Wed 4 Nov 2009
Auditing The FED: Could It Become A Reality?
Posted by EPR Network under Accounting, Business, Economy, Featured, Financial, Government, Law, Society
Released on: November 4, 2009, 4:07 am
Author: Nabers Group
Industry: Government
Author, Blogger, Entrepreneur, Investor and CEO of Nabers Group (www.Nabers.com) Jeff Nabers recently caught up with financial researcher and writer Thomas Woods, the author of Meltdown, and discussed in an interview his thoughts about auditing the Federal Reserve.
WASHINGTON, DC, November 4, 2009 — Although not many Americans understand the inner workings of the Federal Reserve (FED) Thomas Woods, the author of Meltdown points out, “3 out of 4 of them want it to be audited–simply for the common sense reasoning of ‘why wouldn’t we want it audited?’”
The FED controls the money supply for the entire nation. It also manipulates interest rates through the buying and selling of bonds and by directly setting the Federal Overnight Funds Rate, the rate at which it charges private banks to borrow money from it in order to meet reserve requirements and respond to consumer withdrawals.
But what does the FED really do with all of the money that it is control of? It’s certainly not any conspiracy theory to consider that, for instance, the FED may be working in conjunction with the CIA in order to manipulate the global political scene in the interests of the United States. What if the FED is investing hundreds of billions of dollars in major Wall Street banks in order to manipulate their stock prices? Whether or not the FED is doing anything “wrong”, the American taxpayers have the right to want it to be as transparent as other major financial institutions.
Yet, there is very little transparency about the Federal Reserve. Nobody outside of the FED really knows what the FED is doing with monetary policy at any given time. Some say that that Bill HR 1207, a.k.a. Ron Paul’s Audit the FED Bill, is not sensible because the FED is already audited. But…is it?
