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The Secret Criminal Society of the Federal Reserve (pg. 15)
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| Krypton |
Audit the Fed! Audit the Fed!
The Fed seems to be the only "government" branch without checks & balances. What an ingenious power grab ay? To control our supposedly "capitalist" economy with central planning just like a communist state! No need to tax; they control the currency issue! It's ingenious!:mad: |
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| pkcRAISTLIN |
| quote: | Originally posted by Krypton
Audit the Fed! Audit the Fed!
The Fed seems to be the only "government" branch without checks & balances. What an ingenious power grab ay? To control our supposedly "capitalist" economy with central planning just like a communist state! No need to tax; they control the currency issue! It's ingenious!:mad: |
seriously, you've completely lost your marbles. "controlled" economy? what a load of nonsense. the fed is also subject to governmental oversight.
if i ever visit the US, will you spare me some of whatever youre smoking? ;) |
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| Krypton |
| quote: | Originally posted by pkcRAISTLIN
seriously, you've completely lost your marbles. "controlled" economy? what a load of nonsense. the fed is also subject to governmental oversight.
if i ever visit the US, will you spare me some of whatever youre smoking? ;) |
LOL!?
I thought this was interesting...
| quote: | Opacity
Some believe the Federal Reserve System is shrouded in what its critics call excessive secrecy. Meetings of some components of the Fed are held behind closed doors, and the transcripts are released with a lag of five years.[44] Even expert policy analysts are unsure about the logic behind Fed decisions.[45] Critics argue that such opacity leads to greater market volatility, because the markets must guess, often with only limited information, about how the Fed is likely to change policy in the future. The jargon-laden fence-sitting opaque style of Fed communication, especially under the previous Fed Chairman Alan Greenspan, has often been called "Fed speak."[45]
The Federal Reserve System has also been considered reserved in its relations with the media in an effort to maintain its carefully crafted image and resents any public information that runs contrary to this notion. Maria Bartiromo reported on CNBC that during a conversation at the White House Correspondents’ Dinner in April 2006, Federal Reserve Board Chairman Ben Bernanke stated investors had misinterpreted his recent congressional remarks as an indication the Fed was nearly done raising rates. This triggered a drop in stock prices just when the market was about to close.[46][47][48]
In 1993, Rep. Henry Gonzalez confirmed that the Fed did have tapes and transcripts of the meetings and could have complied with the FOIA requests, but had misrepresented the existence of the transcripts and chosen to ignore questions from Congress.[49] After the existence of the transcripts was revealed, the Fed agreed to release the transcripts on a five-year time lag. The time period has been extended, so that for example 1992's transcripts were not released until 1998.[49]
Some critics believe the Fed exacerbated this idea when the Fed decided to stop publishing the M3 aggregate of financial data,[citation needed] which details the total amount of money in circulation at a time. The Fed said that economists did not need M3 when they had M2.[50] However, a journalist from the Connecticut Journal-Inquirer disagreed and saw no reason (according to his own views) to stop posting the numbers other than to keep the amount of America's debt or a pending stock market crash or worsening economy hidden.[51] In addition, Congressman Ron Paul questioned the action of discontinuing the M3 statistic, as the move would only save the Federal Reserve less than .001% of their annual budget. |
http://en.wikipedia.org/wiki/Federal_reserve#Opacity
Don't be so quick to blow it all off. It's not the fringe tr00fa folks who are sounding alarm bells... |
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| pkcRAISTLIN |
:haha:
i especially love this bit
| quote: |
The Federal Reserve System has also been considered reserved in its relations with the media in an effort to maintain its carefully crafted image and resents any public information that runs contrary to this notion. |
asides from that being an unsubstantiated opinion, the next part might explain why the fed is reserved in its comments to the media.
| quote: |
Maria Bartiromo reported on CNBC that during a conversation at the White House Correspondents’ Dinner in April 2006, Federal Reserve Board Chairman Ben Bernanke stated investors had misinterpreted his recent congressional remarks as an indication the Fed was nearly done raising rates. This triggered a drop in stock prices just when the market was about to close |
so, they're being all "secretive", but when they do talk things go awry.
there are meetings held behind "closed doors" everyday in the government and private sector. trying to equate that with anything sinister is retarded.
as for release of minutes of meetings, that's far less time than the equivalent governmental procedures. and of all the released documents of the "secret" meetings thus far, what nefarious activities have been unearthed? surely THAT should be in your wiki article? |
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| Trancer-X |
| quote: | Originally posted by Krypton
It's not the fringe tr00fa folks who are sounding alarm bells... |
Ron Paul has definitely been laying it down
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| pkcRAISTLIN |
| quote: |
Why Not the Gold Standard?
Talking Points on the Likely Consequences of Re-Establishment of a Gold Standard:
Brad DeLong
U.C. Berkeley
Consequences for the Magnitude of Business Cycles:
Loss of control over economic policy. If the U.S. and a substantial number of other industrial economies adopted a gold standard, the U.S. would lose the ability to tune its economic policies to fit domestic conditions.
* For example, in the spring of 1995 the dollar weakened against the yen. Under a gold standard, such a decline in the dollar would not have been allowed: instead the Federal Reserve would have raised interest rates considerably in order to keep the value of the dollar fixed at its gold parity, and a recession would probably have followed.
