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Scooped by L. Charles Burch onto MN News Hound |
Scoop.it!
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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If you're wondering why lawyers and Hollywood folks would get behind legislation to censor the Internet, you only need to listen to former Senator Chris Dodd, now the head of the MPAA, who last week explained to Variety that the lobby is only asking for the same kind of power to censor the Internet as the government has in the People's Republic of China: Delete the scoop?
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