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Tag Archives: Audit the Fed

Politico: A coming crackdown on Federal Reserve power? (Seriously?)

I’ll believe this only when I see it. This could be more chaff shot by the Fed to quell “audit the Fed” efforts in Congress. But maybe it indicates real tumult behind the doors of the Federal Reserve. It’s too early to tell.

I will also say that it appears the citizenry has an ally in Congressman Jeb Hensarling who is the chairman of the House Financial Services Committee. Not only is Hensarling publicly open to this new proposal from Richard Fisher, the head of the Dallas Fed, the congressman is also actively seeking to kill the Export-Import Bank. An effort which we have given considerable digital ink. The Fed of course is far bigger game. The biggest.

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Fed’s Regional Banks Are ‘Unconstitutional,’ Brookings Paper Says

What is of particular note is that this paper comes from a Brookings Institution scholar. Brookings is generally liberal in its disposition.

I am not keen on the prescription. Notice that the author comes short of calling the Fed itself unconstitutional. But at least there is some criticism of the Fed coming from the lefty camp. The excuses for the Fed have gotten embarrassing of late.

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Rand Paul Responds to Politico ‘Hit Piece’ Criticizing His Position on the Fed

If you want to read the piece to which Senator Paul is responding it is HERE.

Basically the bankers are coming with all guns for the guy who might expose the central bank racket they’ve been running for a very very long time. If everyday people were to actually learn of the things the Federal Reserve has done, indeed why it exists (to backstop the big banks – with the wealth of the American people – and to keep the debt game rolling) there is the chance that the American people might just call bullsh*t on the institution. The bankers, the banking “shamans,” can’t have that. Their power is unfathomable to the average person and that is how they would like to keep it.

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The “Audit the Fed” bill currently in Congress has the central bank scared

By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.
It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody – and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue. – Murray N. Rothbard from The Case Against the Fed

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The (all too) Sane Case for Auditing the Fed

By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.

It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody – and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue. – Murray Rothbard from (the original) Case Against the Federal Reserve

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After 100 Years Of Failure, It’s Time To End The Fed!

Indeed. End the Fed.

Sounds so radical doesn’t it? Isn’t the Federal Reserve there to smooth out the economy, to stabilize the currency? To make sure the world doesn’t blow up?

What if I told you that it doesn’t smooth out the business cycle, but exacerbates it. That the dollar has lost 95% of its value since the establishment of the Federal Reserve. And that the world has “blown up” multiple times under the Fed regime? The world is worse for having the Fed in it.

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