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Fed Independence Is A Joke, So Why Not Audit?
Submitted by James Miller via FreedomWorks.org,
A whistleblower-hating president, a bureaucrat who illegally targeted conservatives, and the former national intelligence director who lied before Congress walk into a bar.
The bartender says: what can I get “the most transparent administration in history”?
If Janet Yellen didn’t resemble a bookwormish teetotaler, perhaps she’d join her colleagues in a toast to suppressing democratic accountability. For now, she’ll order a club soda while working vigorously to keep Congress, and thus the people, out of her business of running the country’s central bank.
Yellen has only been Chair of the Federal Reserve for one year, but she’s already facing pressure to open the books from the new Congress. Leading the charge are two statesmen from Kentucky: Representative Thomas Massie and Senator Rand Paul. Both have introduced audit the Fed legislation in their respective chambers.
Wall Street’s cadre of financial oligarchs are predictably up in arms over an audit of their free money machine. Think tankers are antagonizing the campaign, with Jim Pethokoukis of the American Enterprise Institute asserting that Sen. Paul has “a poor understanding of what’s actually on the Fed balance sheet and how the bank operates.” It’s expected President Obama would veto an audit the Fed bill. Even local bankers are scaremongering over the prospect of the Fed losing autonomy.
Yellen, for her part, isn’t about to let the nosy wolves in her henhouse. In a recent interview, she said she would stand “forcefully” against any audit measures. She justified her intransigence by citing the importance of “central bank independence” and being able to act without interference.
Nothing says limited government and separation of powers like a bureaucracy unaccountable to the voice of the people! Then again, Yellen doesn’t care much for democratic oversight. She’s a caricature of Randian libertarianism: someone who wants to do whatever, whenever, without rulers. The problem is Yellen isn’t operating a private railroad company. She’s the figurehead for a government institution created by Congress. If democracy means anything, it’s that voters have some measure of control over political bureaucracies.
So apologies Janet, you don’t operate in a bubble (insert Fed pun here). The people - those plain people who think economics is about supply and demand rather than complicated math formulas - deserve some level of sway over the Fed’s operations. So why not an audit by the Government Accountability Office? Last I heard, President Obama was all about accountability.
Yellen and company aren’t buying it. They don’t want anyone butting in on their micromanagement of the money supply. Outside observers would interfere with the Fed’s independence, which is a sacrament of the central bank.
In an illuminating interview with the Wall Street Journal, David Wessel does his best to explain the history of the Federal Reserve and Congress’s long trek to make its internal deliberations more public. For over four decades, the GAO (then called the General Accountability Office) was barred from investigating the Fed. That changed in 1978, when Congress passed a law allowing the GAO to look at the central bank’s “regulatory duties.”
Then the financial crisis of 2008 hit, and the Fed intervened in the financial markets at an unprecedented scale. Banks and Wall Street firms were bailed out to the tune of tens of trillions of dollars. Main Street was left high and dry. Voters were livid and rightfully so.
Congress - after ignominiously bailing out the banks further - expanded the GAO’s authority to examine Fed loans to private companies. With the passage of the Dodd-Frank bill in 2010, the Fed was further opened up, and had to disclose “internal controls, policies on collateral, use of contractors and other activities.” Currently, the GAO is not allowed to review the Fed’s discussions on monetary-policy decisions.
Rand Paul’s audit the Federal Reserve bill eliminates that barrier. And therein lies to the problem according to Fed apologists. As Mr. Wessel tells us, the central bank should be protected from the influence of short-sighted politicians. “[G]iving politicians power over interest rates and the supply of credit hurts an economy over time,” he explains. “Prohibiting the GAO—an arm of Congress–from second-guessing the Fed’s monetary policy decisions is part of that insulation.”
Now, it is indeed true that politicians tend to be myopic in their actions. An $18 trillion debt created by the refusal to don big boy pants and cut spending is indicative of Congress’s systematic immaturity. Having the likes of Nancy Pelosi and John Boehner in charge of the Fed’s printing presses is a startling notion. But that’s not what auditing the Fed accomplishes. There is no language in either the House bill or Senate bill that puts Congress in charge of monetary operations. Fed proponents like Pethokoukis are demagoguing when they say otherwise.
It’s true the Fed’s financial statements are audited every year by the firm Deloitte & Touche. That perfunctory measure didn’t reveal the fact that the Fed took advantage of the financial crisis to bail out foreign companies and central banks. Over $16 trillion was doled out to foreign institutions like Barclays and UBS. The American public only became aware of the monetary shenanigans because Dodd-Frank contained a partial audit of the Fed’s activities. Had that not happened, we would still be in the dark.
Central bank defenders who scream “independence” over the prospect of an audit are misguided. The idea that political institutions operate in a vacuum and are isolated from outside interests is college-level idealism. It doesn’t pass the smell test. Government officials are primarily interested in perpetuating their power - public good be damned.
Janet Yellen is just as beholden to everyday politics as President Obama. She’s not independent; her job depends on the president’s approval. In a recent testimony before Congress, Yellen wondered aloud, “I really wonder whether or not the Volcker-led Fed would have had the courage to take the hard decisions necessary to bring down inflation and get that finally under control.” What she referred to was the economic calamity that preceded the inauguration of President Ronald Reagan. When the Gipper took office, inflation was raging. Volcker was appointed to the Fed to clamp down on rising prices. This wasn’t popular at first; hiking interest rates tanked the economy. But Reagan stood by Volker, giving him the political cover to follow through. As Washington Post columnist Robert Samuelson writes,
“[D]uring Volcker’s monetary onslaught, there were many congressional proposals, backed by members of both parties, to curb the Fed’s power, lower interest rates or fire Volcker. If Reagan had endorsed any of them, the Fed would have had to retreat.”
Volcker didn’t operate independently. He had the support of the Reagan White House. Just the same, Yellen isn’t free from democratic pressure. She has to obey political headwinds.
If the Fed is not immune from politics, then why keep up the facade of independence? Let’s acknowledge the central bank must answer to the political class. And then let’s look at the past: the Fed’s history is full of backroom deals for elite special interests. That’s not an accident. Darkness gives cover to all sorts of sleazy deeds. An audit would begin the process of weeding out this secrecy.
