Federal Reserve opens credit line to Europe

Vatic Note:   Can someone please point out where this was authorized by Congress???  Was this included in the TARP bill?   I somehow missed the legal authorization for our fed to print money and dish it out to other foreign central private banks owned by Rothschild?   This also looks like the Globalizing we were warned about by saying there was a crisis and the only way to fix it was for the globe to come together on the economic crisis, which then is another  piece by piece globalizing  different sectors.   WHO for health, like the pandemic and vaccines, which turned out to be a disaster, and NATO, now fighting in afghanistan etc, and then Codex for natural remedies etc. 

Federal Reserve opens credit line to Europe
http://news.yahoo.com/s/ap/20100510/ap_on_bi_ge/us_europe_financial_crisis_fed/print 


By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer 1 min ago

WASHINGTON – The Federal Reserve on Sunday opened a program to ship U.S. dollars to Europe in a move to head off a broader financial crisis on the continent.

Other central banks, including the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank, are also involved in the effort.

The action reopens a program put in place during the 2008 global financial crisis. Under the program, dollars are shipped overseas through the foreign central banks. In turn, these central banks can lend the dollars out to banks in their home countries that are in need of dollar funding to prevent the European crisis from spreading further.

The Fed said action is being taken "in response to the reemergence of strains in U.S. dollar short-term funding markets in Europe."

The debt crisis first erupted in Greece and there are fears that it could spread to Spain, Portugal and other European countries. The crisis has pushed up demand for the U.S. dollar and has weakened the value of the euro, the currency used by 16 European countries.

The Fed said the action was being taken to "prevent the spread of strains to other markets and financial centers."

The Bank of Japan will be considering similar action soon, the Fed said.

The so-called "swap" line with the Bank of Canada provides up to $30 billion. Figures weren't provided for the other central banks. The arrangements were authorized through January 2011.

The Fed had wound down these crisis-era programs with other central banks in February, along with other emergency programs to get lending flowing more freely again and return stability to financial markets.

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