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Title: Rampell: Audit the Fed? Not so fast.
Source:
The Salt Lake Tribune
URL Source: http://www.sltrib.com/opinion/21226 ... 5/rampell-audit-the-fed-not-so
Published: Jan 30, 2015
Author: Catherine Rampell
Post Date: 2015-01-31 16:31:27 by Gatlin
Keywords: None
Views: 8276
Comments: 42
Not this again. Calls to "Audit the Fed" are back. And just as before, they are extraordinarily dangerous to the health of the U.S. economy. First, a little background. Conspiracy theories about the Federal Reserve's wacky technical mumbo-jumbo voodoo have a long populist history. Monetary policy is complicated and abstract; entrusting it to a secretive, propeller- headed cabal naturally arouses suspicion. No surprise, then, that libertarian hero and former Texas congressman Ron Paul for years tried to persuade his colleagues to curb the central bank's power and independence with recurrent calls to "Audit the Fed" (if not kill it entirely). He made Fed audits a centerpiece of his 2008 and 2012 presidential campaigns. Now, with Republicans controlling both houses of Congress, he might finally get his way. Sen. Rand Paul (R-Ky.) has picked up his father's mantle and reintroduced the proposal as the Federal Reserve Transparency Act of 2015. Sen. Ted Cruz (R-Tex.) — like Paul a likely 2016 presidential contender — has also joined the cause, along with 29 other co- sponsors. A companion bill was introduced in the House by Rep. Thomas Massie (R-Ky.). "A complete and thorough audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington," Paul the Younger said in a statement. The Fed "currently operates under a cloak of secrecy and it has gone on for too long." That alleged "cloak of secrecy" is looking a little threadbare, if you ask me. The Federal Reserve Board and its 12 affiliated regional Fed banks already undergo an audit. Multiple layers of audits, in fact, by the Government Accountability Office, the Office of the Inspector General and independent private auditors such as Deloitte. The Fed also releases weekly data about its balance sheet and the minutes from its closely watched Federal Open Market Committee meetings with a three-week delay. Under chairman Alan Greenspan, the Fed was often criticized (and parodied) for its Delphic pronouncements and opacity, but his successors, Ben Bernanke and now Janet Yellen, have cultivated transparency and engagement with the public. The Fed chair holds televised news conferences now. Fed officials regularly give speeches and interviews discussing how their views of the economy and policy preferences differ from those of their colleagues. Twenty years ago this sort of public dissent was unheard of; today it is commonplace, and largely Yellen's doing. Not because of congressional compulsion, mind you: Yellen has instead said, multiple times, that she believes more open communication about Fed activity and intentions is good for the economy and helps monetary policy work more effectively. Why, then, would Yellen oppose the Paul legislation? And why likewise are so many financial journalists — who are genetically predisposed to value transparency above all else — skeptical of it? The problem is, despite the name, this bill is not really about transparency. It's about subjecting more of the Fed's day-to- day operations — including policy deliberations in which Fed officials, for now, feel free to speak candidly — to the scrutiny of politicians who can pick discussions apart to score political points as policy is being set in real time. The likely result is a chilling effect on open dialogue, as Fed officials try to avoid making any comments in meetings that might lead to harassment from Congress, and more sensitivity to short-term political pressures. This is a scary prospect. We have a long, long body of literature showing that greater central bank independence — in countries both rich and poor — is associated with lower inflation. That's partly because monetary policy is a complex technical apparatus that not everyone is equipped to operate. The bigger problem, though, is that politicians' short-term goals — dictated by election cycles — are not always aligned with the long-term health of the economy. One need only look at fiscal policy to know this is true. It's not exactly clear what problem the "Audit the Fed" acolytes are trying to fix, either. The general consensus among economists is that, while the Fed should have taken concerns about credit bubbles more seriously in the lead-up to the 2008 financial crisis, the central bank's creative and "unconventional" policy measures since then almost unilaterally saved us from a full-blown depression. Fed policy is also one of the main reasons our recovery has actually been substantially faster and stronger than those in every other postcrisis country. All this was possible because the Fed had the courage, and importantly the independence, to act "unconventionally" even when critics — including Pauls both père and fils — claimed that its controversial measures would lead to hyperinflation. If politicians are truly concerned about the long-term health of the economy and the stability of U.S. currency, the best thing they can do is stop undercutting our central bank's credibility and let the Fed do its job.
