21 ms·

Elon Musk says he is thinking of auditing the Federal Reserve

21 points by graeme 2y ago

graeme 2y ago
This is significant in that the Fed underpins every financial system in the world. It IS audited, so this instead is likely a prelude for attempting to end the Fed's independence. Audits: https://www.federalreserve.gov/aboutthefed/audited-annual-financial-statements.htm#:~:text=Fed%20Financial%20Statements&text=The%20Reserve%20Banks'%20and%20LLCs,matters%20relating%20to%20the%20audit. https://www.federalreserve.gov/aboutthefed/audited-annual-fi...
- ttyprintk 2y ago
  The news is covering these maneuvers as if things like the Federal budget were not already publicly released. Detailed expenses of the Federal Reserve are public.
  - tstrimple 2y ago
    The majority of “liberal media” has been complicit for a while now.
  - bithive123 2y ago
    Indeed, there is the daily treasury statement as well https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/ https://fiscaldata.treasury.gov/datasets/daily-treasury-stat...
msie 2y ago
While the Whitehouse claims Elon isn't technically in charge of DOGE he is practically in charge. And he still talks like he is.
- duxup 2y ago
  I always wonder how this works in the courts, at some point it becomes absurd to by into "Well they said he is just a white house employee, like the chef ..." meanwhile every public statement, even Trump outright saying he runs DODGE in plain English is out there. These aren't misstatements, it's very clear in their own words what these people's roles are and it's in direct conflict with their legal arguments.
  - jarsin 2y ago
    Luckily we have precedent set by our former prez, Slick Willy. "Well now that depends on what the definition of the word is [employee] is."
    - duxup 2y ago
      I'll take a silly civil trial any day over what is going on now.
  - Zigurd 2y ago
    Supposedly that's what judges are for. Concepts like beneficial ownership prevent lawyers from making nonsense arguments. Flooding the zone may work on the press and public, but courts are supposed to cut through the crap.
Rzor 2y ago
Interesting. Let's how the market will react. Yesterday I read this comment by @kasey_junk: >He’ll get to the Fed. But it won’t be overnight. The administration will start messaging it and choreographing the change long enough before so it won’t spook Wall Street. [0] It feels sooner than expected tbqh. [0] - https://news.ycombinator.com/item?id=43101200 https://news.ycombinator.com/item?id=43101200

21 points by graeme 2y ago

This is significant in that the Fed underpins every financial system in the world. It IS audited, so this instead is likely a prelude for attempting to end the Fed's independence. Audits: https://www.federalreserve.gov/aboutthefed/audited-annual-financial-statements.htm#:~:text=Fed%20Financial%20Statements&text=The%20Reserve%20Banks'%20and%20LLCs,matters%20relating%20to%20the%20audit. https://www.federalreserve.gov/aboutthefed/audited-annual-fi...

ttyprintk 2y ago
The news is covering these maneuvers as if things like the Federal budget were not already publicly released. Detailed expenses of the Federal Reserve are public.
- tstrimple 2y ago
  The majority of “liberal media” has been complicit for a while now.
- bithive123 2y ago
  Indeed, there is the daily treasury statement as well https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/ https://fiscaldata.treasury.gov/datasets/daily-treasury-stat...

msie 2y ago

While the Whitehouse claims Elon isn't technically in charge of DOGE he is practically in charge. And he still talks like he is.

duxup 2y ago
I always wonder how this works in the courts, at some point it becomes absurd to by into "Well they said he is just a white house employee, like the chef ..." meanwhile every public statement, even Trump outright saying he runs DODGE in plain English is out there. These aren't misstatements, it's very clear in their own words what these people's roles are and it's in direct conflict with their legal arguments.
- jarsin 2y ago
  Luckily we have precedent set by our former prez, Slick Willy. "Well now that depends on what the definition of the word is [employee] is."
  - duxup 2y ago
    I'll take a silly civil trial any day over what is going on now.
- Zigurd 2y ago
  Supposedly that's what judges are for. Concepts like beneficial ownership prevent lawyers from making nonsense arguments. Flooding the zone may work on the press and public, but courts are supposed to cut through the crap.

Rzor 2y ago

Interesting. Let's how the market will react. Yesterday I read this comment by @kasey_junk: >He’ll get to the Fed. But it won’t be overnight. The administration will start messaging it and choreographing the change long enough before so it won’t spook Wall Street. [0] It feels sooner than expected tbqh. [0] - https://news.ycombinator.com/item?id=43101200 https://news.ycombinator.com/item?id=43101200