Fed Independence or Fed Secrecy?

DarthDubious's picture

Last week it was very pleasing to learn that hearings were held on the independence of the Federal Reserve System. The bill HR 1207, known as the Federal Reserve Transparency Act, was discussed at length, as well as the general question of whether or not the Federal Reserve should continue to operate independently.

The public is demanding transparency in government like never before. A majority of the House has cosponsored HR 1207. Yet, Senator Jim DeMint’s heroic efforts to attach it to another piece of legislation elicited intense opposition by the Senate leadership.

The hearings on Capitol Hill provided us with a great deal of information about the types of arguments that will be levied against meaningful transparency and how the secretive central bankers will defend the status quo that is so beneficial to them.

Claims are made that auditing the Fed would compromise its independence. However, by independence, they really mean secrecy. The Fed clearly cherishes its vast power to create and spend trillions of dollars, diluting the value of every other dollar in circulation, making deals with other central banks, and bailing out cronies, all to the detriment of the taxpayer, and to the enrichment of themselves. We should all be happy to challenge this type of “independence”.

They claim the Fed is endowed with special intellectual abilities with which to control the market and that central bankers magically know what the market needs. We should just trust them. This is patently ridiculous. The market is a complex and intricate thing. No one knows what the market needs other than the market itself. It sends signals, such as prices, that should be reacted to and respected, not thwarted and controlled. Bankers are not all-knowing and cannot ignore the rules of supply and demand. They might act as if they are, but their manipulation of the market just ends up throwing it wildly off balance, which gives us the boom and bust cycles.

They claim the Fed must remain apolitical. No organization is apolitical that relies on the President to appoint the Chairman. In fact, it is subject to the worst sort of politics — power to create trillions of dollars and affect the value of every dollar in the country without the accountability of direct elections or meaningful oversight! The Fed typically enacts monetary policy that is favorable to particular administrations close to elections, to the detriment of long term considerations. They do this partly because of the political appointee process for the Chairmanship.

The only accountability the Federal Reserve has is ultimately to Congress, which granted its charter and can revoke it at any time. It is Congress’s Constitutional duty to protect the value of our money, and they have abdicated this responsibility for far too long. This was the issue that got me involved in activism almost two years ago. It is very encouraging to finally see the issue getting some needed exposure and traction. It is regrettable that it took a crisis of this magnitude to get a serious debate on this issue.

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Submitted by blowback on Thu, 07/16/2009 - 7:57am.

FBI, Attorney General, CIA, Justice Department. Would any one these departments investigate as a rico scam the FED, WALL STREET, and TWO of the three branches of government.

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Submitted by DarthDubious on Thu, 07/16/2009 - 10:39am.

as they will get the same response for their efforts from this administration as from the Bush regime when they tried to investigate the bin Ladens, and follow the money trail to the real people at the top of 9-11.

Who's the head of the DoJ? A.G. Holder, and he runs all but the CIA
(which isn't supposed to operate inside the US BTW) supposedly, and he isn't going to bite the hand that feeds him(Obama).

Obama definitely won't bite the hand that feeds HIM(the Fed, Wall Street). That's just how they roll.

In Liberty,

DarthDubious


Submitted by AtHomeGym on Thu, 07/16/2009 - 10:54am.

Investigations. They are in the business of collecting foreign intelligence.

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Submitted by DarthDubious on Thu, 07/16/2009 - 11:19am.

what about "isn't supposed to operate inside the US" didn't you understand?

However, in case you do not know, the CIA has been in alot more than the "business" of collecting foreign intel. They have been involved in, and performed political assasinations and fomenting "revolutions" in "rogue" nations since at least 1953.

In Liberty,

DarthDubious


Submitted by AtHomeGym on Thu, 07/16/2009 - 11:31am.

My point simply is that they are "Collectors", not "Investigators." And if you think they do nothing within the US, then you are somewhere in the Jimmy Carter class of naivete.

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Submitted by DarthDubious on Thu, 07/16/2009 - 4:23pm.

what about "isn't SUPPOSED to operate within the US" did you not understand?

This phrase IMPLIES(in not all that cryptic a manner I might add), that CIA does in fact work within the US. I'm surprised that someone of your intellectual prowess didn't pick up on it!

In Liberty,

DarthDubious


Submitted by AtHomeGym on Thu, 07/16/2009 - 4:33pm.

So what you really mean is that you could have just said "That's not the CIA's Job" and left it at that---or really just not have broken silence at all. Go get s S1N1 shot and you'll feel better.

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Submitted by DarthDubious on Thu, 07/16/2009 - 6:23pm.

I've gone and let you turn this string into an arguement about the CIA when it is about INVESTIGATING THE FEDERAL RESERVE!!!

Good job, your masters must be proud. This is a perfect example of COINTELPRO tactics. You are a government spook who continues to sell out humanity, but you will get yours in the end:

Psst...the first thing tyrants do when they gain complete control is murder those who helped them get it, think about that next time you just follow orders.

Oh, and its H1N1 try to stay current, will ya?
In Liberty,

DarthDubious


Submitted by AtHomeGym on Thu, 07/16/2009 - 7:59pm.

Just for the record, I support investigation of the Fed, regardless of who does it. And so I got one letter wrong on the Swine Flu designation--you never made a "fat-finger" error? And I know it'll destroy you, but I don't have any "masters--It's a shame that in all your hallucinations, you don't ever see all the correct lottery numebrs--perhaps when your stars align. So, can we expect your company on Saturday at It's A Grind for a cup of Joe? It might be called "Know Your Enemies!"

Submitted by Bonkers on Fri, 07/17/2009 - 4:31am.

I have told you before that this coffee thing is a bad idea to advertise for everyone to come!

If some of you want to meet and be curious, do it on your own!

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Submitted by DarthDubious on Thu, 07/16/2009 - 10:19pm.

In Liberty,

DarthDubious


Submitted by blowback on Fri, 07/17/2009 - 5:20am.

US/UN should hold swiss banks accounts and stop war funding, tax loop hole.9am coffee.

DarthDubious's picture
Submitted by DarthDubious on Fri, 07/17/2009 - 10:21am.

this is from my blog about William Tell's Arrow:

Beginning in 1997, Switzerland, which rescued tens of thousands of Jews from the Holocaust, was besieged by spurious claims that its renowned banking system was hoarding gold stolen from victims of the Nazis.

Stories were put into circulation describing the cynical heartlessness of banking officials in turning away aging survivors of Nazi cruelty; those stories invariably proved to be as substantial as cotton candy and as reliable as Jim Cramer’s investment advice.

Nonetheless, a global campaign of defamation and invective, spearheaded by the coprogenetic Edgar Bronfman Sr. and eagerly abetted by the Clinton administration, indelibly branded the Swiss as Holocaust profiteers, thereby setting the stage for a shake-down that continues to this day.

No matter that on three prior occasions – in 1946, as a result of the post-WWII Washington Accord; in the mid-1950s; and in 1962 – the Swiss banking industry had conducted comprehensive, diligent, and transparent investigations regarding its wartime gold holdings.

Nor did it matter that the Clinton administration’s inquiry actually exonerated the Swiss of claims that they had hoarded “victim gold” stolen from Jews who suffered and perished at the hands of the Nazis. The defamation campaign succeeded in prying some $14 billion worth of gold from the Swiss treasury and – more importantly – inducing the Swiss electorate to enact a new constitution that (among other dreadful features) repudiated the link between the Swiss franc and gold.

I won't put th rest of it , but you get the point.

In Liberty,

DarthDubious


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