The Real Reasons Behind Fed Secrecy...R'N'R 'N' Paulitics...(Ron Paul)
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Album:Black Gives Way to Blue.
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Last week I was very pleased that the Financial Services Committee held a hearing on the Federal Reserve Transparency Act, HR 1207. The bill has 295 cosponsors and there is also strong support for the companion bill in the Senate. This hearing was a major step forward in getting the bill passed. I was pleased that the hearing was well-attended, especially considering that it was held on a Friday at nine o'clock in the morning! I have been talking about the immense, unchecked power of the Federal Reserve for many years, while the attention of Congress was always on other things. It was gratifying to see my colleagues asking probing questions and demonstrating genuine concern about this important issue as well. The witness testifying in favor of HR 1207 made some very strong points, which was no surprise considering the bill is simply common sense. It was also no surprise that the witness testifying against the bill had no good arguments as to why a full audit should not be conducted promptly. He attempted to make the case that the fed is already sufficiently accountable to Congress and that the current auditing policy is adequate. The fact is that the Fed comes to Congress and talks about only what it wants to talk about, and the GAO audits only what the current laws allow to be audited. The really important things however, are off limits.
(U.S. President Barack Obama nominated Ben Bernanke to a second term as Federal Reserve chairman ...aiming for continuity at a time when the U.S. economy is breaking free from a deep recession.)
There are no convincing arguments that it is in the best interests of the American people for anything the Fed does to be off limits. It has been argued that full disclosure of details of funding facilities like TALF and PDCF that enabled massive bailouts of Wall Street would damage the financial position of those firms and destabilize the economy. In other words, if the American people knew how rotten the books were at those banks and how terribly they messed up, they would never willingly invest in them, and they would fail. Failure is not an option for friends of the Fed. Therefore, the funds must be stolen from the people in the dark of night. This is not how a free country works. This is not how free markets work. That is crony corporatism and instead of being a force for economic stabilization, it totally undermines it. If the Fed gave its actual arguments against a full audit, they would not have mentioned anything about political independence or economic stability. Instead they would admit they don't want to be audited because they enjoy their current situation too much.
Under the guise of currency control, they are able to help out powerful allies on Wall Street, in exchange for lucrative jobs or who-knows-what favors later on. An audit would expose the Fed as a massive fraud perpetrated on this country, enriching a privileged few bankers at the top of our economic food chain, and leaving the rest of us with massively devalued dollars which we are forced to use by law. An audit would make people realize that, while Bernie Madoff defrauded a lot of investors for a lot of money, the Fed has defrauded every one of us by destroying the value of our money. An honest and full accounting of how the money system really works in this country would mean there is not much of a chance the American people would stand for it anymore.
-Ron Paul-
Obama renominates Bernanke as Fed chief:
http://www.ibtimes.co.in/articles/20090826/obama-renominates-bernanke-fed-chief.htm
Comments (6)
BTW new AIC out today (9-29-09).
>>>>Lets keep our fingers crossed!
It is no secret that following the money will lead to some interesting things. Like how the rich run the country, for instance. I guess it isn't really a secret. This would be a nice step, but I think armed revolution might be the only way.
deadman...: Ditto!
Cody:
"This would be a nice step, but I think armed revolution might be the only way"
This is the thing Ron Paul is trying to avoid. I agree with his passive approach on this issue. War is a horrid thing, & I think it should be avoided if it can be. I wonder if or how globalization would affect a revolutionary war in the US. I've read that during the civil war that some soilders would aim above the heads of the opposing army, & miss on purpose. I can see people going up against the Fed Gov, but I don't know about citizen against citizen. Our attitude has changed a lot here in America. You see people supporting the troops today, not like when the soilders came back from the Vietnam war.
the people that have all the money, influence, and property will fight to keep it that way...The Government works for them..
Just saw Mr. Paul on John Stewart last night. He was good..he said his ideas were ideals really..things that couldn't happen in the future completely..ie free market.
I don't want to kill any citizens, just to control the corporations and their rights, lawful and unlawful.
the people that have all the money, influence, and property will fight to keep it that way...The Government works for them.."
Very true, I remember when Wallmart was wrongfully using iminent domain to get an area of property for a good price.
"Just saw Mr. Paul on John Stewart last night. He was good..he said his ideas were ideals really..things that couldn't happen in the future completely..ie free market."
I totally agree with him, but I think we should be stiving toward a free market. Remember ideals are a foundation to base things off of.
"I don't want to kill any citizens, just to control the corporations and their rights, lawful and unlawful."
Sorry if I came off that way. I know that was not what you were saying. I was just saying that in general. Sometimes I think certain people in Gov, & some coporation want a civil war.