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-- HR 1207 : Federal Reserve Transparency Act 2009
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Responsibilities The primary responsibility of the Board members is the formulation of monetary policy. The seven Board members constitute a majority of the 12-member Federal Open Market Committee (FOMC), the group that makes the key decisions affecting the cost and availability of money and credit in the economy. The other five members of the FOMC are Reserve Bank presidents, one of whom is the president of the Federal Reserve Bank of New York. The other Bank presidents serve one-year terms on a rotating basis. By statute the FOMC determines its own organization, and by tradition it elects the Chairman of the Board of Governors as its Chairman and the President of the New York Bank as its Vice Chairman. The Board sets reserve requirements and shares the responsibility with the Reserve Banks for discount rate policy. These two functions plus open market operations constitute the monetary policy tools of the Federal Reserve System. In addition to monetary policy responsibilities, the Federal Reserve Board has regulatory and supervisory responsibilities over banks that are members of the System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the U.S. activities of foreign-owned banks. The Board also sets margin requirements, which limit the use of credit for purchasing or carrying securities. In addition, the Board plays a key role in assuring the smooth functioning and continued development of the nation's vast payments system [see Fedwire and Payment System Risk Policy]. Another area of Board responsibility is the development and administration of regulations that implement major federal laws governing consumer credit such as the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act and the Truth in Savings Act [see Consumer Information and Community Development].

This is pretty much it. They explain it so well that I don't see the need to give my own spin on it. But if you would like to know more, just go to http://www.federalreserve.gov/

Seriously though, thank god for the fed. Without them, we would be lost. It's amazing that humans have even lasted this long without the federal reserve!!!!

so, explain to us all how the stabilising force of a central bank (which all meaningful economies have) is the worst thing since the creation of government?

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Originally posted by pkcRAISTLIN so, explain to us all how the stabilising force of a central bank (which all meaningful economies have) is the worst thing since the creation of government?

It's not the worst thing. It is actually a great idea! This recession that we are in is actually a fantasy. A dream really. Same goes for the "economic crashes" that hit other countries. All made up by people who hate government for no other reason but the fact that they are stupid meanies.

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Originally posted by DOOMBOT It's not the worst thing. It is actually a great idea! This recession that we are in is actually a fantasy. A dream really. Same goes for the "economic crashes" that hit other countries. All made up by people who hate government for no other reason but the fact that they are stupid meanies.

MORON. the current economic crisis would be far worse without the actions taken by the various central banks around the world. you dont understand economics and are beneath my time. good day.

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Originally posted by pkcRAISTLIN MORON. the current economic crisis would be far worse without the actions taken by the various central banks around the world. you dont understand economics and are beneath my time. good day.

I agree. More regulation is absolutely necessary to fix these fantasy problems. If it weren't for these people who doubt government always getting in the way, we would have already had trillions more in these bailouts, which obviously would have fixed these issues. But anyway, there really isn't a recession right now so I don't even know why we are debating this.

None of what he has said is true though. All made up. Right?

US Economics are awesome!!!!!

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Originally posted by DOOMBOT None of what he has said is true though. All made up. Right? US Economics are awesome!!!!!

ok, im gonna take you seriously just this once. id like a proper response.

what do these problems have to do with the fed or monetary policy?

what do decisions of the congress/senate/president have to do with the current discussion re central banks?

everyone knows about the debt and the baby boomer issue to do with money and infrastructure. many of the western world are in the same boat.

http://www.pbs.org/wgbh/pages/front...ntrillion/view/

what does the debt have to do with the fed? the elected representatives create the debt, not the fed.

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Originally posted by pkcRAISTLIN what do these problems have to do with the fed or monetary policy? what do decisions of the congress/senate/president have to do with the current discussion re central banks?

They have nothing to do with each other. Absolutely nothing. The monetary policies of this country didn't contribute to our hocus pocus recession. The only problem is that we haven't printed more money, actually.

Also, good to see you are once again getting your information from places such as the federal reserve web site and/or PBS. Government will always tell the truth!

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Originally posted by DOOMBOT Also, good to see you are once again getting your information from places such as the federal reserve web site and/or PBS. Government will always tell the truth!

