In response to the re-emergence of strains in U.S. dollar short-term funding markets in Europe, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank are announcing the re-establishment of temporary U.S. dollar liquidity swap facilities.
There's been no "strain" in dollar funding markets.
There has been an extreme level of strain in Euro funding markets.
But see, the Europeans just announced they're going to use an SPV - that is, a secret off-balance sheet funding vehicle with over €400 billion in it.
Who's going to provide the €400 billion? The Fed? (Yes, I know what the Euro folks said. Now how about some transparency? You see, I trust them as much as I trust OUR political and banksters - that is, not at all.)
With what authority does Bernanke effectively appropriate?
Was there an appropriation bill that I seem to have missed by Congress? Or has Bernanke, once again, decided on a unitary basis to entirely ignore the US Constitution?
And furthermore, if he has, will Congress stand for it?
We're going to bail out European banks now, right? US banks weren't enough. Oh wait - we did European banks in 2008 too, didn't we?
Uh, exactly how many taxpayer dollars from US Citizens is The Fed going to give to European banks this time?
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Bountyhunter
Posts: 1273
Incept: 2007-12-05
Newport Beach, Ca
swap lines=knowingly sharing needles with an HIV positive prostitute and then pounding her in the ass. They aren't going to stop until it all comes down.
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Our world is run by the MOB, ie the Banking Cartel. The number one recipient of commercial banking donations. Barack Obama. Nuf said. It’s enough to convict OJ with an ALL black jury. LCruiser 1/29/09
****! I was looking to buy some UUP calls on a pullback tomorrow. Looks like I'll have to wait until the dollar makes its' way to the sewage treatment plant.
It may be hard to spot amongst the turd, condoms and tampon floatage.
Aw ****! what am I thinking! Buy the puts on a bounce, right?
Thanks, Ben, you asswipe....
"We are so far beyond ****ed, we can't even catch a bus back to ****ed."
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"...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910
"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008
Iou
Posts: 1023
Incept: 2009-03-16
The Twilight Zone
Ben isn't going last another year. He'll be hanging from a light post with the rest of banksters. That's if he's lucky.
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"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."- Frédéric Bastiat
If US taxpayers end up losing one dollar as a result of these swaps, then the United States should foreclose on Europe and seize assets. We just might have to add a few more states to the Union. Perhaps that is the end-game.
I suppose Ben's main goal is to lose every single of these dollars and trash it. Ben's on record last summer in Congress saying he didn't know and didn't really care where the first $500 billion swap line went.
Remember this conversation between Bernanke and Ron Paul? Greece questioning starts around 3:00. Stating he had no plans to get involved in bailing out Greece.
We are seeing this right in front of our faces. The world collapse will justify the world currency. Swaps, guarantees, entitlements to sovereigns using the FED. The only rational thought on the purpose of this decision is the one world currency.
Somebody correct me!
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William Wallace enters history when he assassinated William de Heselrig, the English High Sheriff of Lanark, in May 1297. Over 300 million guns and over 1 trillion rounds of ammo, 535 pricks are pushing the buttons of 300 million or more free gun owning people. --I don't like the odds for those pricks.
One-world-currency conspiracies are a great way to lose posting privileges here permanently.
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I don't care if it makes sense -- only if it makes money. -- Me Bank (n): See scam, fraud and theft.Eat a bankster -- they're low-carb. What part of "shall not be infringed" was unclear?
Look everyone knows or should know we sold Trillions of the synthetic products to the EU countries and there banks. They are worthless and total losses yet to be realized. This is the back room gamble that will try and keep the world from another World War. If it leads to a hyperinflationary state in Europe in 5 years no one will say we did not at least try to do something. Is it dishonest? Hell yes. But Sunlight on this situation will only lead to a quicker fall and that is what TPTB do not want. Extend and pretend. All will be bailed out before it is over. That simple.
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"Are you going to do something or just stand there and Bleed"?
This will protect them from the "Wolfpack". I wonder if the GS Greywolf boys are part of this pack or another? Any truth to the rumor that there is a new ETF coming out to short the world?
Mortgagemalaise
Posts: 1466
Incept: 2008-06-29
Southern, CA
Banned
unfortunately this is never going to stop. The powers that be know that by letting the monetary system implode, so will their power and influence. They will, by any and all means necessary, continue to play this game. They have too much to lose by allowing failure.
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"Mine. 1970 Pontiac Firebird. The car I've always wanted and now I have it. I rule! "
Aynrandfan
Posts: 2943
Incept: 2007-09-02
BORN BLONDE, BABY
Yeah... because I can really see how a bureaucrat-invented pile of worthless ****ing Mickey Mouse Monopoly money, printed by whatever thug is in power at the moment and shoved down the ****ing throats of all American citizens under the penalty of JAIL-TIME and which we all are now FORCED to accept as payment for ALL labor only to have half of it seized by force to buy the votes for the thug-in-power's next ****ing election -- and to then have whatever I am able to keep de-valued by order of another politically-appointed thug -- yeah, I can really see how this is all preferable to a gold coin....
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"To be wronged is nothing unless you continue to remember it." -- Confucius
Mortgagemalaise
Posts: 1466
Incept: 2008-06-29
Southern, CA
Banned
ARF -- come on man, calm down, American idol is on this week...
unfortunately this is going to continue, with out without congressional approval Bailout is the new reality and has been since TARP. What's gunna happen the next time the good ol usa "needs" another infusion according to TPTB? You guessed it, QE 2.0 and other fiat games. There is no other way out, they know it.
This IMO is the current power structure continuing to duck punches from the markets that are calling BS on the entire system. And they will wear us down to the nub.
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"Mine. 1970 Pontiac Firebird. The car I've always wanted and now I have it. I rule! "
