These Are The People Who Do Not Want The Fed's Veil Lifted

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Wed, 07/15/2009 - 14:00 | 7335 Anonymous
Anonymous's picture

TD juxtapose that news with this one:

A large group of investors with $3 trillion in securities assets and former top regulators on Wednesday released a report attacking the White House's proposal to give the Federal Reserve more power as part of a massive regulatory restructuring under consideration on Capitol Hill.

Wed, 07/15/2009 - 14:01 | 7336 svendthrift
svendthrift's picture

Now we have a list for when the dollar collapses. Good stuff.

Wed, 07/15/2009 - 14:03 | 7338 Hondo
Hondo's picture

I'll put my vote for transparency and audit against any one of these nits!!

 

PS:  I really don't think that many are really that smart......hear me Cliffy.

Wed, 07/15/2009 - 19:15 | 7542 Anonymous
Anonymous's picture

Hondo:
Are you the guy Rick & I had dim sum with in S.M., LA about 10 years ago? I call Rick every month at his house in PA.
I trust the free market (free people) to choose a monetary system. Money is too important to be controlled by gov.

Thu, 07/16/2009 - 11:49 | 7834 Anonymous
Anonymous's picture

Considering the growing population of the world, money and "monetary policies" aren't actually the questions anymore. More important at this point of time, is the fact of the "american-empire" exploiting it's "democratic policies" over the entire world - taking the resources which all people need to survive, with the money they print "out of thin air". so now, the question isn't "do we have enough money in the world?", but, "do we have the resources, for everyone?"

thank-you for listening! (ok...reading) ;-)

Wed, 07/15/2009 - 14:07 | 7340 agrotera
agrotera's picture

The talk media completely misrepresented this petition--i guess the x-enron lobbyist sent out press releases to the unsuspecting, but the proof is in the pudding.  God how the lies can grow--and like someone said, 'getting rid of a bad statistic is harder than killing a vampire'--yes and getting rid of conventional wisdom that is perpetually supported with more lies is even more of a nightmare.

 

What an unbelievable lie!!!The Fed's independence is a strawman--our country deserves to know that the privately held Federal Reserve corp is  a monopoly of mammoth proportions and runs every elected official (except for maybe r paul, and a. grayson).  The elected officials that can't stop kissing the ring of this monster, need to be ousted out of office, and the Fed's charter needs to be revoked--we would still have the Fed, but it would be owned again, by our country, not by private parties. This is NOT socialistic but socialism is the clever way that the big bank heist for all the fed member banks was accomplished--pls wake up and don't buy it--think.

Wed, 07/15/2009 - 14:20 | 7347 Anonymous
Anonymous's picture

What we have here is tenured and politically connected guys trying to protect their retirement while the rest of the country be damned... These bearded nutwads don't want anyone to rock their boat. Why would anyone want to kill the golden goose, unless offcourse that golden goose doesn't come to your door to lay the nugget.

Wed, 07/15/2009 - 14:22 | 7348 Anonymous
Anonymous's picture

And we thought the liberal institutions are against business and anti establishment. Talk about being mislead by misinformation and psycho-babble.

Wed, 07/15/2009 - 14:24 | 7349 Anonymous
Anonymous's picture

is that 'the' Robert Schiller?

Wed, 07/15/2009 - 15:20 | 7398 Arm
Arm's picture

Shiller.  Yes, that's him

Wed, 07/15/2009 - 14:24 | 7350 Anonymous
Anonymous's picture

These idiots actually think the FED is independent??? HAHAHAHAHAHAH

Wed, 07/15/2009 - 15:34 | 7406 Anonymous
Anonymous's picture

It is independent silly. It is just independent of the country, its people busy making a bounty for its independent members who keep rotating into and out of politics.

Wed, 07/15/2009 - 16:55 | 7467 crazyjerrygarcialover (not verified)
crazyjerrygarcialover's picture

The Fed is actually the true governing body of the US.  Wasn't it a Rothschild who said something to the effect of, "Give me control of the money and I don't care who makes the laws."  The Fed is a shadow government masquerading as a private corporation with a mandate from the 1913 act.  The basic charter serving as the backbone for that act was crafted by Rockefeller, Mellon, Carnegie, Morgan, et al.  The Fed doesn't serve to protect us, it serves to protect itself/banks.

Wed, 07/15/2009 - 14:29 | 7352 Anonymous
Anonymous's picture

Now I see why my alma mater went from $32k to $56k/yr from 2001 to 2008. Academia is one the main beneficiaries of the inflation of money and credit. They get paid to give intellectual cover to these monsters.

