Is No One at the Fed is Keeping Track of the Money?

You’ve heard us talk about the Federal Reserve and our opinion on how disastrous we feel their policies will prove to your financial well being. It’s our opinion that Quantitative Easing, the Federal Reserves Policy of printing up lots of dollars, is not only eroding the dollar’s purchasing power now and in the future, but setting up even larger dangers for the future.

You may have heard lots of pundits, government analysts and TV personalities and dismiss some of these concerns as just empty warnings from a few precious metal enthusiasts. You may have seen the stock market rising recently and thought all is well and our warnings of a collapse of this house of cards in the future is just a lot of hot air.

But what if you heard it from the mouths of your own government officials that all is not as it should be? In this video Representative Alan Grayson questions Elizabeth Coleman, Inspector General of the Federal Reserve. The questions and more specifically answers, or rather non-answers from Elizabeth Coleman are astonishing. Apparently the Federal Reserve has not audited and does not know where trillions of dollars of money are or how they were spent. This video was on TV and was very popular on YouTube having been viewed 1,152,230 times!

It seems amazing that despite the fact Representative Grayson’s reading of the Federal Reserve act clearly states that the Inspector General is responsible for auditing they haven’t done it in the 8 months that had elapsed by the time this hearing took place in 2009. There are some really shockingly basic questions you would think Elizabeth Coleman, who was appointed to the Federal Reserve May 6, 2007 should surely know the answers to by this point in her career at the Federal Reserve.

It has been said by some supporters that she wasn’t properly prepared for Alan Grayson’s questions. It has been suggested by some Rep. Grayson didn’t “understand” the “complex nature” of the balance sheet. But it is my opinion that Rep. Grayson was on target asking basically how have trillions of dollars been spent, where did it go, and where is the Federal Reserve auditing of it all. Certainly, as Inspector General of the Federal Reserve, it’s my opinion she should have supplied a more credible response. At least a response that didn’t call into question, at least in my mind, the credibility of the Federal Reserve as the guiding force behind the world’s reserve currency. At least some answers that didn’t call into question the wisdom and credibility of the Federal Reserve as the force plotting the financial destiny for the United States.

So just remember who is talking when anyone from the Federal Reserve, the banking system, or Wall Street tells you the precious metals don’t have enduring value that will rise as the buying power and prestige of the dollar falls. It’s my opinion that if you have already invested in precious metals just stay the course and you will be rewarded. If you are thinking about adding to your precious metals investment it’s my opinion that now is a good time while prices are low. But as we have stressed to you, investing in the precious metals has often been volatile in the short run, but the long term march has been upward. So will the precious metals resume their upward march this month, by summer, by December, within one year or two? I don’t know when the stampede to the precious metals will begin. But my opinion is that it will resume it’s upward march. It may even rise quickly and spectacularly. As for me, I want to make sure I’m there ahead of the rise in time to profit.

As always consult with your financial adviser before making any investment decisions. Make sure you do your own due diligence. Investing in precious metals is not suitable for all people and investment results will vary. The information presented on this web site is opinion. It is believed to be accurate and from credible sources, however, the various experts and authors presented here can not be held liable for any errors or omissions. This site is presented for informational purposes only.

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