Ron Paul’s Amendment To Audit The Federal Reserve Approved
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Such exuberance, and the audit not yet written into law! What treat have you in store for us when it is? <marquee>? <blink>?
Bob Emmett Support the Pall/Gruesome Amendment! Congress for Financial Responsibility - you know it makes sense!
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A key House panel approved the Paul-Grayson Amendment by an overwhelming 43-26 Thursday afternoon, which will give watchdogs new authority to audit the Federal Reserve. Here is a summary of the Paul-Grayson Amendment: Dear Financial Services Committee Colleague: It is encouraging to see the issue of Federal Reserve transparency receiving so much attention during this current markup. Today we plan to offer an amendment to the Financial Stability Improvement Act that expands on the many extant proposals to enhance Federal Reserve transparency. Our amendment is based on HR 1207, the Federal Reserve Transparency Act, which has broad bipartisan and grassroots support. The bill is cosponsored by 309 Members of Congress, including all Financial Services Committee Republicans and 13 Financial Services Committee Democrats. The amendment removes restrictions on GAO audits of the Federal Reserve, as HR 1207 does, but makes a few changes to take into account some of the concerns that the Fed has made known in public testimony. Specifically, the Paul/Grayson amendment: =>> Exempts unreleased transcripts and minutes from meetings of the Board and FOMC to address the Fed’s concerns that free and open debate in their meetings would be stifled. =>> Sets a 180-day time lag for release of details of market actions the Fed has undertaken, to address the Fed’s concerns that Congress or GAO is second-guessing its actions. =>> Removes boilerplate language that allowed GAO to make recommendations on monetary policy and adds a section stating that nothing in the amendment shall be construed as interference in or dictation of monetary policy to the Fed. Unlike proposals that target the Fed’s 13(3) facilities, the Paul/Grayson amendment opens up the entire $2 trillion Federal Reserve balance sheet to a GAO audit. The Fed’s recent purchases of nearly $800 billion in mortgage-backed securities (MBS) have occurred under the MBS Purchase Program, authorized under section 14(b) of the Federal Reserve Act. This program, which is expected to reach a size of $1.25 trillion, would remain exempt from audit even if all the current 13(3) audit proposals were to go into effect. Targeting facilities that are in the process of being draw
lol if nobody really gets how huge of a win this is, then let them be. because seriously, this is a big milestone. basically, watt has been shut down, and now watt's bill and ron's bill have the same text that paul wanted in the first place. so if either pass, we're all clear! wooo! i can't wait to tape the end the fed protest in boston...
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A key House panel approved the Paul-Grayson Amendment by an overwhelming 43-26 Thursday afternoon, which will give watchdogs new authority to audit the Federal Reserve. Here is a summary of the Paul-Grayson Amendment: Dear Financial Services Committee Colleague: It is encouraging to see the issue of Federal Reserve transparency receiving so much attention during this current markup. Today we plan to offer an amendment to the Financial Stability Improvement Act that expands on the many extant proposals to enhance Federal Reserve transparency. Our amendment is based on HR 1207, the Federal Reserve Transparency Act, which has broad bipartisan and grassroots support. The bill is cosponsored by 309 Members of Congress, including all Financial Services Committee Republicans and 13 Financial Services Committee Democrats. The amendment removes restrictions on GAO audits of the Federal Reserve, as HR 1207 does, but makes a few changes to take into account some of the concerns that the Fed has made known in public testimony. Specifically, the Paul/Grayson amendment: =>> Exempts unreleased transcripts and minutes from meetings of the Board and FOMC to address the Fed’s concerns that free and open debate in their meetings would be stifled. =>> Sets a 180-day time lag for release of details of market actions the Fed has undertaken, to address the Fed’s concerns that Congress or GAO is second-guessing its actions. =>> Removes boilerplate language that allowed GAO to make recommendations on monetary policy and adds a section stating that nothing in the amendment shall be construed as interference in or dictation of monetary policy to the Fed. Unlike proposals that target the Fed’s 13(3) facilities, the Paul/Grayson amendment opens up the entire $2 trillion Federal Reserve balance sheet to a GAO audit. The Fed’s recent purchases of nearly $800 billion in mortgage-backed securities (MBS) have occurred under the MBS Purchase Program, authorized under section 14(b) of the Federal Reserve Act. This program, which is expected to reach a size of $1.25 trillion, would remain exempt from audit even if all the current 13(3) audit proposals were to go into effect. Targeting facilities that are in the process of being draw
