Posted on 07/09/2009 1:42:00 PM PDT by FromLori
An amendment based on Congressman Ron Paul’s House bill to audit the Federal Reserves was blocked by the Senate this week on procedural grounds.
Speaking on the Senate floor, Republican Senator Jim DeMint and supporter of an audit said, "allowing the Fed to operate our nation's monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life."
Charles Ortel, managing director with Newport Value Partners, an independent research firm, agrees. "Transparency is the key to any market," he says, noting the Fed doesn't mark-to-market its assets, much of it now consisting of the worst toxic debt Wall Street had to offer.
In truth, the Fed doesn't work in complete secrecy - they do release a weekly update which details the size and type of assets on its balance sheet. According to the latest report, the Fed’s balance sheet shrunk to $1.989 trillion, falling below $2 trillion for the first time since March.
And Bernanke backers are inclined to say, give the Fed a break. Those supporters including, Warren Buffett, claim the Fed’s action saved the U.S. from an even greater economic catastrophe.
But Ortel isn’t buying it: "We are well into a major crisis of confidence... those with major league exposure to the dollar and U.S. companies are quietly reducing that exposure," he claims.
If one looks at recent U.S. Treasury auctions, appetite for U.S. debt remains relatively strong. But Ortel says the smart money has little confidence in the future of the U.S. and is instead buying gold and other hard assets.
(Excerpt) Read more at finance.yahoo.com ...
Related
http://www.youtube.com/watch?v=zWobmdjieHQ&feature=channel
DeMint Explains Why the Federal Reserve Should Be Audited
http://www.americasright.com/2009/07/demint-proposes-amendment-to-audit-fed.html
If Ron Paul doesn’t like it, it must be good because he’s a kook!
I see anything from him and I automatically retreat. Its like a reflex or something.
Certainly didn’t make you retreat from this thread.
Indeed an audit of the stimulus in necessary and we would do well to demand it.
They keep saying ... no one knows where the money is , what it has been used for implementing, etc.
Absolutely ...unacceptable.
Unfortunately, this is where Ron Paul comes off looking like a lunatic.
The Fed *is* audited, every year. This year it was done by Deloitte + Touche.
http://www.federalreserve.gov/boarddocs/rptcongress/annual08/pdf/audits.pdf
Sure, an audit. ACORN probably has a very trustworthy accountant!
Forgot the ‘/s’.
Its funny how all the RepubliCrats were calling him a kook during the Presidential campaign...and it seems Paul was one of the few who was not a liberal with an “R” next to his name...
Senate will not approve of a Fed Res audit.
Too true.
No, I meant what I said, I can’t stand Ron Paul.
I agree with you.
No I forgot the /s.
Actually, to back step a little, I saw “Audit Fed” and “Jim DeMint” and figured I’d go ahead and read.
Ooops, my mistake.
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