What problem do you have of posting a relevant source to back up our rebuttal to your claim the Fed is a for-profit entity. Is the Fed website not good enough when looking for a their own damn balance sheet? Idiot.

Not, but colorut. My god. Is there no hope? He comes right out to accuse the Federal fucking Reserve of accounting fraud. You have one warped view of the world...

yeah, i didnt think you could answer them. i would've expected someone with such rigid convictions to have more of an idea about what they hated? though im obviously not surprised by the ignorance.

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Originally posted by DOOMBOT Yeah, I guess you are right. It's a wonder why the recession has everyone bothered right now.

Do you have any semblance of knowledge about the economic cycles prior to the creation of the Fed? In the 20th & 21st century, we call them Recessions - in the 19th they called them Panics.

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Originally posted by culorut No you can just read it from the US treasuries 2008 balance sheet. No wikipedia or youtube needed you fucking retard. http://www.fms.treas.gov/mts/mts1108.pdf

Now I'm just curious. What dictates that the Treasury, which is severely understaffed, has more authentic numbers than the Fed? I know you don't trust the Federal Reserve, but where has this sudden trust of an oft-hated U.S. government agency come from?

I mean, it stands to reason that if you don't trust the documents from the one, you wouldn't trust the documents from the other.

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Originally posted by Lebezniatnikov Now I'm just curious. What dictates that the Treasury, which is severely understaffed, has more authentic numbers than the Fed? I know you don't trust the Federal Reserve, but where has this sudden trust of an oft-hated U.S. government agency come from? I mean, it stands to reason that if you don't trust the documents from the one, you wouldn't trust the documents from the other.

It does not take much to do a few searches to source information on the national debt. Remove the foreign ownership and you are left with what the FED owns, about half.

At a 5% interest rate this would equal around 2-2.5 Trillion dollars.

Stop making excuses because you think the US Treasury is understaffed, if I can figure out the amount of interest earned on my own I am sure the US Treasury does not have a problem writing down numbers on their balance sheet.

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Originally posted by Krypton What problem do you have of posting a relevant source to back up our rebuttal to your claim the Fed is a for-profit entity. Is the Fed website not good enough when looking for a their own damn balance sheet? Idiot. Not, but colorut. My god. Is there no hope? He comes right out to accuse the Federal fucking Reserve of accounting fraud. You have one warped view of the world...

Are you blowing hot air again or ignoring what the national debt is? Either way I do not think you know how to do some simple math or understand the banking system at all.

Post up some relevant links proving me wrong on anything I have posted in this thread because so far you have failed Krypotshit.

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Originally posted by Groundhog Boy Do you have any semblance of knowledge about the economic cycles prior to the creation of the Fed? In the 20th & 21st century, we call them Recessions - in the 19th they called them Panics.

And do you know how these panics came about?

Here's a hint: They weren't caused by "natural" cycles in the economy.

No one ever answered culorut's question, by the way.

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Originally posted by culorut It does not take much to do a few searches to source information on the national debt. Remove the foreign ownership and you are left with what the FED owns, about half. At a 5% interest rate this would equal around 2-2.5 Trillion dollars. Stop making excuses because you think the US Treasury is understaffed, if I can figure out the amount of interest earned on my own I am sure the US Treasury does not have a problem writing down numbers on their balance sheet.

I'm not making excuses, I'm merely pointing out that the numbers you're relying on to make your statements were produced by the very people you think are involved in a conspiracy to simultaneously fleece the American people and kill them.

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Originally posted by DOOMBOT Here's a hint: They weren't caused by "natural" cycles in the economy.

I'd be very interested in reading your take on the causes of Panics in between 1860-1900.

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Originally posted by Lebezniatnikov I'm not making excuses, I'm merely pointing out that the numbers you're relying on to make your statements were produced by the very people you think are involved in a conspiracy to simultaneously fleece the American people and kill them.

Keep dancing around the hard facts you moron. The FED owes the USA 2 Trillion dollars.

Perfect example of the absolute need for Transparency Act HR 1207.


Fed Refuses to Release Bank Lending Data


March 5 (Bloomberg) -- The Federal Reserve Board of Governors receives daily reports on loans to banks and securities firms, the institution said in response to a Freedom of Information Act lawsuit filed by Bloomberg News.

