Forget Reality: The Fiat Currency Farce

Thursday May 7, 2009 09:52 EDT

What "oversight" means in Washington
by Glenn Greenwald @ Salon.com

Since last September, the Federal Reserve has increased its balance sheet by more than $1 trillion, and has engaged in even much larger amounts of off-balance-sheet transactions. In January of this year, freshman Rep. Alan Grayson repeatedly asked Federal Reserve Vice chairman Donald Kohn the identity of the companies which had received those loans, only to be told that the Fed had no obligation and no desire to disclose that information to Congress. That obviously leads to the question of who exerts oversight over the Fed and the vast amounts of money it transfers. Read more.