The Fed: Still Secret
The Federal Reserve Bank will continue setting America’s fiscal policy behind closed doors with little to no oversight after an effort to open the books of the secretive institution was shot down today by Senate Democrats.
In other words, interest rates will continue to rise and fall while trillions of dollars are created, spent, lent and pledged without the taxpayers being aware of what’s driving those decisions – or who benefits from them.
Or what the bottom line fiscal impact is on the taxpayers.
Despite the best efforts of U.S. Sen. Jim DeMint (R-South Carolina), Senate Democrats procedurally blocked an amendment that would have required the Fed to submit to a Government Accountability Office (GAO) audit.
Apparently, they didn’t get the “new era of openness in Washington” memo that was drafted during the 2008 campaign by their standard-bearer, President Barack Obama.
Anyway, the push to audit the Fed had tremendous bipartisan support in the House, where 237 Representatives have signed onto a bill sponsored by Rep. Ron Paul (R-Texas).
The proposal even has the support of socialist U.S. Senator Bernie Sanders.
Unfortunately, Democrats didn’t even permit a vote on DeMint’s amendment, ruling it “out of order.”
“Allowing the Fed to operate our nation’s monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life for every American,” DeMint said.
In fact, here’s DeMint saying so himself …
Comments
By madcock on July 7th, 2009 at 8:59 pm
The GOP had control of both houses of Congress for 12 straight years until 2007 and controlled the White House for 20 of the proceeding 28 years until five months ago.
Why didn’t they pass this? Why didn’t you criticize them for this?
You and “DeMinted” aren’t interested in transparency, you’re interested in scoring cheap political points against the Dems.
You’re all a bunch of cheap hacks with no center and no principal except “get power,” and outside of maybe Utah, SC and Oklahoma the majority get it.
It’s no wonder you people can’t get elected dog catcher anymore.
By d on July 7th, 2009 at 10:03 pm
GO DEMINT!!!!
By Phillip Marler on July 8th, 2009 at 1:13 am
@madcock
Actually, the GOP party back then, and for the most part today, is still completely in the dark. That is to say, both the Democrats AND Republicans have been completely in the dark. Representative from Texas and Dr. Ron Paul has been slowly starting a revolution within the Republican party for some time now. He did in fact run for POTUS under the libertarian banner, which frankly IS the true republican party, formed after the ideals of Barry Goldwater by a group of Republicans in the 70’s. You my friend, are part of a dying breed, and thank God for that. You still think that it’s blue collar vs. white collar, democrat vs. republican, and nothing could be further from the truth. It is the elite and all their tools (media, world banking leaders, royalty, politicians) who all have the same agenda, Keynesian economics. Which WILL fail us all, and an empire building nation called the United States which will of course also fail. Think Rome. Our banking system is a shroud of lies and entirely made up money. This bill would help bring America back to sound principles, and for you to simply disagree with it on the basis of some grudge, as if you were some slightly higher class gang member, is pathetic, and symbolic of the problems we face in America today.
By Phillip Marler on July 8th, 2009 at 1:47 am
I was in such a frenzy when I wrote that I missed an entire part. I had meant to say it was the elite with the tools vs. us. “They” as it were, are the elite i spoke of above. I am not referring to some conspiracy, although there may be a strong case for one. I am referring to how the media continually pushes the wedge between sects of human kind such as race, sex, sexual preference, who can afford what. Then you have different religions, in this country they mostly base themselves in Oklahoma or somewhere along the bible belt. All of the rules come from there, and most church goers don’t even know where their money goes. I am referring to the wool that has been pulled over your eyes. There is no democrat, there is no republican. There is justice, and there is tyranny. Tyranny currently rules this nation, and you perpetuate the obliviousness that this nation as a whole suffers from it.
By Freedom for Me on July 8th, 2009 at 5:28 am
Dumbcock…..It is OUR money..that means you too.Why would it matter who is in the whitehouse? Government is supposed to be an open book.Its kneejerk dicks like you who perpetuate party fighting instead of trying to fight to fix our country.
