FT.com – Fed warns on Congressional scrutiny — Now ask yourself who is really in charge. This is going to blow up into a scandal. If they didn’t want the audit, the could have stonewalled. This is a bad idea.
The Federal Reserve warned on Thursday that a growing congressional threat to curtail its independence would destabilise markets and raise the cost of servicing US debt for “current and future generations”.
Ron Paul, the Texas Republican, has gathered the support of a majority of the House of Representatives for a bill that would audit the Fed’s monetary policy decisions. He told a Congressional hearing he wanted the power to prevent the Fed being “secret and clandestine and serving special interests”.
Found by Aric Mackey.
Anyone else notice the connection between this story and the previous story about the CIA deciding to lie to congress? The reasons are the same. The agencies don’t trust Congress, and don’t want them to supervise. The both have the attitude that the ends justify the means. And that there will be national security damage if Congress is given access to what they are doing.
Both sound totally out of control.
Even if Congress is denied the right to ask where their money is going, at the end of the day, they decide the budgets, and the reporting structure. They can bring a world of hurt on to these agencies.
The fed can do what it wants, when it wants and there isn’t anything Congress can do about it.
Congress is delusional if it thinks it has any say in the matter.
From what little I know about central reserve banking, weren’t they created to be outside of government interference ON PURPOSE? TO prevent the tinkering of governments in the previous hundred years to the 1930s?
You know, kind of like how the legislative and executive branch are to be independent of the judiciary?
I don’t doubt that the Federal Reserve is up to their ass in shenanigans, but they were set apart for a reason. They were supposed to be above the influence of politics and do what had to be done for better or worse.
An audit is not tinkering, its responsible diligence. The absolute MINIMUM in responsibility.
Any other bank or corporation would be required to have one by law.
” growing congressional threat to curtail its independence”
Isn’t an audit and they are right and it isn’t a threat. Independent Central Banking will not work if they aren’t independent.
So who is going to audit congress?
I guess we will see who wins. The people of the United States or the New World Order (please don your tin foil hats). Anyone care to take bets?
While we’re at it, can we have an investigation into why Goldman-Sachs is allowed to use trading software, that in the words of a judge “have the potential to destabilize markets, if used in the wrong hands”. How did Goldman-Sachs qualify as being the “right” hands?
aahhh, oversight. Yup. I want my Congressional representatives to inquire and, if necessary, peer deeply into what goes on inside every department, agency, and creation of the Federal Government.
laxdude according to our laws there are only three houses of government, someone should have some power over this agency in the event it is up to something it shouldn’t be, right?
#3, laxdude, the primary reason why the Federal Reserve was established was to be a lender of last resort so we would hopefully be able to avoid another large bank panic, like what happened in 1907; which was actually the event that brought about the Fed to begin with.
They don’t want people realizing the Fed is unnecessary.
Sorry, but this will NOT blow up into a scandal.
The interests behind the Fed, are way too powerful.
Sounds like there is something rotten they don’t want people to know.
#3, No, the Federal Reserve was created to usurp the power and sovereignty of the U.S. government and place it in the hand of world bankers. Conventional wisdom says that the government would run the country and economy into the ground if it were in charge of the money supply. Pretty funny when you consider that the Federal Reserve has done exactly that.
This will just die in committee or, if it actually reached the president it’ll get vetoed.
The Fed would just continue with “If you audit us, we’ll have to freeze all operations. The economy would die.” Congress will squabble, while the Fed takes a few into a backroom and use some heavy threats them Congress will drop a load into their depends. And it’ll fade away when the next AmericanIdolSuperNannySwingerSwap comes on.
I’m not a big Ron Paul fan but, in this case, YOU GO RON!
#9 last time I looked the FED wasn’t “department, agency, and creation” of the government.
#16 Got it Right.. we have slowly been getting screwed because of the Fed sin 1913 and worse since 1932… The Govt cant coin it s own Money?.. If the Govt took back control over the money supply and stopped having to pay interst on Money borrowed frion the fed we would all be better off… Why dont more people read and Learn…History is a great teacher…!!! Ron Paul and Arron Russo Got it Right… Over the history of the past 110 years many things have come into being that were not really leagally gotten..they were passed into existence by slight of hand… Nothing to see here..etc.. The Wankers dont want anyone to see their Books!!!
#19, Zybch,
Maybe you better look again.
The Federal Reserve was created by the Federal Reserve Act (1913) to be the Central Bank of the US. The Chairman is chosen by the President along with several members of the Board who are all confirmed by the Senate.The Federal Reserve is subject to oversight by the Congressional Banking Committees.
Yup, sounds like a government creation to me.
