PLEASE DON'T AUDIT FED!!

Many have heard us talk about our Wizard of Oz word picture. If we all think back to the movie, Dorothy and her friends were terrified of the Great and Powerful Oz....until Toto went into the temple of Oz and pulled back the curtain only to reveal that Oz was really a short, bald man pulling levers behind a curtain.

We have wondered for years now if the Federal Reserve isn't really just a short, bald man pulling levers behind a curtain....and they DESPERATELY don't want anyone to reveal that secret to the world!

Today in the Wall Street Journal we have this headline;
Bernanke Warns Against Move to Audit Fed

Federal Reserve Chairman Ben Bernanke sought Thursday to head off legislation that would subject the central bank's monetary policy decisions to congressional audits, warning it could stoke inflation and threaten economic stability.

With U.S. senators moving toward a possible vote Thursday on an amendment to the financial regulatory bill that would significantly increase congressional oversight of the Fed, Mr. Bernanke warned of the consequences in a letter to Senate Banking Committee Chairman Christopher Dodd (D., Conn.).

"Such amendments, if enacted, would seriously threaten monetary policy independence, increase inflation fears and market interest rates, and damage economic stability and job creation," Mr. Bernanke wrote.

See it here; http://online.wsj.com/article/SB10001424052748704370704575228164133105390.html

Did you catch that?? If we open the books of the Fed (pull back the curtain) we may realize the Fed has no money and very limited power...and the breakdown in confidence of this once powerful, mysterious institution could lead to increased inflation fear, higher interest rates and damage stability and job creation.

Wait a second....you mean I shouldn't have put so much faith in this institution designed by man? And I shouldn't have had so much faith in the U.S. government to care for my every need from cradle to grave?

"Have faith in God alone"....says God.

Oh.