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Published: Monday, July 30 2012 12:00 a.m. MDT

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DougS
Oakley, UT

No arm of the government should be free from accountability; least of all the Federal Reserve System. They are the largest holder of Treasury Securities representing our national debt. Where did they get all this money to buy those securities? They created it out of thin air! If you don't know those facts, then it is obviously time to "audit the Fed"!

Esquire
Springville, UT

This op-ed piece exhibits great wisdom. Too bad extremism seems to be ruling the day, and ultimately the country, if we aren't careful.

SEY
Sandy, UT

The Federal Reserve is the heart and soul of crony-capitalism. Without it, banksterism and corporate welfare would not be the factor they are in today's economy. Supporters of the Fed are unwitting enablers of government cronies who have become "too big to fail." The so-called independence of the Fed is no more than a license to create wealth for the haves and to steal from the have-nots via inflation. If you want to understand why income gaps continue to grow, learn how the Fed steals from the little guy and gives to the already rich.

David King
Layton, UT

@Esquire

It's not extremism to say that the power over our monetary policy belongs with the people, and not an unelected, self-anointed priesthood behind closed doors. Congressman Dennis Kucinich is fond of saying the Federal Reserve is no more "federal" than Federal Express. Congress has surrendered their Constitutional responsibility to "coin money" and "regulate the value thereof". Harry Reid, when he was a supporter of a full audit of the Fed, said that "no other entity in the world controls our lives more than the Federal Reserve System." It cannot be stressed enough that this is not a partisan issue. This issue brings together people like Alan Grayson, a hero of the progressive movement, and lobbyist Grover Norquist. Who would have ever thought they would agree on anything? This is a chance to build bridges and form bipartisan coalitions for a more responsible government. What negative could come out of that? Why defend the bankers who run the Fed? I think I've seen enough of your posts to know that you don't believe Wall Street has the best interest of the average American at heart, so why defend them on this issue?

Fitness Freak
Salt Lake City, UT

Its not a matter of "if", but rather WHEN the federal reserve system will be abolished.

Since neither political party is able to curb their spending habits, the fed will TRY, continually to keep inflation low in order to make up for the bad habits of politicians.

Eventually, when inflation reaches astronomical proportions, the American public will DEMAND that the fed be abolished.

LDS Liberal
Farmington, UT

Federal Reserve = Gadiantons

enough said.

RedShirt
USS Enterprise, UT

To "LDS Liberal" just to poke at you a bit. You should remember in your daily Gadianton comparisons that it was the Progressives/Liberals that supported and created the Federal Reserve. Enough said.

Thoughtful Voter
Spanish Fork, UT

The idea that an arm of government with such massive power over our everyday lives should be completely unaccountable to any checks or balances is just insane. Those opposing the Federal Reserve Audits make the identical arguments that were used to prop up unquestionable royalty in the old British Empire (that we fought a Revolution to be free of, remember?).

"Independence" is a much abused word in this op-ed. It is not our central government that should be as independent as possible from us, but rather we that should be as independent as possible from central government. Over the years, the argument that the Federal Reserve should have some "independence" in setting their far-reaching policies (including what gargantuan sums to loan our government with interest, printing the US money supply, backing the US money supply, etc.) has successfully evolved into some kind of elitist worship of the entity wherein no decision can be questioned, considered, or countermanded. This is not simply unwise ("insane" might be more accurate), but it also runs counter to everything our country was founded upon.

Audit the Fed. Let the chips fall where they may.

Twin Lights
Louisville, KY

First, the idea of a central bank is as old as the republic. Hamilton (hardly a liberal) was one of its champions.

Second, if we abolish the Fed, what will we replace it with? Another central bank? The gold standard? Is there ANY modern economy that functions without a central bank? Will we be the guinea pigs for a modern economy on the gold standard?

Third, the Board of Governors of the Fed are chosen by the President and confirmed by the Senate. How is that in any way similar to Federal Express? Mr. Kucinich must not be paying attention.

The Fed is a public-private partnership with interests in both worlds (which, given our economy would seem a good thing).

