HR 1207

[hosker]

a similar bill to HR1207, in senate, was blocked today.

 

theres rumblings of another "stimulus package", hopefully the fed doesn't "lose" 2 trillion more of americas dollars.... or if they do, hopefully america "loses" their temper.

 

 

i just keep telling my self a line from one of Immortal Techniques songs: "[they] try to minimize the issue, but im keepin it large. i love where im from, but i hate the people in charge"... i think the songs called "freedom of speech" for those of you who might care.

[hosker]

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[sarge87]

The bill has 245 sponsors to date, but I can say for all intents and purposes this bill will languish in committee and die.

 

This bill will sit under Barney Frank's big fat butt, and that's where it will stay. The White House does not want to upset the applecart over at the Fed.

 

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Barney Frank is the only thing standing between the 7 men at the Fed and an audit that could bring their various dealings under a microscope. He knows the power he holds in his hands or for this matter under his big fat butt, and I'm sure the powers that be have also been alerted to that fact.

 

Then again, we can use the law of unintended consequences in which we can hope Congress would give back this power to the Treasury in this matter, but we all know Congress can't resist broadening their scope and power. Do we really want this current batch of screw ups anywhere near the monetary system ala Freddie Mac and Fannie Mae? I mean they really did a bang up job with those two entities.

[hosker]

but I can say for all intents and purposes this bill will languish in committee and die.

 

i agree, it looks like thats what they're goin to try to do.

 

 

Ron Paul On Fed Audit: We Will Not Be Stopped

 

Paul Joseph Watson

PrisonPlanet.com

Thursday, July 9, 2009

 

Congressman Ron Paul has vowed that he will not be stopped in his effort to audit the Federal Reserve, as he slammed Senate authorities for blocking the bill earlier this week.

 

Appearing on Fox News’ Freedom Watch with Judge Napolitano Paul referred to Senate authorities blocking Jim DeMint’s attempt to attach the legislation, which already has 250 co-sponsors in the House, as a provision to a spending bill as a “facade”.

 

The amendment was blocked by Senate authorities on Monday after they claimed that it violated rules for provisions attached to spending bills.

 

“Technicalities are always ignored for things they want – this means they don’t want it and this is their organized effort now to stop us, but we’re not going to be stopped, it’s just going to energize everybody at the grass roots,” said the Congressman.

 

Paul said that it made no sense to give the Fed more power when they had already created the bubble that led to the economic collapse in the first place. The Obama administration’s new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy, will give the Fed the authority to “regulate” and shut down any company whose activity it believes could threaten the economy and the markets.

 

Asked what the powers that be were afraid of should the Fed be audited, Paul listed a number of issues that would be brought to light with increased transparency.

 

“I think the biggest thing is the cronyism, who got the benefits, who really got some of these Federal Reserve funds as well as TARP funds, and I don’t think they want people to know about it,” said Paul, adding, “I’d like to know what they’re doing internationally, what kind of agreements they have with international banks, with other governments, and also what they do in the gold market – how they manipulate the value of the dollar by manipulating gold prices.”

 

As we have previously highlighted, the Fed has refused to disclose where trillions in bailout funds have gone despite a lawsuit filed by Bloomberg.

Paul explained that nobody knows exactly what would be uncovered but that was the whole point of having an audit in the first place.

 

The Congressman concluded that the Washington elite would do everything in their power to dig their heels in and prevent the bill from passing, because it represents the first major step in abolishing the Federal Reserve altogether.

 

“When we discover what’s really going on, I think the American people are going to demand the next step, they’re going to demand honest money – it’s happened many times in history,” added Paul.

 

LINK

[SOCALHUSKER]

Don’t Just Audit — Abolish the Federal Reserve

 

It is telling to see the kind of resistance Congressman Ron Paul’s H.R. 1207, Federal Reserve Transparency Act is getting in the U.S. Senate. To quote Congressman Paul directly, in part:

 

“Claims are made that auditing the Fed would compromise its independence. However, by independence, they really mean secrecy. The Fed clearly cherishes its vast power to create and spend trillions of dollars, diluting the value of every other dollar in circulation, making deals with other central banks, and bailing out cronies, all to the detriment of the taxpayer, and to the enrichment of themselves. I am happy to challenge this type of ‘independence’.

 

“They claim the Fed is endowed with special intellectual abilities with which to control the market and that central bankers magically know what the market needs. We should just trust them. This is patently ridiculous. The market is a complex and intricate thing. No one knows what the market needs other than the market itself. It sends signals, such as prices, that should be reacted to and respected, not thwarted and controlled. Bankers are not all-knowing and cannot ignore the rules of supply and demand. They might act as if they are, but their manipulation of the market just ends up throwing it wildly off balance, which gives us the boom and bust cycles.

 

“They claim the Fed must remain apolitical. No organization is apolitical that relies on the President to appoint the Chairman. In fact, it is subject to the worst sort of politics – power to create trillions of dollars and affect the value of every dollar in the country without the accountability of direct elections or meaningful oversight! The Fed typically enacts monetary policy that is favorable to particular administrations close to elections, to the detriment of long term considerations.”

