By the way, in case you couldn't tell by now, I'm not much of a Ron Paul supporter. I don't like the guy. I don't trust the guy. I think he's a racist. I don't buy his bull@#$% about the Gold Standard. I generally understand what the role of the Federal Reserve is, but don't ask me to write a paper on it. I've heard of the Panic of 1907 (a.k.a., the Financial Crisis everyone in America would still be talking about if it wasn't for that Great Depression thing).
So when I saw this story in the Financial Times (not exactly a stronghold of Liberal thought), I was...you know...pleased!
US Federal Reserve turns $80.9bn profit
By Robin Harding in Washington
Published: January 10 2011 18:04 | Last updated: January 10 2011 18:04
The US Federal Reserve made a record profit of $80.9bn in 2010 and sent $78.4bn to the US Treasury as income poured in from its programme of quantitative easing.
The figures show how the financial crisis has turned the Fed into the most profitable bank in history, earning income of $88.1bn in 2010 but paying only $2.7bn in interest and $4.3bn in operating expenses.
