Do you support H.R. 1207: Federal Reserve Transparency Act of 2009?

Discussion in 'Economics' started by monty21, Jun 18, 2009.

Do you support HR 1207: Federal Reserve Transparency Act?

  1. Yes

    21 vote(s)
  2. No

    5 vote(s)
  1. Representative Ron Paul of Texas introduced H.R. 1207: Federal Reserve Transparency Act in February of 2009. It aims at full transparency of the covert actions, its trading and fully-disclosed balance sheet of the FED (including toxic assets of course).


    It currently has an impressive 230+ sponsors in the House (enough for passage):

    I assume enough reps won't change their positions and this bill will safely pass in the House. I'm more concerned about the Senate... I really think there are several powerful members (both Republican & Democrats, but more so Democrats) that will vote against it because of being influenced by banking lobbyists. I can see them arguing that it could cause a meltdown of the system and loss of confidence in the government. I also think there is a possibility of Obama vetoing it if it got to that stage... that dirty Geithner surely wouldn't want it passed.

    Ron Paul has been critical of the FED throughout his political career. His main argument is that because the FED has control over the money supply (through manipulating interest rates, helping auction and buy/sell treasuries, setting standards on the fractional-reserve system) there is threat of inflation and ultimately systemic risk. He blames the FED for the excessive booms and bust. He also blames the FED for the decline of the US dollar. His radical solution is return to the gold standard and sound currency. HR 1207 is surely more realistic and a step in the right direction.

    Do you support this bill? And equally important... do you think this bill has a realistic chance of being passed in both the House and Senate and made into law?

  2. It is very unlikely that it will pass the senate and even if it does it would have to be in a very crippled state before Obama (advised by Geithner who worked for the private bank owned NYFED corporation) would sign it.
  3. Illum


    Nope. Our number one export is the Dollar. Lets keep it as long as we can. We may lose it if this slump continues on. We will lose it if Ron Paul is successful. Gold is ridiculous. Peg a currency to it's nations economy not something you find under some dirt. Diamonds are also b.s. so far I have not convinced the wife. I will keep trying.
  4. Absolutely.

    Ron Paul is one of the few good guys we have in government.

    I hope more Americans wake up from their slumber and start paying attention to him.
  5. 230+ sponsors in the House says a lot. I think 65 are Democrats.

    People certainly took notice of Ron Paul during the presidential primaries.
  6. Why is a failing dollar good? You can't assume other countries will buy more American goods just because our dollar is weaker... there is eventually a point of loss.

    What if the market goes up 20% and the US Dollar falls against other major currencies by 20%? An unhedged investor does not gain anything.
  7. Ha! Good luck with that! :)
  8. Gold is far from hardened carbon. It is an element with a very limited supply. When the price gold rises, the amount is more or less the same, it is just that the value of paper money decreases against gold.

    Gold maintains purchasing power relative to all currencies.

    Don't forget that the larger the bubble grows ultimately the currency will be devalued even more.
  9. [​IMG]
  10. Illum


    As far as bubbles are concerned, I would argue that is irresponsibility of people like Greenspan. They had better policy before him, and hopefully after him. At this point we take Bernake's word he will take out the liquidity in a timely fashion.

    Here is my problem with gold. Country A produces new advancements in technology driving humanity forward. Country B Some yokels find a gold mine.
    #10     Jun 18, 2009