Bank of England, Others to Offer “Unlimited Funds” to Markets

  •   The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

John Fraher and Simone Meier
Bloomberg
October 14, 2008

The U.S. Federal Reserve led an unprecedented push by central banks to flood financial markets with dollars, backing up government efforts to restore confidence in the banking system.

  • A d v e r t i s e m e n t

The ECB, the Bank of England and the Swiss central bank will offer unlimited dollar funds in auctions with maturities of seven days, 28 days and 84 days at a fixed interest rate, the Washington-based Fed said today. The Bank of Japan may introduce “similar measures.” The dollar declined and some money-market rates fell.

Policy makers from the Group of Seven nations pledged at the weekend to take “all necessary steps” to stem a market panic after the MSCI World stock index plunged 20 percent last week. Central banks last week cut interest rates in tandem for the first time since 2001, the U.S. plans to buy $700 billion in distressed assets from banks and in Europe, the U.K. is leading a push to keep lenders afloat with taxpayers’ money.

“By providing unlimited dollar funds they are acting on the back of the G-7 plan to ensure the system is fully liquidized,” said Lena Komileva, an economist at Tullet Prebon Plc in London. “We’re going to see even more liquidity provided and more aggressive rate cuts are coming.”

Read article

This article was posted: Tuesday, October 14, 2008 at 10:17 am







Infowars.com Videos:

Comment on this article

Comments are closed.


Watch the News

FEATURED VIDEOS
Harry Reid Blatantly Lies To America See the rest on the Alex Jones YouTube channel.

Smart Guns Endanger Children See the rest on the Alex Jones YouTube channel.

© 2013 Infowars.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.