Ron Paul asking Bernanke tough questions as he does here is nothing new:
Toward the end, Bernanke says he’d be open to provisions which limit the Fed’s secrecy. (Yeah, right.) He goes on to suggest they have oversight from the Inspector General. Well, lets see what Inspector General Elizabeth Coleman says when questioned by Rep. Alan Grayson:
Commentary from the Huffington Post article Fed Inspector General Knows Roughly Nothing About The Fed: Coleman could not tell Grayson what kind of losses the Fed has so far suffered on its $2 trillion portfolio, which has greatly expanded since September. She appeared unaware that the Fed engages in trillions of dollars in off-balance-sheet exchanges. She is not investigating the role of the Fed in allowing the collapse of Lehman Brothers. She did not know where the Fed has invested its $2 trillion on the liability side of the balance sheet. ‘I do not know. We have not looked at that specific area at this particular point on,’ she said.
Sounds like she doesn’t know much. Thank goodness we have the internet, so these criminals/useful idiots can be exposed for what they are.
There is some reason to be hopeful. Ron Paul’s HR 1207, the Federal Reserve Transparency Act now has over 120 co-sponsors. This level of support would have been unimaginable just a few years ago.