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Rep. Ron Paul expected to lead House in Federal Reserve oversight

Cold Highway

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Paul, who has written a book called "End the Fed," has been a fierce critic of the central bank's efforts to boost the economy through monetary policy.

"It's an outrage, what is happening, and the Congress more or less has not said much about it," he said.

Paul said his subcommittee would also push to examine the country's gold reserves and highlight the views of economists who believe that economic downturns are caused by bad monetary policy, not the vagaries of the free market.

Global organizations like the International Monetary Fund also will come under scrutiny, he said.

"Eventually we're going to have monetary reform. I do not believe the dollar can be the reserve standard of the world," said Paul, who has called for returning the United States to a currency backed by gold or silver.
Finally some good news, hopefully Dr. Paul gets the position. Payback has been long overdue for Bernanke and his cronies.

Rep. Ron Paul expected to lead House in Federal Reserve oversight | Raw Story
 

majora$$hole

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go ron paul lets audit the fed and END qe2!!!!
 

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Oh my gawd!!!! the inmates are taking over the asylum. Heaven help us.
 

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i'm guessing you know A LOT about asylum's.
having read the ranting of extreme right wingers over the years, I can only imagine what it would be like in there. But reading their "thoughts" does give me a glimpse.
 

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Try to complete this post before you do your usual personal attacks on me because you once again fail to understand what you read.

Ron Paul is wrong about needing an audit, but in the end one might lead to the right and much needed proper conclusion, which needs to be KILL THE FEDERAL RESERVE, Drive a stake threw the heart of the Creature form Jekyll Island.

Take a few minutes to learn why I say this in the first video, but better yet if you have the time watch the very informative but much longer second set of videos to learn much more.


[video=google;6507136891691870450]http://video.google.com/videoplay?docid=6507136891691870450#[/video]
 
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Finally some good news, hopefully Dr. Paul gets the position. Payback has been long overdue for Bernanke and his cronies.

Rep. Ron Paul expected to lead House in Federal Reserve oversight | Raw Story
Good, it's about time. I don't really support metal backed currency in this day and age. It's too easy to corner markets, it makes our debt real, and we have less control over the value of it. Which is a necessary control in international economics. However, I do believe that the Fed has been given free reign for far too long now and have behaved improperly with the People's power and authority. It is time that we audit them, they should be audited by Congress yearly. And they are going to have to explain to us all what's on the books.
 

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go ron paul lets audit the fed and END qe2!!!!
The Fed is audited on a yearly basis by a private, independent accounting firm. To expect the criminals on capitol hill to conduct an audit without leaking sensitive information to parties able to profit from it is insane.

source

The Board of Governors' financial statements are audited annually by an independent audit firm retained by the Board's Office of Inspector General. The audit firm also provides a report on compliance and on internal control over financial reporting in accordance with government auditing standards. The Office of Inspector General also conducts audits, reviews, and investigations relating to the Board's programs and operations as well as of Board functions delegated to the Reserve Banks.
I will say this: if every member of congress had the integrity of Dr. Paul, a logical argument could be made regarding the state of monetary policy. Meaning; it will never happen. The majority of politicians are about as criminal as can be.
 

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The Fed is audited on a yearly basis by a private, independent accounting firm. To expect the criminals on capitol hill to conduct an audit without leaking sensitive information to parties able to profit from it is insane.

source
The Federal Reserve is not beholden to a private, independent accounting firm. The Federal Reserve sets the value of the dollar, only Congress was given the power to print and regulate the value of the dollar. As such, the Federal Reserve properly belongs to Congress and is beholden to Congress. And it is to them they must report.
 

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Good, it's about time. I don't really support metal backed currency in this day and age. It's too easy to corner markets, it makes our debt real, and we have less control over the value of it. Which is a necessary control in international economics. However, I do believe that the Fed has been given free reign for far too long now and have behaved improperly with the People's power and authority. It is time that we audit them, they should be audited by Congress yearly. And they are going to have to explain to us all what's on the books.
Congress has expressed zero credibility in financial matters, and you believe they are capable of auditing the Fed with the same efficiency and accuracy as a private accounting firm? :lamo Oh that's rich!
 