By Nadorn on July 8th, 2009 at 6:18 am
@mad:
Attacking the messenger, as guilty as they may be, does not dilute the message. Both Republicans and Democrats continually vilified and ridiculed Paul while he was saying this stuff through all the years, it’s clear that they’re merely jumping on board now that it’s convenient. But the argument still stands. You’ve done a wonderful job attacking the Republicans, but a horrible job defending the Dems and a horrible job questioning the audit.
To stand for anything said by someone with a D next to their name while attacking anyone with an R next to their name is the /exact/ same thing Republicans did last go-round, yet Democrats do the same now.
Neither of you deserve to be dog-catcher.
By Cooter Brown on July 8th, 2009 at 6:31 am
Madcock-
You is a dern idiot!
No bodie ‘er said boo ’bout no Fed befo’ Ron Paul came on da scene– r’member all dose ‘publicans a laughin’ at him during da debates when he talked ’bout monitarie policie?
No bodie knew or cared much ’bout monie when it seemed lik we had a mess of it.
Weeze being ripped-off an’ yous stuck in dat false dichotomie of ‘publicans an’ demecraps! Wake-up son, you is being porked!
‘Dis, shizzle (my nefew a taught me dat werd) matters an’ I dont give a rat’s ass ’bout most things a happenin’ in th’ bowels of Leviathan, AKA, Warshingtun, but this un hurts me, Mrs. Cooter, my young’uns, an’ thier young’uns. ’till we start barterin’ an’ usin’ gold an’ silva, dis is fo reel!
Lawrd hab mercie!!!
CB
By lou on July 8th, 2009 at 6:47 am
The Fed is broke. Maybe people should go watch the Young Turks radio show dated June 23, 2009. Cenk talks about Mark Sanford going to Argentina to study the Argentine Social Security system.
I guess everyone knows Argentina has had several crashes of their monetary system…. that is an understatement. Well, they blame some of it on privatizing Social Security.
Please recall for years, I have posted about finding my PRIVATIZED SOCIAL SECURITY ACCOUNT, set up by using international accounts.
Then ya’ll might want to read the Governor’s book… ” The Trust Committed to Me”.
Please join me in asking our Governor if he went ahead and privatized our Social Security.
Is Social Security his ” mistress”????
Hey Marky Mark… put that genie back in the bottle how bout it?>
You made my life horrible, miserable, and have ruined my life.
THANK YOU GOP FOR SUPPORTING HIM!
WAY TO GO SC~~~
** THIS IS WHY THE FED CANNOT BE AUDITED***
THE MONEY IS GONE>>>>> I RECKON TO ARGENTINA?????
By political hack on July 8th, 2009 at 4:29 pm
dittos to Phil, this thing is a monster, the bankers for the most fiscally irresponsible government in our history have pretty much enslaved us by depreciating the dollar a la inflation. As long as the Federal Government continues to perpetuate debt, the central bankers are making some mad money from interest charged on the dollars they make and sell to the government…the banking model is complex and most people have no concept of money, this is why the ruse is so effective on the general populace.
By madcock on July 8th, 2009 at 5:46 pm
While I disagree with Dr. Paul on many issues, I have enormous respect for him and his ideas. It’s interesting to note that the one place in the national media Dr. Paul can go and be given air time, listened too and treated with respect is the “liberal network.”
My attack was at the GOP asses that had control of DC for years did nothing about transparency at the Fed but are NOW outraged about secrecy, spent us from a surplus to insolvency and are NOW outraged about deficits and having tea parties, supported the goverment suspending habeus corpus and warrants for surveillance and are NOW worried about Big Brother,and allowed the Iranians and the N. Koreans to move ahead in their nuke programs and are NOW outraged at Obama for not fixing those messes already.
Ron Paul falls into none of those categories and had he been President over the last eight years 4000 fewer American troops would be dead.
The mindless minoions who write most of the drivel on this site were the target of my attacks, certainly not Dr. Paul.
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