[quote=investor]To SK in CV
OK. Then why does Ron Paul state that the fed has not been audited since its inception in 1913? Why do so many other authors also say the same thing? How can beranake refuse to state where all of the bail out money has gone,aside from 30 B to canada, as stated in john lott’s artical?(I don’t use the fed’s own web page as a reliable source.) And, if the fed did pay back every penny of interest that it receives from other sources, then I would not have a problem with the fed being there (assuming that the bailouts were also in the american people’s interest and not the fed’s buddies interest.)What is worse, I have read that our gold supply is also being transfered abroad by the fed. Fort knox’s gold supply has not been audited for about 55 years, even though it is supposed to be every year. Can you explain all of this?[/quote]
Yes, I can explain all of it.
Sometimes Ron Paul is right. Sometimes he’s wrong. This time he’s wrong. As are other authors who make the same claim. Do you think a big international consulting firm like Deloitte Touche would allow their name on an audit report if they didn’t actually do thw work?
Bernanke can refuse to tell congress things because he’s Ben Bernanke. Head of the fed. You or I might get thrown in jail for doing what he has done. But for at least the last 40 years, maybe longer, congress is afraid of the fed. I can only speculate as to why. One of the reasons, I suspect, is that there are only a few of the 535 congressmen that understand finance. (Sadly, Chris Dodd and Barney Frank, both politicians who I adore, aren’t among them. Bernie Sanders, the only self-identified socialist of the bunch, does.) It shouldn’t be that way. But it is. Hopefully that will change.
As far as gold is concerned, eh, I don’t pay much attention to it. It’s value as a barometer of anything meaningful is a social and political construct, exactly like the dollar and the euro. I get paid in dollars not gold. So I pay attention to the dollar. My wife likes gold. Beyond that, it has no value to me. Nor does information about the gold supply.
