Rep. Alan Grayson questions the FED inspector General where $9 TRillion dollars went… and General Elizabeth Coleman hasn’t a clue…
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Federal Reserve
Mises Daily: Friday, December 02, 2011 by Ron Paul
The Federal Reserve cartelizes the banking industry, allowing individual banks to inflate together, earning them and the government enormous profits, while making sure that they are never held accountable for their fraudulent practices.
The Federal Reserve Cartelizes the Banking Industry
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By Andy Sullivan, WASHINGTON | Thu Nov 4, 2010 6:14pm EDT
WASHINGTON (Reuters) – Republican Representative Ron Paul on Thursday said he will push to examine the Federal Reserve’s monetary policy decisions if he takes control of the congressional subcommittee that oversees the central bank as expected in January.
“I think they’re way too independent. They just shouldn’t have this power,” Paul, a longtime Fed critic, said in an interview with Reuters. “Up until recently it has been modest but now it’s totally out of control.”
Paul is currently the top Republican on the House of Representatives subcommittee that oversees domestic monetary policy, and is likely to head the panel when Republicans take control of the chamber in January.
That could create a giant headache for the Fed, which earlier this year fended off an effort headed by Paul to open up its internal deliberations on interest rates and monetary easing to congressional scrutiny.
Paul, who has written a book called “End the Fed,” has been a fierce critic of the central bank’s efforts to boost the economy through monetary policy.
“It’s an outrage, what is happening, and the Congress more or less has not said much about it,” he said.
Paul said his subcommittee would also push to examine the country’s gold reserves and highlight the views of economists who believe that economic downturns are caused by bad monetary policy, not the vagaries of the free market.
via Ron Paul vows renewed Fed audit push next year | Reuters.
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Just days after the Federal Reserve will announce it has launched QE2, the Fed will hold a major conference at Jekyll Island.
The island is off the coast of the U.S. state of Georgia.
In November 1910, Senator Nelson W. Aldrich and Assistant Secretary of the Treasury Department A.P. Andrews, and other top financiers,arrived at the Jekyll Island Club to discuss monetary policy and the banking system. The secret meetings led to the creation of the Federal Reserve.
via The Fed at Jekyll Island: They’re Baaack! | Before It’s News.
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The Federal Reserve Wednesday unveiled a controversial new plan to buy U.S. Treasurys, hoping to spur growth in a disappointingly slow U.S. economy.
After two days of discussions, Fed officials decided to go ahead with a much anticipated program, saying they will buy $600 billion of U.S. government debt over the next eight months.
The Fed’s policy-setting body said it stands ready to purchase more bonds if the economy’s persistent weakness leads inflation to remain too low and unemployment too high.
The Fed’s first $1.75 trillion bond-buying program, which ran from Dec. 2008 to March 2010, is credited with helping the economy when the U.S. was hit by a financial crisis and a deep recession. The latest move is more controversial because the economy is now growing — albeit slowly — and financial markets are no longer under severe stress.
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The Fed chairman suggests creating a program of buying U.S. Treasury bonds in an effort to drive down long-term interest rates. Still, it’s unknown how and when the central bank will take action.
By Don Lee, Los Angeles Times
October 15, 2010|7:34 a.m.
Federal Reserve Chairman Ben S. Bernanke on Friday laid out a case for the central bank to take further action to bolster growth, citing the risks of prolonged high unemployment and a U.S. economy slipping into a deflationary spiral.
In a much-anticipated speech in Boston, Bernanke did not spell out details of how and when the Fed would take action. But the first option that he mentioned was a program of buying additional assets, namely government bonds, in an effort to drive down long-term interest rates and stimulate economic growth.
via Bernanke economy: Bernanke says Fed ready to further stimulate the economy – latimes.com.
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