September 17, 2011
On the QT and very, 'Hush Hush'
Yesterday, we reported that the Federal Reserve was participating in an effort by the biggest central banks in the world to assure liquidity to big european banks who were on the brink of suffering a credit meltdown similar to what occurred here in 2008. It's a hair on fire move by the central banks to stave off disaster - at least for a little while. And the commitment is open ended, meaning that the Fed and other CB's will do whatever necessary to keep the banks afloat. You would think such a significant commitment by the US central bank would necessitate some kind of press release or statement from Chairman Bernanke. Think again: Look at the post yesterday from the BoE, "Additional US dollar liquidity-providing operations over year-end". At the end of that press release, there is a link to the statement of every other central bank participating in the liquidity measure... except the Fed. In fact, I was looking for the Fed statement yesterday and didn't find it. And...(Read Full Post)