Bankster Dilemma: Fed Audit Looms

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machinehead's picture
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Bankster Dilemma: Fed Audit Looms

From Marketwatch:

The [Fed audit] legislation is attached to sweeping bank-reform legislation under consideration on Capitol Hill. It would need to be reconciled with a more expansive audit-the-fed provision approved in the House last December.

The Senate measure would -- for the first time in the central bank's 95-year-history -- require a Government Accountability Office audit of the financial institutions that borrowed from the Fed during the financial crisis.

In addition, the legislation would require the Fed on Dec., 1, 2010, to put on its Web site all of the recipients of the central bank's emergency assistance between December 2007 and the date of the statute's enactment.

http://www.marketwatch.com/story/senate-unanimously-approves-measure-to-...

This bill presents a huge dilemma for the secretive Federal Reserve. With both houses of Congress having approved 'audit the Fed' amendments, a conference committee would be obliged to select one or the other, or incorporate provisions from both.

If you believe, as I do, that the Federal Reserve is running a Ponzi scheme, then an audit is life-threatening to the Fed. Secrecy is essential to a Ponzi operator. An audit would expose the scheme's unsustainability.

Last week, the Obama administration mounted a full-court press with its heaviest hitters -- Bernanke, Geithner, Emanuel -- to stop the audit amendment. They failed. Now what?

Evidently, banksters must choose between allowing auditors to pierce the veil of Federal Reserve secrecy, or derailing the legislation in its entirety. The lattter course, if pursued successfully, would demonstrate (as did the preceding LooterFests) that banksters control the government, and not vice versa.

But would they go so far as to order Obama to veto the bill? I reckon so. Without Federal Reserve funny money, Usgov would be out of business within weeks.

Pull up a chair, folks. It's ... SHOWTIME! Surprised

agitating prop's picture
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Re: Bankster Dilemma: Fed Audit Looms

If Obama doesn't veto the bill, y'all better hunker down and get ready for a populist revolution, down there! It's hard to comprehend just how deep and furious the sentiment would be, if the fed was exposed.  The anger and dissillusionment that's been growing in the American collective spirit  would instantly morph into the kind of hatred and rage that has to find expression.  The tea partiers would trade their placards for pitchforks and take up building scaffolds.   How-to build-your-own guillotine videos on youtube would be followed with keen interest.  Why, Kanellos the protest dog might even be flown to Philadelphia and handed the keys to the city, by the local chamber of commerce. Smile

Everything would change. This would do it.  American's sense of indignation isn't appreciated, right now,  as there are very few avenues of protest available, quite literally.  Given sufficient rage, the masses could easily overwhelm the contained protest zones.  Fascist bylaws prohibiting protesters from stepping off sidewalks, would be ignored by human waves tossing molotov cocktails through the windows of the fed building.

Oh well, I can dream, can't I?

rowmat's picture
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A revolution is coming!

http://hangabanker.com/ Wink

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Denny Johnson
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Re: Bankster Dilemma: Fed Audit Looms

As I understand it, the Sanders Amendment is considerably watered down.

It's the Vitter Amendment that has the same teeth as the Ron Paul bill.

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Re: Bankster Dilemma: Fed Audit Looms

 

agitating prop wrote:

 Why, Kanellos the protest dog might even be flown to Philadelphia and handed the keys to the city, by the local chamber of commerce. Smile

From the Washington Post:

------------

KANELLOS DOES D.C.

'Bark Marley' Leads Massive 'Redemption Day' Protest at Federal Reserve

'Not a conventional yellow-dog Democrat,' hound's spokesperson affirms

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Re: Bankster Dilemma: Fed Audit Looms
agitating prop wrote:

If Obama doesn't veto the bill, y'all better hunker down and get ready for a populist revolution, down there! It's hard to comprehend just how deep and furious the sentiment would be, if the fed was exposed.  The anger and dissillusionment that's been growing in the American collective spirit  would instantly morph into the kind of hatred and rage that has to find expression.  The tea partiers would trade their placards for pitchforks and take up building scaffolds.   How-to build-your-own guillotine videos on youtube would be followed with keen interest.  Why, Kanellos the protest dog might even be flown to Philadelphia and handed the keys to the city, by the local chamber of commerce. Smile

Everything would change. This would do it.  American's sense of indignation isn't appreciated, right now,  as there are very few avenues of protest available, quite literally.  Given sufficient rage, the masses could easily overwhelm the contained protest zones.  Fascist bylaws prohibiting protesters from stepping off sidewalks, would be ignored by human waves tossing molotov cocktails through the windows of the fed building.

Oh well, I can dream, can't I?

I think there is a greater chance of revolution if Obama does veto the bill.  The government stands a better chance of avoiding it by telling the people the truth. 

