Wednesday, March 2, 2011

2009 Revisited: Fed Auditors Know Nothing About Fed Operations

Sharad Karkhanis sent me this link to a May 6, 2009 video on Daily and the Daily Paul site.  Representative Alan Grayson (D-Fl) is questioning Inspector General Elizabeth A. Coleman,  the inspector general of the Federal Reserve Bank's board of governors.  Coleman says that she does not have authority to investigate or audit an alleged $9 trillion off balance sheet transactions ($30,000 for every single American) or any Fed activities and that she has no idea of who received the money, or the losses the Fed had inccurred on a $2 trillion loan portfolio.

1 comment:

Doug Plumb said...

I've been reading Ralston Saul lately, he was the one writer who inspired me read philosophy and politics more with his "Voltaires Bastards" about ten years ago. I think Ralston Saul is one of the great modern thinkers because I like how he applies his classic education to problems of today.

I put Kant aside to read his "Unconscious Civilization", clearly the writings of a well educated man with a lifetime of unbiased insights.

Ralston Sauls beliefs are basically that mis-management occurs because of the narrowness of mind of the technocrat and the Marxist views that the market will fix itself and the false belief that that free market capitalism is the path to Utopia.

He degrades the view of the conspiracy theorist to people that cannot see the "forest for the trees" (my quote, not his) but I think this quote best summarizes his view on the government malevolence / conspiratorial view.

So Grayson is asking these questions and it may very well be that Coleman cannot answer these questions, but I am left with the belief that she could.

I desperately want to believe that corporatism / technocrats and not a monolithic conspiracy is the cause of our woes, but I find it hard to believe after see this video and others like it.

I think I commented about Ralston Saul before and you said that you had not read him. I believe that if you did you would find his ideas very interesting. I would like to hear what you think of him sometime as well as whether or not you believe Coleman.