How Congress Should Reform the Fed
Alex Pollock joins the Human Action Podcast to explain his recent Congressional testimony on the Fed’s growing insolvency and mandate overreach. The Fed now admits to $243 billion in operating losses and nearly $1 trillion in mark-to-market losses, leaving it with negative capital of about $197 billion. Pollock explains how the central bank transformed itself into “the biggest 1980s-style savings and loan in history” — funding short while buying long, and bleeding cash as interest rates rose.
Read the Congressional Testimony: Mises.org/HAP523a
Read More from Alex Pollock: Mises.org/HAP523b…
The skinny
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