Fed Pumps Further $630 Billion Into Financial System – Not Tied To Failed Bailout Bill

Sept. 29 (Bloomberg) – The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed’s emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

The Fed’s expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone.


~ by spyaokid on September 29, 2008.

One Response to “Fed Pumps Further $630 Billion Into Financial System – Not Tied To Failed Bailout Bill”

  1. De Federal Guvmint main income comes frum taxes. To issue $630 Billion when dey ain’t got it means dey gotta borrow it. Dey issues interest bearin bonds to get it. De Federal Reserve gits de interest bearin Bonds n thru de magic a fiat money “poof” ders $630 Billion de Federal Guvmint suddenly got. All Federal Bonds is simply drafts on future tax receipts. $630 Billion in bonds means mo den (gotta pay de interest) $630 billion in increased taxes ta give de Federal Reserve. Now de Federal Reserve is 12 privately owned banks wid stock ownership by de BIG banks. Dey kin break de Federal Guvmint by throwin 90 years a collectin interest bearin bonds on de bond market. De Federal Guvmint gonna come up wid de bonds in spite a Congress. Go read about James II a England who closed Parlament n tried to tax England (and America) widout a Legislature.

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