Great, now maybe you'll stop whining about it. Amusingly enough, you do realize that those giant bullet points you drew so much attention to, are actually the backpedaling and weakening of this amendment, done to compromise with Paul and Grayson's opponents.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
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Great, now maybe you'll stop whining about it. Amusingly enough, you do realize that those giant bullet points you drew so much attention to, are actually the backpedaling and weakening of this amendment, done to compromise with Paul and Grayson's opponents.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
Don't worry, like I said before, even when they get it they won't know what to do with it. They'll just herald it as a massive victory of unmentionable implications. Unmentionable as they do not no what they could possibly do with it and ignoring the entire possibility that they could have just gotten a pile of falsified records which they have no method of verifying, all while cheering they won. I don't really get it myself.
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Don't worry, like I said before, even when they get it they won't know what to do with it. They'll just herald it as a massive victory of unmentionable implications. Unmentionable as they do not no what they could possibly do with it and ignoring the entire possibility that they could have just gotten a pile of falsified records which they have no method of verifying, all while cheering they won. I don't really get it myself.
You know, you're right. It's been about a year, it took them way too long for this thing to happen. But the thing is, even if they did falsify the records, the records won't add up on the balance sheet. Then, they'll have to make up for that. It will be recognized as a scam, as it already is recognized anyway. Then there will be even more of a push to end the Federal Reserve system; and with that kind of political pressure, they will do it, however gradually. In the end, it is a great thing, even if it takes a couple of years. This bill might be the first step on the way to saving the dollar... That's the point. Don't be so cynical as to what this amendment/bill will do. It will examine the records, see how ridiculous these evil people are, and then abolish the system and replace it with what we had before it: Gold and/or silver coins, maintained by the People under Congress and held by the Treasury. Not maintained AND held by a "central" private bank.
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You know, you're right. It's been about a year, it took them way too long for this thing to happen. But the thing is, even if they did falsify the records, the records won't add up on the balance sheet. Then, they'll have to make up for that. It will be recognized as a scam, as it already is recognized anyway. Then there will be even more of a push to end the Federal Reserve system; and with that kind of political pressure, they will do it, however gradually. In the end, it is a great thing, even if it takes a couple of years. This bill might be the first step on the way to saving the dollar... That's the point. Don't be so cynical as to what this amendment/bill will do. It will examine the records, see how ridiculous these evil people are, and then abolish the system and replace it with what we had before it: Gold and/or silver coins, maintained by the People under Congress and held by the Treasury. Not maintained AND held by a "central" private bank.
josda1000 wrote:
Gold and/or silver coins, maintained by the People under Congress and held by the Treasury. Not maintained AND held by a "central" private bank. Quote Selected Text
Gold and silver would be fantastic. However the central bankers have large stocks of it. They own and control most of the world's wealth. They really got us by the balls. So I think the first step would be to use United States Notes to replace the federal reserve notes. There are a lot of details and steps to liberate ourselves from the grip of the corruptoids but it must be done. No excuses, no bullshit, just do it...the sooner the better.
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josda1000 wrote:
Gold and/or silver coins, maintained by the People under Congress and held by the Treasury. Not maintained AND held by a "central" private bank. Quote Selected Text
Gold and silver would be fantastic. However the central bankers have large stocks of it. They own and control most of the world's wealth. They really got us by the balls. So I think the first step would be to use United States Notes to replace the federal reserve notes. There are a lot of details and steps to liberate ourselves from the grip of the corruptoids but it must be done. No excuses, no bullshit, just do it...the sooner the better.
