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Day: November 30, 2011

The Fed/ECB dollar swap

30 November 2011

George Rebane Does everyone understand what went down this morning between our Federal Reserve and the European Central Bank? I venture that less than one in ten thousand Americans know that their pocket was legally picked today by international central banks. This morning the Fed executed a “dollar swap” with the ECB that essentially allows…
US Net Exporter of Oil Again

30 November 2011

George Rebane It isn’t clear whether we should laugh or cry. But here we are, for the first time since 1949 we will be a net exporter of petroleum products this year. The accompanying figure filched from the WSJ shows that exports started increasing during Bush2’s reign (recall Bush2 was an oilman). Unfortunately, our exports…