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News Link • Ron Paul Says...

A Fistful of Euros

•, by Ron Paul

This week, my congressional committee will hold a hearing to examine how the Federal Reserve bails out European banks, propping up spendthrift European governments in the process. Unfortunately, this bailout comes at the expense of American citizens, in the form of higher prices and diminished savings down the road.

A good analysis of the Fed's "swap" scheme first appeared in the Wall Street Journal back in December, in an article by Gerald O'Driscoll entitled, "The Federal Reserve's Covert Bailout of Europe." Essentially, beginning late last year the Fed provided US dollars to the European Central Bank in exchange for Euros − sometimes as much as $100 billion at a time. The ECB then funneled those dollars to European banks to provide liquidity and prevent crises from bank insolvencies.

4 Comments in Response to

Comment by Ana Panot
Entered on:

I fully understand what you mean when those ignorants from the "lunatic fringe" want to get rid of the Federal Reserves and without it run the economy like a "headless chicken". Who still doubt that nuisance presidential candidate Ron Paul is "unelectable"?

Comment by Joseph Vanderville
Entered on:

This wealthiest country on the planet has to spend money to protect its own interest, and for the security and well-being of the world economy -- not only that of Europe -- iin order to secure the economy of this nation as it is placed on its rightful place. The Marshall Plan type of assistance and economic build-up that we undertake has been done because it is our dollar -- yours and mine -- that makes it possible.  This is a crude way of illustrating to those who have no idea about the role we play in international economics, just to give them a hint.

Comment by Christopher Cellone
Entered on:

I do not only agree but also fully endorse what you are saying Mr. Tan. Ron Paul and followers will ruin this country out of their out-of-control anti-Government hostilities, not to speak of dangerous ignorance! They don't understand what the Fed is doing, and yet want to abolish it. It 's like saying in economics, that it is okay for a headless chicken to run the economy of this richest and mightiest country on the planet! Well, they are without doubt, delusional. That would never happen!

Comment by Venancio Tan
Entered on:

What international economics Ron Paul and you people understand when the Federal Reserves made a move to strengthen the Euro? Pathetically, nothing! You just want to print out your hatred against the Fed -- that the Fed did it at the expense of the American taxpayer.  That's all what you know. You cannot get out from your mental fixation that the Government and the Federal Reserves have a compact of the Devil that sends the American people to hell. That's so sick! The Marshall Plan -- if you ever heard of it -- will give you an idea why the fall of Europe could be our own demise as well. But from Adams, you don't even have the faintest idea what I am talking about, or what the Federal Reserves is doing to cover your fat behind. That's the real problem when you listen to Ron Paul's street economics then start to believe them! That's why Ron Paul wants to abolish the Department of Education in order to create a base of ignorant followers who without education, would believe and follow him. That's sickening!

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