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Fed secretly bailing out Europe

Why am I not surprised

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"This is not a risk free venture for the Fed"

Well, Bernake was told not to do it.

He told Congress he was not doing it.

But he's doing it anyway.

If you listened to Karl Denninger earlier this week, you know that this is going to lead to a total disaster. There's not enough money in the world to plug the hole in Europe trying is a very, very dangerous game.

Worst outcome. Everything goes south, the European Central Bank can't pay the Fed back, and all that Fed money goes bye-bye permanently.

But don't worry, if it goes wrong, you'll pay for it.