If the Federal Reserve has nothing to hide, it has nothing to fear, right?
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She’s the figurehead for a government institution created by Congress
Wrong! The Fed is an independent, private entity with private stakeholders. They are not a federal institution and do not get federal funding. They are not accountable to any laws and do not abide by any policy or are subject to any direct oversight.
They are, in fact, anything they choose to be at any particular time because they control the money and the citizens of this country have ZERO say. The Fed is used by the govt to steer foreign relations, foreign policy, and foreign goals.
Movement away from the USD is the only way to end the Fed.
Bears repeating a jillion times till it sinks into everyone's thick suklls. A private entity that took up the role of national (and world) prosperity management through creeping into every nook and cranny of all financials. Very deceptive name, sounds official - the whole point of their evil genius. People are trained to believe official stuff.
Of course, because many never connect the dots from this agency called The Fed to govt imposed economic sanctions on another, "uncooperative", nation.
It is SOOO obvious and the Fed is clearly a war tool. Let's all see it for what it is, instead of believing what they say.
How about using the meme they use on everyone else---"if you aren't doing anything wrong, what do you have to hide or be afraid of?"
"They"' TPTB, the Illuminati, those associated with the 1%, their bankers and politicians for some strange reason fight tooth and nail about a simple auditing of the Fed. An audit. BFD.
Why, y'all'd think they's a hidin' sumptin', wouldntcha?
Except for having the decimal point in the wrong place (should be the 0.01%), you're spot on.
Here's the thing, Congress holds the power to delcare war. Against enemies Foreign and Domestic.
just like greece breaking out of jail, the fed audit will NEVER FUCKING HAPPEN. last thing on earth the ptb will ever, ever grant...heads would roll first. even if they allowed we the plebs WOULD NEVER KNOW THE TRUE OWNERS AND SEE THE REALS FINANCIALS. all a fucking red/blue/yellow/ purple side show...
It already did happen, in 2010. 16 trillion of "loans" given out.
Stop with the cynism and give everyone a shot who's willing to try. Sitting around bitching about the FED while supporting it by BTFD sure as hell ain't gonna change anything, and in fact serves to keep the status quo alive.
"How about using the meme they use on everyone else---"if you aren't doing anything wrong, what do you have to hide or be afraid of?"
Go ahead and try that line of NSA-ish reason. They won't laugh in your face but they will behind your back. They know you know it's bullshit and they don't care that you know.
"If democracy means anything, it’s that voters have some measure of control over political bureaucracies. "
Democracy doens't mean shit to the bureaucrats and the politicans.
Democracy is a lie. It does not exist. It never did. It is a fraud to get idiots to volutarily submit to whatever they are told the consensus is.
People who believe in Democracy are fucking fools and this whole game with The FED is just one more proof of it.
How many were against TARP?
How many 'democratic' governments has the US helped to topple?
How many coups ( Egypt was recent one ) were supported instead of US monetary and military support and trade relations suspended?
Democracy is a facade for feudalism to keep idiots thinking that they aren't being used in a manner equivalent to plow horses.
American democracy is the system by which one has supposedly traded the exclusive right of self determination for a 1 in 300 millionth say in what everybody will be forced to do.
What's not to like?
Why do people think auditing them is going to do anything productive. Who exactly is going to audit them? The treasury dept? Eric holders justice department? The fed themselves ? Congress? Don't make me laugh. The captured regulatory agencies? Don't make me laugh
Quite exactly Carl. The statement "audit the Fed" and any controversy regarding it showcases the disparity between actual and perceived realities among the people. In the perceived reality, if there is ever an audit on the Fed, there apparently exists a qualified (by who? the gubbamin of course. Otherwise it's not 'official') auditor. In the actual reality, that auditor does not exist.
While I agree we are unlikely to ever see it happen, it is good to keep it in the discussion if only to hear them shriek at the suggestion. A few more peeps will associate cause and effect each time it is proposed.
GAO found 16 trillion in loans in 2010. Maybe do 5 minutes ot research before coming to a conclusion.
They did. I'm aware of that, and it was only a partial audit. RP talked about it. Even socialist Bernie sanders had this posted on his website. Know what come out of all that? Not a fucking thing. Auditing is pointless, and I'll never believe anything that comes out of it anyway. Just end the fed.
Right, end the Fed, then audit the Fed, don't get no simpler than that, unless you include women of course, then ur clueless.
Authorize the Treasury to issue notes and cancel the feds charter .... GS and Chase can disappear after posting massive losses for a few quarters... it will all work out fine.
It's all going to happen one way or another ,, might as well be now.
How about a God they don't believe in? Who's laughin now??
But they're doing Gods' work?
Amen.
Where is my interest income, you dizzy, criminal bitch?
Quoting Skateboarder, it "bears repeating a jillion times ..."
I liked VWAndy's take on a Fed audit:
"Like whores auditing their pimps."
That was previously posted under this:
http://www.zerohedge.com/news/2015-02-25/janet-yellen-freaking-out-about-audit-fed-–-here-are-100-reasons-why-she-should-be
Janet Yellen Is Freaking Out About "Audit The Fed" – Here Are 100 Reasons Why She Should Be
I honestly don't understand why we continue to debate this nonsense. Just buy physical gold, silver and than wait for the collapse.
https://www.youtube.com/watch?v=yloaBw80fV4
Ask Gerald about that.
Exactly. And also, who in their right mind (or left mind) would think that an audit, any audit, would be even remotely close to being honest.
The board of governors is government, the fed reserve banks and the fed reserve notes are private:
“Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks. The Federal Reserve Board, a Government board, has cheated the Government of the United States and the people of the United States out of enough money to pay the national debt. These twelve private credit monopolies (Federal Reserve Banks) were deceitfully and disloyally foisted upon this country by the bankers who came here from Europe and repaid us for our hospitality by undermining our American institutions...The people have a valid claim against the Federal Reserve Board and the Federal Reserve banks.”
- Louis T McFadden, Congressional Record, 1932, pages 12595 and 12596 (R-PA, Chairman of the United States House Committee on Banking and Currency 1920-31)
“Some people think the Federal Reserve banks are United States government institutions. They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders.”
