Just wunnerful

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Bad enough that we bail out our own "entities too big to fail". Now we are "helping" the Euro. From The Blogmocracy:
Fed to provide more �liquidity� for the Euros
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 financial 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.
Fscking congenital idiots -- not content to pole-ax our own economy, they are also wrecking the rest of the world.

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This page contains a single entry by DaveH published on November 30, 2011 5:04 PM.

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