U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.
Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request. Dublin-based Depfa Bank Plc, taken over in 2007 by a German real-estate lender later seized by the German government, drew $24.5 billion.
The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record.
This is absolute crap. The Fed is for US banks, not for international banks. But I suppose it is no wonder considering the fact that global power players watch each others' backs. The Fed is nothing more than an play thing for the important people of the world.
Originally posted by KazetNagorraI'm suggesting that foreign banks should not be able to borrow US Fed money. They can operate, but the Fed is supposed to be for US banks. Let banks from other countries borrow money from their own version of the Fed.
Are you suggesting foreign banks should not be able to operate in the US?
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Originally posted by EladarAssuming it is legal, it all boils down to whether the actions benefit your interests enough to tolerate it.
[b]U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.
Dexia SA (DEXB), based in Brussels and Paris, borrowed as much ...[text shortened]... hers' backs. The Fed is nothing more than an play thing for the important people of the world.
Originally posted by EladarPlenty of US banks operate around the world and much of the US economy relies on foreign investment. It's called globalisation and the US is a huge participant.
I'm suggesting that foreign banks should not be able to borrow US Fed money. They can operate, but the Fed is supposed to be for US banks. Let banks from other countries borrow money from their own version of the Fed.
There is no strictly US financial market. But there is a US economy which depends on the globalised financial markets. Not sure how you envisage the US opting out of that, and what the countless other countries subjected to it at the insistence of the US would respond if it was tried. Start with asking who invests in the bonds keeping the US economy afloat. Clue - not primarily Americans!
Originally posted by EladarOh I see, so different rules for different banks. Not very capitalist of you.
I'm suggesting that foreign banks should not be able to borrow US Fed money. They can operate, but the Fed is supposed to be for US banks. Let banks from other countries borrow money from their own version of the Fed.
Originally posted by KazetNagorraIf the Fed is nothing more than a private bank, then do away with it. There is something fudnamentally wrong with a private business controlling the nation's currency.
Oh I see, so different rules for different banks. Not very capitalist of you.
If the Fed is a branch of the US government, then it should serve it's purpose: to provide a central bank for US banks.
Originally posted by EladarGlobalists run the US now and have for some time. That is why they don't enforce borders or bother to notify Congress when the US goes to war etc. In fact, globalism is why we go to war now.
If the Fed is nothing more than a private bank, then do away with it. There is something fudnamentally wrong with a private business controlling the nation's currency.
If the Fed is a branch of the US government, then it should serve it's purpose: to provide a central bank for US banks.
Now we are all just one big happy family!! 😵
Originally posted by whodeyIts good to see you're not making any secret of the fact your views are fueled by conspiracy theories.
Globalists run the US now and have for some time. That is why they don't enforce borders or bother to notify Congress when the US goes to war etc. In fact, globalism is why we go to war now.
Now we are all just one big happy family!! 😵
Originally posted by whodeyMake up your mind - is it globalism or statism?
Globalists run the US now and have for some time. That is why they don't enforce borders or bother to notify Congress when the US goes to war etc. In fact, globalism is why we go to war now.
Now we are all just one big happy family!! 😵
Originally posted by generalissimoSo you deny that globalism is reality in today's geopolitical arena? Who said anything about conspiracies? I know of many people that think its just great when the President of the United States goes to war because a world wide governing body tells him to do so without so much as consulting Congress.
Its good to see you're not making any secret of the fact your views are fueled by conspiracy theories.
Originally posted by whodeyGlobalization is not the same as a new world order, whodey.
So you deny that globalism is reality in today's geopolitical arena? Who said anything about conspiracies? I know of many people that think its just great when the President of the United States goes to war because a world wide governing body tells him to do so without so much as consulting Congress.