Posted on 02/05/2015 4:16:22 PM PST by SatinDoll
The Federal Reserve is lashing out at Sen. Rand Paul’s plan to give Congress more oversight over the central bank, a proposal that could gain traction in the new Republican-led Congress.
The Kentucky Republican reintroduced his “Audit the Fed” legislation last month with 30 co-sponsors, including other potential 2016 GOP hopefuls, Sens. Ted Cruz (Texas) and Marco Rubio (Fla.).
[snip]
On Wednesday, Cleveland Fed President Loretta Mester criticized the legislation as “misguided” during public remarks in Columbus, Ohio.
“They really are about allowing political considerations to influence monetary policy decisions,” Mester said in her speech. “This would be a tremendous mistake, because it would ultimately lead to poorer economic performance.”
[snip]
(Excerpt) Read more at thehill.com ...
"The twelve presidents of the Fed’s regional banks are well connected, their boards of directors stacked with influential business leaders. They are likely to intensify their opposition to Paul’s proposal." (From the article.)
The statement above has to do with protecting the PRIVATELY owned banks - the Federal Reserve system is NOT a part of the Federal Government - and the powerful people who own and control them. They are the ones who have created a debt-driven financial nightmare we are all entangled within. Monetary policy decisions come from those very wealthy and politically connected people.
Yes and we sure dont want these self serving bastards!!
Loretta Mester apparently does not welcome any light shining on her activities. Public oversight? We don’t need no stinkin’ public oversight!
The Congress shall have Power […] To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;It's part of the things that the Congress is explicitly empowered to do — I looked in the Constitution and couldn't find a section allowing them to delegate the responsibility/accountability away.
Everything is better with the government involved...
Glad to see Cruz and Rubio on this, starting to look like it is just not “wacko libertarians”.
“I love it! Do we want our Congress influencing monetary policy decisions? Well, they are the people’s representatives, so yes!”
The only people who think that this is a good idea are people who know next to nothing about what the Fed actually does.
Countries that have a central bank subservient to politicians end up with hyperinflation.
One must wonder why they are so opposed to an audit .... no other solid upfront solvent bank that I have ever heard of was so afraid of an audit .... hmmmm, maybe there is a reason for that fear!
It's like the fear when the bank examiner shows up in "It's a Wonderful Life". Except there are hundreds of billions "lost" at various banks rather than merely $8,000 by Uncle Billy.
Please point up the Constitutional authorization for Congress to create a central bank. Article and Section please.
May I get a peek at the gold vault in Ft. Knox?
Thank you.
Signed, Skeptical.
5.56mm
The Federal Reserve imposes a hidden (to most) tax on the population by:
- debasing our currency’s value through deliberate, explicit policy to ensure inflation (i.e., debasement), and
- artificially forcing down interest rates which steals income from pensions, pensioners, and other savers and transfers that income to debtors, speculators, the mega banks and the heavily indebted government.
The above taxation is truly without representation, and it happens in a massive way outside of understanding or informed consent by “We the People” and without explicit authorization by our elected representatives.
This proposed legislation is not about Congress micromanaging the Federal Reserve, rather it IS about making transparent the incredible corruption and blatant conflicts of interest and self-dealing that goes on between the Fed and its shareholder banks and large corporate and government friends. The Banking Industrial Complex has captured our government and the regulatory agencies. The best we can hope for at this point is the ability to expose at least a portion of this mess and theft and self-dealing through public disclosure of summary audit findings on a regular and ongoing basis. Little chance of happening, however, because Congress is stupid AND corrupt as well.
9. The management of a great funded debt and a extensive system of taxes will afford a plea, not to be neglected, for establishment of a great incorporated bank. the use of such a machine is well understood. If the Constitution, according to its fair meaning, should not authorize it, so much the better. Push it through by a forced meaning and you will get in the bargain an admirable precedent for future misconstructions.
6. But the grand nostrum will be a public debt…
7. It must not be forgotten that the members of the legislative body are to have a deep stake in the game. This is an essential point, and happily is attended with no difficulty. A sufficient number, properly disposed, can alternately legislate and speculate, and speculate and legislate, and buy and sell, and sell and buy, until a due portion of the property of their constituents has passed into their hands to give them an interest against their constituents, and to ensure the part they are to act.
8. The ways in which a great debt, so constituted and applied, will contribute to the ultimate end in view are both numerous and obvious. (1) The favorite few, thus possessed of it, whether within or without the government, will feel the staunchest fealty to it, and will go through thick and thin to support it in all its oppressions and usurpations. (2) Their money will give them consequence and influence, even among those who have been tricked out of it. (3) They will be the readiest materials that can be found for a hereditary aristocratic order, whenever matters are ripe for one. (4) A great debt will require great taxes; great taxes, many taxgatherers and other officers; and all officers are auxiliaries of power.
11. As soon as sufficient progress in the intended change shall have been made, and the public mind duly prepared according to the rules already laid down, it will be proper to venture on another and a bolder step toward a removal of the constitutional landmarks.
Rules for Radicals? “No, Rules for Changing a Limited Republican Government into an Unlimited Hereditary One”…
http://www.constitution.org/cmt/freneau/republic2monarchy.htm
/Freneau
Then you will see the rise of the men of the double standard–the men who live by force, yet count on those who live by trade to create the value of their looted money–the men who are the hitchhikers of virtue. In a moral society, these are the criminals, and the statutes are written to protect you against them. But when a society establishes criminals-by-right and looters-by-law–men who use force to seize the wealth of disarmed victims–then money becomes its creators’ avenger. Such looters believe it safe to rob defenseless men, once they’ve passed a law to disarm them. But their loot becomes the magnet for other looters, who get it from them as they got it. Then the race goes, not to the ablest at production, but to those most ruthless at brutality. When force is the standard, the murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins and slaughter.
Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society’s virtue. When you see that trading is done, not by consent, but by compulsion–when you see that in order to produce, you need to obtain permission from men who produce nothing–when you see that money is flowing to those who deal, not in goods, but in favors–when you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you–when you see corruption being rewarded and honesty becoming a self-sacrifice–you may know that your society is doomed.
Whenever destroyers appear among men, they start by destroying money…
/Rand
Socialism Is Legal Plunder
/Bastiat
“Please point up the Constitutional authorization for Congress to create a central bank. Article and Section please.”
Ah, another Constitutional scholar. A bad premise can lead to error, Lurk.
There’s no prohibition on Congress creating one and the Fed is the fourth in American history.
I suggest you read up on the Bank of North America chartered by the Confederation Congress in 1782, the First Bank of the United States chartered by Congress in 1791 and the Second Bank of the United States chartered by Congress in 1816.
“There’s no prohibition on Congress creating one”
Yes there is, actually. Please see Amendment the Tenth.
The fact that it was done is not proof that it was actually Constitutional.
L
BTTT!
Rand is right. Audit the Fed!
A good a upfront business would be proud of an audit as proof that everything financial is properly accounted. It is a seal of approval. What is the Fed hiding such that an audit would be destructive!
Oversight over the secretive Federal Reserve is the single most important reason why I would consider voting for Rand Paul. The Fed is out of control. They are nothing but a tool to transfer wealth from middle class to the ultra rich bankers.
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