Obama promised a transparent administration. But his incredible policy of bailouts and nationalizations hides behind a secretive agency.
The Federal Reserve, a central bank, runs monetary policy, sets interest rates, pumps liquidity into insolvent banks, buys and sells government securities, issues paper currency and controls the money supply. Since its founding in 1914, this very important banking monopoly has enjoyed unparalleled secrecy.
Unlike even the CIA, the Fed doesn't answer to a congressional committee, has no budget, and is never meaningfully audited. It meets behind closed doors. Transcripts are made public only after five years. Read more »