- Louis T McFadden, Congressional Record, 1932, pages 12595 and 12596 (R-PA, Chairman of the United States House Committee on Banking and Currency 1920-31)
http://www.afn.org/~govern/mcfadden_speech_1932.html
facsimile of Congressional record pages - page 12595 http://www.afn.org/~govern/mcfaddengif.html
page 12596 - http://www.afn.org/~govern/mcfaddengif2.html
She’s the figurehead for a government institution created by Congress.
"Wrong! The Fed is an independent, private entity with private stakeholders."
The Federal Reserve has been given special powers by the Congress of the United States of America, it therefore is an extention of the federal government. The fiduciary relationship of the government to the people is extended from every employee, direct or contracted.
Congress is given no power to create a fiction, apart from itself, that creates bills of credit. Nor is congress given any power to allow any seperate entity to create legal tender. The Federal Reserve is a purely unconstitutional fiction.
No wonder nothing changes. 95% are clueless fucking sheep and the 5% who do know what's going on help the criminals by BTFD, while putting down anyone who tries to do something.
Net effect, ZH'ers do more damage than sheep, cause sheep don't BTFD, they're unaware of what's driving the markets.
The only BTFD I do is gold and silver, which is not what the Fed want's and does nothing to help them in the least. It actually makes their troubles worse.
I can't speak for anyone else, but I do know that most of the BTFD! paper crowd has been gone from ZH for quite some time. When the libertarians started coming here more often they sort of chased off the paper crowd like Flak and those guys.
It's amazing how many inaccuracies were in Miller's article. You cited one. Obviously most people know Carter, not Reagan, appointed Volcker. And it's an insult to Libertarians to call the Fed, a government credit cartel, something of which Libertarians approve.
Moreover, it's not what's on the Fed balance sheet that is at issue. It's counterparty risk, contingent liabilities, missing gold, derivatives, inside information leaks, records of phone calls to Goldman Sachs etc. that We the People deserve to understand.
But we won't because they will never allow an audit of the Fed and even if they did it would be a Warren Commission whitewash, as several ZHers have observed below.
Another discredit to this article:
Seriously? This statement is so absurd it provokes laughter.
Rand wasn't a libertarian, as such, but neither she nor libertarians would tolerate a central bank to exist. Ever.
Moreover, libertarians in Ameria are not anarchists.
Ron Paul (arguably the most famous living libertarian in America) has been publicly arguing to "End the FED" for many years. He has not been arguing to end the government.
Precise descriptive terminology demands precise use. Or it is otherwise best left out.
"She’s the figurehead for a government institution created by Congress."
What's the old saying, the Federal Reserve is as federal as Federal Express.
my co-worker's mom makes $87 an hour on the laptop . She has been without work for 8 months but last month her pay check was $15653 just working on the laptop for a few hours. try this website... www.globe-report.com
I agree nope-1004! The article above was so superficial that it was ridiculous!
Audit ???
Legalized counterfeiting was a
supreme achievement of
organized crime!
The article above grossly understates the nature of the problem that the Federal Reserve Board is the American Fraud King, operating inside of a globalized system, in which the Bank of International Settlements is the King of Kings of Frauds.
http://www.globalresearch.ca/who-owns-the-federal-reserve
Who Owns The Federal Reserve?
The Fed is privately owned, since,
its shareholders are private banks!
Carroll Quigley in Tragedy and Hope:
"powers of financial capitalism
had another far-reaching goal,
nothing less than to create a
world system of financial
control in private hands
able to dominate the
political system of
each country and
the economy of
the world as
a whole ..."
THE FEDERAL RESERVE BOARD IS AN EXPRESSION OF ORGANIZED CRIME CONTROLLING THE GOVERNMENT, TO THE DEGREE THAT THERE ARE NO OTHER GROUPS WHICH ARE PUBLICLY SIGNIFICANT THAN CONTROLLED OPPOSITION.
By and large, articles about the central banking institutions republished on Zero Hedge are often relatively silly and superficial, because they tend to not face the basic fact that MONEY IS MEASUREMENT BACKED BY MURDER. The international bankers are the biggest gangsters, the banksters, that recaptured control over America more than a Century ago. After that, the situation has automatically got worse, faster ... The more one knows, the worse it gets. There is almost nothing but the core of organized crime surrounded by layers of controlled opposition.
The entire political economy is built on ENFORCED FRAUDS, which facts tend to be deliberately ignored or denied as much as possible. Moreover, any deeper understanding of how and why that actually happened usually plays no role in the proposed bogus "solutions" which are promoted by those who barely begin to understand that the Federal Reserve Board is actually the result of the successful application of the methods of organized crime through the political processes.
By and large, articles which presume that the Federal Reserve Board is anything else than triumphant organized crime are deliberately ignoring the historical facts. Furthermore, any bogus "solutions" to that problem, that do not directly address the issues that the debt controls are necessarily backed by the death controls, continue to deliberately ignore the real world, while promoting some sort of impossible ideals regarding what money should be, instead of fully facing what money IS.
To audit the Federal Reserve Board would focus attention upon the central social facts that privately controlled banks get to make the public "money" supply out of nothing as debts, while that FRAUD is ENFORCED by governments. The existence of the Federal Reserve Board, as the single greatest institution within the overall global monetary system, is due to organized crime being able to dominate the political processes in order to control governments. The existance of the Federal Reserve Board demonstrates that almost all of the successful politicians have careers as the banksters' puppets, who are voted for by enough of the muppets, who were all brainwashed to believe in the banksters' bullshit world view. The long history of bribery, intimidation, as well as assassination of those who could not otherwise be bribed or intimidated, has resulted in there being almost nothing but organized crime and controlled opposition.
Inside that context it is practically impossible to have any rational public debates about the real role of the Federal Reserve Board, nor whether that should be audited! On the first level, the fact that the Federal Reserve Board is based on governments enforcing the frauds of privately controlled banks is deliberately ignored as much as possible. On the next level, how and why the governments have become the biggest form of organized crime controlled by the best organized gangs of criminals is deliberately ignored even more so.
Anyone who was more serious about these issues should attempt to do a rigorous analysis of human civilization as a general energy system, which will reveal that civilization necessarily operates according to the principles and methods of organized crime. Those are the basic facts, which are presented in the most backward ways possible by the banksters, and every other sociopolitical institution which is controlled by the history of its funding, from politicians, through to the public schools, and the mass media. etc. ...
