source:asiatimes on line
recently questioned conventional wisdom as to the relationship between the US Treasury and the Federal Reserve Bank, and indeed the very basis of the dollar itself. (See A very secret agent (Asia Times Online, July 27, 2011). Comments poured in, and the subsequent discussion and debate has been both intense and detailed.
Having peeled away all the layers of the onion, the debate reached the bizarro world of the Federal Reserve Bank’s balance sheet. Manoj Singh explains the Fed’s Looking Glass World in an Investopedia article.