\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.
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]