Jim Grant on CNBC Today: "Fed Would Be Shut Down If It Were Audited"

"If the Fed examiners were set upon the Fed's own documents—unlabeled documents—to pass judgment on the Fed's capacity to survive the difficulties it faces in credit, it would shut this institution down," he said. "The Fed is undercapitalized in a way that Citicorp is undercapitalized."

Grant said he would support legislation currently making its way through Congress calling for an audit of the Fed.

http://www.cnbc.com/id/31204170/site/14081545?ref=a1anews.com