New Zealand Gets 9 Billion From The Fed

This is Congressman Alan Grayson questioning / grilling Federal Reserve Chairman Ben Bernanke

on $550B of loans to foreigners

(or ‘central liquidity swaps’ in Federal Reserve-ese’).

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Which financial institutions received this money?

Bernanke’s answer: I don’t know.

As the Fed was lending this money, the dollar increased by 30% in value.

Grayson asks, was this a coincidence? Bernanke’s answer: yes.

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