The Federal Reserve is exempt by 1978 Fed. Banking Agency Audit Act from many forms of auditing, esp. on transactions with foreign banks and on any decisions regarding monetary policy.
Can you please open the books of the Federal Reserve, especially on foreign transactions and monetary policy?
Or look into to House of Representatives bill "H.R. 1207" that directly calls for the repeal of those GAO restrictions.
Comments (6)
END the Federal Reserve. I stand with Ron Paul on this one.
Yes, ideally, I want to end the Fed (I am with Ron Paul).
But right now, that won't happen.
If we can expose the bad practices of the Fed, then more people will be on our side.
I would suggest that Ellen Brown's book 'Web of Debt' be studied in order to understand the obvious contradictions which allow the public to believe that the Federal Reserve is likely to act in any way other than to preserve the power of the banking companies/corporations/industry. My understanding is that the head of the Federal Reserve is essentially selected by representatives of the banking industry; this happens because the members of Congress are incompetent to write laws and/or conceive of an economic system which is not prone to bribery, underhanded deals, and the other human foibles which comprise/compromise politics/politicians. The banking industry has amply demonstrated its inability to self-regulate; they have manipulated (bribed) members of Congress so that that branch of government is incapable of conducting its presumed role of writing laws to benefit the general public. In my humble opinion, the Federal Reserve should either be discarded or it should be transformed to become an actual component of government under the control of an impartial entity which does have the concern for the well being of the entire citizenry of the USA. While that should be a tall order, Abraham Lincoln, Andrew Jackson and other early American leaders made attempts at running the government of the USA by printing genuine government-backed currency. One may argue that those historic leaders were unable to design a system as sophisticated as that required to operate today; I would argue that the only group which has already demonstrated its inability to design a competent money/banking system is made up of the type of leadership which has characterized the recent heads of the Federal Reserve and those of Goldman-Sachs, J P Morgan, Chase Manhattan, Citibank, and/or other major institutions which appear to have taken advantage of their influence to allow economic degeneration to wreck havoc on the economies of not only the USA, but the entire world because they have been allowed to act in a manner which permitted the law-makers of our country to act as if they believed the bankers might be the only ones who know how banking should function and that they were likely to be doing the 'right thing'. Apparently, few, if any, members of Congress knew who the Ponzi operators were; or, if they did know they did not tell other members of Congress what was going on. The role of Congress in acting on behalf of the citizenry of the USA appears to be one of negligence of a high order.
Ending the Fed is the WRONG WAY to taking back the power to create money:
1. We will overpay for all toxic assets on their balance sheet;
2. They'll undervalue all obligations to other banks (gold leases, currency swaps, etc.)
3. So it will be a looting of the Treasury to enrich the Fed's private shareholders, as guaranteed by the Federal Reserve Act. The banksters were smart enough to put in a poison pill provision.
We should do to the Fed what happened to our 1st private central bank: go into competition with it, when State banks were chartered to compete with the Bank of North America. The BoND is a modern version - the DBA name for the State of ND - but the Constitution prohibits it from emitting dollar bills, and coining money, so it is required to get the Treasury of Congress to do so for it via their own banks, one of which has already been chartered in Puerto Rico: The Government Development Bank, so we don't have to wait for them to recharter the Reconstruction Development Bank in DC. Such banks in federal territories are constitutional pursuant to Art.4 Sec.3, and necessary to implement federal monetary policsy and for State banks to create debt-free greenbacks - neither should be run a private Fed, who should remain in business, but only to run the system "evolved" by private national banks. This would ensure that the Fed is independent of politics by getting it out of government financial business, that ought to be in the hands of gov't banks not entitled to hide their dealings from the public. The Fed can keep its secrecy in regard to the affairs of the private banks, but not for ours.
No, just end it.
We are already paying for toxic assets. Fed is responsible for the creation of toxic assets by artificially lowering interest rates and arbitrarily creating credit and money for the financial markets.
Corporations engage in malinvestment because they are backed and bailed out by the Fed.
Get rid of the Fed; Banks won't have any safety nets; They will have to look after themselves and make more sensible loans. We will all be better off.
As for money--we don't need a fiat currency. We need to start moving towards commodity money, a.k.a gold standard. The value of gold doesn't change; we need a currency with that kind of natural stability.
The Constitution says Gold and Silver are the only legal tender anyway. That negates fiat currency and the whole Fed system.
Want to see the surplus money the US government and all states, local governments have? http://CAFR1.com and http://TaxRetirement.com
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