PeakOil is You
Gasoline Demand (merged)
Re: Gasoline consumption in US is falling fast but why?
by onlooker » Wed 16 Aug 2017, 17:12:41
$this->bbcode_second_pass_quote('creedoninmo', 'I') don't know that there has ever been a world where there could be infinite debt stored as fiat money on computers. To some extent that does invalidate debt, but nothing lasts forever. Oil is not infinite and stored on computers and oil and currency are tied together. They will end together. The oil age is just ending differently than we would have thought.
All we are doing with Debt really is chicanery, Stealing from the future for the sake of the present but as my signature states, we can pretend only for so long that economics is more important than biophysical limits and the environment
"We are mortal beings doomed to die
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onlooker - Fission
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Re: Gasoline consumption in US is falling fast but why?
by shortonoil » Wed 16 Aug 2017, 17:28:05
$this->bbcode_second_pass_quote('', 'I') don't know that there has ever been a world where there could be infinite debt stored as fiat money on computers.
A computer is nothing more than a high speed abacus. No smarter than the programer. No matter where you store debt based fiat it is still fiat. Currency backed by debt. When the debt defaults the money disappears. The central banks are now sitting on debt (which they call assets) that will soon not be able to be serviced. Anyone got $40 trillion to fill in for the unfunded liabilities of US pensions? The US has total debt of at least $180 trillion that is being compounded at 3 to 5% per year, and almost no growth to service that debt with. If the central banks stop printing for one day the cascading defaults would consume the entire world in a week. No algo is going to get us out of this situation.
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shortonoil - False ETP Prophet
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Re: Gasoline consumption in US is falling fast but why?
by rockdoc123 » Wed 16 Aug 2017, 18:23:27
$this->bbcode_second_pass_quote('', 'T')he FED does its own audit, and reports the results. No other agency inside of, or outside of the US government ever touches the FED's books. What do you think Ron Paul has been trying to get done for the last 20 years; he has been trying to convince Congress to pass a bill to audit the FED.
As with most things you haven't a frigging clue what you are talking about but don't take my word for it:
$this->bbcode_second_pass_quote('', '[')b]you might think that legislation widely known as “Audit the Fed” would have something to do with auditing the Fed, in the conventional sense of reviewing the institution’s financial assets and liabilities, records, and operations. You’d be wrong. The Fed is already thoroughly audited in the usual sense, by an independent inspector general and by an outside accounting firm (currently, Deloitte and Touche), and the resulting financial reports are made public online. Every security owned by the Fed, up to the detail of the identifying CUSIP number, is also available online. Moreover, the Government Accountability Office (GAO), which does in-depth reviews and analyses (“audits” of a different type) of government activities at the request of Congress, has wide latitude to review Fed operations, including supervision and regulation as well as other functions. For example, as required by the Dodd-Frank Act of 2010, the GAO conducted reviews of the Fed’s emergency lending programs during the crisis and of the Fed’s governance structure. Since the financial crisis, the GAO has done some 70 reviews of aspects of Fed operations.
So what does Audit the Fed actually do? The principal effect of the bill would be to make meeting-by-meeting monetary policy decisions subject to Congressional review and, potentially, Congressional pressure. The bill would do this by repealing existing restrictions, imposed by Congress nearly forty years ago, on what the GAO can examine when reviewing the Fed. The most important such restriction blocks the GAO from reviewing “deliberations, decisions, or actions on monetary policy matters,” as well as “discussion or communication among or between members of the Board and officers and employees” related to such deliberations. The repeal of the existing restrictions would accordingly allow the GAO to view all materials and transcripts related to a meeting of the Fed’s Federal Open Market Committee (FOMC) at essentially anytime and require the GAO, at Congressional request, to provide recommendations on monetary policy, including potentially on individual FOMC interest-rate decisions.
so you are wrong...the FED is subject to external audit by external independent accounting firms, subject to public documentation of all audits and reviews and the piece that Rand Paul and others are pushing for has zip to do with actual external audits of the FED but rather trying to break the independence of the FED decisions on financial matters and make it subject to Congressional approval.
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