Prophet & seer Jim Rogers says U.S. Dollar is doomed; let banks fail; abolish the Fed

"Why would anybody listen to [Paulson/Bernanke]?" "Abolish the Federal Reserve."

"Let banks fail!"

"Let Fannie and Freddie go bankrupt." "Dollar is doomed." Using taxpayers' money to buy 'bullshit maseratis'

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Submitted by Nepos Libertas on Fri, 2008-10-03 12:52.

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The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

..just like bailing out a house in New Orleans..

Grim Reaper | Sat, 2008-10-04 23:29

$630 billion was $700 billion less the RESERVE 10%

The Fed acted like one of it's member banks, creating $630 billion from air while Reserving only 10% of the $700 billion it BORROWED from Congress?

I don't fully understand this maneuver, but the significance of that ratio is not without meaning.

Claymoremind | Sun, 2008-10-05 02:06