Congressmen Ron Paul and Alan Grayson seek to bring more transparency and accountability to the U.S. central bank and “to subject the Fed’s monetary policy and discount-lending actions to an audit by the Government Accounting Office (GAO).” See the full letter and sign below (include affiliation please) in support
Source link: http://archive.mises.org/11212/a-note-on-the-independence-of-the-fed/
A Note on the Independence of the Fed
Previous post: The Enduring Power of Mises
Next post: The New American Dream: Strategic Default
{ 75 comments }
Next Comments →
I fully support this letter.
It will be difficult to change the Fed while most Americans support outright socialism. Bloomberg conducted a poll and found that most Americans want the guv to spend as much as possible to create jobs and make the rich pay for it. It makes me ashamed to be an American. Greed and envy are running wild. Here’s the link: http://www.bloomberg.com/apps/news?pid=20601087&sid=awkrRPMONDW8&pos=9
I, too, fully support this letter.
Fundamentalist, I read that same article last night and I was not surprised at all. That article sums up perfectly the dangers of “democracy”.
I still think Grayson is a “mole.” Grayson is my congressman and I have know of him for a long time. He is basiclly a nut looking for publicity. Right now the Democrats are containing Paul’s initiative and have successfully folded it into other legislation. But if it actually looks like it will become law Grayson will be used to sink it all. I certainly hope Ron is not trusting him.
I fully support this letter.
A for effort, but I think they’re attacking a lunatic asylum with a banana:
“Der Holy Mother Schtaat” has not yet created a large enough economic crisis to rationalize other options, and continues to borrow and spend like nobody’s business.
Let’s hope they don’t tear a page from Kim Jong Il’s playbook when the economic consequences do arrive!
Fundamentalist is right, going after the Fed is putting the cart before the horse. You simply can’t have an honest gold standard with government’s taking up 40-50% of GNP.
As Milton Friedman pointed out
“If you could re-establish a world in which government’s budget accounted for 10 percent of the national income, in which laissez-faire reigned, in which governments did not interfere with economic activities and in which full employment policies had been relegated to the dustbin, in such a world you might be able to restore a real gold standard. A real honest-to-God gold standard is not feasible because there is essentially no government in the world that is willing to surrender control over its domestic monetary policy.”
Fundamentalist is right, going after the Fed is putting the cart before the horse. You simply can’t have an honest gold standard with government’s taking up 40-50% of GNP.
As Milton Friedman pointed out
“If you could re-establish a world in which government’s budget accounted for 10 percent of the national income, in which laissez-faire reigned, in which governments did not interfere with economic activities and in which full employment policies had been relegated to the dustbin, in such a world you might be able to restore a real gold standard. A real honest-to-God gold standard is not feasible because there is essentially no government in the world that is willing to surrender control over its domestic monetary policy.”
I too fully support this letter.
What difference will it make if the GAO audits the Fed? The financial condition of the Fed is what it is. The proverbial “Krugman Hole” has already been dug. Besides, why would we accept GAO numbers? Using GAAP accounting standards, the budget deficit is trillions more than the GAO states. The GAO uses “Congressional Rigged Accounting Practices” aka CRAP. If they audited the Fed, they would come up with a “Federal Reserve Audit Understatement Division” aka FRAUD to misrepresent the financial condition of the Fed. Come on, do we really expect any difference than if the Zimbabwe government had audited the Zimbabwe Central Bank?
I fully support this letter.
I fully support this letter.
I support the effort noted.
I support this letter.
Lucas M. Engelhardt
PhD Candidate
The Ohio State University
I fully support this letter .
In addition please note the source and location of the supporters of the Fed.
I support this letter.
Timothy Terrell
Associate Professor of Economics
Wofford College
I fully support this letter.
Michael Robers
Financial Analyst
San Diego, CA
I fully support this letter!
I support this letter.
I support this letter and the Paul-Grayson bill.
I am a RWVA Rifle Marksmanship Instructor, teach American Revolutionary War history and have worked in the radio frequency and telecommunications field for over a decade. This bill strikes the root of our nation’s ills.
Deo Vindice
I fully support this letter!
Fundamentalist is right, but so is Hulsmann. The only strategy that will be effective over the long term is to change “the hearts and minds of the American people.” That’s what LvMI is all about, and the main reason I am in this profession. However, one of the reasons so many people support socialism in this country is they have seen it “working” through bigger and bigger government becoming everyone’s apparent sugar daddy, while the propaganda mill, er, I mean the state-run education system and the lap-dog media, never shine a light on the unseen cost. One of the many tactics we can use in this project is to use the political system to hack away at the jungle of state intervention and just maybe show people that things actually get better when the state gets smaller. Paul and Grayson may be going elephant hunting with a pea shooter, but hey, look at what David did with one little rock!
