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Forum Post: Former Fed VP Accuses Bernanke Of Bailing Out Europe Via Currency Swaps /// Will The Federal Reserve Devalue Dollar by 40% as Ben Bernanke Promised in 2002?

Posted 3 years ago on Dec. 28, 2011, 12:58 p.m. EST by MonetizingDiscontent (1257)
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Federal Reserve Secretly Bailing Out Europe

(((CNBC Video))) http://www.youtube.com/watch?feature=player_embedded&v=_u8tFqOIarc

Former Fed VP Accuses Bernanke Of Bailing Out Europe Via Currency Swaps

http://www.zerohedge.com/news/former-fed-vp-accuses-bernanke-bailing-out-europe-currency-swaps

-12/28/2011-

First it was Zero Hedge... http://www.zerohedge.com/news/foreign-currency-liquidity-swaps-aka-global-bail-out-plan-b-faqs ...Now it is the turn of a former Dallas Fed Vice President, Gerald ODriscoll, to outright accuse the Fed of bailing out Europe courtesy of "incomprehensible" currency swaps, and implicitly accusing Bernanke of lying that he would not bail out Europe even as he has done precisely that. And not only that: by cutting the USD swap spread from OIS+100 to OIS+50, the Fed has made sure it gets paid less than ever for extended Europe the courtesy of bailing it out all over again.

Incidentally, O'Driscoll says,

"America's central bank, the Federal Reserve, is engaged in a bailout of European banks. Surprisingly, its operation is largely unnoticed here."

One thing we can say proudly - it has been noticed loud and clear here:

The Federal Reserve's Covert Bailout of Europe

When is a loan between central banks not a loan? When it is a dollars-for-euros currency swap.

From the WallStreetJournal: http://online.wsj.com/article/SB10001424052970204464404577118682763082876.html?_nocache=1325091067684&user=welcome&mg=id-wsj
-DECEMBER 28, 2011-

America's central bank, the Federal Reserve, is engaged in a bailout of European banks. Surprisingly, its operation is largely unnoticed here.

The Fed