Do you support auditing or ending the federal reserve?

Question

Do you support auditing or ending the federal reserve?

Answer 1

Auditing = Yes

Ending = Yes



and returning to SOUND MONEY backed by gold and silver - not this paper money created of thin air that allows the bankers and the elite to manipulate the system and rob the people through inflation.



I would be quite comfortable with skipping the audit and jumping directly to abolishing.

Answer 2

yes

Answer 3

Yes.

Answer 4

I support ending the Federal Reserve and returning to honest, Constitutional money - gold and silver coin.



I support the auditing of the Federal Reserve as an interim measure. In order to generate enough momentum for the ending of the Federal Reserve, we need to have the American people see what has been done to their money over the last century.

Answer 5

Yes to both



Joe S, yes you're right, but with competing currencies the commodity-backed one(s) would win out over the Fed's monopoly money as it lost value from over-printing, over time. Which proves that the Federal Reserve is completely unnecessary. People would simply stop using t-bills.

Answer 6

Without question, yes. With all due respect, anyone who says no is an uninformed dimwit who has fallen victim to the propaganda matrix of the US elite.



I would much rather see it abolished as the Treasury Dept could handle their duties. Maybe this way they won't print and lend $8.5T without being held accountable.



Support HR 1207; it's the least we can do for our future.

Answer 7

Audit, and the dismantle, and then prosecute.

Answer 8

Yes. 100% - however the Fed is run by sinister, extremely powerful people behind the scenes, and I doubt if they will let their 'cats' out of the bag.

Answer 9

First the audit (HR 1207 in its current, original version, not as they want to water it down) then, when all can see what has been going on, very likely ending it. Don't you think?

Answer 10

I've been a staunch participant in the 3nd the F3d movement for some time now.



EDIT: Gray shadow clearly is gullible. Here is what the G.A.O. is not authorized to audit:



"Audits of the F3deral Re$erve Board and F3deral Re$erve banks may not include:



1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;



2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;



3) transactions made under the direction of the Federal Open Market Committee; or



4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the F3deral Re$erve System related to clauses (1)-(3) of this subsection."



http://uscode.house.gov/uscode-cgi/fastweb.exe?getdoc+uscview+t29t32+1727+1++()%20%20A



I bet he never even read HR 1 2 0 7, though he must have heard about it. If he did, he would've known what exactly it does and not fallen on his nose so hard.



He also sources the F3deral Re$erve website. Hmmm, no conflict of interest there, huh?



EDIT: Here is another link:

http://www.law.cornell.edu/uscode/31/usc_sec_31_00000714----000-.html

(Just thought it was funny how a website he used himself has 31 USC Sec. 714., proving gray shadow's cherry picking or at least his lack of research.)



The first link I gave is from the US house of representatives website showing you 31 USC Sec. 714.

http://uscode.house.gov/



EDIT: I just find it very deceptive to say that the F3d was audited 20 times by the G.A.O, but then leave out the crucial part of what it is exempt from in a G.A.O audit (Arguably the most crucial things). I would hardly call that an audit. Very, very deceptive. And then sources a Fed website. Funny how they seem to leave that part out.



EDIT: Just noticed the first link I gave was not a link to 31 usc sec 714, which I actually meant to use, but to 31 usc sec 716 (on the uscode.house.gov webpage). I fixed it. Here it is again:

http://uscode.house.gov/uscode-cgi/fastweb.exe?getdoc+uscview+t29t32+1727+1++()%20%20A

Answer 11

yes. lobbyists are now giving money to senators at levels that are only slightly less than before the bailouts. Its disgusting what these bastards get away with. An audit of the federal reserve will probably never happen though. We cant even get legislation passed that would provide transparency for the different kinds of financial practices and schmes (derivatives) that wall street douche bags particpate in. **** THEM and **** CAPITALISM.

Answer 12

The Fed is a private company: it loans/sells money to the US government - with interest added on! That interest cannot ever be paid back, ergo the Fed will one day own the whole of the US. Only the reservations are free from this deception. No doubt the Indians will one day be accused of "terrorist" activities, so their land can be stolen from them once more. There is something very sinister behind all this; and it's been going on for centuries!



It is absolutely essential that the Federal Reserve system be completely destroyed as quickly as possible.

