Wednesday, June 10, 2009

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.

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