Paul calls for panel to grill Bernake on European BailoutsSubmitted by attackapathy on Tue, 03/27/2012 - 13:41
In violation of their own charter, Federal Reserve Manager William Dudley let it slip out in testimony that the Federal Reserve had begun a direct bailout of Europe by buying their sovereign debt directly. This is more foul than a simple currency swap scam which they had tried previously, or funneling 1.7 billion through the IMF to bailout greece. This is now America directly taking on European Debt. This has never happened before. As the reserve currency, there is no reason in terms of trading for America to do this, it is OTHER countries which hold American foreign reserves as America is the reserve currency. By beginning this move, to directly accumulate foreign debt, we are now pigs led to the slaughter. Because America will be used as a sponge to soak up the entire debt crisis in Europe, Europe will get saved, their banks will return to a strong footing, and then the American Pig will POP and no one will be there to save US. This is a crisis of biblical proportions leading to millions dead if this occurs. This is a doomesday scenario for America.
The Fed has placed a hundred-billion dollar bet on the future of the Euro, with the strength of the dollar on the line. This is absolutely irresponsible, and directly contrary to market discipline. Let private banks, European or otherwise, take their own risks. Let foreign central banks inflate their own currencies and suffer the consequences. In other words, it’s time to apply market principles to banks and money.
Ron Paul has called for hearings, but what will this accomplish. More non-debate with Bernake giving his “Oh Well I did it tough” look to Paul and it all just keeps happening until the world explodes? This is unacceptable. There needs to be a bill submitted in congress ...