Alan Grayson: Which Foreigners Got the Fed's $500,000,000,000 Bernanke: I Don't Know.

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4 Jan 2019

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This is Congressman Alan Grayson questioning Federal Reserve Chairman Ben Bernanke on $550B of loans to foreigners (or 'central liquidity swaps' in Federal Reserve-ese'). Which financial institutions received this money? Bernanke's answer: I don't know. As the Fed was lending this money, the dollar increased by 30% in value. Grayson asks, was this a coincidence? Bernanke's answer: yes.

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