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Central Banks Offer Extra Funds to Calm Money Markets
John Fraher and Simon Kennedy
Bloomberg
Thursday, Sept 18, 2008
The Federal Reserve almost quadrupled the amount of dollars central banks can auction around the world to $247 billion in a coordinated bid to ease the worst crisis facing financial markets since the 1920s.
The Fed increased the amount of dollars that the European Central Bank, the Bank of Japan and other counterparts can offer from $67 billion “to address the continued elevated pressures in U.S. dollar short-term funding markets.” The Bank of England, the Bank of Canada and the Swiss National Bank also participated.
Policy makers have struggled to revive confidence in markets this week as investors stockpiled money on concern more financial institutions would fail after the bankruptcy of Lehman Brothers Holdings Inc. and the U.S. government bailout of American International Group Inc. The cost to hedge against losses on U.S. government debt climbed to a record yesterday.
(Article continues below)
“There’s a complete lack of faith in the markets,” said Jim O’Neill, chief economist at Goldman Sachs Group Inc. in London. “There’s a lot of cash hoarding and people losing trust in banks, so the central banks are acting to relieve that. This might not be the last time they have to act.”
Markets welcomed the announcement, which was made in statements from each central bank at 9 a.m. Frankfurt time at the start of European trading. The cost of borrowing dollars overnight slid to 3.84 percent from 5.03 percent yesterday. It was 2.15 percent last week and reached the highest since 2001 on Sept. 15.
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12 Responses to “Central Banks Offer Extra Funds to Calm Money Markets”
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September 18th, 2008 at 11:13 am
quick everyone, get your calculators out, lets all just assume they are going to keep printing money like crazy
September 18th, 2008 at 11:16 am
And Russia’s markets reamain closed logically. Why should they allow the economy of ostensibly an enemy country to cause another financial collapse like in 1998?
September 18th, 2008 at 12:01 pm
it will be a global depression !!!!!!!!!!!!!!!!!!!
youtube.com/goldieshome
September 18th, 2008 at 12:11 pm
While the Fed keeps inflating the dollar, the russians are making sure that won’t happen to the ruble – sure it gets weaker in terms of exchange rates, yet it won’t get destroyed like the dollar will + there the inflation won’t get nearly as bad as everywhere else…
Russia is debt-free, practically self-sufficient in terms of energy and food – hell, makes me want to move there…
September 18th, 2008 at 12:46 pm
The biggest obstacle the Fed has at this time is that there are only 24 hours in the day and only seven days a week to run the presses. Expect to see new legislation in congress soon to slow down the rotation of the planet to incorporate four work shifts in a day. Getting eight days in a week might take a little longer (no pun intended), but give them a little wiggle room and I’m sure Bernie and his bottom-feeding cronies will figure out something.
http://blindboybroadcasting.podomatic.com
September 18th, 2008 at 12:52 pm
This is nothing more than a Set Up for Americans. People will start selling everything they own at a dirt cheap price, and who are the buyers of your assets? BANKS. it’s a funny cycle but yeah, this is how they control the Econonmy. No matter who wins in NOVEMBER, BANKERS rule the WORLD.
September 18th, 2008 at 2:24 pm
Ralph, Ron, & Cynthia:
Now they’re planning the crime of the century
Well what will it be?
Read all about their schemes & adventuring
It’s well worth the fee
So roll up and see
How they rape the universe
How they’ve gone from bad to worse
Who are these men* of lust, greed, & glory?
Rip off the masks & let’s see
But that’s not right, oh no, what’s the story?
There’s you & there’s me
That can’t be right
September 18th, 2008 at 3:49 pm
The problem itself is because they have too much “crack” credit; paper liquidity, and their solution they say is to offer more crack… anyone smell rats? About three months ago they engineer a phony paper move in the gold market to prop up the falling dollar. Banks begin failing and then the Federal Reserve steps in to prop up AIG with a… LOAN. The Federal Reserve is NOT a public bank or branch of the government, it’s a private business. And all this loan will do is throw more paper on the market because it IS inflation of the money supply. That means a private business, the FEDERAL RESERVE, just got their hooks into a major asset at basement prices and YOU paid for it by the devaluation of YOUR currency and the inflation of commodity prices.
Did YOU know that YOU are working for free for the Federal Reserve, because they’re certainly not paying you for this service are they!
September 18th, 2008 at 4:33 pm
Can you beat that! $247 billion to calm money markets or stabilize global economy which the American money markets directly impact upon and $612 billion for defense budget (more like attack budget if you ask me). Now, if that isn’t sick then that word is extant!
September 18th, 2008 at 5:14 pm
So how much longer till the alchemists at the central banks have purchased controlling interest in everything with money created form the ether?
September 18th, 2008 at 8:52 pm
The Demons of Debt
There’s an ancient
wicked woman
with a toadstool in her heart
and she babbles from a shadowbox
that keeps us all apart
and she whispers of a bonesmen
who will hammer on your door
with blue mold eyes
and yellow teeth
encased with stolen gold
they have strange and secret numbers
hidden in their evil cards
with booze and songs
and whoring women
hidden in its fold
they’ll turn you into debtor slaves
forever in the wrong
and feast upon your childrens blood
who’ve dug your early graves.
mdsawyer
September 19th, 2008 at 3:00 am
according to newsnighton the 18th september(british news show)the us government will today put forward an option to any financial institution in trouble to dump its “duff assets”into a new federal body to free them from financial meltdown.
to me that was news speak for the elite will dump all its debt on you the american people as an extra tax burden.the rich will stay rich and the poor will pay their debts.the day when the meek shall inherit the earth seems to just get further and further away.
great choice of poem mythic shadow.