“We have no plans whatsoever to be involved in any foreign bailouts or anything of that sort.”
-Ben Bernanke, February 24, 2010.
And now the truth comes out. Turns out the Fed did in fact bail out European banks, the Fed even bailed out the European Central Bank.
“Foreign banks also benefited from the Fed’s aid. They included Swiss bank UBS, which borrowed more than $165 billion, Deutsche Bank ($97 billion) and the Royal Bank of Scotland ($92 billion). Among the largest recipients were foreign central banks, such as the European Central Bank, Bank of England and the Bank of Japan. They borrowed huge amounts of dollars from the Fed to assist their own banks.”
Fed ID’s companies that used crisis aid programs
“The United States would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, a U.S. official told Reuters on Wednesday.”
US Ready to Back Bigger EU Stability Fund: Official
“The biggest users of the Fed lending programs were some of the world’s largest banks, including Citigroup, Bank of America, Goldman Sachs, Swiss-based UBS and Britain’s Barclays, according to more than 21,000 loan records released Wednesday under new financial regulatory legislation.”
Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms
So where did the Fed get these trillions of dollars to bailout anybody and everybody? They created it, out of thin air mind you. Didn’t exist before the crisis, so they just printed it. And how does this new money obtain value? It steals value from the preexisting money in people’s bank accounts, pension plans, CD’s, money market funds, stocks, savings, etc. It’s counterfeiting when an individual in the private sector does it, and its counterfeiting when officials in Washington DC do it. We are being ripped off. These are the circumstances that will lead to the Dollar’s demise. The bailouts are only just beginning.