Wed, 07/15/2009 - 14:29 | 7353 Anonymous
Anonymous's picture

The bulk fuel distributor just left.
I just bought 300 gallons of diesel and 300 gallons of gasoline.

If Ron Pauls' HB 1207 and S 604 fails to pass the streets of America will run with blood.

www.ronpaul.com/on-the.../audit-the-federal-reserve-hr-1207/

Wed, 07/15/2009 - 14:30 | 7354 Anonymous
Anonymous's picture

it's not too late to sign-up ==

https://survey.chicagobooth.edu/ViewsFlash/servlet/viewsflash?cmd=showfo...!FedIndependence

Wed, 07/15/2009 - 14:35 | 7355 agrotera
agrotera's picture

Hey all you great researchers-- it would be so wonderful if one of you would take on the challenge of looking to see if any member banks of the federal reserve have gone down vs the toobigtofail banks that were annointed too precious to fail ( and the affiliated hedge funds that use to be investment banks ).

 

CIT bank is in the news--funny how it's affiliated bank (CIT Bank) is NOT a FED member bank and all kind of hullaballo is happening about to save or not to save...funny that the Fed's member banks seemed to be protected without question--is it like mafia protection--the member banks are the money producers for the fed so they get protection?

 

Wed, 07/15/2009 - 14:42 | 7360 Anonymous
Anonymous's picture

The letter reads like it was written five years ago before the Fed turned American capitalism into a farce.

Wed, 07/15/2009 - 17:49 | 7488 Anonymous
Anonymous's picture

@ #7360

American capitalism has been a farce for far more than five years.

Wed, 07/15/2009 - 14:47 | 7365 Anonymous
Anonymous's picture

Why can't we have both a transparent and independent FED. Is it too much to ask?
(P.S> I disagree, independence is very important factor, however given the FED played along with absolutely every white house scheme, I don't see how anyone can call it independent; my point is that most of those people that signed are probably fooled by the purpose of this letter. )

Thu, 07/16/2009 - 02:02 | 7706 Anonymous
Anonymous's picture

I think it was more like the White House played along with every FED scheme.

Wed, 07/15/2009 - 14:49 | 7367 Anonymous
Anonymous's picture

Shocking that Brad DeLong didn't sign it.

Wed, 07/15/2009 - 14:50 | 7368 Anonymous
Anonymous's picture

Why is it that those who are supposedly more educated are so stupid?

Wed, 07/15/2009 - 15:38 | 7409 Anonymous
Anonymous's picture

It is easy to reason using just bare facts with a person with commonsense but not learned. It is improbable to reason with an educated individual with no commonsense.

Wed, 07/15/2009 - 17:12 | 7472 Anonymous
Anonymous's picture

Not stupid at all.

Where has price inflation outpaced the rate of general inflation? Academics.

With no Fed-induced inflation, these clowns wouldn't be able to hide their empire building. Imagine if the only price that went up year-after-year was the price of education.

Wouldn't be easy to hide.

Wed, 07/15/2009 - 14:56 | 7376 rogersails
rogersails's picture

Somewhere in this debate, transparancy became equated with independence.

 

Wed, 07/15/2009 - 15:02 | 7380 Anonymous
Anonymous's picture

large number of academics - why

Wed, 07/15/2009 - 15:42 | 7412 agrotera
agrotera's picture

Groupthinkthinktank members

Thu, 07/16/2009 - 01:59 | 7705 FischerBlack
FischerBlack's picture

Every single one of them wants to be called in by the Fed for some kind of CV builder to raise their profile and allow them to study things from the inside for their Nobel work. They're prostitutes. Economics is social science and there are no right answers, just mountains of data supporting contradictory positions on all three sides of a binary issue. They're never held to account for anything they do or say. What a great job. When I'm wrong I loose oodles of money and everyone thinks I'm a twit. .

But, in fairness, I like economics, and some economists -- anyone from GMU pretty much.

Wed, 07/15/2009 - 15:08 | 7385 Anonymous
Anonymous's picture

I spy Fama in there. Fucking circle jerk.

Wed, 07/15/2009 - 16:35 | 7447 agrotera
agrotera's picture

shills

Wed, 07/15/2009 - 15:10 | 7387 zeropointfield (not verified)
zeropointfield's picture

The democratic legitimacy of the Federal Reserve System is well established by its legal mandate and by the existing appointments process. Frequent communication with the public and testimony before Congress ensure Fed accountability.

