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Chairman Bernanke Bails Out Europe

Steve Weissman writes in Salon:

Warning that America’s sputtering economic recovery was grinding down, this week the Federal Reserve noted in classic Fed-speak that “strains in global financial markets continue to pose significant downside risks to the economic outlook.” But the Fed and its soft-spoken chairman Ben Bernanke announced nothing new to fix those strains. And they said even less about the steps they were already taking to prop up the staggering banks in Europe.

Bernanke’s silence speaks loudly of the strange and controversial role that America’s central bank now plays in global finance. ... in contrast to his predecessors as Fed chairman, Bernanke has increasingly talked up the full-employment mandate to justify increasing global intervention.

Read the article for more, including a former Fed VP's expose, “The Federal Reserve’s Covert Bailout of Europe.”:


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