Will Bernanke Scoop Up $50 Billion Of Ireland's Toxic Assets? Fine Gael Seeks MASSIVE Loan From U.S. Fed

The Chairman can't stop stuffing his face his balance sheet.

Will Bernanke Scoop Up $50B of Ireland's Crap Assets?

Ireland's Fine Gael party, which is likely to take control of the government at the next election, has issued a multi-pronged plan to deal with Ireland's banking and sovereign debt crisis. Among other options, they are reserving the right to "unilaterally restructure the private debts of those Irish banks in greatest need of recapitalisation."

In other words, secured and unsecured bondholders are going to get whacked, or at least that's the not-so-subtle threat.

However, in less positive news, Fine Gael also made public their hope to secure funding from the Federal Reserve:

• "To wean Irish banks off their dependence on ECB funding, Fine Gael is also looking at possibly securing funding from the U.S. Federal Reserve using the dollar assets of Irish banks, estimated at around $50 billion, as security."

Ponder that for a minute. Irish politicians are openly planning to use the Federal Reserve, the central bank of the United States, to bail out their own, corrupt, diseased banks. At Bernanke's extra low teaser rate of course.

Makes one wonder what else the Fed might have been involved in these past two years. But, don't worry. The Chairman has it all under control. In fact, there's absolutely no need for any sort of pesky audit of the Fed. He told you that himself on Thursday. And if there's one thing we know for sure, it's that the Great Bernanke would never lie.

WikiFed, anyone...?...

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