July 21, 2009
Alan Grayson, a Florida Democrat who has been very critical in the past of Fed actions takes it to Bernanke today regarding foreign central bank lending. If the 90 or so Democratic cosponsors of Ron Paul’s HR1207 bill doesn’t convince you that Fed transparency is bipartisan then Grayson’s grilling of Bernanke should.
What I find especially horrid about this is that the U.S. is bankrupt and the Fed is not only printing money and handing it out to U.S. financial institutions, but is handing it out to foreign central banks so they can hand it out to their own financial institutions. Meanwhile the value of the dollar takes more of a hit exacerbating the “hidden” inflation tax on every person in the world who holds dollars.
Editor’s note: Barney Frank, chairman of the House Financial Services Committee, has no idea when the Federal Reserve was established.