Janet Yellen Is Freaking Out About “Audit The Fed” – Here Are 100 Reasons Why She Should Be

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Posted on 26th February 2015 by Administrator in Economy |Politics |Social Issues

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Submitted by Michael Snyder via The End of The American Dream blog,

Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created.  If the Fed is doing everything correctly, why should Yellen be alarmed?  What does she have to hide?

During testimony before Congress on Tuesday, she made “central bank independence” sound like it was the holy grail.  Even though every other government function is debated politically in this country, Yellen insists that what the Federal Reserve does is “too important” to be influenced by the American people.  Does any other government agency ever dare to make that claim?

But of course the Federal Reserve is not a government agency.  It is a private banking cartel that has far more power over our money and our economy than anyone else does.  And later on in this article I am going to share with you dozens of reasons why Congress should shut it down.

The immense power wielded by the Federal Reserve is clearly demonstrated whenever Janet Yellen speaks publicly.  On Tuesday, her comments about interest rates sent stocks to brand new record highs

Yellen, in her semi-annual testimony before the Senate banking committee, used a word familiar to investors when she reiterated that the central bank will be “patient” on raising interest rates for the first time since the 2008 financial crisis. Traders took that as a sign that interest rates would remain unchanged until autumn.

 

The Dow Jones Industrial Average rose 92.35 points (0.5%) to 18,209.19, while the Standard & Poors 500 gained 5.82 points (0.3%) to 2,115.48, both eclipsing Friday’s record closes.

But Yellen was also unusually defensive on Tuesday.  The “Audit the Fed” bill that is being sponsored by Rand Paul (among others) has her really freaked out.  The following comes from the Hill

Appearing before the Senate Banking Committee, Yellen was on the defensive, as Republicans questioned how the Fed conducts monetary policy and Democrats put forward ideas for getting tougher on Wall Street.

 

In the midst of all of it, Yellen generally argued the Fed was designed as an independent entity for a reason — and it would be best not to change it.

 

“Central bank independence in conducting monetary policy is considered a best practice for central banks around the world,” she said. “Academic studies, I think, establish beyond the shadow of a doubt that independent central banks perform better.”

In fact, she went so far as to mention the “Audit the Fed” bill by name

A GOP-controlled Congress has given the bill its best chances yet of passage, and that renewed interest led Yellen to deliver her most spirited opposition yet.

“I want to be completely clear,” she said. “I strongly oppose Audit the Fed.”

 

Yellen argued the audit measure would allow politicians to second-guess the Fed’s decisions, which, in turn, would weaken the central bank. And the ultimate victim of that process, she said, would be the U.S. economy.

So what is she so concerned about?

We are all accountable to someone.

What is so wrong about the Federal Reserve being accountable to Congress?

Why can’t we find out what is really going on inside the Fed?

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Interventionism Kills: Post-Coup Ukraine One Year Later

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Posted on 23rd February 2015 by Administrator in Economy |Politics |Social Issues

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undefinedIt was one year ago last weekend that a violent coup overthrew the legally elected government of Ukraine. That coup was not only supported by US and EU governments — much of it was actually planned by them. Looking back at the events that led to the overthrow it is clear that without foreign intervention Ukraine would not be in its current, seemingly hopeless situation.By the end of 2013, Ukraine’s economy was in ruins. The government was desperate for an economic bailout and then-president Yanukovych first looked west to the US and EU before deciding to accept an offer of help from Russia. Residents of south and east Ukraine, who largely speak Russian and trade extensively with Russia were pleased with the decision. West Ukrainians who identify with Poland and Europe began to protest. Ukraine is a deeply divided country and the president came from the eastern region.At this point the conflict was just another chapter in Ukraine’s difficult post-Soviet history. There was bound to be some discontent over the decision, but if there had been no foreign intervention in support of the protests you would likely not be reading this column today. The problem may well have solved itself in due time rather than escalated into a full-out civil war. But the interventionists in the US and EU won out again, and their interventionist project has been a disaster.

