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Old 02-23-2014, 08:50 PM   Topic Starter
Easy 6 Easy 6 is offline
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The "Fed"

I've brought this up a few times recently, and its nothing new here in DC, but it never seems to gain much traction... why do we have a COMPLETELY independent entity in charge of our money?

Its just a series of simple questions that add up to an ugly answer IMO... why are they called Federal, when they're not Federal at all.

Why are they allowed to control the American taxpayers money when they're NOT bound by FEDERAL law?

If they're not bound by our laws, if a US Congressman or committee cant force them to answer where billions and trillions of OUR money have gone, what law ARE they bound by?

I've read explanations here from both sides in the distant past, but nothing sticks out to me as a "oh, ok that makes perfect sense" answer... the reasons are vague and full of ambiguity, IIRC they're the kind of answers that even very educated people are confused by, but they make excuses for this "system" just because "that's the way things have been since 1913"

It seems like these guys fly under the radar 24/7... the media wont cover it and it isn't even possible to get a message board to address it seems, so I ask again... why are they necessary and who do they answer to? in todays world, why should we trust a group of bankers who answer to no KNOWN body?
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Old 02-23-2014, 08:56 PM   #2
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1. The Fed doesn't control tax payer money. They influence banks and credit (creation and destruction).

2. The Fed discloses where money goes and regularly releases that information. The anti-Fed types ignore that information.

3. The Federal Reserve was set up the way it is to keep it independent of political pressure. Since Greenspan, we've seen a lot less independence but historically the Fed has been independent so neither political party can assert they've taken actions to either goose or crash the economy for a certain political party.
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Old 02-23-2014, 09:05 PM   #3
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Quote:
Originally Posted by KC native View Post
1. The Fed doesn't control tax payer money. They influence banks and credit (creation and destruction).

2. The Fed discloses where money goes and regularly releases that information. The anti-Fed types ignore that information.

3. The Federal Reserve was set up the way it is to keep it independent of political pressure. Since Greenspan, we've seen a lot less independence but historically the Fed has been independent so neither political party can assert they've taken actions to either goose or crash the economy for a certain political party.
#1 is an interesting thought... but how is it they loaned out 2.2 trillion, did they just imagine that money up to loan to God knows who?

Doesn't bank money atleast partially flow from taxpayers, is all of the money they control a banking/corporate construct?

Even if it comes from corporations and all of the arcane to the layman meanings and mechanisms of money, why is it that they are not forced to answer for where it goes... in short, who do they answer to?
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Old 02-23-2014, 10:41 PM   #4
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Quote:
Originally Posted by scott free View Post
#1 is an interesting thought... but how is it they loaned out 2.2 trillion, did they just imagine that money up to loan to God knows who?

Doesn't bank money atleast partially flow from taxpayers, is all of the money they control a banking/corporate construct?

Even if it comes from corporations and all of the arcane to the layman meanings and mechanisms of money, why is it that they are not forced to answer for where it goes... in short, who do they answer to?
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Old 02-23-2014, 09:05 PM   #5
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Quote:
Originally Posted by KC native View Post
1. The Fed doesn't control tax payer money. They influence banks and credit (creation and destruction).

2. The Fed discloses where money goes and regularly releases that information. The anti-Fed types ignore that information.

3. The Federal Reserve was set up the way it is to keep it independent of political pressure. Since Greenspan, we've seen a lot less independence but historically the Fed has been independent so neither political party can assert they've taken actions to either goose or crash the economy for a certain political party.
For as smart as I know you are when it comes to economics, that is a very na´ve post and I think deep down you know that.
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Old 02-23-2014, 10:43 PM   #6
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Quote:
Originally Posted by petegz28 View Post
For as smart as I know you are when it comes to economics, that is a very na´ve post and I think deep down you know that.
There is nothing wrong with what I wrote.
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Old 02-23-2014, 09:30 PM   #7
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Quote:
Originally Posted by KC native View Post
1. The Fed doesn't control tax payer money. They influence banks and credit (creation and destruction).

2. The Fed discloses where money goes and regularly releases that information. The anti-Fed types ignore that information.

3. The Federal Reserve was set up the way it is to keep it independent of political pressure. Since Greenspan, we've seen a lot less independence but historically the Fed has been independent so neither political party can assert they've taken actions to either goose or crash the economy for a certain political party.
Native finally said something factual. Also E&Y or a major accounting firm does regular audits.
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Old 02-23-2014, 09:38 PM   #8
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Quote:
Originally Posted by Prison Bitch View Post
Native finally said something factual. Also E&Y or a major accounting firm does regular audits.
Who is E&Y... why doesn't the fed chairman have to tell Congress where the money is going?

There isn't a real explanation for... why aren't they accountable to Congress... Bernanke had the guts to tell Congress to go pound sand when asked to account for himself, if its all common knowledge thanks to "E&Y", is Congress not privy to the "E&Y" reports?

