Imperial
05-22-2009, 09:56 PM
This is my 250 word or less editorial to the biggest paper in my area to audit the fed. I also have a much shorter 200 word version. Critique?
The Banking Leviathan
In essence, the Federal Reserve is America’s central bank. It traditionally influences our monetary policy by controlling certain interest rates. However, with the economic crisis it has been given massive emergency powers. For example, it may collaborate with foreign banks to manipulate currencies. This has occurred often lately, but the startling fact is that these powers can be used without waiting for public comment.
The Freedom of Information Act is moot here. Bloomberg News tried to gain information about individual rescues of banks that were made unilaterally by the Federal Reserve worth TWO TRILLION DOLLARS. The Federal Reserve declined this request, citing a fear that people may not invest in companies that received rescue money.
Of course, I don’t think I want to invest in a bank that required federal funds to stay afloat. However, in the eyes of our central bank my financial well-being doesn’t matter. Instead, the Federal Reserve has subordinated the interest of the individual to preserve the Leviathan of its power.
Today, the GAO has practically no authority to audit the Federal Reserve’s international and emergency activities. However, we have an alternative. Republican US Representative Ron Paul from our area and Independent Senator Bernie Sanders have introduced legislation to expand the authority of the GAO to audit our central bank. Please urge your legislators to fight for transparency by co-sponsoring HR 1207 in the House and S 604 in the Senate.
The Banking Leviathan
In essence, the Federal Reserve is America’s central bank. It traditionally influences our monetary policy by controlling certain interest rates. However, with the economic crisis it has been given massive emergency powers. For example, it may collaborate with foreign banks to manipulate currencies. This has occurred often lately, but the startling fact is that these powers can be used without waiting for public comment.
The Freedom of Information Act is moot here. Bloomberg News tried to gain information about individual rescues of banks that were made unilaterally by the Federal Reserve worth TWO TRILLION DOLLARS. The Federal Reserve declined this request, citing a fear that people may not invest in companies that received rescue money.
Of course, I don’t think I want to invest in a bank that required federal funds to stay afloat. However, in the eyes of our central bank my financial well-being doesn’t matter. Instead, the Federal Reserve has subordinated the interest of the individual to preserve the Leviathan of its power.
Today, the GAO has practically no authority to audit the Federal Reserve’s international and emergency activities. However, we have an alternative. Republican US Representative Ron Paul from our area and Independent Senator Bernie Sanders have introduced legislation to expand the authority of the GAO to audit our central bank. Please urge your legislators to fight for transparency by co-sponsoring HR 1207 in the House and S 604 in the Senate.