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Ukraine Coup One Year On and Does Obama Hate America?

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Posted on 22nd February 2015 by Administrator in Economy |Politics |Social Issues

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How Many More Wars?

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Posted on 16th February 2015 by Administrator in Economy |Politics |Social Issues

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Last week President Obama sent Congress legislation to authorize him to use force against ISIS “and associated persons and forces” anywhere in the world for the next three years. This is a blank check for the president to start as many new wars as he wishes, and it appears Congress will go along with this dangerous and costly scheme.

Already the military budget for next year is equal to all but the very peak spending levels during the Vietnam war and the Reagan military build-up, according to the Project on Defense Alternatives. Does anyone want to guess how much will be added to military spending as a result of this new war authorization?

The US has already spent nearly two billion dollars fighting ISIS since this summer, and there hasn’t been much to show for it. A new worldwide war on ISIS will likely just serve as a recruiting tool for jihadists. We learned last week that our bombing has led to 20,000 new foreign fighters signing up to join ISIS. How many more will decide to join each time a new US bomb falls on a village or a wedding party?

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Ron Paul: Ukraine Coup Planned By Nato And EU

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Posted on 14th February 2015 by Administrator in Economy |Politics |Social Issues

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Tyler Durden's picture

As Ron Paul recently exclaimed, the war propagandists are very active and are winning over the support of many unsuspecting American citizens. So we thought the followingg 90 seconds of ‘pure Paul’ would provide a refreshingly different perspective as he explains, “I’m not pro-Russia, I’m not pro-Putin, I’m pro-facts.”

 

“The Ukraine coup was planned by NATO and EU… The best thing we can do for Ukraine is get the foreigners out.”

 

As Ron Paul previously concluded:

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ANNUAL KEEP TBP FIGHTING INTERNET-A-THON

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Posted on 13th February 2015 by Administrator in Economy |Politics |Social Issues

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Operators are standing by.

You may or may not have noticed the Keep TBP Fighting Thermometer has dropped back down to $0 again. You see, the bills to keep this site running and protected from the government and whoever tried to silence it last year keep coming month after month. My cost to run the site has gone up by a factor of 10 in the last two years.

Olimometer 2.52

During the denial of service attack last year, I was only hours from pulling the plug on the site. But, a like minded fellow blogger – Mike Krieger – contacted me and put me in touch with The Man With No Name.

He singlehandedly fought off the dastardly denial of service outlaws (Google?) and generously agreed to house our site on his server. You may have noticed the site has run like a well oiled clock since he assumed command behind the scenes. But good safe service comes at a cost.

The generosity of the regulars from TBP and complete strangers who never comment was overwhelming and heartwarming. The letters and notes of support all sit on my desk next to my computer. They have gone a long way in keeping me toiling away trying to uncover the truth and providing a forum where like minded citizens can learn and discuss ideas. I’ve learned so much from the TBP community.

So, firstly I’d like to thank everyone who has made a contribution in the past to Keep TBP Fighting. There are a dedicated cadre of TBP members who contribute every month. I’d love to do a shout out personally to every person who has contributed, but that would make it easier for DHS to track you down when the SHTF. So I’ll keep that private.

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Obama’s Force Authorization is a Blank Check for War Worldwide

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Posted on 13th February 2015 by Administrator in Economy |Politics |Social Issues

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undefinedThe president is requesting Congress to pass an authorization for the use of military force (AUMF) resolution against ISIS. Congress has not issued a similar resolution since 2002, when President Bush was given the authority to wage war against Iraq. The purpose of this resolution is to give official authority to the president to do the things that he has already been doing for the past six years. Seems strange but this is typical for Washington. President Obama’s claim is that he does not need this authority. He claims, as have all other recent presidents, that the authority to wage war in the Middle East has been granted by the resolutions passed in 2001, 2002, and by article II of the Constitution. To ask for this authority at this time is a response to public and political pressure.

