The Fed's strategy for financial success: rob our children to make foreign bankers rich. But you see, all of these people are so compassionate. The Fed's behavior in the last few years has clearly been 'extra-constitutional', even if the Supreme Court won't rule it 'unconstitutional'.
If there are no constraints on how much the governing class can spend, then we are its slaves.
FINANCIAL TIMES: Non-US banks gain from Fed crisis fund: Half of emergency credit facility cash went to foreign institutions. Healthy ones in many cases — because the Fed didn’t want weak ones to be stigmatized.
Hat tip Instapundit
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