Think Freely Media presents Common Sense with Paul Jacob

The Dark Guardian of Opacity

Sen. Harry Reid has his reasons that reason does not know.

Well, Nick Gillespie of ReasonTV (and .com) doesn’t know them. But he has his suspicions.

While the House has passed the Federal Reserve Financial Transparency Act, aiming to audit the Fed, Senate Majority Leader Reid balks at bringing the proposal up to a vote in Congress’s upper chamber. (Gillespie says it won’t happen, not while Reid has his say.)

In the House, both parties supported the audit — a majority of Democrats, and all Republicans save one lone holdout giving a Nay vote. But Reid, whose commitment to corporatism and opacity is well known, presumably fears the upwelling of good old republican values in the Old Man’s Club that is the U.S. Senate — Reid’s romper room for so many decades.

Egads, he must be thinking, even Senators Elizabeth Warren and Rand Paul agree on the need for some sunlight into the dark corridors of America’s bank cartel.

And they don’t agree about much of anything!

Gillespie spells out the whys of transparency. He also explains the basic context: “The central bank is explicitly tasked with the fundamentally incompatible duties of conducting stable monetary policy, promoting full employment, acting as a lender of last resort, and regulating the banks it works with. Good luck with all that.”

Who needs luck when you have power? Some do benefit from the current Old Boys’ system. They’re just not the general citizenry. Or republican governance.

A free society would have a very different banking and monetary system. Adding transparency might begin the process toward such a system.

Next step? Boot Harry Reid out of his cushy position of power.

This is Common Sense. I’m Paul Jacob.

By: Redactor

3 Comments

  1. Rick says:

    A few points:
    a) The US supposedly owns 8000 tons of gold, 5% of global supply and about $350 billion dollars worth. The Fed will not allow it to be audited.
    b) Germany, a few years ago, asked for their 600 tons of gold, stored at the Federal Reserve Bank in New York, be returned home. There was, under the surface quite a bit of unease about whether it could be returned. A few months ago, Germany quietly said they were content to leave the gold in New York. Many believe all this gold does not exist because it has been “lent” for a fee to various entities with little means of being recovered.
    c)During the crisis it was revealed that the Federal Reserve Bank of US quietly and according to many, illegally lent several $Trillion to European banks.
    d) The Goldman Sachs “tapes” confirm for any who care to investigate that Goldman, JPMorgan et al don’t just have regulatory capture, they have regulatory enslavement.

    Sidebar: The entire world stock of gold, all the gold mined since the pyramids, would fit in the bottom half of the Washington Monument. It’s less than one ounce for every individual on earth.

  2. Rick says:

    And why does it all matter?

    Many are beginning to realize that the Federal Reserve, as a slave of the big banks, serve up the easy money that allowed the stock market bust of 2000, and then they turned around, with easier money and created the housing boom and ’08-09 bus9, while turning a blind eye to the fraud & graft that went on in pricing mortgage paper and housing prices. Then, to counteract their 2nd bust, they have driven interest rates to basically zero for banks and have created what many believe is the biggest bond and stock market bubble of all time. All in 15 years!!!

    So, the grand and revered institution who is in charge of money and banks, if you believe what many will tell you, is the institution MOST responsible for the serial bubble/bust economy that we find ourselves in. Kids coming out of college can’t afford a house because the Fed singlehandedly propped up the prices(so the banks wouldn’t fail). Prices everywhere are way too high because the Fed is micromanaging the entire economy(to keep the banks from failing)….Right now, banks have no-cost money to financial gunsling and speculate while knowing what they really have is an option on fabulous profits which, if it all goes wrong, the taxpayer picks up the tab and no banker goes to jail.

    Is this really what we want and what they should be doing?????

  3. Edward says:

    Harry Reid, sorry to say, is not much different then most people. When given a lifetime of wealth they accept it, and don’t bite the hands that feed them.

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