Tag Archives: the fed

Audit-the-Fed

Yes, It's an UPSIDE DOWN World. FED Chair Bernanke: "Auditing…would effectively be a take over of monetary policy by the Congress." ???

Audit the FedFor those of us who have begun to feel like we’ve slipped into a parallel dimension, statements like those on June 29 from the Federal Reserve’s Chairman don’t help us get back to “reality”.

Actually, reality is people like Fed Chair Bernanke are no longer even putting up a pretense about who is in charge of the United States’ monetary policy.

There is a pesky “little” problem with Bernanke’s attitude and statements.

That little problem?

The Constitution of the United States of America.

“Article I, Section I:

All legislative Powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives.”

Section 8 references those legislative powers concerning “monetary policy”:

“The Congress shall have Power To:

lay and collect Taxes, Duties, Imposts and Excises,

to pay the Debts…

To coin Money, regulate the value thereof, and of Foreign Coin…

No money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all Public Money shall be published from time to time”

Section 10 references the forms of money to be used:

“No State shall…

make any Thing but gold and silver Coin a Tender in payment of debts;

Unless my reading comprehension skills are seriously flawed, it appears that under what is supposed to be the “supreme law of the land” in this country, the branch of government which is supposed to be in charge of monetary / fiscal policy IS Congress.

Unfortunately, what can we expect? After nearly a century of operations without any oversight, why wouldn’t the powers that be at the Fed believe they are in charge of US monetary and fiscal policy?

Bernanke’s ridiculously arrogant statement is simply the result of not following the Constitution. There were sound reasons why the Congress was intended to have exactly those powers.

Mr. Bernanke is not only arrogant, but he is also contradicting himself.

In 2007, Mr. Bernanke attempted to defend Fed actions by citing “the mandate given by Congress.”

If I had the opportunity, I would ask the Fed’s Chairman the following questions: “So which is it, Mr. Bernanke? Is the Federal Reserve independent or is it’s authority (“mandate”) granted by Congress? Or is it some twisted combination of the two, leaving us in a no-man’s land as far as the Constitution is concerned?”

Judge-Napalitano

Excellent Discussions About the Federal Reserve on July 8 Freedom Watch

Judge Napalitano

Freedom Watch

I learned yesterday that one of my state’s Senators, Ben Nelson, was the “designated hitter” for the Majority to obstruct an amendment introduced to audit the Federal Reserve by Sen. Jim DeMint (SC).

The obstruction was based on an extremely flimsy technicality. The Judge discusses this event and the Fed in general on his July 8 edition of FoxNews.com’s Freedom Watch with guests Rep. Ron Paul, Sen. Jim DeMint, Peter Schiff, and Thomas Woods.

*Note that the hour long show is divided into segements on these YouTube videos. If the video doesn’t move to the next section, click HERE to go directly to the Freedom Watch site post for July 8 to view the next segment.