WC Varones

Don't lend your hand to raise no flag atop no ship of fools

FED Circle Jerk Continues

Chris Martenson nails the Fed trying to sneak the purchase of 47% of the primary allocated 7 year bonds in Open Market Purchases without notice. Remember all that talk about a more transparent Fed? How much you want to bet that Obama comes out with the following statement:
In order to protect the transparency of the Fed, we are going to suspend all transparency of the Fed.
I would imagine that Martenson is going to have a harder time finding this info next time around.

UPDATE: W.C. here. This is disgusting. It's bad enough that our government (yes, let's drop that ridiculous pretense that Bernanke is somehow "independent" from his BFFs Paulson and Geithner) prints money with one hand to buy debt from the other. But now that China and other creditors tell them to knock it off, they use Wall Street banks as fronts to park the bonds for a week before printing the annual GDP of a small country to buy them?

And I'm sure the Fed paid a little extra over the auction price as a "thank you" to Goldman Sachs for helping to launder the money. The amazing thing was that the Enron lobbyist the Fed hired didn't advise them to hide this better.

AUDIT THE FED ALREADY!

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