Bernanke's $600 billion stealth bailout of foreign banks revealed.

Monday, June 13, 2011

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Binyamin Shalom Bernanke
A photograph of the Chairman of the US Federal Reserve Board

Bernanke's $600 billion stealth bailout of foreign banks revealed. US QE2 money wired offshore at expense of American domestic economy.
Ben Bernanke's helicopter flew to Europe to discharge much of America's second round of quantitative easing (QE2) funds. The idea seems to have been to protect the EuroZone from financial collapse by propping up its zombie banks with US funds. Unless the fiat money casino in Europe could be stabilised, the American casino would crash in sympathy.

The biggest beneficiary the US Fed's generosity during the peak of the credit crisis was Dexia (Belgium). Instead of doing everything in its power to stimulate cash accumulation at domestic US banks, which would in turn encourage lending to US borrowers, in the last seven months the privately owned and privately motivated US Federal Reserve Board has been quietly rerouting $600 billion in newly created US capital from potential US borrowers to insolvent foreign financial institutions. QE2 was nothing more than a European bank rescue operation.

Against this background, and with the EuroZone once again staring down the vortex as European banks massively reduce their exposure to Greek, Irish, Portuguese and Spanish debt in expectation of a chaotic tumble of sovereign defaults, the case for QE3 in the US appears to be a done deal.

Update here (13.06.11). And more on the imminent ECB / EuroZone meltdown here (13.06.11), here (12.06.11) and here (12.06.11).