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#1. To: Gatlin (#0)
So the writer is saying that the Fed is already fully audited so therefore no further audits are needed? This is so shallow that even a mudraker like you shouldn't stoop to posting it. I can see already that you plan to troll LF through the entire 2016 season. Like that's any surprise. You are here only to disrupt, as I have stated many times.
The Board of Governors, along with the 12 Federal Reserve Banks and the Federal Reserve System are all subject to several levels of audit and review. The GAO conducts numerous reviews of the Federal Reserve activities. Furthermore, the Board’s financial statements and its compliance with laws and regulations affecting those statements are audited annually by an outside auditor that is retained by the Office of Inspector General. The financial statements of the Reserve Banks are also audited annually by an independent outside auditor. Each week, the Federal Reserve publishes its balance sheet and charts. I would think that you would want to control and limit the federal bureaucracy and not add layers upon layers on top of what is already there. Are you suggesting that auditors be added to audit those who are already auditors? Come on…really?
In your tedious boilerplate you don't explain why the Fed should not be fully audited. And it most certainly is not fully audited at present. They have fig leaf audits, primarily so useful tools like you can echo the they're-already-audited line to the gullible. No one is ever allowed to examine the full extent of the feds' gold hoard. Never. That would not happen during a full audit. So don't pretend they are being audited. There are many other things about how the Fed does business and who benefits that is never exposed. And those powerful interests most certainly do not want anyone to see how the Fed operates in their interests, not in the public's.
Shouldn't you consider it entertainment instead? There is only about 3 people that believes what he says.
“Political correctness is a doctrine, fostered by a delusional, illogical minority, and rapidly promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.”
The disruptor elements demonstrated many times at LP that they were there to ruin the forum as any possible alternative to TOS. TOS had its infiltrators at LP. Now they are here at LF. Look at it squarely: given how much they advertise that they despise the vast majority of LP or LF members, just why do these trolls post here anyway? They'd be welcomed with open arms at TOS, RimJob would love to have them. The answer is: he already does have them, they are TOS members, and they come here only to destroy this forum as any alternative chat site to TOS. Which is exactly what they did to LP, another forum where they apparently hated everyone but would not leave for a forum that would welcome them. That is their purpose, that is the only reason they are here. And that is why they flock together in mutual support roles and troll in a pack.
consider it entertainment Yo, audit the FED!
He will never answer either. He trusts government, PERIOD. He is not like you or me and other reasonable people: trust but verify.
He's just conducting a disruption campaign against LF, exactly as he did at LP.
I am not qualified to audit the fed so I will let someone that is perhaps qualified do so here.
Then use "Thread Ignore" or bozo me ... Don't let me get to you and bother you ...
Hey, sock puppet ... I will do what I want to do and I will do it when I want to. If you don't like that, then use "Thread Ignore" or bozo me.
It's not Ron Paul the man, that Gats fears so much, but his ideas.
Yes, just like yucktard, you want people to bozo you so you can stalk them around the forum and take potshots at them. That is how you and the Canaries trolled the hell out of Goldi's forum and destroyed it.
I detect a defensive posture about yourself.
It's standard neocon psychology tactics, the whole you're-for-us-or-you're-against-us mindset. They work to drive everyone into opposing camps. This actually benefits both wings of the federal leviathan. What the Beltway elites fear most is that the people should blame all of them for the messes that they created.
Welcome infiltrators. You will be assimilated. What are they infiltrating? I don't have a no trespassing sign up. They are just cutting across your yard to get to my lemonade stand stand.
He is no sock puppet. But you did attempt about 5. Wacked them all.
Are you still butthurt over the lemonade stand covered in snowdrifts and the jackboots stopping the industrious boys from shoveling a path to it to rescue Lolita Lemonade from her icy fate? LOL. Nice grudgery.
What are they infiltrating? I don't have a no trespassing sign up. I do post some interesting articles. I do so not because I necessarily agree or disagree with the content and I certainly don’t do so to start flame wars. Most people post articles that represents their thoughts. I post articles to challenge their thoughts. Most people will not accept that challenge, all they can do is attack me personally. I will continue to challenge people to think….they may continue to attack me for challenging them to think.
Thanks for clarifying that, I assumed he was based on his posts. Yes, you did ... They were looking for your lemonade stand.
Yes, just like yucktard, you want people to bozo you so you can stalk them around the forum and take potshots at them. That is how you and the Canaries trolled the hell out of Goldi's forum and destroyed it. Then what is your proposed solution....one that we both can accept.
