3 chapters across the catalog
Greek Bailout, Federal Reserve Currency Swaps
The hosts discuss the Greek debt crisis, noting that Germany is sending 300 tax collectors to Greece to ensure bankers are repaid. They explain how the U.S. Federal Reserve facilitated a $2 trillion currency swap with the European Central Bank to prop up European banks. This "overnight swap" is described as a way to use American funds to bail out foreign financial institutions.
Vincent Brown Confronts ECB Spokesman, Irish Bank Bailouts
Irish journalist Vincent Brown is praised for confronting an ECB spokesman during a press conference regarding the burden of bank bailouts on Irish taxpayers. Brown repeatedly asks why the Irish people are forced to pay billions to unguaranteed bondholders of defunct banks. The segment highlights the dismissive response of the ECB PR team and the eventual cutting of Brown's microphone.
Pimco co-founder Marc Faber argues that the European Central Bank (ECB) is bailing out itself and French and German banks rather than the Greek people. He characterizes central bankers as "money printers" and suggests that Greece's debt is a write-off, with the current financial maneuvers intended to protect bank portfolios holding Greek, Spanish, and Portuguese paper.
