Audit us and interest rates will rise, Fed warns Congress

“Federal Reserve General Counsel Scott Alvarez said audits of monetary policy by the U.S. Congress could lead to higher interest rates and reduced confidence in central bank policy.”

Submitted by cpowell on 02:09PM ET Monday, September 28, 2009. Section: Daily Dispatches
5:08p ET Monday, September 28, 2009

Dear Friend of GATA and Gold:

The Federal Reserve’s general counsel, Scott Alvarez, is being disingenuous in the testimony to Congress reported today by Bloomberg News (see below) in regard to U.S. Rep. Ron Paul’s legislation to audit the Fed. That is, the threat to interest rates Alvarez warns about has nothing to do with potential congressional interference with monetary policy. Rather, the threat to interest rates — and the dollar, U.S. government bonds, the Fed itself, and the entire world financial establishment — arises instead from the possibility that the Fed’s surreptitious intervention in the markets might be exposed and the world might see that, in fact, because of the Fed there really are no markets at all, just systematic robbery by banking interests and certain nations.

What the Fed is really saying with its hysteria is that the world will end if what the Fed is doing becomes known. Of course the world won’t end; it will just change dramatically.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

One Response to “Audit us and interest rates will rise, Fed warns Congress”

  1. If anyone here truly feels fiat currency is worthless then feel free to give me all your money.

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