Hey, don't blame me, it was all Ben's doing.
Posted on 07/27/2009 6:32:08 PM PDT by expat_panama
The Transparency Act of 2009 (H.R. 1207), a bill originated by Rep. Ron Paul, Texas Republican, that mandates Government Accountability Office (GAO) audits of the Federal Reserve, has the support of more than half the members of the House of Representatives. In one sense, it's almost comical. The insinuation that Federal Reserve Board Chairman Ben S. Bernanke is against openness is like saying Popeye is against spinach.
Long before he came to Washington, Mr. Bernanke argued for greater Fed transparency in the belief that it would help stabilize markets and that the public has a right to know. At the Fed, he advanced the publication of the minutes of monetary-policy meetings, made available more frequent Fed economic forecasts and added to public information on the Fed's balance sheet and lending programs. He has long been in favor of the Fed announcing a numerical inflation target to reduce uncertainty in financial markets.
Yet it's understandable that in the worst recession of the postwar era, Congress wants to know more about what's happening inside the Fed, especially in light of the big-bucks innovative programs newly created by Mr. Bernanke and his colleagues to ease the financial crisis. Unfortunately, many in Congress aren't making the distinction between optimum transparency and excessive transparency, or what some economists have labeled dangerous meddling.
[snip]
(Excerpt) Read more at washingtontimes.com ...
It was one of the first things he did, IIRC. He took the position in February and they stopped publishing M3 in March or April of 2006.
Not only did he stop it, but he did it with one arm tied behind his back. The man is clearly a menace to the Republic.
The only logical reasons for doing that are all sinister.
And the other reasons are reallllly baaaad, too.
Keep 'em coming guy, you're priceless!
An audit will tell. An audit, followed by repeal of the law that created the Fed.
Globalists are cowards.
--or Obama appointing some croney that talks in 'greenspanspeak'. Imho the best line was at the end:
|
Ironically, Mr. Bernanke himself may be partly responsible for the current brouhaha over transparency. His predecessor, Alan Greenspan, spoke to Congress in arcane terms that even economists found hard to decipher. In contrast, Mr. Bernanke speaks clearly and understandably and consequently invites more questions. When the door of understanding is opened, it instills the desire to become involved. Such are the risks of transparency. |
Of course Schumer and Barney Frank will do a much better job than Bernanke.
The Fed said the same thing, but it doesn't make any sense as a question. M2 doesn't include large denomination deposits, institutional money funds, etc. Saying M3 doesn't matter because we know M2 would be like saying we don't care about the Atlantic ocean because we have a good idea of what the Mississippi river is like.
Hiding M3 lets them cook the books and get away with it much more easily than if they published the numbers.
You can't get large denomination deposits and institutional money funds from somewhere else? What is it about large denomination deposits and institutional money funds that allows the Fed to cook the books?
That's nice. When you crash the Bilderburg meeting, they'll surely cower. Until then, how about a point for those of us who don't want our country to end up like Zimbabwe? Or would you be happy with Nancy Pelosi and Barney Frank controlling monetary policy?
I think (but I'm not sure) that it would be Chris Dodd and Barney Frank. You can be sure they'll score at least a couple more sweetheart mortgage deals out of the arrangement.
Like I said Globalists are cowards and now I can add idiots to the list.
Man up and accept an audit, boy.
Feel free to try. Some people do make the attempt, and the numbers look catastrophic if they are accurate. But that is part of the problem, since those numbers from other sources aren't "official" like Fed numbers would be.
What is it about large denomination deposits and institutional money funds that allows the Fed to cook the books?
A clear view of the real money supply (that M2 doesn't provide), which compared to auctions would allow the detection of inconsistencies.
Hey, don't blame me, it was all Ben's doing.
Did you already get down 'agent of the devil' from 10Ring?
I made the "Official cripplecreek List". This has been a dream of mine as long as I can remember. That's what I like about the "auditors", the lack of objective arguments requires the use of personal attacks. Maybe next time we can throw in a little mob mentality. Oh wait, you're already there...oops.
Man up and accept an audit, boy.
Is that the Ron Paul Wacky Wednesday password to get into Denny's?
Catastrophic? Why?
But that is part of the problem, since those numbers from other sources aren't "official" like Fed numbers would be.
Where do you think the Fed got the numbers?
A clear view of the real money supply (that M2 doesn't provide), which compared to auctions would allow the detection of inconsistencies.
What is an "inconsistency between the real money supply and the auctions"?
What auctions are you talking about?
idiots
agent of the devil
Dang, I almost forgot "spies for the Queen of England". Come on guys we can't let one slip by --need a little help here!
You misunderstand if you think I'm trying to lay the blame for the current economic house of cards on Bernanke. As much as the Fed claims to be an independent corporation, they still take their role in trying to manage the unmanageable seriously. They have no control over the real villain, which is excessive deficit spending by government which requires the creation of more money when government issues bonds to pay for that spending. I seriously doubt that anyone at the Fed has done what they have done because they thought it would be fun or might personally enrich themselves; they did it because they had to in order to keep a fiat currency afloat. But just because they did so for what they probably felt were noble reasons does not make it any less sinister. Ultimately, what they are doing is counterfeiting.
What auctions are you talking about?
This is a subject that gets somewhat complex; I apologize for assuming a certain level of audience knowledge about how the Fed and the Treasury works, and how dollars are (supposed to be) created.
I could attempt to explain, but in all honesty any short description would leave out important (relevant) details. I would suggest searching the web to find appropriate books and videos that describe the Fed's role in creating money in collaboration with the Treasury Department (or at least, how the process is supposed to work), which can no doubt do a better job at describing the process than any short post here could.
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