Why does Senator and candidate Rand Paul want to audit the Fed?

Discussion in 'Politics Discussion' started by baudwalk, Dec 14, 2015.

  1. baudwalk

    baudwalk Senior Investor

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    I was poking around the Federal Reserve website this morning to see what events might be happening prior to this week's 2-day FOMC meeting. I found a page titled "Does the Federal Reserve ever get audited?". It immediately made me think of Senator Rand Paul's (and candidate @RandPaul) endless jungle drumbeat of auditing the Fed. To me, clearly the Fed's page is a juxtaposition to S.264.

    I'm neither a lawyer or a CPA, but at first glance it seems the Federal Reserve is currently filing a number of audit reports. What is missing to cause @Rand Paul to carry the fight onwards?
     
  2. ScooterBrandon

    ScooterBrandon Senior Investor

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    Looks like they are audited very thoroughly.
    Perhaps Mr. Paul is pandering to a certain type of libertarian to get votes?
    Or perhaps then he is implying that the audits are not well done or are corrupt?
     
  3. MakeDollarsSense

    MakeDollarsSense Well-Known Member

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    They haven't been thoroughly audited. To make any statement otherwise would be patently false. You would believe that there has been a full blown audit, other than internal reports, then why Rand Paul and other politicians on the other side of the aisle like Bernie Sanders have been clamoring for an audit for years. Watch the exchange on cspan a few years back with former Chairman Bernanke and you'll see the lacknof transparency with the Federal Reserve.
     
  4. Corzhens

    Corzhens Senior Investor

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    Just my opinion and no hard basis - I think an independent audit firm should be hired to do the auditing of the Federal reserves so that once and for all there will be a closure of the issue. Banks in the Philippines have a daily audit in the form of balanced financial statements and a monthly audit of the details, that means the cash are counted to check if it coincides with the totals in the books. I don't think it should be a problem if a senator is the one requesting for an audit of the Federal reserves because it they are not hiding anything then what is the matter?
     
  5. petesede

    petesede Guest

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    It is just a conspiracy theory, but who knows. The fact is the strength of our financial system is determined by how much faith people have in the financial system, the numbers behind it are meaningless and there is nothing that would be gained for the USA by having full audits. Of course it is manipulated, of course we are printing a crapload of money.. who cares, so is everyone else, and we are doing it better than they are..

    It does not matter how much money we are creating. The fact is the US dollar is still the most stable and most coveted currency by every other country on the planet. Even our biggest rivals like China and Russia hold more US dollars than any other foreign currency because they know it is the safest. You want to hold some of that good ol´china currency after what they did to it last summer? You want to hold Euro´s after Iceland, Greece and soon Spain? How about Russia, where they devalued it to pay their bills...

    Currency manipulation is relative.
     
  6. ScooterBrandon

    ScooterBrandon Senior Investor

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    As CT as this might sound to some.... It actually makes complete sense to me.

    Here in Canada the BoC makes it's numbers available online for public viewing.
    http://www.bankofcanada.ca/publications/annual-reports-quarterly-financial-reports/
     

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