Wisconsin native, conservative critic of everything.
"Once abolish the God, and the government becomes the God." ---G K Chesterton
"The only objective of Liberty is Life" --G K Chesterton
"Fallacies do not cease to be fallacies because they become fashions" --G K Chesterton
"A man can never have too much red wine, too many books, or too much ammunition." -- Rudyard Kipling
Wednesday, November 30, 2011
Now the Fed Monetizes Europe? Great!!
Perhaps DJIA loves auto-destruction of the US. It's popped as much as +400 points today.
The Fed -- along with central banks of the eurozone, England, Japan, Switzerland and Canada -- announced a coordinated plan to lower prices on dollar liquidity swaps beginning on December 5, and extending these swap arrangements to February 1, 2013.
A swap takes place when the Fed provides U.S. dollars to a foreign central bank, in exchange for the equivalent amount of foreign currency from that central bank.
The Fed will trade fiat USDollars for fiat European currencies--which are going (soon) into the black holes of Greece, Spain, Italy, and Portugal. Later, into Ireland.