An appropriate metaphor to use to describe the Federal Reserve Board, and all the rest of the ways that privately controlled banks dominate the public "money" supply, is to label that as being like a home invasion. The American Family has had a gang of criminals move into their house, and then direct what that Family's priorities were, namely, debt slavery backed by wars based on deceits.
The EXISTING situations are that debt slavery has generated numbers which have become debt insanities, which are headed towards provoking death insanities. A runaway fascist plutocracy juggernaut has outfitted itself with a fascist police state to protect itself and advance its agenda. The real situation is so extremely bad that most people can not see that forest through its trees. Moreover, they continue to want to rely upon thinking about these issues using the same old-fashioned bullshit languages, based on DUALITIES, or false fundamental dichotomies and the related impossible ideals.
Instead, people should start thinking about these issues using UNITARY MECHANISMS. Unfortunately, the percentage of people that have the slightest clue about THOSE is vanishingly small. The vast majority of people are not aware of the basic social facts that the Federal Reserve Board is a privately controlled bank, inside the context where the vast majority of the public "money" supply is created out of nothing as debts by privately controlled banks, which astronomically sized fraud is enforced by the government against everyone else.
The few who are aware of those basic social facts mostly still continue to be various forms of controlled opposition, that promote bogus "solutions" based on the same old-fashioned false fundamental dichotomies and related impossible ideals about what money should be. Therefore, an extremely tiny fraction of 1% of the population not only faces the central social FACTS about central banks, AND then proposes genuine solutions to those problems which remain consistent with those FACTS.
It takes a series of intellectual scientific revolutions to develop a political science that goes through enough paradigm shifts to cope with the FACTS that the Federal Reserve Board is the American King of Fraud, inside of a globalized system of ENFORCED FRAUDS. At the present time, the vast majority of people do not know that, because they do not want to know that, while the few that do tend to promote bogus "solutions" which are still based upon impossible ideals that would continue to make the opposite happen in the real world.
Human civilizations necessarily operate as entropic pumps of energy flows, which match the principles and methods of organized crime. However, those things were justified and rationalized through the biggest bullies' bullshit in the most backward ways possible. The banksters' bullshit still dominates the public debates about the Federal Reserve Board, despite the overwhelming abundance of rational evidence and logical arguments which can demonstrate that everything that the Federal Reserve Board stated were its purposes were the utter opposite to everything that actually happened.
The upshot is that (1) the Federal Reserve Board is based on organized crime, while (2) any alternative system would have to become some alternative form of organized crime. As long as the vast majority of people do not recognize the first of those TWO FACTS, then an audit of the Federal Reserve Board would be too superficial. Furthermore, as long as even the few that are aware of the FIRST FACT still disregards the SECOND, then any recommendations that followed any audit of the Federal Reserve Board would be too silly.
Any audit of the Federal Reserve Board, to be sufficiently meaningful, would have to get out of the box of the banksters' bullshit world view. It would be necessary to attempt to do an accounting of the real energy flows, including the real flows of information as forms of energy. That would require placing the political economy inside of the human ecology, which in turn was placed inside of the environment. However, at the present time, NONE of that kind of scientific rationality is publicly possible, because the basic facts that money is measurement backed by murder are deliberately denied and ignored as much as possible, which enables the established banksters to continue to operate the best organized crimes, that control the government, as the biggest form of organized crime.
One does not have to audit the Federal Reserve Board, in the sense of looking at its secret books, to already know that it is based on LEGALIZED COUNTERFEITING, which is the supreme achievement of organized crime controlling the government. I have no doubt that any degree of actual auditing of the Federal Reserve Board would continue the basic theme that the more one knew, the worse it would get. HOWEVER, there should come a point where all the accumulating anomalies regarding the established banking systems ought to be resolved by profound paradigm shifts. We should go through the looking glass of our Bizarro Mirror World!
Anyone who studies the history of the Federal Reserve Board will discover, and be able to demonstrate more and more, that everything significant that the Fed said was backwards to what actually happened! At some point, we should understand how and why those are the FACTS! However, at the present time, the overwhelming vast majority of people are ignorant about that, and want to stay that way. Moreover, that problem is greatly compounded by how and why those who do recommend that there should be an audit basically still continue to be controlled opposition, that do not want to go through enough of a paradigm shift in the ways that they perceive politics to be able to assimilate the full meaning of the FACTS.
The Federal Reserve Board is the single greatest component in the globalized systems of electronic monkey money, backed by the threat of force from apes with atomic bombs. Any adequate audit of the Federal Reserve Board should face those facts, which are due to the Grand Canyon Chasm opening up between progress in physical sciences, versus no such progress being so far allowed to happen within political science. The reasons for that are that the established systems are based on ENFORCED FRAUDS, which do not want themselves to be audited nor understood.
Ideally, we should have money that is based on energy. However, that could not be done adequately without a far better understanding of energy systems, which requires correcting the enormous errors in the way that we currently think about entropy. Those are some of the aspects of the intellectual scientific revolution which would be needed to have a framework in which an audit of the Federal Reserve Board could be make sense. Any other kind of "audit," that stayed within the banksters' bullshit world view, would be stillborn.
The old notions of gold and silver backed money were an approximation of that, in the sense that the conservation of matter was a way that the conservation of energy manifested. That is, there was some ring of truth in gold and silver backed money, because those could not be created out of nothing, nor sent to nothing. The American money supply was originally supposed to be backed by gold and silver, whose value was set by Congress, which could impose the death penalty to prevent that value from being debased.
The international banksters were able to systematically undermine that original form of American money. They were able to eventually totally invert and pervert the meaning of "money" to make the public "money" supply become totally the opposite to what it was originally supposed to be. Since fraud is symbolic robbery, the ways that the public "money" supply became frauds by private banks that were enforced by governments meant that the powers of "We the People" were used to systematically rob them blind. After more than a Century of the existence of the Federal Reserve Board, almost everything that could be robbed already has been. The existing situation now is extremely unbalanced to ratios which are something like less than 1 to more than 100, and still automatically getting worse, faster!
