$16 Trillion loan from Fed did not save the world
Nov 18, 2011
Remember the $16 Trillion that the Fed gave away (interest-free "loan") in the past year? That was more money than the entire US gross domestic product (GDP) for a year.
Is it not amazing that even this $16 Trillion could not prevent the collapse of the Eurozone? Just a few hundred billion of that could have bailed out Greece, and just $2 Trillion could have paid off the entire Italian government debt.
It seems that the $16 was swallowed up in a black hole. Why did congress ever give the Fed control of the US money supply? That was the biggest mistake in history, and it is the source of the financial crisis today.