"The biggest mistake that libertarians make is the way they view government
and private sectors. Government is the root of all evil, and the private
sector is the source of all good. Libertarians have never figured out that
people are the same whether in the government or in the private sector." --
Paul Craig Roberts
Your entitled to your opinion.
You dont challenge peoples 'thoughts', one may challenge another's beliefs or perceptions, etc, but not thoughts. Please try and use intelligence when discussing things. You may need to think about what it is you are trying to convey longer than most here, but thats ok, we can wait. Spit!, and a laugh at you, for you.
And goodbye to you....BOZO.
While I actually agree that it makes techinical sense to have the Fed set policy independently of politicians - that is not democratic (though it is republican - small d and r). Let us have the Fed in the hands of the politicians - let them die or conquer by how a party runs the economy for real. All these talks about Reagan's or Clinton's or Bush's economies are meaningless when the power is in the hands of unelected officials. We may end up buying milk with a wheelbarrow full of money but we would know which son of bitch caused this.
Exactly so. Beyond that, we have no assurances that the Fed's board is not susceptible to criminality, to insider trading, etc. And it places one of the most major federal institutions completely beyond the reach of the voters.
Truthfully. The Fed is unconstitutional. Regardless of what any court says.
"Since 2006, M3 is no longer tracked by the U.S. central bank." http://www.investopedia.com/terms/m/m3.asp Got derivative a$$paper? Alan Greenspan, Economic Suuuuuper Genius, didn't think fraud in the derivative market was anything to worry about, and when that turned out to be the STUPIDITY that everybody knew it was, the FED just stopped publishing M3. Stupid is as Stupid does. Ooops!
Oh, but he is a sockpuppet….by strict definition of the term. A sockpuppet is “an online identity used for purposes of deception.” Ergo, Pridie.Nones is indeed a sockpuppet since he tries to hide by deception who he was on LP. I now know who he is, his deception has been exposed. Pridie.Nones (Latin for “on the day before,” specifying March 6 is the day before the Ides of March) is using a different name from the one he used at LP. I figured that surely such a fanciful expression must signify something more than merely another day of the year and it did. It identified who he is.
Well, as many statists say, : If they have not done, and are not doing any thing wrong, and have nothing to hide, there is no reason to object to a audit ( search )! Right?
Si vis pacem, para bellum
You hide who you are on facebook. Or if not facebook. You hide who you are in the white pages.
Exactly. What are they hiding, these people who constantly lecture the world about financial transparency. They just don't like being transparent themselves. Damned hypocrites.
A sockpuppet is “an online identity used for purposes of deception.” Ergo, Pridie.Nones is indeed a sockpuppet since he tries to hide by deception who he was on LP. I now know who he is, his deception has been exposed. Pridie.Nones (Latin for “on the day before,” specifying March 6 is the day before the Ides of March) is using a different name from the one he used at LP. I figured that surely such a fanciful expression must signify something more than merely another day of the year and it did. It identified who he is. I sense that you are chatting about me. What is all this blather about?
Projection. That's what the expert-sockpuppet Canary Clan is/has been about.
Canaries cannot hide their feathers; OR guano.
He seems to enjoy Wikipedia for all his references, such as "sock puppet" and "Pridie Nones." No one can be more swallow than that.
I realized how insignificant it is, and that is how it will remain. I am moving on, Izzy.
Izzy Izzy?
"The biggest mistake that libertarians make is the way they view government and private sectors. Government is the root of all evil, and the private sector is the source of all good. Libertarians have never figured out that people are the same whether in the government or in the private sector." --Paul Craig Roberts
I hate to tell you but for your own good, man, get your head out of your ass.
Comments (41 - 42) not displayed.
Top • Page Up • Full Thread • Page Down • Bottom/Latest The Federal Reserve Board and its 12 affiliated regional Fed banks already undergo an audit. Multiple layers of audits, in fact, by the Government Accountability Office, the Office of the Inspector General and independent private auditors such as Deloitte. The Fed also releases weekly data about its balance sheet and the minutes from its closely watched Federal Open Market Committee meetings with a three-week delay.
#2. To: TooConservative, A K A Stone (#1)
So the writer is saying that the Fed is already fully audited so therefore no further audits are needed?
This is so shallow that even a mudraker (sic) like you shouldn't stoop to posting it.
