Posted on 12/09/2010 10:57:02 AM PST by speciallybland
So you'll support an audit to verify that fact?
I don't think an audit is going to tell you how well it's working. An review of history and the severity of the cycles before and after the FED will.
All of the Federal Reserve Banks are audited by Independent auditors. I know the NY Fed is audited by Deloitte. Deloitte also audits the Federal Reserve Board of Governors. These audits and financial statements are available on the web. In addition each has internal auditors, all of which make sure the money is accounted for properly.
The only thing that is not audited is the policy decisions of the Federal Reserve Board of Governors and the Open Market Committee. And the reason for that is that when the FED is having to intervene in either the currency markets or to shore up the system somewhere, you usually do not want that information public, because it will add fuel to the fire. George Soros would probably love to make every FED decision and move public before the event. He'd make a killing.
If you reveal those decisions it should be only after a safe period of time. Probably at least 4 or 5 years and depending on the situation maybe longer.
There is some safety in that these decisions are not done in isolation by one or two individuals. They are done in committee, so the likelihood of foul play is diminished.
The most significant Federal Reserve Board decisions such as the interest rate changes are made public immediately after they meet.
But the Open Market Committee decisions which intervene in markets are not and I don't think they should be.
So no, I don't support an audit of the FED, because the only thing left to audit is the policy decisions. And current and recent decisions should be kept private. And older decisions are not likely to tell you how well the FED has performed. Economic statistics tell you that.
But if you must audit the policy decisions, don't release any information that is less than 5 years old.
Well in the next decade the “federal” reserve is in for the fight of its life: they’ll need your chearleading if they are to survive. But it won’t be enough. their time is running out. And they know it. polls shown on cnbc last week reveal that half of responders want the fed abolished or reformed. That was unthinkable 5 years ago. In 5 years more, those numbers will increase. A movement has already begun to do away with this secretive money trust. America will eventually demand a National bank not a central bank, founded on a credit based system. And the fed will be consigned to the dustbin of history. this is the true meaning of the Tea Party movement. In the meantime things will get interesting. My advice: Prepare yourself for the coming of the new Bank of the united States.
Can you imagine this article 5 years ago? http://www.bloomberg.com/news/2010-12-09/more-than-half-of-americans-want-fed-reined-in-or-abolished.html
No. And it's a shame. Causes include:
Maybe if we can get a congress and administration that have credibility, we can undo the damage to the FED's reputation. I think the FED should start a PSA campaign, explaining to the people what is audited, what is not, why it's that way and how the FED is governed. But it needs to be on TV and cable. Bernanke interviews in business articles is not going to be sufficient.
The current vacuum of knowledge is being filled with conspiracy theories that is going to result in America putting itself in bondage to foreign powers through inflexible and outdated monetary techniques.
A baited banker thus desponds,
From his own hand foresees his fall,
They have his soul, who have his bonds;
‘Tis like the writing on the wall.
Doesn’t the Fed get some kind of an audit from time to time anyway?
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