note on the graphs used here

sometime during the third week of March, the St Louis Fed, home to the FRED graphs, changed their graphs to an interactive format, which apparently necessitated eliminating some of the incompatible options which we had used in creating our graphs, and also left us with about half the options we had available and used before the upgrade...as a result, many of the FRED graphs we've included on this website previous to that date, all of which were all stored at the FRED site and which we'd always hyperlinked back there, were reformatted, which in many cases changed our bar graphs to line graphs, and some cases rendered them blank or unreadable... however, you can still click the text links we've always used in referring to them to view versions of our graphs as interactive graphs on the FRED site, or in the case where a graph has gone missing, click on the blank space where it had been in order to view it....


Tuesday, November 24, 2009

Ron Paul's Texas Straight Talk

Audit the Fed Attached as an Amendment

I was pleased last week when we won a vote in the Financial Services Committee to include language from the Audit the Fed bill HR1207 in the upcoming financial regulatory reform bill. As it stands now, if HR 3996 passes, because of this action, the Federal Reserve’s entire balance sheet will be opened up to a GAO audit. We will at last have a chance to find out what happened to the trillions of dollars the Fed has been giving out.

Finally, the blanket restrictions on GAO audits of the Fed that have existed since 1978 will be removed. All items on the Fed’s balance sheet will be auditable, including all credit facilities, all securities purchase programs, and all agreements with foreign central banks. To calm fears that we might be trying to substitute congressional action for Fed mischief in tinkering with monetary policy, we agreed to a 180 day lag time before details of the Fed’s market actions are released and included language to state explicitly that nothing in the amendment should be construed as interference in or dictation of monetary policy by Congress or the GAO. This left no reasonable objections standing and the amendment passed with a vote of 43 to 26.

Continue reading....

15 comments:

  1. Though, I'm no Ron Paul fan, he's sure right this time.

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  2. Ron Paul should straight talk himself into a viable third party. They are all the same. We need a truly fresh start. Expose these snakes in the swamp for what they are. Saboteurs of the planet.

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  3. Ron virtually was a 3rd partu last time around, but any party that he headed could not be viable. He has some things right, but on others he's a tin-foil-hat.

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  4. TC; lol. Tin foil hat wearers are the only ones that will save this country. Staying the course is not an option. I do believe there will be a viable third party in 2012. R.PAUL will not be heading it. It will be some one we have not really heard from yet. The system is broken. This regime gave us a bunch of retreads that got us into this problem in the first place. Can any one name one appointment made by Obama that has a new [mind set] to usher us into the new era? I can not. Please prove me wrong.

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  5. Audit The Fed Would Hurt Economic Prospects: Bernanke (Reuters) - Federal Reserve Chairman Ben Bernanke said on Friday congressional proposals to audit the Fed and strip it of regulatory powers as part of post-crisis reforms could damage prospects for economic and financial health in the future. "These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States," Bernanke wrote in a column posted on the Washington Post's website. The rare newspaper column by a Fed chairman comes shortly before Bernanke testifies before a Senate panel on his renomination to serve a second four-year term at the helm of the central bank and answers a series of steps on Capitol Hill that could diminish the central bank's role

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  6. "Federal Reserve Chairman Ben Bernanke said on Friday congressional proposals to audit the Fed and strip it of regulatory powers..."

    Well no kidding Ben. That's exactly what needs to happen. You're the fox guarding the hen house, and you need to go.

    JMHO

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  7. This comment has been removed by the author.

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  8. RZ, you've got that right. Old adage - Insanity (def) - You keep doing the same things over and over again and expecting a different result.

    Over course, it could simply be all by design.

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  9. They should ahve a way to edit your comments without having to delete them. What a PITA

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  10. TB; Repeating the same madness, is their way of trying to save what they can of the greatest ponzi scheme ever thought of. ---The Federal Reserve. Otherwise known as --The Creature from Jekyl Island.------Great book, by the same name on how this scheme came about.

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  11. auditing the Fed is one thing, it might do the country good to find out there is really no wizard in OZ, but i still have reservations about taking monetary policy out of the Feds hands and making it a political football; i dont think we want hand over the controls on fed funds and money supply to barney frank and nancy pelosi, or whoevers running congress during the palin administration...

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  12. rjs, the problem as I see it that any of them have a say in monetary policy. But in regards to Congress controlling it, that exactly where the Constitution says that charge should be. The key limiting factor that the drafters placed on it was that any money issued by Congress is to be backed by gold and silver. If they issue no more money than there is metals to back it then they can't spend it. A fed-like agency would be unnecessary. The second limiting factor is the people's ability to vote the bums out if they abuse their positions. Although it might seem hopeless to believe that the general population might actually be enlightened enough to make the choice to change the contemptuous behavior that they see in our elected officials, if the pain gets sufficient enough, they will.

    The arguments abound as to why there should be an "independent" organization to do this, since an indpendent group might appear preferrable to having a governing body that has a significant interest in sterring things their own way. However, abdicating this responsibility leads to exactly what we have today; a non-governmental agency that looks out for the best interests of itself and it's benefactors, with no way for the people to directly remove them from power.

    We aren't the first country to have ever had a central bank that controls the money supply and monetary policy, nor is it even the first time our country has had one (I think this is the fourth). And in all cases things have ended very badly indeed for the countries involved, but the bankers had a great time and made great fortunes, to the great detriment of the people.

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  13. tb; i have reservations about following the letter of the constitution in this case; those who wrote it didnt have any idea of the kind of congressmen we'd have in the present (compare barney frank to ben franklin) so we have to play with the hand we've been dealt today...and there isnt enough gold reserves in the world to back all the fiat currencies necessary for maintaining economic activity at its current levels...from wiki: "It has been estimated that all the gold mined up to 2006 totaled 158,000 tonnes.[3] At a price of US$1000/oz., exceeded in 2008 and 2009, one tonne of gold has a value of approx. US$32.15 million. The total value of all gold ever mined would exceed US$5 trillion at that valuation"

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