Audit the Fed

[delusions of grandeur]

That makes absolutely no sense. Some people would never buy an audit performed by Congress. Alternatively, others would never believe an audit performed by a private financial company either.

 

Actually I beleive that the failures of the past audits have been because of amendments to water it down. If this bill is passed with no amendments (which is what you should be asking your senators with regard to S 202) then it has a much better chance to have some merit.

 

Just because some may or may not believe an audit by particular groups should not preclude one from trying... This kind of complacency and apathy you mentioned above is what's gotten us into this mess, as no one demands accountability and just wants to be on the winning team.

[electricrelish]

Fighting the fed is too hard. Can we focus on polygamy marriage instead?

 

Yep, there always these little distractions to take up our time like gay marriage and ff.

[electricrelish]

That makes absolutely no sense. Some people would never buy an audit performed by Congress. Alternatively, others would never believe an audit performed by a private financial company either.

 

 

Actually I beleive that the failures of the past audits have been because of amendments to water it down. If this bill is passed with no amendments (which is what you should be asking your senators with regard to S 202) then it has a much better chance to have some merit.

 

Just because some may or may not believe an audit by particular groups should not preclude one from trying... This kind of complacency and apathy you mentioned above is what's gotten us into this mess, as no one demands accountability and just wants to be on the winning team.

 

 

You're right, but I think I read a touch of sarcasm in his response.

[Brentastic]

Only a newb would flame a year old thread.

 

I'm glad that some on here realize our complacency and understand that inaction will most definitely result in a self implosion for Americans and basically all humans.

 

I'm with relish though, let's get the audit done and then bicker about the findings. It's a long process shifting the collective perceptions of the masses. It won't happen overnight but any progress towards accountability and truth is a massive step in the right direction especially considering we've been moving backwards for quite a long time.

Edited August 1, 2012 by Brentastic

[Clubfoothead]

I'm not apathetic and complacent. I just read Paul's plan is all.

 

Anyone want to explain to me how his plan is substantively different from what we already do?

[bushwacked]

Only a newb would flame a year old thread.

 

 

Someone else actually bumped it..in the blatant attempt to get me to flame something I will ask you to answer to this 1+ year old post though:

 

http://blogs.forbes....mys-soft-patch/

 

I'm just wondering when more people will start to realize that all my Fed bashing is rooted in factual information. Guys like TimC and Avernus get it, there are others I'm forgetting. But everyone else - when will you realize the Fed does not care about American people? Just wait, when the economy collapses (including stocks, bonds etc...) it's going to happen abruptly. All those gains you have rubbed in my face will vanish within a few weeks. The guy who's currently calling the shots (Bernanke) admits he doesn't know what's going on. Yet, they have more 'tools' on how to deal with this 'unknown'! This is a debt-based economic system we've been forced to live in and the jig is UP. Stockpile cash, gold and silver. Don't have all your savings in a bank unless you've done thorough research about what assets are on their books. Prepare for a global depression. If you do not do these things in the coming year, I feel really sorry for what you're about to experience. It's gonna be tough enough if you're prepared.

 

 

It won't be long now....

[stevegrab]

Only a newb would flame a year old thread.

 

I'm glad that some on here realize our complacency and understand that inaction will most definitely result in a self implosion for Americans and basically all humans.

 

I'm with relish though, let's get the audit done and then bicker about the findings. It's a long process shifting the collective perceptions of the masses. It won't happen overnight but any progress towards accountability and truth is a massive step in the right direction especially considering we've been moving backwards for quite a long time.

 

 

Somebody bumped the thread, and since i wasn't on here when it started I got the beginning when I read the new posts.

 

I took offense to your statement which I quoted in my post (P.P.S. If you hate America and don't support this bill, that's fine ...)

 

If you're asking people to support something you believe in that is fine. But don't belittle those that don't support it by calling them names.

 

Do the audit or don't, I really don't care. It isn't something I feel strongly enough to contact my representatives about.

 

Pardon me, I didn't know that its another rule of the Huddle forums that newbs are not allowed to repond to year old threads. Must be somewhere in the super secret posting rules that are only accessible to the vets.

 

I generally find these "the world as we know it will come to and end if we don't" discussions as wild speculation. Its my opinion, but I guess I'm not entitled to it. Or need to justify it.

[delusions of grandeur]

I'm not apathetic and complacent. I just read Paul's plan is all.

 

Anyone want to explain to me how his plan is substantively different from what we already do?

 

 

Basically right now anything relating to monetary policy, emergency lending and to central banks, etc., all the important stuff isn't audited. This bill would seek to change that:

 

About the Audit - http://www.auditthef...bout-the-audit/

 

The Federal Reserve, the unelected central bank of the U.S., enjoys a monopoly over the flow of our nation’s money and credit but has never been completely transparent and accountable to Congress since its creation in 1913.

 

Over its nearly 100 year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar while Congress has kept its hands off and its eyes closed. Since 1913, the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy.

 

During the current economic crisis, Congress, the Treasury, and the Fed have put us on the hook for over $14 trillion in bailouts and loans. This is in addition to our over $16 trillion national debt. When testifying before Congress in 2009, Fed Chairman Ben Bernanke refused to disclose which institutions received trillions of dollars in these bailouts and loans or to give our representatives details about what deals are being made with foreign banks.

 

Despite the limited audit passed as a result of grassroots activism in the 111th Congress, the Fed still refuses to fully disclose key details of its emergency lending.

 

Although the Fed is currently audited by outside agencies, these audits are not thorough and do not include monetary policy decisions or agreements with foreign central banks and governments.