The maximum leverage always worked through the funding of the political processes, and that continues to be the case now. Therefore, no politically practical ways appear to exist to adequately audit the Federal Reserve Board, since doing so necessarily would open up a rotten can of worms. While the Federal Reserve Board was created by Congress, that was done through the skillful application of the methods of organized crime, mostly bribery, but including intimidation and assassinations. The result is an institution which serves the interests of the best organized gangs of criminals, while that works against the interests of everyone else. Of course, they would NOT like that being audited, and attempting to do so could become very difficult and dangerous!
It would not be possible to make greater use of information, enabling higher consciousness, unless enough citizens were able to face the facts that EVERYONE has some power to rob and to kill to back that up, which powers were assembled and channeled through governments, which were primarily military organizations, in which context, warfare was organized crime on a larger scale. It was the surviving War Kings that created the sovereign states, whose powers were covertly captured by the Fraud Kings, the banksters, as the best organized gangsters.
In order to make a democratic republic operating through the rule of law work, enough citizens would have to understand the basic facts that they are members of an organized crime gang, called their country. They would have to face the facts that human realities are always organized lies operating robberies, because human beings are necessarily operating as entropic pumps of energy flows. Moreover, they should go through enough paradigm shifts in the ways that they understand that, so that they correct the errors made in the philosophy of science, since it too was dominated by the biggest bullies' bullshit world view, the same as all other social institutions were.
The basic GROWING problem continues to be significant progress in physical sciences, enabling technologies which have become trillions of times more powerful and capable than ever before in known human history, while politics is still dominated by old-fashioned religions and ideologies. Physical sciences have gone through profound paradigm shifts, which are relevant to political science. However, the vast majority of people do not know anything about that, and tend to not want to know.
That is the context in which any possible audit of the Federal Reserve Board is so extremely problematic. Such an audit ought to make more genuine scientific sense, which requires going outside of the context of still perceiving everything through the banksters' bullshit about their activities. However, I REPEAT, one of the main obstacles to regarding human civilization as a manifestation of general energy systems, is that reveals how and why civilization NECESSARILY acts according to the principles and methods of organized crime.
Any better analysis always reveals systems of organized lies operating robberies. The Federal Reserve Board, as the single greatest institution in the current monetary and taxation systems, amounts to the privatization of the public powers to rob, and to kill to back up that power to rob. (I.e., the taxation system backs up the monetary system.) The Federal Reserve Board supervises the established systems of enforced frauds, wherein that fraud is symbolic robbery, backed by the power of the government to kill, through the police and military, which are the reasons for why the police have become so much more militarized.
An audit of the Federal Reserve Board might be an indication that "We the People" were going to take back public control over the public money system. That would be an expression of real, radical revolution. However, such an accomplishment could not be possible unless and until enough people understood the basics that money is measurement backed by murder. That is why any audit of the Federal Reserve Board appears to still be relatively improbable, while the runaway debt insanities provoking death insanities appears the much more probable default.
Auditing the Federal Reserve Board could become a first step towards abolishing it. However, no better system could be implemented without that becoming better debt controls backed up by better death controls. The banksters were the best organized gangsters, which was how and why they were able to dominate the political processes enough to get their counterfeiting of the public "money" supply legalized. I REPEAT that, since governments are the biggest form of organized crime, and citizens are actually members of a military organization, or members of an organized crime gang, in order to make a democratic republic work through the rule of law, enough citizens would have to understand and embrace those facts, in order to become competent citizens, rather than continuing to act like incompetent political idiots.
At the present time, the vast majority of "We the People" have been reduced to behaving like Zombie Sheeple, who were getting fleeced to exhaustion, while they were being set up to be slaughtered. Meanwhile, most of the public opposition was controlled to be like Black Sheeple, whose bogus "solutions" were some version of the recommendation that everyone should become better Sheeple.
Meanwhile, the banksters were the Vicious Wolves, who directed the more Domesticated Dogs, to herd the Zombie Sheeple, while only some Black Sheeple were allowed to be the controlled opposition groups against that core or organized crime. The genuine solutions are for everyone to become better Wolves. Everyone should become better banksters, because that is what it would take to have a genuinely better public money supply, since real money must be based on measurement backed by murder.
The Federal Reserve Board is based on the banksters' bullshit about "money," which deliberately divorces itself from the murders that really backed that system up. To whatever degree the Federal Reserve Board was audited would necessarily become an investigation of the levels of ENFORCED FRAUDS, which are the foundation of the Federal Reserve Board. A more comprehensive audit of the monetary system takes that through the energy systems, to connect with the surrounding environmental energy systems. Under the current ENFORCED FRAUDS, not only do those drive runaway social polarization, but those also result in destruction of the natural world, due to all the ways that socially successful systems of ENFORCED FRAUDS require deliberately ignoring the basic laws of nature at face value. I.e., no energy and no matter, or no services and no goods, can be created out of nothing nor sent to nothing, EXCEPT the "money" to pay for those is being created out of nothing as debts, and disappears back to nothing when those debts disappear.
Those are some of the profound and problematic ways that the Federal Reserve Board operates, as the American King of Fraud. That situation is automatically getting worse, faster, as there emerges a new kind of Royal Court of Fraud, wherein the biggest banks have become too big to fail, and too big to jail. The biggest banks have become practically above the rule of law, due to the degree to which the history of their direct and indirect dominance of all aspects of the funding of the political processes have enabled them to capture control over the government.
The more one examines the details regarding the big banks, and the corporations that have grown up around them, the more one will discover that there are integrated systems of legalized lies, backed by legalized violence, in which context the Federal Reserve Board is the single greatest institution of all those kinds of ENFORCED FRAUDS. Therefore, any level of auditing of that institution is necessarily going to discover and demonstrate those FACTS, which is, of course, why auditing that institution continues to appear so improbable as to be practically impossible.
Whores auditing their pimps? Its a waste of time. A chainyank nothing more. Ron Paul has been around long enough to know this first hand.I call BULLSHIT!
It's sad that our society has degenerated to such a degree, that you can't even trust the auditors to do their job correctly.
And if you like your bullshit, you can keep your bullshit.
IMHO, it has long since become obvious to anyone that Ron Paul's schtick is in fact theater: just another part of the controlled opposition chainyank yiddish clown stylee theater bullshit.
Pretty sure he bites his tongue as he's probably had more than few death threats or threats to his family if he really started to speak openly.
