The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bankâ€™s role in global financial markets.
â€œThe caricature of the Fed is that it was shoveling money to big New York banks and a bunch of foreigners, and that is not conducive to its long-run reputation,â€ said Vincent Reinhart, the Fedâ€™s director of monetary affairs from 2001 to 2007.
Two thirds of all US Corporations don't pay their taxes anymore, infact they're just given more free money from the FED -International banking cartel. To them there are no borders, no sovereignty,no rights, no unions. Just greed. Governors and state governments across US are introducing bills to abolish state income tax on corporations, while the 'working folk (those who have jobs) have shitty jobs, for less money.
What was said then is as true today, they have moved on.
Billions/ trillions of Dollars,euros,yen,yuan. what does it matter to the majority of the people on this planet this figures of money are inconceivable.
What was predicted is coming true.
Quote:NANJING, China (AFP) - French President Nicolas Sarkozy and US Treasury Secretary Timothy Geithner on Thursday called for more flexible exchange rate regimes as G20 nations met on global monetary reform in China.
The pair, speaking at the start of a day of talks in the eastern city of Nanjing, also called for a widening of the basket of currencies underlying the IMF's international reserve asset, while keeping the dollar and euro stable.
The West wants to see the yuan become part of the International Monetary Fund's Special Drawing Rights (SDR) basket as part of its efforts to prod Beijing into opening up its tightly managed and controversial currency regime.
"It's clear we must move towards a more flexible exchange rate system that would allow the world to absorb shocks. But this system cannot evolve without rules, coordination and oversight, or instability will prevail," Sarkozy said.
Geithner echoed his comments, saying the gap between flexible and managed exchange rate policies -- and the problems such a divide creates -- was "the most important problem to solve in the international monetary system today".
"This asymmetry in exchange rate policies creates a lot of tension," Geithner said, noting that it "magnifies upward pressure" in emerging markets with flexible exchange rates and "intensifies inflation risk in those emerging economies with undervalued exchange rates" -- a clear reference to China.
The seminar -- bringing together ministers and central bankers from the world's leading economies, as well as a select group of academics -- was organised by France, which holds the Group of 20's rotating presidency.
French Finance Minister Christine Lagarde hailed the meeting as a "real success" and said participants had agreed on the need to expand the role of the IMF to monitor global economic imbalances.
The meeting, which took place as the global recovery faces major hurdles such as Japan's quake-tsunami disaster and the ongoing eurozone debt woes, aimed to hone in on key ways to reform the monetary system.
China had ruled out any discussion of its exchange rate regime despite ongoing criticism that the yuan is massively undervalued, giving its exporters an unfair trade advantage, but the issue nevertheless surfaced.
Chinese Vice Premier Wang Qishan vowed Beijing would "work with the rest of the international community" to ensure the "economic order will move towards a just and equitable and win-win direction".
Sarkozy called on the G20 to agree on a timetable for widening a basket of currencies determining the value of the SDR, which now only includes the dollar, euro, yen and pound.
"Isn't it time to agree on a calendar for the expansion of the SDR basket to new currencies from emerging nations, such as the yuan?" Sarkozy said.
"We must support the inevitable internationalisation of the world's major currencies," he added.
"This of course does not mean calling into question the crucial roles of the dollar and euro, which must remain stable."
Geithner said those countries whose currencies eventually become part of the SDR basket "should have flexible exchange rate systems".
Nobel prize-winning economist Robert Mundell agreed, telling reporters that an expansion would enable the IMF to "help Europe more and other countries that are in financial difficulties".
Chinese central bank governor Zhou Xiaochuan welcomed the calls but said Beijing was not in a hurry for the yuan to be added to the basket, Dow Jones Newswires reported.
European Central Bank President Jean-Claude Trichet said such a move would depend on the yuan being fully convertible and free-floating.
Including the yuan in the basket would "entail a hefty appreciation" of the unit, and China is "unlikely to be able to stomach the necessary steps", Alistair Thornton, a Beijing-based analyst for IHS Global Insight, told AFP.
At a meeting in Paris in February, the G20 agreed to a set of indicators to measure economic imbalances between surplus exporters such as China and nations with structural deficits such as the United States.
In Nanjing, though, such imbalances "will not be at the centre of discussions," one Western diplomat said earlier.
IMF chief Dominique Strauss-Kahn urged countries to take steps to reinforce the global monetary system, warning failure to do so would leave it "vulnerable".
"The international monetary system we have is not broken, but it has serious holes in it -- holes that get bigger and bigger as globalisation increases," he said.
Japan's Vice Finance Minister for International Affairs Rintaro Tamaki told reporters on the sidelines of the meeting the yen was "quite stable" since Japan and its G7 partners vowed to halt the currency's rise.
It seems they need to get China on board to carry out the 'reforms' to the international banking system. Wanting to add the yuan currency to the IMF'S SDR system, means another step toward a one world currency. They can't do that until they have one of the world's biggest economy's along for the ride.
A decent read on this here as well, that brings the magnifying glass a wee bit closer to Citicorps activities.
Defy the Monster that shall eat thy Children,,, Thou, shall not,,,
FEED THE MONSTER THAT CONSUMES YOUR CHILDREN !
The Monster has very Long and Sharp Fangs, that reach even the most remote of refuges.
anything you owe money to a bank/Finance Company for, STOP FEEDING IT!!!
LET THEM EAT THAT CAR/HOME/GADGET/EVERYTHING YOU OWE MONEY ON.
STOP BUYING ANYTHING YOU CANNOT EAT, OR RIDE ( Bike, skates,scooter)
drop the ƒück out of the GRID.
TURN OFF THE UTILITIES
DO NOT BUY OIL PRODUCTS/CHEMICALS/AND THE BY-PRODUCTS THEREOF.
Industrialization of this PLANET has had HUMANS enslaved for generations .
It is a MONSTER
YOU ( finger in your face) KILL/STOP the Monster NOW, and your children will be far greqater for it.
ƒück what our Fathers did to create the Monster.
ƒück those who carry FOOD to it and Keep it alive
YOU, change from that pattern NOW.
or,, stop your groveling and carry on the tradition .
simple that,,, 'eh ?
Get the ƒück out of Dodge///Chrysler///Plymouth////Chevy///Ford///Buick//Olds///Pontiac///
STOP,,, shut the ƒück up,,, walk out and sell your shït right NOW
off it, you do not NEED any of it.
Dump the Debt
be Debt FREE
Give away anything you do not NEED to survive on minimal
Forget about that ƒükking Hawaian Vacation
use the Money instead, to keep you Fed.
Jets use FUEL,,, why use them?
Otherwise,,, you are just sniveling ,,, Now,,, go do it.
Make the BANKS PAY
and when they go BROKE
HOMESTEAD THE EMPTY OFFICES THEY LEAVE.
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