Here's a great interview from Jim Grant, the famous editor of Grant's Interest Rate Observer.

Among the zingers Jim let loose was his belief that the Federal Reserve balance sheet is so backwards that it couldn't possibly survive an audit.

"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."

Citigroup he later continued is " a rogue bank" in his opinion....

Of course—as always with Jim—there's a whole lot more.

Roll the tape....

Great stuff Mr. Grant

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