Careful Of What You Wish For
Now that Ron Paul has got his wish, American’s are getting close to having the Fed audited.. on face value it sounds like a great idea.
Really great article today on seekingalpha.com about Auditing the Fed.
Ron Paul’s Federal Reserve Transparency Act (H.R. 1207) will enable the congress to influence the outcomes of monetary policy through an audit of the Federal Reserve’s day-to-day operations, thus severely compromising the independence of the U.S. central bank from political influences.
Auditing the Fed’s daily operations will cause it to succumb to political pressure, lose control of the money supply, and create sticky inflation that could be much worse than the 1970’s. America is an angry nation right now. When it comes time to vote on the bill, it remains to be seen if cooler heads will prevail or if America will swallow the economic suicide pill.
Interesting to see how this plays out.
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September 1st, 2009 at 8:15 pm
Better the privately owned fed be influenced by Congress/government than Government OBEY the Privately owned Fed and write policy to suit the bankers who are the real orchestrator of ALL financial collapses in modern history.
These bastards funded Hitler/Stalin/Lenin/Napoleon.
They are scum.
September 2nd, 2009 at 8:39 pm
Durward, you really need to study history.
The cause of virtually all financial upsets (recessions, depressions, bank runs etc.) and the one force that deepens them is Government interference in the economy.
You can go back to the “South Sea Bubble” of the 1700’s to find well documented examples, and there is a lot of recent scholarship demonstrating the Great Depression lasted seven years longer than it had to because of the policies of the “New Deal”.
If State interference in the economy is a danger to be avoided, the true solution would be to disband the Fed and return to “Free Banking”.