The Federal Reserve Gets Audited

[Frédéric Bastiat]

How ironic. Of all the people, Barney Frank is leading the charge.

I await the shouts of joys from Ron Paul fans, as well.

http://www.politico.com/blogs/glennt...n_October.html

So, thoughts on the Fed getting audited? Personally, I see it as a task that should've been done many years ago and done frequnetly.

[touchmaster]

I was surprised too as Barney frank is an .

[TheTrainee]

I was surprised too as Barney frank is an .

But who can resist his suave gait and seductive voice?

[Pickle_mole]

But who can resist his suave gait and seductive voice?

i hate the man but this made me laugh

[Sidmen]

I kinda want the auditors to publish a report saying "The Federal reserve is in great shape, considering that they're being paid to print money. Any problems they might have had are solved by printing money to cover their obligations."

[JP226]

I kinda want the auditors to publish a report saying "The Federal reserve is in great shape, considering that they're being paid to print money.

They don't print money.

[bushbush]

They don't print money.

they don't know about what feds do.

[JP226]

But damnit, whatever it is, it's... bad

I may be short tonight, I just got back from a club and am a weee bit buzzed

[Martin N]

Awesome, should of been audited A LONG time ago, the fact that since the federal reserve has been created the value of the dollar has dropped 100% is reason enough to do it. Its been too long, its destroying our country, get rid of the fed and give congress back the power to our money instead of private banking interests.
Credit to paul though for sticking to his guns, i remember when this came out with almost no support, now with 282 sponsors, Frank tried to keep this in the committee for a long time, but now didnt have a choice but to go along with this, i could see him taking a different position if there wasnt so many sponsors. You can bet frank will try to dumb the audit down alot in his "Negotiations", and if it passes i hope an independant firm does it, ive had enough of government involvement in stuff like this, "Its completeley independant, but the president decides whos in it" T_T

[Justinian]

Awesome, should of been audited A LONG time ago, the fact that since the federal reserve has been created the value of the dollar has dropped 100%

The value of ALL money has dropped drastically. It's not just the dollar. Inflation is a natural part of economy -- saying that the dollar has dropped because of the Reserve may be true but it can hardly be considered the only reason the value of the dollar has dropped.

[Farnan]

Awesome, should of been audited A LONG time ago, the fact that since the federal reserve has been created the value of the dollar has dropped 100% is reason enough to do it. Its been too long, its destroying our country, get rid of the fed and give congress back the power to our money instead of private banking interests.

First, Congress does control the money. The Federal Reserve Chief is appointed by the President and approved by Congress, and the Federal Reserve is regulated by Congress.

And inflation is 100% since 1919? No ? Well did you know our economy is also at least 100% larger if not far more then that?

Inflation is generally a sign of a growing economy. Without inflation an economy isn't growing, which is real real bad. Out of control inflation, or inflation significantly higher than economic growth is bad, but inflation itself isn't bad. And 100% in 90 years is extremely low. Actually 2.5% a year is optimal I believe (JP can correct me).

[Martin N]

First, Congress does control the money. The Federal Reserve Chief is appointed by the President and approved by Congress, and the Federal Reserve is regulated by Congress.

And inflation is 100% since 1919? No ? Well did you know our economy is also at least 100% larger if not far more then that?

Inflation is generally a sign of a growing economy. Without inflation an economy isn't growing, which is real real bad. Out of control inflation, or inflation significantly higher than economic growth is bad, but inflation itself isn't bad. And 100% in 90 years is extremely low. Actually 2.5% a year is optimal I believe (JP can correct me).

You think inflation is good ? Inflation is defined as a increase in level of prices for goods and services. It is measured as an yearly percentage increase. As inflation rises, every dollar you own buys a smaller percentage of a good or service. The value of a dollar does not stay constant when there is inflation. The value of a dollar is observed in terms of purchasing power, which is the real, tangible goods that money can buy. When inflation goes up, there is a decline in the purchasing power of money. So if i could buy a pack of gum for a $1, then inflation rises by 2%, the pack of gum will now cost $1.02 in a year. After inflation, our dollar can't buy the same goods it could beforehand.

Too much inflation is bad for a country but a sustained inflation rate of around 5-6% is considered good for a country. And we have almost 100% inflation, aint that a pretty site.

Congress does not control the money supply anymore, the federal reserve is a private, central bank, we borrow money from them, we may appoint the chairman, but we dont control it. It is a constitutional clause that congress has control of the money supply, not a private bank.

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures

And if congress was regulating the federal reserve, there would be no need for an audit, there has been no oversight, and no audit, and no regulation on the fed...ever.

[Enemy of the State]

I'm not too optimistic. It is likely to be watered down before it passes.

Edit: Misinformation unfortunately.
http://www.ronpaul.com/2009-08-28/ba...ss-in-october/

[Каие]

Has it NEVER been audited?

[Giorgos]

Why would it? Who runs it?

[JP226]

Has it NEVER been audited?

It's an independent branch of the government why would it, and more importantly why should it, be audited? THe last thing you want is congressional influence/ political influence, to run through the Fed. Not saying it's completely void of it now, but... it's would definitely get worse with congress overtly involved.

[bigfootedfred]

It's an independent branch of the government

Isnt it a private bank?

[Farnan]

Isnt it a private bank?

No.

It is owned by all the banks in the US (who are all required to own parts of it) but is controlled and regulated by the Federal Government.

[bigfootedfred]

No.

It is owned by all the banks in the US (who are all required to own parts of it) but is controlled and regulated by the Federal Government.

hmm, well this audit should indeed be interesting then!

[Farnan]

hmm, well this audit should indeed be interesting then!

Its a stupid move by demagogue politicians banking on the fact that most of America knows nothing about the Federal Reserve.