Greece; Dear Ben Bernanke; Don't steal from my kids

The Fed did the Europeans a favor.

Joseph Gagnon

former Fed official

"The central banks of the wealthiest countries,
trying to prevent a debt crisis in Europe
from exploding into a global panic,
swept in ...by making it easier
...to borrow American dollars.

With what money from where?

Central banks will make it cheaper
...to borrow [US] dollars,
the dominant currency of trade.

Who is qualified by what metric

to borrow how much from whom?

To get the dollars to lend,
central banks go to the Fed and exchange their currency
for dollars under a special swap program.

What could happen

if a central bank prints currency for collateral

for printed money in return

and then do it again and again

untill gasoline is $10 per gallon?

...The coordinated action was a demonstration
of how interconnected the world financial system is,
and that the debt loads of countries like Italy and Greece
are everyone else's problem, too.

AP

Did some economic and political leaders

bail themselves and their compatriots out of their own mistakes,

by pledging trillions of debt and newly created money,

knowing the consequences would be handed down

to many who may be unaware

including the unborn of following generations?