Serious question about Auditing the Fed.

Discussion in 'Politics' started by PredFan, Jul 30, 2012.

  1. PredFan
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    PredFan Gold Member

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    I'm not an economist, so I don't understand most of what I have heard about this issue. I am a Libertarian and it has been a part of the LP platform for quite a while. Either to abolish the Fed outright or to regularly audit it. In the cases of issues that I'm a little sketchy on, I default to those whom I believe are in the know.

    So my question is actually multiple questions. I am asking not only Libertarians but Conservatives and Liberals as well. Anyone who knows what it's about or thinks they do.

    1. Do you think the Federal Reserve needs to be audited and why?
    2. Do you think that the Fed and Bernanke are doing a good job with it?
    3. Are you not concerned about who will do the auditing?

    Thanks in advance.
     
  2. PredFan
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    PredFan Gold Member

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    Is everyone as much in the dark on this as I am?
     
  3. occupied
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    occupied Gold Member

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    We are all in the dark concerning the fed, as it is they are crucial to our economy but there is some very real concern that auditing them and dragging out their highly manipulative practices will crash the economy with no way to un-crash it. I am all for an audit but understand that there are no more than a handful of people in our government who want an audit and are capable of understanding what is going on and they happen to be democrats.
     
  4. Meister
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    Meister VIP Member Supporting Member

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    If we audited the fed, that means we would have to audit the gold at Fort Knox.....now that is never going to happen. IMO, with the results that we would get from this audit would greatly weaken our standing in the world.
     
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  5. Toro
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    Toro Diamond Member

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    The Fed is already audited.

    What those who want to "audit the Fed" really want is to audit the decisions of the FOMC. This is a terrible idea because it will increase political interference in monetary policy. Why in God's name do we want Congress meddling in the Fed's affairs?
     
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  6. Full-Auto
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    Full-Auto Gold Member

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    Post the audit results........
     
  7. Toro
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    Toro Diamond Member

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    Google Fed's income statement.
     
  8. Toro
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    Toro Diamond Member

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    If anyone is truly interested ...

    http://www.newyorkfed.org/aboutthefed/fedpoint/fed35.html

    The bolded part is the gist of the argument. The government should NOT be auditing the decisions of the FOMC. Imagine Barney Frank or Nancy Pelosi wanting a say in Fed policy.
     
    Last edited: Jul 30, 2012
  9. LibertyForAll
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    LibertyForAll Senior Member

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    So the reason we shouldn't audit them is that they have been doing things that would cause us to lose faith in them? This sounds like doublethink to me.
     
  10. occupied
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    occupied Gold Member

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    No one really wants to face what a precarious house of cards the global financial system is, how much it is built on sand and scornful of stability and especially how many vast fortunes were built from elaborate con jobs.
     

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