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Author Topic: What would a REAL audit of the Federal Reserve reveal?  (Read 1805 times)
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WhiskeyGirl
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« on: August 24, 2009, 01:53:24 PM »

From an interesting banking article -

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The bailouts of the banks weren’t only outrageous because the poorly managed banks were wrongly kept from failing when that is exactly what should have happened. If that would have been allowed, the bad banks would have failed and the solid and well-managed banks would have ended up taking them over and we would have had a stronger banking system as a result.

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What an audit would reveal is that the big banks were close to being insolvent near the end of 2008, and in fact were close to declaring bankruptcy. In response the Fed swooped in and saved them, propping up their puppet leaders while allowing close to 100 banks to fail. In other words, Bernanke and the banking cartel scratched each other’s backs at the expense of other banks.

This is important to learn by consumers and the general pubic because it’ll show that this is what determined the gigantic bailouts which resulted in unprecedented transfer and creation of dollars to these chosen companies, while others received nothing.

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So why is this important to us other than the exorbitant debt all Americans have now inherited, which is bad enough? It will reveal the soft underbelly of the banking system in America, but even more important, it will reveal the individual banks within that system which are extremely weak.

What will happen if that data are revealed? Individual investors will take their money out of the weak and failing banks and put it into what they feel is a safer bank. Now we’re getting into the real battle going on with the Fed audit, and what and why data are attempted to be kept secret and hidden by Bernanke and the Federal Reserve.

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Here’s the end of the reasoning behind why we should care about the auditing of the Federal Reserve: we have no idea if our capital is safe in the banks we do business with. The data to make that determination is at this time legally being kept from us by laws made to protect big banks.

So for all of us as consumers, the reason we must insist that the bill introduced by Ron Paul – HR 1207 – is brought out of committee and voted on and passed.

At this time the strategy by Barney Frank and its opponents is to keep it locked up there so politicians can say they were on board with it but it wasn’t released out of committee.

Part One - http://www.americanbankingnews.com/2009/08/21/what-would-be-involved-in-an-audit-of-the-federal-reserve-part-one/

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...Remember, a lot of the battle for the minds of Americans in regard to auditing the Fed is to confuse everyone to what’s going on in order to cast it aside as something beyond their understanding.

That’s the case with Ben Bernanke trying to spin that the Federal Reserve must retain its “independent” status.

Is the Federal Reserve truly independent now, or has it ever been? Never. Let’s look at a couple of facts.

The chairman of the Federal Reserve is appointed by the president of the United States every four years. Within that context the Senate offers its advice and consent of the candidate to the president.

So how does the chairman, Ben Bernanke in this case, retain his job? He must move in line with the desires of the president and to a lesser degree, the Senate, in order to keep his job.

Every decision and action taken by the chairman and the Board of Governors is made with that axe hanging over their heads. Independence? Sure!

"In other words, independence is a joke."

Part Two - http://www.americanbankingnews.com/2009/08/22/what-would-be-involved-in-an-audit-of-the-federal-reserve-part-two/

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This strikes at another assertion by Ben Bernanke and his supporters, and that is there is already transparency with the Federal Reserve, and the institution is audited on a consistent basis.

If that were really the case, then what was the General Accounting Office referring to when it said they don’t have legal authority to audit “largest single category of financial transactions and assets that it has.”

You see, the Federal Reserve can simply allow the auditing of what everyone has access to already, and claim they are audited consistently, and so checks and balances are in place. They’ve even released a 52-page report this year on how many times they’ve been audited in the year, and their supporters cite this as proof that everything is ok, and the lack of auditing is a myth created by Federal Reserve detractors.

The truth is that the Federal Reserve loves these faux audits for the very reason they can cite them in making their case they’re being audited, without looking like they’re not being honest and secret about it. I say faux audits, again, because they audit what everyone already knows, while not having access to the data that really matters to the American people.

"...an audit of the Federal Reserve would have to deal with these forbidden areas and completely investigate and report on the findings in a totally transparent manner."

Part Three - http://www.americanbankingnews.com/2009/08/23/what-would-be-involved-in-an-audit-of-the-federal-reserve-part-three/

Part Four - http://www.americanbankingnews.com/2009/08/24/what-would-be-involved-in-an-audit-of-the-federal-reserve-part-four/
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WhiskeyGirl
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« Reply #1 on: August 24, 2009, 10:49:30 PM »

"Tarp investigation could shed light on US banks' toxic assets"

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Mr Barofksy has proven to be something of a scourge of the TARP programme and the federal bail-out of the financial industry in general, claiming in July that the US had pledged up to a total of $23.7trillion to confront the recession, a figure the Federal Reserve later dismissed.

...

"My office will begin to assemble a team to audit the Citigroup guarantees," Mr Barofsky...

The loan-loss guarantee was granted to the bank last November as the bank faced further losses at the hands of the financial crisis.

A team led by then Treasury Secretary Hank Paulson worked through the weekend to put the guarantee - which is backed by the Federal Reserve and the Federal Deposit Insurance Corporation - in place.


read more here - http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6062919/Tarp-investigation-could-shed-light-on-US-banks-toxic-assets.html
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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