Federal Reserve opens credit line to Europe

WASHINGTON – The Federal Reserve late Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent. Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan also are involved in the dollar swap effort.

The move comes after the European Union and International Monetary Fund pledged a nearly $1 trillion defense package for the embattled euro, hoping to calm jittery markets and halt attacks on the eurozone's weakest members. The ECB also jumped into the bond market Sunday night, saying it is ready to buy eurozone bonds to shore up liquidity in "dysfunctional" markets. The Fed's action reopens a program put in place during the 2008 global financial crisis under which dollars are shipped overseas through the foreign central banks.

In turn, these central banks can lend the dollars out to banks in their home countries that are in need of dollar funding to prevent the European crisis from spreading further.

news.yahoo.com...



Here it comes.......

(yes....I had to post this one...couldn't help it)

[edit on 9-5-2010 by David9176]

All chess

Now we look like we are a fine responsible nation with a solid currency

You must admit they play the game well... First to get the cold, is the first one on nursing duties.

Now if a company could only do criminal things, in the eye of the public that is...

We will change the guards and leave the criminals, ain't America grand?

[edit on 10-5-2010 by Janky Red]

reply to post by Janky Red


This is crazy. It's just crazy. I don't want our country to become Greece. This is insanity that they can just do this S without any other approval.

All chess

Soon it will be checkmate.

sorry to say but they only gave them
worthless paper.

it would of had a better purpose
if left in it's raw wood form and
made a tree house in the park
for the local community.

reply to post by boondock-saint


We're going down.

Cripes I wish they could just wipe the damn debt clean.

I don't know anything about the stock market...but won't this bump up stocks big time tomorrow?

dow futures up 240...i knew it.

www.bloomberg.com...

[edit on 10-5-2010 by David9176]

I'm not so distressed about the opening of swap lines per se but very 'excited' to see what comes of this massive step forward in their global economic order scheming. The IMF just got a whole lot more muscle. Very distressing.

Originally posted by David9176
reply to post by Janky Red

 

This is crazy. It's just crazy. I don't want our country to become Greece. This is insanity that they can just do this S without any other approval.

All chess

Soon it will be checkmate.

I think what I am getting at is, we are pulling a TP move...

We had everything to do with the problem, but now position ourselves in a way that
magically cleanses ourselves of that culpability.

Its a magical reestablishment of sorts

You see the result is now Americas capital APPEARS to be an antidote for the very disease it has helped create. Therefore our currency will look strong because we have helped the weak, for in this reality, appearance and confidence is god.

I am more worried that we thrive on the pure, unadulterated advocacy of BS.

Its ALL an illusion, hard work gets you beans, but BS, BS will give you a seat next to the lord himself.

You will notice the real money in America is the producing and selling the things that erode America itself. Sham Wows, Viagra, T.V Shows XYZ, Chinese everything, junk, crap lead suppositories and the like. We are geared on all sides to destroy ourselves and our way of life with our way of life, we are free to, so we will eventually because we are too small to see the errors of our ways. This would be the art of war and Kung Fu applied against America, use our energy and tendencies as the basis of attack,
which can then appear to be passive, without aggression.

Good luck all






[edit on 10-5-2010 by Janky Red]

Originally posted by David9176
reply to post by boondock-saint

 

We're going down.

Cripes I wish they could just wipe the damn debt clean.

I don't know anything about the stock market...but won't this bump up stocks big time tomorrow?

Ah a man who knows chess

I think that is the point of this whole thing

Rob us, watch it spread, save the next group inflicted, save them and be better off
then we were in the beginning.

Amazingness!

Markets are going to fluctuate up and down for the next couple of weeks. Last week it seems a lot of people dumped EUROs for USD but everyone in the financial world knows the US is in worse shape than Greece.

I find it disgusting that the Central Bank of Canada as well as the other central banks are going to dump the private sector bank F-UPS on the public sector taxpayers. The great thing is now we don't only have to cover GM screwups and others, now we have to cover European countries screwups also. This is total BS and now I just want everything to tank. Either scenario is going to end very badly for us the peons.

At least if the whole house comes down everyone gets hit not just us. Chaos will erupt but it's going to anyways so might as well get it going now and fix it for future generations.


I say we hit the "RESET" button on all debts. Who gives a flying F for the top 1% of the population that will get screwed by hitting "RESET".

They've been screwing us for centuries!

reply to post by Janky Red

I don't view this as an American thing or a Greece thing. I view it as an us vs the Elite thing. They have reiterated since the G20 that they'll bailout anything that might jeopardize their system. So inject the IMF with a cool trillion and can further implement its nation-state debt slave model on more and more countries even fully developed ones. It reduces democratic niceties and let's the banksters go about their evil business.


If there are any benevolent intentions in all of this I applaud them as global finance capital and complex products do indeed need to be reigned in.

We shall see.

reply to post by DEEZNUTZ

Concurrence dude.
Yeah, I think they're internationalizing that 'privatize the profit, socialize the loss' thing via the IMF.

Originally posted by Moonsouljah
reply to post by Janky Red

 

I don't view this as an American thing or a Greece thing. I view it as an us vs the Elite thing. They have reiterated since the G20 that they'll bailout anything that might jeopardize their system. So inject the IMF with a cool trillion and can further implement its nation-state debt slave model on more and more countries even fully developed ones. It reduces democratic niceties and let's the banksters go about their evil business.


If there are any benevolent intentions in all of this I applaud them as global finance capital and complex products do indeed need to be reigned in.

We shall see.

Well, I actually think we are a vital base for this plan, no greater ally in fact...

We protect greed here and we protect ALL business regardless of its legitimacy
or contribution to society, it is a part of our creed. The socialists are capitalists, who
practice socialism by practicing capitalism, in order to advance socialism and protect capitalism!

reply to post by Moonsouljah


There's so many threads on this already so you know the sentiment this is going to generate worldwide once it hits the press.

I'm just wondering what "Big Thing" is going to happen in the next few days to bury the financial news to page 3?

I'm thinking something big with the oil spill is going to develop. When the markets are bad something always comes in to save the news day. I've been watching the hurricane data lately, I just want them to get this cleanup going before one of those rolls threw. I saw the thread about the haybale solution. Those two gents are brilliant

There is no deal for Greece until the money is in their hands .They say they have reached a deal , does not mean they have signed it in .This is very vague rhetoric and a stall tactic .They have reached their deals for greece several times already .Then some party backs out or wants changes and new conditions . It is not in Greeces hands yet so don't bank on it . I have heard the same thing for weeks on end .As for the world economy lets just rip the band aid off and deal with it now !