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New Fed Chairman Angrily Rejects Central Bank Audit
• Janet Yellen bristles when asked about audit of Federal Reserve
By Mark Anderson
When Janet Yellen appeared before the House Financial Services Committee February 11, she gave relaxed answers to most questions. But two members of Congress that day touched a nerve when they each grilled the newly confirmed chairman of the privately owned and controlled Federal Reserve on the merits of former Texas maverick Representative Ron Paul’s bill to audit the Fed.
Click here for the Archived Webcast of this hearing.
Mrs. Yellen was also scheduled to address the Senate Banking Committee February 13 as part of her twice yearly report to Congress, but it was postponed.
At the House hearing, Representative Bill Posey (R-Fla.) and Representative Michele Bachmann (R-Minn.) not only pressed Mrs. Yellen on what she’d think of Paul’s bill if it were operational, they also touched on monetary policy—the Holy Grail of Fed operations.
Mrs. Yellen’s demeanor noticeably changed when that sore spot was exposed. She made it clear that in no manner whatsoever would the Fed ever allow an in-depth government audit to “second guess” the sacred monetary policy conducted behind closed doors by the Fed’s Open Market Committee (FOMC).
That committee publishes minutes and a basic schedule, but even presidents and Congress members cannot attend FOMC’s meetings. The Fed calls that “independence,” which it certainly is. But critics say that deciding how much money enters the economy, and under what terms, is a critical piece of the Fed’s actions that needs to be much better understood and closely watched, not hidden.
Posey called Paul’s audit bill “the most-sponsored bipartisan bill” that’s been put before the House in recent memory. It passed the House with flying colors in mid-2012 but was blocked in the Senate. Paul’s son, Senator Rand Paul (R-Ky.), reintroduced it in the current Congress as S. 209. A similar bill is parked in committee on the House side.
The federal taxpayers permit the Fed to print money, bailout banks and essentially control monetary policy for the nation all on our dime, but we cannot find out what their books would reveal. Why don’t we institutionalize the Fed and let the government agency print the money without any interest charges. We have never really needed this group of fixers and launderers.
The Fed doesn’t print money by itself. The Treasury prints their notes from the “money” the Fed loans the government.
If you want to destroy the Fed, eliminate legal tender laws that force us accept these worthless notes at the value they set.
It’s unconstitutional for the government to print currency. They were given the power to coin money. The key words being COIN and MONEY…
Hmmmm, maybe we should check with JFK on how going against the FED RESERVE works out.
Your ‘anger’ g/f. has no effect on us.
She has the power to destroy us.
I wish I was on that committee, because I would first ask why every chair of the fed is a zionist jew. Volcker was a presbyterian I believe, but was put there during a very unpopular time when rates HAD to be raised or suffer collapse. Zionists don’t want any part of being the “golden boy” when arrows are flying, so they put the “goy” in there for that. It’s been free handouts to all their zionist friends ever since. Gotta give them credit, they wormed their way into every institution to control society world wide. Read “protocols of the learned elders of zion.” Written hundreds of years ago but at work today.
Yellen makes it clear that the Fed is above the law and certainly above the scrutiny of the American people and Congress. It has been wagging the dog for 100 years now. Time to pull back the curtain and reveal the little power mongering greedy, self-serving skeletons for what they are.
If treasury can make dollar coins, why not 5, 10, 20, 50, 100 coins?
They could. They could make a trillion-dollar coin. And lunatic economists have proposed doing just that. But creating money from nothing — creating money out of proportion to actual production of goods and services — makes prices go up and makes asset bubbles.
They could make coins from precious metal, if we had any. The physical gold is gone, replaced with paper promises. (the government won’t allow an audit of the gold reserves either, so we have to infer…but since 2008 the inventory includes “gold swaps.”)
There are over 6 BILLION human beings on planet Earth. The stupidity of giving ONE human the power over all others because she ‘angrily’ rejects an audit over a ‘monetary’ entity that enslaves all others cannot be overstated.
We should observe JFK’s Exec Order 11110 among other changes.
http://www.veteransnewsnow.com/2014/01/21/a-declaration-of-independence-in-virtual-congress/