2008 US dollar Speculative Attack: Difference between revisions
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On [[September 11]] [[2008]], according to Rep. [[Paul E. Kanjorski]], a speculative attack against the US dollar was launched. During a closed doors session of Congress, Chairman of the Federal Reserve [[Ben Bernanke]] revealed that there had been a $550 billion dollars electronic money market run on US banks. The [[Federal Reserve]] and [[US Treasury]] attempted to halt the run on the dollar by pumping $150 billion dollars into the economy, but was unsuccessful in doing so. It was then decided by the [[US Treasury]] to close the accounts to finally halt the attack and avoid a massive bank collapse.<ref>http:// | On [[September 11]] [[2008]], according to Rep. [[Paul E. Kanjorski]], a speculative attack against the US dollar was launched. During a closed doors session of Congress, Chairman of the Federal Reserve [[Ben Bernanke]] revealed that there had been a $550 billion dollars electronic money market run on US banks. The [[Federal Reserve]] and [[US Treasury]] attempted to halt the run on the dollar by pumping $150 billion dollars into the economy, but was unsuccessful in doing so. It was then decided by the [[US Treasury]] to close the accounts to finally halt the attack and avoid a massive bank collapse.<ref>http://cspan.org/Watch/watch.aspx?MediaId=HP-A-14757 start about 22:45 into the video.</ref><ref> http://finance.yahoo.com/tech-ticker/article/63515/Americans%27-Money-Safer-Today-as-Govt.-Guarantees-Money-Market-Funds?tickers=BAC,F,MS,mer,leh,wm,wb</ref> | ||
The origins of the attack are currently unknown. | The origins of the attack are currently unknown. | ||
==References== | ==References== | ||
{{reflist}} | {{reflist}} | ||
[[Category:Financial crises]] | |||
Latest revision as of 16:06, 11 August 2009
On September 11 2008, according to Rep. Paul E. Kanjorski, a speculative attack against the US dollar was launched. During a closed doors session of Congress, Chairman of the Federal Reserve Ben Bernanke revealed that there had been a $550 billion dollars electronic money market run on US banks. The Federal Reserve and US Treasury attempted to halt the run on the dollar by pumping $150 billion dollars into the economy, but was unsuccessful in doing so. It was then decided by the US Treasury to close the accounts to finally halt the attack and avoid a massive bank collapse.[1][2]
The origins of the attack are currently unknown.