Thursday, January 15, 2009

Fed vice chairman Donald Kohn gets a grilling from a congressman

A $1.2 Trillion Slush Fund

This one's a bit esoteric. The Federal Reserve has "increased its balance sheet" (i.e. printed) $1.2trn. However they are refusing to say who they loaned the money to or what they spent it on. We've already talked about how Bloomberg is suing the Fed and Fox is suing the Treasury to find out where all the money went. Now finally Congress is getting in on the act and asking pertinent questions. This probably won't happen in Britain (the dollar's status as global reserve currency causes unique issues), but it's an interesting side show.

Posted by drewster @ 01:09 AM (1068 views)
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6 thoughts on “Fed vice chairman Donald Kohn gets a grilling from a congressman

  • Also from our friends across the pond – Calvin & Hobbes explain bailouts:
    Calvin & Hobbes - bailout

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  • “This probably won’t happen in Britain”

    Don’t bet on it. If I understand correctly, a Bill is winding through Parliament right now to ensure that the Bank of England can print money and pass it around to whoever it wishes in utter secrecy, without any published tally of how much is being spent.

    That, is a breathtaking abuse of power and the Freedom of Information Act.

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  • 2. paul said…That, is a breathtaking abuse of power and the Freedom of Information Act

    crunchy said …. No it is not. It is the same thing American banks are doing, It is power. Power is abuse now.

    You with all that useless knowledge do not even realise America and UK are one and this cancer is speading.

    Centralisation, Globalisation, NWO does not exsist in your mind as a bad thing, That is the hurdle you and others here need to get over.

    aka Malct.

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  • 2. paul said…”This probably won’t happen in Britain”

    Don’t bet on it. If I understand correctly, a Bill is winding through Parliament right now to ensure that the Bank of England can print money and pass it around to whoever it wishes in utter secrecy, without any published tally of how much is being spent.

    That, is a breathtaking abuse of power and the Freedom of Information Act.

    Thursday, January 15, 2009 09:21AM Report Comment

    3. crunchy said…2. paul said…That, is a breathtaking abuse of power and the Freedom of Information Act

    crunchy said …. No it is not. It is the same thing American banks are doing, It is power. Power is abuse now.

    You with all that useless knowledge do not even realise America and UK are one and this cancer is spreading.

    Centralisation, Globalisation, NWO does not exsist in your mind as a bad thing, That is the hurdle you and others here need to get over.

    aka Malct.

    Thursday, January 15, 2009 02:31PM

    Excuse the spam, but I am trying to get your eyes back on the ball. You keep drifting into side issues.

    aka Malct

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  • hi crunchie – I’m still watchin – didn’t like your response to my apology LP

    would you like me to post the files where you cliam to be a trick cyclist?

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