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Audit the Fed

[ame=http://www.youtube.com/watch?v=_ks3xDmG8jA]YouTube - Bernanke warns that meddling with Fed's monetary policy cause harm economy[/ame]
 
Ethereal said:
Yes, and none of the information gathered from the audit is made public or subject to freedom of information requests.

If you think a secret audit conducted by the Treasury is some kind of check against corruption I have a bridge in Arizona I'd like to sell you.
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Actually, I do. The Treasury is a branch of the government that without fail manages the federal debt and other monetary matters with highly detailed record keeping. Your public representatives in Congress get to see the information even if you don't. If YOU voted for them YOU should trust them to do the right thing. They cannot make the records public, because the Federal Reserve manages the funds and gold of many different countries.
 
wbreese91 said:
Actually, I do. The Treasury is a branch of the government that without fail manages the federal debt and other monetary matters with highly detailed record keeping.
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Sorry, I don’t trust “The Treasury”, AKA tax-cheat Geithner.

Your public representatives in Congress get to see the information even if you don't.
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What the hell are you talking about!? If that were true then there would be no need for the Federal Reserve Transparency Act.

If YOU voted for them YOU should trust them to do the right thing.
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1. This wrongly assumes a member of Congress has access to the necessary information.

2. Trust a politician to do the right thing?

...

:rofl

Wait, wait, wait...did you say trust? A politician?

...

:rofl

They cannot make the records public, because the Federal Reserve manages the funds and gold of many different countries.
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1. Is the underlined portion of your statement even true (link)?

2. If the underlined portion were true, how does it logically support your claim (emboldened portion)?
 
Ethereal said:
Sorry, I don’t trust “The Treasury”, AKA tax-cheat Geithner.



What the hell are you talking about!? If that were true then there would be no need for the Federal Reserve Transparency Act.



1. This wrongly assumes a member of Congress has access to the necessary information.

2. Trust a politician to do the right thing?

...

:rofl

Wait, wait, wait...did you say trust? A politician?

...

:rofl



1. Is the underlined portion of your statement even true (link)?

2. If the underlined portion were true, how does it logically support your claim (emboldened portion)?
Click to expand...

Yes it is, you could research on the fed site or other credible sources, my information comes from a relative who works at Treasury. I know, not a source you can review, but....here is one independant link:

FED RESERVE SITE

I believe the info is on Page 9

I don't believe they can release audits because it would release the financial information of other countries which are copyrighted. I do agree though that they should probably release the information from the U.S..
 
wbreese91 said:
Yes it is, you could research on the fed site or other credible sources, my information comes from a relative who works at Treasury. I know, not a source you can review, but....here is one independant link:

FED RESERVE SITE

I believe the info is on Page 9

I don't believe they can release audits because it would release the financial information of other countries which are copyrighted. I do agree though that they should probably release the information from the U.S..
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You originally claimed this legislation essentially amounted to nothing, I posted testimonial from Bernanke that indicates otherwise, yet you ignored it....why?
 
wbreese91 said:
Actually, I do. The Treasury is a branch of the government that without fail manages the federal debt and other monetary matters with highly detailed record keeping. Your public representatives in Congress get to see the information even if you don't. If YOU voted for them YOU should trust them to do the right thing. They cannot make the records public, because the Federal Reserve manages the funds and gold of many different countries.
Click to expand...

Firstly, we shouldn't have to trust Congress to do the right thing with anything which isn't a legitimate security matter (like troop movements or clandestine operations). Everything else which passes through their fingers should be a matter of public record which is easily accessible.

Secondly, they keep proving how untrustworthy they are, so we'd be foolish to trust them.
 
wbreese91 said:
Yes it is, you could research on the fed site or other credible sources, my information comes from a relative who works at Treasury. I know, not a source you can review, but....here is one independant link:

FED RESERVE SITE

I believe the info is on Page 9

I don't believe they can release audits because it would release the financial information of other countries which are copyrighted. I do agree though that they should probably release the information from the U.S..
Click to expand...

I don't understand what we're arguing about. The Congress obviously requires information that the Fed is not providing them, hence the Federal Reserve Transparency Act. The bill has 244 co-sponsors in the House, that's a majority; they aren't just whistling Dixie here.
 
UPDATE

[Yesterday] the Senate voted to pass HR 2918, the Legislative Branch Appropriations Act. This $3 billion bill contains, among many other things, provisions for GAO audits on certain agencies.

Seizing on a chance to take quick action to bring Audit the Fed up for a vote, and with the GAO provisions in mind, Senator DeMint attached the full text of S 604, the Senate version of Ron Paul's Audit the Fed bill, to HR 2918 as Senate Amendment 1367 before it was considered for final passage.

...

After Senator DeMint brought Audit the Fed to the floor, Senator Ben Nelson of Nebraska raised a "point of order" to prevent a vote, claiming that the amendment violated Senate Rule 16 by "legislating" on an appropriations bill. The Senate president agreed, and the amendment was shot down.

Senator DeMint did not back down, though, and directly challenged Senate leadership by pointing out the other GAO audits contained in the bill. As Senator DeMint listed them off, the Senate president was forced to agree with Senator DeMint that each one he described, all of which would be left in for final passage, also violated Senate Rule 16.
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This from Ron Paul's Campaign for Liberty.

[ame="http://www.youtube.com/watch?v=4tRQHsXujpo"]YouTube - DeMint amendment to audit the Federal Reserve blocked by Senate Leadership[/ame]


United States Senate Committee on Rules and Administration : Rules of the Senate
 
HR1207 is being debated

Click here to listen live


edit - in recess
 
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If this doesn't piss you off, I don't know what will.

[ame="http://www.youtube.com/watch?v=OONXLexLmlQ"]YouTube - Alan Grayson grills Ben Bernanke on Foreign Lending - Dprogram.net[/ame]
 
Baralis said:
Im no finacial guru but it sounds alot like a money swapping shell game to me.
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The money being talked about is in the form of a swap, in which a "nominal" figure is used to calculate interest streams for both parties. They are not swapping money, but are swapping income streams dependent on the nominative variable. This is done to provide dollar denominated credit in other markets.
 
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