While all eyes were focused today on the Fed's rate cut, the big news was the Fed's latest cockamamie effort to save world.
Indeed, just when you thought the insanity couldn't get crazier, the Fed announced it's now going to funnel a massive $120 billion of U.S. funds into Brazil, South Korea, Singapore, and Mexico.
And that's on top of the IMF bailouts already committed to the Ukraine ($16.5 billion), Iceland ($2.1 billion), and Hungary ($25.5 billion)! Full Story.
Fed Opens Swaps With South Korea, Brazil, Mexico, Singapore
By Craig Torres and William Sim
Oct. 29 (Bloomberg) -- The Federal Reserve agreed to provide $30 billion each to the central banks of Brazil, Mexico, South Korea and Singapore to boost the availability of dollars in emerging markets.
``The Federal Reserve has authorized the establishment of temporary liquidity swap facilities with the central banks of these four large systemically important economies,'' the U.S. central bank said in a statement. The swap lines will be in place through April 30, the Fed said. Full Story.
Citizen's Savings & Loan Assn v. Topeka, 20 Wall (87 US) 655, 664 (1874):
"To lay, with one hand, the power of the government on the property of the citizen, and with the other to bestow it upon favored individuals to aid private enterprises and build up private fortunes, is none the less robbery because it is done under the form of law and is called taxation. This is not legislation. It is a decree under legislative forms."
Petition for Redress Regarding the private FEDERAL RESERVE
The Federal Reserve Is Inflating at 341% per Annum. (Don't Look for the Decimal Point.)
October 24, 2008
I have never seen anything like this. The adjusted monetary base over the last eight weeks has risen at 341% per annum. The increase in the monetary base is $300 billion. Click Here to see charts.