Thursday, Sep 18, 2008
Fed Runs Out Of Money
MARKETWATCH: Treasury to provide cash to Fed market liquidity operations
WASHINGTON (MarketWatch) -- The Treasury Department announced Wednesday that it would provide cash to the Federal Reserve to fund the central bank's operations to provide liquidity to financial markets. In a statement, Treasury said that it would raise the cash in a program of Treasury bill auctions, known as a temporary Supplementary Financing Program. The auctions would be kept apart from Treasury's current borrowing program. Agency officials gave no details of the timing, size and maturity of any bills to be auctioned.
Posted by seanb303 @ 07:51 AM (351 views) Add Comment
3 Comments
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1. tyrellcorporation said...
Good grief! When are investors going to realise the US Dollar is worthless? Why don't they just do a long-term credit line of £500 trillion dollars, that'd do the trick and restore confidence to the financial sector. Nobody expects it to be paid back anyway. I'm sure there's a PC at the US Treasury with just a numeric keypad and a field on the screen which can take lots of noughts!
2. harold said...
tyrellcorporation, what a good suggestion - you're thinking like a central banker! In fact, it's such an ar*e-about-t*t idea that I'm sure they've thought of it already.
Anyone for sound money?
3. inbreda said...
When is someone going to extend the 'local currency' idea to provide a gold backed currency, within the uk, to rival the GBP. I would happily accept that currency in an instant.