Friday, September 26th, 2008...12:10 am
U.S. Banks Buy Friends Abroad ($KBE)
“In sum, these changes represent a $13 billion addition to the $277 billion previously authorized temporary reciprocal currency arrangements with other central banks. In addition to the swap lines with ECB and the Swiss National Bank, temporary swap lines previously have been authorized with: the Bank of Japan ($60 billion), the Bank of England ($40 billion), the Reserve Bank of Australia ($10 billion), the Bank of Canada ($10 billion), the Bank of Sweden ($10 billion), the National Bank of Denmark ($5 billion), and the Bank of Norway ($5 billion).
These arrangements have been authorized through January 30, 2009.” - FRB Press Release, Sept. 26, 2008
Looks like the U.S. Banking club has reduced itself to the part of the unpopular kid in junior high that used money to buy friends. I’m so embarrased for them! But, like the desperate and short-sighted kid in Jr. High, nothing I say or do will cure the insecurity. How the prestigious money men in this country went from this:
to this… (pertinent lyrics @ 1:15: Big in japan, alright, pay, then I’ll sleep by your side)
is beyond me. *Note that Japan landed the largest bribe, 60B, which probably has something to do with the fact that they own more US public debt than any other country, but China is a close second, and they didn’t get squat.
This is how the grovelling group looks as an ETF:
