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IPFS News Link • Federal Reserve

Bernanke: Fed audit a ‘takeover’ by Congress, trigger econ. collapse

 "but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation."

3 Comments in Response to

Comment by Edwin Sumcad (15723)
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We have two choices:


      Option 1. To give back to politicians in Congress the Fed’s power they covet, and let their politically correct expertise in economics – especially giving back to the agenda of every politician who wants to get re-elected to Congress -- determine and implement what kind of fiscal and monetary policies they want for the economy.


      Option 2. Get those politicians in Congress out of the Federal Reserve and let this specially created economic body of the Government run the economy through the study and planning of economic measures as they relate and respond to global and domestic crises, and leave the determination and implementation of financial, fiscal and monetary policies as the Fed’s central banking expertise sees fit for stability and long term economic development.


      Summary:  In option 1, the politicians will use their politically correct expertise to satisfy their need to win support and patronage to stay in power … and this is obvious. 


       Since every political opportunist has its own version of fiscal and monetary policy, expect a war in Congress that would create chaos and anarchy because this confrontation will spill over to their opposing constituencies in the parliament of the street.  Picture this situation in your mind while vultures in Wall Street are picking our eyeballs out of the sockets, and the blood drawn creates a financial meltdown that spins the economy down the tube.  The author of audit-the-Fed Trojan Horse gets his revolt against the Fed – and that’s all what the author wants. Co-authors of the bill in Congress just join and co-sign without looking.  They are just there for the ride.  Remember, they are opportunistic politically correct politicians!


      Not much to say on Option 2. Bernanke is not just more than 110% correct – he is terrified if Option 1 that politicians want blinds a lot of Americans who like them are also there for the ride.


      If in Option 2 we assume as true the premise that the Fed is run by “crooks” whose operations should be audited by Congress – an assumption that with a single punch we could knockout the Moon – what we need is not a congressional audit [that’s too pompous] but a handcuff to haul those crooks to jail.  Since politicians see “crooks” like Bernanke running the Fed and they don’t want -- or don’t know how – to grab Bernanke and his cohorts by the neck, those thieving charges could be just a firework of publicity to cover their selfish design to project their sagging image to the American public.


      Option 2 is leading us back to the pre-Federal Reserve era – back to chaos opportunist politicians had created, and once again with H.R. 1207, are attempting to create.



Comment by Edwin Sumcad (15723)
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Comment by Morpheus Titania (1068)
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Interesting how and AUDIT would produce such disasterious effects.  The CONstitution decrees that CONgress is the body which is to control the money of the united states, 

U.S. Constitution - Article 1 Section 8 - The U.S. Constitution ...The Congress shall have Power To lay and collect Taxes, Duties, ... To coin Money, regulate the Value thereof, and of foreign Coin