Kushinator

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The Federal Reserve is not beholden to a private, independent accounting firm. The Federal Reserve sets the value of the dollar, only Congress was given the power to print and regulate the value of the dollar. As such, the Federal Reserve properly belongs to Congress and is beholden to Congress. And it is to them they must report.
Congress cannot even balance their checkbook during times of economic growth, and you want to give them the keys to the printing press. Again..... :lamo

Not everyone is as genuine as Dr. Paul.

Edit: The results of the audit are reported to congress; did you read the link?
 
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Here is a simple analogy to congress controlling monetary policy.

Being on a deserted island and letting the obese survivors guard the food stash.
 
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Ikari

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Congress cannot even balance their checkbook during times of economic growth, and you want to give them the keys to the printing press.
Yes, of course I do. Only Congress was given the ability to print and regulate the value of our dollar. Only Congress may do that. Anything else is unconstitutional. The powers were specifically broken up they way they were for a reason. If you want something other than Congress to have the power to print and regulate the value of our currency, you have to ammend the Constitution. Until then, the only Constitutional thing is for the Federal Reserve to belong 100% to Congress and Congress alone.
 

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Yes, of course I do. Only Congress was given the ability to print and regulate the value of our dollar. Only Congress may do that. Anything else is unconstitutional. The powers were specifically broken up they way they were for a reason. If you want something other than Congress to have the power to print and regulate the value of our currency, you have to ammend the Constitution. Until then, the only Constitutional thing is for the Federal Reserve to belong 100% to Congress and Congress alone.
An agrarian economy can function with the legislative body of government controlling monetary policy; not an open highly developed economy. A quick look at history displays the results of such a policy, frequent panics and bank runs. Therefore, Congress delegated monetary authority to an independent entity capable of keeping politics out of the decision making process.

Would Congress have the political will to invoke a recession as a means of stemming high inflation?
 

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The Fed is audited on a yearly basis by a private, independent accounting firm. To expect the criminals on capitol hill to conduct an audit without leaking sensitive information to parties able to profit from it is insane.

source
leaking sensitive information?

we are asking to leak all information, sensitive or not. Because apologists are so fearful of information, we will even allow you guys to stay secretive for months and months.

but not forever. those days are coming to an end.

sorry
 

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leaking sensitive information?

we are asking to leak all information, sensitive or not. Because apologists are so fearful of information, we will even allow you guys to stay secretive for months and months.

but not forever. those days are coming to an end.

sorry
Did you look at his source? The link you quoted? All of the information is right there. All of their financial statements, presented as required by GAAP. Why do we need to politicize our monetary policy? IMO, that is the last thing we should do.

Sorry.
 
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The Fed is audited on a yearly basis by a private, independent accounting firm.
There are some holes in the areas being audited...

PublicEye.org - The Website of Political Research Associates

Exemptions to the Scope of GAO Audits
The Government Accounting Office does not have complete access to all aspects of the Federal Reserve System. The law excludes the following areas from GAO inspections (31 USCA §714):

(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, open market operations;
(3) transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items.
Not saying that's bad, or good... just that there are holes.
 

ARealConservative

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Did you look at his source? The link you quoted? All of the information is right there. All of their financial statements. Why do we need to politicize our monetary policy? IMO, that is the last thing we should do.

Sorry.

You are asking me if I went to the Federal Reserve Website to see if I am happy with the audit they currently allow?

Hell no. That’s like going to moveon.org to find proof that global warming is fake.

They don’t currently allow audits of swap lines, Federal Open Market Committee transactions, and a bunch of other activity.

Laws exist today that prevent a full audit of Federal Reserve Activity. Any excuse the apologists have – timing sensitivity, ability to profit from leaked data can be handled via legislative compromises. Do they need their secrecy for 6 months? 2 years? So long as they eventually have to disclose it, then we can talk deals.
 
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