24 replies to this topic

[stocks]

Janet Yellen Is Freaking Out About ‘Audit The Fed’

#1 We like to think that we have a government “of the people, by the people, for the people”, but the truth is that an unelected, unaccountable group of central planners has far more power over our economy than anyone else in our society does.

#2 The Federal Reserve is actually “independent” of the government. In fact, the Federal Reserve has argued vehemently in federal court that it is “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.

#3 The Federal Reserve openly admits that the 12 regional Federal Reserve banks are organized “much like private corporations“.

#4 The regional Federal Reserve banks issue shares of stock to the “member banks” that own them.

#5 100% of the shareholders of the Federal Reserve are private banks. The U.S. government owns zero shares.

#6 The Federal Reserve is not an agency of the federal government, but it has been given power to regulate our banks and financial institutions. This should not be happening.

#7 According to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”. So why is the Federal Reserve doing it?


http://davidstockman...-audit-the-fed/

[stocks]

Janet Yellen Is Freaking Out About ‘Audit The Fed’

Don't Be Fooled by the Fed's Anti-Audit Propaganda

In recent weeks, the Federal Reserve and its apologists in Congress and the media have launched numerous attacks on the Audit the Fed legislation. These attacks amount to nothing more than distortions about the effects and intent of the audit bill.

Fed apologists continue to claim that the Audit the Fed bill will somehow limit the Federal Reserve's independence. Yet neither Federal Reserve Chair Janet Yellen nor any other opponent of the audit bill has ever been able to identify any provision of the bill giving Congress power to dictate monetary policy. The only way this argument makes sense is if the simple act of increasing transparency somehow infringes on the Fed's independence.

Some Federal Reserve apologists make the contradictory claim that the audit bill is not only dangerous, but it is also unnecessary since the Fed is already audited. It is true that the Federal Reserve is subject to some limited financial audits, but these audits only reveal the amount of assets on the Fed's balance sheets. The Audit the Fed bill will reveal what was purchased, when it was acquired, and why it was acquired.

Between 2007 and 2010 the Federal Reserve committed over $16 trillion - more than four times the annual budget of the United States - to foreign central banks and politically influential private companies. Can anyone doubt a full audit would show similar instances of the Fed acting to benefit the political and economic elites?



http://townhall.com/...akingOnTownhall

[stocks]

Shouldn't Ben Bernanke Be in Jail Alongside the Wall Street Execs He Just Accused

Apparently former U.S. Federal Reserve Chairman Ben Bernankethinks some Wall Street executives should have gone to jail for misdeeds during the financial crisis of 2008.

It’s true that seven years later, not a single Wall Street bad actor has gone to prison over the credit crisis – even though it dwarfed the savings and loan scandals of the 1980s for which 1,100 people were prosecuted for white collar crimes, including top executives of the large failed banks.

But the statement coming from Bernanke is loaded with hypocrisy. He played a major role in tanking the U.S. economy himself…


http://wallstreetexa...s-just-accused/

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Inflation Headlines Vs. Reality Reveals Outright Government Fraud

Government measures cheat savers and particularly senior citizens while subsidizing the wealthiest big banks and leveraged speculators. They do so by giving the Fed an excuse to perpetuate the ZIRP.

The BLS invented Owner’s Equivalent Rent as a replacement for actual housing prices in 1982 because housing inflation caused the CPI to increase too fast. The government created CPI as a means to index government benefits, salaries, and procurement contracts. The government gets off cheap when it undercounts housing inflation.

The imputation of a false, understated measure for housing costs has saved the government countless billions in the past 33 years and it continues to do so today.

While the US Government finds ways to continually punish senior citizens, either by confiscating their savings with ZIRP, or denying them cost of living increases in the Social Security checks by using fraudulent data, in actuality, inflation marches on at somewhere around 2.6%-2.8% per year.


http://wallstreetexa...vernment-fraud/

[stocks]

Michael Burry, Real-Life Market Genius From The Big Short, Thinks Another Financial Crisis Is Looming

 

 

http://nymag.com/dai...-is-coming.html