In a recent eye-opening piece by Zerohedge.com, “Thanks to QE Bernanke has injected foreign banks with $1 trillion in cash for the first time ever,” the highly trafficked financial blog notes that as quantitative easing has increased, so have foreign bank cash assets. In fact, since 2009, as the Fed has loaded up on U.S. Treasuries and mortgage-backed securities, foreign bank cash assets have moved up pretty much in tandem, now totaling more than $1 trillion. In short, the Fed is printing money to prop up foreign banks. Bottom line: At least $714 billion of the Fed’s $1.329 trillion balance sheet expansion — nearly 54 percent — since QE began in January 2009 has gone to foreign banks. Moreover, emergency programs implemented beginning in September 2008 resulted in an additional $242 billion ballooning of foreign banks’ cash assets. All told, foreign bank cash assets have risen from $59 billion then to $1.033 trillion today. It’s the Fed’s foreign bailout. But is Congress paying...