Federal Reserve rejects request for public review »
Posted By Tumultuous 3 months, 2 weeks ago in Political NewsThe institution which creates and oversees America's currency wants to keep a "low profile," according to a published report on Monday, and may willing to dodge the U.S. Treasury in order to do so.
According to Bloomberg News, the Federal Reserve Bank will not submit to a voluntary public study of its internal structure and methods of governance, as it was requested to do so by Treasury Secretary Timothy Geithner.
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Tumultuous
Batman Quote:
Robin: "That's an impossible shot, Batman."
Batman: "That's a negative attitude, Robin."
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vettenut3 months, 2 weeks ago
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No one would say that it is wise to let a committee of foxes who have part-ownership in a chicken-processing plant, guard the chicken coop and establish a chicken population policy.
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Neither is it wise for the Fed to be accountable to no one-- at least to no one outside their self-serving little "circle." And Timothy Geithner is one member of that circle.....
He had to be squirming a bit when his boss had him deliver that request........ -
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canadianrancher573 months, 2 weeks ago
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I'm not an American but it sort of tics me how the federal reserve has profited off the American people for nearly a 100 years. They have the right to print money and loan it to the American banking system which in turn lends it to anyone who wishes to borrow, this results in the American people supporting a private group of people and this is condoned by the government. Maybe we are a dumb bunch of socialists up here but at least the Bank of Canada is responsible to the people of our country.
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Really having your central bank supervised by the government does not stop bubbles in an economy since they seem to follow the policy of the governments in power, and without a gold standard or any connection to production most governments seem to think to grow an economy is with easy money. I know that the money supply in a country has to increase but it has got to be related to economic factors not just the greed of a group of people.
These are the comments of an uneducated cowboy so feel free to pick them apart, but it's how it seems to me.-
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deathray3 months, 2 weeks ago
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the fed is comprised of all the privately owned banks in the country, so they really are a super lobby, with special access to congress, whose reason for being is to represent the interests of the member banks.
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this is why any consumer financial protection agency should be fed independent.
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GehlLady3 months, 2 weeks ago
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FTA:
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"Fed Chairman Ben Bernanke "has vehemently opposed the idea [of an audit], asserting that it would lead to the politicization of monetary policy by giving Congress an easy way to second-guess any decision the Fed makes," noted The Los Angeles Times in late August."
Out of my league here, but........did he say they want to keep Congress confused and unable to question the Fed?-
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truthiness3 months, 2 weeks ago
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not exactly..
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from the POV of the Fed, if monetary policy is politcized rather than being based on market considerations that would be dangerous.. which is a fair point.
however, making policy is not necessarily the same thing as oversight. while it is true that politicians and talking heads would have greater ability to question policy, the primary goal achieved would be to make the Fed subject to the law.
at current, since the government can't access the records, the fed is above the law. And, since the fed loans the government all the money in the country every year, the government is subject to the Fed.
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cowboybill1173 months, 2 weeks ago
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http://whatreallyhappened.com/WRHARTICLES/JFKvFedR... READ this about Kennedy, he had signed an order backing the dollar with silver. ten days later he was killed.
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beckjr20003 months, 2 weeks ago
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I not sure any thing positive will come from an audit of the Fed. Having said that does'nt change the fact that it should be done. No one should operate on or with the public's dime and not be subject to periodic review. Let's kick this rock over and see how bad the cockroaches are!
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