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author/source
America's Economic and Social Crisis: The Fed has Spoken: No Bailout for Main Street
by Ellen Brown
www.globalresearch.ca/, January 13, 2011
keyword(s)
Federal Reserve
quotation
The Federal Reserve was set up by bankers for bankers, and it has served them well. Out of the blue, it came up with $12.3 trillion in nearly interest-free credit to bail the banks out of a credit crunch they created. That same credit crisis has plunged state and local governments into insolvency, but the Fed has now delivered its ultimatum: there will be no “quantitative easing” for municipal governments.