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11-21-2010, 05:44 AM #1
Which Foreigners Got the Fed's $500,000,000,000?
http://www.youtube.com/watch?v=n0NYBTkE1yQ
This is Congressman Alan Grayson questioning Federal Reserve Chairman Ben Bernanke on $550B of loans to foreigners (or 'central liquidity swaps' in Federal Reserve-ese').
"Which financial institutions received this money? Bernanke's answer: I don't know."
As the Fed was lending this money, the dollar increased by 30% in value. Grayson asks, was this a coincidence? Bernanke's answer: yes.
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