Funny how this hasn't gotten any press but keep an eye on this bill. It will test just how serious Obama was when he preached enhanced government tranparency. I don't think the Powers That Be (Republican AND Democrat) can afford to let this get through though.
Funny how this hasn't gotten any press but keep an eye on this bill. It will test just how serious Obama was when he preached enhanced government tranparency. I don't think the Powers That Be (Republican AND Democrat) can afford to let this get through though.
Once again Ron paul putting his words into action. Although I don't think this is the first time that he has proposed such a bill....
This might be the first and only time that transparency of the Fed might actually make it to fruition given the economic and political climate.... although I do not think that it will happen, unfortunately... If the true actions and workings and the balance sheet of the Fed was released the country would be in bigger trouble. The fed, has been printing non stop for far too long....in hopes to solving this economic situation but going about it ass backwards... essentially debasing hte value of the dollar but nobody knows by how much... If the true extent of the Feds doings are revealed it could very well cause the fall of the dollar as the rest of the world gets a glimps of the true situation of the currency...
One of the issues this bill would address is the actual state of the US gold reserves. Presently split between Fort Knox and a Federal Reserve location in New York, only a very few Fed and Treasury men have access to them.
Two years ago the UK government caved in to pressure and asked the Bank of England a full audition on their gold reserves (most likely reason was the intention to sell it for some quick cash). The report was alarming: plainly put the gold bars were of a much inferior purity than previouswly thought and some stocks showed clear signs of tampering.
While the truth will never surface it is widely believed that in the past sixty years (sometime between the return of the UK gold reserves from Canada after WWII and the present inspection) the gold bars had been slowly "clipped" by parts unknown (acting under government orders) to provide an extra income. Remember that there were times when selling gold reserves could cause enormous political uproar.
Another issue would be to have better measure of the Fed inflationary policies and of the present links between the Treasury and the Fed (which, I must remember, is technically not part of the US government).
In short how much money is being created out of thin air, how much debt is the Fed purchasing and what is doing with it, how exactly is the present "bailout" plan working out etc.
One of the issues this bill would address is the actual state of the US gold reserves. Presently split between Fort Knox and a Federal Reserve location in New York, only a very few Fed and Treasury men have access to them.
Two years ago the UK government caved in to pressure and asked the Bank of England a full audition on their gold reserves (most likely reason was the intention to sell it for some quick cash). The report was alarming: plainly put the gold bars were of a much inferior purity than previouswly thought and some stocks showed clear signs of tampering.
While the truth will never surface it is widely believed that in the past sixty years (sometime between the return of the UK gold reserves from Canada after WWII and the present inspection) the gold bars had been slowly "clipped" by parts unknown (acting under government orders) to provide an extra income. Remember that there were times when selling gold reserves could caus
e enormous political uproar.
Another issue would be to have better measure of the Fed inflationary policies and of the present links between the Treasury and the Fed (which, I must remember, is technically not part of the US government).
In short how much money is being created out of thin air, how much debt is the Fed purchasing and what is doing with it, how exactly is the present "bailout" plan working out etc.
That's an even wierder answer than I expected to get.
Audit the feds?
What, do you want a run on the banks and the dow at 1000?
__________________ "...let us not ignore the truth among ourselves, that we are the aggressors and they defend themselves. The country is theirs, because they inhabit it, whereas we want to come here and settle down."
David Ben-Gurion (the father of Israel) "When fascism comes to America it will be draped in a flag and holding a cross." Sinclair Lewis I pledge allegiance to the flag of the United States of America, and to the republic for which it stands. One nation, indivisible, with liberty, and justice for all.
Funny, he says the same thing about his ideas of government policy that I say about global warming...
Quote:
What if I’m right, or even partially right, and we urgently need to change course in our foreign policy for the sake of our national and economic security, yet no one pays attention? For that a price will be paid. Is it not worth talking about?
Two years ago the UK government caved in to pressure and asked the Bank of England a full audition on their gold reserves (most likely reason was the intention to sell it for some quick cash). The report was alarming: plainly put the gold bars were of a much inferior purity than previouswly thought and some stocks showed clear signs of tampering.
Wow. If true, that's good old fashioned debasement-with-"seniorage"-fee taken from the pages of Roman and medieval empires.
Update: HR1207 currently has 71 co-sponsors -- and not a peep of support from "Mr. Transparency" Obama. As always, pay attention to what politicians do, not what they say.
Update: HR1207 currently has 71 co-sponsors -- and not a peep of support from "Mr. Transparency" Obama. As always, pay attention to what politicians do, not what they say.
According to C4L, it's got 88 co-sponsors now. This thing is picking up momentum!
Update: HR1207 currently has 71 co-sponsors -- and not a peep of support from "Mr. Transparency" Obama. As always, pay attention to what politicians do, not what they say.
Who has asked him about it? There must be a billion things Obama has not opined on. I guess in your mind that means he's not transparent. Whatever.
That's not to say I'm against an audit. I say audit every damn thing (starting with military procurement). Washington is full of crooks.
__________________ "...let us not ignore the truth among ourselves, that we are the aggressors and they defend themselves. The country is theirs, because they inhabit it, whereas we want to come here and settle down."
David Ben-Gurion (the father of Israel) "When fascism comes to America it will be draped in a flag and holding a cross." Sinclair Lewis I pledge allegiance to the flag of the United States of America, and to the republic for which it stands. One nation, indivisible, with liberty, and justice for all.
Who has asked him about it? There must be a billion things Obama has not opined on. I guess in your mind that means he's not transparent. Whatever.
That's not to say I'm against an audit. I say audit every damn thing (starting with military procurement). Washington is full of crooks.
So, your stance is that Obama isn't planning on auditing the Fed because nobody told or asked him to? Really?! Ron Paul is hitting a LOT of resistance on this because it would expose corruption at the highest level. If Obama is serious about transparency, he would start where everyone is screaming for it the most: The huge and opaque, multi-trillion dollar TARP and other bailout money. Ron Paul shouldn't have to be the one to bring this at all. Obama's LACK of action or even talk about auditing the Fed is very telling indeed.
BTW, totally agree on auditing EVERYTHING in government. Problem is, nobody interested in staying in power will let that happen as there would be a revolution the very next day.
Mashuri, the situation's even worse. Yesterday I went to my gold agent and he told me to stock up on US gold coins (I usually prefer other currencies since they are more palatable around here) in the next few months because nobody knows if and when there will be other reissues and how many pieces will be issued.
So keep an eye on US gold reserves...
Ron Paul Introduces Bill to Audit the Fed
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