--------------------------------------------------------------

Ahem. Is that so? If all legistlative powers are vested in Congress and if not properly delegated the exercise of power is illegal, how can a delegation under the Constitution be proper when it effecitvely takes an entity and puts it outside - and above the - law and establishes a body that has neither accountability to nor real oversight by Congress?

The Federal Reserve Act puts the Fed outside the Constitutional order and is thus void. The Fed does not have authority whatsoever.

Wed, 07/15/2009 - 15:19 | 7397 pcdunham
pcdunham's picture

Tyler,

I tend to agree with most of what you write but not in this case.  I don't think Fed transparency and this letter this letter defending monetary policy independence are mutually exclusive.  I think this letter is directed at the grilling of Bernanke a couple of weeks ago.  I'm pretty sure we can all agree that many of the Representatives asking questions had no idea what they were talking about and were doing a bit of grandstanding. (Given that the Representatives all seemed to be regurgitating the exact same questions, they all probably asked their staffers to prepare questions and those staffers all asked the same person) To my point, the letter specifically addresses ability to remove the unprecedented monetary accommodation when necessary and interference with personnel selection.  Further, the Fed minutes released today mention treasury purchases. Specifically, it was mentioned that much larger purchases were necessary to materially affect long term rates but there is a risk that markets may interpret expansion of purchases as monetizing the deficit.  I understand the argument for transparency.  However, The Fed is probably resisting congress because if they do concede any independence, the floodgates of political pressure may open which would crush the dollar.  Personally, Larry Summers a Chairman of The Fed is a bit scary. To conclude, the signatories are more concerned with ability to remove monetary accommodation not transparency.

Wed, 07/15/2009 - 15:58 | 7421 agrotera
agrotera's picture

Sorry what you said, " The Fed is probably resisting congress because if they do concede any independence, the floodgates of political pressure may open which would crush the dollar."...just ain't so!!!!! The money printing, the passing of US$'s to "toobigtofail" was a scheme that looks very crooked to all the world and when a country becomes corrupt, the currency follows.  If we could redo the lies of the fall, and unwind, MS, GS, MER and C or let them be bought in pieces the way that broken entities deserve, and need to be treated, the world would view us as honest again.   It won't be the blackmailing of the US to "keep the Fed status quo or else" that breaks the US$, it will be the US continuing to allow the corruption that has prevailed in it's apex over the last 10 months thanks to all the agents and shills of the privately held federal reserve monopoly. 

 

The easy smell test on all of this is to take notice--all that so called "need for liquidity" that was "SO" important last fall only accomplished keeping the failed entities alive-but, it didn't provide any added liquidity.  And there won't be any 'mopping" up of liquidity, only the big hammer to fall on all of our heads by an increase in the fed funds rate--so the federal reserve member banks make even more on their margins....very corrupt.

 

No, if the dollar fails, it will be because wethepeople have allowed this banana republic to take hold in our cherished republic--not because we have awakened and decided to resist, and take back mammoth corrupt power from the privately held federal reserve corporation. 

Wed, 07/15/2009 - 18:11 | 7496 Comrade de Chaos
Comrade de Chaos's picture

I mostly agree with "pcdunham ", however without transparency there is no way for us to make sure that FED is independent. Right now it seems to follow everything that comes out of White House with absolute obedience. FED was planned as a tool of financial stabilization and not the economic planning. As far as I am aware, we don't have any economic planning bodies that were designed for the economic planning. And since suddenly we do, maybe we should stop calling ourselves a free market economy.

Wed, 07/15/2009 - 22:55 | 7652 pcdunham
pcdunham's picture

That makes sense, and I'm not arguing against transparency.  Just trying to point out that the petitiion and signatories aren't arguing against transparency either.  There should be a distiction between transparency and independence.

Thu, 07/16/2009 - 01:20 | 7697 Anonymous
Anonymous's picture

"Finally, calls to alter the structure or personnel selection of the Federal Reserve System easily could backfire by raising inflation expectations and borrowing costs and dimming prospects for recovery."

This is the statement that bothers me. How is that transparency or changing personnel or altering the structure would raise inflation expectations and interests and dim the prospects for recovery? They never defend the statement. And if that were really true, then it means that inflation expectations and interest rates are being held unnaturally low for no other reason than the perception of the people at the helm. And if that's the case, then why bother with the macroeconomic modeling? Why not just take a series of opinion polls and say it's the "animal spirits" of the marketplace? If the Fed's veil is removed, so too will be the alchemy that is macroeconomics. The whole discipline is a joke.

