Thursday, March 10, 2011

U.S. Treasury is Now Liable for the Fed's Losses

Read this article:

http://www.cnbc.com/id/41198789/Accounting_Tweak_Could_Save_Fed_From_Losses

Yes, this "rules change" making the U.S. Treasury (i.e. the U.S. taxpayer) liable for the losses of the Federal Reserve was put in effect with only the approval of Ben B. and Tim G., not by an act of Congress.  It seems not to matter any more whether or not we audit the Fed.  The IMF will do to us what they did Greece and Ireland.  Is this the end of America as we have known it? 

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