The Fed refused yesterday to disclose the names of the borrowers and the loans, alleging that it would cast �a stigma� on recipients of more than $1.9 trillion of emergency credit from U.S. taxpayers and the assets the central bank is accepting as collateral.

The bank provides �select members and staff of the Board of Governors with daily and weekly reports� on Primary Dealer Credit Facility borrowing, said Susan E. McLaughlin, a senior vice president in the markets group of the Federal Reserve Bank of New York in a deposition for the Fed. The documents �include the names of the primary dealers that have borrowed from the PDCF, individual loan amounts, composition of securities pledged and rates for specific loans.�

The Board of Governors contends that it�s separate from its member banks, including the Federal Reserve Bank of New York which runs the lending programs. Most documents relevant to the Bloomberg suit are at the Federal Reserve Bank of New York, which the Fed contends isn�t subject to FOIA law. The Board of Governors has 231 pages of documents, which it is denying access to under an exemption under trade secrets.

�I would assume that information would be shared by the Fed and the New York Fed,� said U.S. Representative Scott Garrett, a New Jersey Republican. �At some point, the demand for transparency is paramount to any demand that they have for secrecy.�

Bloomberg sued Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs."


http://www.bloomberg.com/apps/news?...96TI&refer=home

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Originally posted by DOOMBOT No one ever answered culorut's question, by the way.

That's a given, they are all running around their bedrooms like a bunch of idiots while clicking their red heels wishing they never entered this thread.

They do not even know how national debt works or who owns what percentage of it but yet they post a couple links from the federal reserves website and they are all of a sudden experts on the subject.

quote:

Originally posted by Lebezniatnikov I'd be very interested in reading your take on the causes of Panics in between 1860-1900.

Panic of 1819 - Banks issued notes on gold that they kept in their vaults to customers. Banks began issuing more notes then there were gold to back up the notes. Following this were bank runs and lots of banks going out of business.

Panic of 1837 - Same thing as 1819.

Panic of 1857 - Again, we see the same thing. Government unable to meet its financial obligations. A lot of gold game into the economy, which caused much inflation because again, banks were issuing paper notes on the gold. Other countries, England for example lost faith in our economic policies, which also translates to lost faith of the US citizens.

Panic of 1873 - Again, government tampering with monetary policy. You see them move from coining gold/silver to just gold. Of course, people carried silver so this really hurt your average citizen because it removed a lot of their buying power. Obviously your private citizen wishes to carry silver and does so because it is money to him/her. Government, again tampering with monetary policy, creates yet another recession.

Panic of 1893 - Well, what do you know? Monetary policy of the US Government fails again! Government scoops up a lot of silver from the economy, which increases prices. Obviously, this is not natural. The Philadelphia Rail Road goes bankrupt, people panic and go to the banks to take their money (Bank run) and we have the same out come as above. The gold isn't there!

Of course, I crammed down tons of information into just a few short sentences for each panic but I think you get the idea. Government trying to manipulate the monetary policy and money supply AND interest rates is always going to lead to disaster. If people are going to use gold, silver, copper, cigarettes or poker chips as money, let them. The free market has always done a wonderful job of deciding what money is and should be and every single time a central planner tries to change it "for the good of the country", shit eventually hits the fan.

I'm open for debate though and also interested in what others have to say about some of these Panics.

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Originally posted by culorut Are you blowing hot air again or ignoring what the national debt is? Either way I do not think you know how to do some simple math or understand the banking system at all. Post up some relevant links proving me wrong on anything I have posted in this thread because so far you have failed Krypotshit.

Stop.

I did post a relevant link using the Fed's balance sheet to prove they pay profits back to the Treasury. Your only response is to flat out accuse them of cooking their books. You are a fucking idiot...

quote:

Originally posted by DOOMBOT And do you know how these panics came about? Here's a hint: They weren't caused by "natural" cycles in the economy.

A multitude of factors. One being the fact that there was no way to manipulate the money supply as the business cycles fluctuate. But it seems like you don't even accept the business cycle as a normal function of capital markets, unfortunately...

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