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Federal Reserve

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Liberty Maven

In May of last year the U.S. money supply stood at roughly $834 billion. Now, a year later, the Federal Reserve has created an additional $941 billion out of thin air. Pay close attention to those numbers…

* The amount of new money the Fed has created is roughly $107 billion more than all the money that was in circulation just a year ago
* In other words, the U.S. money supply has more than doubled

 

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YouTube

This is a high quality version of the Financial Services Subcommittee on Oversight and Investigations hearing of May 5, 2009. Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is. http://www.bloomberg.com/apps/news?pi... Federal Reserve Office of the Inspector General: http://www.federalreserve.gov/oig/

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Washington Post

On the day before Thanksgiving in 1991, the US Senate voted to vastly expand the emergency powers of the Federal Reserve. [kinda like creating it] Almost no one noticed. The critical language was contained in a single, inscrutable sentence, and the only public explanation was offered during a final debate that began with a reminder that senators had airplanes to catch. Yet, in removing a long-standing prohibition on loans that supported financial speculation, the provision effectively allowed the Fed for the first time to lend money to Wall Street during a crisis.

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