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Re: Bankster Dilemma: Fed Audit Looms

I find it hard to believe that any substantive audit of the Fed could get past the numerous phalanxes of bought-and-paid-for...ehrm... I mean, the senators and congressfolks who have deep heartfelt belief in the necessity of Fed Sekrits.  

Forcing transparency on the Fed would, uh...<scratching head>...THREATEN NATIONAL SECURITY!!!  Or...something.  ...

Look!  Over there!  An OIL SPILL/VOLCANO/EURO MELTDOWN!!!  No?  

Maybe...  A SUSPICIOUSLY FOREIGN-LOOKING DUDE WITH AN EXPLOSIVE SHIH-TZU!  Still no?  

Howzabout...eh...AMERICAN IDOL finale in a week or two!!!

Heh heh.  Figgered that'd do it.

docmims's picture
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Re: Bankster Dilemma: Fed Audit Looms

AP.  The Tea Party is all about the elections this Fall.  They are really nonviolent.  However if the elections are very smelly or are cancelled due to a national "emergency" then you might see the pitchforks come out.

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Re: Bankster Dilemma: Fed Audit Looms

Seeing how as Solicitor General, Kagen already stuffed Mayor Bloomberg's request to audit the Fed (site here), it won't matter who puts what in the bill.  Once she gets her seat on the Court, the amendment will be rendered unconstitutional or some crap. 

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Re: Bankster Dilemma: Fed Audit Looms

MH

You are a sick puppy............no offense Kanellos

V

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Re: Bankster Dilemma: Fed Audit Looms
compinthegroove wrote:
agitating prop wrote:

If Obama doesn't veto the bill, y'all better hunker down and get ready for a populist revolution, down there! It's hard to comprehend just how deep and furious the sentiment would be, if the fed was exposed.  The anger and dissillusionment that's been growing in the American collective spirit  would instantly morph into the kind of hatred and rage that has to find expression.  The tea partiers would trade their placards for pitchforks and take up building scaffolds.   How-to build-your-own guillotine videos on youtube would be followed with keen interest.  Why, Kanellos the protest dog might even be flown to Philadelphia and handed the keys to the city, by the local chamber of commerce. Smile

Everything would change. This would do it.  American's sense of indignation isn't appreciated, right now,  as there are very few avenues of protest available, quite literally.  Given sufficient rage, the masses could easily overwhelm the contained protest zones.  Fascist bylaws prohibiting protesters from stepping off sidewalks, would be ignored by human waves tossing molotov cocktails through the windows of the fed building.

Oh well, I can dream, can't I?

I think there is a greater chance of revolution if Obama does veto the bill.  The government stands a better chance of avoiding it by telling the people the truth. 

my first reaction as well, but people won't really understand the consequences whether or not this bill goes through.  Also, to the average sheeple on the street, I'm not sure this is gonna wake them from the apothetic slumber

V's picture
V
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Re: Bankster Dilemma: Fed Audit Looms

The revolution has been postponed. We now return to our regularly scheduled programming. " American Idol"

V

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Re: Bankster Dilemma: Fed Audit Looms
britinbe wrote:
compinthegroove wrote:
agitating prop wrote:

If Obama doesn't veto the bill, y'all better hunker down and get ready for a populist revolution, down there! It's hard to comprehend just how deep and furious the sentiment would be, if the fed was exposed.  The anger and dissillusionment that's been growing in the American collective spirit  would instantly morph into the kind of hatred and rage that has to find expression.  The tea partiers would trade their placards for pitchforks and take up building scaffolds.   How-to build-your-own guillotine videos on youtube would be followed with keen interest.  Why, Kanellos the protest dog might even be flown to Philadelphia and handed the keys to the city, by the local chamber of commerce. Smile

Everything would change. This would do it.  American's sense of indignation isn't appreciated, right now,  as there are very few avenues of protest available, quite literally.  Given sufficient rage, the masses could easily overwhelm the contained protest zones.  Fascist bylaws prohibiting protesters from stepping off sidewalks, would be ignored by human waves tossing molotov cocktails through the windows of the fed building.

Oh well, I can dream, can't I?

I think there is a greater chance of revolution if Obama does veto the bill.  The government stands a better chance of avoiding it by telling the people the truth. 

my first reaction as well, but people won't really understand the consequences whether or not this bill goes through.  Also, to the average sheeple on the street, I'm not sure this is gonna wake them from the apothetic slumber

They may not understand the consequences, but they definitely do understand that if the Fed is not audited, the government will once again have defied the will of the majority of the people.  This IS the most heavily armed population on earth.  The government is treading very dangerous ground.  So far the Tea Party has been remarkably peaceful, but one has to ask, how long will this last?