 

The disincentive to those in government to allow the Federal Reserve’s activities to be laid bare should, just based on Ron Paul’s statements, be obvious. How though, specifically, does the Federal Reserve – not a government agency, mind you, but a private, run-for-profit monopoly – actually function?

 

Let’s say the U.S. government needs to borrow $300 billion. That’s a small amount based on present government spending, but let’s use that figure hypothetically. The Federal Reserve simply makes a log entry for that amount. They then write a check for $300 billion, and send it to a securities dealer. The securities dealer then issues the Federal Reserve a government security bond for the equivalent amount in U.S. government assets, in turn allegedly backed by the hollow “good faith” promises of the U.S. Congress, supposedly on behalf of all Americans, i.e., taxpayers. The securities dealer then deposits this check in his bank – a bank which is of course a member of the Federal Reserve System, as every one of them in America is. The bank then sends this check back to the Federal Reserve for payment. The Federal Reserve then credits the securities dealer’s account(s) $300 billion. The monies are then dispersed to the U.S. government.

 

The actual printing and shipment of Federal Reserve Notes, however, is not entirely without cost to the Federal Reserve. As of 1994, William H. Ferkler, Manager of Public Affairs for the U.S. Bureau of Engraving & Printing said: “As we have advised, the Federal Reserve is currently paying the Bureau approximately $23 for each 1,000 notes printed. This does include the cost of printing, paper, ink, labor, etc. Therefore, 10,000 notes of any denomination, including the $100 note would cost the Federal Reserve $230. In addition, the Federal Reserve must secure a pledge of collateral equal to the face value of the notes.”

 

Not a bad return on $230 created out of thin air in the first place! And what is, pray tell, the “collateral equal to the face value of the notes”? Why it’s the land, labor, and overall assets ostensibly owned by you and I. In other words, the members of the U.S. Congress, in supposedly “representing” us all, have arrogated the sum total of our live’s work and property, and handed it over to the Federal Reserve. Without the express consent of even one of us.

 

It is monetarily impossible to pay off the kind of debt that the U.S. government has created at the hands of the Federal Reserve System. The level of taxation required coupled with the economic growth necessary to accomodate this is purely a lunatic’s fantasy. How did this get so out of control?

 

The Creature from Jekyll Island is a good place to start. Though the title sounds like a horror novel, and the book reads like one, G. Edward Griffin’s volume is non-fiction. It details how the way was paved by bankers for the creation of the Federal Reserve and passage of the Federal Reserve Act on December 23, 1913 – just before the holiday recess when most members of Congress were out of Washington, D.C. Prior to 1913, the U.S. Treasury was exclusively responsible for printing and issuance of U.S. gold and silver certificates. The constitutional precedent for this was that tying a unit of currency to a specific weight of numismatic metal limited the amount of money in circulation. Consequently, those in government could only tax and spend on a very limited basis, and government would be then constrained in size and scope commensurately. When viewed in this light, it’s not hard to see why politicians were so eager to abdicate their constitutional responsibility by forming such an unholy alliance with the bankers. It also demonstrates just how ineffective things like constitutions are at keeping governments within specified “boundaries.” Moreover, giving any government authority and oversight of a standardized monetary system to begin with is very dangerous and ill-advised, to say the least. You’ve seen what has resulted from the advent of the Federal Reserve – runaway taxation and spending, massive government growth, corporate and bank bailouts to the tune of trillions, and future generations stuck paying the bill at the point of government’s guns.

 

No doubt, Ron Paul’s bill in the House of Representatives is shaking some people in the Federal Reserve up, and we’ve seen just how resistant those in the Senate are to it. They’re not about to bite the hands that feed them without a fight. The real issue though, is not about auditing the Federal Reserve, or holding its members accountable, or even returning the U.S. dollar to a gold standard overseen once again by the U.S. Treasury. What truly needs to be done is to eliminate altogether the elements that have allowed this situation to arise in the first place once and for all. Yes, that means outright abolishing the Federal Reserve – or at least, the U.S. government dissolving its bonds with the Federal Reserve to let it sink or swim on its own in a free market – which would of course mean its effective death sentence. However, as stated, what is needed is not any form of government-sanctioned currency, but a truly free market in money. This can only be a reality in the absence, not only of a Federal Reserve, but of the very institution of government itself.

 

In a free currency market, money – a mutually agreed upon form of exchange for goods and services among two or more parties – would be dictated only by what the market would bear. My personal guess is that gold – with a solid history of over 5,000 years of human history as an indicator – is poised quite nicely to assume that role, as is silver. All the more so now with e-technologies which allow for the transfer of minute grains of precious metals, in order to more effectively facilitate common everyday sales and purchases, as opposed to larger transactions. However, that’s just my opinion. Undoubtedly, the market would deal with the issue of money in numerous ways of which we can only speculate.

