Credit: Reuters/Molly Riley
Is any of this making sense. Germany is scoring record GDP and their 'sovereign' debt is foremost on the minds of the Fed. The Fed was what got us into this mess and now they have trillions upon trillions of currency floating around the planet and they are all having a wonderful time. In the meantime, the 'small people' are screaming about jobs. Does the Fed care? Nah. Why should they, just print money, it works for them.
...Fed Governor Daniel Tarullo (click title to entry - thank you) said Europe's debt woes, if not contained, could cause financial markets to freeze and spark a global crisis akin to the market meltdown of late 2008.
Until last week, Fed officials had been playing down the possible impact to the United States from Europe's turmoil.
"The European sovereign debt problems are a potentially serious setback," Tarullo told two congressional subcommittees.
Thursday marked another turbulent day in global financial markets. U.S. stocks plunged nearly 4 percent and investors fled from risky assets around the world. The euro, which this week hit a four-year low, was again under pressure, and the cost of inter-bank dollar borrowing hit a fresh 10-month high.
Investors' anxiety still centers on Greece, but fears have grown that even the roughly $1 trillion emergency fund put together by the European Union and International Monetary Fund will not be enough to solve Europe's debt problems....
