Paul-Grayson Amendment Wins!

[KenH]

Paul-Grayson Amendment Wins!

Posted by Lew Rockwell on November 19, 2009 04:09 PM

Congratulations to Ron Paul! His amendment, coauthored by Alan Grayson, to audit the Fed was just passed, kicking out the evil Mel Watt version, in the financial services committee. Still to come, the vote on the whole bill, and much can happen, but this is great news. Bernanke and friends must be crying in their beer.

www.youtube.com/watch?v=E9CcdiNs5F8

- www.lewrockwell.com/blog/lewrw/archives/043238.html

 

[windcatcher]

I'll believe it when its done.

 

[just-want-peace]

I'll believe it when its done.

Yep this just proves that there are still a few, FEW, that are sensible, but this is a long way from a done deal!!

A ray of sunshine nevertheless!!!!!!!!!!!!:godisgood:

 

[FR7 Baptist]

I'll believe it when I see it. With that said, we do need to audit the Fed and I hope Congressman Paul's bill passes.

 

[billwald]

Exactly what evil does anyone think will be discovered? That their books don't balance? That funds are being transferred to Swiss banks? Or simply that they pay themselves very well?

 

[TomVols]

Congress is going to audit the Fed? The same people who distributed bailouts to fiscally irresponsible entities, who couldn't intelligently legislate regulators in our financial meltdown, and who probably couldn't tell a pro forma from a proton.

I feel all warm and fuzzy

 

[Salty]

Congress is going to audit the Fed? The same people who distributed bailouts to fiscally irresponsible entities, who couldn't intelligently legislate regulators in our financial meltdown, and who probably couldn't tell a pro forma from a proton.

I feel all warm and fuzzy

Are you saying that the snakes will be auditing the foxes? :smilewinkgrin:

 

[poncho]

Well, it is kind of hard to believe a corrupt and dishonest congress would make an honest effort to audit the same folks it's gone out of it's way to protect and defend all these years.

 

[AresMan]

Congress is going to audit the Fed? The same people who distributed bailouts to fiscally irresponsible entities, who couldn't intelligently legislate regulators in our financial meltdown, and who probably couldn't tell a pro forma from a proton.

I feel all warm and fuzzy

It's not a perfect solution, but it is better than no audit. A central bank made up of unelected bank owners indirectly determining policy by creating money at will, living off any of it at will, giving any amount at will to whomever they will, eliminating statistics about money supply at will, manipulating interest rates at will to cause everyone to go deep into debt and create artificial booms and busts... all in secret without anyone being able to know, ask, or have any say in is certainly not the ideal situation. It is totally counter to all notions of both a democracy and a republic.

Although Congress has benefited from destructive Fed policies, most of the support from Congress for the audit has come from public pressure, including me. Perhaps this same pressure will keep Congress in check with their audits, and perhaps even lead to the breakdown of the Fed's monopoly over monetary policy.

At least we get more information from Congress than we do from the Fed. If the people can get more information about the Fed, there might be more pressure from the people to remove powers from the Fed and return them to elected officials. Although there is no perfect government, one in which the people have a modicum of control over monetary policy through elected officials is still better than one in which neither they nor their representatives have any control.

A lot of the corruption in Congress can be related to the Fed's monetary policies allowing them to speak like "Santa Clause." If the people have a say in monetary policy, then Congress can make fewer egregious promises.

 

[billwald]

Does anyone think the Fed's books don't balance? Anyone think the Fed is stupid enough to keep an incriminating paper trail? If they did, they are now erasing files like crazy.

 

[AresMan]

Does anyone think the Fed's books don't balance? Anyone think the Fed is stupid enough to keep an incriminating paper trail? If they did, they are now erasing files like crazy.

I would think that nearly 100 years of secretive autonomy with no direct legal accountability and no true audits with the lives and deaths of board members handing the reigns to the next privileged bunch would lead to some "dishonest" practices.

It is very obvious that the Fed severely dislikes the prospect of a true audit. Whether or not they have unbalanced books, they have enjoyed such a cushy comfort zone for so long that simply having to accept reasonable oversight and accountability to them is like having to let strangers watch them take showers.

 

[billwald]

I, also, have an intense dislike of thought of being audited.

If the Fed has an audit trail that goes back more than ten years they deserve to be hanged for setting a bad example.