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Thread: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Kandahar View Post
    My point is that chairing a committee with the word "monetary policy" in the title does not make one an expert on monetary policy.
    It does when the highest legislative body in the land created it for the specific task of analyzing monetary policy.

    Especially if the committee doesn't actually do much...
    ---

    The jurisdiction of the Subcommittee on Domestic Monetary Policy and Technology includes-

    (i) financial aid to all sectors and elements within the economy; (ii) economic growth and stabilization; (iii) defense production matters as contained in the Defense Production Act of 1950, as amended; (iv) domestic monetary policy, and agencies which directly or indirectly affect domestic monetary policy, including the effect of such policy and other financial actions on interest rates, the allocation of credit, and the structure and functioning of domestic financial institutions; (v) coins, coinage, currency, and medals, including commemorative coins and medals, proof and mint sets and other special coins, the Coinage Act of 1965, gold and silver, including the coinage thereof (but not the par value of gold), gold medals, counterfeiting, currency denominations and design, the distribution of coins, and the operations of the Bureau of the Mint and the Bureau of Engraving and Printing; and (vi) development of new or alternative forms of currency.

    Financial Services Committee - Subcommittees
    ---

    ...as I suspect is the case with this one since it's never in the news.
    Domestic monetary policy isn't exactly good for ratings. Even on a political debate forum the issue doesn't get much attention. I think youíre really reaching here.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Ethereal View Post
    Ron Paul does not advocate a complete return to the gold standard. He simply wishes to legitimize gold and silver as legal tender.

    I would also add that Kandaharís post is nothing more than correlation posing as causation.
    The correlation seems strong enough that it's worth noting. I'm not saying there can never be another depression...but the frequency of them dropped off dramatically, almost immediately following the establishment of the Fed. We were averaging about one every 15 years prior to that...and since then, we've only had 1 or 2 (depending on how you count the Great Depression) in the last century.

    This seems especially plausible since several of those depressions (e.g. 1907-1908) are directly related to the lack of a central bank.
    Last edited by Kandahar; 09-02-09 at 03:52 AM.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Ethereal View Post
    Ron Paul does not advocate a complete return to the gold standard. He simply wishes to legitimize gold and silver as legal tender.

    I would also add that Kandaharís post is nothing more than correlation posing as causation.
    I decided to fact check that. I gave up before I could find out for sure, though his writings suggest strongly he prefers a return to a gold standard. However, from my readings, I do have to say that Paul has got to be the most dangerously insane person in Washington.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Kandahar View Post
    The correlation seems strong enough that it's worth noting.
    That's fine. I think some leeway should be inherent to any macroeconomic dialogue, since the amount of variables are virtually infinite, BUT I would be more swayed by a specific analysis of each down turn and how the gold standard or a lack of a central bank contributed.

    Not that I support either:

    a. Abolishing the Fed or
    b. Returning to the gold standard.

    But we need to understand why these down turns happened before we can attribute it to either of those things.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Redress View Post
    I decided to fact check that. I gave up before I could find out for sure, though his writings suggest strongly he prefers a return to a gold standard.
    [ame="http://www.youtube.com/watch?v=RKQmYfY3R7c"]YouTube - Ron Paul in New Hampshire[/ame]

    However, from my readings, I do have to say that Paul has got to be the most dangerously insane person in Washington.
    Then I guess I'm insane, too.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Ethereal View Post
    That's fine. I think some leeway should be inherent to any macroeconomic dialogue, since the amount of variables are virtually infinite, BUT I would be more swayed by a specific analysis of each down turn and how the gold standard or a lack of a central bank contributed.

    Not that I support either:

    a. Abolishing the Fed or
    b. Returning to the gold standard.

    But we need to understand why these down turns happened before we can attribute it to either of those things.
    True that it is correlation and not causation, but the correlation is very strong. Especially when you consider that many economists believe the Fed made mistakes that helped worsen the Great Depression rather than dampen it. Since the Fed has learned from those mistakes, we've not had a single economic depression.

    Yes there are a lot of factors at play in the history of the US economy, but that correlation is strong enough to warrant at least second thoughts on abolishing the Fed.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Psychoclown View Post
    True that it is correlation and not causation, but the correlation is very strong. Especially when you consider that many economists believe the Fed made mistakes that helped worsen the Great Depression rather than dampen it. Since the Fed has learned from those mistakes, we've not had a single economic depression.

    Yes there are a lot of factors at play in the history of the US economy, but that correlation is strong enough to warrant at least second thoughts on abolishing the Fed.
    The process of abolishing the fed would be a much more involved process then simply changing the locks at their head office.

    The only problem with the fed was creating the fed in the first place.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Psychoclown View Post
    True that it is correlation and not causation, but the correlation is very strong. Especially when you consider that many economists believe the Fed made mistakes that helped worsen the Great Depression rather than dampen it. Since the Fed has learned from those mistakes, we've not had a single economic depression.

    Yes there are a lot of factors at play in the history of the US economy, but that correlation is strong enough to warrant at least second thoughts on abolishing the Fed.
    Each recession or depression has a character of its own. In 1929, the stock market crashed because, during the 10 previous years, stocks were being sold on margin, that is, you pay 10% of its value to own it. Thus stocks were grossly overvalued, and the adjustment to that bubble had to happen sooner or later.

    In the crash of 2007, the dismantling of the Glass-Steagal act was one of the major factors, along with the real estate bubble. Note that, in 1929, being on a gold standard had very little to do with the crash. The Great Depression had everything to do with mismanagement and greed. The crash of 2007 also had everything to do with mismanagement and greed.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    I understand the importance of maintaining the independence of the fed, but I don't understand why auditing the fed compromises it's independence.

    I know there was talk of audits including reviews of monetary policy decision-making, but I didn't see any of that in the linked article. Unless I skimmed too fast ... ?

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by jackalope View Post
    I understand the importance of maintaining the independence of the fed, but I don't understand why auditing the fed compromises it's independence.
    Because any "audit" will invariably be accompanied by shrieks from congressmen who have no idea what they're talking about, calling for Bernanke to do this or that, or to resign immediately. Even if those congressmen don't get their way, it would discourage necessary but politically unpopular decisions in the future.
    Last edited by Kandahar; 09-07-09 at 08:30 PM.
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