'Federal Reserve Centennial is Project Mission Creep' [David Stockman @ RT]
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A hundred years ago, President Woodrow Wilson signed the Federal Reserve Act into law, delegating Congress' role to coin money to a private institution. David Stockman, President Ronald Reagan's Budget Director says, "It has been the most stupendous case of mission creep almost in the recorded history of government." Since the Fed's inception, the US currency has been transformed from a gold standard into basically just sheets of paper backed only by the promise of the US government. Throughout a century of inflationary monetary policies, the US dollar has lost over 95 percent of its value. Today the Fed is involved in an unprecedented bond-buying program - called quantitative easing - that economist on all sides of the aisle says benefits Wall Street, not Main Street. RT's Perianne Boring takes a look at how the Fed has been operating this program under a veil of secrecy with little oversight, while calls for a Fed audit continue to grow on Capitol Hill.