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The Federal Reserve has the authority to buy the debt of any foreign government, essentially obligat

Published:

Heads up, pay close attention as to what we may be on the hook to bail out.  Yesterday I posted that AIG seems to be holding its hand out for another bail out due to guarantees written in Greece.  Now this.

2010 elections are going to be very interesting indeed.

_________________

Source The Market Ticker

Wednesday, February 24. 2010

Posted by Karl Denninger in Federal Reserve at 21:03

"Repeal Of Law Needed NOW

Watch this clip, right near the end.  4:30 into the clip onward.

http://www.youtube.com/watch?v=urkJ2WCQ5R0

Yes, Ron Paul went off on quite the rant.

But that last minute......

The Federal Reserve has the authority to buy the debt of any foreign government, essentially obligating The US Taxpayer to bail them out!

Bernanke says he has no plans, but notice that he did not say they have never done such a thing.

Hmmm.... two-line bill to revoke that BS anyone?

Anyone?"

http://market-ticker.org/archives/2003-Repeal-Of-Law-Needed-NOW.html

Entry #1,657

Comments

1.
Comment by joker17 - February 25, 2010, 11:52 am
I was so glad you posted this because I was watching this yesterday. When Ron Paul gave Bernanke hell, I was screaming...YES!....I loved the look on Bernankes face. He was beside himself. I was trying to find it on the net and post it, but got side tracked.

Great post !
2.
konaneComment by konane - February 25, 2010, 12:02 pm
Thanks Joker! I wish every member of congress had the fiduciary responsibility to US citizens and willingness to express it that Ron Paul has exhibited.
3.
Comment by joker17 - February 25, 2010, 12:24 pm
I know Konane. In fact, my eyes popped out of my head when I first heard him speak. I couldn't believe he was saying those things. Good for him. I just hope the elite don't try to rub him out. God forbid!
4.
konaneComment by konane - February 25, 2010, 5:46 pm
Thanks Joker! Agree, wish him good health and success for much productive work.

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