U.S. Senator Rand Paul (R-KY) has reintroduced the "audit the Fed bill"
Originally Posted by Senator Rand Paul
Below is the link to the legislation:
http://paul.senate.gov/?p=press_release&id=694
U.S. Senator Rand Paul (R-KY) has reintroduced the "audit the Fed bill"
Originally Posted by Senator Rand Paul
Below is the link to the legislation:
http://paul.senate.gov/?p=press_release&id=694
Oh god, the last thing we need is Congressional Oversight of monetary policy.
'Twas a cutlass swipe or an ounce of lead
Or a yawing hole in a battered head
And the scuppers clogged with rotting red
And there they lay I damn me eyes
All lookouts clapped on Paradise
All souls bound just contrarywise, yo ho ho and a bottle of rum!
I'm all for transparency, but what exactly do people expect to find when we audit the fed? What happens when we find out its just business as usual?
It is difficult to free fools from the chains they revere.
And keeping oversight of monetary policy in "The Fed" is better? Most likely not.
You mean what happens IF we found out it's business as usual? Should that be the case, then public policy, with regards to spending, taxes and budgeting in general, will be changed. But, it's good to know what EXACTLY we're working with.
I kinda think so. Having monetary policy subject to the whims of current politics probably isn't so good. You end up with Fed chairmen dragged up in front of Congress for some Kabuki Theater to appease people who are afraid of Quantitative Easing, even when the congressional types themselves know it's a good idea.
It's already in the Fed's best interest to keep the US economy strong and keep the dollar valuable.
'Twas a cutlass swipe or an ounce of lead
Or a yawing hole in a battered head
And the scuppers clogged with rotting red
And there they lay I damn me eyes
All lookouts clapped on Paradise
All souls bound just contrarywise, yo ho ho and a bottle of rum!
But, the fed already adjusts its policies based on the current political climate. It prints more money for the banks which causes inflation, which is has been doing for quite some time.
And even if congress doesn't take control of monetary policy, which let's be honest it already has control, at least the fed won't be able to just do what it wants, when it wants because it doesn't have the ability to keep its books closed.
Let's also not forget that the House of Representatives, due to its tiny 2 year terms, is heavily influenced by fundraising/lobbyists. It's a bit of a conflict of interests to have the monetary policy of the country set by people who are so heavily influenced by industry.
'Twas a cutlass swipe or an ounce of lead
Or a yawing hole in a battered head
And the scuppers clogged with rotting red
And there they lay I damn me eyes
All lookouts clapped on Paradise
All souls bound just contrarywise, yo ho ho and a bottle of rum!
Would have preferred "abolish the Federal Reserve, and return the gold standard."
Won't be getting it.
I should clarify. I'm OK with the idea of auditing the Fed's books so that what's going on is in the public record. What I'm NOT OK with is forcing the Fed to go to congress with hat in hand to say, "Mother may I please adjust interest rates?" because I think that will just turn into another political football, like the debt ceiling, or the fiscal cliff.
Last edited by Reeve; 2013-02-05 at 09:52 PM.
'Twas a cutlass swipe or an ounce of lead
Or a yawing hole in a battered head
And the scuppers clogged with rotting red
And there they lay I damn me eyes
All lookouts clapped on Paradise
All souls bound just contrarywise, yo ho ho and a bottle of rum!
Money auditing the Federal Reserve would be better spent forcing all the money out of those offshore bank accounts of the rich and back into the tax revenue stream. Imagine what you could do with hundreds of billions of dollars in tax revenue that is tied up in international accounts but should rightfully be taxed by the American government?
'Twas a cutlass swipe or an ounce of lead
Or a yawing hole in a battered head
And the scuppers clogged with rotting red
And there they lay I damn me eyes
All lookouts clapped on Paradise
All souls bound just contrarywise, yo ho ho and a bottle of rum!
A Congressman pushing a Congressional power grab? No way, you'd never expect that.
This is the last thing we need. The Fed is already more transparent than they have ever been.
They have been very clear about what they are doing with "credit facilities, securities purchases, and quantitative easing activities".
If you think they are doing one thing while saying another, that would be an entirely different issue.
(It would also be next to impossible as the bond market and banks would know long before congress did!)
The US Fed has done a supremely better job than any other monetary authority in the world during this crisis.
I shudder to think how they would have done if they had to answer to guys like Rand Paul before doing anything.
'Twas a cutlass swipe or an ounce of lead
Or a yawing hole in a battered head
And the scuppers clogged with rotting red
And there they lay I damn me eyes
All lookouts clapped on Paradise
All souls bound just contrarywise, yo ho ho and a bottle of rum!
In theory it makes sense. But not with the current congress. If there was a return to normalcy on the GOP side I would say yes. But they are just too flakey to handle that responsibility atm.
This wont even get a floor vote.
Operation Red Wing
If this passes we go into a recession tomorrow. Anyone who knows ANYTHING about what is going on knows what this will cause. If something like this ever passes with the current congress buy gold and put your head between your ass and kiss this country good bye.