{"id":11747,"date":"2015-09-03T05:57:36","date_gmt":"2015-09-03T10:57:36","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11747"},"modified":"2015-09-03T05:57:36","modified_gmt":"2015-09-03T10:57:36","slug":"why-the-federal-reserve-should-be-audited","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11747","title":{"rendered":"Why the Federal Reserve should be audited"},"content":{"rendered":"

Why the Federal Reserve should be\u00a0audited<\/a><\/h3>\n
\"Why<\/div>\n
Janet Yellen and Ben BernankePhoto: AP (2)<\/span><\/div>\n

It is time for a comprehensive audit of Janet Yellen \u2019s Federal Reserve \u2014 and not just for the reasons presidential candidate Rand Paul and others have given.<\/p>\n

The Fed needs to be audited to see if its ruling body has broken the law by manipulating financial markets that are outside its jurisdiction. A thorough investigation of the Fed will show once and for all if its former chief Ben Bernanke and current Chairwoman Yellen should go to jail.<\/p>\n

I know, that\u2019s a bold statement coming as it does on Sept. 1, 2015, with Wall Street still in half-bloom. But it won\u2019t be so preposterous some day in the future if the stock market suffers a full-blown economy-busting collapse and Congress and everyone else are looking for scalps.<\/p>\n

The Fed should be audited as a brokerage firm would be \u2014 its financial holdings, its transactions, market orders, emails and phone calls. Special attention should be given to what is called the \u201ctrade blotter\u201d at the Federal Reserve Bank of New York, which handles all market transactions for the Fed.<\/p>\n

The Fed\u2019s dealing with foreign central banks \u2014 especially at times of market stress \u2014 should be given special attention. Trades in the wee hours of the morning should be in the spotlight.<\/p>\n

Not surprisingly, the Fed is strongly opposed to an audit and sees it as an intrusion into its autonomy. Washington shouldn\u2019t be intimidated.<\/p>\n

Autonomy? Hah! That ended when the central bank started playing footsie with Wall Street.<\/p>\n

Let\u2019s look at what happened to the stock market last week, and it\u2019ll explain what I think those who audit the Fed need to look for.<\/p>\n

As you probably remember, stocks were headed for oblivion on Monday, Aug. 24. The Dow Jones industrial average was down 1,089 points early in the day before the index rallied for a close that was \u201conly\u201d 588 points lower.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Why the Federal Reserve should be\u00a0audited Janet Yellen and Ben BernankePhoto: AP (2) It is time for a comprehensive audit of Janet Yellen \u2019s Federal Reserve \u2014 and not just for the reasons presidential candidate Rand Paul and others have given. The Fed needs to be audited to see if its ruling body has broken […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3416,68,303,305,1294,451,8640,860,865],"class_list":["post-11747","post","type-post","status-publish","format-standard","hentry","category-economics","tag-audit-the-fed","tag-ben-bernanke","tag-fed","tag-federal-reserve","tag-federal-reserve-bank-of-new-york","tag-janet-yellen","tag-new-york-post","tag-wall-street","tag-washington"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11747"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11747\/revisions"}],"predecessor-version":[{"id":11748,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11747\/revisions\/11748"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}