[quote=aldante]SK,
You are right, I am completely ignorant as to the actions of the FED. As are you (unless you are involved). Btw, our elected representatives are ignorant also.
That is the whole point. These “audits” are not audits like you or I have to go through when the IRS comes into our life.
These audits do not includ where TRILLIONS of dollars are flowing, a complete list of the assets that back up the FEDs balance sheet, or the debt agreements the FED has entered this country into with counterparties.
I was comparing the amount of information in your “free information” on the FED to the amount and bias of information that one might get about buying a vehicle from a commercial on TV.
So I guess this is just one ignortant person trying to point out that people who defend secrecy are defending ignorance.
So since by your own admission you have not shared your opinion at all, do you think that its right that our FED operates in secret or not?[/quote]
I know quite well what these audits are like. Nothing like the 200 or so audits of tax returns I’ve been through with the IRS. They are much more strenuous, much more detailed, much more comprehensive.
But ultimately, they only do what they’re designed to do. which is opine on whether the financial position and results of operation are presented in accordance with current standards. There is no opinion with regards to whether management did a good job. Whether they performed their charge. Whether they regulated the currency as designed.
If the jab about “defending secrecy” was directed at me, point it somewhere else. I haven’t done that.
As to your final question, I don’t have a yes or no answer. There should be more and better oversight. There should be more transparency. But managing a money supply, the largest money supply in the history of the world (I’m just making that up, btw, though I suspect that it’s probably accurate, I’ve never looked it up) is complex. Every nuance is significant. Every business operates in secret. Every relationship operates in secret. Two people make a decision. It’s a secret until they tell everyone else. Sometimes they don’t tell everyone else until after a significant event has come and gone. Sometimes that’s necessary. The black and white question is the wrong one.
