Democrats attempt to Deep-6 FED Audit Bill

The Ron Paul (R-TX) and Alan Grayson (D-FL) amendment to HR 3996, the “Financial Stability Improvement Act of 2009,″ allows the US Government Accountability Office (GAO) to conduct a wide-ranging audit of the financial activities of the Federal Reserve Board. Specifically:

• Removes the blanket restrictions on GAO audits of the Fed
  
• Allows audit of every item on the Fed’s balance sheet, all credit facilities, all securities purchase programs, etc.
  
• Retains limited audit exemption on unreleased transcripts and minutes
  
• Sets 180-day time lag before details of Fed’s market actions may be released
  
• States that nothing in the amendment shall be construed as interference in or dictation of monetary policy by Congress or the GAO
  

This amendment, if enacted, would permit for the first time, since the inception of the US Federal Reserve in 1913, a complete examination of the underlying financial machinations of this institution.

Only to prove their critics point, that this bankers-only club is rotten to its core, current Chairman Ben Bernake, FED lawyers, and an assortment of affiliated yes-men have said implicitly or as in the case of former FED Governor Laurence Meyer explicitly that, "U.S. stocks, bonds and the dollar would collapse" if the US Federal Reserve was audited. In other words, according to these finely tailored gentlemen, if the current institution is audited, they suggest that the entire financial system of the United States of America, maybe even the world, will be ruined! The conclusion is clear: only a system based on fraud, corruption, and extreme kleptocratic policies that are meant to enrich a small coterie of elite entities (ex. post-Soviet Russia in the 1990's and their oligarchs and criminal syndicates), would make such outrageous statements, if subject to the same rules of transparency, openness, and accountability that every other small business is. The end of crony-capitalism is near, and the only question left is whether the greed-heads in control will take the whole world down with them?