Fed creates commercial paper-buying facility

[karlosdaze]

WASHINGTON (Reuters) (http://www.reuters.com/article/topNews/idUSTRE4964S420081007) - The Federal Reserve on Tuesday announced it would create a special-purpose facility, with the Treasury Department's blessing, to begin buying commercial paper in yet another emergency move aimed at calming chaotic financial markets.

The central bank said it was acting because money market mutual funds and other investors have become increasingly reluctant to buy commercial paper, which is widely issued to provide vital funds for day-to-day business operations at many companies....

Commercial paper (http://en.wikipedia.org/wiki/Commercial_paper)

[a new reality awaits]

I'd say this is another step by the Fed to crash the currency. The more paper you take out of circulation, the less it will be worth. This will worsen the 'crisis' not help quell it. The Fed dying would be the best thing that could happen to this country. We need to go back to something similar to the gold (not necessarily gold) standard for currency. No interest money is what is needed. We in the US need to support Ron Paul's bill to destroy the Fed.

[real6]

We in the US need to support Ron Paul's bill to destroy the Fed.


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