Let’s Be More Like EUrope!

…again

Here’s a little story…
["That's too complex!!! Who's gonna judge American Idol???!? Is Anderson Cooper really getting married?!?"]

On December 14, 2011, Federal Reserve Chairman Ben Bernanke reportedly told Republican Senators that he did not have the intention or authority to use taxpayer dollars to bail out troubled European banks, but a “currency swap” program extended by the Fed on November 30, 2011, led to nearly $95 billion in loans to the European Central Bank in December 2011 alone.

…For all the transparency forced on the Federal Reserve by Congress and the courts, one of the central bank’s emergency-lending programs remains so secretive that names of borrowers may be hidden from the Fed itself.

…“Chairman Bernanke can dress it up in whatever language he chooses, but these ‘currency swaps’ are nothing more than massive bailouts of European banks,” said Judicial Watch President Tom Fitton. “That we have to sue to get basic information about this massive bailout speaks volumes about the dubious nature of this under the radar program.”

No [public] consultation with / approval of Congress.
No [public] consultation with / approval of P∅TUS
No [public] consultation with / approval of The American Citizen.

The GDP [Global Domestic Product] of the entire planet: $65 trillion
The Derivatives Market Losses: $650 trillion

Ok. Now what?

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8 Comments!

  1. dick, not quite dead white guy
    Posted July 15, 2012 at 9:14 am |

    The Bernanke wizard is in. What brings you here?
    GDP of the entire planet: $65 trillion
    The Derivatives Market Losses: $650 trillion

    No problem. If we all agree to charge no interest and eat grass and acorns for the next ten years, we’ll pay off the derivative debt in just ten years.
    Next.

  2. DougM (November is coming)
    Posted July 15, 2012 at 9:59 am |

    Yeah, pretty soon you’re talkin’ real money !
    Well, in a, you know, Monopoly™ kind’a way.

  3. SteveHGraham
    Posted July 15, 2012 at 1:35 pm |

    I have a great idea! Let’s print more money!

  4. Ironic in Denver
    Posted July 15, 2012 at 3:56 pm |

    I still think Ron Paul is mostly a crackpot, but actually getting control of the Fed ought to be a priority for any new administration.

    OBTW: surely somebody in the Fed knows how much money it has, in essence, lent given to whom? Can’t congress investigate this, and compel disclosures like it can with anything else?

  5. geezerette
    Posted July 15, 2012 at 4:54 pm |

    I’m sure they can but you know damn well they won’t. This congress anyway– maybe with enough new ones who knows?

  6. Freddie Sykes
    Posted July 15, 2012 at 9:18 pm |

    We won’t give the EU money but the World Bank will and we are obligated to pay over 20% of World Bank funds. Semantics.

    It’s like Italy being obligated to borrow money at high interest rates to loan to Spain at low interest rates and then Spain will be obligated to do the same when Italy starts to default. Symmetry.

    The wealth of this world will remain but money, which used to have intrinsic value but now is just an arbitrary tool to measure that wealth, will have to be redefined.

  7. Colonel Jerry USMC
    Posted July 16, 2012 at 8:39 am |

    BACON! When money ain`t no good no more——-those of us who know the value of fucking bacon, will be in Hog Heaven; get anything you want for a *slab of bacon*…….

  8. geezerette
    Posted July 16, 2012 at 9:52 am |

    I suppose it’ll come to how many pigs you can trade your daughter for.

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