Thu, 07/16/2009 - 11:48 | 7832 pcdunham
pcdunham's picture

Go do some research on central banks where staff is changed without warning by elected politicians. Do some statistical analysis of interest rates and see which central banks have higher interest rates and inflation.  The letter doesnt say rates are dependent on specific personel.  Its remarkably smple. altering personel or structure introduces uncertainty to confidence in the currency.

Wed, 07/15/2009 - 15:25 | 7402 Anonymous
Anonymous's picture

all them crooks should be jailed

Wed, 07/15/2009 - 15:36 | 7408 economessed
economessed's picture

I have mixed emotions about all this.  On one hand, the Federal Reserve needs to be held accountable.  On the other hand, the whole Federal Government needs to be held accountable.

 

I have great confidence in both of these institutions to fail spectacularly due to their endemic confluence of greed, corruption and bureaucracy.  My only uncertainty surrounds whether they have failed sufficiently at this point.  I suspect they'll need to screw-up in a more flagrant and absurd way before the collase gets fully underway.

Wed, 07/15/2009 - 16:20 | 7441 Anonymous
Anonymous's picture

and by signing the petition, I'm sure to have my phone tapped, mail opened, taxes audited, etc. Suer, where do I signup. REVOLUTION NOW!

Wed, 07/15/2009 - 16:43 | 7455 Veteran
Veteran's picture

Bwaaahahahaha.  The opinions of the educational industrial complex are worth exactly jack shit.  Those phonies played a huge role in this mess as well.  As an aside was always amazed at how wonderfully my professors explained how things worked in the real world.  You know, the same world they were too chicken shit to join so they hid out in academia their whole life.

 

You want to get laid, go to college.  You want an education, go to the library.

-Frank Zappa

Wed, 07/15/2009 - 16:53 | 7464 Anonymous
Anonymous's picture

unfortunately, the fed will never be audited. the bill will neverr reach a vote. people will be spoken to.

Wed, 07/15/2009 - 17:01 | 7469 Anonymous
Anonymous's picture

I feel like I'm on acid reading this... Why do the opponents of this bill assume that "audit power" = "policy control"? Could someone explain?

Wed, 07/15/2009 - 18:06 | 7494 Anonymous
Anonymous's picture

As others have noted abovev, I don't think this letter was meant to address the bills to audit the fed. It's addressing other concerns.

Wed, 07/15/2009 - 17:58 | 7490 Anonymous
Anonymous's picture

Wow....great comments all around.........I think that we need to reserch the backgrounds of the signers of the letter/petition, and find out what connections they have to the major banks. Methinks that somewhere there is a little back scratching and hand smothing going on. Revolving door.....how many of these are economists who have "consulted" for the Fed or for members. Just wondering outloud!

Wed, 07/15/2009 - 19:10 | 7540 Anonymous
Anonymous's picture

did you guy read post from foafa.blogspot.com and john rubino at dollarcollapse.com. the dollar is in for an imminent devaluation no later that 9/15/2009. their logic is solid. i believe so too because we can't just print paper dollars and force upon the world to accept them. that is why tim geithner at middle east and saudi right now to tell them continue accept dollars for oil. that is why chinese president mr. Hu rather skipped g-8 meeting to go back to his country to prepare. news said because of ethinic classes but i don't think so. 135 han dead chineses will not change a thing for a president of more than 1 billion people during an important meeting. china does not need us anymore, they can consume their product themselves or ship to other countries can buy without borrowing them money.
here are links
http://fofoa.blogspot.com/2009/07/call-me-contrarian.html
http://www.dollarcollapse.com/iNP/view.asp?ID=102

Wed, 07/15/2009 - 20:17 | 7562 hedgnome
hedgnome's picture

I'm shocked. Really.

Members of the eduacational/financal/political establishment rushing to defend the Fed's independence?

 

Thu, 07/16/2009 - 01:32 | 7700 hohack
hohack's picture

there was a day of          

 

independence

 

 

way back when,

Thu, 07/16/2009 - 00:02 | 7682 Miles Kendig
Miles Kendig's picture

When the folks who are advancing the concept of not only continued Fed secrecy, but of greater Fed powers are forced to premise the basis of their argument upon the all emcompassing umbrella of Fed independence to set monitary policy rather than upon the requirements for Fed secrecy to protect the formal banking system from the same fate the shadow banking system suffered at the hands of its "depositors" or primary sources of funding, or any other discussion of the matters at hand then those of us that support greater transparency of the operations of the Fed are gaining the upper hand in the debate.

 

In other words, the failure to address the primary issue in the debate is another means of communication of the admitted weakness of the position.

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