Alan Grayson, Democrat from Florida’s Eighth District, questioned Bernake before the House Financial Services Committee. During the five-minute video, it is revealed that the Federal Reserve “central bank liquidity swap” went from 24-billion dollars to over a half-of-a-trillion dollars and that Barney Franks, the head of the committee, does not know when the Federal Reserve was instituted. Federal Reserve Board Chairman Ben Bernake, who apologized for accidentally causing the “Great Depression,” explains the money laundering scheme provided by Section 14 of the Federal Reserve Act. Of course, Franks runs an orderly shop and cut the gentleman from Florida off before he could get any deeper.
The “Fed” is receiving much heat, lately, because of loopholes that deny the House of Representatives—a body elected by the people of the United States—the ability to audit the Federal Reserve Board—non-elected officials that have no oversight or accountability. This may end with the passage of H.R. 1207 introduced by Ron Paul of Texas.
Related: Bernake prints money