Answer 13

I love Thomas Jefferson, but I actually disagree with him on this one. The problem is not that the Federal Reserve is private [1]. Rather, it is that it has been granted a legal monopoly to issue currency.



Auditing the Fed would be fine. In a competitive free market, owners and investors would undoubtedly want their company to be audited. It doesn't necessarily need to be abolished. The key would simply be to allow competition in the issuance of currency.



If money were provided on the market, you would see markets pop up overnight for the exchange of currencies. In time, you would probably see some currencies gain dominance within regions as consumers would prefer the convenience of not having to worry about currency exchange for everyday purchases. However, there should be no barrier to establishing competing currency if one currency is revealed to be unstable or its management fraudulent.



I expect that the most stable currencies would be backed by some tangible asset such as gold, perhaps also monetizing short term bills of exchange [2] to increase liquidity. However, the only important thing to me is to allow competition.



While our monetary system is centrally managed by a monopoly organization, I can not see how any honest, intelligent person can think that we have free markets.



You are surely thinking of Ron Paul's bill to audit the Fed. While I am hopeful that, if passed, this bill would discover details that would challenge the Fed's legitimacy, I am more fearful that it could back fire. Suspecting the massive influence exerted by the Federal Reserve, I wonder whether audits would be unbiased and truthful. Even if they are accurate, they would only serve to convince people that government *could* be good and true and not prompt them to consider whether it should be in charge of issuing money at all.



Whether government is good and true is beside the point. Coercive monopolies are unstable and dangerous. Ron Paul's bill fails to strike at the root of the problem, and so I fear that, though it is led by good intentions, will lead us down the wrong path.



EDIT: Republicrat, I agree with you. What you say is true unless the Federal Reserve adopted approaches demanded by the market. I do expect that the market would demand commodity-based currency. In any case, I doubt that the Fed's culture is well-geared toward becoming a competitive market firm, so it would probably find itself "abolished" by market forces.



I'm simply taking the position that there is no need to abolish it by decree. Let it sink or swim in the market.



EDIT 2: The answer by gray shadow has evoked all sorts of interesting reactions. Here is my take. The quotes are probably fakes. However, if your position is so weak that you must rely upon appeals to authority, then you should really think more deeply and then come back.



The audit situation is interesting. Clearly, the Federal Reserve has been frequently audited since its founding. It is less clear how extensive have been those audits. The answer by Stephen Is My Name would be pretty damning if substantiated. Unfortunately, he provides a link that, from the context of the answer, seems like it should contain the exceptions that he quotes while the link does not contain the quotes. Stephen, can you check your sources?



In any case, I am not very much satisfied by mandated audits. If there is something sinister to be found, then there seems to be every likelihood that it will be covered up. Again, just liberalize the market for issuing currency. Having done that, if an issuer can not convince you that its money is stable and honest, you are free to adopt a substitute or even introduce one yourself.



EDIT 3 to Stephen: Excellent! Thanks for the link. I agree that those are important activities that should be publicly scrutinized. Don't you think that it would be better to cast the bill as expanding the scope of audits? Many answers cast the matter as if the Federal Reserve had never been audited. Now, an argument may surely be made that the scope of existing audits has been intended to not probe too deeply, but I think you leave your arguments open to criticism if you do not accurately acknowledge current practices.



Anyway, I have privately corresponded with gray shadow. I think that most of you would be surprised to know his broader thoughts on the matter. I won't speak for him of course. I only say, step back and think objectively for a moment on what he wrote. It may help you formulate better arguments for your position.

Answer 14

Ending the Fed will remove the illegal, unconstitutional income tax. You know, that tax that eats 25% to 35% of most people's paycheck? Want to know where that tax money goes? To the interest on public debt! How does that benefit society when all it creates is burdens on the citizens and stifles the economy.

Answer 15

A true 'audit' of the Fed WOULD be the end of it. If its transactions with foreign banks (or its practice of literally counterfeiting US Treasury bonds) were exposed, the entire US monetary system would tumble like the house of cards that it is, along with the perceived value of the Fed's fraudulent currency.



But, Yes, I support this.



The Federal Reserve will not last. Too many people know about it now. One way or the other, the whole institution is going to have to change or die.



