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Report: U.S. deficit to hit $2.29 trillion (pg. 6)
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| Trancer-X |
| quote: | Originally posted by occrider
Hehe I'd still like to see an economy function without a central bank. To the best of my knowledge there is only one country officially without one and that's Panama. Unofficially their central bank is the US Fed since their currency is pegged to the dollar. |
Why not have a publicly accountable, centralized bank like Thomas Jefferson spoke about? Why must we insist on depending on a coterie of wealthy bankers (or 'Banksters' as some call them), the same ones who have manipulated economies for their own personal gains in the past? |
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| Trancer-X |
| quote: | Originally posted by Krypton
I dunno about thomas jefferson's statements being applied to modern times. Corporations back then were very different from today. Specifically, the East India Companys of 1600's Europe. Theese entities were basically monopolies of the markets they were given by their crown soveriegnty. I think what Thomas Jefferson meant in today's terms was that total capitalism was a bad thing because corporations that become monopolies are detrimental to the balances of power. |
It applies to modern times just as it did back then, perhaps even more so today. The families who were behind the East India Company haven't gone anywhere and they're just as ruthless and immoral today as they were back then. The main difference is that now they have the technology and the intelligence to manipulate us on a global scale. |
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| Trancer-X |
| quote: | Originally posted by Trancer-X
To get a good idea of what the Fed is really about you have to explore the history behind all of it. You have to understand why William Jennings Bryan and others in the Progressive movement were so against it, why Paul Warburg was so intent on meeting with the chairman of the Senate Finance Committee (and then the National Monetary Commission), Senator Aldrich, etc. |
Was I talking about Paul Warburg? There's a good quote by him in this video:
(excerpt from Aaron Russo's 'America: Freedom To Fascism') |
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| occrider |
| quote: | Originally posted by Trancer-X
Was I talking about Paul Warburg? There's a good quote by him in this video:
(excerpt from Aaron Russo's 'America: Freedom To Fascism') |
That was one of the most terrible videos I've had the dispriviledge to view ... seriously. I'm not quite sure Ron Paul would like how backround cuts from him were completely different from background cuts from the guy "interviewing" him. If it's genuine than Ron Paul has absolutely no chance whatsover, because by golly what he's saying is so really really off base. I've already proved that the Federal reserive is audited. I've already proved that the federal reserve is under congressional oversight, and I've proved that the federal reserve profits as a "private" insittution are reinsituted under the Treasury department. Is this still an issue for debate? I mean FFS I KNOW central banks and how they function. If there's something I don't know, which I haven't seen, I wanna see it with hard mathematical or theoretical economic data. |
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| Trancer-X |
| quote: | Originally posted by occrider
That was one of the most terrible videos I've had the dispriviledge to view ... seriously. I'm not quite sure Ron Paul would like how backround cuts from him were completely different from background cuts from the guy "interviewing" him. If it's genuine than Ron Paul has absolutely no chance whatsover, because by golly what he's saying is so really really off base. I've already proved that the Federal reserive is audited. I've already proved that the federal reserve is under congressional oversight, and I've proved that the federal reserve profits as a "private" insittution are reinsituted under the Treasury department. Is this still an issue for debate? I mean FFS I KNOW central banks and how they function. If there's something I don't know, which I haven't seen, I wanna see it with hard mathematical or theoretical economic data. |
Yeah, I know. You might as well just print it off their websites.
But that doesn't explain for the black hole of knowledge that surrounds how much interest they may possibly be charging us on the neverending loans which sustain our debt-based economy.
| quote: | Are the Federal Reserve System and Reserve Banks ever audited?
The Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review. Under the Federal Banking Agency Audit Act (enacted in 1978 as Public Law 95-320), which authorizes the Comptroller General of the United States to audit the Federal Reserve System, the Government Accountability Office (GAO) has conducted numerous reviews of Federal Reserve activities. In addition, the Board's Office of Inspector General (OIG) audits and investigates Board programs and operations as well as those Board functions delegated to the Reserve Banks. Completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Board’s Annual Report (before 2002, the reviews were listed in the Board's Annual Report: Budget Review).
The Board's financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the OIG. The financial statements of the Reserve Banks are also audited annually by an independent outside auditor. In addition, the Reserve Banks are subject to annual examination by the Board. The Board's financial statements and the combined financial statements for the Reserve Banks are published in the Board's Annual Report.
http://www.federalreserve.gov/gener.../faq/faqfrs.htm |
| quote: | How the Federal Reserve is Audited
- All Federal Reserve Banks and branches are audited and examined regularly. The scope and frequency of audits are based on the specific risk factors in each Bank's operations.
- Internal audits involve verification of assets, liabilities, and items held in custody.
- Auditors evaluate the adequacy of internal controls and compliance with prescribed procedures. Major automated systems also are checked for security and effectiveness.
Periodic Reviews and Examinations
All Federal Reserve Banks and branches, like commercial depository institutions, are audited and examined regularly.
Internal audits are conducted by a permanent audit staff at each Reserve Bank. Each audit staff is headed by a general auditor who reports directly to the Bank's board of directors. In addition, a private CPA firm conducts an annual examination of each Reserve Bank and its branches on behalf of the Federal Reserve Board. External audits were instituted in recent years in place of annual examinations by the Board of Governors to ensure total independence in this process.
