Lest we forget with Italian banks falling faster than Billy Clinton headed after an intern and now as common as John McCain trying to stir up some more MIC spending in a rathole in the Middle East, the words of the esteemed FED policy maker come to mind, "the FED is working through the ECB, bailing out European banks and, indirectly, spendthrift European governments." Through the swap agreements with the European Central Bank Driscoll pointed out, " (that) foster the moral hazards and distortions that government credit allocation entails."
No truer words were ever spoken. The American taxpayer once again, used as a tool!
Yellen continues Bernanke's willful ignorance. The folly will be exposed but it will be hard to stomach.
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