The Federal Reserve’s balance sheet is so out of whack that the central bank would be shut down if subjected to a conventional audit, Jim Grant, editor of Grant’s Interest Rate Observer, told CNBC.
With $45 billion in capital and $2.1 trillion in assets, the central bank would not withstand the scrutiny normally afforded other institutions, Grant said in a live interview.
I,too, am excited about H.R.1207.Do I think that it has a realstic chance of getting passed in its current form, no.The Fed is the blank check for socialism and those in that movement and who have that agenda will do nothing to harm the goose that lays their golden eggs.Since the majority of the Democratic party are , in my opinion, socialist, they will raise no hand in anger towards the Federal Reserve and they are in control.Sadly.
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I heard Obama say he would like the FED to be in charge of regulating our banking system. Isn’t that what the FED has already been doing for years, controlling our banking and our financial systems?
As HR1207 has gained interest and co-sponsorship (which excites me to no end!), it would appear as if Obama’s way of defeating it is by way of making the FED formally in charge of regulating the banking system rather than auditing the FED and getting rid of this unnecessary corporation.
Unprecedented times. Catch the latest news articles pertaining to a push for increased Federal Reserve powers at http://economiccrisiswatch.blogspot.com/.