END THE FUCKING FED !!!!!!!!!
Who would audit the Fed, anyway? Just more government lackeys, government employees or contractors. The report would be bullshit anyway, of course. The process of creating fiat money is corrupt by definition and breeds more corruption. Auditing would just me a minor harrassment, nothing would change and nobody would care anyway. What percentage of the US sheeple even know what the Fed does anyway?
I said anyway four times.
5 times
De nada.
My dog edits for shit too;)
Any of the big six auditing firms would take it on. One of my first jobs at Arthur Andersen, many moons ago, was auditing Rail Pax, which you have never heard of, because they changed the name..., to Amtrak.
Yeh...how was WW II ?
Ssssshh you're ruining the "Randstanding".
uh oh...you said something bad about Ayn Rand...Tyler not gonna invite you back!
Why not audit, indeed. The results of the audit, no matter how predictably horrifying, would not damage the Fed at all. Americans do not possess the economic or financial literacy to understand the results of a Fed audit. Even if extreme malfeasance and corruption were uncovered, the American attention span would ensure that nobody would give a shit for more than two or three days.
Hard to give a shit at all, much less two or three days, when you failed 4th grade math.
Independently and secretly allowed to trash our currency and crash our economy? I think not! Fuck you, Woodrow Wilson.
Every time we trade our labor for Federal Reserve notes, every time we borrow from a bank, every time we pay a tax, every time we go to the polls and vote for the agents of the establishment we are personally contributing to the very issues we rail against. Yes, WE......
DEATH TO THE MONEYCHANGERS.
I say just freeze um out, they will dig in, or cover up, for more pain tomorrow.
Finding out what is on the Fed's books would be like finding out who killed Kennedy. This will be delayed as long as possible until all threatening information is concealed with a sham audit of co-collaborators.
Two weeks ago 3 US journalists died within a short time, the 4th guy survived. It's just strange, it does not have to mean anything, but ... .
Ned Colt of (NBC) dropped dead of a stroke yesterday.. he was “supposedly” kidnapped during the Iraq war for several days, then freed?
Bob Simon of (CBS) died in a car crash yesterday.. he was “supposedly” kidnapped held captive for 40 days in an Iraq jail
David Carr (NY Times) just died suddenly after interviewing Edward Snowden, and had just come out against Brian Williams from NBC while on CBS… calling Williams out for lying about being shot down in the Iraq war.
Bob Hager the NBC aviation expert now has a head on crash. He survived.Source: https://shariaunveiled.wordpress.com/2015/02/14/four-american-journalist...
are you trying to imply there is no honor among thieves?
When the tide goes out....Yellen, no undies,......who wants to see that?
Depends. Is he buried up to his neck on the beach?
Say, you wouldn't happen to have an extra hat on you, would ya?
https://www.youtube.com/watch?v=mcpqTWHsCHU
Arrest Yellen and all other FED personal. Put them into prison for treason. This isn't 1913 and we shall not put up with primative forms of tyranny. We have crypto-currency and we can replace governments with open source software. We will rule the future through democratic referendum. Long live the revolution.
"We have crypto-currency and we can replace governments with open source software."
Up until either the Internet kill switch gets pulled or the electricity goes out.
"She’s a caricature of Randian libertarianism: someone who wants to do whatever, whenever, without rulers."
She has her rulers. She is beholden to president and congress. She serves their interest. They spend and she covers the spending with inflation. Auditing the Fed would never go over with any president or congress. They are cowards who'd rather it raise taxes than do it themselves directly.
They can have their "independence" and we can have an audit...just embargo the results of the audio for a few months after it is conducted and they've nothing to complain about.
Yellen doesn't resemble a 'bookwormish teetotaler', she resembles a fat haggish Yenta. But you don't expect a guy named 'Miller' to be honest about anything do you?
I think she has a cousin named Jaba.
Whom she apparently ate.
WHERE ARE THE REAL LIBERTARIANS HERE?
Forget about thie "audit" nonsense. If you're Libertarian, you want to end the Fed. If you end the Fed, you end the banking system and cause financial collapse which, presumably, you think you're ready for with your guns gold and MREs.
WHY NOT CUT OUT THE MIDDLEMAN?
Just stop paying your "debts" to the system that you think is oppressing you. What are you trying to protect, your "credit rating"? WHy?
The economy runs on a huge pool of NON-RECOURSE revolving credit. If people started paying their mortgages and credit cards the way Greeks pay their taxes, the system would collapse extremely quickly. Ask any banker, they'll admit the same thing.
So don't pay.
End of argument.
Bankrupt? They print money pal.
Not Bankruptcy, COLLAPSE.
In 2007-2008, the market realized that the banking system had turned maybe 10% of mortgages into revolving credit lines with recourse to over-valued real estate assets - but still recourse to something.
Credit card debt has recourse to nothing. If 20% of people simply got off the credit train and STOPPED PAYING, the entire system would collapse. Would the Fed print? Of course, but so what? Solvency - by which I mean the ability of the automated systems to keep operating - requires balanced cash flows. Any serious interruption in those cash flows and the systems require human intervention and human intervention is too slow to turn the machines back on.
If 20% of payers - particularly above-average earners - "go dark," that's the end of it all.
It's not complicated.
WHAT GOOD ARE LIBERTARIAN "REVOLUTIONARIES" who won't even risk hurting their credit scores?
You save your money in gold?
Ooooh, so naughty. You follow all their other rules, though, dontcha.
Yeah, maybe there's a reason the banks AREN'T trembling with fear.
well we gonna audit the IRS after it's director said there are no emails they were destroyed...this is the crap the FED will pull- and what anyone can do about it is beyond me.
"The IRS’s inspector general confirmed Thursday it is conducting a criminal investigation into how Lois G. Lerner’s emails disappeared, saying it took only two weeks for investigators to find hundreds of tapes the agency’s chief had told Congress were irretrievably destroyed.
Investigators have already scoured 744 backup tapes and gleaned 32,774 unique emails, but just two weeks ago they found an additional 424 tapes that could contain even more Lerner emails, Deputy Inspector General Timothy P. Camus told the House Oversight Committee in a rare late-night hearing meant to look into the status of the investigation.
“There is potential criminal activity,” Mr. Camus said."
