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The interconnectedness of economics & politics has never been greater, specifically when observing CB policies and political nominations to each leadership position. (Lagarde) These politicized nominations are meant to continue the flow of money to politically advantageous areas
The Fed, for all its perceived insight has no real control over the global Eurodollar credit multiplier system. It acts as a reactionary bailout mechanism for bad actors and practices specifically in Europe.
Savvy banks in the EU has adopted asymmetrical leverage techniques against the US economic Goliath by loaning to US municipalities knowing that failure would adversely affect US politicians. You need look no further than Belgian bank Dexia, who has been a leader in Fed bailouts
Chile, the Dominican Republic, Iceland, India, Indonesia, Peru and Turkey were all denied swaps by the Fed. This was due to exposure to US banks. The deeper the exposure the more likely you’d get dollar bailout masked as swap lines.
Chart of interconnectedness of Eurodollar to the global financial system @Halsrethink 
EU banks accounted for at least 70% of the $110.7 billion borrowed during the peak of the program in late 2008. Banks with very little presence in the US received huge loans:Irish– German bank Depfa and the Belgian bank Dexia SA received combined loans worth more than $60 billion
European banks had a U.S. dollar funding gap of at least $1.0–1.2 trillion and as possibly as high as $6.5 trillion.
