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News Link • Federal Reserve

Congressman Paul says Fed transparency is his goal

• Reuters
Republican Congressman Ron Paul, the new head of the subcommittee that oversees the Federal Reserve, said on Sunday he will seek greater transparency but will not be sending subpoenas to the central bank chairman from Day One.

1 Comments in Response to

Comment by Anonymous
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Just a shy reminder: Banking security and transparency don’t mix. They negate each other … both cannot exist in harmony in the subcommittee that oversees the Federal Reserves.

Transparency that for political reason would hunt down criminal wrongdoing inside the banking policy of the Fed, would create panic and destroy our present free market system, and eventually the national economy. Wrongdoing need not exist, just a rumor would destabilize the market and create a crisis we don’t want. Only quarrelling politicians crossing swords during the conduct of congressional inquiry headlined by the Media in a news-feeding frenzy benefit from this terrible economic anathema.

On the other hand, without transparency, who knows what really the Fed is doing?

Thus transparency versus secrecy has been debated by most if not all knowledgeable Americans today since the time they weren’t even born yet. Secrecy in favor of the Federal Reserves’ expertise in the conduct of banking and monetary policy formulation prevails up to this day. The Fed has the required expertise to run the national economy – that's given. Its specialized know-how on fiscal and monetary economics is the basis of public trust that brought us to where we are now. Politicians have nothing of that sort … politicians cannot be trusted … this kind of thinking by the American public explains why the bill to audit the fed has difficulty getting approved by Congress. As an economist, don’t ask me which one I favor. But if I am a politician, I favor skinning the Fed in public to promote my personal political agenda, in the name of public interest as a perfect cover. Know what to expect in the next Republican Congress.

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