It has been reported that the president is going to request that the authority limit the use of ground troops. However it would not affect the troops already engaged in Syria and Iraq to the tune of many thousands. This new authority will acknowledge that more advisors will be sent. Most importantly it will appear to have given moral sanction to the wars that have already been going for years.

Interestingly it actually expands the ability of the president to wage war although the president publicly indicates he would like to restrain it. The new authorization explicitly does not impose geographic limits on the use of troops anywhere in the world and expands the definition of ISIS to that of all “associated forces.” A grant of this authority will do nothing to limit our dangerous involvement in these constant Middle East wars.

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FOURTH TURNING – THE SHADOW OF CRISIS HAS NOT PASSED – PART TWO

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Posted on 10th February 2015 by Administrator in Economy |Politics |Social Issues

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In Part One of this article I laid the groundwork of the Fourth Turning generational theory. I refuted President Obama’s claim that the shadow of crisis has passed. The shadow grows ever larger and will engulf the world in darkness in the coming years. The Crisis will be fueled by the worsening debt, civic decay and global disorder. I will address these issues in this article.

Debt, Civic Decay & Global Disorder

The core elements propelling this Crisis – debt, civic decay, and global disorder – were obvious over a decade before the financial meltdown catalyst sparked this ongoing two decade long Crisis. With the following issues unresolved, the shadow of this crisis has only grown larger and more ominous:

Debt

  • The national debt has risen by $7 trillion (64%) to $18.1 trillion since 2009 and continues to accelerate by $2.3 billion per day, on track to surpass $20 trillion before Obama leaves office and $25 trillion by 2019.

  • The national debt as a percentage of GDP is currently 103% (it would be 106% if the BEA hadn’t decided to positively “adjust” GDP up by $500 billion last year). It is on course to reach 120% by 2019. Rogoff and Reinhart have documented the fact countries that surpass 90% experience economic turmoil, decline, and ultimately currency collapse and debt default.
  • Despite the housing collapse and hundreds of billions in mortgage, credit card, auto, and corporate debt being written off, dumped on the backs of taxpayers and hidden on the Federal Reserve balance sheet, total credit market debt has reached a new high of $58 trillion.

  • Harvard professor Laurence Kotlikoff has been a lone voice telling the truth about the true level of unfunded promises hidden in the CBO numbers. The unfunded social welfare liabilities in excess of $200 trillion for Social Security, Medicare, Medicaid, and Obamacare are nothing but a massive future tax increase on younger and unborn generations. Kotlikoff explains what would be required to pay these obligations:

To honor these obligations we could (a) raise all federal taxes, immediately and permanently, by 57%, (b) cut all federal spending, apart from interest on the debt, by 37%, immediately and permanently, or (c) do some combination of (a) and (b).”

The level of taxation and/or Federal Reserve created inflation necessary to honor these politician promises is too large to be considered feasible. Therefore, these promises, made to get corrupt political hacks elected to public office, will be defaulted upon.

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THE CASE FOR SECESSION

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Posted on 9th February 2015 by Administrator in Economy |Politics |Social Issues

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Vaccine Controversy Shows Why We Need Markets, Not Mandates

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Posted on 9th February 2015 by Administrator in Economy |Politics |Social Issues

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If I were still a practicing ob-gyn and one of my patients said she was not going to vaccinate her child, I might try to persuade her to change her mind. But, if I were unsuccessful, I would respect her decision. I certainly would not lobby the government to pass a law mandating that children be vaccinated even if the children’s parents object. Sadly, the recent panic over the outbreak of measles has led many Americans, including some self-styled libertarians, to call for giving government new powers to force all children to be vaccinated.

Those who are willing to make an “exception” to the principle that parents should make health care decisions for their children should ask themselves when in history has a “limited” infringement on individual liberty stayed limited. By ceding the principle that individuals have the right to make their own health care decisions, supporters of mandatory vaccines are opening the door for future infringements on health freedom.

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