The Fed according to Jim Grant

Some of the comments by Jim Grant, editor of Grant's Interest Rate Observer to CNBC:

• The Fed would fail a bank audit- the central bank is under-capitalized. (of course to recapitalize themselves the Fed just prints money)
• Proposal to audit the Fed circulating in Congress (bill) is a good thing.
• Quantitative easing (printing money) will lead to inflation (what a surprise!)
• Zero overnight rate is setting us up for moral hazard.