I absolutely agree with that statement. I mean it'd be great to get to use silver and gold, but a great start would be certificates. Though that wouldn't stop them from creating bubbles; as seen in the great depression, the housing, the automotive sector, etc. But you're absolutely right.
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Don't worry, like I said before, even when they get it they won't know what to do with it. They'll just herald it as a massive victory of unmentionable implications. Unmentionable as they do not no what they could possibly do with it and ignoring the entire possibility that they could have just gotten a pile of falsified records which they have no method of verifying, all while cheering they won. I don't really get it myself.
Or they could get accurate records, and amazingly realize that nothing is being hid, and that everything is exactly how it's supposed to be. In which case, we won't hear another peep from the Ron Paul crowd, because they'll be too afraid to admit they just wasted a lot of time and taxpayer money.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
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Or they could get accurate records, and amazingly realize that nothing is being hid, and that everything is exactly how it's supposed to be. In which case, we won't hear another peep from the Ron Paul crowd, because they'll be too afraid to admit they just wasted a lot of time and taxpayer money.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
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Ian Shlasko wrote:
amazingly realize that nothing is being hid
I don't really expect them to realize that. No matter what is tossed up to them.
Hmm, good point. If the numbers actually DO add up, they'll just assume it's a big conspiracy, and demand an audit of the audit.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
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Hmm, good point. If the numbers actually DO add up, they'll just assume it's a big conspiracy, and demand an audit of the audit.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
so you guys actually support the idea of inflation, even if all of this turns out to be even? you do realize that the audit isn't just to figure out which banks got what amount of money, right? don't you realize that the idea of inflation is just to grow government and allow corporate powers to take free vacations? or is all of my rambling in vain?
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so you guys actually support the idea of inflation, even if all of this turns out to be even? you do realize that the audit isn't just to figure out which banks got what amount of money, right? don't you realize that the idea of inflation is just to grow government and allow corporate powers to take free vacations? or is all of my rambling in vain?
Why you referring to inflation as if someone sat down and said "Hey, let's make the money less valuable each year!" It's a side effect of a free market, not an intentional addition. http://en.wikipedia.org/wiki/Inflation#Causes[^] That said, the general consensus among economists is that a low but non-zero inflation rate is a good thing, and one of the purposes of the Fed is to keep the inflation rate from getting out of hand.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
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Why you referring to inflation as if someone sat down and said "Hey, let's make the money less valuable each year!" It's a side effect of a free market, not an intentional addition. http://en.wikipedia.org/wiki/Inflation#Causes[^] That said, the general consensus among economists is that a low but non-zero inflation rate is a good thing, and one of the purposes of the Fed is to keep the inflation rate from getting out of hand.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
dude, that's called propaganda. if you really understood basic, common sense economics, you wouldn't be listening to idiots. check this youtube video out, an investor named peter schiff, running for united states senate from connecticut. Gold, Geithner, Roubini, the Fed, Housing[^] start using your brain, make judgements for yourself. this is basic economics, and i don't know how anyone can buy the crap that mainstream economists say.
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Why you referring to inflation as if someone sat down and said "Hey, let's make the money less valuable each year!" It's a side effect of a free market, not an intentional addition. http://en.wikipedia.org/wiki/Inflation#Causes[^] That said, the general consensus among economists is that a low but non-zero inflation rate is a good thing, and one of the purposes of the Fed is to keep the inflation rate from getting out of hand.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
by the way, the wiki is pretty much, in my eyes, almost completely wrong, though that's only because it has to cite all of the economic "views". there used to only be one school of thought: inflation is the creation of new money. whether it is by printing money, or by creation of money through fractional reserves.
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I absolutely agree with that statement. I mean it'd be great to get to use silver and gold, but a great start would be certificates. Though that wouldn't stop them from creating bubbles; as seen in the great depression, the housing, the automotive sector, etc. But you're absolutely right.
josda1000 wrote:
Though that wouldn't stop them from creating bubbles; as seen in the great depression, the housing, the automotive sector, etc.
