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Giethner says $600 billion proposal is not enough to bail out Europe

Sep 20, 2011

If more than $600 billion is not enough for the EU’s share of bailout money from four of the biggest central banks in the world, then you have yourself one big insolvency problem. Once again, the solvency of the entire system is threatened. This is not just an EU bailout. The last global meltdown caused the Federal Reserve to create and hand out $16 trillion. That $16 trillion figure is a solid number. It came from the Government Accountability Office (GAO) compliments of a little provision Senator Bernie Sanders tagged on to last year’s Wall Street reform bill. (Click here for the complete report. This is an outrage!) So, if the U.S. Federal Reserve doled out $16 trillion the last time, how much will stopping this global meltdown cost? We will never know because the GAO Fed audit was an OTO (one-time only.)

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Category: In The News

Dr. Stephen Jones

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