We Don't Want to Know

We have written of the Federal Reserve quite a few times. It's a very interesting topic because they are the controllers of our paper money system so they also hold the "full faith and confidence" of our monetary system in their hands. Remember a few things about the Fed....they are not part of the Federal government and currently they have no assets backing the paper money they have created. Nothing is held there except promises and good intentions. I think my grandpa used to have a famous saying, "The road to disaster was paved with good intentions."

The Fed has pushed back hard against a bill that has already won sponsorship by a majority of the U.S. House of Representatives, and a companion Senate measure, that would expose monetary policy decisions to audits by the Government Accountability Office, a federal watchdog.
The central bank has argued such audits would alarm financial markets and drive U.S. borrowing costs higher as investors would come to fret politics, not economics, would drive monetary policy-making.
Some investors are already nervous that the Fed might face pressure to create money to finance record U.S. budget deficits. The Fed says these concerns would intensify if there was any move to put its policy under political sway.

Did you catch that? The fed is worried that if the financial markets could actually see the results of a audit...they would be alarmed! And yes, some investors are nervous that the Fed is simply printing money out of thin air with no hard assets backing it. If they print too much...it simply becomes worthless and isn't worth the paper it's printed on.

Read full article here; http://www.reuters.com/article/newsOne/idUSTRE56L59B20090722

Keep praying for this country and it's leaders. "If they will turn from their ways, repent and seek my face, then I will heal their land."