Posted on 07/25/2012 1:01:02 PM PDT by Beave Meister
Edited on 07/25/2012 1:06:19 PM PDT by Admin Moderator. [history]
Please pardon typos .
“The FED is already audited. Every dollar is accounted for.”
NO, it isn’t. The fed has all kinds of money is gives out no one knows where it goes.
You are not even close.
The IRS is not an arm of the FED, the IRS reports to the US Treasury department.
IRS tax collections go to the Federal Treasury not the Federal Reserve. FED profits also go to the Federal Treasury.
The FED doesn’t loan out tax money. It makes loans from the Federal Reserve district banks that collect reserves from their member banks.
The problem is not the Federal Reserve. The problem is Congress.
That's just not true. Here is their annual report, with their complete financial statements that are audited by the indepedent auditors Deloitte and Touche. And the law only places limits on "GSA" audits because they are too political. There are no limits on independent auditors like Deloitte and Touche.
2011 annual report with independently audited financial statements
You actually think the Fed is held accountable?
Yes, and I actually think it works very very well, much better than the gold standard ever did.
In my opinion, it’s about the only agency up there that is actually doing what it is supposed to be doing.
That’s Hank Paulson Republican ideas. The Federal Reserve has done nothing but exascerbate the situation with its quantitative easing.
I disagree. The FED has eased in response to unemployment rising. The FED is just trying to keep the patient alive long enough for the country to come to it's senses and throw out the big spenders in Congress and adopt some reasonable energy and trade policies.
And while you've seen some inflation, you've not seen the massive amount of inflation that FED opponents projected because mostly the FED simply countered the massive drop in money supply that occurred from the fall off in bank lending.
People who wanted the FED to do nothing and let the economic crisis turn into a full blown depression to teach congress a lesson, have no idea what they are asking for.
And people who think Congress can't borrow on a gold standard and promise that your children will repay in gold no matter how expensive or manipulated gold is need to think again too.
That the Fed Reserve has any function in the monetary program of the USA is a tragic result of international bankers under Wilson getting a foothold into the USA banking system. That should never have been allowed and people forget that Pres. Kennedy tried to undercut the power of Fed. Reserve notes with USA Treasury dollars. Too bad for the USA Kennedy was killed under still questionable circumstances.
Yes - Congress and a complicit President (and this include GWB) who will not veto a spending bill!!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.