Risks associated with auditing the Federal Reserve?

Suppose Ron Paul's bill to audit the Fed goes becomes law: what effects should we expect the exposure of the Fed's fraudulent accounting to have on the global markets/economy? Obviously the Fed is an abomination and should not exist; and obviously since it does exist, it should be audited thoroughly; however, is such necessary exposure going to wreak havoc? If so, how should we be bracing ourselves?

Nothing is going to come from HR1207.  Even if it passes, it will be at least one year until the GAO offers it's audit results.  The Pentagon has been exposed as losing trillions ever year, and no one is rioting in the streets.

The worst thing to happen to libertarianism is doomsday worship.  People need to focus on education, not armageddon IMHO.

liberty student:

Nothing is going to come from HR1207.  Even if it passes, it will be at least one year until the GAO offers it's audit results.  The Pentagon has been exposed as losing trillions ever year, and no one is rioting in the streets.

The worst thing to happen to libertarianism is doomsday worship.  People need to focus on education, not armageddon IMHO.

   So on the upside getting the Fed. Reserve audited is at least more publicity that the Federal Reserve exists.  But that's the narrow upside I see coming out of this.  I agree LS.

So... the books are cooked anyways and right now it's out that the Federal Reserve lost (used but no answers about its location) about $9 trillion dollars in about 6 months and not much is coming out of that.  $9 trillion lost - I mean how many recent years of combined GDP for the U.S. is that and not much of a pin drop anywhere. 

 

I am debating a "liberal" in another forum who has brought these reports that show the results of the fed being audited.

http://www.federalreserve.gov/monetarypolicy/files/BSTFRcombinedfinstmt20072008.pdf

http://www.gao.gov/new.items/d09722r.pdf

Why is HR1207 necessary if the federal reserve is already being audited?

~SC

 

Maybe it will help clear up this mystery posted in another thread by Captain Amerika?

http://seekingalpha.com/article/143462-strange-inconsistencies-in-the-134-5-billion-bearer-bond-mystery

Maybe it will bring to light where the gold in Fort Knox went?

Maybe it will help educate the masses on how our funny money shitstem works?

Maybe it will hasten the eventual collapse of Federal Reserve Notes?

Most likely though it will just all be swept under the rug with an 'Official Report on the Fedral Reserve'?

Current audits by Deloitte and GAO are lomited and not independant,

 

bbnet:

Maybe it will help clear up this mystery posted in another thread by Captain Amerika?

http://seekingalpha.com/article/143462-strange-inconsistencies-in-the-134-5-billion-bearer-bond-mystery

Maybe it will bring to light where the gold in Fort Knox went?

Maybe it will help educate the masses on how our funny money shitstem works?

Maybe it will hasten the eventual collapse of Federal Reserve Notes?

Most likely though it will just all be swept under the rug with an 'Official Report on the Fedral Reserve'?

 

I will choose "E" Most likely though it will just all be swept under the rug with an 'Official Report on the Fedral Reserve'?

You should brace yourself for nothing if we're lucky or more socialism if we're not so lucky. The real theft/fraud is the counterfeiting, but you don't need an audit to discover that. So if it is discovered that the Fed has fraudulent accounting, they'll just blame Greenspan (or Ayn Rand) and create another agency to audit it. Until people realize that the whole system at its core basically amounts to systematic legalized theft, brace for more government. I don't have much faith in the "end the Fed" crowd especially when they resort to solutions like "Constitutional money". I'd much rather has an “End the Legal Tender Laws” message. Then who cares about the Fed.

First of all, I don't expect the media to cover the audit honestly should the resolution pass, therefore I wouldn't expect the general public to either a.) have any idea what the audit's results were or b.) receive the proper inferential treatment as to what the results should mean in terms of policy.  In other words, I don't think much will happen in a general sense.  But I DO think it will be ammunition for further AE based attacks on the Fed.