Most everybody prefers to live where there is sunlight, except those who can only exist in the cold shadows of secrecy.
Who needs to operate in secrecy?
The Federal Reserve, Wall Street and the government.
But who gets audited? Investors.
Just this last week, however, proposals were introduced into Congress to audit the Fed.
Immediately the Fed , Wall Street and the administration told investors that it is vitally important that the Fed not be audited.
The logic being that if the Fed were audited, then it would lose its independence. An audit would, heaven forbid, bring politics into the Fed's decision making. And then, the entire financial world would be consumed in the fire pit of everlasting chaos.
That sort of logic is more properly classified as dog poop.
Do you remember the saying trust but verify? How can something be verified?
By auditing it. Without an audit it is quite impossible to trust the Fed or any of its operations.
If truth be told, the Fed has done a disastrous job for the last 100 years.
Forget the last 100 year, how good a job have they done in the last six years?
In 2008, the Dow Jones Industrial Average was 10,000 and the U.S. debt was $10 trillion. Six years later, the Dow is at 18,000 and the U.S. debt is $18 trillion. And no actual economic growth.
Is this the way a healthy economy should be operating? How long do you think this can be kept up?
The Fed defends itself by issuing reports that demonstrate that they did everything correctly according to their projections — except things happened (like they always do) that they did not anticipate.
Wall Street doesn't care because they are making a fortune off the investors' misfortunes. The government doesn't care because the Fed makes sure that their spending can continue without so much a hiccup.
The only ones who wind up actually taking the billions of dollars of losses time after time are investors.
The Fed, Wall Street and the government are able to continue to do this because they cooperatively operate in secret.
The language they use is a facade of mumbo-jumbo economic lingo meant to make the masses of investors feel like dolts. Subservient dolts at that.
You know why Fed Chair Janet Yellen and everyone else at the Fed, Wall Street and the government don't want an audit?
Because they are scared stiff that an audit, which honest operations are always eager to have, would expose their confidence game. Worse, all these highly credentialed, self-proclaimed financial experts would be shown to be the charlatans that they are.
Investors, in fact, are the only ones with real skin in the game.
They should be demanding that the Fed operate in the bright sunlight of an audit to verify that the Fed is not still selling them out to Wall Street and the government.
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