Federal Reserve boosts flow of dollars to European Central Bank (Hey, What could go wrong?)

Washington Post ^ | 09/16/2011 | By Neil Irwin and Michael Birnbaum

[SeekAndFind]

The Fed will make short-term dollar loans to the ECB and other central banks through “swap lines,” swapping dollars for an equivalent amount of euros, British pounds, Swiss francs and Japanese yen. The ECB will, in turn, make those dollars available to euro-zone banks, the Bank of England to British banks, and so on, in the form of three-month loans at a fixed interest rate.

Almost four years ago, at the end of 2007, the U.S. Federal Reserve established swap lines with other central banks, temporarily trading dollars for foreign currency. The European Central Bank drew most heavily on this swap line from late 2008 and tapered off by January 2010.

[mewzilla]

Have any Pubbies said boo about this...?

(crickets chirping)

[org.whodat]

Boner has refused to cut off authority from TARP, makes you wonder who he is the tank for.

[mewzilla]

This link explains a lot....

America's Ruling Class -- And the Perils of Revolution By Angelo M. Codevilla from the July 2010 - August 2010 issue

[org.whodat]

Boner has refused to cut off authority from TARP, makes you wonder who he is in the tank for.

[mewzilla]

Cantor was asked about this issue on CNBC this morning. Cantor dodged the question.

[Palter]

The Fed = WMD

[org.whodat]

Dang, I did not know, but ending authority given under tarp should have been job one, cantors, wife received tarp funds and he needs to get voted out of office.

[mewzilla]

The Fed is a greater threat to this nation than Islamism.

[TexasCajun]

How can the Federal Reserve have any assets with federal deficit spending for years and a national debt of 14 Trillion?

[SeekAndFind]

RE: The Fed is a greater threat to this nation than Islamism.

The irony is when someone like Rick Perry or Michele Bachmann were to say this, they would be DEMONIZED no end.

[mewzilla]

If anyone has some spare time and wants to read up on what got us here, a book recommendation....

The Creature from Jekyll Island : A Second Look at the Federal Reserve [Illustrated] [Paperback] G. Edward Griffin (Author)

[ml/nj]

When, exactly, did the Federal Reserve acquire the legal power to exercise any role in American foreign policy and/or to lend money to foreign institutions?

Do we have any laws that are enforced anymore?

ML/NJ

[Oatka]

Swapping dollars for Euros is like swapping ice cubes on a summers day.

[mewzilla]

In answer to your question, the column that's also in the book in my above link....

What are banks for?

[Buckeye McFrog]

Perry REALLY has cause to cry Treason now

[Iron Munro]

It's not as if it was real money - Isn't that right Barack?

[Dick Bachert]

[mewzilla]

ROTF!!!