…for not being able, even using red crayon math, to account for $9 TRILLION DOLLARS!!!
Is there any continuing doubt that the Federal Reserve System that was “ensconced” as the trustees of our economic stability back in 1913 by the NY Bankers should be COMPLETELY AND UTTERLY dismantled WITH a Constitutional Amendment against a central bank system EVER being instituted again?
Video: Federal Reserve Cannot Account for $9 Trillion
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.
Do you know what who got the $1 trillion or more in the Fed’s expansion of its balance, Grayson pressed.
“I do not know. We have not looked at this specific area at the particular point on that specific review,” Coleman answer.
What about the trillions of off-balance transactions since last September, Grayson asked.
Coleman demurred again, saying the IG does not have jurisdiction to audit the Federal Reserve.
Grayson pointed out that it was the inspector general’s job to audit such spending and asked again if the office had done any investigation at all.
Coleman’s answer: Not enough yet to even respond. “We are in not a position to say if there losses.”
Grayson concluded, “I am shocked to find out that nobody at the Federal Reserve, including the inspector general, is keeping track of this.”
Meanwhile, Federal Reserve Chairman Ben Bernanke says the bank is working on ways to rein in the massive balance sheet commitments.
“A majority of the members who made these projections just recently took 2 percent as being an appropriate number” for inflation, Bernanke said Monday.
“Somewhere between 1-1/2 to 2 percent is basically the number that our committee has individually stated is the appropriate medium-term inflation rate.
“To achieve that we need to demonstrate that we will be able to exit from the balance sheet position that we currently have, and have been working on this intensively,” Bernanke said in response to questions after a speech to a conference organized by the Federal Reserve Bank of Atlanta, reported by Reuters.
BBBBWWWWWAAAAAHHHHHHH!!!!!!!!!!!!!!!!!!! At this point, laughing is all I can do because I sure ain’t sleeping!
ROFL! I’m not sure which is more absurd: that the Fed “lost” $9 Trillion dollars or that this idiot thought she would make it through a Congrssional hearing without being asked about it!
The one thing you have to hand them is that they’ve got stones!
GG – she never assumed they would actually ask her a hard question because BY GOD they are the Federal Reserve with a knife to our throats! How DARE we bite the hand that feeds us!
What the hell is sleep?!!!
God bless America!
More like How dare we bit the hand that beats us?!?
sorry – bite
GG, beat, bite, it’s all the same to those who bear the brunt.
Keyword here: “ACTUALLY”
The word, “ACTUALLY” is ALWAYS a tip off that its user is…well…not on the firmest of ground. Bank on it.
Actually the money is probably in the pockets of Obama and all of his communist cronies on capital hill. Obama and his buddy Bill “the terrorist” Ayres allegedly made millions disappear in Illinois, and they might be doing it again. What a President we have, he lies with every breath, he is corrupt, he hangs with every radical and dissident in the world, and he supports open borders so we can be over run by scumbags like him and you wonder where the money is going.
Sparky – that money is probably in the Chinese coffers right now – or it was used to buy gold from the IMF/World Bank. They know what happened to it – they just don’t want anybody else to know.