The Fed has the authority to buy foreign government debt ... this class of assets offers huge scope for Fed operations because the quantity of foreign assets eligible for purchase by the Fed is several times the stock of U.S. government debt.
- Ben Bernanke, Before the National Economists Club, Washington, D.C., November 21, 2002
Bernanke doctrine (6) Execute a de facto depreciation by buying foreign currencies on a massive scale.
http://en.wikipedia.org/wiki/Bernanke_doctrine
http://www.federalreserve.gov/boardDocs/speeches/2002/20021121/default.htm
http://finclip.blogspot.com/2002/11/remarks-by-governor-ben-s-bernanke.html
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