Posted on 07/27/2009 6:32:08 PM PDT by expat_panama
The Transparency Act of 2009 (H.R. 1207), a bill originated by Rep. Ron Paul, Texas Republican, that mandates Government Accountability Office (GAO) audits of the Federal Reserve, has the support of more than half the members of the House of Representatives. In one sense, it's almost comical. The insinuation that Federal Reserve Board Chairman Ben S. Bernanke is against openness is like saying Popeye is against spinach.
Long before he came to Washington, Mr. Bernanke argued for greater Fed transparency in the belief that it would help stabilize markets and that the public has a right to know. At the Fed, he advanced the publication of the minutes of monetary-policy meetings, made available more frequent Fed economic forecasts and added to public information on the Fed's balance sheet and lending programs. He has long been in favor of the Fed announcing a numerical inflation target to reduce uncertainty in financial markets.
Yet it's understandable that in the worst recession of the postwar era, Congress wants to know more about what's happening inside the Fed, especially in light of the big-bucks innovative programs newly created by Mr. Bernanke and his colleagues to ease the financial crisis. Unfortunately, many in Congress aren't making the distinction between optimum transparency and excessive transparency, or what some economists have labeled dangerous meddling.
[snip]
(Excerpt) Read more at washingtontimes.com ...
You are wrong; you should try to educate yourself about how the Fed works. For example, they bought ~$122 billion in the late March auction alone.
Really? I don't suppose you have a link to a real source?
Says who?
To your knowledge, has the missing 9 trillion dollars in off balance sheet transactions ever been accounted for?
Could they do worse?
The Constitution gives Congress the authority to control monetary policy. If you support the Constitution then that means supporting it even when your guys aren't in charge.
Could they do worse?
Yes.
The Constitution gives Congress the authority to control monetary policy.
And the Congress set up the Fed as a semi-independent organization to do that.
If you support the Constitution then that means supporting it even when your guys aren't in charge.
Supporting the Constitution doesn't mean I want to allow the other guys to destroy our country.
-- You made that up.
What we have here, with the Federal Reserve, is THE SINGLE BIGGEST CRIMINAL ENTERPRISE in the entire world. It is creating wealth on its own whim, with zero oversight. The country does not NEED such an organization. It is a parasite on our economy. We are silent and complacent exactly in proportion to how many of us have been bought off.
What is their crime?
It is creating wealth on its own whim, with zero oversight.
They have plenty of oversight.
The country does not NEED such an organization. It is a parasite on our economy.
Is it full of blood suckers?
Audit the Federal Reserve. Then, continue the conversation.
The underlying problem with the Federal Reserve arises from its role in creating a fiat currency. The government is required by the Constitution to implement a currency backed by gold; it has substituted the Federal Reserve bank’s currency.
The country has an absolute right to know every detail of how this organization works...down to making its internal documents a matter of public record. We have a right to demand our Congress obtain that information. My opinion, shared by many others, is that the Federal Reserve, through its secrecy and ability to create money (don’t argue, it’s unarguable), offers an enormous potential for abuse.
Therefore:
1) The Federal Reserve should be audited, and the results made public.
2) The Federal Reserve should be disbanded.
I suggest you read the Constitution. If you still have a hard time seeing your error, I'll be glad to help you understand.
The country has an absolute right to know every detail of how this organization works...
Every detail? In real time? Do you feel the same way about our intelligence services?
the Federal Reserve, through its secrecy and ability to create money (don’t argue, it’s unarguable),
Argue that they can create money? Why would I argue that?
The Federal Reserve should be disbanded.
And replaced by what?
Dear Toddsterpatriot,
You are more determined to question every statement, no matter how unarguable, than to reach any kind of enlighted state of understanding.
Maybe your mortgage is greatly under water. You are evidently one of those whose personal fortune is now linked to the continued existence of the Federal Reserve. If so, it’s a pity — for you and your children.
Please enlighten me. Facts only.
Maybe your mortgage is greatly under water.
Not, it's not.
You are evidently one of those whose personal fortune is now linked to the continued existence of the Federal Reserve.
It's true, if monetary policy were controlled by this Congress, it would be bad for my country as well as my family.
Any luck understanding the Constitution yet?
Toddster,
You and I have said everything this to say (short of my telling you to achieve enlightened understanding by turning off your computer). So, let’s reflect on our posts for a while, let others comment perhaps, then pick up later.
Huh?
When you read the Constitution, you'll see your claim about gold was wrong. Good luck!
todpat to txgovt: “When you read the Constitution, you’ll see your claim about gold was wrong. Good luck! “
Article 1 section 10 prohibits states from making any Thing but gold and silver Coin a Tender in Payment of Debts.
Article 1 section 8 gives congress authority To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.
Have either sections been amended as would be required by the Constitution?
Article 1 section 10 prohibits states from making any Thing but gold and silver Coin a Tender in Payment of Debts.
Excellent, now we see the proof that Tax Government was incorrect. Glad I could help.
I have been searching also, and have not found a specific provision that requires gold as national currency. For that, I am surprised. And so, I need to see how and why I had that belief.
In the meantime, it’s clear that the section you quote requires the states to do something different from what they are now doing.
Many people see the section that mentions gold and silver, but forget the part that mentions states. The founders didn't want the states to print their own paper money.
In the meantime, it’s clear that the section you quote requires the states to do something different from what they are now doing.
The Federal government made FRNs legal tender, the states don't have to do anything differently.
“The founders didn’t want the states to print their own paper money. “
That was their intention. However, the BUT part states they must use gold or silver to repay debt.
A1 S8 authorizes congress to COIN money. That’d be gold or silver. By the same token, would the founders want Congress to use anything BUT gold or silver to repay debt? After all, they placed this limit on the states.
We all know what happened. Citizens can’t be burdened with walking around with bundles of gold and silver in their pockets. So now comes the paper currency backed by gold and silver which is stashed safely in some well guarded federal facility. It’s much easier to carry a t-bill in your wallet than it is to carry around a pound of silver or gold.
Now comes the dilemma. Does the US govt have the gold and silver to back up the paper bucks in circulation? We already know the silver dollar, the half dollar, the quarter, and the dime has been of late made mostly of copper. Which is more valuable, a coined silver dollar, or a coin made mostly copper dollar? I’m thinking silver is more valuable than copper.
I agree we have all done well thus far with the green backs. But if we lack the gold and silver to back up our green backs, is this not a house of cards which could collapse at any time? Especially now, when we all know the fed is printing money out of thin air.
mmmmmm.. the Buildacheeseburgers controlling all the world’s cheddar. What ever happened to the Illuminati, now those where some good villains.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.