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The 88-year old gunman that killed a security guard at the Holocaust Museum in DC today was arrested and jailed in 1983 for a kidnap attempt at a Fed Board of Governors meeting.
Too bad he couldn't have stayed focused and done his shooting there instead.
The Fed is of, by, and for the very banksters who are pillaging this country. Nobody is asking for Joe Sixpack to audit the Fed, but I agree that application of sound and transparent accounting is very likely to reveal a frightening truth in that rotting cesspool of corruption. Whether people run to the doors now or later isn't so much the issue...but they will run, because there isn't enough smoke and mirrors in the universe to keep this s*** sammitch hidden from the sheeple for much longer.
Too bad he couldn't have stayed focused and done his shooting there instead.
Wow, so now we are suggesting murder now?
Anyhow, this talk of auditing the FED is stupid. Criticizing central banking and suggesting completely stupid things like "auditing" a central bank or geez...shooting its members is much different.
are you implying that the focus should be on criticizing central banking instead of investigating federal banking, or are you implying that there is no corruption to investigate.....
The Fed is a fraud and that is why they made themselves a closed organization. H.R. 1207 is the latest of attempts by the republican (libertarian) Ron Paul to open them up to the GAO. You know the fed is a fraud because they cook the books and keep two sets of books. Opening them up to the light of day will be like turning the lights on in a roach-infested kitchen. However, unlike roaches nobody should encourage shooting them like pulling out a can of raid on the roaches. They would die on their own if their food source, our productive lives, are denied their control.
No, nobody's suggesting murder. But given that the gunman already decided to get out and do some killin', the least he could have done is to make it count for something by sticking to his previous target.
Personally, I think putting a bunch of thieving banksters on trial followed by a public trip to the guillotine is the better course of action. We hung horse thieves for far less not all that long ago.
Quote:
Originally Posted by user_id
Anyhow, this talk of auditing the FED is stupid. Criticizing central banking and suggesting completely stupid things like "auditing" a central bank or geez...shooting its members is much different.
Why is it stupid? Show me a financial organization--ANY financial organization, that can't be audited, and I'll show you festering corruption and waste. The Fed's effect on the nation and its economy makes it too critical to operate in a smoky back-room with no competent oversight. Especially now that we have a glimpse of how utterly corrupt, inept, and potentially dangerous these robber barons can be. Geez, the Secretary of the Treasury, Tim "Turbotax" Geithner, the guy who owns the IRS, can't even be trusted to properly file his own personal taxes (along with a good number of other members of Obama's inner circle).
Why is it stupid? Show me a financial organization--ANY financial organization, that can't be audited,
Its not a financial organization, its a central bank. A central bank cannot in principle have an insolvent balance sheet!! What are you going to be auditing? The FED discloses how much money it is dishing out, what exactly would an "audit" do? What the FED often does not disclose is how much its loaning particular institutions. But there are good reasons not to disclose this stuff, disclosing it would often make it counter-productive as another poster pointed out. People do not act rational, they will over react to news and you'll see bank runs. The run on the bank will make the initial action pointless.
This nonsense about "auditing" the FED is meaningless, the real issue is whether you agree with central banking in general. Is the FED doing something outside of its role as a central bank? Nope.
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Originally Posted by Bob from down south
Geez, the Secretary of the Treasury, Tim "Turbotax" Geithner, the guy who owns the IRS, can't even be trusted to properly file his own personal taxes (along with a good number of other members of Obama's inner circle).
His tax situation was actually complex. Its not like he incorrectly filed a standard 1040, the issue was involving money earned while not working in the US. The fact that there was an error in his return is not evidence that he was intentionally trying to avoid taxes. Regardless, Geithner is not part of the FED anymore.
Since the Federal Reserve has considerable discretion in carrying out its responsibilities, to whom is it accountable?
The Federal Reserve's ultimate accountability is to Congress, which at any time can amend the Federal Reserve Act. Legislation requires that the Fed report annually on its activities to the Speaker of the House of Representatives, and twice annually on its plans for monetary policy to the banking committees of Congress. Fed officials also testify before Congress when requested.
To ensure financial accountability, the financial statements of the Federal Reserve Banks and the Board of Governors are audited annually by an independent outside auditor. In addition, the Government Accountability Office, as well as the Board's Office of Inspector General, can audit Federal Reserve activities.
And...
Quote:
Are the Federal Reserve System and Reserve Banks ever audited?
The Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review. Under the Federal Banking Agency Audit Act (enacted in 1978 as Public Law 95-320), which authorizes the Comptroller General of the United States to audit the Federal Reserve System, the Government Accountability Office (GAO) has conducted numerous reviews of Federal Reserve activities. In addition, the Board's Office of Inspector General (OIG) audits and investigates Board programs and operations as well as those Board functions delegated to the Reserve Banks. Completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Board’s Annual Report (before 2002, the reviews were listed in the Board's Annual Report: Budget Review).
The Board's financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the OIG. The financial statements of the Reserve Banks are also audited annually by an independent outside auditor. In addition, the Reserve Banks are subject to annual examination by the Board. The Board's financial statements and the combined financial statements for the Reserve Banks are published in the Board's Annual Report.
FRB: FAQs: Federal Reserve System (http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#8 - broken link)
Its not a financial organization, its a central bank. A central bank cannot in principle have an insolvent balance sheet!! What are you going to be auditing? The FED discloses how much money it is dishing out, what exactly would an "audit" do? What the FED often does not disclose is how much its loaning particular institutions. But there are good reasons not to disclose this stuff, disclosing it would often make it counter-productive as another poster pointed out. People do not act rational, they will over react to news and you'll see bank runs. The run on the bank will make the initial action pointless.
This nonsense about "auditing" the FED is meaningless, the real issue is whether you agree with central banking in general. Is the FED doing something outside of its role as a central bank? Nope.
I want to know what the Fed has been taking in as collateral on the loans going out through their kazillion different windows. Auditors need to assess the real public liability for all the used toilet paper the Fed has accepted as backstop for the liquidity is has running out of every orifice.
Is the fed doing something outside its authority? We won't know without an audit, but my gut feel is that they are grossly usurping monetary authority reserved wholly and solely to the Congress under the Constitution of the US.
Quote:
Originally Posted by user_id
His tax situation was actually complex. Its not like he incorrectly filed a standard 1040, the issue was involving money earned while not working in the US. The fact that there was an error in his return is not evidence that he was intentionally trying to avoid taxes. Regardless, Geithner is not part of the FED anymore.
If you're telling me that the President of one of the Federal Reserve Banks, who has now been elevated to Secretary of the Treasury, cannot be expected to properly file his own personal income return no matter how complex, then NOBODY in this country should ever again be held accountable for truth and accuracy in theirs, either, simple as that.
snippet:
"Apparently nobody at the Federal Reserve has any clue where the trillions of dollars that have come from the Fed's expanded balance sheet have gone. Additionally, nobody there seems to have any idea what the losses on the Fed's $2 trillion portfolio really are."
There's also a nice video there of the Fed Inspector General not able to answer ANY of the questions because they haven't done a high level review yet of funds gone since last year.
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