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The Federal Reserve was set up by bankers for bankers, and it has served them well. Out of the blue, it came up with $12.3 trillion in nearly interest-free credit to bail the banks out of a credit crunch they created. That same credit crisis has plunged state and local governments into insolvency, but the Fed has now delivered its ultimatum: there will be no “quantitative easing” for municipal governments.
On January 7, according to the Wall Street Journal, Federal Reserve Chairman Ben Bernanke announced that the Fed had ruled out a central bank bailout of state and local governments.
$12.3 trillion in nearly interest-free credit to bail the banks out of a credit crunch they created.
Originally posted by 13th Zodiac
Well now you know where you stand and whats coming .Now whats coming for them ! They have bitten off more than they can chew and are soon going to choke on it .As Gerald Celente say's , when people have nothing left to lose .THEY LOSE IT !!!edit on 13-1-2011 by 13th Zodiac because: (no reason given)edit on 13-1-2011 by 13th Zodiac because: additional textedit on 13-1-2011 by 13th Zodiac because: (no reason given)