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Ron Paul:

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Video Details

Duration: 6 minutes and 15 seconds
Country: United States
Language: English
Producer: http://www.youtube.com/watch?v=FNNFVjBVEtQ
Director: mustwatch.eu
Views: 571
Posted by: reformy.cz on Dec 5, 2010

One may be forgiven to believe that via its FX liquidity swap lines the Fed only bailed out foreign Central Banks, which in turn took the money and funded their own banks. It turns out that is only half the story: we now know the Fed also acted in a secondary bail out capacity, providing over $350 billion in short term funding exclusively to 35 foreign banks, of which the biggest beneficiaries were UBS, Dexia and BNP. Since the funding provided was in the form of ultra-short maturity commercial paper it was essentially equivalent to cash funding. In other words,

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