Wednesday, May 12, 2010
No consequence if the ECB doesn't pay the Fed back!
Warren Mosler had this posted on his blog. Apparently these are the rules of swap contract that the Fed entered into with the ECB. It seems to suggest that if the ECB doesn't pay the Fed back, then the amount owed is just rolled over into a new swap, which just keeps getting rolled over and rolled over and rolled over?
Where is Congress on this?? Where are the Republicans in Congress?? Why isn't Bernanke out on his ass?? Where are the Tea Partiers? Where's Glenn Beck??
We are such patsies!!! When we help our own people there is outcry. When we give free money to the Europeans that never has to be paid back, no one says a thing!!!