Take away the real productive labor is the only thing other than running out of rescources that stops it. In your ideal they simply roll out a new fiat. The SDR and with it total full spectrum dominance. Wake up.
A FIAT CURRENCY THAT NOBODY PAYS???
SO WHAT???
Let them print all the drachman they want. When the VISA cards stop working, that's the end. It's very simple.
I expected lame excuses, but this is ridiculous. If you want a non-fiat system, THEN STOP PAYING FIAT. Stop making payments, buy gold.
'Nuff said.
Short sighted simp.
Let me ask you a question:
Which do you think would make more of an impact: if, say, 25% of taxpayers stopped paying a government that pays out net more than it takes in and has for decades because printing means it CANNOT go insolvent or if 25% of borrowers stop paying a banking system that takes in vastly more than it pays out and yet teeters on the brink of insolvency all the time?
Try to think a little before you answer.
Niether would have any real impact on fiat systems. Both government and banks are insolvent now.
In other words, you'll put on a tricorner hat, buy a gun you'll never use and post comments on the Internet around but you won't risk your BANK credit rating because that's important.
Oh you mean like a stress test. Ya um?
PS framed question?
No, like the NUMBER the banks assign you that designates your income times your obedience.
THe entire "Tea Party" movement was created when Wall Street, Chicago and The City got wind of the idea that government policy might - MIGHT - reduce the payments of people who couldn't pay them anyway.
This created such panic that they created a huge false flag operation to direct popular discontent into tax protest which they DEMONSTABLY did not give a shit about in the first place. The right wing wants to RAISE net taxes on working people and lower them for wealthy people - the only people who matter.
Wealthy people are net collecters of debt and working people are net payers of debt. That is the ONLY BALANCE THAT MATTERS.
That's why wealthy people allow themselves to be net payers of tax and working people to be net collecters of government payments.
Turn off the TV.
He's actually correct.
How so?
This is nothing more than another distraction, The FED will NEVER be audited. END IT and be done or STFU and sleep forever in the bed you made......
Yep aint no half way.
Yellen misses the point. I can grant her that the FED needs to be independent but how do we know it has not been corrupt or engaged in illegalities?
The Fed's "independence" is a positive right of the American people, not a negative right of the Fed.
It's a duty to which they should be beholden, not a privelege they can hide behind.
I for one, would like to know that asset purchase programs were not being used to cherry-pick favorites and eliminate the rest.
In other words we agree.
Gee, if an audit of the Fed is called for --- and it most certainly is --- what about the CIA (and NSA and DIA and NRO and NGA, etc., etc>)?
No complete audit has been done of the CIA since the early 1960s, when you know who was assassinated.
She’s the figurehead for a government institution created by Congress.
that's as far as one needs to read to determine the author is FOS.
One burbon,one scotch,one beer.
See something, say something.
“If democracy means anything, it’s that voters have some measure of control over political bureaucracies.”
Oh, there are so many potential charges of treason possible when addressing the Federal Reserve that it is almost pointless to consider an audit of it.
By inflating the dollar to less than 2% of its original value (since 1914), it has impoverished an entire nation; and by doing so, it has driven men to neglect or abuse their children; caused massive unemployment; driven men to crime, homelessness and moral corruption… ah, the list is so long.
By testimony given before the Supreme Court, the government demonstrated that it is well aware of these potential charges; and, still, they vigorously enact and enforce laws that produce more such grievances.
Instead of an audit, we should bring to mind the dicta of the Declaration of Independence: ‘when governments become destructive of our rights, it is our right, nay, it is our duty to abolish or reform it, and establish new guards for our liberties’ (approx).
There is, however, a major problem here: while Americans have the same powers American Founders had, there’s hardly an American who knows he has such power; he doesn’t even know many of the ideals won/confirmed by the Revolution.
For example, Founders repeatedly declared that “no man is obligated to obey any law or pay any tax unless he has given consent to it”. Did they mean this literally? Of course they did. From the first English settlement to the Revolution this was how affairs of the colonies were managed. Every “law” and every “tax” had its origin in contracts between colonial assemblies and those who petitioned for redress of grievances. The terms of the contract were sometimes referred to as “laws” of the contract while its money payments were treated as “taxes”. And only petitioners were obligated to obey such “laws” and pay such “taxes”. When redress was completed, related “laws” and “taxes” expired.
There, in one paragraph I conveyed to you more real history than you learned in 12 years of elementary and high schools, and 4-6 years of university indoctrination. You won’t learn this and other lessons from professors, or judges, or lawyers; the first two depend on continued grievances for their pensions, the third never learned such history, or law. If you’re inclined, see, Pawn or Fool?
This right of consent was won with the Revolution… and who knows it?
Nobody cares whether or not you pay your taxes, dopey.
90% of the individual taxpayers pay a very small share of the total taxes the federal government collects.
In other words, the vast majority of taxpayers could stop paying altogether and nobody would really give a shit.
On the other hand, 20% of borrowrs stop making their payments and the system collapses.
Oh, but you gave your consent to that system. Woops.
The Fed killed Kenny!
I wish more women would comment about Mr. Yellen.
What is there to say but she's just another cunt (cunning bitch who lies to get ahead).
Yale graduate - Check.
Jewish - Check.
How could she write a book in 2001 about The Roaring 90s when the 2000s had yet to demonstrate their financial prowlness? She set us up along with the other gangsters in the banking system.
The Federal Reserve is an army.
http://tcf.org/bookstore/detail/the-fabulous-decade
"...Contrary to previous conventional wisdom, they conclude that the Fed demonstrated that fine tuning the economy is at least possible—if you have both skill and luck. But to do this job properly, the central bank must place high value on growth. The authors also argue that a policy mix of smaller federal budget deficits (or larger surpluses) and lower interest rates produces superior long-term macroeconomic results."
Prerequisites required in order to be in a position to destroy the world's largest economy:
Positions heldYellen received the Wilbur Cross Medal from Yale in 1997, an honorary Doctor of Laws degree from Brown in 1998, and an honorary Doctor of Humane Letters from Bard College in 2000. In October 2013, it was announced that she will receive an Honorary Doctorate from the London School of Economics in July 2014, making her and her husband "the first wife and husband team to hold honorary doctorates from the School".[31]
In October 2010, she received the Adam Smith Award from the National Association for Business Economics (NABE).[32]
In 2012, she was elected Distinguished Fellow of the American Economic Association.
