As I have repeatedly pointed out, American taxpayers have been bailing out foreign banks for years.
For example, I noted in May:
As the Wall Street Journal points out, the Federal Reserve might open up its “swap lines” again to bail out the Europeans:
As the Wall Street Journal points out, the Federal Reserve might open up its “swap lines” again to bail out the Europeans:
The Fed is considering whether to reopen a lending program put in place during the financial crisis in which it shipped dollars overseas through foreign central banks like the European Central Bank,Swiss National Bank and Bank of England.
At a crescendo in the crisis in December 2008, the Fed had shipped $583 billion overseas in the form of these swaps.
As the BBC’s Robert Peston writes:
There is talk of the ECB providing some kind of one year repo facility (where government bonds are swapped for 12-month loans) in collaboration with the US Federal Reserve.
See this for more information on swap lines.
Indeed, the Federal Reserve has been helping to bail out foreign central banks and private banks for years.
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