Ben Bernanke who is a fan of 3rd World economics is back it again. Coordinating with other central banks, he plans to create more liquidity to prop up the European fanancial system. In other words, he is printing money to bail out Europe’s failed Socialist system.
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing coordinated actions to enhance their capacity to provide liquidity support to the global financial system. The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity.
These central banks have agreed to lower the pricing on the existing temporary U.S. dollar liquidity swap arrangements by 50 basis points so that the new rate will be the U.S. dollar overnight index swap (OIS) rate plus 50 basis points. This pricing will be applied to all operations conducted from December 5, 2011. The authorization of these swap arrangements has been extended to February 1, 2013. In addition, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank will continue to offer three-month tenders until further notice.
As a contingency measure, these central banks have also agreed to establish temporary bilateral liquidity swap arrangements so that liquidity can be provided in each jurisdiction in any of their currencies should market conditions so warrant. At present, there is no need to offer liquidity in non-domestic currencies other than the U.S. dollar, but the central banks judge it prudent to make the necessary arrangements so that liquidity support operations could be put into place quickly should the need arise. These swap lines are authorized through February 1, 2013.
Read the rest: Press Release
This is the blind leading the blind. Bernanke is once again taking care of his connected buddies at the expense of our living standards. This is criminal and whoever the next President is should remove this gangster as the head of the Federal Reserve. No Conservative should support this looting by the Globalist Crime Syndicate. This is not free market Capitalism, this is criminal activity.
Tags: Ben Bernanke, Federal Reserve
Ron Paul can be heard yelling “SEEEE!!!!” from three states away…
welll….this isnt exactly printing money for europe…
this is more like finding your emergency account checkbook and getting it ready for the big assed bill that might happen.
I wrote a paper in college about bthe viability of
the European Economic Union.
My conclusion was that it would devolve into a train
wreck.
I am not an economist & took only the required econ courses,
yet even I saw this coming.
Hmmm, looks like Charles is strong arming to get his
own bailout.
He is so Euro groovy!
@ RIX:
DoD already has it, I should have checked.
As you were.
RIX wrote:
Everybody with an IQ above room temperature saw this coming.
This is just wrong on so many levels. Stocks are up because Wall Street has gone Socialist.
RIX wrote:
heh, i used to get into some real knock down drag outs over that topic in grad school.
i was on the side of the train wreck.
@ coldwarrior:
I never saw the Euros having a seamless union. Different
languages, etnicities & animosities.
I did see an Economic Union though in their attempt to riavl
the U.S.
To me at least it was predictable that the more Left Euro
nations would see the union as a saftey net & rush to
a more socialist utopia.
Wow… If you ever wondered what Nuclear Weapons Grade insanity looks like… Here it is…
This imbecile not only doesn’t have both oars in the water, he couldn’t even find a rowboat or water to float it with to save his life…
@ doriangrey:
This guy has it all wrong. The group orchestrating
this is the Mystic Knights of the Sea with the evil
genuis Kingfish.
@ doriangrey:
How on Earth did you find this?
Flyovercountry wrote:
Somebody commenting over at TheHill linked to it. Somebody with a sock should drop this link over at the Bog of Eternal Stench, good god it would be funny watching Chunkles minions dissect this.
This is more proping up national banks, most banks even canadians hold around 30% of european debt. The only way to offset it so you don’t get a currency run is to print more. It’s damn messy, though makes for good times on the forex markets.
Mashiki wrote:
Good times, or as the Chinese say, Interesting times???
Wow, Newt is conquering Florida…
More Newtmentum news: Florida edition
@ doriangrey:
A commenter says that the head of the polling firm, Insider Advantage, is Newts former manager.
I’ll go look…
Obama officially just fucked himself seven ways from Sunday.
This is grounds for impeachment and just might be the straw that turns the untouchable Obama into Richard Nixon Junior.
Before the wall fell in Germany in 1989 my cousins in East Germany (the DDR) had plenty of money.
Plenty of money with NOTHING to spend it on unless by CHANCE something came up, it was rationed. This applied to everything for the average individual. The ONLY people who had access to anything worthwile were the party apparatchiks.
One year, when my two eldest daughters were little, my cousin Siegfried shipped two Christmas presents to them. Siegfried apologized that there was NOTHING in the toy store on the shelves suitable to buy. The shelves were almost bare, rarely stocked. All the good stuff was earmarked for the tourist/party stores. What he sent were two little rubber cuckoo figurines, one red, one blue. To this day, we have kept them as reminders as prized products of the glorious DDR!
A pocket full of money that couldn’t buy a cigar! Pocket change was a joke too, aluminum slugs!
Just in on Drudge as Headline
“National Poll: Gingrich 45% Obama 43%”
I can live with that..
@ doriangrey:
Chuckles has his millionth Cain piece up, ironically linking to and quoting Jonathan Martin’s millionth Cain piece, published almost into December declaring how “inept” Cain is.
If he’s so inept and dead, why are you asshats still writing about him?
Perhaps the Martin piece (Cain campaign: A study in ineptitude)could be more correctly retitled:
“A Study In Journalistic Ineptitude: How Jonathan Martin Couldn’t Bring Down The Worst Campaign In American History With Three Months And 1,000 Articles”
Mashiki wrote:
Canada is also holding more U.S. debt these days. In other breaking news, my precious metals stocks twitched. They move in tandem with the general markets which is not realistic, as they are a natural hedge. Manipulated markets. Money printing raises all boats. They have no other solution except to yell ‘iceberg’ and head towards the lifeboats.
Rightwing Rebel wrote:
Except that Wall Street hands off the losses to the bagholders (e.g. pension funds, mutual funds, etc). Then the taxpayer bails out the banks. Who will bail out the Sovereign Nations!??
@ Bumr50:
By Charles’ standards -- that makes him raaaaacist.
Germany should turn the spigot off for Greece and let Greece fall into civil war or be bailed out by terms from China.
Greece is what the OWS protestors want the US to become.
m wrote:
Charles has standards? That’s a news item.
Standard of living has to go down in the EU. That is what the EU has brought to them. If they had been more market oriented and less PC they would survive as people would make better choices with confidence.
@ yenta-fada:
Ha!
orangecrush wrote:
The problem (one of them) is that the big French banks are holding the lion’s share of Greek debt. France is too big to fail and too big to bail.
m wrote:
Well, it is grounds for debate.
orangecrush wrote:
Yes, their social benefits have always been unsustainable. They are Communists who dine out in nice restaurants, take long vacations, wear good clothes and travel. Helloooo. Bill Ayers communism. That guy must be one of the richest assholes in the world.
@ yenta-fada:
Yep. You’re absolutely right.