New post on Scotty Starnes's Blog |  | The nightmare scenario wouuld be Americans learning exactly how much money The Fed has printed and given to banks and other countries, while devaluing our dollar with two rounds of quantitative easing. From The Hill: Federal Reserve Chairman Ben Bernanke warned Wednesday that an audit bill pushed by Rep. Ron Paul (R-Texas) could create a "nightmare scenario" for the central bank. Testifying before the House Financial Services Committee, Bernanke pushed back against efforts to subject the Fed to full audits by the Government Accountability Office (GAO), cautioning that doing so would subject the politically independent institution to the whims of lawmakers and render the Fed ineffective. "The nightmare scenario that I have is one in which some future Fed chairman would decide to say, raise the federal funds rate by 25 basis points, and somebody in this room would say, 'I don't like this decision and I want the [Government Accountability Office] to go in ... and give us an independent opinion of whether or not that would be the right decision," he said. Establishing a system in which the Fed's monetary policy moves could be immediately called into question by lawmakers would have a "chilling effect" on the institution and generally reduce its ability to help steer the economy, he warned. Yeah, don't question the Fed that would be a crazy idea. Remember folks this coming from a guy who lied to Congress when he promise not to monetize the debt. The Federal Reserve has bought more US debt than China by printing money to cover Obama's spending. Continue reading>>> | | | |
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