Editorial: Focus on the Fed [WaPo slams Ron Paul in unsigned editorial]

The Washington Post ^ | 2009-07-24

[rabscuttle385]

Transparency at the central bank is a serious question. It deserves a serious answer.

The Federal Reserve Board's independence is a bit like the judiciary's independence. Absolutely vital for the institution's proper functioning, it nevertheless depends on Congress and the president to respect decisions with which they disagree. In such cases, the best protection for either the Supreme Court or the Fed is to stay strictly within its legally prescribed authority and to act according to principled criteria: legal ones for the justices, technical economic ones for the central bank.

Which brings us to the proposed Federal Reserve Transparency Act, sponsored by anti-Fed crusader Ron Paul (R-Tex.) in the House and socialist Bernard Sanders (I-Vt.) in the Senate. In the name of open government, it would subject the Fed's decisions to a full-blown audit by the Government Accountability Office, the investigative arm of Congress. Though the bill has attracted 276 co-sponsors in the House and 17 in the Senate, it is wrongheaded in the extreme.

[ken21]

a banana republic, we.

[10Ring]

deterministic algorithm with a strict inflation target of under 0.1%

You don't need an algorithm to study this, just look to Japan over the past 5 years. This is a recipe for no growth.

[Toddsterpatriot]

The unwillingness of the Fed to open its books indicates it has something to hide.

They're unwilling to show how much they charge you for the $20s in your wallet. Figure it out on your own yet?

[Bokababe]

The Federal Reserve Board's independence secrecy is a bit like the judiciary's Mafia's independence secrecy. Absolutely vital for the institution's proper functioning Mafia's continued existence, it nevertheless depends on Congress and the president to respect hide decisions with which they disagree getting a payoff for.

There, fixed it.

[Bokababe]

The Fed publishes their balance sheet every week.

And that balance sheet and all Fed audits do NOT include details on any arrangements made with foreign banks or governments.

[Toddsterpatriot]

And that balance sheet and all Fed audits do NOT include details on any arrangements made with foreign banks or governments.

OMG! So what?

[neverdem]

Those unattributed editorials without bylines are called masthead editorials. They are written by members of the editorial board.

IIRC, there are about fifteen members on the NY Times' board, and two or three might collaborate on any particular masthead editorial.

[Bokababe]

"And that balance sheet and all Fed audits do NOT include details on any arrangements made with foreign banks or governments."

OMG! So what?

So this!

[Toddsterpatriot]

Wow!

Dramatic use of underlining.

Thin on facts.

[Bokababe]

"Wow! Dramatic use of underlining. Thin on facts."

Perfect for the little drama queen Toddster -- all arrogance, zero substance -- not even a feeble attempt to back up your assertion with anything other than with your little word, -- and we know what that's worth.

The Federal Reserve's relationship with foreign governments and foreign banks affects both US foreign policy and our domestic economy. Only an idiot would assert that those relationships with foreign entities are "none of the American taxpayer's business" -- but sure enough there's one born every minute and at FR, you're it Toddster. Why am I not surprised?

[Toddsterpatriot]

Bob Chapman [Internationalforecaster.com] revealed that the US State Dept has advised embassies worldwide to stock up on a year's worth of the local currency in anticipation of collapse of the US dollar. Look for a temporary banking shutdown timed for around September 2009.

Like I said, thin on facts. Perfect for you.