DDG33

The Importance of Fed Independence

The FED has been a dismal failure in its mission to maintain the value of the dollar and prevent major swings in the economy. The historical record adequately demonstrates this failure. The actions and policies of the FED are the primary cause of the loss of value in the dollar and lie at the root of the booms, busts, bubbles and recessions we have all experienced. They have manipulated the money supply for the benefit of politicians that want to spend without restraint, burdening the nation with an almost unimaginable debt (officially 12 trillion this week – and with future obligations closer to 76 trillion), and engineered the monetary system for the benefit of the major financial institutions at the expense of the citizenry.

The dollar only has a fraction of the purchasing power it did in 1950, and the succession of boom and bust periods clearly shows the efficacy of the FED is an illusion.

Additionally, the idea that the FED is independent is preposterous. The only thing of which they are independent is proper oversight and transparency. The pretense that a regular, complete and open audit would threaten the independence of the FED is a red herring meant to scare people who do not know better. The idea that secrecy represents independence is fallacy.

Nothing will change overnight and neither should it. However real change in the manner in which the FED operates and reports its activities is past due. The people must not let the legislation being debated be watered down until it becomes meaningless and ineffectual.

The Fed and its supporters want people to believe the disease is the cure. It is Orwellian and the time has come to pull back the curtains on the wizards.

Watt Reveals His Hand: 'Audit the Fed' Bill Gutted

Representative Mel Watt actions are disgraceful. The FED is privately owned, and yet it profits at the expense of the American people. Full, reasonable and complete disclosure is required. All the provisions of HR 1207 need to be restored. Everyone needs to contact Representative Mel Watt, all the other members of the appropriate committees, and every Congressman for that matter and let them know clearly that their actions to protect the secrecy of the FED will not be tolerated. If Representative Watt does not alter his position and restore the appropriate language, every American should contribute to his primary opponent (assuming he has one). He must be made to realize that his betrayal of the American people in unacceptable. If enough members of the committee refuse to follow him over the cliff, then there is yet hope for justice and transparency.