Fed $250 Billion to Calm Marts | WHAT REALLY HAPPENED


Fed $250 Billion to Calm Marts

The Federal Reserve almost quadrupled the amount of dollars central banks can auction around the world to $247 billion in a coordinated bid to ease the worst crisis facing financial markets since the 1920s.

The Fed increased the amount of dollars that the European Central Bank, the Bank of Japan and other counterparts can offer from $67 billion ``to address the continued elevated pressures in U.S. dollar short-term funding markets.'' The Bank of England, the Bank of Canada and the Swiss National Bank also participated.

Webmaster's Commentary: 

To give you a sense of scale, NASA's entire budget for 2008 was just $18 billion.

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