Q&A on H.R. 1207: Federal Reserve Transparency Act of 2009

Government track

Jun 27, 2009 1:17 PM
Why is Ben Bernanke now threatening an economic collapse if HR 1207 is actually passed - Show 4 Answers

A1: Fear tactics work wonders on an ignorant public. This tactic has been very effective for a long time. Still, the public is fed up with the lack integrity and non-existence of values.

This bill will pass, and the Federal Reserve Bank will eventually be abolished. Bernanke does not want a full audit, because the audit will discover what is already common knowledge to those that study te fed-the Fed is responsible for economic crisis. [Answer submitted on Jun 28, 2009 2:22 PM]

A2: I assume you refer to the interaction between Rep Duncan and BB. From the interaction I saw, he did not. He said that if the GAO / Congress interfered in the process and made judgements about the soundness of those policies, then the GAO / Congress would effectively be in control of monetary policy, not the Fed. While he was not explicit about the results of that change, I believe it would lead to a power struggle and a loss of credibility for all parties. Auditing Ft Knox I understand. Auditing the Fed? Either trust them to get it done, or replace that system with something you do trust. [Answer submitted on Jun 30, 2009 2:14 PM]

A3: Didn't we have a complete and total economic collapse without an audit? How much worse could it get? The Fed has been unable to accomplish any of the duties it was chartered to do, except run a printing press. I think they have long since overstayed their welcome. [Answer submitted on Jun 30, 2009 6:54 PM]

A4: This would shed light on how many companies the Fed has lent money to and how much...it would reveal that the US economy is on much shakier gground than most suspect. An audit would also determine how much money printing has been going on. The M3 money supply data stopped being released by the Fed in 2006... [Answer submitted on Jul 1, 2009 9:46 PM]