Congress Threatens Fed Oversight, Markets Watch Warily

The constitution clearly states CONGRESS is to issue money and set the value thereof. For almost 100 years now, the ability to issue (counterfeit) money and set the value of it (inflation) has been controlled by an elite group of PRIVATE bankers. The FED should be very worried about an audit--it is very likely to reveal criminal actions. Of course, critics will be killed off before they can do anything (JFK). At the very least, the FED needs to be brought under full government control. Even better would be abolishing this corrupt institution. Also, the FED cannot be trusted to protect consumers--it's like the fox watching the henhouse. I suggest watching "Fall Of The Republic" by Alex Jones, available on youtube.

Hey Mr. Seiberg, the Federal Reserve is NOT a part of the federal government, it is not accountable to taxpayers or voters.

If there is any regulatory reform or broad power relating to the economy then it should come from a branch of the federal government.

Im not going to say anymore...

What a silly article... all fear mongering.

The "critics" it keeps refering to must be on Fed's payroll.

The Fed is the cause of the inflation and the reason why the dollar is falling.

"...limiting the Fed's flexibility to intervene during a crisis -- as it did last fall, propping up AIG and supporting a variety of financial markets -- creates other risks, says Seiberg.". It does. There would be the very real risk that Wall Street would no longer be able to control the government.

This article is an exercise in schizophrenic double-think!

It says that any Fed oversight "could feed inflation and undermine global trust in U.S. markets" while in reality it is the Fed that is feeding inflation by increasing its' balance sheet by trillions of dollars and creating excess reserves in banks of up to $800 billion -- multiply that number by 10 to get an idea of the inflation that will be created as the new money hits the economy.

It is also the Fed that is undermining trust in US markets by continually intervening rather than letting free markets take their course -- buying valueless MBSs and CDOs, bailing out every bank in sight with taxpayer money and creating moral hazard like it's going out of fashion. No wonder India and every other central bank with any sense is exchanging their dollar reserves for gold.

End the Fed, before it destroys the dollar and the American economy!

What's the problem, if the Fed has nothing to hide? A bit more transparency? That ought to make markets feel more comfortable, and help people in the Fed who were likely warning of the dangers of the 'housing bubble' policies, be listened to in the future.

Perhaps everyone should 'Google' this- WHO OWNS THE FED?, and read the chart of "ownership" before we allow the FED to have more control, correct?

It is critical to the survival of the USA that the congress take back control over the Fed.

Don't let the fearmongering scare you

Wow the propaganda is really going in overdrive now...

I'll bring up some good points that I think warrant an audit of the Federal Reserve.

- The Fed helped create the mess were in now by setting artificially low interest rates and making easy credit that helped create the housing bubble.

-The Fed's own website says it's job is to "conduct the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices", when they say "stable prices" they mean "stable dollar". From 1776 to 1912 the value of the dollar increased by 11%. Ever since the Fed got involved in 1913 the dollar has decreased by at least 96%. Before the Fed the dollar was relatively stable for 150 years. Part of what aided in decreasing its value was when they decided to take the dollar off the gold standard which allowed them to print off as much money as they wanted, now that it was backed by nothing. All of this creates inflation, which is just a hidden tax, it keeps up the illusion of wealth while effectively stealing money from the people without them even knowing it. The only thing the federal reserve has managed to do is create a mechanism of deficit spending, through the invisible taxation of monetary debasement.

- Their role was to preserve the value of our money and they have failed. Do you really think we should allow them even more power on top of what they already have without complete oversight?

- There seems to be a lot of special interests backing the Fed. For example, Mel Watt is the one who tried to disable 1207 and he has ties to financial firms and companies like American Express, Wachovia, Bank of America and the American Bankers Association. Together they have donated over 35 percent of the contributions he has received. Its probably safe to say these companies have a vested interest in the Fed not being exposed.

- The Federal Reserve hired ex Enron spoke person to work on relations with Congress Shortly after 1207 started gaining support.

- The Fed is the only private institution not being completely audited.

- The Fed recently got in trouble for mishandled tax payer bailout money for AIG

- Congress originally had power over monetary policy given to them by the constitution, until they handed it over to the Fed in 1913. The reason they did this was because of a banking panic in 1907. I'll leave it for you to decide whether or not that was a wise choice to make.

My point in all of this is that the potential for corruption and abuse is staggering and we are just supposed to take their word on it, that it's in our best interests that we not know what they are doing in secret.