But we must be careful, as this process moves forward, NOT to allow the globalists and private bankers to use the 'controlled demolition' of the Federal Reserve as an EXCUSE to lure us into something even WORSE, i.e. a global or supranational currency; or subject us to some kind of global financial regulatory body.



We can be certain that the Banksters are not going to go out without a fight. They won't loosen their grip on our monetary system, if they can help it. They recognize that the Fed cannot last much longer. So they will probably use slight of hand and deception to convince us that we have won. They will probably burn a few of their low level minions and blame it all on them.



But we will remember the truth, and after the death of the Federal Reserve, we won't accept our economy being handed over to yet another thuggish private mafia, no matter HOW well-dressed it may appear.



When we have truly won, you'll know... because half of the CFR will be in prison.



Peace











edit: @ gray shadow



snopes.com is a hoax. so are you.



Your little disinfo technique is clear to those of us who are educated. As you probably know, the GAO is only permitted to audit what the Private Federal Reserve allows it to. Transactions with foreign banks are among the things not available for review by the GAO. But you left that part out, didn't ya?



Not to mention that (as you probably know) the Federal Reserve stopped publishing M3 figures in 2006 (for everyone else, this is the highest-level estimate of total US currency in circulation).



Recently, Fed chairman Bernanke outright refused to disclose to US Congress the recipients of approximately 2.2 trillion dollars in "loans."



http://www.bloomberg.com/apps/news?pid=20601087&sid=aG0_2ZIA96TI&refer=home





‘”My question to you is, will you tell the American people to whom you lent $2.2 trillion of their dollars?” Sanders asked, referring to the size of the Fed’s balance sheet.

…the central bank chairman replied, “No.”



Bernanke said the Fed’s lending programs were not gifts or subsidies but rather over-collateralized loans.



“We have never lost a penny doing it,” he said.’ [Reuters, March 3, 2009]



Now let's have a look at this:



http://www.youtube.com/watch?v=PXlxBeAvsB8&eurl=http%3A%2F%2Fneithercorp.us%2Fnpress%2F&feature=player_embedded



(Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligation...)



related:

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok

Answer 16

You must have watched ZEITGEIST.





Well yes.. I do want it audited, as I have said on similar questions all over Yahoo Answers.



I think that any entity, that has the unchecked power of even half of what the Federal Reserve has ( which by the way is not Federal at all) should be checked. and checked regularly.







GOOD LUCK

..........................





.

Answer 17

His Gray Shadow is a paid employee of the Federal Reserve and as you are all aware, they can well afford his salary.

Answer 18

If you want to make a point, you should use more accurate sources.



Both your Thomas Jefferson quote and Woodrow Wilson quotes are hoaxes:



- http://www.snopes.com/quotes/jefferson/banks.asp

- http://webskeptic.wikidot.com/woodrow-wilson



and Audits? That's just conspiracy web site nonsense that the Fed has never been audited. (http://www.publiceye.org/conspire/flaherty/flaherty6.html)



The law is very clear on reguiring (at minimum) an annual audit of the board and all the branches and sent to congress as part of an annual report.



- TITLE 12 > CHAPTER 3 > SUBCHAPTER II > § 248b : "Annual independent audits of Federal Reserve Banks and Board" (http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000248---b000-.html ) "The Board shall order an annual independent audit of the financial statements of each Federal reserve bank and the Board."



- TITLE 12 > CHAPTER 3 > SUBCHAPTER II > § 247: "Reports to Congress" (http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000247----000-.html )



- TITLE 12 > CHAPTER 3 > SUBCHAPTER II > § 247a: "Records of actions relating to open-market operations" (http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000247---a000-.html)



- The "Federal Banking Agency Audit Act" specifically grants the GAO authority to audit the Fed. There are a few exceptions to what can be audited. There is a bill in committee (HR 1207) that would eliminate those exceptions. A similar bill was introduced in 1993 and the testimony before congress on it by the GAO offers some interesting insights (http://archive.gao.gov/t2pbat5/150187.pdf)



You can review the audits and other reports to congress at http://www.federalreserve.gov/boarddocs/rptcongress/ .

Answer 19

Both. Whose to say that this hasn't happened while Paulson was on watch.



