The US Congressman from Florida , Alan Grayson focused on the Fed’s handouts to Foreign Central Banks. These “Central Bank Liquidity Swaps” rose from a total of $24 Billion at the end of 2007, to over $553 Billion by the end of 2008.
Grayson: “So who got the money?”
Bernanke: “Financial institutions in Europe and other counries.”
Grayson: “Which ones?”
Bernanke: “I don’t know.”
Grayson: “Half a Trillion Dollars and you don’t know , Who Got the Money?”
Grayson: “Well, look at the next page – the very next page has the US Dollar nominal exchange rate, which shows a 20 percent increase in the US Dollar nominal exchange rate at exactly the same time that you were handing out Half a Trillion Dollars. You think that’s a Coincidence?”
Is Anyone Minding the Store at the Federal Reserve? The Question of the Day: ” SO WHO GOT THE MONEY? ” – Alan Grayson