Audit the Fed Hearing Note (1)

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Thomas Woods of Ludwig von Mises Institute is the other witness.

Mr. Alvarez is done. The other witness is taking the seat.

Rep. Donald Manzullo is asking whether the Fed is monetizing money for helping companies like AIG.

Rep. Adam Putnam is listing off the items NOT disclosed about the Fed's operations and asking why.

Oh my goodness. This Californian Congressman (Rep. Edward Royce) cites Ludwig von Mises! [First I ever heard anyone other than Ron Paul cite von Mises.] The general counsel was saved by the Chairman Frank from answering the questions and embarrassing himself.

Rep. Alan Grayson made Mr. Alvarez, general counsel of the Board of Governors of the Fed, squirm, insisting to know whether the Fed has been manipulating the stock market and who specifically has been doing it.

Rep. Ron Paul asked about the potential Fed's manipulation in the gold market, and currency swaps with foreign central banks.

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