Serious question about Auditing the Fed.

[PredFan]

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.

 

[PredFan]

Is everyone as much in the dark on this as I am?

 

[occupied]

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.

 

[Meister]

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.

 

[Toro]

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?

 

[Full-Auto]

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?

Post the audit results........

 

[Toro]

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?

Post the audit results........

Google Fed's income statement.

 

[Toro]

If anyone is truly interested ...

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

Operations at each Federal Reserve Bank also are subject to review by the Government Accountability Office (GAO), the audit arm of the U.S. Congress. However, GAO auditors are restricted by law from reviewing monetary policy operations and transactions carried out by the Federal Reserve on behalf of foreign central banks. This restriction was imposed by Congress to assure the independence of the Federal Reserve from political influence.

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.

 

[LibertyForAll]

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.

 

[occupied]

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.

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.

 

[LibertyForAll]

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.

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.

We can only ignore it for so long before it all comes tumbling down on it's own. It would be much better to know exactly what they are doing so we can devise a plan to counteract it. It may not be too late to resolve this crisis.

 

[occupied]

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.

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.

We can only ignore it for so long before it all comes tumbling down on it's own. It would be much better to know exactly what they are doing so we can devise a plan to counteract it. It may not be too late to resolve this crisis.

It not really a crisis but it is far past time where we could change anything about it without creating a crisis. As corrupt and opaque as they are they are probably the only thing keeping the world solvent right now.

 

[Mad Scientist]

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.

1.Yes. Congress gave their Constitutionally mandated control of the money supply to Mafia Bankers in 1913. Congress should take it back or at least audit it. I guarantee you they have two sets of books.
2. No.
3. Absolutely! Just look at what happened with the 9/11 Investigation. Non Mafia Connected Bankers need to do the auditing, that means no one in the Federal Reserve System.

 

[Mad Scientist]

It not really a crisis but it is far past time where we could change anything about it without creating a crisis. As corrupt and opaque as they are they are probably the only thing keeping the world solvent right now.

^ This is Typical Liberal Thought on display^

 

[occupied]

It not really a crisis but it is far past time where we could change anything about it without creating a crisis. As corrupt and opaque as they are they are probably the only thing keeping the world solvent right now.

^ This is Typical Liberal Thought on display^

You want to refute that with an actual opinion? Everyone knows that the global financial system is a gigantic con job but as we have seen already the regular people are the ones who suffer and pay when the flim-flam men get caught with their pants down, I still would like to expose them for the world class con artists they are but I realize the potentially disastrous and costly implications of that, many do not.

 

[Toro]

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.

No. The argument is that it would increase political interference in the Fed. You want a central bank as independent from political machinations as possible.

 

[occupied]

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.

No. The argument is that it would increase political interference in the Fed. You want a central bank as independent from political machinations as possible.

That is true, allowing a body as screwed up as congress to second guess their decisions is not a solution to anything. I see no solution that makes them more transparent and less inclined to protect the wealthy from loss at the cost of the rest of us and allows them the freedom to do a job that is probably more important to our national interests than a standing army.

 

[TakeAStepBack]

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?

1. It is too late. The feds market actor status since 2008, in particular by selling short maturities and buying long maturities, known as "Operation Twist", as analyzed by Goldman Sachs, shows that the long end of the curve results in negative yields. It is now about the "Flow" of the purchases that matters, not the stock itself. Think of it as the snake eating its tail. While for many years I was in favor of a full audit and dismantling of the federal reserve fiat money scheme, it is now passed the point of no return. We'll have to play along until it breaks. Which is a mathematical inevitability.

2. LOL! The current chairman of the federal reserve, known in financial and right side-up economist circles as Helicopter Ben, is about as clueless as one could ever get on sane monetary policy. Deflation is the devil!!! He's a fucking complete moron. But the fed was built to do what it is doing, which is destroying the dollar, by design.

3. I could give a rats ass who does what now. The whole system is coming to a chaotic end. You can see it all over the world at this point. The bigger question will be how will it come crashing down and will we repeat this fiat ponzi scheme for the benefits of governments and their protected friends again, or will people wake up and realize that printed money backed by nothing does not create wealth, it destroys it.

 

[TakeAStepBack]

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.

No. The argument is that it would increase political interference in the Fed. You want a central bank as independent from political machinations as possible.

That is true, allowing a body as screwed up as congress to second guess their decisions is not a solution to anything. I see no solution that makes them more transparent and less inclined to protect the wealthy from loss at the cost of the rest of us and allows them the freedom to do a job that is probably more important to our national interests than a standing army.

We don't need politicians to take the lead or second guess federal reserve decisions. We need to follow the constitution and realize that gold and silver are money par excellence. No monetary decisions need be made except to bring back an anchor to currency and keep it there. Until people realize that this is the reason most libertarians are against the federal reserve, we'll keep debating whiel they keep printing and laughing.

 

[occupied]

No. The argument is that it would increase political interference in the Fed. You want a central bank as independent from political machinations as possible.

That is true, allowing a body as screwed up as congress to second guess their decisions is not a solution to anything. I see no solution that makes them more transparent and less inclined to protect the wealthy from loss at the cost of the rest of us and allows them the freedom to do a job that is probably more important to our national interests than a standing army.

We don't need politicians to take the lead or second guess federal reserve decisions. We need to follow the constitution and realize that gold and silver are money par excellence. No monetary decisions need be made except to bring back an anchor to currency and keep it there. Until people realize that this is the reason most libertarians are against the federal reserve, we'll keep debating whiel they keep printing and laughing.

Answer how we get from here to there without all our gold headed for China by the container load and maybe I will give some credence to your argument that a monetary system based on something every bit as arbitrary and manipulated is the solution to anything.