AIG lawyer: Ex-top exec plundered retirement plan

http://news.yahoo.com/s/ap/20090615/ap_on_bi_ge/us_aig_trial

Answer 20

Yes to both.



Audit to expose them as criminals.



Abolish it to take our money back from the criminals.

Answer 21

Yes, I do.

Answer 22

since i do not know by what method it can be snuffed out yet, i must tell you this: it must be audited immediately.



woodrow wilson spoke the truth, and that truth was no good, nor is it good now. i'd venture to say that especially now, the federal reserve board MUST be audited and should be audited each year so that we, the people, know what the heck is going on with our money. because, if not, we shall fall into even greater duress.



the money does not belong to those powerful few that run the fed. it is OURS. you and i paid taxes to make it, correct? or did they on the board make this money? in a way, they do make it because they govern how often the us mint (OUR press, NOT their press) rolls out the press to print up more dollars or issue new lines of credit to pay our debts, vast, endless debt, debt, and more debt.



but when the rich and powerful members of that board call for more dollars to be printed and distributed in our economy, that means that the dollar you have in your pocket today will be worth less than it was today, when the new dollars are distributed. that is what is called the inflation tax. it means lowering the buying power of your dollar.



enough of the secrecy! mr. obama, i heard tell, wants transparency in government. well, if that's true, why not apply that principle to what happens with our money?



really now, do YOU know what goes on with our money? you know that it is taken by taxes out of your paycheck, but do you know what happens with it? i do not know.



today our president is asking doctors to work for less money by implementing a system that amounts to "socialized" medicine (really, the word is "communized") for 50,000 uninsured people that live in the usa that you and me will pay for with our dollars--those that get lowered in value almost daily due to the inflation tax.



i would like to know how much wool the president believes he can pull over our eyes. if our medical association and the doctors in it fall for this, then we are well on our way to paying the health costs out of not only mysterious sums of money that flow out of orders and edicts issued to the mint to print up more bills and coinage as well as issues of new lines of credit (who knows at what percent interest?), but out of very hard-earned dollars of the people, the americans, the most industrious people on this planet (because we are a true republic, but on the verge of losing that way of life, which is not necessary, but which the president and his minions would love for you to believe without question), who have put out their sweat and tears to build up their businesses with virtually nothing other than perhaps a small loan from their in-laws. yes, in so doing, they have made more money.



why not make more money with your own initiative? but our president and the people that sat him down in that chair in the white house and who are so, so, so grabbing, to keep him right where he is no matter what he does or did or even where he was born (???), even at our expense when he should SERVE us, not himself or THEM, want you to believe that it will not make a difference to you and to your earnings when the tax axe falls down upon your neck, all to pay for "socialized" medicine!



next thing you know, one of the "stimulus" packages will be building housing, high rises, where you can share your tiny apartment with 7 other families. because, if we fall for this crying shame of centralized government--within a republic!!!--then we walk ourselves into communism. then who will be able to raise up a fist to fight the federal reserve board and their secrecy with what does on with our money? will it even be our money then? nope: it will not be your money no matter how hard you work and multi-task (such a lie).



i ask you, do you or don't you want to know what happens with your moeny? you do not? you do?



it is time that we toe our line. it is time that all the waste that goes on with OUR money is revealed to us and therefore stamped out.



the only way we can see what happens to our money is to perform annual audits of the federal reserve board for as long as it exists.



(uh, uh, i just gotta say it: also, watch out for how many private helicopters and private gulfstream jets the president flies, paid for with our money, with his wife out to take her to dinner and the theatre--in NYC--when the very same play was presented in DC where they would have been feigned upon like a king and queen due to their seating in the presidential box. i must say this too: watch out for those that act as though it means no difference to you and i how hard we work to pay taxes, taxes, and more taxes to support a centralized "socialist" government that allows an entity that is run by the richest families in the world control what happens to those tax dollars).



so, do you not want to know? why would you NOT wish to know? do you want to know? i say: indeed,

Answer 23

What's going to happen when the audit you want finds no wrongdoing on the part of the Federal Reserve? You and the other "Paulbearers" are going to look like complete fools.

Answer 24

Audited yes, ending no.

Answer 25

No