$550B of loans to foreigners Music Video by Cpan

$550B of loans to foreigners

Cpan

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Description

Should we change FED RESERVE ACT OF 1914?
This is Congressman Alan Grayson questioning Federal Reserve Chairman Ben Bernanke on $550B of loans to foreigners (or 'central liquidity swaps' in Federal Reserve-ese'). Which financial institutions received this money? Bernanke's answer: I don't know. As the Fed was lending this money, the dollar increased by 30% in value. Grayson asks, was this a coincidence? Bernanke's answer: yes.