 

Speculate, that is, until both the Federal Reserve and government itself, are history.

[SOCALHUSKER]

bump

[hosker]

"The Creature from Jekyll Island" overview, part 1: LINK part 2: LINK

 

 

its a shame mainstream media can't devote an hour or two to this subject each day

[hosker]

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[SOCALHUSKER]

Interesting how Bernanke, who some claim to be so brilliant, can sound so stupid sometimes. Even worse is former Treasury Sec. Paulson. I watched his testimony about the Merrill Lynch/BOA merger on CSPAN last night and he sounded like a combination of a raspy stuttering John and a mentally handicap English as a Second Language class. "YOU, YOU, YOU, YOU, YOU, YOU, don't, don't, don't, uuuuuuuunderstand uhhhhhhhhhhhhhhhhhh aaaahhhhhhhhhh uhhhhhhhhhhhhhh..." Talk about a doozy!! Not only was his grammar, tone and poise horrible, but he failed to answer any pertinent questions. He side-stepped everything, and was visibly upset when someone questioned the ethics of his dealings with Goldman Sachs. What a circus!! Anybody else catch it?

[hosker]

Interesting how Bernanke, who some claim to be so brilliant, can sound so stupid sometimes. Even worse is former Treasury Sec. Paulson. I watched his testimony about the Merrill Lynch/BOA merger on CSPAN last night and he sounded like a combination of a raspy stuttering John and a mentally handicap English as a Second Language class. "YOU, YOU, YOU, YOU, YOU, YOU, don't, don't, don't, uuuuuuuunderstand uhhhhhhhhhhhhhhhhhh aaaahhhhhhhhhh uhhhhhhhhhhhhhh..." Talk about a doozy!! Not only was his grammar, tone and poise horrible, but he failed to answer any pertinent questions. He side-stepped everything, and was visibly upset when someone questioned the ethics of his dealings with Goldman Sachs. What a circus!! Anybody else catch it?

 

 

nope, i'll have to look for some youtube clips...

 

i think there must be some sort of "side-stepping" seminar that these f#*k-heads go to each year... Bernanke was really starting to make me mad in the vids i posted above. it seemed like he was just delaying his answer, and saying enough BS in the mean time, just to allow time to expire on his questioning.

[SOCALHUSKER]

 

i think there must be some sort of "side-stepping" seminar that these f#*k-heads go to each year...

 

 

And we no doubt pay for it.

 

What I thought was extremely absurd was Bernanke's explanation of inflation. As if creating more of something doesn't decrease the value of it. Seriously, what planet did this tool come from? Did it ever occur to him that higher prices (his definition of inflation) are a direct consequence of the devaluation of the money (the true definition of inflation), which happens when he prints money out of thin air and adds to the total money supply. Typical bureacrat to only look at the short term effects and effects on a single group rather than the long term effects and the effects on the whole.

[hosker]

 

i think there must be some sort of "side-stepping" seminar that these f#*k-heads go to each year...

 

 

And we no doubt pay for it.

 

What I thought was extremely absurd was Bernanke's explanation of inflation. As if creating more of something doesn't decrease the value of it. Seriously, what planet did this tool come from? Did it ever occur to him that higher prices (his definition of inflation) are a direct consequence of the devaluation of the money (the true definition of inflation), which happens when he prints money out of thin air and adds to the total money supply. Typical bureacrat to only look at the short term effects and effects on a single group rather than the long term effects and the effects on the whole.

 

lol, yeah we probably are.

 

oh, im confident that it has occurred to him. in fact, im confident that its the reason behind most of his policy making. they got the long haul in their sights too, and their doin everything they can(quite well i might add) to make sure that they(bankers/some politicians/the elite) come out on top when the future does get here.... but thats all just "conspiracy", at least until HR 1207 is passed.

[SOCALHUSKER]

 

i think there must be some sort of "side-stepping" seminar that these f#*k-heads go to each year...

 

 

And we no doubt pay for it.

 

What I thought was extremely absurd was Bernanke's explanation of inflation. As if creating more of something doesn't decrease the value of it. Seriously, what planet did this tool come from? Did it ever occur to him that higher prices (his definition of inflation) are a direct consequence of the devaluation of the money (the true definition of inflation), which happens when he prints money out of thin air and adds to the total money supply. Typical bureacrat to only look at the short term effects and effects on a single group rather than the long term effects and the effects on the whole.

 

lol, yeah we probably are.

 

oh, im confident that it has occurred to him. in fact, im confident that its the reason behind most of his policy making. they got the long haul in their sights too, and their doin everything they can(quite well i might add) to make sure that they(bankers/some politicians/the elite) come out on top when the future does get here.... but thats all just "conspiracy", at least until HR 1207 is passed.

 

Very interesting!!

[hosker]

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and the propaganda machine continues...

[HuskersNow]

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and the propaganda machine continues...

Bernanke talks about independence but I think he really just wants full control to do whatever he wants with the economy and not be liable for anything that he does.