HEY! 'Sup With the Audit of the FED???

Seems like i remember seeing something about the FED being audited.

And no one else noticed???

cripes ~ was it a dream?...

brb

 

http://www.govtrack.us/congress/bill.xpd?bill=h111-1207

That doesn't sound too promising...

 

Okay, so everyone's calling for it

and no one is doing anything.

SNAFU.

(It was a dream.)

 

The Fed has always been audited. Some people would like to see more transparency though.

This is very 'random thoughts'. What's yer point?

 

realy ? when and wher can i see the results of that audit?

 

Actually, they have Always been audited ~

by themselves, for the most part.

It would appear that it's when other people audit them that there are "problems"...

Which is a major reason folks are getting sort of nervous about the gold reserves.

Looks like Ron Paul is making some headway with his HR 1207:

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

 

Funny how Hip knows only how to lick the proverbial boots of the system he is so much a part of.

Yeah, the Fed is audited by people the Fed itself appoints to audit it, and they're not even allowed to look at the real meat and potatoes of its operations. Most of its operations are a secret and are exempt from any auditing.

 

At least you have figured out that the Fed is audited by the government. Remember how you used to tell us that we need to "wake up" and "do the research" so we'd be wise like you and realise that the Fed has never been audited? Of course it turns out that the Fed had been audited and "waking up and doing the research" meant "listing to Alex Jones and repeating what he tells you to think".

 

End the fed!

 

Well, it really hasn't been audited other than in name once you realize exactly what is exempt from auditing. So the "audit" the Fed receives is little more than window dressing. If the Fed was truly audited, then they would know where the trillions of dollars in TARP money went to. But of course they do not because the Fed operates above the law and without any real oversight. It is most certainly unaccountable to the public.

Here is what is exempt from the auditors:

And you're also wrong when you say the government audits the Fed, which is not true at all. The Fed is audited by a private company -- not Congress.

So no, the government does not audit the Fed. That is simply false.

 

I know you like to pretend that you would have the faintest clue what do do with audited financial statements, but you don't. But here's a hot tip - auditors don't go over every single transaction an institution makes, even when they have complete unfettered access. They take a sample and review them. That's all. So in that respect the fact that the private auditors cannot review every transaction doesn't prevent them from producing a balance sheet which represents the real financial position of the Federal Reserve System.

Its audited by both, genius.

 

No, but they're supposed to audit the things that actually matter. You would think things like transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization; would matter to some people. Maybe not you, but that's to be expected.

 

O please.

You think the other parties want their business in a US fed audit ?

Not auditing the example in your post above is your best interests.

 

Last I heard there are 170 congressmen signed on
to the audit the fed bill.

However with the up coming dollar collapse it may be a moot point.

We have already been robbed, I don't think auditing the fed will make
them give back what they have stole.

The solution is not political , left right, republican democrat, Neocon Newlib
is all bull shit.
The system is in the process of decay and collapse, get out the way and wait for the dust to settle.

Peace

 

The balance sheet matters.

And by the way you just completely ignored the fact that you were wrong, AGAIN, about the Fed not being audited by the government.

It boggles the mind how you can instantaneously delete from your brain any acknowledgement of the fact that you get the same things wrong over and over and over again.

 

The fact remains that,

the MOMENT the money was discovered "missing"

the FED should have been COMPLETELY audited.

Not only that,

but whoever the junior rocket scientists that approved/oversaw the financial statements are definitely in some big trouble ~

TRILLIONS of dollars don't just dribble through some little cracks...

 

Again, you cant COMPLETELY audit the fed. It would cause too many international problems.

 

idk, mang...

Maybe they should have thought about THAT before

FUMBLING OFF TRILLIONS OF OUR DOLLARS,

eh?

Are you, personally, satisfied with that as the bottom line ~

that we can't know, so we'll never know?

i believe that we probably could know, and that it wouldn't take that long to figure out exactly what was/is going on.

(Ooo... That sort of fails, doesn't it?

i mean, what i'm saying is that we COULD know, so we'll never know. )

 

I'm really confused. How do you rec the entire Federal Reserve if you were to try?

I'm really lost in the fin. Hip, can you explain to me why auditing the Fed is so important to examine or understand exactly?

 

I can try.

To start with there are two kinds of central banks: independent (of government) and not independent. All central banks are set up by government and the boards are appointed by government. But an independent central bank would be like the supreme court - judges are appointed by government but they are very difficult to remove by government, and their activities are not reviewed by government. Central banks can never be that independent, but the idea is very similar - place them beyond the reach of everyday political manipulation, unlike regular government agencies which are entirely political and where top officials are routinely replaced by new administrations and put under constant political pressure.

Even if it is independent it doesn't mean it can do whatever it want. All central banks should be given a goal, which can be a bit narrow (keep inflation betwen 2% and 3%), or broad (in the US it is "maximum employment, stable prices, moderate long-term interest rates, and promotion of sustainable economic growth). It is considered more "modern" to have a narrow, inflation target goal rather than broad goals as the broad goals tend to conflict.

(The holy grail of central banking is to achieve low inflation and steady long term growth through influencing interest rates. Low interest rates boost growth but will cause inflation to rise and the economy can overheat. Sounds easy? Want to try?)

An independent inflation targetting central bank is generally considered more "right wing" or "free market" while a non-independent central bank which targets growth is considered more "left wing" or "sociailst" (oddly enough due to its growth mandate this makes the US more 'left wing' than Europe, at least in theory). The concept doesn't mean much now as nearly everyone is inflation targetting and independent. Even CB's which don't have an exclusive inflation targetting mandate are assumed to be targetting inflation in practice.

So the historical trend over the last few decades has been towards central bank independence across the world, and nearly all developed countries now have independent central banks. The theory was that a central bank under political influence would tend to favor the pursuit of growth over the controlling of inflation, as popular pressure would always favor short term goals of low unemployment over long term goals of avoiding booms and busts. So by making central banks independent they would focus on long term economic stablity and growth rather than being under political pressure to respond to every blip in the economy.

What has happened though is that this collossal bubble has been blamed on the central banks and now people think that an independent central bank is perfectly capable of bringing us booms and busts even without political interference, and the idea of letting it run without oversight or interference is not so popular. More importantly, with the huge money printing and quantitive easing, the massively expanding balance sheet and all sorts of other unprecedented actions, Congress is no longer happy with a 'runaway' Fed that they have so little ability to scrutinise and so little confidence in.

So now some people are saying they want the Fed audited in a fully transparent and complete way, whereas before the limits on transparency and oversight were considered necessary to preserve independence.