President of the New York Federal Reserve Bank advocates global bank framework
Posted on June 9th, 2008 by bile Categories and Tags: New York, bailout, bank, Bear Stearns, cartel, currency, debt, economics, Federal Reserve, Federal Reserve System, fraud, freedom, investment banks, liberty, monopoly, Mr Geithner, New York, New York Federal Reserve Bank, Timothy Geithner, unintended consequences, United States, US Federal ReserveBanks and investment banks whose health is crucial to the global financial system should operate under a unified regulatory framework with “appropriate requirements for capital and liquidity”, according to Timothy Geithner, president of the Federal Reserve Bank of New York.Writing in Monday’s Financial Times, Mr Geithner, a key US policymaker throughout the credit crisis and one of the main architects of the rescue of Bear Stearns, says that the US Federal Reserve should play a “central role” in the new regulatory framework, working closely with supervisors in the US and round the world.
In his speech, Mr Geithner will also say the Fed is examining whether to make “permanent” some of the new liquidity facilities put in place during the credit crisis, and called for central banks to establish a “standing network of currency swaps, collateral policies and account arrangements” to bolster liquidity during a future crisis.
So when they screwup, which is all the time, they directly instead of indirectly effect everyone on the planet. Wonderful…
