A Serious Audit Required
Although a central banking system makes sense for America and has from time-to-time historically worked well, the Federal Reserve is out of control.
Printing money, making short-term decisions and not having the ability to look beyond the immediate has accelerated the financial meltdown in the United States.
The Federal Reserve has typically adjusted interest rates to influence our economy, but over the recent past that interest rate has hovered around zero. Since the economic collapse in the fall of 2008, the Fed has taken risky measures by buying Treasury bonds, which were then credited to banking reserves to stimulate low interest loans.
Credit remains tight. None of these reactions has revitalized the United States economy: unemployment remains high, foreclosures have not dramatically declined, and job creation has only minimally increased.
The value of the American dollar has been lowered in international markets. Our creditors around the world – for loans to finance federal red-inked budgets – have growing concerns.
Where is our money going? What do the balance sheet and the profit and loss statement of the Fed look like? A detailed and far reaching audit of the Fed, its policies, practices and actual financial status must be undertaken.
We must have an audit by independent experts with no connection to the federal government, and that audit must be published for Americans to review, comment and act upon. The Fed needs to be shaken up.