Prepare Yourself, Janet Yellen! ‘Audit The Fed’ Inches Closer

Prepare Yourself, Janet Yellen! ‘Audit The Fed’ Inches Closer

The woman at the helm of the Federal Reserve will face Congress this week. How will Janet Yellen fare especially with the rapidly growing Audit the Fed movement?

The Fed is leveraged at 80:1, Sen. Rand Paul wrote in Breitbart earlier this month, three times what Lehman Brothers was when it failed. That’s $4,500,000,000,000 (4.5 trillion) in liabilities and $57,000,000,000 (57 billion) in equity. Anyone bored of this scale of banking yet? If Audit the Fed passes it might just shake the ideological foundations of these huge sums.

There’s a British saying, “take care of the pennies and the pounds will take care of themselves”. Paul states in Breitbart how after the 2008 crisis the Dodd-Frank bill piled regulations on small community banks rather than on bigger banks that were gambling with massive sums of money. The hint I’m trying to make here is that communities should have more control over their economies, not centralised institutions that absolve themselves of providing proof with technocratic excuses. If the Fed was truly transparent we might see how much of a sham the whole economy is.

The idea of giving back control over monetary policy to Congress scares those who have vested interests in maintaining the Fed’s status quo. They (those on the finance and government revolving door circuit) like to claim that they aren’t political in their policies and those demanding the audits are the ones being political. However, as I’ve said before everything is political, this is so, so, so incredibly true for economics that it gives me a headache when bureaucrats and economists say that it isn’t.

A former supporter of the Federal Reserve, Sen. Richard Shelby (R-Ala) explained to reporters:

“I, at one point in my career, was a big defender of the Fed. No longer. They ought to have transparency.”

“None of us want to be a member of the board of governors,” he added. “They ought to have some independence, but they also should be subject to some oversight.” (WSJ)

Shelby, chairman of the Senate Banking Committee, plans to hold a hearing on the Audit the Fed bill. There is momentum gathering. Truth be told no one knows what will be revealed with a deeper audit but in order to show the world its democratic not technocratic stripes the bill should pass. What do you think? Will it pass? What should our representatives ask Janet Yellen? Join the discussion on Facebook or Twitter.

Written by Abezier Coppe

(Photo courtesy of Todd Benson, CC BY-ND 2.0)

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