mathematically perfected economy™ (MPE™)    1  :   the singular integral solution of  1) inflation and deflation,  2) systemic manipulation of the cost or value of money or property, and  3) inherent, artificial multiplication of debt into terminal systemic failure;    2  :  every prospective debtor's right to issue legitimate promises to pay, free of extrinsic manipulation, adulteration, or exploitation of those promises, or the natural opportunity to make good on them;    3  :  our right to certify, to enforce, and to monetize industry and commerce by this one sustaining and truly economic process.

MORPHALLAXIS, January 14, 1979.

Mathematically Perfected Economy™ FORUMS, DISCUSSION

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 Post subject: Senators Threaten Bernanke Confirmation With Fed Audit
PostPosted: 04 Dec 2009, 10:30 am 

Joined: 29 Jan 2008, 6:06 pm
Posts: 731
Senators Threaten Bernanke Confirmation With Fed Audit

The Fed represents faith-based-economic system and it is high-time for a fully sustainable fraud-proof system based in principles of mathematics and nothing else.

Sudeep Reddy wrote:
WSJ:Sen. Bernie Sanders (I., Vt.) got plenty of attention by announcing he’d put a hold on Ben Bernanke’s nomination on the Senate floor. It turns out Sen. Jim Bunning (R., Ky.), who directed a diatribe at the Federal Reserve chairman during Thursday’s confirmation hearing, also had placed a hold on the nomination. (Holds are often placed quietly, without public announcement.)

Bunning and Sanders are well known for their anti-Fed posture. And holds are a hardly unusual parliamentary maneuver in the Senate. In most circumstances, such a move would likely just delay the confirmation a bit and force a recorded vote on the nomination — once it clears the committee — rather than allowing approval under unanimous consent. It’s also a symbolic move since Bernanke very likely has the 60 votes needed to clear the Senate.

But what may become a more significant threat to the Fed is how two other Republican Senators, Jim DeMint of South Carolina and David Vitter of Louisiana, said they’d oppose the nomination.

DeMint said Thursday he also placed a hold — and that he’d maintain it until the Senate votes up or down on legislation to open the Fed’s monetary policy to congressional audits. (Authored by Sanders, the legislation is identical to a House bill by Texas Rep. Ron Paul.) Vitter made a similar pledge to maintain his hold until the the audit bill receives a Senate debate. That audit bill, it turns out, also is the subject of at least one hold (and probably more) in the Senate.

While neither move changes the 60-vote requirement for Bernanke, they raise the possibility that the Fed could end up with something it abhors — some version of the audit provision — for Bernanke to get through. Both lawmakers could raise a ruckus about the audit bill by filibustering the Bernanke nomination for it (something even Sanders didn’t say he’d do).

Among the options that leaves for the Senate leadership to clear President Barack Obama’s Fed nominee:

(1) Corral the 60 votes for the nomination and push it through, while DeMint, Vitter and their supporters attack anyone in that group of 60 by saying they don’t want accountability. In this scenario, Bernanke gets cleared without an audit provision passing, though it could turn some additional lawmakers into “no” votes for confirmation.

(2) Allow an audit bill to come to a vote. The Sanders bill has 30 cosponsors — not even a simple majority — but creates a perception problem for lawmakers who oppose it. So it’s unlikely to even reach a vote without 60 backers.

(3) Find a way to settle the impasse through a watered-down audit provision, so the opponents of Sanders’s measure can say the Fed will indeed be audited by the GAO. Many lawmakers simply don’t want to be in a position of voting publicly against the Sanders measure (given the potential backlash) and would prefer a different version to be slipped into the broader financial regulation legislation. That regulatory overhaul is now on a slow track in the Senate, awaiting consideration in the Senate Banking Committee. With the health care debate, the chances of it reaching the Senate floor before January are slim. Still, at least attaching it to financial regulation in committee could mitigate some attacks (related to auditing the Fed) during a Bernanke confirmation vote.

The real trouble for the Fed now is that it’s under assault from the left and the right. Liberal activist groups are joining with Paul followers in a unified front against lawmakers who don’t want an audit. Sanders appears to have racked up some campaign contributions online since announcing his Bernanke hold Wednesday night. With the audit bill, he’s doing from the left what Paul is doing from the right.

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While 12,000 homes a day continue to go into foreclosure, mathematically perfected economy™ would re-finance a $100,000 home with a hundred-year lifespan at the overall rate of $1,000 per year or $83.33 per month. Without costing us anything, we would immediately become as much as 12 times as liquid on present revenue. Transitioning to MPE™ would apply all payments already made against existent debt toward principal. Many of us would be debt free. There would be no housing crisis, no credit crisis. Unlimited funding would immediately be available to sustain all the industry we are capable of.

There is no other solution. Regulation can only temper an inherently terminal process.

If you are not promoting mathematically perfected economy™, then you condemn us to monetary failure.

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