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Scooped by L. Charles Burch onto MN News Hound |
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Virtually all the reserves that had been created as a result of the Fed's QE2, some $600 billion (which two years ago seemed like a lot of money) which was supposed to force banks to create loans and stimulate the US (not European) economy, ended up becoming cash at what the Fed classifies as "foreign-related institutions in the US" (or "foreign banks" as used in this article) on its weekly update of commercial banks operating in the US, or said simply, European banks.
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Given that in the main the American political system is still the closest to protecting varieties of individual liberty – regarding speech, commerce, religion, due process, etc. – most of those who peddle political ideas want to hitch their wagon to the ideas of the American Founders. Socialists, conservatives, populists, agrarians and even communists have laid claim to being the proper carriers of the American political flag. Libertarians, of course, are no different. Delete the scoop?
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