Should it be audited? Sure. As long as doing so does not any give day to day operational control to the legislature.

LDS Liberal
Farmington, UT

RedShirt
USS Enterprise, UT
To "LDS Liberal" just to poke at you a bit. You should remember in your daily Gadianton comparisons that it was the Progressives/Liberals that supported and created the Federal Reserve. Enough said.

12:20 p.m. July 30, 2012

============

Just to poke back,
Joseph Smith ran his Presidential campaign on a National/Centralized Bank [the Liberal goal].

In 1865: In a statement to Congress, President Abraham Lincoln states, "I have two great enemies, the Southern Army in front of me, and the financial institutions in the rear. Of the two, the one in my rear is my greatest foe."

It was the Rothchild's and their International Banking organizations that proposed and set-up the Federal Reserve.

BTW - I don't but into your all-or-nothingism --- all good is Democrat, all evil is Republican -- like you do.

I just happen to believe that right now, the GOP is more in-line with the Gadianton's than the left is.

RedShirt
USS Enterprise, UT

To "LDS Liberal" so then you admit that you agree that the liberals/progressives set up the Federal Reserve in 1913 by Woodrow Wilson and the extreme left wing of the Democrat party at the time. You know, the champion that progressives/liberals all hail as their greatest hero. Also, according to Wilson's record and many historians, he was a progressive.

It is great to see that you are beginning to understand that much of the modern Gadianton problems you like to point out stem from liberalism/Progressivism.

You said, Federal Reserve = Gadiantons. So, if the Federal Reserve was created by the left wing of Democrat party (liberals and Progressives by their own admission), doesn't that mean that Liberals/Progressives also = Gadiantons?

Just because you believe a lie, doesn't make it any more true. You can also believe that the tooth fairy is real, but it doesn't change the fact that it isn't.

Hellooo
Salt Lake City, UT

RE: DougS and Thoughtful Voter The Federal Reserve is not an arm of the Federal Government. It is a private company, whose ownership is only partially transparent. Auditing it is all well and good, but it affects nothing except to aid transparency. As an aside, this is the travesty of Dodds-Frank as that piece of legislation through the so called consumer protection components of the Act turns every financial transaction in the country as to its validity or invalidity (except buy here pay here used cars dealer transactions) over to this private company.

Re Redshirt Wilson was a progressive, but the two most famous progressive Presidents were Abraham Lincoln and Theodore Roosevelt (they with their edifices on Mount Rushmore) and that part of the Republican Party is still in control of it.

Gildas
LOGAN, UT

Since Joseph Smith's view of a National Bank was mentioned in this thread, here's what it was:

1. This bank would have branches in every state.

2. Their officers and directors were to be elected yearly by the people, with wages at the rate of two dollars per day. (Adjust this for inflation)

3. The several banks "shall never issue any more bills than the amount of capital stock in her vaults and the interest.

Suffice to say this would be a far cry from the Federal Reserve Bank under discussion.

(See Joseph Smith's Views on the Powers and Policy of the Government of the United States"
1886 reprint of Joseph Smith's platform for his 1844 candidacy for President of the United States, and is only one of the planks in that platform).

Pippin
Kaysville, UT

Ahhh the Federal Reserve. Bastion of hope, impartiality, wisdom, and stability.

Phooey.

The government just couldn't quite trust private individuals to handle the important affairs of minting coins and printing notes. Just like they can't trust me to save for retirement, secure my own education and healthcare, and consume healthy foods and substances. So, knowing that politicians always make better decisions than ordinary mortals, they formed a government-backed financial cartel (only government-backed cartels can long endure, just ask the labor cartels [unions]). But as much power as that gave the politicians, they still had that pesky obstacle of gold. Gee, if only we could raise the money supply without the pesky problem that gold just doesn't increase in supply fast enough. But, they managed to get rid of the gold standard and with that came unlimited power to tax. Now they could tax not just your income, but also your savings (inflation destroys savings) and the unborn (borrowing). Now that is awesome power.

I don't trust a government audit of the Federal Reserve any more than I trust the government or the Federal Reserve.

Abolish the Fed. I'll take my chances with freedom.

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