Ron's “End the Fed” Movement ~ Barney Says Maybe Audit Next Year or Thereafter

[WhiskeyGirl]

"Ron Paul’s “End the Fed” Movement Gaining Steam"

Now what’s extraordinary about this is the Fed has enjoyed – for the most part – operating behind the scenes and in obscurity with almost no one having the name in their minds or talking about it. So when people talked about the folly and danger represented by the Federal Reserve, it fell on deaf ears, as it simply didn’t compute as to what it was and why we as American citizens should care.

That has probably changed forever now, as the practices of the Fed are starting to be grasped and understood by a growing number of people, and they can’t simply just slither back under their rock, even though they’re trying to do that at this moment by fighting off audits and other means of finding out what’s under their operational hood. They prefer to go back to the days where everyone forgets about who they are and what they do, so they can continue to go about their usual business.

...if Ron Paul and others have their way, will eventually be led to shutting down and never again be allowed to initiate its failed policies which lead us to an endless series of boom-and-bust periods from which we always have to struggle through.

http://www.americanbankingnews.com/2009/08/29/ron-pauls-end-the-fed-movement-gaining-steam/

Who owns the Federal Reserve?  Who profits from all this money?  Taxpayers?  Foreign governments?  Rich global corporations?  Main Street?

[WhiskeyGirl]

"Frank Says House Will Likely Approve Audit of Federal Reserve"

"We will subject them to a complete audit," Frank said, explaining that he has been working with Paul, a Texas Republican, on the bill and expects it to pass as part of a broader financial regulatory overhaul in October.

What is a complete audit in Frank's mind?  An audit and financial review like Fannie and Freddie were subject to?

Overhaul?  Who's writing this overhaul regulation?  Why not audit the Fed first, like starting in October, and reform when you identify the problem areas?

"We don't want to have the audit appear as if it is influencing monetary policy, because that would be inflationary," Frank said.

iirc, aren't there quite a few folks, and lessons from history that suggest printing money, expanding the money supply without value, leads to hyperinflation?

He said the audit would make public a list of what the Federal Reserve "buys and sells" but that such information would be released several months after the fact, so as not to affect the markets.

What information would that include?  Name?  Amount?  Time?  Conditions?

Does this mean that insiders at those places have information that isn't widely available to the public?  People at Treasury?  Federal Reserve?

Anyone ever work at a large company?  Seems like employees frequently ask why important information isn't released to the internal employees first - the answer suggests that to do so, would invoke the wrath of authorities, it's a matter of 'insider trading' or some other offense to 'fair play'...

How much of the 'Dark Pool' trading and HFT trading uses this insider news from companies that buy/sell from the Federal Reserve?

Why shouldn't the public know when it happens?  Seems like some have lots of privledge and opportunity to profit that isn't available to others. 

Same with the 'flashes' from the market...special insider huddle information...

"I think it's the financial crisis obviously that's drawing so much attention to it, and people want to know more about the Federal Reserve," Paul told FOXNews.com, warning about the consequences of continuing to give the body more authority. "If they give them a lot more power and there's no more transparency, that'll be a disaster. "

A list of 'buys and sells' - is that a bit short of expectations?  How about historical data?

Guarantees?

Balance sheet and off balance sheet accounting?  A list of who's making the decisions and why?

Surely, there is more of interest than just buy and sell information?

http://www.foxnews.com/politics/2009/08/30/frank-says-house-likely-approve-audit-federal-reserve/

Might some of the buy and sell pieces involve foreign nations and companies?  Maybe some would link to political decisions by the leaders in Washington?  White House?  Congress?

Terrorist for oil swaps?  Terrorist for money swaps?

What about compensation packages?  Trips?  Bonuses?  Conventions?

Full, robust audit...Barney makes it sound like such a simple thing...

Will it be an empty promise?  I'm inclinded to believe it will.

I'm a firm believer that an audit could be initiated WITHOUT any reform.  It seems like the 'reforms' will be an excuse to pretend any bad things will be fixed or ignored or overlooked.  

Why would an audit of the Fed be included in a REFORM package?  What exactly is being REFORMED?  The Federal Reserve?

If the Federal Reserve is INDEPENDENT, why attach an audit to a REFORM package?  

Apples and Oranges.

Who's writing the reform package?  Writing it so it's guaranteed to fail in Congress?  The Audit of the Federal Reserve too?

imho

[WhiskeyGirl]

Maybe there should be a public discussion of the purpose of the Federal Reserve?

Should the taxpayers continue to fund an entity that seems to put business, large global business, foreign nations, and others ahead of taxpayer interests?

Should the taxpayers allow an entity that seems to put business, large global business, foreign nations, and others ahead of taxpayer interests to exist at the expense of Main Street?

Should the taxpayers tolerate a job rotation between Congress, CZARS, Treasury, Federal Reserve, Wall Street, Unions, and big business?

Transparency? 

Who makes money on the Federal Reserve and why is it secret?  Why isn't this information published in the public domain?  A giant Dark Pool of secrets, profits, and tax evasion?

Are they paying taxes?

[WhiskeyGirl]

What Would the United States Look Like Without the Federal Reserve?

September 2nd, 2009
 
Since H.R. 1207 was introduced by Dr. Ron Paul in Congress this February, there has been a growing movement questions whether the Fed should continue to operate without more oversight and some question whether or not the Federal Reserve should continue to operate at all.

The “Audit the Fed” act has a real chance in passing, but some supporters of the legislation, including Ron Paul, want to take it further than that by ending the Federal Reserve all together. Paul introduced a piece of follow-up legislation, entitled H.R. 833: The Federal Reserve Board Abolition Act which would wind down and eliminate the Federal Reserve over the course of the year. Currently, the act has no co-sponsors, but is gaining a lot of grass-roots support. Paul hopes that members of Congress will join his movement to end the Federal Reserve after they see the results of a full audit of the Federal Reserve. Paul also authored a book about his proposal to end the Federal Reserve, entitled “End the Fed

Would a Canadian-style asset-based currency have survived the Great Depression any better? It turns out that Canada’s did. Between 1929 and 1933, 1/3rd of the United States’ money stock was wiped out and Canada’s monetary supply only dropped by 13%. In Canada, there were no bank failures, where as there were over 6,000 in the United States! Although Canada fared better during the great depression, it moved to Central Banking in 1935 because of a movement to get more easy money.

http://www.americanbankingnews.com/2009/09/02/what-would-the-united-states-look-like-without-the-federal-reserve/

Who monitors the 'independent' decisions of the Federal Reserve? 

How do taxpayers know that these decisions are independent of cronyism, favoritism, and political influence?

Does independence work best in the light of day?  Or, behind closed doors, taxpayers left in the dark?

How independent are the decisions about taxpayer money, currency, and debt?

Can the Fed really be independent when there appear to be a job rotation between Wall Street, The Federal Reserve, Treasurey, and our legislature? 

imho