Video: Federal Reserve Can’t Account For $9 Trillion
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We’d all LOVE for the Fed to be audited. We are not holding our breath, as the Fed is apparently beyond the reach of any authoritarian body. It seems the Federal Reserve apparently can’t account for $9 trillion in off-balance sheet transactions.
When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed’s expanded balance sheet, the IG didn’t know. Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.
“I am shocked to find out that nobody at the Federal Reserve is keeping track of anything,” Grayson says. Grayson asked Coleman if her agency had done any research into the decision not to save Lehman Brothers, which “sent shockwaves through the entire financial system,” Coleman said it had not. “What about the $1 trillion plus expansion of the Federal reserve’s balance sheet since last September?” Grayson asked. “We have different connotations,” Coleman replied. “We’re actually conducting a fairly high-level review of the various lending facilities collectively.”
Translation: Nobody at the Fed knows where the money went.
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May 13th, 2009 at 10:51 am
U.S. taxpayers must demand congress repeal the uncostitutional 1913 Federal Reserve Act, demand institution of June 1963 Kennedy Executive Order 11110 providing for U.S. to issue its own currency and own the U.S. Central Bank now privately owned by foreign inerests led by Bauer-Rothschild ‘and Warburg banking groups. U.S. Constitutioin Article 1, Sec. 8, cls. 4,5 provide U.S. has authority to issue its own currency and own its central bakk. There is no language in Costitjtion permitting this authority to issue currency and own Central bank – to be delegaed to privae idividuals or entities.