Old Project Avalon Forum (ARCHIVE) - View Single Post - Federal Reserve Cannot Account for $9 Trillion

peaceandlove · 05-13-2009, 05:01 AM

Hi Carol,

Have you seen this video yet of the questioning about One Trillion. I had posted it under the HR 1207 Federal Reserve Transparency Act.

Does it appear to you that she is under mind control?

Here it is:

Is Anyone Minding the Store at the Federal Reserve?

Video (5:26): http://www.youtube.com/watch?v=PXlxB...layer_embedded

Why We Need HR 1207

Here's an excerpt from Ryan Grim's (The Huffington Post) coverage of this hearing:

The inspector general tasked with overseeing and auditing the Federal Reserve knows pretty much nothing about what the Fed is doing. That's the conclusion that comes from watching the exchange Tuesday between Rep. Alan Grayson (D-Fla.) and inspector general Elizabeth A. Coleman.

Coleman could not tell Grayson what kind of losses the Fed has so far suffered on its $2 trillion portfolio, which has greatly expanded since September....

Read the rest here.

Included in the article is the Inspector General's defense of her position, excerpted below.

Let me clarify a common misconception about my office's responsibilities. By law, we are the Office of Inspector General for the Board of Governors only. I am not the Inspector General for the 12 Reserve Banks.

The lending programs operated by the Reserve Banks expanded the Federal Reserve's balance sheet....

As part of her defense, Inspector General Coleman mentions that the Federal Reserve is audited by the Government Accountability Office (GAO). Paul-Martin Foss, Congressman Paul's Financial Services legislative aide, explained in a briefing back in March that the GAO is quite limited in the audits they can conduct (limitations that HR 1207 would remove).

Speficially, the GAO is not allowed to audit:

(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations
(3) transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection.

For more information, see Andrew Ward's post on the briefing here.

See Source: http://www.campaignforliberty.com/blog.php?view=17715

05-13-2009, 05:01 AM	#3
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Re: Federal Reserve Cannot Account for $9 Trillion Hi Carol, Have you seen this video yet of the questioning about One Trillion. I had posted it under the HR 1207 Federal Reserve Transparency Act. Does it appear to you that she is under mind control? Here it is: Is Anyone Minding the Store at the Federal Reserve? Video (5:26): http://www.youtube.com/watch?v=PXlxB...layer_embedded Why We Need HR 1207 Here's an excerpt from Ryan Grim's (The Huffington Post) coverage of this hearing: The inspector general tasked with overseeing and auditing the Federal Reserve knows pretty much nothing about what the Fed is doing. That's the conclusion that comes from watching the exchange Tuesday between Rep. Alan Grayson (D-Fla.) and inspector general Elizabeth A. Coleman. Coleman could not tell Grayson what kind of losses the Fed has so far suffered on its $2 trillion portfolio, which has greatly expanded since September.... Read the rest here. Included in the article is the Inspector General's defense of her position, excerpted below. Let me clarify a common misconception about my office's responsibilities. By law, we are the Office of Inspector General for the Board of Governors only. I am not the Inspector General for the 12 Reserve Banks. The lending programs operated by the Reserve Banks expanded the Federal Reserve's balance sheet.... As part of her defense, Inspector General Coleman mentions that the Federal Reserve is audited by the Government Accountability Office (GAO). Paul-Martin Foss, Congressman Paul's Financial Services legislative aide, explained in a briefing back in March that the GAO is quite limited in the audits they can conduct (limitations that HR 1207 would remove). Speficially, the GAO is not allowed to audit: (1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization; (2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations (3) transactions made under the direction of the Federal Open Market Committee; or (4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection. For more information, see Andrew Ward's post on the briefing here. See Source: http://www.campaignforliberty.com/blog.php?view=17715 Last edited by peaceandlove; 05-13-2009 at 05:09 AM.