It's Time to Audit the Fed - Rick SanchezSubmitted by Calgary4Paul on Sat, 05/07/2011 - 16:13
"It is remarkable, and remarkably unacceptable, that the Federal Reserve held a press conference after a policy meeting for the first time in its 97-year history just last week. That's simply 97 years too late. During this press conference, Fed Chairman Ben Bernanke addressed the public's concern over inflation, the slow economic recovery, and critics' claims that the Fed has driven down the value of the dollar.
But Bernanke just danced around questions on the dollar, saying currency policy is an issue for the Treasury Department.
Bernanke is wrong. The issue isn't the advice that the Treasury gives Congress, and this isn't about how our money gets printed.
The simple, blunt question he avoided -- the proverbial elephant in the room -- is why we're printing money that is literally not worth the paper it's printed on. The issue is the dollar's historical evolution (and devolution) from a "United States Note" to a "Federal Reserve Note" and the resulting steady decline in its value as a result of interest rate policy set by the Fed."