There are many great reasons to audit the Federal Reserve.
Ron Paul’s bill to audit the Federal Reserve (HR 1207) now has 242 co-sponsors, and the numbers keep growing! At the same time, HR 1207’s companion bill in the Senate, S 604, is beginning to attract its first co-sponsors,
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http://zerohedge.blogspot.com/2009/06/goldman-sachs-engineering-every-major.html
ReplyDeleteA great Matt Taibbi in Rolling Stone about how Goldman Sachs is screwing us all. Well, unless you're a multimillionaire investor with connections to the firm. Then you're good.
Who does the audit? A special IG, some external contracting firm? Are all the findings made public? I'm too lazy to read the bill, but if anyone wants to give a synopsis I'd be interested.
ReplyDeleteI don't understand the point of auditing of the Fed. Can someone explain?
ReplyDeleteI don't either.
ReplyDeleteI realize it's something about the soundness of the currency or maybe to keep the Fed governors from Madoff'ing the system but how does that affect me?
What does auditing the federal reserve fix?
ReplyDeleteOr, better yet, what would have auditing the federal fixed?
Well, it seems to me that the fed has a massive balance sheet whose specifics are basically opaque. I would like to know where money is going and what the decision making processes are. The number of avenues they've created to "ease credit conditions" are seemingly uncountable. And all the while, they are acting with the fed's vaunted "independence" which seems to translate into "secrecy". So i'm not against auditing the fed in some way but as i asked above, who does it and exactly what will such an audit consist of. If Ron Paul created this bill, i find it suspect from the get go.
ReplyDeleteIf Ron Paul created this bill, i find it suspect from the get go.
ReplyDelete"Truer words &tc..."
"Federal Reserve Transparency Act of 2009 - Repeals the authority of the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.)
ReplyDeleteDirects the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress. "
This is a GOOD thing.
The Federal Reserve to put it simple is a world bank. It took control thanks to a bill passed by the USA president in the time of the Great Depression. Basically they run the world they make the policy they write the books for education they make the laws, they control the military, they are the puppet masters that run all governments! And we can not ask them what they are doing with "their money." Look into it and you will find they are the root of all the problems on the Earth. Seriously!
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