Ron Paul: The Fed Undermines Foreign Policy

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http://thehill.com/blogs/congress-blog/politics/153675-the-fed-undermines-foreign-policy

[surf]

Of course I can't say I'm surprised by the poor quality of the data provided by the Fed. The category of each loan made, whether from the "Primary Discount Window," the "Secondary Discount Window," or "Other Extensions of Credit," is redacted. Thus, we don't know with certainty how much discount window lending was provided to foreign banks and how much was merely "other extensions of credit." Also, some of the numbers simply do not seem to add up. We are of course still wading through the massive document dump, but it does seem as though several billions of dollars are unaccounted for.


can't wait for an update on this (and too lazy to search for one now)

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love your avatar!

[Travlyr]

The Fed undermines foreign policy
By Rep. Ron Paul (R-Texas) - 04/04/11 01:43 PM ET

Last week I was both surprised and pleased when the Supreme Court upheld lower court decisions requiring the Federal Reserve Bank to comply with requests for information made by Bloomberg under the Freedom of Information Act ("FOIA"). Bloomberg simply wanted to know who received loans from the Fed's discount window in the aftermath of the 2008 financial market crisis, and how much each entity received. Surely this is basic information that should be available to every American taxpayer. But the Fed fought tooth and nail all the way to the Supreme Court to preserve their privileged secrecy. However, transparency and openness won the day. There are some 29,000 pages to decipher, but a few points stand out initially.

The Fed lent huge sums of our money to foreign banks. This in itself was not surprising, but the actual amount is staggering! ...

More at link (http://thehill.com/blogs/congress-blog/politics/153675-the-fed-undermines-foreign-policy).