Bernanke calls Ron Paul audit plan 'nightmare' for Fed
 

Bernanke calls Ron Paul audit plan 'nightmare' for Fed

By Pedro Nicolaci da Costa, Reuters
WASHINGTON U.S. Federal Reserve Chairman Ben Bernanke on Wednesday rebutted Republican lawmakers pushing a bill that would give Congress the ability to review monetary policy decisions, saying it could compromise central bank independence.
Bernanke said it would be a "nightmare scenario" if politicians decided to second-guess monetary policy.
"That is very concerning because there's a lot of evidence that an independent central bank that makes decisions based strictly on economic considerations and not based on political pressure will deliver lower inflation and better economic results in the longer term," Bernanke told the U.S. House of Representatives' Financial Services Committee.
The hearing was the likely last chance for retiring Texas Representative Ron Paul, known for proposing the Fed should be abolished, to grill the central bank chairman.
"Trillions and trillions of dollars (are) being printed out of thin air," said Paul.
The Republican-controlled House is on track to take up Paul's Fed audit legislation next week. The bill, which has been co-sponsored by more than half of all House members, looks set to clear that chamber, but not the Senate.
In response to a deep financial crisis and the worst recession in generations, the Fed brought official borrowing costs to effectively zero and bought some $2.3 trillion in Treasury and mortgage bonds in an effort to spur economic growth.
The results have thus far been mixed, with economic growth braking sharply this year after a strong finish to 2011 and the unemployment rate stuck at a still-high 8.2 percent.
The Fed has opened many of its operations, including details of emergency lending, to public scrutiny, although in some instances it did so only as a result of legislation or court order.
Paul's bill would direct the Government Accountability Office, an independent, nonpartisan congressional agency, to conduct a Fed review, and it would remove an exemption monetary policy has enjoyed.
Bernanke said the very notion of a monetary policy audit was misleading.
"The term 'audit the Fed' is deceptive. The public thinks that auditing means checking the books, looking at the financial statements, making sure that you're not doing special deals, and that kind of thing. All of those things are (already) completely open," he said.
"I think the term 'audit the Fed' is deceptive" says Fed Chairman Ben Bernanke in response to a question about transparency by Rep. Stephen Fincher, (R-TN).

Bernanke calls Ron Paul audit plan 'nightmare' for Fed


By Pedro Nicolaci da Costa, Reuters

WASHINGTON U.S. Federal Reserve Chairman Ben Bernanke on Wednesday rebutted Republican lawmakers pushing a bill that would give Congress the ability to review monetary policy decisions, saying it could compromise central bank independence dominance and collusion.

Bernanke said it would be a "nightmare scenario" if politicians decided to second-guess screw with monetary policy.

"That is very concerning because there's a lot of evidence (we don't have it; but give us a hundred more years) that an independent central bank that makes decisions based strictly on economic considerations theft and not based on political pressure will deliver lower inflation and better economic results in the longer term," Bernanke told the U.S. House of Representatives' Financial Services Committee.

The hearing was the likely last chance (unless we see a RNC convention upset) for retiring Texas Representative Ron Paul, known for proposing the Fed should be abolished, to grill the central bank chairman. (but in all reality, without having to consider election consequences, Paul could mount more trouble as a private citizen for the Fed.)

"Trillions and trillions of dollars (are) being printed out of thin air," said Paul.

The Republican-controlled House is on track to take up Paul's Fed audit legislation next week. The bill, which has been co-sponsored by more than half of all House members, strictly concerned with re-election, looks set to clear that chamber, but not the Senate. They've got their majority and to hell with inflation.

In response to a deep financial crisis and the worst recession in generations, the Fed brought official borrowing costs to effectively zero and bought (with your money!!) some $2.3 trillion in Treasury and mortgage bonds in an effort to spur hide the deception and economic growth.
The results have thus far been mixed lousy, with economic growth braking sharply this year after a strong faked stats finish to 2011 and the unemployment rate stuck at a still-high 8.2 22-28 percent.

The Fed has opened hid many of its operations, including details of emergency lending, to public scrutiny, although in some instances it did so only as a result of legislation or court order. Whining and crying the entire time.

Paul's bill would direct the Government Accountability Office, an independent, nonpartisan congressional agency, to conduct a Fed review, and it would remove an exemption monetary policy has enjoyed needed.

Bernanke said the very notion of a monetary policy audit was misleading terrorizing.
"The term 'audit the Fed' is deceptive like a stake to the heart of a vampire. The public thinks knows that auditing means checking the books, looking at the financial statements, making sure that you're not doing special deals, and that kind of thing(inflating, debasing, stealing wealth. All of those things are (already) completely open hidden," he said.

"I think the term 'audit the Fed' is deceptive delusional" says Fed Chairman Ben Bernanke in response to a question about transparency by Rep. Stephen Fincher, (R-TN).
Hey Paedro--I fixed your article. Too bad I don't have strike-through and a red pen.

strike through - > [ S ] with no spaces [ /S ] strike through

Great job BL, had to reread it and now it makes a lot more sense.

Thank you! All that code brings back scary memories . . . I sure miss metal type; at least I only had to worry about mixing up the p's and q's! http://www.discussworldissues.com/fo...ies/smiley.gif

No way! I still have like 25 type cases I need to cash in before we split outta here. I remember the boss man getting pissed when anyone would mess up type, especially returning it to the cabinets. He would dump the whole case out and make whoever messed up put them back where they belonged. My linotype was better but it would spew lead all over if not careful, not a good place to be wearing long pants.

this audit will never take place ... time to move on we all know the gold been long gone and mr paul know this

saying it could compromise central bank independence. Oh how rich!

Where is the gold? Who took it and how long ago?

When I think of the Fed, I can not help think of this.


shell-gam.jpg

will deliver lower inflation and better economic results in the longer term........ .................

how long do they wont ,after 100 yrs....................FAIL

An audit of the FED would be a "nightmare" because the horror would be uncovered.