Fed hearing on HR 1207 Happening right now! Sept 25th

I can hardly believe what comes out of theses guys mouths sometimes!

\Fed’s Alvarez Says Audits Could Lead to Higher Rates

Federal Reserve General Counsel Scott Alvarez said audits of monetary policy by the U.S. Congress could lead to higher interest rates and reduced confidence in central bank policy.

Of course they have to do the "fear mongering" thing!

Congressional audits of monetary policy could “cause the markets and the public to lose confidence in the independence of the judgments of the Federal Reserve,”

Does this guy ACTUALLY think the public "HAS confidence in the Federal Reserve?

Alvarez said in his prepared remarks the audits would probably “chill” the central bank’s discussions on interest rates.

Again, more "fear mongering"!

The Federal Government was given the power to print US currency in the US Constitution, not the Federal Reserve!

US Constitution, Article 1, Section 8

Section 1. All legislative powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives.
******SKIP******
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

I think it's time our government took back "the power to coin money"!

Fed’s Alvarez Says Audits Could Lead to Higher Rates

“We don’t want to give the rest of the world or, more important, domestic investors the impression that we are somehow in a formal way injecting Congress into the setting of monetary policy,”

Now, wasn't the US Federal government GIVEN the power to control our countries "monetary policy" in the US Constitution, or am I just confused?

I say just make the Federal Reserve a bank, just like every other bank in this country, and leave the printing and coining to the federal government, who is the only entity given the power to do so to begin with!

[edit on 9/26/2009 by Keyhole]

reply to post by Keyhole


It's the power of persuasion and the human mind that wants to believe what it is taught. We are over a generation old into the monetary control of the Fed. People like to believe that this is the way things are and how it's 'supposed' to be.


It would be as if someone stood up one day to prove the sky isn't blue and in fact green. Even with people looking at a green sky I don't think they'd see it.

I mean c'mon, there is no reasonable rational behind letting a private company control a nations money, none! especially during crisis, this is the time to say 'sorry guys, what you set out to do didn't happen, our turn to take back control.'

They charge interest on money for no reason, the markets haven't been stable and they don't reduce the boom bust cycles, they have failed at every 'purpose' they were supposedly created for.
And people stand by and think nothing of their purchasing power, the rate of dollar exchange to gold or any other indicators that something is wrong.

I think the main question that they are trying to get to and hopefully eventually will is simply: Who are the major entities controlling the economic aspects of the monetary system within the Federal Reserve? And when that question is asked ladies and gentleman, be prepared for the longest pause ever recorded at a senate committee hearing in the history of committee hearings.

This is incredible. I can't believe it took TWENTY SIX YEARS for this legislation to even get a hearing. Whether one believes there is a conspiracy to directly influence or control the markets for personal gain by members of the central banks or not, there is no reason that the people, the government, and the world should not know precisely what assets the Fed holds, what its market activities are, and how exactly it has and does conduct business. It's just common sense and efficient to me to know these things, for all concerned.

made my day.


www.youtube.com...

[edit on 27-9-2009 by Freemasons]

I'm an hour into this and it's amazing the attorneys answers. It sounds like all decisions are made at the whim of the board of the federal reserve and there is no real "policy." Vision may be a better word. There is no vision. They just do whatever suits them at the time politically, profit wise, whimsically, etc. It is so institutionalized now, the Federal reserve, it's not going anywhere. They must take 5 minutes at the start of each meeting to just laugh at the racket they were born into. Maybe every board of directors does that...

reply to post by Novise


And in the past the evasive and useless answers they give shows that they don't worry about government intervention in the least.

I can't believe Alvarez actually refers to the previous discussions in congress as 'disclosure' like when Grayson interviewed the auditor of the Fed and she couldn't answer any of his questions. That's disclosure?

Ron Paul hit the nail on the head.

The fed is meant to stabilize interest rates, keep unemployment down, and allow the dollar to keep its value, which in other words means fight inflation.

As he also stated, interest rates are up and down ALL over, unemployment is at 16% and higher (according to him), and just look at the value of the dollar nowadays...

In other words, the fed HAS FAILED.

So why are we allowing a failed organization to keep running, especially under this shroud of secrecy? On top of that, they claim interest rates would rise and it is hinted that ultimately the economy would be hurt if they are audited.

In other words, they are already hurting the economy, and if they are audited (or in my terms, FIXED), the fed will end up hurting the economy even more.

It seems to me as if they want to hold on to their power regardless of how good of a job they are doing.

Currently watching the full 2 hour plus video.2 Hour C-SPAN Video