Quote:
Originally Posted by freebeard
Audit the Fed is for transparency: https://en.wikipedia.org/wiki/Federa...ansparency_Act. We all know the story, from the Titanic forward.
The audit of the Pentagon is turning up 100s of 1,000,000s of dollars. Taxing stock market transactions a fraction of a percent would slow the high-velocity trading.
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Congress authorizes the minting of 20 Trillion dollar platinum coins (as big as a hubcap!), hands them to the Fed and thanks them for all their good work (the dollar being worth 4.7¢ today) |
I think audit the Fed is one of those topics I'd need to read the Wiki on a dozen other things before I had a vague understanding of what it aims to accomplish. From what I've read, the Fed is audited, but certain aspects aren't part of the audit criteria, and that's where the intrigue lies.
I'm only interested if there is good reason to believe reform can be brought about, and corrupt people held accountable for their actions. An audit ultimately needs to at least break even with the cost of administering it, either in direct capture of funds, or in dissuading further fraudulent action from others.
Totally on board with a small tax on transactions to discourage the worthless practice of high velocity trading. There is no public good created by high velocity trading. It reminds me of the premise of Office Space, where small sums of money are stolen on high volumes of transactions. It also reminds me of that time I had 20 phones playing internet advertisements 24/7 earning me $1/day/phone.
Mostly indifferent to modest inflation. It's essentially a tax on anyone holding US debt or low-interest savings. I'm on board with much of what the Pauls advocate regarding monetary policy, but much less so with fiscal policy. We don't need a warehouse of gold backing our paper money and digital bits.