Alan Grayson grills Ben Bernanke on Foreign Lending
Jul 22, 2009 Ron Paul, economy, financial, news, politics
Following Ron Paul and Bill Posey grilling Ben Bernanke, Alan Grayson grills Ben Bernanke on lending to foreign central banks. He mentions that before 2007, there had been absolutely no lending to foreign central banks and brings up a great point – whether there is actually a provision in the federal reserve act (which was enacted illegally anyway) that allows this type of lending? He also says, correctly, that the constitution states that “no money shall be drawn from the Treasury but in Consequence of Appropriations made by Law”. Bernanke seems to think that provision doesn’t apply to the Federal Reserve, even though the loans to the foreign central banks are in the form of treasury bills.
Tags: Alan Grayson, ben bernanke, constitution
Leave a Reply