I think it should be made clear that the Federal Reserve is NOT federal and it has NO reserves.
It is owned by its member banks, witch are all the big ones. The only connection to the federal government is that the president appoints the chairman and some of the governors.
So in truth, the article should read "Banks print 7.7 trillion dollars because they felt like it".
we're so screwed...
Yep should read "Big bank bails out smaller banks using taxer money while adding to their share of debt, you're welcome".
"Let them see that their words can cut you, and you'll never be free of the mockery. If they want to give you a name, take it, make it your own. Then they can't hurt you with it anymore." - Tyrion Lannister