The European Central Bank (ECB) today announced more than $2 billion in borrowing from the Federal Reserve's currency swap line, the highest amount since the U.S. central bank reopened this facility in May 2010.
The increased borrowing comes amidst reports that the private foreign currency market is chilling, with the cost of European banks obtaining dollars on the rise. While the conditions are not nearly as bad as they became during the 2008 financial crisis, when foreign exchange markets froze and Fed currency swaps with foreign central banks rose to $586 billion, the increasing amounts are another indicator ...Continue reading
Rep. Don Young has been on the hot seat ever since he sponsored the infamous Bridge to Nowhere earmark. Since then he has come under investigation for more things than any other sitting member of Congress. Young faces an FBI investigation into his participation in fishing and golfing events with VECO oil executives; he is receiving scruting for the hiring of his former aide Mark Zachares, who has pled guilty, by Jack Abramoff; and fellow Republicans are seeking an investigation into his inclusion of an earmark for Coconut Road in Florida - which happens to be a long ways from Alaska. In the face of all these difficulties Young sat down with reporters to discuss his reelection campaign, but reporters wanted to talk about something else. If you want to see what an arrogant stone wall looks like, you should follow the link and watch this interview. It's a doozy.Continue reading