Maybe some of you were asked why in the United States people are not panicked-financing-or hastily entered the bank's website (go flying into the street to the local bank is so last century) to save their savings when the financial system began cracking his head last year. Error: was about to happen. And he could throw down the world economy in a matter of hours and God knows us back to pre-modern age. September 18, 2008 :
On Thursday (Sept 18), at 11am the Federal Reserve notice to Tremendous draw-down of money market accounts in the U.S., to the tune of $ 550 billion WAS Being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.
If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed . It would have been the end of our economic system and our political system as we know it.
La FED reaccionó a time closing the pipe but with an ad that was to be a white fib to calm the situation on the market. Had not been stopped the arterial bleeding at the time ...
God (and the Fed), although these are great. Easy to make a movie of this entitled "The Great Day of Reckoning" I bet?
The full story here . Vía Barcepundit
Tags: financial crisis, FED
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