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Home Mediji Vijesti Monetary Orgies: Which Banks Borrowed FED's Financial Doping

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Here's a little cup of truth for you about the free market capitalism, drink it up: Money printing and market manipulation occurs every day; the banks were bankrupt, the governments were bankrupt; the banks are bankrupt, the governments are bankrupt! New reports show that the European Central Bank borrowed money from the Federal Reserve 271 times in recent years for a gross rolling total of $8 trillion. Question: What is money supply? Answer: The money supply is the total amount of financial instruments available within a specific economy at a specific point in time. Question: How money is created? Answer: Marriner Eccles - Governor of the Federal Reserve Board, confirmed 1941 in hearings before the House Committee on Banking and Currency that all money is created out of nothing as a debt, simply by the right of central bank to issue credit money.


Question: How would you best describe evolution and progress of humanity? Answer: A picture is worth a thousand words; let's take a closer look at that wording "our modern world has never been more secure, richer and better-run." Translation explanation: Global economic slavery and madness of a lost society. This is what a dumbed-down, morally bankrupt, completely broken society looks like, and this is how it behaves - no outrage over the bankers raping them, no outrage over their gutted industry, no outrage over their plundered currencies; just blind, wanton stupidity; just bread and circuses...




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Now, FED data shows that foreign banks were huge beneficiaries of emergency lending programs. Hedge funds, McDonald’s, Harley-Davidson and others were also bailed out. Money for nothing? The market was freezing up and effectively free money - courtesy of Uncle Sam, helped it thaw.

As Bloomberg notes, banks with headquarters outside the U.S. were among the first to begin using the facility in December 2007 and were also among its heaviest borrowers. These included the U.S. affiliates of banks such as Manama, Bahrain-based Arab Banking Corp. and Madrid-based Banco Santander.

There were more than 21.000 transactions through 11 different programs put in place by the Federal Reserve between December 2007 and July 2010 in attempt to stabilize the markets.

 

TAF Program:

- Societe Generale borrowed $124 billion

- Dresdner borrowed $123.3 billion

- Dexia borrowed $53.4 billion 

- Commerzbank borrowed $51.6 billion

- Deutsche Bank borrowed $39.5 billion

- Unicredit borrowed $62.210 billion

- Intesa San Paolo borrowed $5.9 million

- Barclays borrowed $232 billion

 

The U.S. subsidiaries of European financial institutions, led by Zurich-based UBS were among the largest users of a government program to provide emergency short-term funding to U.S. companies and banks during the credit crisis.

The European firms: Credit Suisse, Royal Bank of Scotland, Barclays and BNP Paribas also borrowed heavy amounts. Six European banks were among the top 11 companies that sold the most debt overall to the the Commercial Paper Funding Facility. They sold a combined $274.1 billion, according to data made public today by the U.S. central bank. UBS sold $74.5 billion, the most among all borrowers. The largest U.S.-based user was insurer American International Group, selling $60.2 billion.

Huffington Post reports two European megabanks got a windfall from the FED... Two European megabanks, Deutsche Bank and Credit Suisse were the largest beneficiaries of the Fed's purchase of mortgage-backed securities...

In addition to those desperate horror scenes, Daiwa Securities America, Mizuho Securities USA and Dresdner Kleinwort Securities all received support from the PDCF (primary dealer credit facility).

Many of these banks borrowed at ridiculously low interest rates.

Swiss National Bank (SNB): 114 borrowings, for a gross rolling total of $465 billion.

Bank of England (BOE): 81 borrowings for a gross rolling total of $918 billion.

 

The Fed also detailed the $1.25 trillion in mortgage securities it bought to revive the economy during the recession. The Fed bought the securities from Fannie Mae and Freddie Mac. Those purchases helped drive down mortgage rates and provided some support to the crippled housing market.

In addition, the Fed disclosed details on "swap" arrangements with foreign central banks. These swaps occurred when the Fed traded much-in-demand dollars for foreign currencies to try to ease credit. The foreign central banks, in turn, lent the dollars to banks in their countries.

TALF Progam: The biggest borrower by subscription is Calpers, with a total of about $5.4 billion. FrontPoint Michigan Strategic Partnership Investment entity borrowed $2.6 billion.

The CPFF was the only Fed program during the crisis that lent directly to non-financial companies, including Peoria, Illinois-based Caterpillar Inc., and Harley-Davidson Inc. in Milwaukee.

The transactions highlight the extraordinary steps taken by the Fed, and encouraged by both the Bush and Obama administrations, to save Wall Street from its own mistakes. Households and small businesses have not been as lucky. This year, Wall Street is poised to break yet another record for employee compensation and bonuses. Thanks to near-zero percent interest rates also set by the Fed, financial institutions are able to continue making easy money with minimal risk.

New documents show that the most loan and other aid for U.S. institutions over time went to Citigroup ($2.2 trillion), followed by Merrill Lynch ($2.1 trillion), Morgan Stanley ($2 trillion), Bear Stearns ($960 billion), Bank of America ($887 billion), Goldman Sachs ($615 billion), JPMorgan Chase ($178 billion) and Wells Fargo ($154 billion).

 

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Imaginary math - real power: Communism for the many and capitalism for the few, what a strange combination... People are slaves to religious monetary orgy of debt-money that God has provided...