spoon-fed sound-bites as their only source of ‘knowledge’, hardly anybody has the background, or the attention span, to begin to grasp what are extremely complex issues...
I’ve been ‘educating’ my Liberal friend on economic issues, a slow and torturous process entailing explaining some pretty basic concepts, and after some three months, she’s just now starting to get scared and angry..
We don’t even have the $$$$ to keep the U.S. afloat and these freakin’ geniuses volunteer to bail out Europe. WHY!?!?!? (other than Soros told us to do so)
Our oligarchs...bailing out their oligarchs...with the sweat of yours and mine brow.....
The global financial system is the United States financial system. If it goes down the US goes down with it.
In fairness, we have been selling our junk debt instruments all over the world and teaching them how the professional scam artists do these things. It is only “fair” we pony up when it all goes pear shaped.
time is getting closer
Yup..but luckily we wont go down because of Art.1 Sec.8...
we have the right >>>>>> to Coin money and REGULATE the value thereof,and foreign Coin, and fix the Standard of Weights and Measures....... To provide for the Punishment of counterfeiting the Securities and current Coin of the United States
Do you have a real source? Or are you repeating some of the fable Kanjorski was spreading?
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