December 1, 2010

Tell me that this is not true: USA to bail out the EU

And we have been propping them up since 2008. From the Financial Times:
Fed reveals global extent of its backing
Rivers of ink have been spilt on the crisis that gripped the world�s financial system between 2007 and 2009.

Yesterday�s huge release of data by the US Federal Reserve chronicles a similar story, but in numbers. A lot of numbers.

The Fed�s release, prompted by an order from Congress, details more than 21,000 transactions that enabled US authorities to dole out $3,300bn to banks and companies in the worst downturn since the Great Depression. The picture is one of a global financial system in desperate need of short-term funding.

In the credit boom that preceded the crisis, short-term debt and loans became the lifeblood of modern finance. When they dried up in 2007 after the collapse of the US housing market, banks and hedge funds were left gasping for air.

From huge multinationals such as Citigroup and General Electric to small funds and Germany�s Landesbanken, the list of participants to the six Fed programmes is a who�s who of modern finance.
The United States Federal Reserve is a private bank and needs to be operated as one. The call to Audit the Fed is now louder than ever. From CNBC - tossing away good money after bad:
US Ready to Back Bigger EU Stability Fund: Official
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.

"There are a lot of people talking about that. I think the European Commission has talked about that," said the U.S. official, commenting on enlarging the 750 billion euro ($980 billion) EU/IMF European stability fund. "It is up to the Europeans. We will certainly support using the IMF in these circumstances."
But we want the Europeans to liiiike us... What a fscking crock. The EUs economy is failing and with us guaranteeing them more operating capital, they will continue to fail and drag us down with them. If you give a junkie $1,000 he will be very happy. Will he go straight? No. No incentive and he will hit you up for another $1,000 when the first one is all gone. A bunch of morons are running once-great nations into the ground and the damn fools keep pushing on. Posted by DaveH at December 1, 2010 6:52 PM
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