Recessionary bias. Under a gold standard, the burden of adjustment is always placed on the "weak currency" country.
* Countries seeing downward market pressure on the values of their currencies are forced to contract their economies and raise unemployment.
* The gold standard imposes no equivalent adjustment burden on countries seeing upward market pressure on currency values.
* Hence a deflationary bias which makes it likely that a gold standard regime will see a higher average unemployment rate than an alternative managed regime.
The gold standard and the Great Depression. The current judgment of economic historians (see, for example, Barry J. Eichengreen, Golden Fetters) is that attachment to the gold standard played a major part in keeping governments from fighting the Great Depression, and was a major factor turning the recession of 1929-1931 into the Great Depression of 1931-1941.
* Countries that were not on the gold standard in 1929--or that quickly abandoned the gold standard--by and large escaped the Great Depression
* Countries that abandoned the gold standard in 1930 and 1931 suffered from the Great Depression, but escaped its worst ravages.
* Countries that held to the gold standard through 1933 (like the United States) or 1936 (like France) suffered the worst from the Great Depression
o Commitment to the gold standard prevented Federal Reserve action to expand the money supply in 1930 and 1931--and forced President Hoover into destructive attempts at budget-balancing in order to avoid a gold standard-generated run on the dollar.
o Commitment to the gold standard left countries vulnerable to "runs" on their currencies--Mexico in January of 1995 writ very, very large. Such a run, and even the fear that there might be a future run, boosted unemployment and amplified business cycles during the gold standard era.
o The standard interpretation of the Depression, dating back to Milton Friedman and Anna Schwartz's Monetary History of the United States, is that the Federal Reserve could have but for some mysterious reason did not boost the money supply to cure the Depression; but Friedman and Schwartz do not stress the role played by the gold standard in tieing the Federal Reserve's hands--the "golden fetters" of Eichengreen.
o Friedman was and is aware of the role played by the gold standard--hence his long time advocacy of floating exchange rates, the antithesis of the gold standard.
Consequences for the Long-Run Average Rate of Inflation:
Average inflation determined by gold mining. Under a gold standard, the long-run trajectory of the price level is determined by the pace at which gold is mined in South Africa and Russia.
* For example, the discovery and exploitation of large gold reserves near present-day Johannesburg at the end of the nineteenth century was responsible for a four percentage point per year shift in the worldwide rate of inflation--from a deflation of roughly two percent per year before 1896 to an inflation of roughly two percent per year after 1896.
* In the election of 1896, William Jennings Bryan's Democrats called for free coinage of silver as a way to end the then-current deflation and stop the transfer of wealth away from indebted farmers. The concurrent gold discoveries in South Africa changed the rate of drift of the price level, and accomplished more than the writers of the Democratic platform could have dreamed, without any change in the U.S. coinage.
* Thus any political factors that interrupted the pace of gold mining would have major effects on the long-run trend of the price level--send us into an era of slow deflation, with high unemployment. Conversely, significant advances in gold mining technology could provide a significant boost to the average rate of inflation over decades.
* Under the gold standard, the average rate of inflation or deflation over decades ceases to be under the control of the government or the central bank, and becomes the result of the balance between growing world production and the pace of gold mining.
Why Do Some Still Advocate a Gold Standard?
* A belief that governments and central banks should not control the average rate of inflation over decades, and that the world will be better off if the long-run drift of the price level is determined "automatically."
* A belief that bondholders and investors will be reassured by a government committed to a gold standard, will be confident that inflation rates will be low, and so will bid down nominal interest rates.
* Of course, if you do not trust a central bank to keep inflation low, why should you trust it to remain on the gold standard for generations? This large hole in the supposed case for a gold standard is not addressed.
* Failure to recognize the role played by the gold standard in amplifying and propagating the Great Depression.
* Failure to recognize that the international monetary system functions best when the burden-of-adjustment is spread between balance-of-payments "surplus" and "deficit" countries, rather than being loaded exclusively onto "deficit" countries.
* Failure to recognize how gold convertibility increases the likelihood of a run on the currency, and thus amplifies recessions. |
http://www.j-bradford-delong.net/Po...ldstandard.html |
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| atbell |
| quote: | Originally posted by pkcRAISTLIN
:haha:
asides from that being an unsubstantiated opinion, the next part might explain why the fed is reserved in its comments to the media.
so, they're being all "secretive", but when they do talk things go awry.
there are meetings held behind "closed doors" everyday in the government and private sector. trying to equate that with anything sinister is retarded.
as for release of minutes of meetings, that's far less time than the equivalent governmental procedures. and of all the released documents of the "secret" meetings thus far, what nefarious activities have been unearthed? surely THAT should be in your wiki article? |
Yeah, I'm not sure where claims that the fed is secrative come from. They publish many papers, do a lot of speaking engagements, and are quite up front about what they beleive about macro economic policy.
The reason it might seem opaque is because to undertand what they do, how they do it, and why they do it requires reading about seven or eight text books before factoring in how the individuals in the organization interpret these texts. |
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| toolman667 |
Simply amazing.
This really is a revolution. |
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| Lebezniatniko |
| Did Ron Paul really say in that video that he would withdraw all troops from South Korea? |
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