"How the Fed Prints Money Under the Guise of Currency Swaps"

"The mainstream financial press has not seemed to notice - or care - that the Fed is printing dollars and sending them to Europe...even though this new Fed operation is a kind of "QE3" without any headlines or fanfare...and without any direct US-based beneficiaries.

What does interest the press, however, are the "improving credit conditions in Europe." LIBOR rates have retreated a bit from their recent highs, for example, which means that European banks are finding it easier to obtain short-term credit."

from daily reckoning australia...