This bill may not have the desired effect, but the best way to ensure nothing is accomplished is to never try it in the first place.
Ken Zahringer
Graduate Teaching Assistant
Department of Economics
University of Missouri
As I stated at the End the Fed Rally, 11.22.08, in NYC, quoting a message from Gen. Bert Stubblebine, Natural Solutions Foundation President,
“War is bad for your health. Unstable money systems are the tool of those who generate wars for their own financial health. Health freedom implies the freedom to live free from the threat of engineered wars to enrich the few and kill and subjugate the many. It also implies the right to earn enough real money to support the health and well being of your body, your family, your community and your world.â€
We concluded,
“We reject the usurpation of Constitutional right which the Federal Reserve represents. That usurpation, over a century old, known as the “Legal Tender Cases†abrogated to the US Government the unconstitutional power to declare legal tender and led directly to the crisis of the moment. This usurpation must end: End the Fed! Return to Constitutional money!”
Therefore, the Foundation and http://www.HealthFreedomUSA.org are pleased to join this call for Congress to audit the Federal Reserve Bank, for transparency and as a second step (the first was the re-legalization of gold ownership) toward a return to Constitutional money.
Ralph Fucetola JD
Natural Solutions Trustee
YouTube End the Fed Statement:
http://www.youtube.com/watch?v=R9PSETSdTgw
I support this letter. Unfortunately my credentials are a bit wanting!
Evan Rogers
The Ohio State University Graduate
Friend of Liberty
English Teacher currently teaching in Japan.
I support this letter as a step in the direction of establishing a free market in money and banking.
George F. Smith
Author, “The Flight of the Barbarous Relic”
I support this letter.
Matt Nellans
Citizen on the State of Florida
I fully support this letter.
Arthur A. Fay,
Retired and a founding director of the Houston Church of Freethought
I fully support this letter.
Jonathan Mariano
MBA, Sustainable Management, 2010
Presidio Graduate School
I support this letter.
Jeremy Hopwood
Undergraduate student
Boise State University
Wow. Literally every macro professor I could ever have is a signer of the “petition for Fed independence”, including my professor for next quarter. Boo. Oh well, I give this my full support nonetheless!
Alexander Risman
Mathematical Methods in the Social Sciences, Economics
Northwestern University WCAS ’13
The federal reserve takes money from those of us that don’t have it, and gives it to those do have it, completely destroying Americans’ chances of creating true wealth.
It’s past time the federal reserve came clean.
best,
Brian
I support this letter.
Take back responsibility for where we are and where we go, I say.
Software Developer, Human Rights Activist.
Jim Clayson
London, UK
” Literally every macro professor I could ever have is a signer of the “petition for Fed independence”, ”
Macro economics is a farce. The logic is basically if size grows the rules somehow change.
In micro you need to produce before you can consume. In macro, magically, you need to consume to be able to produce.
I advice every college student to challenge their macro profs and ask them the reason for the this division.
I support this letter.
Zach Bibeault
Undergraduate student, University of MInnesota Twin Cities
I fully support this letter.
Les Elliott
Austro-Libertarian
End The FED! (I am FEDup).
Restore free market money (gold).
I’m backing this letter
Hans Fredrik Bøe-Hanssen
Senior Oil Market Analyst
Norway
I fully support this letter.
Timothy Roush
Holy Trinity Catholic
I fully support this letter.
My wish is to someday use money that doesn’t evaporate from my savings.
C.L. Watson
Computer Consultant (Legal, Financial, Retail, Communications. 25yrs)
Participatory Element in the Economy
Electronics and Computer Science Major
Lover of Philosophy, Physics, and Economics
I fully agree with and support this letter
I fully agree with Mr Hülsmann
I agree fully and support this letter.
I support this letter.
Independent Trader
I support this letter.
This is baloney. First, empirical evidence does not support the idea that political intervention in the central bank’s actions improve monetary policy. If you employ a statically sound method of comparison and look at different central banks in different countries, their levels of independence and the effectiveness of their monetary policy, you find a strong negative relationship. Banks that are politically motivated pursue short term gains at the expense of long term growth, and many onlookers believe that the Fed’s low interest rates over the last half-decade were politically motivated.
I support this letter and the Paul-Grayson bill.
Citizen of Michigan
I fully support this letter
Australian living in NYC
Vice President at Credit Suisse
Libertarian
I fully support this letter
Australian living in NYC
Vice President at Credit Suisse
Libertarian
I fully support this letter.
Israel RodrÃguez MartÃn.
Audit the Fed,
Then End It.
Yvonne Kelly
Republic of Texas
I fully support this letter.
Next Comments →
Comments on this entry are closed.