It would be like you allowing someone you don't know to have complete control of your bank account, letting them spend and handle your money how they see fit without you ever knowing what they were doing with it. When you finally get around to asking them what they spent your money on they just shrug and simple say they wont tell you and that it's really in your best interest not to know what they were doing with your money. Would you allow someone to have this kind of power over you?

There is simply no good reason for the future security of our country why we shouldn't have an audit of the Fed. Listening to them make the same old argument about Fed independence and how we should just trust them isn't going to cut it anymore.

It's time to End The Fed...

CRAP! CONGRESS is doing No such thing. The only Threat is to the American People dude. CONGRESS is merely doing as told. Play one side against the other (reds&blues),- as long as they, the FED /Globalist Banksters maintain the real control/power. - And that is over the /Our $Money Supply. We-the-Peopl have leaned the hardwayon, Not to trust ven Our so-called CONGRESS. DA!? The bed is not toobigtobail as long as only Congress & the FED have all the covers!? The People better stop the bickering over petty CRAP,- and understand that Our Republic & Constitution & Sovereignty are in dire jeopardy! 3rd Parties UNITE! - Why would anyone believe that the Congress threatens their' lord & master the $FED??!! - And the Ruse goes on.. - Repeal the Federal Reserve ACT! -- jward52

TARP was suppose to be a Trouble Assets Recovery Program!? - And was suppose to allow Banks to LOAN to the People & to small businesses.- TARP does not allow banks to recoup losses already incurred on troubled assets! Right? Well, again, Supposedly!? - But these Criminal Tarpster Banksters let the $money sit.- They bought governemtn Bonds, and made a Killing on Interest! - Thus again these Criminal Banks 'screwed' the TAXPAYER! Why is Not CONGRESS prosecuting and Jailing these Thugs? - Because, Our,- Your' CONGRESS is in Bed with these Crooks whom caused the Economic CRISIS!! "UNBELIEVABLE"! - The only thing to do is to Arrest & Jail these CRIMINALS! Right? - But, NO AGAIN! - All involved will continue to $Profit,- and laugh at the Citizens, whom they Own. - Now, there is small- TALK about JOBS!? - Why NOW? JOBS ,- $GOOD-PAYING JOBS, were needed long ago. Needed insead of Bailing-Out the Criminal Globalsit Banksters! - So many small banks are Failing for lack of $money to Loan & operate. da?! - But the "toobigs" just keep makin' the $MONEY off of us Citizen / Taxpayer SUCKERS! NO LEGISLATED CONTROLS AT ALL BY CONGRESS!!?? - And Our,- Your' CONGRESS keeps going along with the Globalist CROOKS!? -- 3rd Parties "UNITE" NOW! - 3rd Parties, get over the petty differences, and UNITE, before it is too late. Only the U.S. VOTERS can Help!! - But so many are played one against the other. Can't you Republican & Democrat VOTERs see this happening?! - Some of the RED & BLUE TURN-COATS in Our CONGRESS have become TRAITORS for $Greed & $Power! Notice how OBAMA is following BUSH? The same behind-the-scenes Manipulators! "Wake-Up America"! More than FED Reform is needed. We-the-People NEED to VOTE OUT the turn-coats,- and " Repeal the FEDERAL RESERVE ACT - NOW!!! - Demand of Our CONGRESS to REPEAL htis un-Constitutional ACT of Economic Terrorism!!! - jward52

This article is an exercise in schizophrenic double-think!

It says that any Fed oversight "could feed inflation and undermine global trust in U.S. markets" while in reality it is the Fed that is feeding inflation by increasing its' balance sheet by trillions of dollars and creating excess reserves in banks of up to $800 billion -- multiply that number by 10 to get an idea of the inflation that will be created as the new money hits the economy.

It is also the Fed that is undermining trust in US markets by continually intervening ratherтипография than letting free markets take their course -- buying valueless MBSs and CDOs, bailing out every bank in sight with taxpayer money and creating moral hazard like it's going out of fashion. No wonder India and every other central bank with any sense is exchanging their dollar reserves for gold.

End the Fed, before it destroys the dollar and the American economy!

Why is this a surprise? Of course, the Fed is corrupt. It blows my mind that more Americans don't really understand what the Fed is all about. THEY ARE A PRIVATE COMPANY. They are about as federal an agency as Federal Express. The term "Fed" is what throws people who never bother doing any research.

If there was ever an institution that needed a non-partisan, non-biased audit it was the Federal Reserve. They came into being with the Federal Reserve Act of 1913 that was passed during the Christmas time period under suspicious circumstances and have exerted unwarranted power over the people for almost 100 years and have done it unconstitutionally. We need to audit the gold supply too.