In September 2012, she was included in the 50 Most Influential list of Bloomberg Markets magazine.
In 2014, she was elected by Forbes as the second most powerful woman in the world. She is the highest ranking American on the list.[33]
http://en.wikipedia.org/wiki/Janet_Yellen
Low interest rates - Savers must go into the stock market if they hope to see a return on their savings. Which is also required for the Ponzi Scheme they are about to PULL.
At least the author and zerohedge should have acknowledged that they learned about what they wrote in this piece from EKM1.
I will appreciate an acknowledgement that zerohedge learned this from me
Zeroehege is now recycling my commentary for which I was called dumb and stupid up until few weeks ago.
What profound intellectual breakthrough do you want credit for here EKM1? I don't see much new or interesting. Everyone knows the Fed pumped $16T into TBTJ.
MIC and Banksters are actually on a collision course that most don't see. Banksters are thones who will be wiped out in the end. Global relocalization is coming. US MIC will take Western hemisphere. China SE Asia and Russia Eurasia. Europe and Japan are screwed. And banks will be scapegoated for everything (not that they don't deserve most of the blame).
I signed up here about a year ago, after reading and lurking for several. There have been numerous times I've mentioned something, been downvoted, then like a week later an article comes out and restates what I've said...but it doesn't bother me a bit.
Why? Because I get a kick out of the fact that I am apparently just as smart and knowledgable about some things as many so-called professionals...and I didn't have to go into debt to go to school for years to learn this stuff. I didn't need to cite a bunch of sources or interview 'experts'...I just KNEW it, because it was common sense...hell, I don't even have a blog!
I spent many years in awe of all the 'intellectuals' and their big, pulsating brains, thinking that they must SURELY know more about all this economic/political shit than I, a retired housewife, ever could.
Apparently not! :-)
Feel good about it ekm1...you don't need their acknowledgement. What you get when this happens is VINDICATION, and the satisfaction of knowing that YOU 'got it' before they did.
Priceless.
A couple of times I've been glad to see someone do an article that seems to pick up on something I have mentioned previously. Whether they got it from me or not, their article gets more readers than my comment ever would, so if they can get it out there, more power to them. It's all about the ideas, and getting them out there to people who can 'run the ball' further than we ever could by ourselves.
Agreed. The so called experts are for the most part running their book. This tends to be the case in all sectors. With the worst being teachers. Integrity matters. But somehow people seem to forget this for a paycheck. It would be best if we all started questioning all the experts on everything.
I find it interesting that a guy like me can trash PHds on a regular basis. If they dont like it they could stop with the BS. Or answer all good questions well. Take Greenspun for example. Before he was fed chair he knew the truth. After he left he still knows it. During his time at the fed he sang the tune they paid him too.
It is telling that many of the old ZHrs bailed once they started being questioned. The handfull that stayed are made of better stuff.
- G Edward Griffin
Okay I can get the "who's gonna audit, who you gonna trust" meme but why do you think they are so panicking and resisting even the suggestion?
Kind of like the lady(in a rhetorical sense) protestith too much, non?
By framing the question they can control the outcome.
Operating in secret with a coercive (government) monopoly is bound to raise all sorts of suspicions, accusations and conspiracy theories. It leaves us wondering what they are trying to hide. Like Obama's birth certificate, refusing to disclose it is as much as admitting the accusations. Nothing is confirmed until it is denied
What is the GAO going to do that will hurt the Fed? Uncover: (1) self-dealing, (2) conflicts of interest, (3) fraud, (4) dereliction of duties, (5) operating outside their charter, (6) conspiracy with private banks to withhold material information from shareholders in violation of the securities laws, (7) lying to Congress, (8) price fixing and many other criminal activities? We already know this stuff so what is the Fed trying to hide?
First, they want to keep the highest bureaucratic prerogative: anonymity. Nothing really bad can happen unless the participating individuals can be identified and punished. Even here on ZH the vast majority of posts do not identify the specific perps -- individuals at whatever level of the bureaucracy where they reside. We speak of "the Fed", "the Government"', "Obama" (A figurehead. OK, we need to punish the highest indictable officer but that would deter the bureaucracy not one bit.)
Second, the GAO could shine the light of day on the fact that the system is subject to abuse and recommend structural changes to the Fed, ending, among things, its hybrid character: private or private whichever suits their purpose.
Third, they surely do not want an audit of their reserves: garbage overvalued assets and gold! For goodness sake, not the GOLD!
I have some sad news. Audit of the Fed's gold reserves is impossible. The physical might be found it vaults but no one knows who owns it. It has been loaned, leased, hypothecated, re-hypothecated, re-rehypothecated and Corzined or it could be Billy Sol'd (google "Billy Sol Estes). If the people at the Fed could perpetrate the other crimes, why could they not conveniently forget to disclose a few leases? How many corporations you know that have cooked the books for the auditors?
And like the Eurocrats, they are afraid of democracy and being answerable to the people.
Sen. Paul has “a poor understanding of what’s actually on the Fed balance sheet and how the bank operates.”
Which is the point in the audit you dumb ass.
How wrong can someone be, writing that Yellen is anything like Ayn Rand who completely opposed central banking and was no libertarian?
Kill it with fire!
"Nothing says limited government and separation of powers like a bureaucracy unaccountable to the voice of the people!"
LOL,,, Doesn't even rate a comment when considering the fine example of accountable government the ussa has.
But they're marching to Bastille Day
La guillotine will claim her bloody prize
One could only hope..........
https://www.youtube.com/watch?v=ekoxIb85rww
well, besides not wanting to get suicided, it means you are taking on the wealthiest and most powerful banking cabal in the history of mankind, the one that has no principles, no scruples, no loyalties or allegiances beyond acquisition of wealth and power, and has vast resources and connections to make sure you don't find anything. Think Soros types, but in the shadows behind the scenes.
Not saying it shouldn't be done, just saying it ain't gonna be easy
No doubt Rand Paul will at least get his father's dream to a vote.
http://www.globaldeflationnews.com/rand-paul-takes-up-his-fathers-cause-...