Two months after it was hacked, the secretive U.S. Federal Reserve was caught off guard by a “premature release” of sensitive economic information.
Happens to the best of us, right?
Anyway, this “premature release” provided a list of congressional staffers and industry lobbyists with the minutes from the Fed’s latest meeting – at which its board members failed to reach consensus on the nation’s monetary policy.
What’s that policy? Well, last September the Fed agreed to create assets (i.e. print money) at a rate of $85 billion a month – with no end date. This decision was reached after three previous rounds of money-printing failed to provide sufficient “stimulation” to the economy.
Up until last month’s disastrous jobs report, Federal Reserve chairman Ben Bernanke had hinted that this open-ended money-printing might be tapered off. Now it’s looking increasingly like it will continue.
The end result? All those nickels Americans are working harder than ever to rub together are going to be worth less and less …
That’s the real story here …
Well, that and the fact this pseudo-agency operates in perpetual secrecy.
UPDATE: Via Zero Hedge, here’s the guy responsible for the leak.