The Incompetence of the Federal Reserve and its Clueless “Inspector General”

Ron Paul - A Profit?Ron Paul has been demonized for years because of his Anti-Federal Reserve position.  Congressman Paul has chided both Bernanke and the past Fed Chairman Alan Greenspan for running a secret organization and not disclosing virtually any of its day-to-day operations to even Congress. 

The Fed and many of its officers, including its Inspector General are appointments by the Fed Chairman.  So, if you work for a boss, and your job is to audit that boss, how tough are you going to be on the boss?  Paul has correctly pointed out that actions by Congress and the President, and the President’s cabinet, have CONSTITUTIONALLY provided safeguards and oversight functions.  The Fed, is basically autonomous with more direct impact on the U.S., and thus the world economy, than any other agency on earth.  The Secretary of the Treasury has some latitude to manipulate the economy but his power is limited by the Constitution and duly passed and signed legislation.  So in the past 4 years, the Fed has printed Trillions of Dollars forcing new currency into circulation, loaned Trillions of Dollars to U.S. and Foreign Banks and Wall Street Institutions, Invested Trillions in U.S. Bonds, and Invested Trillions in the Stock Markets, without one U.S. Citizen or their elected representative’s approval or in most cases, knowledge. 

The current Inspector General, AKA, head auditor for the Fed, is a person by the name of Elizabeth A. Coleman, was appointed by Ben Bernanke, the Fed Chairman on May 6, 2007.  Since then, she apparently has not inspected anything and has generalized her responses to congress to the point that they are incomprehensible.  Since she reports only to her Boss, Ben Bernanke, WHO APPOINTED HER AND KEEPS HER IN HER JOB, we have not seen any reports on any of the items mentioned in the prior paragraph.  Meanwhile, we are all up in arms about a current budget deficit of $1.5T which is ridiculous, but the Fed has created or spent Trillions of our Dollars and we have no idea why, where or how much.

To underscore the lack of specificity, incompetence or collusion by the Inspector General of the Federal Reserve, take 5 minutes and listen to Coleman’s responses to Congressman Alan Grayson’s questions regarding Fed actions.  I could write all day and not adequately convey how scary it is to have Bernanke and Coleman in charge of the U.S. and world economy.

Ron Paul introduced HR 1207 in 2009 but the bill never moved out of committee.  It called for:

“Repeals the authority of the Comptroller General to carry out a onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.) Directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.”
In other words, he was calling for an audit by the Government Accounting Office, of the Fed’s activities by an agency outside of the Fed with a full report to Congress.  Since the House Financial Services committee was controlled by Democrats, the bill never got out of committee.  Now that the Republicans control the committee, maybe Ron Paul can finally get the bill to the floor for a vote.
It is time to take the blinders off of the American People when it comes to the Fed.   The Fed initially created in 1913 to add stability to the financial markets.  How is that working out for you!   Support Ron Paul’s effort to shine a little sunshine on the Federal Reserve…
RD Pierini

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