This is pretty ignorant. Are you CSS posting on another account, or just someone like minded ? The market creates bubbles, not any secret cabal. government policy can affect how things play out, but they can't FORCE a bubble to form.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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josda1000 wrote:
Gold and/or silver coins, maintained by the People under Congress and held by the Treasury. Not maintained AND held by a "central" private bank. Quote Selected Text
Gold and silver would be fantastic. However the central bankers have large stocks of it. They own and control most of the world's wealth. They really got us by the balls. So I think the first step would be to use United States Notes to replace the federal reserve notes. There are a lot of details and steps to liberate ourselves from the grip of the corruptoids but it must be done. No excuses, no bullshit, just do it...the sooner the better.
Gold is impossible for reasons already stated. Why would you care ? You'd be poor no matter what we accepted as money.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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so you guys actually support the idea of inflation, even if all of this turns out to be even? you do realize that the audit isn't just to figure out which banks got what amount of money, right? don't you realize that the idea of inflation is just to grow government and allow corporate powers to take free vacations? or is all of my rambling in vain?
josda1000 wrote:
don't you realize that the idea of inflation is just to grow government and allow corporate powers to take free vacations?
BS. Do you know ANYHING about economics ?
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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Why you referring to inflation as if someone sat down and said "Hey, let's make the money less valuable each year!" It's a side effect of a free market, not an intentional addition. http://en.wikipedia.org/wiki/Inflation#Causes[^] That said, the general consensus among economists is that a low but non-zero inflation rate is a good thing, and one of the purposes of the Fed is to keep the inflation rate from getting out of hand.
Proud to have finally moved to the A-Ark. Which one are you in? Developer, Author (Guardians of Xen)
Ian Shlasko wrote:
Why you referring to inflation as if someone sat down and said "Hey, let's make the money less valuable each year!"
Conspiracy theorists tend to act out of insecurity. A world where everything is controlled by evil bogey men, is more predictable than one where stuff just happens.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
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josda1000 wrote:
Though that wouldn't stop them from creating bubbles; as seen in the great depression, the housing, the automotive sector, etc.
This is pretty ignorant. Are you CSS posting on another account, or just someone like minded ? The market creates bubbles, not any secret cabal. government policy can affect how things play out, but they can't FORCE a bubble to form.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
no, i'm not css. notice i only post about the fed basically lol and no, that isn't ignorant. it's called the austrian theory of economics. look up thomas woods, peter schiff, ron paul... of course you despise talking about ron paul, i remember that. the way they create the bubbles is by lowering interest rates. of course everyone loves lower interest rates though, because that's the start of the boom. when they necessarily, and eventually, have to bring them back to nominal levels, the bust phase is created. bubbles are started by lowering interest rates, say for housing. then people flock to that market, saying "hey, this is awesome, i can take out a loan with little to nothing on this mortgage!" then eventually, the party ends because the market value is nowhere near what the mortgages are going for. so people start having to pay more on the loans, people don't buy into the market any longer, and you see a dramatic drop in stock price. that's precisely what happened in the housing bubble last year. prove me wrong. this is the austrian theory.
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Gold is impossible for reasons already stated. Why would you care ? You'd be poor no matter what we accepted as money.
Christian Graus Driven to the arms of OSX by Vista. Read my blog to find out how I've worked around bugs in Microsoft tools and frameworks.
that reason already stated is completely bunk. you can set the dollar to whatever level, and the standard is set. you could also use two types of metal at the same time, say gold and silver. which is what's in the constitution... no coincidence or anything. let's say we take a few dollars out of circulation, right now. we could set silver at $15/oz, and gold at $1000/oz. eventually we'd, instead of passing around federal reserve notes, certificates. these certificates could be refundable at any bank, any time, for whatever value printed on the certificate. crisis solved. not hard.