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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 danarhea View Post
    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.
    Add to that, look at what happens during depressions.

    In the good times you see all sorts of new companies being created, then they grow... then during the contraction of the economy, those with the most money can buy these companies and new developments (as well as competing banks, and other ressources) and so there is a conglomeration in the economy. So the contraction migh affect the majority of people, there are always those with the most money get a sale... profiting on those that are hurt most by the depression.

    It's DOCUMENTED... not only is it documented, the who and the how is also documented as causing the great depression through their actions. The purpose was to create a 'wholesale' on stocks... so, if a small handfull of banks were able to generate the great depression for greater controls over the economy... and that the heads of these banks also are able to hold office in the federal reserve, how could you NOT see this new attack on the economy, which is being kept 'secret' within the filings of the federal reserve which likes to promote this idea that audit = takeover and detrimental to the economy... this is tantamount to terrorism.

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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
    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.
    Well, there is that. LOL

    But in all seriousness, transparency and someone checking the books seems like a good idea. Compromising the independence would damage our credit rating tho.

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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.
    "Alan Greenspan has testified before Congress that ďa central bank properly functioning will endeavor to, in many cases, replicate what a gold standard would itself generate."

    http://www.cato.org/pubs/bp/bp100.pdf

    Just funny to me.
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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
    Well, there is that. LOL

    But in all seriousness, transparency and someone checking the books seems like a good idea. Compromising the independence would damage our credit rating tho.
    You know WHY it would damage our credit??

    Because it would expose just how messed up the system is that the world would see the level of corruption spelled out and would lose credit since the F.R.A.U.D (Federal Reserve Accounting Unit Dollar) would be exposed for what it is... pieces of paper backed by nothing.

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

    Quote Originally Posted by BmanMcfly View Post
    You know WHY it would damage our credit??

    Because it would expose just how messed up the system is that the world would see the level of corruption spelled out and would lose credit since the F.R.A.U.D (Federal Reserve Accounting Unit Dollar) would be exposed for what it is... pieces of paper backed by nothing.
    Uhh you think the fact that we have a fiat monetary system (i.e. pieces of paper backed by nothing) needs to be "exposed"? Do you think there is any serious investor in the world that doesn't already know that?
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by BmanMcfly View Post
    You know WHY it would damage our credit??

    Because it would expose just how messed up the system is that the world would see the level of corruption spelled out and would lose credit since the F.R.A.U.D (Federal Reserve Accounting Unit Dollar) would be exposed for what it is... pieces of paper backed by nothing.
    No, b/c monetary policy influenced by politics is unstable, and investors will demand a risk premium. Or go elsewhere. Both, actually.

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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
    No, b/c monetary policy influenced by politics is unstable, and investors will demand a risk premium. Or go elsewhere. Both, actually.
    I just have to ask but isn't that what is happening now with our monetary policy?

    I mean come on, we are doing that already.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Harry Guerrilla View Post
    I just have to ask but isn't that what is happening now with our monetary policy?

    I mean come on, we are doing that already.

    nope, but you may be thinking about fiscal policy.
    monetary and fiscal are not the same things.

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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
    nope, but you may be thinking about fiscal policy.
    monetary and fiscal are not the same things.
    Erm, they are interdependent.

    One influences the other and we also have to remember that the board that governs the Fed is by political appointment which is not a completely objective.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Harry Guerrilla View Post
    Erm, they are interdependent.

    One influences the other and we also have to remember that the board that governs the Fed is by political appointment which is not a completely objective.
    Nope, monetary policies are independently made. And the credit rating agencies value that. If it was actually the case that our monetary policy decisions were made under a political agenda, the credit agencies would have downgraded our debt instruments.

    Fiscal policy is made with politics in mind; monetary policy is not.

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