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Re: Bankster Dilemma: Fed Audit Looms

Turns out there may be a poison pill in the bank 'reform' bill:

The bill sets up two new supersnooping federal agencies to collect data on ordinary Americans:

The Office of Financial Research. This supposedly would predict risk in the system by collecting massive amounts of new financial data, such as patterns of credit card use.

•The Consumer Financial Protection Bureau. It would collect data, especially on consumer transactions.

The data are supposed to be "scrubbed" of individual identifiers, so your privacy would be protected. But that might not work, Mark Calabria told us; the director of financial regulation studies at the Cato Institute formerly was a member of the senior professional staff of the U.S. Senate Committee on Banking, Housing and Urban Affairs.

"If you can link the data to courthouse records of housing sales," he said, then anyone can find data on others. "Much of this goes beyond what banks do now" to keep data. Under the new law, the government would detail "your charges at Macy's and car payments. It would be fairly detailed information."

Another problem, he added, is that the law "is extremely vague and empowering of the regulators. You as a consumer will have no opportunity to opt out. They'll be collecting, anyway, and you won't even know."

Mr. Calabria said the bill could grow to near 2,000 pages before it's passed in a final form. So, like the 2,400-page Obamacare bill, it's another legislative monstrosity that no one, even those who write it, will be able to understand.

http://www.ocregister.com/opinion/data-248115-financial-bill.html

Leave it to the banksters to impose this Hobson's choice: to audit the Fed, we must sacrifice the last shreads of financial privacy as the government vacuums up ALL transaction data.

 

 

 

 

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Re: Bankster Dilemma: Fed Audit Looms
machinehead wrote:

Turns out there may be a poison pill in the bank 'reform' bill: it's another legislative monstrosity that no one, even those who write it, will be able to understand.

http://www.ocregister.com/opinion/data-248115-financial-bill.html

Leave it to the banksters to impose this Hobson's choice: to audit the Fed, we must sacrifice the last shreads of financial privacy as the government vacuums up ALL transaction data.

yep. Another lets pass this bill to see what's in it moment.  Actually the bill is for credit card monitoring,  the poison pill is the audit the fed amendment.

agitating prop's picture
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Re: Bankster Dilemma: Fed Audit Looms

One of the purposes of intense scrutiny of the individual's finances could be a move towards complete capital controls to curtail capital flight as the U.S. economic situation worsens and perhaps to put a damper on gold purchases, after the power elite have  made out like bandits. For me the  magic number is 2,000 to 2,500,  American dollars per oz. Then they'll act. They want legal barriers to purchase in place by that time. Just an intuition. Sorry for the super focus on gold,  MHead. There is another thread for that, after all.  My intentions were entirely honourable,  you'll be happy (or disappointed) to know!Wink

Wouldn't it be typical if the bill became so distorted, compromised, messed up that auditing the fed gets written out, and monitoring of consumer remains?

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Re: Bankster Dilemma: Fed Audit Looms

I expect the following legislation to pass concurrent with the audit the fed bill:

"WASHINGTON—Securities and Exchange Commission officials are calling it the strictest regulatory reform since the Great Depression: CEOs of major financial institutions will now be required to humbly shrug and smile sheepishly before accepting huge salary bonuses.

The new regulation, SEC rule 206(b)-7, will reportedly target Wall Street executives who accept disgustingly bloated annual payouts, forcing them to raise and then lower their shoulders in a manner that conveys a mild degree of humility or a sense of "Aw, shucks. Who? Me?"

"This sweeping new reform sends a clear message to fat-cat CEOs at firms like Goldman Sachs and AIG," SEC chair Mary Schapiro said Monday. "Never again will they be able to receive massive bonuses unless, at a minimum, they flash a gee-I-don't-think-I-should expression and say something like 'Well, all right, but only if you insist' first."

http://www.theonion.com/articles/new-law-forces-ceos-to-humbly-shrug-bef...

machinehead's picture
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Re: Bankster Dilemma: Fed Audit Looms
agitating prop wrote:

One of the purposes of intense scrutiny of the individual's finances could be a move towards complete capital controls to curtail capital flight as the U.S. economic situation worsens.

What I suspect is that they would like to tighten the tax net and improve the take from audits.

For instance, if transaction data show that you're spending $100,000 a year, but your tax return shows only $35,000 in gross income, then the IRS will want a word with you.

They can already do this to some extent. Generally, people in posh postal codes should have incomes to match. But transaction data (including bank deposits) is the real gold mine for spotting big discrepancies.

Income taxes are essential to run a redistributionist welfare state, but they are ultimately incompatible with freedom and privacy, not to mention Amendments IV and V of the U.S. Constitution and Articles 8 and 13 of the Canadian Charter of Rights.

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