Seems allot of the folks who posted here don’t know the History of the Fed… Bettter go and do a little research,…then you’ll see how the Govt Really Works.. they Dont Love you…!!!
The fed was passed into existence when everyone was “out of Town” to get it thru Congress.. it was the Big Banker Buddies way to get control of ‘Your Money”…. Go Dr. Ron Go…get ’em…the wankers…
Every Fed Reserve chairman has been a jew. The banking families that control the issuance of the federal reserve note are jewish. Every president that attempted to coin constitutional money as outlined in Article I Sec 8 has been assassinated.
Coincidentally 1913 was the year that not only the jewish Federal Reserve was created, but also the jewish ADL, and the Internal Revenue Service, whose leadership has always been firmly under the control of jews since the beginning.
jew Mayer Amschel Rothschild said
“Give me control of a nation’s money and I care not who makes her laws.”
# 23 woody
Aaron Russo was also Jewish and he comprehensively exposed the Federal Reserve scam before he died, most if not all of those that gave power to the Fed were not Jewish, most Jewish people have nothing to do with it and do not benefit from it. In fact they suffer because neo-nazi simpletons lump them in with it because they are small minded racist bigots (I do not blame you for the W.A.S.P. mafia).
The Federal Reserve chairman is always chosen by (y)our (elected) President so take responsibility and do not rely on a saviour (who will be assassinated) to fix the problem.
Sieg Heil M.F..
P.S. Audit the Fed.
“I believe that banking institutions are more dangerous to our liberties than standing armies.” – Thomas Jefferson
“…It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth can not be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society-the farmers, mechanics, and laborers-who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their Government. There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. In the act before me there seems to be a wide and unnecessary departure from these just principles…
Experience should teach us wisdom. Most of the difficulties our Government now encounters and most of the dangers which impend over our Union have sprung from an abandonment of the legitimate objects of Government by our national legislation, and the adoption of such principles as are embodied in this act. Many of our rich men have not been content with equal protection and equal benefits, but have besought us to make them richer by act of Congress. By attempting to gratify their desires we have in the results of our legislation arrayed section against section, interest against interest, and man against man, in a fearful commotion which threatens to shake the foundations of our Union. It is time to pause in our career to review our principles, and if possible revive that devoted patriotism and spirit of compromise which distinguished the sages of the Revolution and the fathers of our Union. If we can not at once, in justice to interests vested under improvident legislation, make our Government what it ought to be, we can at least take a stand against all new grants of monopolies and exclusive privileges, against any prostitution of our Government to the advancement of the few at the expense of the many, and in favor of compromise and gradual reform in our code of laws and system of political economy.”
President Andrew Jackson’s Veto Message Regarding the Bank of the United States; July 10, 1832
Congress can take back the monetary authority it ceded to the Fed cartel in 1913. Whether it has the courage to do so is doubtful.
Being the Federal Reserve is as “Federal” as Federal Express, they should be required to be audited. There should be no guessing games as to where and how the monies are being created/used. Being that the Fed is in charge of ALL the USA monies….why is it in PRIVATE HANDS again? And how does that benefit anyone except those in Power? Oh, right…it doesn’t.
WHY WOULD I WANT CONGRESS TO HAVE ANY MORE CONTROL OF THE BANKING SYSTEM THAN WHAT IT HAS NOW? CONGRESS IS NOT CAPABLE OF DOING ANYTHING CORRECTLY; NOTHING. ON THE OTHER HAND, IF THE BANKING SYSTEM IS RUN BY BANKS, THAT HAVE A VESTED INTEREST IN THE SUCCESS OF THE SYSTEM, OUR BANKING SYSTEM IS MUCH MORE LIKELY TO PROSPER. THE U.S. CONGRESS IS A COLLECTION OF THE DUMBEST, MOST MORALLY CORRUPT BUNCH OF LOSERS IN THE ENTIRE PLANET. THERE’S MY $.02 WORTH. PEACE OUT.
# 29 STEVE
Your $.02 is now worth $.01, so we will need another $.01.
You can vote for government representatives that are not dumb or morally corrupt if you like. You have no control over the morally corrupt (which of course is relative) Federal Reserve owners if it is a private corporation, we do not even know who they are.
You are right about the (Federal Reserve) banking system prospering, that is why everyone else is not.
Anyone who hasn’t read this (hopefully you took history and don’t need this link) should.
President Jackson\’s Veto Message Regarding the Bank of the United States; July 10, 1832
Pretty hilarious that an institution that is totally unconstitutional and is doing a function assigned to congress, doesn’t want that branch poking around.
I even read a post where some idiot said that congress shouldn’t oversee a function that had been assigned to it by the constitution… LOL