Journal zogger's Journal: Amusing video of big stakes central bank action 2
On the one hand, we are presented with the daily squabbling over a few billion here and there with various states and the federal budget. Most of the states are broke, etc and this or that being fought over, like Nasa budget and health care and how we will pay for everything, etc, etc and more ohnoes, taxes, whatever.
On the other hand, we are presented with this, where the Fed can just shell out half a trillion bucks on their own say so, no accountability or permission needed from anyone else, and they only know the first step of where it goes, all to foreign banks to..I guess "stimulate" them.. Pretty stimulating!
Ain't that amusing.... $500,000,000,000 (I think I have enough zeroes there)
Currency swaps (Score:1)
I'd like to know exactly which central banks we're doing those swaps with, so I emailed his office and asked them to give me a link to the report they're citing in the video. If they give me a link I'll post it.
As far as currency swaps, they essentially amount to arbitrage on the part of whichever central bank is inflating their money supply the fastest. AFAICT, it should be legislators in other countries jumping their central banks for doing currency swaps with us. We seem to be getting the better deal her
'The Fed'... (Score:2)
Is as 'federal' as Federal Express.