Fed Inspector General Knows Roughly Nothing About The Fed
Tony Beckwith, a Renegade Economist, reader sent us a link today and we were so shocked by the absolute inability of someone who is one of the most powerful people in US banking to explain the actions taken by the Federal Reserve. In this piece Rep. Alan Grayson asks the Federal Reserve Inspector General Elizabeth A. Coleman about the trillions of dollars lent or spent by the Federal Reserve and where it went. Coleman the inspector general tasked with overseeing and auditing the Federal Reserve appeared to be un aware or know nothing about what the Federal Reserve is doing with its money. The trillions of dollars amounts that the Fed has spent in the last six months has amounted to the equivalent of $30,000 for every person in America.
The tactic of claiming ignorance is surely wearing thin and we must keep asking these probing questions in order to force those in power to take responsibility for their actions so we can all move forward to world with self awareness and social responsibility at its core.
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FYI This is the original Bloomberg report referenced by Grayson, referring to the US$9 trillion off-balance sheet transactions by the Federal reserve Board…so far…
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok
Fred and team – the Fed will have to unwind this somehow in the future…your thoughts on the impact on growth/inflation?
Tony B.