Total Fed Lending to Depository Institutions
Via Ambrose Evans-Pritchard, comes this chart: Wow!
Total Borrowings of Depository Institutions from the Federal Reserve, Monthly, Billions of Dollars (Not Seasonally Adjusted)
click for humungo chart
Source: St Louis Fed
Pierce adds:
"This is helicopter policy already. It is what happens when the Fed manouvres itself into such a dire position that it has to invoke the "unusual and exigent circumstances" clause of the Federal Reserve Act (Article 13, 3)."
Source:
Whoops!
Ambrose Evans-Pritchard
29 May 2008 at 18:42 http://blogs.telegraph.co.uk/business/ambrosevanspritchard/may2008/whoops.htm
Tuesday, June 03, 2008 | 11:59 AM | Permalink
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Comments
On a diffrent note Bernanke said today:
...The Fed is "attentive to the implications of changes in the value of the dollar for inflation and inflation expectations, and will continue to formulate policy to guard against risks" to price stability and sustainable growth, according to Bernanke.
Over time, Fed policy will be a key factor "ensuring that the dollar remains a strong, stable currency," he said. "In collaboration with our colleagues at the Treasury, we continue to carefully monitor developments in foreign-exchange markets."
http://www.marketwatch.com/news/story/bernanke-defends-dollar/story.aspx?guid=%7B1EBCD78C%2DCB1B%2D444B%2DA821%2D987EF69A841B%7D
Posted by: N | Jun 3, 2008 12:06:24 PM
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