Posted on 09/24/2009 7:05:36 PM PDT by GoldStandard
Edited on 09/25/2009 8:22:28 AM PDT by Admin Moderator. [history]
Legislation giving U.S. government investigators broader authority to audit the Federal Reserve could erode confidence in the central bank’s independence and ability to conduct monetary policy, a top Fed official will tell lawmakers Friday.
Fed General Counsel Scott Alvarez, in testimony prepared for a Friday hearing, said legislation in the U.S. House of Representatives giving the Government Accountability Office greater leeway to examine the central bank could have a detrimental effect.
(Excerpt) Read more at blogs.wsj.com ...
Tough.
BFD. ‘Get ‘er done’, baby. We need to know where in the h3ll OUR money is going!!!!!!!!!
this has to be done this is our only hope to end this country of some major coruption. there making the case to audit by saying you do this were all in trouble cuz we messed everything up
That is rationalization to control your money and economy ILLEGALLY. Ron Paul is a true national hero and these people ruining our economy with printed money should be imprisoned NOW!!
Given the galactic incompetency of the Obamaloon administration, I’d agree that finding out how Obama’d* up the fed is would create panic.
*Obama’d: Verb. New substitute for the f word.
YOU LIE! there is not confidence~
The only confidence that I have is that The Fed intends to destroy the economy on purpose.
NO OVERSIGHT, NO CONFIDENCE.
His argument may be true, but seeing how the Fed has been doing the bidding of 0, I sincerely doubt that it has much independence left.
I wanna set pay scales for the Fed. Think they’ll let me?
any other FUD they have to delay their comeuppance? This FUD was a little vague for me.
Seems to me that people would lose confidence if the audit finds problems. If the audit came up clean confidence would increase..... Oh wait, yeah I guess an audit would kill confidence in the fed...
Sounds like they are onto something.
And this would be a bad thing exactly why?
Best regards,
“Legislation giving U.S. government investigators broader authority to audit the Federal Reserve could erode confidence in the central bank’s independence and ability to conduct monetary policy, a top Fed official will tell lawmakers Friday.”
Why worry unless corruption will be discovered? Then rightfully, confidence in the mismanaged central bank will be eroded.
If there is nothing to hide, why not have a complete audit?
That would be a confidence builder if the books are clean.
Fed and income tax came as a matched set in 1913.
We need to rid ourselves of BOTH!!!!
MIDDLE CLASS MUST NOT FAIL, PART 1
http://www.youtube.com/watch?v=nmgwCmBmyKU
MIDDLE CLASS MUST NOT FAIL, PART 2
http://www.youtube.com/watch?v=n0JLFHQiMs4
“Legislation giving U.S. government investigators broader authority to audit the Federal Reserve could erode confidence in the central bank’s independence and ability to conduct monetary policy, a top Fed official will tell lawmakers Friday.”
Yea... I bet it could.
“...likely would increase inflation fears and market interest rates ... damage ... job creation,...
“...hurt the U.S. government’s relationships with other countries.”
This is so funny. Price of gold is good indicator public is afraid of inflation. There is no job creation. Other countries are now ready to abandon the dollar as internaitonal currency.
So what could get worse? These dangers are a reality. What US citizens would like to know is who stole how much and where is the money?
“...likely would increase inflation fears and market interest rates ... damage ... job creation,...
“...hurt the U.S. government’s relationships with other countries.”
This is so funny. Price of gold is good indicator public is afraid of inflation. There is no job creation. Other countries are now ready to abandon the dollar as internaitonal currency.
How much worse could it get?
So what could get worse? These dangers are a reality. What US citizens would like to know is who stole how much and where is the money?
Confidence? Is there still confidence?
Oh, CONfidence. As in CONfidence man. I see.
Another attempt (like ACORN) to prevent the truth from coming out.
Worse would be a total collapse but it would create the opportunity to do one of two things.
The bad thing is the final stage of Cloward Piven strategy.
The good thing would be a chance to clear the rubble and build a firmer foundation.
And they were doing so well. /s
The Fed needs an enema. There’s a major reason why they’re fighting an audit but the argument they’re putting forward is not it.
light, not darkness. Watch the Roaches scramble. Hey Ben, I can handle the truth.
Two problems that I have with Alvarez.
1) From the posted article:
“Foreign central banks and governments likely would be less willing to engage in financial transactions with the Federal Reserve if these transactions were subject to policy review by the GAO,” he said.
...But you just said that this would jeopardize foreign relations with the United States. You are not an agency of the United States Government.
So which is it? Are you concerned with how it affects the Federal Reserve Bank, or how it affects the government? Your statement contradicts itself, because the two entities are not under the same umbrella.
2) Monetary policy should not have been given to you [the Fed] in the first place in 1913. Article I, Section 8 clearly delegates monetary policy to Congress, not a private entity. For now, let’s assume that you have standing to exist. The question of contention is therefore: should Congress still have oversight into your actions under Art. I Sect. 8? The answer is YES!
Get out of here Mr. Alvarez. I’m tired of dealing with you.
the fed is insolvent and will crash the dollar so fast we wont know what hit us
The truth hurts ,,,,, well that’s a new one .
I’m all for an open, honest, and accountable Fed, but one thing I absolutely DO NOT want is political interfering with monetary policy. That is what I fear here. If congress begins to exert politcal pressure on the Fed as the result of these expansive audits, then we’re in bigger trouble than we are now.
Ruh roh. I AGREE. WE should not audit the FED as it will result in the Markets realizing THEIR IS NO MONEY left. CHOOSE either keep your IRA or document how big our National Ponzi scheme is, YIKES.
What the hell are they talking about?The fed has already wrecked the value of the U.S. Dollar.
How is knowing the truth going to hurt unless you are doing something immoral or illegal?
Thank you for being the first to mention this.
While in theory, I think the Fed needs a good enema, I don’t think this is the right way...and it opens up even more political influence.
Also, I’d rather have someone other than Ron Paul involved...
BULLSH!T
Go Dr Paul Go!
I agree this is a must do! The reason this cat says it is a no can do is quite simple. It would shut down government, all of 0bama’s slush funds alone would be earth shattering and put so many people in jail, few would remain. Ron Paul would be the only one not handcuffed.
>> I agree this is a must do! The reason this cat says it is a no can do is quite simple. It would shut down government, all of 0bama’s slush funds alone would be earth shattering and put so many people in jail, few would remain. Ron Paul would be the only one not handcuffed. <<
despite his weak foreign policy I would rather have Ron Paul at the helm till 2012 than Barry.
Huh?
I thought audits would increase confidence since they would actually have to be potentially accountable at some point.
I just don’t understand high finance.
Ping
OUR money? How do you figure that?
They're already audited every year. What do you feel a new audit could find?
The Fed doubled their balance sheet. Did the price of gold double? Why not?
What US citizens would like to know is who stole how much and where is the money?
What money are you talking about?
insolvent: I don’t think that word means what you think it means.
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