Economists Tell Congress, Obama To Leave The Fed Alone

[Kevin_Kennedy]

Efforts to shine daylight on the Federal Reserve have failed so far in the Senate. But with Ron Paul's Fed audit bill already well over the number of cosponsors it needs to pass the House, the Fed's defenders seem to be getting worried.

More than 180 economists and businessmen signed an open letter to Congress and the Obama administration on Wednesday that warned of grave consequences from any regulation of the Fed.

Economists Tell Congress, Obama To Leave The Fed Alone

It's absolutely laughable that these economists try to assert that Fed "independence is necessary to control inflation," when inflation has essentially been the standard operating procedure of the Fed since 1913. Our dollar has lost 95% of its value since the Federal Reserve was created and they say without their "independence" we should worry about inflation?

 

[Toro]

It would be horrific if there was increased government involvement in the Federal Reserve, other than perhaps cashing in all the private shares of the Fed.

The more independent the central bank, the better.

 

[sealybobo]

Efforts to shine daylight on the Federal Reserve have failed so far in the Senate. But with Ron Paul's Fed audit bill already well over the number of cosponsors it needs to pass the House, the Fed's defenders seem to be getting worried.

More than 180 economists and businessmen signed an open letter to Congress and the Obama administration on Wednesday that warned of grave consequences from any regulation of the Fed.

Economists Tell Congress, Obama To Leave The Fed Alone

It's absolutely laughable that these economists try to assert that Fed "independence is necessary to control inflation," when inflation has essentially been the standard operating procedure of the Fed since 1913. Our dollar has lost 95% of its value since the Federal Reserve was created and they say without their "independence" we should worry about inflation?

Forget it Kevin. They own Obama, the GOP, the country, you, me, the economists, etc.

The reason they lie is because most Americans are dumb and they will accept it.

 

[Kevin_Kennedy]

It would be horrific if there was increased government involvement in the Federal Reserve, other than perhaps cashing in all the private shares of the Fed.

The more independent the central bank, the better.

However, I think we know that an organization whose head is appointed by the President is not independent in the first place.

 

[Kevin_Kennedy]

Efforts to shine daylight on the Federal Reserve have failed so far in the Senate. But with Ron Paul's Fed audit bill already well over the number of cosponsors it needs to pass the House, the Fed's defenders seem to be getting worried.

More than 180 economists and businessmen signed an open letter to Congress and the Obama administration on Wednesday that warned of grave consequences from any regulation of the Fed.

Economists Tell Congress, Obama To Leave The Fed Alone

It's absolutely laughable that these economists try to assert that Fed "independence is necessary to control inflation," when inflation has essentially been the standard operating procedure of the Fed since 1913. Our dollar has lost 95% of its value since the Federal Reserve was created and they say without their "independence" we should worry about inflation?

Forget it Kevin. They own Obama, the GOP, the country, you, me, the economists, etc.

The reason they lie is because most Americans are dumb and they will accept it.

There are 270 co-sponsors to Ron Paul's bill including every member of the GOP in the House, sealy. John McCain recently co-sponsored the Senate version. These people aren't suddenly interested in the Fed, it's because their constituents are demanding transparency. It shows that the people can have a say in their government.

 

[Paulie]

Why is "transparency" being confused with "independence" here?

A private sector bank like, say, citibank, still has transparent accounting. Investors demand such a thing, otherwise they wouldn't invest. Not to mention the SEC.

Why should the Fed be any different? They're handling our currency and deciding its value. We have EVERY RIGHT to know exactly what they're doing.

This need not be confused with less independence. We're simply asking where our money has gone, that's all. How could anyone NOT agree with that?

 

[Kevin_Kennedy]

Why is "transparency" being confused with "independence" here?

A private sector bank like, say, citibank, still has transparent accounting. Investors demand such a thing, otherwise they wouldn't invest. Not to mention the SEC.

Why should the Fed be any different? They're handling our currency and deciding its value. We have EVERY RIGHT to know exactly what they're doing.

This need not be confused with less independence. We're simply asking where our money has gone, that's all. How could anyone NOT agree with that?

The Fed and its supporters are trying to confuse the issue by misleading people. The audit bill doesn't make the Fed do anything other than let the Congress know exactly what they're doing. It doesn't give the Congress any power to stop the Fed from doing something or to make them do something. Ron Paul is absolutely right that when they talk of independence they really mean secrecy.

 

[Paulie]

Why is "transparency" being confused with "independence" here?

A private sector bank like, say, citibank, still has transparent accounting. Investors demand such a thing, otherwise they wouldn't invest. Not to mention the SEC.

Why should the Fed be any different? They're handling our currency and deciding its value. We have EVERY RIGHT to know exactly what they're doing.

This need not be confused with less independence. We're simply asking where our money has gone, that's all. How could anyone NOT agree with that?

The Fed and its supporters are trying to confuse the issue by misleading people. The audit bill doesn't make the Fed do anything other than let the Congress know exactly what they're doing. It doesn't give the Congress any power to stop the Fed from doing something or to make them do something. Ron Paul is absolutely right that when they talk of independence they really mean secrecy.

Right. The common person hears "it'll be a catastrophe" and that's all they need to hear. This is a good example of appeal to authority. If we hear mainstream economists say that this will hurt the country, that's good enough for most people, because well, they're economists so what more do we need to know?

I find it interesting also, that lately a lot of economists have been on TV praising the actions of the Fed and Bernanke, saying that they literally "saved us from a catastrophic depression".

When will people finally wake up to the fact that we're being systematically conditioned via the mainstream media?

 

[Toro]

Why is "transparency" being confused with "independence" here?

A private sector bank like, say, citibank, still has transparent accounting. Investors demand such a thing, otherwise they wouldn't invest. Not to mention the SEC.

Why should the Fed be any different? They're handling our currency and deciding its value. We have EVERY RIGHT to know exactly what they're doing.

This need not be confused with less independence. We're simply asking where our money has gone, that's all. How could anyone NOT agree with that?

Transparency is fine. Do it well after the fact though.

 

[Paulie]

Why is "transparency" being confused with "independence" here?

A private sector bank like, say, citibank, still has transparent accounting. Investors demand such a thing, otherwise they wouldn't invest. Not to mention the SEC.

Why should the Fed be any different? They're handling our currency and deciding its value. We have EVERY RIGHT to know exactly what they're doing.

This need not be confused with less independence. We're simply asking where our money has gone, that's all. How could anyone NOT agree with that?

Transparency is fine. Do it well after the fact though.

When the money's already been doled out to line the various cronies' pockets?

No thanks. I own a piece of that currency, as do you and everyone else who's a citizen in this country. Not only do we have the right to know, we have the duty to. We of course direct our government through our reps. How do we make that direction without being 100% informed?

 

[Toro]

You cannot always be transparent in real time because the transparency can create negative feedback loops that overwhelm the assistance the bank may be receiving.