I'm in the UK right now and just got to my hotel. I'm not sure how much I'll be able to post this week until I get back to the States.
There have been some interesting stories on Goldman Sachs, the progression of the "Audit the FED" bill, and other goings-on. I'll try to at least get some links up to some articles and provide some commentary on this before the week is out.
2 comments:
I'm reading about Audit the Fed. My question is whether it is a matter of transparency, or more of a check on the power of the Fed, as Bernanke and others have suggested (of course I don't take Ben Bernanke's word at face value, but that doesn't mean 100% of what he says is a lie).
One reason it could be the latter is that Ron Paul is on the record against the existence of the Fed. If that is the intended result, then they should repeal or modify the Federal Reserve Act, whereby Congress gave all this power to the Fed in the first place.
I'm not really sure because I don't know exactly what "audit" means, that's probably important...
I have not read the entire bill either, Ryan. I think you are on the right track, though. They will have a difficult time getting this legislation passed - there is no way they could get meaningful reform to the Federal Reserve Act now. I think the intent is to try to get the audit provisions passed and use that as ammunition for future mods to the FRA.
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