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> US Fed. Reserve Pledges $ To Back Euro!
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Patch 
Posted: 09-May-2010, 11:09 PM
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The Federal Reserve opened a program to send US dollars to Europe in hopes of heading off a broader financial crisis on the continent.

Other central banks also are involved in the dollar swap effort.

The move comes after the European Union and International Monetary Fund pledged a nearly $1 trillion defense package for the embattled euro, hoping to calm jittery markets and halt attacks on the eurozone's weakest members.

The IMF pledge includes "more" of our money. I believe we have enough problems here that we are not directing our efforts in the right direction. I doubt when we are in crisis that anyone will offer us help!

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TheCarolinaScotsman 
Posted: 09-May-2010, 11:31 PM
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As the excerpt below from a news story on this shows, the program actually started under Bush.

The Fed's action reopens a program put in place during the 2008 global financial crisis under which dollars are shipped overseas through the foreign central banks. In turn, these central banks can lend the dollars out to banks in their home countries that are in need of dollar funding to prevent the European crisis from spreading further.


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Patch 
Posted: 10-May-2010, 05:02 AM
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With our unemployment at 9.9 using govt figures and probably much higher if those no longer counted were included, we need help here! When the Fed. sends $, it is faux money and that increases our inflation. Some may have noticed that the cost of their day to day expenses has steadily increased. That is Inflation and we are hearing nothing about it.

I do not care who started the program, and I did not like the bush administration's fiscal policies, it stinks! The EU struck out on their own to rival the US monetary system and socialism trashed theirs. I feel no obligation to prop the euro up. Let the EU do it. They should ALL tighten their belts. The fact that it takes at least a trillion dollars and, truth be known, probably much more should tell us something. These are small economies. It appears that someone expects a first rate catastrophe!

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Jillian 
Posted: 10-May-2010, 06:15 AM
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As the excerpt below from a news story on this shows, the program actually started under Bush.--TheCarolinaScotman


...yeah me neither...don't care who started the program--they're all playing fast and loose with our cash...

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englishmix 
Posted: 10-May-2010, 11:55 AM
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There simply is nothing left that is unbeleivable! How disgusting...

And who is on the Federal Reserve Board?...

And to whom are they accountable with our tax dollars (ie, or the debt for our tax dollars)?
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Patch 
Posted: 10-May-2010, 12:28 PM
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They are accountable to absolutely no one!!

You should read "The Creature from Jekyll Island" by G. Edward Griffin. There is a first edition (still in print) and a second edition out in 2009. It is about the creation of the Fed. and it's unholy control of our money!

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MacEoghainn 
Posted: 10-May-2010, 01:15 PM
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So exactly how does this math work? Last time I checked we have to borrow money to keep our government going. So as I understand this we borrowed some money from "somebody" (probably the Chinese or the Saudis) so we can "loan" it to the Europeans. Why don't we just cut out the middleman and the "somebody" can loan the money directly? rolleyes.gif


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Patch 
Posted: 10-May-2010, 02:04 PM
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In reality, it is faux money, created by the fed and destined to return as a gigantic ogre called hyper inflation!

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