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Thread: Rep. Ron Paul expected to lead House in Federal Reserve oversight

  1. #11
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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by majora$$hole View Post
    go ron paul lets audit the fed and END qe2!!!!
    The Fed is audited on a yearly basis by a private, independent accounting firm. To expect the criminals on capitol hill to conduct an audit without leaking sensitive information to parties able to profit from it is insane.

    source

    The Board of Governors' financial statements are audited annually by an independent audit firm retained by the Board's Office of Inspector General. The audit firm also provides a report on compliance and on internal control over financial reporting in accordance with government auditing standards. The Office of Inspector General also conducts audits, reviews, and investigations relating to the Board's programs and operations as well as of Board functions delegated to the Reserve Banks.
    I will say this: if every member of congress had the integrity of Dr. Paul, a logical argument could be made regarding the state of monetary policy. Meaning; it will never happen. The majority of politicians are about as criminal as can be.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by Goldenboy219 View Post
    The Fed is audited on a yearly basis by a private, independent accounting firm. To expect the criminals on capitol hill to conduct an audit without leaking sensitive information to parties able to profit from it is insane.

    source
    The Federal Reserve is not beholden to a private, independent accounting firm. The Federal Reserve sets the value of the dollar, only Congress was given the power to print and regulate the value of the dollar. As such, the Federal Reserve properly belongs to Congress and is beholden to Congress. And it is to them they must report.
    You know the time is right to take control, we gotta take offense against the status quo

    Quote Originally Posted by A. de Tocqueville
    "I should have loved freedom, I believe, at all times, but in the time in which we live I am ready to worship it."

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by Ikari View Post
    Good, it's about time. I don't really support metal backed currency in this day and age. It's too easy to corner markets, it makes our debt real, and we have less control over the value of it. Which is a necessary control in international economics. However, I do believe that the Fed has been given free reign for far too long now and have behaved improperly with the People's power and authority. It is time that we audit them, they should be audited by Congress yearly. And they are going to have to explain to us all what's on the books.
    Congress has expressed zero credibility in financial matters, and you believe they are capable of auditing the Fed with the same efficiency and accuracy as a private accounting firm? Oh that's rich!
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by Ikari View Post
    The Federal Reserve is not beholden to a private, independent accounting firm. The Federal Reserve sets the value of the dollar, only Congress was given the power to print and regulate the value of the dollar. As such, the Federal Reserve properly belongs to Congress and is beholden to Congress. And it is to them they must report.
    Congress cannot even balance their checkbook during times of economic growth, and you want to give them the keys to the printing press. Again.....

    Not everyone is as genuine as Dr. Paul.

    Edit: The results of the audit are reported to congress; did you read the link?
    Last edited by Kushinator; 11-11-10 at 04:44 PM.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Here is a simple analogy to congress controlling monetary policy.

    Being on a deserted island and letting the obese survivors guard the food stash.
    Last edited by Kushinator; 11-11-10 at 04:47 PM.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by Goldenboy219 View Post
    Congress cannot even balance their checkbook during times of economic growth, and you want to give them the keys to the printing press.
    Yes, of course I do. Only Congress was given the ability to print and regulate the value of our dollar. Only Congress may do that. Anything else is unconstitutional. The powers were specifically broken up they way they were for a reason. If you want something other than Congress to have the power to print and regulate the value of our currency, you have to ammend the Constitution. Until then, the only Constitutional thing is for the Federal Reserve to belong 100% to Congress and Congress alone.
    You know the time is right to take control, we gotta take offense against the status quo

    Quote Originally Posted by A. de Tocqueville
    "I should have loved freedom, I believe, at all times, but in the time in which we live I am ready to worship it."

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by Ikari View Post
    Yes, of course I do. Only Congress was given the ability to print and regulate the value of our dollar. Only Congress may do that. Anything else is unconstitutional. The powers were specifically broken up they way they were for a reason. If you want something other than Congress to have the power to print and regulate the value of our currency, you have to ammend the Constitution. Until then, the only Constitutional thing is for the Federal Reserve to belong 100% to Congress and Congress alone.
    An agrarian economy can function with the legislative body of government controlling monetary policy; not an open highly developed economy. A quick look at history displays the results of such a policy, frequent panics and bank runs. Therefore, Congress delegated monetary authority to an independent entity capable of keeping politics out of the decision making process.

    Would Congress have the political will to invoke a recession as a means of stemming high inflation?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by Goldenboy219 View Post
    The Fed is audited on a yearly basis by a private, independent accounting firm. To expect the criminals on capitol hill to conduct an audit without leaking sensitive information to parties able to profit from it is insane.

    source
    leaking sensitive information?

    we are asking to leak all information, sensitive or not. Because apologists are so fearful of information, we will even allow you guys to stay secretive for months and months.

    but not forever. those days are coming to an end.

    sorry

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by ARealConservative View Post
    leaking sensitive information?

    we are asking to leak all information, sensitive or not. Because apologists are so fearful of information, we will even allow you guys to stay secretive for months and months.

    but not forever. those days are coming to an end.

    sorry
    Did you look at his source? The link you quoted? All of the information is right there. All of their financial statements, presented as required by GAAP. Why do we need to politicize our monetary policy? IMO, that is the last thing we should do.

    Sorry.
    Last edited by drz-400; 11-11-10 at 06:19 PM.

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    Re: Rep. Ron Paul expected to lead House in Federal Reserve oversight

    Quote Originally Posted by Goldenboy219 View Post
    The Fed is audited on a yearly basis by a private, independent accounting firm.
    There are some holes in the areas being audited...

    PublicEye.org - The Website of Political Research Associates

    Exemptions to the Scope of GAO Audits
    The Government Accounting Office does not have complete access to all aspects of the Federal Reserve System. The law excludes the following areas from GAO inspections (31 USCA 714):

    (1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
    (2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, open market operations;
    (3) transactions made under the direction of the Federal Open Market Committee; or
    (4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items.
    Not saying that's bad, or good... just that there are holes.

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