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Rep. Frank: House will pass Ron Paul’s ‘audit the Fed’ bill this year

BmanMcfly said:
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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No, b/c monetary policy influenced by politics is unstable, and investors will demand a risk premium. Or go elsewhere. Both, actually.
 
Harry Guerrilla said:
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.:doh
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nope, but you may be thinking about fiscal policy.
monetary and fiscal are not the same things.
 
jackalope said:
nope, but you may be thinking about fiscal policy.
monetary and fiscal are not the same things.
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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.
 
Harry Guerrilla said:
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.
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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.
 
Harry Guerrilla said:
I guess we'll have to disagree on this as the creation of the Fed itself was a partisan issue.
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No need to disagree, there is an objective arbiter: the credit agencies.
 
Kandahar said:
The Fed was basically the only thing keeping us from having a fullblown depression last fall...and now Ron Paul wants to nerf their power and somehow managed to convince other congressmen to go along with it. This demonization of the Fed is ridiculous. Most people who reflexively oppose the Federal Reserve have absolutely no idea what it is or what it does.

Hopefully this dies in the Senate, or Obama vetoes it.
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You do realize that the Fed has virtually no oversight, is not a government run entity and has the ability to create inflations, runs, panics, recessions and depressions at will, right? :doh
 
Kandahar said:
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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No, that is plain for everyone to see... but that is the mechanism through which there is a need of an audit is a result of having a fiat system where money can be printed on a whim... how many times did they turn on the printers to put money in their own pockets at taxpayer expense... how many people were bought off with money printed off, and all the other shady behavior behind closed doors and now cloaked with 'national security' as a pretext of preventing anyone from exposing just how deeply we've been hit by this fraud. (I've heard numbers that since 1913 the dollar has been devalued by about 95%...)

Exactly... but before there was the PERCEPTION that this currency had been devalued more then has been publicized... and especially with 'tarp funds' calling for 27 trillion dollars in promises, with america having little to no actual production.

Every intelligent investor is moving to the 'euro', gold, oil, or the 'SDR units' which are a basket of currencies... in which the US sits around 25th most valuable +/- I couldn't find the source quick enough.

Let's say you have a product that's selling for 10X more then it's really worth because of 'novelty' everyone knows once a 'novelty' wears off the item is almost worthless. So, now the Fed is working to maintain that 'novelty' (which is a losing prospect at the least) and this 'audit' would likely show the type of criminality that would 'break the back' of the perceived value of the US dollar.

Bottom line... if these guys had italian last names you would call them the mob. Of course if you challenge the position of the mob they are going to fight to maintain their status, even threaten the need for the mob, etc... just like we see those bumbling idiots trying to claim that they ARE transparent... but you can't see the books. (invisible is an extreme of transparent, so I guess he's not 'lying')

How to put it nicely... this is akin to a hooker getting beat up and robbed and in the hospital when her pimp shows up she'll beg for forgiveness, if someone attacks the pimp she will try and get his back... why? because is she doesn't have his back then she'll get beat, she loves her abuser... I't much like the fed, the fed is everyones pimp... you like the fact that your pimp takes all your money, it keeps you happy... now Ron Paul, who is (in this scenario) nobody's bitch and challenges the pimps authority among the flock of 'hoes'... so the pimp threatans 'there'll be martial law', 'the end of the economy', 'we already answered the audit', etc... while you, among other 'hoes' of the fed will agree with their pimp : 'ya, we can't do that to you baby, we love you baby, we'll work hard for you baby... even harder.'

The pimp then answers, 'that's right now give me my money'.
 
Harry Guerrilla said:
I'll have to still disagree because the Fed Chairman is subject to pressure from the president to adjust interest rates to "stimulate" the economy or to continue it's boom.
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Those decisions are currently made independent of political pressures, if they weren't the credit agencies would have a loud say so.

They are not made independent of bad decisions, however. I think all agree Greenspan and the FOMC made some poor decisions. Greenspan, in particular.
 
Harry Guerrilla said:
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.
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Well, that's the way it should be. Enough accountability to elected officials that they can be tossed out if they royally screw up...but enough independence that they can be allowed to do their day-to-day stuff without constantly being second guessed. Similar to the Supreme Court.
 
BmanMcfly said:
No, that is plain for everyone to see... but that is the mechanism through which there is a need of an audit is a result of having a fiat system where money can be printed on a whim... how many times did they turn on the printers to put money in their own pockets at taxpayer expense... how many people were bought off with money printed off, and all the other shady behavior behind closed doors and now cloaked with 'national security' as a pretext of preventing anyone from exposing just how deeply we've been hit by this fraud.
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There is no need to conduct an expensive, politically-charged audit to figure that out. The Consumer Price Index will automatically adjust to the supply of money available.

BmanMcfly said:
(I've heard numbers that since 1913 the dollar has been devalued by about 95%...)
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If true, that translates into an annual inflation rate of 3%. Not too scary.

BmanMcfly said:
Exactly... but before there was the PERCEPTION that this currency had been devalued more then has been publicized... and especially with 'tarp funds' calling for 27 trillion dollars in promises, with america having little to no actual production.
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Again, the inflation rate will automatically take the money supply into account. So remind me again why we need a political witch hunt?

BmanMcfly said:
Every intelligent investor is moving to the 'euro', gold, oil, or the 'SDR units' which are a basket of currencies... in which the US sits around 25th most valuable +/- I couldn't find the source quick enough.
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The value of one unit of currency relative to other currencies, at any given point in time, is meaningless. The only measure that means anything is how the values are CHANGING.

BmanMcfly said:
Let's say you have a product that's selling for 10X more then it's really worth because of 'novelty' everyone knows once a 'novelty' wears off the item is almost worthless. So, now the Fed is working to maintain that 'novelty' (which is a losing prospect at the least) and this 'audit' would likely show the type of criminality that would 'break the back' of the perceived value of the US dollar.
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Uhh you've lost me here. What does novelty have to do with anything?

BmanMcfly said:
Bottom line... if these guys had italian last names you would call them the mob. Of course if you challenge the position of the mob they are going to fight to maintain their status, even threaten the need for the mob, etc... just like we see those bumbling idiots trying to claim that they ARE transparent... but you can't see the books. (invisible is an extreme of transparent, so I guess he's not 'lying')

How to put it nicely... this is akin to a hooker getting beat up and robbed and in the hospital when her pimp shows up she'll beg for forgiveness, if someone attacks the pimp she will try and get his back... why? because is she doesn't have his back then she'll get beat, she loves her abuser... I't much like the fed, the fed is everyones pimp... you like the fact that your pimp takes all your money, it keeps you happy... now Ron Paul, who is (in this scenario) nobody's bitch and challenges the pimps authority among the flock of 'hoes'... so the pimp threatans 'there'll be martial law', 'the end of the economy', 'we already answered the audit', etc... while you, among other 'hoes' of the fed will agree with their pimp : 'ya, we can't do that to you baby, we love you baby, we'll work hard for you baby... even harder.'

The pimp then answers, 'that's right now give me my money'.
Click to expand...

Drunk post? :lol:
 
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