Operations at each Federal Reserve Bank also are subject to review by the General Accounting Office (GAO), the audit arm of the U.S. Congress. However, GAO auditors are restricted by law from reviewing monetary policy operations and transactions carried out by the Federal Reserve on behalf of foreign central banks. This restriction was imposed by Congress to assure the independence of the Federal Reserve from political influence.
The Scope of Audits
The scope and frequency of audits are based on the specific risk factors inherent in each Bank's operations, including the nature of the activities it conducts, the prevailing level of controls surrounding these activities, and the quality and experience of the individuals assigned to the operation.
Internal audits at each Reserve Bank involve verification of assets, liabilities, and items held in custody. Auditors check both the physical presence of these items and the timely and accurate reporting of their movement. An evaluation of the adequacy of controls throughout the Bank and of compliance with prescribed procedures also is done. Audits are performed periodically in order to determine if the auditors' perceptions of prevailing risk levels and operating conditions since the last review remain valid. Periodic audits also help to determine whether previously identified problems and issues were adequately addressed and remedied, and to ascertain whether new problems or issues have emerged.
Although auditing procedures differ among the 12 Reserve Banks, their emphases are broadly similar. At the Federal Reserve Bank of New York, the audit staff reviews the cash, check, fiscal, electronic payments, and accounting areas, and all of the service and professional operations (which include legal, bank supervision and regulation, and research and statistics). It also audits centralized electronic data processing operations and automated systems under development. These audits consist of reviews of the Bank's data centers, with primary emphasis on environmental software products, including data base systems, operating systems, and data communications systems. Auditors evaluate the strength of internal controls and security of each software product, as well as the procedures and controls put in place by the organizational unit responsible for it. An auditor at the Buffalo Branch reviews activities there.
Audits of automated systems under development similarly concentrate on the adequacy of controls and security. These audits are intended to ensure that appropriate checks and balances are in place for each automated processing operation. Audit teams check the accuracy of records pertaining to transactions that flow through the system and certify that systems under development are fully and adequately tested before being placed into production.
Together with two other departments of the Bank, the audit staff controls activities in the Bank's gold vault, which stores about one-quarter of the world's official gold reserves. Auditors monitor all gold transactions, both deposits and withdrawals, and independently verify accounting records and balances pertaining to gold held in custody by the Bank.
http://www.ny.frb.org/aboutthefed/fedpoint/fed35.html |
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| occrider |
| quote: | Originally posted by Trancer-X
Yeah, I know. You might as well just print it off their websites.
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Perfect! We're on the same page then! :)
| quote: |
But that doesn't explain for the black hole of knowledge that surrounds how much interest they may possibly be charging us on the neverending loans which sustain our debt-based economy. |
yea but our debt based economy has infinetely more to do with China than it has to do with the federal reserve. The fed is the ENABLER for this crap because it's the only smart decision they have going for them given the current situation. Nowadays the fed is a damned if you do damned if you don't institution. I don't event think we really set monetary policy nowadays ... we just react to global policies. |
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| atbell |
| quote: | Originally posted by occrider
Nowadays the fed is a damned if you do damned if you don't institution. I don't event think we really set monetary policy nowadays ... we just react to global policies. |
Completely agree. The major forces are pushing in opposite directions right now.
High levels of debt, mortgage, credit card, corporate, and public, mean raising intrest rates will crush the economy.
Yet inflation is taking hold all over, especially if you include energy and food price inflation. This puts an up ward pressure on rates.
I'm betting on stable to slightly lowering rates for two years. Say a change of 0 to -1% over the whole period. |
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| Trancer-X |
"If Congress has a right under the Constitution to issue paper money, it was given them to use by themselves, not to be delegated to individuals or corporations."
- Andrew Jackson
"Either the application for renewal of the charter is granted, or the United States will find itself involved in a most disastrous war."
- Nathan Mayer Rothschild (upon hearing about the States' refusal to renew the U.S. Central Bank's charter)
"You are a den of thieves vipers, and I intend to rout you out, and by the Eternal God, I will rout you out."
- Andrew Jackson (responding to N.M. Rothschild)
"Teach those impudent Americans a lesson. Bring them back to colonial status."
- Nathan Mayer Rothschild (replying to Andrew Jackson) |
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| Trancer-X |
| quote: | Originally posted by occrider
That was one of the most terrible videos I've had the dispriviledge to view ... seriously. I'm not quite sure Ron Paul would like how backround cuts from him were completely different from background cuts from the guy "interviewing" him. |
After watching the original several times I've deduced that it's simply the lighting. The purple colored walls (or the dark shelves/bookcases) appear much darker behind Mr. Russo than they do behind Congressman Paul.
It wasn't really that hard to figure that out but I felt as though I should report those results anyway.
Perhaps Mr. Russo deemed the subject matter too appropriate to even bother editing it. Who knows? |
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| Trancer-X |
Oh, and the whole idea of the President "appointing" the Fed Chairman is a joke.
The Fed presents him with a list of potential appointees for him to decide upon. ;) |
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