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Alan Grayson grills Ben Bernanke on Foreign Lending
"During his questioning of Federal Reserve Chairman Ben Bernanke before the House Financial Services Committee, U.S. congressman Alan Grayson (D), burst out laughing at Bernanke's hubris."
Grayson's questioning focused on the Fed's handouts to FOREIGN central banks in Europe and other countries. These "Central Bank Liquidity Swaps" rose from a total of $24 billion at the end of 2007, to over $553 billion by the end of 2008.
- Grayson: "So who got the money?"
- Bernanke: "Financial institutions in Europe and other countries."
- Grayson: "Which ones?"
- Bernanke: "I don't know."
- Grayson: "Half a trillion dollars and you don't know who got the money?"
When will indictments be issued? Do we still have a DOJ?
- Grayson: "Well, look at the next page [in Bernanke's written report], the very next page has the U.S. dollar nominal exchange rate, which shows a 20 percent increase in the U.S. dollar nominal exchange rate at exactly the same time that you were handing out half a trillion dollars. You think that's a coincidence?"
- Bernanke: "Yes."
- Grayson: "hah-hah-hah-hah!"
The Federal Reserve must be eliminated! If you are looking for real solutions...Our financial solutions are right in front of us if we take the time to look...the other side of the rainbow
Larry
END the FED before it ENDS US
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It's interesting to watch Bernanke's deterioration since this whole economic crisis started. Initially he was cocksure and rattled by nothing. Now, with Grayson questioning him, he looks like he's ready to have a stroke. They just may pull him before he cracks and put in the relief chair. Where's Volcker?
ao - I noticed that too but thought it was just me.
Larry
END the FED before it ENDS US
Good one Larry, it's just amazing how they throw it in our face and all the lemmings just continue to lead their lives as thou nothing is wrong. I wonder if Americans will ever care enough to examine this info on more than a sound bite. I find most don't want to spend more than 5 minutes looking at anything political or financial. And yet your talking about their future?