Why ask Bernanke if its all so readily available and transparent?
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Old 02-23-2014, 09:40 PM   #9
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Quote:
Originally Posted by scott free View Post
Who is E&Y... why doesn't the fed chairman have to tell Congress where the money is going?

There isn't a real explanation for... why aren't they accountable to Congress... Bernanke had the guts to tell Congress to go pound sand when asked to account for himself, if its all common knowledge thanks to "E&Y", is Congress not privy to the "E&Y" reports?

Why ask Bernanke if its all so readily available and transparent?
Don't buy this crap about the audits. During all the TARP hoopla, the Fed was allowed to hide where all the money was going. It took the SCOTUS ruling several years after the fact that they had to disclose. Also on a more personal level, Bernanke is a ****ing idiot. The man was never right about 1 ****ing thing during is time as Fed Chair.
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Old 02-23-2014, 10:51 PM   #10
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Quote:
Originally Posted by petegz28 View Post
Don't buy this crap about the audits. During all the TARP hoopla, the Fed was allowed to hide where all the money was going. It took the SCOTUS ruling several years after the fact that they had to disclose. Also on a more personal level, Bernanke is a ****ing idiot. The man was never right about 1 ****ing thing during is time as Fed Chair.
Disagree. I have zero love for Bernanke due to how the bailout funds were handled (no negotiations), but he handled the crisis fairly well considering the global payment system didn't implode and we have avoided a 2nd recession after 2007-2008.
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Old 02-23-2014, 10:48 PM   #11
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Quote:
Originally Posted by scott free View Post
Who is E&Y... why doesn't the fed chairman have to tell Congress where the money is going?

There isn't a real explanation for... why aren't they accountable to Congress... Bernanke had the guts to tell Congress to go pound sand when asked to account for himself, if its all common knowledge thanks to "E&Y", is Congress not privy to the "E&Y" reports?

Why ask Bernanke if its all so readily available and transparent?
The Fed's audited financial statements are at

http://www.federalreserve.gov/moneta...financials.htm

The Fed does tell Congress and everyone else where the money goes. The Fed is very big on signaling their actions (saying what they're going to do before they do it) so markets know what to expect from the Fed.

E&Y is Ernst and Young.
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Old 02-23-2014, 09:46 PM   #12
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Quote:
Originally Posted by KC native View Post
1. The Fed doesn't control tax payer money. They influence banks and credit (creation and destruction).

2. The Fed discloses where money goes and regularly releases that information. The anti-Fed types ignore that information.

3. The Federal Reserve was set up the way it is to keep it independent of political pressure. Since Greenspan, we've seen a lot less independence but historically the Fed has been independent so neither political party can assert they've taken actions to either goose or crash the economy for a certain political party.


This is a bunch of bullshit.
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Old 02-23-2014, 09:57 PM   #13
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Seeing a lot of greenlights who, I would think, have something substantial to say on this subject yet not. a. word... do not question how business is done in todays world, its all fair, its all good... claims of global malfeasance are for jobless hippies.

Everyone at the tippy top really does care about you, you 100k a year guys who think you're hot shit? oh yeah, you too, we're gonna be there for ya...

News Flash, when the bottom hits, all you guys are gonna have is your bullets and Rosland Capital silver coins... your land? gone... your sense of wealth? gone.

It can all be taken from you unless you stand with everyone and not just yourselves.
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Old 02-23-2014, 09:04 PM   #14
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This is an important and fundamental question that no one can ever give a good answer to. I mean the entire meeting of the people that formed the Fed was so secret they only used first names at the meeting. President Wilson conceded after he signed it into law that he did a bad thing.

Some would argue that keeping it independent keeps it free from political influence and what not which is true but also irrelevant. It caters to the bankers and feeds corporate cronyism.

As we speak they are keeping and have been keeping rates at what most would call artificially low levels. Who benefits from that? Pretty much corporate America and that's it.

What they are doing is de-valuing the $ and the middle\lower classes. You can't even get a savings account that pays the current rate of inflation. In other words they are eroding the spending power of the 99%. The stock market has gone up significantly under Obama and why? Primarily because of Fed policy. These people are legal crooks and at the least should have to be audited on a regular basis.

I mean it's a pretty sweet gig when you can print money, set the rate of lending and then force banks to have to come to you for $. People are in prison for doing similar but the Fed can do it clean and clear and hide their books at that.
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Old 02-23-2014, 11:54 PM   #15
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Quote:
Originally Posted by petegz28 View Post
This is an important and fundamental question that no one can ever give a good answer to. I mean the entire meeting of the people that formed the Fed was so secret they only used first names at the meeting. President Wilson conceded after he signed it into law that he did a bad thing.
What? Did they wear masks?
Did they not already probably know each other? WTF are you saying?
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