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article imageAn Example of the FED's Transparency and Openness

By Bill Jencks     Jun 14, 2009 in Politics
Here is a wonderful video example of the dire lack of transparency and accountabilty of the FED. Elizabeth Coleman -- the Inspector General of the FED -- easily avoids answering all questions when questioned by Rep. Allan Grayson in this video.
This video is sure to astonish and amuse. In this recent video, the Inspector General of the FED -- Elizabeth Coleman -- is grilled by a Congressional Committee, questioned so patiently by Congressman Alan Grayson. The answers are few -- only excuses, if anything at all, are subtended by the Inspector General. Coleman avoids giving even one complete answer to any of Grayson's questions. Most who have seen this video are saying that the Inspector General is an idiot who knows nothing of FED activities. But I think we knows better. With a security rating that is higher than the CIA, the FED's Inspector General knows exactly what she is doing (Watch for the woman behind Ms Coleman who so studiously and confidently advises her -- obviously a FED lawyer). The Inspector General is fully aware that she doesn't have to tell any US government committee anything because the FED is protected -- by US Law -- against any openness, accountability or transparency. There is no better illustrative evidence concerning the power of the FED -- where any checks, balances and oversight on their activities are not allowed. They can do what they like by telling any questioning Congressional or Senate Committee to go jump -- with complete immunity and impunity.
Alan Grayson may, of course, get another chance to question the Inspector General or even Ben Bernanke -- after passage of The Federal Reserve Transparency Act 2009 through Congress. The question-and-answer performance is guaranteed to be somewhat different to this one. And I suspect Chairmain Bernanke will be sweating alot more too....
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