The Fed has released the details of all its transactions/programs to combat
the great meltdown. It's worth a close look in that a) the Fed unleashes a
flow of about $3.3 trillion into the economy, and not just the US economy,
but the international capitalist economy and b) the Fed's actions underpin
central banks in Europe and Asia, as well as commercial banks.
So... so right before the meltdown, and again recently, many talk about the
US being replaced by... China, or China + Brazil, or BRIC, or BRIC + EU.
This newly released information shows how central, how primary, the US
remains to the functioning of capitalism globally.
Does anyone think Brazil, China, Russia, the EU-- or any combination
thereof-- not only has the resources, but would accept the responsibility
for keeping this entire house of cards from collapsing?