Thursday, May 08, 2008

US intervenes to flood Europe with dollars

Just tell me how you will explain to your children and grandchildren why the government has saddled them with enormous debt.

I won't be able to do it.
The US Federal Reserve today led another intervention to ease global liquidity by joining the European Central Bank (ECB) and the Swiss National Bank (SNB) in efforts to flood the Continent with dollars while pumping a further $50 billion (£25.3 billion) into the American financial system.

In a way this makes sense because the world financial crisis was caused by the US, but...

Note: Headline links to source.

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