The Fed's "Doomsday Book" Has Been Revealed
The Fed's "Doomsday Book" Has Been Revealed THE CORBETT REPORT by James Corbett Back in 2011, shareholders of insurance giant American International Group (AIG) filed a $40 billion class action lawsuit against the US government over the terms of its controversial bailout of AIG during the 2008 financial crisis. In 2014, the trial case came to focus on an intriguing oddity. In cross-examination, the plaintiffs learned of a set of documents that the New York Fed—the heart of America's Federal Reserve central bank and the primary wheeler-dealer in the chaotic days of the global financial collapse—dramatically refers to as its "Doomsday Book." This book, it was discovered, contained the various legal opinions and memoranda that the Fed used to determine what power it has to manipulate the financial system in the event of a large-scale crisis. And, it seemed, there was a good chance that the central broke its own rules with all its bailout shenanigans and f