"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

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Friday, April 1, 2011

Federal Reserve Loans Billions to Hugo Chavez

Actually they did no such thing but with the reports coming fast and furious out of Bloomberg this morning about Federal Reserve lendings to foreign banks, I could not resist the fictitious headline.

It is very rare that I agree with anything said by the Socialist Senator from the state of Vermont, but in this case I think he is echoing the sentiment many American citizens are expressing after learning of Mr. Bernanke and company's largesse with the what is effectively the property of the US taxpayer.  

Maybe this is the new policy - Loan 'em money first - get repaid and then bomb 'em next.

Libya-Owned Arab Banking Corp. Drew at Least $5 Billion From Fed in Crisis

By Donal Griffin and Bob Ivry - Mar 31, 2011 9:08 PM PT
Arab Banking Corp., the lender part- owned by the Central Bank of Libya, used a New York branch to get 73 loans from the U.S. Federal Reserve in the 18 months after Lehman Brothers Holdings Inc. collapsed.
The bank, then 29 percent-owned by the Libyan state, had aggregate borrowings in that period of $35 billion -- while the largest single loan amount outstanding was $1.2 billion in July 2009, according to Fed data released yesterday. In October 2008, when lending to financial institutions by the central bank’s so- called discount window peaked at $111 billion, Arab Banking took repeated loans totaling more than $2 billion. ......

.....

“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,” Senator Bernard Sanders of Vermont, an independent who caucuses with Democrats, wrote in a letter to Fed and U.S. officials.
http://www.bloomberg.com/news/2011-03-31/libya-owned-arab-banking-corp-drew-at-least-5-billion-from-fed-in-crisis.html
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4 comments:

  1. InsightApril 1, 2011 at 7:25 AM

    What a disgusting country we have become...added to the disgusting banking world, and creepy pols


    ... Time to dig in the garden for therapy, if not survival

    ReplyDelete
  2. hiptwistApril 1, 2011 at 8:44 AM

    This comment has been removed by the author.

    ReplyDelete
  3. AnonymousApril 1, 2011 at 10:25 AM

    I recommend FW Engdahl's books, for example "Full Spectrum Dominance", or "Gods of Money", which explain these geopolitical phenomena very convincingly. Google for his web site too.
    The elites want global control of oil, food and credit. All other considerations are irrelevant (like the crew in Ridley Scott's "Alien").

    ReplyDelete
  4. Tiger-Cat GreatApril 1, 2011 at 11:06 AM

    Not welcome here in Canada, George.

    http://news.sympatico.ca/home/contentposting_april/bush_family_to_move_to_alberta/0b1114ff

    ReplyDelete

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