 

The crucial issue of Federal Reserve transparency requires an analysis of 31 USC 714, the section of US Code which establishes that the Federal Reserve may be audited by the Government Accountability Office (GAO) but which simultaneously severely restricts what the GAO may in fact audit. Essentially, the GAO is only allowed to audit check-processing, currency storage and shipments, credit facilities (limited) and some regulatory and bank examination functions, etc. The most important matters, which directly affect the strength of the dollar and the health of the financial system, are immune from oversight.

 

Currently, the GAO is prohibited from auditing:

 

1. transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

2. deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations

3. transactions made under the direction of the Federal Open Market Committee; or

4. a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection of US Code.

 

The GAO is also prevented from conducting on-site examinations of banks or bank holding companies without the written consent of the appropriate regulatory agency.

 

HR 459 and S 202, The Federal Reserve Transparency Act, would eliminate these restrictions and mandate a thorough GAO audit of the Fed, finally delivering answers to the American people about how our money is being spent.

 

Many politicians like to constantly laud the benefits of transparency but fail to turn their campaign rhetoric into results. With trillions of dollars and our nation’s monetary system at stake, the time to take action is now.

 

With Ron Paul serving as chairman of the House Domestic Monetary Policy Subcommittee and Rand Paul leading the fight in the Senate, our chance to pass Audit the Fed has never been better.

 

By opening all Fed operations to a GAO audit, HR 459 and S 202 would result in an historic level of transparency and accountability from the Federal Reserve.

 

Edited August 1, 2012 by delusions of grandeur

[delusions of grandeur]

Do the audit or don't, I really don't care. It isn't something I feel strongly enough to contact my representatives about.

 

If this doesn't concern you, then please stop derailing the thread over what was obviously an innocent tongue-and-cheek comment from Brent that you decided to get offended about. You seem to be the only one making wild speculations here.

[Clubfoothead]

Those aren't substantive changes. You stil have to have a bank's permission to do anything other than audit their statements they already submit. Big whoop, you aren't going to find anything in the statements the banks submit.

 

Beyond that, what is the point of performing an audit if the data you are auditing is not reliable?

[delusions of grandeur]

Those aren't substantive changes. You stil have to have a bank's permission to do anything other than audit their statements they already submit. Big whoop, you aren't going to find anything in the statements the banks submit.

 

Beyond that, what is the point of performing an audit if the data you are auditing is not reliable?

 

You seem much more confident than I am that they can just hide their multi-trillion dollar balance sheets of dealings such as with bailed-out companies and foreign banks. I know they're shiesty, but I don't think they can just hide all that... And no, I don't think you have to have permission (aside from bills like this to allow it) to audit your country's central bank to find out where your tax money, and whatever other money they printed out of thin air, is going.

 

And again, something is better than nothing, because an audit should at very least open questions about what they are and aren't transparent about, and that's good enough for me...

Edited August 1, 2012 by delusions of grandeur

[Clubfoothead]

You seem much more confident than I am that they can just hide their multi-trillion dollar balance sheets of dealings such as with bailed-out companies and foreign banks. I know they're shiesty, but I don't think they can just hide all that... And no, I don't think you have to have permission (aside from bills like this to allow it) to audit your country's central bank to find out where your tax money, and whatever other money they printed out of thin air, is going.

 

And again, something is better than nothing, because an audit should at very least open questions about what they are and aren't transparent about, and that's good enough for me...

 

 

Dude, that is crazy talk. You are the one who thinks they are hiding something in some grand conspiracy to rip off morans like me and you and that you are going to catch the bad guys, solely based on data that the bad guys voluntarily diclose. If Brent is right, the audit will reveal nothing anyways. Give me a break.

 

So you can tell me something is better than nothing but in this case that something is a big pile of nothing.

[delusions of grandeur]

OK got it. I'll just take their word for it then

 

Ya know, it's not like we don't know that they've been handing out trillions all over the world since the collapse. IIRC, we just don't find out for 5 years to who exactly, and for what policy reasons...

 

It's not like there isn't plenty of writing on the wall that needs to be explained, hence why Bernanke has spoken against an audit on the grounds of "politicizing" (which is possible, but that's a road we cross when we get there, and it certainly doesn't preclude it from being a worthy political issue).

Edited August 1, 2012 by delusions of grandeur

[Clubfoothead]

OK got it. I'll just take their word for it then

 

Ya know, it's not like we don't know that they've been handing out trillions all over the world since the collapse. IIRC, we just don't find out for 5 years to who exactly, and for what policy reasons...

 

It's not like there isn't plenty of writing on the wall that needs to be explained, hence why Bernanke has spoken against an audit on the grounds of "politicizing" (which is possible, but that's a road we cross when we get there, and it certainly doesn't preclude it from being a worthy political issue).

 

 

My point is you are still taking their word for it even if you do what Ron Paul wants.

[delusions of grandeur]

My point is you are still taking their word for it even if you do what Ron Paul wants.

 

My point is that you can't hide trillions, and if there's even a 1% chance that this can at least raise more questions about their policies, then it is well worth me contacting my senators and demanding accountability.

Edited August 1, 2012 by delusions of grandeur

[Brentastic]

My point is that you can't hide trillions, and if there's even a 1% chance that this can at least raise more questions about their policies, then it is well worth me contacting my senators and demanding accountability.

 

This is what it boils down to. Put a little heat on them - you never know, some of the bad guys may crack A baby step is still a step. You can't overcome any obstacle without taking the first step.

[Avernus]

If the fed were ever to be audited it is because a new monetary system has been strongly considered to replace the current one as something that "can't be manipulated" and the audit would be what breaks down our current monetary system....and yay?

[tonorator]

goodness, this thread starts off with a call to write your congressman, and it's still here.

[Seahawk37]

Abolish The Fed