Thanks for the post, OP. S&F for you -- and I'll be contacting some US-based ATS members I know who would surely have interest in your thread.
Meanwhile, I'd like to comment that this is also of interest to some non
-Americans (like me) who are concerned about the Fed's actions, as
they impact on other economies as well.
For example, I'd be interested to know if an audit might show any link between the $134.5 billion a Fed spokesperson estimated was still held in TARP
funds back in March and the $134 billion in "fake" bonds that two (allegedly) Japanese businessmen (allegedly) tried to smuggle into Switzerland in
June. Now, there
was a case which left a few questions hanging!
After all, if it was an attempt by a government to sell off some bonds on
the quiet then the implications for the USD (and the Fed) are pretty huge.
I'd also be interested to know the hows and whys of the Fed providing half a trillion dollars to various countries' central banks, at the same time
(just by the way) that the nominal exchange rate of the USD "coincidentally" went up 20%.
I'd guess plenty of US citizens would also like to know... After all, seems to me that they are playing around with YOUR currency as if they OWN
So -- a few questions for those who have the expertise or at least a fair idea: if Congressman Paul's bill actually gets to the voting stage, and if
it gets passed into law, how long might it be before any such audit could be done? And if such an audit is done, how long might it actually take? Are
we looking at days, weeks, or months? Also, is there any guarantee that the auditors will not be "interfered with" in some way, or that the
"books" will not be cooked/tampered with? After all, from what I've read here on ATS and elsewhere, there have been questions over the
misplacement/loss/misuse of many billions of dollars. Finally, what effect would this potential law have on the USD's value? Are we likely to see a
lot of shorting going on? (Or a lot more
shorting, to be more precise.)
Thanks and apologies if my non-American perspective offends anyone. But like it or not, what happens to your
dollar affects us.
Edit for typos. (Starting 2nd coffee now... B) )
[edit on 21/9/09 by JustMike]