{"id":16472,"date":"2016-01-14T07:28:40","date_gmt":"2016-01-14T12:28:40","guid":{"rendered":"http:\/\/olduvai.ca\/?p=16472"},"modified":"2016-01-14T07:28:40","modified_gmt":"2016-01-14T12:28:40","slug":"what-does-the-federal-reserve-have-to-hide","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=16472","title":{"rendered":"What Does The Federal Reserve Have to Hide?"},"content":{"rendered":"

What Does The Federal Reserve Have to Hide?<\/a><\/h3>\n

Over the years, dissidents in Congress (notably including former US Representative Ron Paul and current Republican and Democratic presidential contenders Rand Paul and Bernie Sanders) have periodically proposed legislation to audit the Federal Reserve. The legislation is always rejected and, when it gets any significant attention at all, roundly denounced by the Federal Reserve itself and groups like the US Chamber of Commerce.<\/p>\n

\n

Such was the case on January 12, when the US Senate defeated a motion to bring the latest version of \u201cAudit the Fed\u201d to the floor for full debate and a vote. What\u2019s up with that?<\/p>\n

Supporters paint a Fed audit as simple common sense; opponents as an attempt to \u201cpoliticize\u201d US monetary policy.<\/p>\n

It seems to me that logic and reason are entirely with the pro-audit side. The Federal Reserve system was established by Congress in 1913 \u00a0for the express purpose of manipulating the national currency pursuant to statutory objectives (creating and maintaining \u201cmaximum employment, stable prices, and moderate long-term interest rates\u201d). That\u2019s inherently \u201cpolitical.\u201d<\/p>\n

It\u2019s not \u201cpoliticization\u201d that audit opponents really object to. What they object to, \u00a0their dark references to \u201cconspiracy theory\u201d and other attempts at distraction notwithstanding, is transparency.<\/p>\n

Why? Well, given that the primary opposition to an audit comes from the the political class and the usual Wall Street suspects \u2014 the rest of us either support an audit or, more likely, don\u2019t think much about the matter at all \u2014 it\u2019s pretty obvious:<\/p>\n

The Federal Reserve operates, its statutory goals be damned, for the purpose of protecting the interests of \u201cthe 1%\u201d in preference to the interests of, and when necessary at the expense of, the rest of us.<\/p>\n

That\u2019s the only plausible motive for audit opponents\u2019 insistence that the Fed be allowed to operate in secrecy, immune from public inspection or even inspection by the political authority that created it and gave it its alleged mission.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

What Does The Federal Reserve Have to Hide? Over the years, dissidents in Congress (notably including former US Representative Ron Paul and current Republican and Democratic presidential contenders Rand Paul and Bernie Sanders) have periodically proposed legislation to audit the Federal Reserve. The legislation is always rejected and, when it gets any significant attention at […]<\/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":[3416,5434,303,305,534,2305,692,710,11716,4114,1796],"class_list":["post-16472","post","type-post","status-publish","format-standard","hentry","category-economics","tag-audit-the-fed","tag-bernie-sanders","tag-fed","tag-federal-reserve","tag-monetary-policy","tag-rand-paul","tag-ron-paul","tag-secrecy","tag-thomas-knapp","tag-transparency","tag-us-congress"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16472","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=16472"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16472\/revisions"}],"predecessor-version":[{"id":16473,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/16472\/revisions\/16473"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}