United States Congressman Ron Paul sponsored this Congressional lecture on "What Does the Fed Do?", the second lecture in a three part series on the Federal Reserve System for Congressional staff. As a continuing educational tool this lecture was filmed and is provided to the public. The lecture was delivered by James Grant, founder and editor of Grant's Interest Rate Observer and a frequent commentator on financial news networks.
Mr. Grant's lecture summarizes the methods the Federal Reserve uses in its attempt to manage the economy through the conduct of monetary policy, dissecting the euphemistic language behind the Fed's actions and describing in detail the problems with the Fed's endeavor to be an "economic seer." Mr. Grant also bridges the gap between the lectures on the pre-Fed era and the Fed's future by describing the evolution of the Fed over its one hundred year history.
"What Does the Fed Do?" with James Grant -- Ron Paul Fed Lecture Series, Pt 2/3
Other lectures in the Fed series:
Pt. 1: Why Was the Fed Created? -- http://www.thepresident.com/2012/03/why-was-federal-reserve-created-ron.html
Pt. 3: What is the Fed's Future? -- available May 2012