Money madness

shanered

http://www.youtube.com/watch?v=n0NYBTkE1yQ

This video just shows the madness that is going on, Ireland is getting a similar deal except we are paying out of our pockets. Absolute disgrace in my opinion. What are everyone's opinion on this and the way money is illegally being thrown at banks.
All thought welcome!

Brief summary for the video is,
It is A US senator interviewing Ben Bernake, the chairman of the federal reserve, where the senator is asking which institutions recieved the 500 billion dollars from the federal reserve and he actually answers "I dont actually know", and the senator goes on to ask how can a small group on the federal reserve give half a billion euro to forgien banks and intitutions without going through congress, which is replied the federal reserve act of i think 1913.
Which the senator duely points out, we just gave more then GDP of the year that that act was written and there is no way the people writing it could have forseen such event happen such as the one pointed out.
I'd recommend watching the video tbh.
B
But as I was saying, this stinks of what happens to Ireland where the faith of our country was decided in an meeting that was at some late hour of the night without any vote in our elected parliment.
Where huge amounts of sums can be agreed to change hands without the people's elected representatives even getting a democratic vote, not that would matter to much in my opinion as the party whip would make sure things like this would go through anyway here, I still believe that there is legalities that will never be challenged on such deals as the one in US and the one that the Irish ended up getting.

Iwasfrozen

shanered wrote: »

http://www.youtube.com/watch?v=n0NYBTkE1yQ

This video just shows the madness that is going on, Ireland is getting a similar deal except we are paying out of our pockets. Absolute disgrace in my opinion. What are everyone's opinion on this and the way money is illegally being thrown at banks.
All thought welcome!

Why's it illegal?

shanered

Well did you watch the video?

Here is our finance minister saying that our deal was illegal, heres him saying it to Pat Kenny.

If you watch the first video, it shows the chairman of the Federal reserve very shaky and his grasp of the legalities are extremely vague.
Just comes across very dodgy, and I have to admit, i've never read the federal reserve act of 1913, so it comes across as illegal, so I may have to correct myself.


http://www.youtube.com/watch?v=2x59Ksq0A6o

What are your views on this?

Scofflaw

OP, please read the forum charter regarding posting videos without summarising them. Nobody has to watch a video, some people can't watch a video, and video-only posts are not acceptable.

If you want to edit the OP, and your following post, to include a summary of the video, rather than just telling people they should watch it, PM me, and I'll reopen the thread.

moderately,
Scofflaw

shanered

First post edited

meathstevie

What's so strange about it ? One central bank lends to a group of other central banks and they in turn use the money for their own activities. If you get a car loan for let's say €20000 the bank or credit union that provides it doesn't care if you buy a Volvo or a Volkswagen or wether you buy it in Dublin or in Galway. The only thing they want to see is the income the loan generates. By the way, 500 billion dollar isn't all that much if you take a look at the US national debt clock : http://www.usdebtclock.org/

shanered

Your analogy is a litle off, as when somebofy gives a loan they usually ask what it is for and who they are giving it to....both these questions remain unanswered here...

hmmm

I didn't watch the video, I couldn't be bothered.

it's a swap, it's part of normal Central Bank practice.

Grayson is only a Congressman, not a Senator. It's like the difference between a TD and a County Councillor.

The dollar did not rise by 30% on the back of this.

US GDP is 15 trillion, not less than 500 million.

There was a vote on the bank guarantee in the Irish parliament.

Central banks always exchange huge amounts of money without votes from politicians, that's the point of independent central banks.

Did I miss anything?

shanered

The amount was 500 billion which would make it 1/30th of their total GDP which you stated, which isn't pennies as you make it out to be.
Do you honestly not see anything even remotely remarkable about this?
Did you miss anything?
I would say the point to answer that.