Audit the Fed? Bernanke fights back

[Goldhedge]

Audit the Fed? Bernanke fights back against Ron Paul


Federal Reserve Chairman Ben Bernanke (right) called Ron
Paul's 'Audit the Fed' bill a 'nightmare scenario' Wednesday.

NEW YORK (CNNMoney) -- In what is likely to be the last showdown between Ron Paul and Ben Bernanke, the Federal Reserve Chairman once again fought back against the Congressman's calls to audit the Federal Reserve.

Rep. Paul, a Republican from Texas and author of "End the Fed", has been trying for years to pass a law that would give Congress the ability to examine the central bank's decision-making process.

Now, he's closer than ever before, after his colleagues voted last month to finally take up his bill on the House floor. The vote is expected to happen next week.

It's important though not to confuse the aim of the bill with a financial audit. The Federal Reserve's finances are already audited every year by an independent accounting firm. (Last year it was Deloitte and Touche). The central bank also publishes its balance sheet every Thursday online.

more:
http://money.cnn.com/2012/07/18/news...paul/index.htm

[Aurumag]

...
It's important though not to confuse the aim of the bill with a financial audit. The Federal Reserve's finances are already audited every year by an independent accounting firm. (Last year it was Deloitte and Touche). The central bank also publishes its balance sheet every Thursday online.

WTF, over?

Correct me if I am wrong, but why would Ron Paul expend so much time and effort in an attempt to audit the fed, if the fed were already providing full disclosure?

Oh, I get it - CNN reporting...

[newmisty]

WTF, over?

Correct me if I am wrong, but why would Ron Paul expend so much time and effort in an attempt to audit the fed, if the fed were already providing full disclosure?

Oh, I get it - CNN reporting...

Pahh, obviously that Ron Paul character is just a "silly old man".

[Mr Paradise]

Yeah I bet that accounting firm is real independent.

Tons of roll stock ...check

Printing press ...check

Dye ...check


Everything looks good here.

[cpthnsolo]

Federal Reserve Chairman Ben Bernanke (right) called Ron
Paul's 'Audit the Fed' bill a 'nightmare scenario' Wednesday.

Bernanke may be right... Seriously though if we were to actually find out where every penny on that balance sheet is, where it came from, and where it's headed all hell could break loose if investors find out the true scope of the problem.

Of course, burying our head in the sand while the problem grows larger is not the answer, but I can see why Bernanke wants to continue the charade. I'm not getting my hopes up by thinking the bill will actually pass, but at least it's going to be voted on.

[REO 54]

Bernanke may be right... Seriously though if we were to actually find out where every penny on that balance sheet is, where it came from, and where it's headed all hell could break loose if investors find out the true scope of the problem.

Of course, burying our head in the sand while the problem grows larger is not the answer, but I can see why Bernanke wants to continue the charade. I'm not getting my hopes up by thinking the bill will actually pass, but at least it's going to be voted on.

True.It would be like opening Pandora's Box....no/yes? Bring It!

[Sport]

This is just going to be another pander to quiet down the Ron Paul followers. They will never let him see the decision making process. Besides, most Americans do not even know why this is significant. What really matters is what changes are happening on Idol.

[wallew]

Yeah I bet that accounting firm is real independent. Tons of roll stock ...check Printing press ...check
Dye ...check

Everything looks good here.

You seem to be confusing the BEP with the FRB

FRB does NOT print money

THAT'S THE JOB OF THE TREASURY and they task the BEP to printing and the MINT with producing coin

And they are already audited internally AND audited EXTERNALLY and all the results are published WEEKLY

much better than the REST of the .GOV crowd

Oh, and guess who returns money to the Treasury EVERY YEAR?

FRB