The News Behind the news: The government agencies who are responsible for monetary policy failed to regulate the agencies under their supervision.
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Following this 2 min preview, Fed Expert Vern McKinley is featured in the full Segment #4 of the Fed Series pointing to Article I, Section 8 of the US Constitution, Congress is supposed “to coin Money, regulate the Value thereof.” Instead, Congress has delegated that authority to the Federal Reserve. Does Congress actually oversee the Fed? According to Vern McKinley, author of “Financing Failure,” Congress is in cahoots with the Fed, using FannieMae and Freddie Mac for “free money” as he states to buy political favor. This resulted in the massive recession in 2008. The Fed was initially designed specifically to protect American citizens from that kind of disaster. This is part of an on-going Full Disclosure Network® series covering the Federal Reserve System.