Business news without the bullshit

Auditing the Fed

Ron Paul sticks it to Bernanke

Subscribe to RealEconTV

Your e-mail address is kept absolutely private
We make it easy to unsubscribe at any time

"The system is biased against the middle class & poor"

Bernanke takes an interesting position:

Congress gave the power of currency control to the Fed and therefore he, Bernanke and his fellow Fed members, have the power to do whatever they want in that all important area.

Bernanke also want to be able to continue to do what he does in secrecy, even when that manipulation includes $15 trillion worth of transactions taken to "stabilize the system" in 2008.

Amazing when you consider that, in fact, the Fed is not a government agency (look it up.) Instead, it is a privately owned corporation whose shareholders are the same banks that get its handouts.

No one in Congress questions any of this. Well maybe one person: Ron Paul, but he doesn't go far enough.

Interestingly, Bernanke in this exchange, invites Congress to take its power back. I didn't read about any of them taking him up on it.