You "attacking the messenger" personally is a subdivision of the ad hominem logical fallacy. Such a personal attack is not needed here. Try to stay on topic and explain why the writer is wrong. I can see already that you plan to troll LF through the entire 2016 season. Like that's any surprise. You are here only to disrupt, as I have stated many times.
I do what I do, and I will continue to do so with the grace of Stone. You can label what I do to be “muckraking” if you like, that doesn’t bother me. Let’s wait until the 2016 season arrives before you speculate as to the nature of my activities then. In the meantime, I will post whatever I wish to during this 2015 season so long as Stone does not object. Capisce?
#3. To: Gatlin (#2)
The financial statements of the Reserve Banks are also audited annually by an independent outside auditor.
#4. To: TooConservative (#1)
You are here only to disrupt, as I have stated many times.
#5. To: CZ82, A K A Stone (#4)
(Edited)
#6. To: CZ82, TooConservative, Gatlin, Audit the FED (#4)
The D&R terrorists hate us because we're free, to vote second party
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#7. To: TooConservative, Gatlin (#3)
In your tedious boilerplate you don't explain why the Fed should not be fully audited.
#8. To: Pridie.Nones (#7)
He will never answer either. He trusts government, PERIOD. He is not like you or me and other reasonable people: trust but verify.
#9. To: TooConservative (#3)
In your tedious boilerplate you don't explain why the Fed should not be fully audited.
#10. To: TooConservative (#8)
#11. To: Pridie.Nones (#7)
#12. To: TooConservative (#1)
#13. To: Gatlin, A K A Stone (#10)
Then use "Thread Ignore" or bozo me ...
#14. To: Gatlin (#11)
#15. To: Logsplitter (#12)
It's not Ron Paul the man, that Gats fears so much, but his ideas.
#16. To: TooConservative (#5)
TOS had its infiltrators at LP. Now they are here at LF.
#17. To: Gatlin (#11)
#18. To: A K A Stone (#16)
They are just cutting across your yard to get to my lemonade stand stand.
#19. To: A K A Stone, TooConservative, All (#16)
TOS had its infiltrators at LP. Now they are here at LF. Welcome infiltrators. You will be assimilated.
They are just cutting across your yard to get to my lemonade stand stand.
#20. To: A K A Stone (#17)
(Edited)
He is no sock puppet. But you did attempt about 5. Wacked them all.
#21. To: TooConservative (#13)
Then use "Thread Ignore" or bozo me ...
#22. To: Gatlin (#21)
#23. To: Gatlin (#19)
I will continue to challenge people to think….they may continue to attack me for challenging them to think.
#24. To: Gatlin (#19)
Most people post articles that represents their thoughts. I post articles to challenge their thoughts. Most people will not accept that challenge, all they can do is attack me personally.
#25. To: Dead Culture Watch (#24)
Spit!, and a laugh at you, for you.
#26. To: TooConservative, Gatlin (#1)
#27. To: Pericles (#26)
All these talks about Reagan's or Clinton's or Bush's economies are meaningless when the power is in the hands of unelected officials.
#28. To: Pericles (#26)
Let us have the Fed in the hands of the politicians - let them die or conquer by how a party runs the economy for real.
#29. To: hondo68 (#6)
#30. To: A K A Stone, Pridie.Nones (#17)
He is no sock puppet.
#31. To: TooConservative (#3)
" why the Fed should not be fully audited. "
#32. To: Gatlin (#30)
Ergo, Pridie.Nones is indeed a sockpuppet since he tries to hide by deception who he was on LP.
#33. To: Stoner (#31)
Well, as many statists say, : If they have not done, and are not doing any thing wrong, and have nothing to hide, there is no reason to object to a audit ( search )! Right?
#34. To: Gatlin (#30)
Oh, but he is a sockpuppet….by strict definition of the term.
#35. To: Pridie.Nones (#34)
I sense that you are chatting about me. What is all this blather about?
#36. To: A K A Stone (#32)
You hide who you are on facebook. Or if not facebook. You hide who you are in the white pages.
#37. To: Liberator, Gatlin (#35)
That's what the expert-sockpuppet Canary Clan is/has been about.
#38. To: Pridie.Nones (#34)
(Edited)
What is all this blather about?
#39. To: Gatlin (#38)
#40. To: Gatlin (#38)
I realized how insignificant it is, and that is how it will remain.
.
.
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