Tuesday, March 22, 2011

Financial crisis allows Fed to pay for 800 weeks of operations in Libya

From The Wall Street Journal:
The Federal Reserve‘s net income surged 53% to $81.74 billion last year from 2009 mainly due to higher earnings from securities the central bank bought to counter the financial crisis, according to final audited results released Tuesday.

From The Hill:
A no-fly zone like the one military officials described Monday, covering just the northern portion of Libya, likely will cost between $30 million and $100 million per week, CSBA said. But because it required coalition forces to deal with Libyan air defense systems, there are one-time bills that could cost between $400 million and $800 million, the think tank concluded.

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