“Which Foreigners Got the Fed’s $500,000,000,000?” Bernanke: “I Don’t Know.”

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    This is Congressman Alan Grayson questioning Federal Reserve Chairman Ben Bernanke on $550B of loans to foreigners (or ‘central liquidity swaps’ in Federal Reserve-ese’).

    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.