Audit The Fed - Sound Currency?

[WhiskeyGirl]

(Washington, D.C.) – U.S. Senator Orrin Hatch (R-Utah) has cosponsored legislation introduced by Sen. Rand Paul (R-Ky.) that will audit the Federal Reserve System. The Federal Reserve Transparency Act would ensure that the Government Accountability Office (GAO) can fully audit the Federal Reserve by removing restrictions currently in place, and would ensure that the Fed's credit facilities, securities purchases, and quantitative easing activities would be subject to Congressional oversight.

“Over the last several years, the Fed has continued to grow with virtual unchecked authority, no oversight, and an unlimited checkbook,” Hatch said. “Congress came close last year to making the Fed accountable to taxpayers, and hopefully this year we can shine some light onto the Fed’s activities and give taxpayers the information they deserve from our country’s central bank.”

Hatch supported similar legislation last Congress which passed the House of Representatives on a bipartisan 327-98 vote.

Read more: KCSG Television - Legislation to Audit The Federal Reserve

read http://www.kcsg.com/view/full_story/21629169/article-Legislation-to-Audit-The-Federal-Reserve?instance=home_first_stories

I think Americans deserve a sound currency, the first step is to follow the money...

[WhiskeyGirl]

"WILSON: The Fed can’t print growth"

Smith urges readers to compare the two findings — full-time employment going nowhere versus record financial sector profits — and “then decide where the Fed’s free money/easy credit is flowing.”

That is a critical observation, because maintaining full employment is part of the Fed’s dual mandate, which also includes price stability. In other words, all of the quantitative easing is supposed to boost employment.

The fact that it has failed spectacular at achieving both missions — an unprecedented housing bubble, price and credit explosion that it helped to finance, followed by the longest period of sustained high unemployment since the Great Depression — barely causes elected officials in Washington, D.C. to bat an eyelash.

Sure, they ordered a partial audit of the Fed’s activities during the financial crisis. That study revealed that of its $1.25 trillion of full-on bailouts of financial institutions — in which it purchased worthless mortgage-backed securities from the financial crisis for 100 cents on the dollar — an outrageous $442.7 billion went to foreign banks.
And how did Washington, D.C. respond? They did nothing.

An honest appraisal would find that the Fed’s record of bailouts, privatizing profits and socializing losses, does not actually serve the interests of the American people at all — but instead a select few wealthy and powerful individuals who gambled big-time with borrowed, imaginary money from the Fed and nearly wrecked the global economy.

emphasis added

read more here http://www.oaoa.com/editorial/views/article_ca6d5fd2-6f24-11e2-8fd6-001a4bcf6878.html

Why haven't the gamblers been charged with a crime?  Sent to jail?  What punishment?  A new government job as reward?