Economic Discussions FED

Monthly Report on Credit and Liquidity Programs
and the Balance Sheet
Federal Reserve Board of Governors

[From the page]

The Federal Reserve prepares this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have been implemented in response to the financial crisis and to ensure appropriate accountability to the Congress and the public.

I would ask then why the FED is so adamant about not being audited? Talk about transparency & accountability.. A thorough audit would take us a long way in that direction. The standard complaint is that the FED refuses to be politicized while it certainly seems to many of us that the FED is COMPLETELY politicized. Election cycles have been serious factors in FED policy making since, at least, Jimmy Carter and the Reagan administration.

One of my favorite books is Secrets of the Temple: How the Federal Reserve Runs the Country by William Greider (Jan 15, 1989)

It is not at all hard to find thoughtful, reliable commentary on the internet these days..

See Dangerous trend: Politicization of Fed

And this from reason.com

Fed monetary policy has unintended/intended effects all over the world as seen here and here is what Bernanke had to say (We didn't do it)

Many people, including myself, believe that the FED has been and still intends to intentionally weaken the dollar as seen here, here & here

However, Geithner says U.S. 'will never' intentionally devalue the dollar

So how's that for transparency and accountability?

Some of the other issues involved with FED "extraordinary actions"

The FED is punishing savers

The role of the Primary Dealers

Our real problem is debt and very little has happened since the Great Recession began to address it at all.

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Basically, if you boil down this next paragraph, what you end up with is "We had to save the banks/corporations or we would have entered a depression and all of the economy, government, Federal Reserve Bank would have been wiped out."

Anarchy and chaos, obviously the things our government and the FED/banks/corporations fear most, would have reined supreme.
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The Federal Reserve's statutory mandate in conducting monetary policy is to foster maximum employment and stable prices. Financial stability is a critical prerequisite for achieving sustainable economic growth and price stability, and the steps taken since the summer of 2007 were necessary to support the liquidity of important financial markets and institutions in light of the extraordinary strains in financial markets.

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Maybe Anarchy and chaos wouldn't be all that bad.. To me it would be better than living in a country where the rule of law can be thrown out the window at any moment.

Here's what some GM bond holders had to say back in 2009.

Some information on the rule of law and its important consideration throughout history.

Once we find ourselves faced with a government who feels free to write, at any time they wish, any new law and a Federal Reserve Bank that operates in secrecy while passing out billions of tax payer dollars to foreign banks what is that called?

Tyranny?

Totalitarianism?

Kleptocracy?

Plutocracy?

This article on zerohedge sums up what we should do about everything pretty well in my opinion..

The Big Banks Have Sold Us Out. Democrats And Republicans Have Sold Us Out. No One Is Defending Our Interests. Our Future Is Going Up In Flames. It’s Time For Us To Stand Up And Defend Ourselves

The great thing about the internet is that all the information in the world is available to anyone who wishes to seek it out..

Greg