Federal reserve out of control?

By: ispeculatornew
Date posted: 05.13.2009 (5:00 am) | Write a Comment  (9 Comments)

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acf690aWe’ve seen it a million times, a corporation or bank that notices a missing amount of money, and starts an investigation. Of course there are many different reasons for missing money and not all of them are fraudulent. And with all the billions of dollars going around right now in this current economic crisis, most Americans expect and have confidence that the money is being well spent and used responsibly.

The following video is shocking to say the least. I’m the first one to say that asking questions about every dollar being spent is not fair, useless in terms of effort vs result and can incur more trouble than benefit. But between a few dollars missing from an account, and hundreds of millions of dollars that are not accounted for, there is a major difference. The worse part is probably not even the answers to the specific questions but rather the general lack of knowledge or lack of system to account for all of these expenses, it is shocking.

This is one of the problems with government entities and the public sector in general in my opinion. No doubt, there are many problems in private companies as well (think Enron for example). But the difference in my opinion is that there just does not seem to be much that can be done when the government is responsible. Imagine a company being unable to explain where $1 billions went. You can be sure that there would be some executive movements and probably some lawsuits as well. But testimonies such as the one you will see below often got without much notice or without even making headline news..

Am I the only one not to get it?? What is wrong with our society to simply accept such answers. I would not mind the lady not knowing where the money is if she could simply tell us that all money is accounted for and that while she is unable to give out details on the spot, she’ll be able to get back with answers. But clearly, that does not seem to be the case.

Honestly, shouldn’t Barack Obama have to answer to this? He should be able to give out directions to improve the monitoring and transparency of the Fed, something he promised across the board.

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9 Comments

  1. Comment by Frank — May 13, 2009 @ 7:12 am

    This is ridiculous!!! I can’t believe this! And these are people governing us!!! wow…

  2. Comment by Catarina — May 13, 2009 @ 7:14 am

    The Congressman is so patient and calm, I would totally destroy that lady…. %&/É% 9 trillion dollars!!! I don’t like her attitude that’s for sure! It’s like a movie! Is that real?!?

  3. Comment by OneDay — May 13, 2009 @ 7:16 am

    I am shocked… That’s laughing at us.

  4. Comment by John — May 13, 2009 @ 7:41 am

    Intelligent Speculator, I agree with you. Government should be transparent. I believe that Obama will take appropriate action to solve this. That can’t go incognito!

  5. Comment by SJ — May 13, 2009 @ 2:58 pm

    That’s all I can really say… wow

  6. […] The Fed is out of control says Intelligent Speculator. […]

  7. Comment by Jake Stichler — May 16, 2009 @ 4:40 am

    1. One of Ron Paul’s campaign promises was to work not to keep the “Federal” Reserve in line, but to abolish it completely and move this nation back to Constitutional currency – gold and silver.

    2. Seeing as Ron Paul wasn’t elected president, the best thing you can do right now is to write to your congressmen urging them to support and cosponsor HR 1207, Ron Paul’s Federal Reserve Transparency Act of 2009, which currently has an astounding 165 cosponsors. If they’ve already cosponsored it, write them thanking them for doing so.

    Ron Paul’s introductory speech of the bill and the text of the bill can be found here: http://www.ronpaul.com/2009-02-28/ron-paul-introduces-bill-to-audit-the-fed/

    A current list of cosponsors can be found at the Library of Congress’ THOMAS website, http://thomas.loc.gov/ (type HR 1207 into the search box, hit bill number, and search).

  8. Comment by Robert Bostick — June 2, 2009 @ 8:55 pm

    If we had a Congress and a President who really cared about America’s sovereignty, they would immediately transfer the authority to issue currency from the Federal Reserve to the Treasury and prohibit interest charges on funds provided to the government to pay for the goods and services required by the public sector. At the same time with debt free currency, they would monetize all public debt, and as debt instruments were redeemed cancel those instruments rather than reissue them which would eliminate the threat of inflation.

    Attempting to do the above would usher in a gigantic stuggle between the Masters of the Universe/International bankers, and those they would make debt slaves through the infinite accumulation of interest on the nation’s perpetually growing indebtedness to the Federal Reserve..

    The likelihood of elected officials actually doing the above is slim. But they should know that it has worked in the past and when Colonial Scrip and Greenbacks were withdrawn depression ensued.

    They should know that the Fed is not designed to maintain stability. Its purpose is to contribute to chaos so that we fear it so much that we are willing to give up some of our constitutional rights to embrace security. Why else would the Fed standby while the banking system it controls and monitors collapsed?

  9. Comment by IS — June 2, 2009 @ 8:59 pm

    @Jake… not sure how serious you are about wishing to move back to that era??? Interesting that the idea even has this much support…

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