David Stockman on What an Audit of the Federal Reserve Could Reveal
The cost of their liabilities is practically nothing because they’ve been created from thin air by hitting the button on the digital printing press. Other than the $23 billion that they’re paying out in this phony IOER scheme, basically, they have cost-free liabilities, and a $4 trillion balance sheet that is earning interest.
Now, the reason I’m bringing this up is it brings in a massive profit. A lot of it that gets cycled back to the Treasury, which is another circular scheme of stupidity. But it also gets used for a big fat, juicy payroll, for some 20,000 people—including several thousand economists.
It’s not only these people on the payroll, but there are all kinds of contract research they fund from the massive profits they generate from printing money. That means that a substantial share of the academic economists in the United States is on the payroll of the Federal Reserve. They lick the boots of the guy who’s signing the checks.
via internationalman David Stockman on What an Audit of the Federal Reserve Could Reveal
Much of this article is right wing nonsense, but this part deserves exposure.