Grayson on Fed swap lines
July 27, 2009 at 07:50 AM EDT
[Skip to the end] Grayson has this completely wrong. There was credit risk only for the unsecured lending. There was no currency risk. The swap lines are nothing more than unsecured dollar loans to the foreign CB’s. Congress seems not capable of informed criticism. And judging from the movement of the dollar since the swaps began, Grayson [...]