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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: John who wrote (36781)	4/3/2011 9:06:21 AM
From: Giordano Bruno	1 Recommendation Respond to of 71479

Fed Showered Money On Foreign Banks ...“It is incomprehensible to me that while creditworthy small businesses in Vermont and throughout the country could not receive affordable loans, the Federal Reserve was providing tens of billions of dollars in credit to a bank that is substantially owned by the Central Bank of Libya,” said Senator Bernie Sanders (I-Vt.) In another twist highlighted by the statement from Sen. Sanders’ office, it turns out that the Libyan-owned bank was using U.S. Treasury securities as collateral for the low-interest loans from the Fed — effectively borrowing money for virtually no interest from the central bank, then loaning it to the U.S. government for a big profit at taxpayer expense. Of course, countless banks were using that same strategy to rip off taxpayers, as reported by The New American last year in a piece exposing the central bank’s manipulation of markets. But the Arab bank was unique in that it was partly owned by the Libyan dictatorship — a regime supposedly under strict U.S. economic sanctions. thenewamerican.com