Thread: Excellent Critique of Federal Reserve System

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must Read: Jim Grant Crucifies The Fed; Explains Why A Gold Standard Is The Best Option

The Federal Reserve Bank Of New York Has Invited Some Of Its Public Critics To Visit The Bank To Unburden Themselves Of Their Criticisms. On March 12, It Was Jim Grant's Turn. The Text Of His Remarks Follows. (highlights Ours)

Piece Of My Mind

My Friends And Neighbors, I Thank You For This Opportunity. You Know, We Are Friends And Neighbors. Grant

Thread started at Forum 4 Politics on 04-08-2012 01:09 PM

There would not have been a problem if the Federal Reserve had been more responsible in aquiring and valueing their reserve assets, as they are obligated to do under law. They should have diversified, but instead half their portfolio is residential mortgages (many of them the low quality ones) and the other half is US Treasury bonds.