Congressman Ron Paul’s H.R. 1207, calling for an audit of the Federal Reserve, has attracted 270 cosponsors in less than five months. The Republican congressman's bill has received strong bipartican support, and approximately 100 of the bill's cosponsors are Democrats. Support for H.R. 1207 has frightened some of the Fed’s champions in the academic world, Fed officials themselves, and, of course, many of the Fed's friends in the financial world.

There are obviously some who don’t want the American people to know what the Fed has been doing ever since it was launched in 1913.

Secrecy, of course, is completely anathema in a free country. Especially should the Fed and the powerful few who lead it be heavily scrutinized. Fed action controls the value of the dollar, and everyone in this nation who uses dollars — all but infants — is victimized when their value is eroded.

In the Senate, a companion bill (S. 604) authored by Senator Jim DeMint of South Carolina has attracted some cosponsors and has already been blocked from consideration by Democrats through use of a questionable parliamentary procedure. But DeMint hasn’t given up. The heat is on and it is growing in intensity.

On July 15, therefore, more than 250 economists, academicians, and investment bankers signed an Open Letter to Congress and the Executive Branch claiming that “the independence of U.S. monetary policy is at risk” because of the rising clamor for an audit at the Fed. Their letter touts the nation’s monetary manager as the necessary “foundation of U.S. economic stability.” It takes some real chutzpah to make such an assertion at a time when even half-alert Americans know that the nation is hardly experiencing economic stability. 

The letter claims that the Fed is “essential for controlling inflation,” relying as usual on the falsehood that inflation is rising prices when the truth is that rising prices are the result of the Fed flooding the nation with freshly created currency. On November 26, 2008, the lead article on page 1 of the New York Times stated that the Fed and the U.S. Treasury “would print as much money as needed” to create $800 million in new lending. Those dollars take on value by stealing a portion of the worth of all existing dollars. This is inflation pure and simple.

On March 9, 2009, another lead article on the front page of the New York Times announced that the “Fed Will Inject $1 Trillion More To Aid Economy.” This article pointed to a plan that would see the Fed “creating vast new sums of money out of thin air.” More erosion of the dollar’s value! During its life, the Fed that was created in 1913 has presided over the loss of 95 percent of the dollar’s value.

Who benefits from the clever form of thievery that is inflation? An audit would tell us. Congressman Paul wonders if the recent posting of huge profits at Goldman Sachs might have resulted from that Wall Street megabank being in bed with the Fed. He’d like to know, and so would 270 members of the House and millions of alert Americans. But the Open Letter says, “When the Federal Reserve judges it time to begin tightening monetary conditions, it must be allowed to do so without interference.” Doesn’t this sound like something is being hidden? It obviously sounds precisely that way to an increasing number in Congress and across the nation.

Signers of the Open Letter included two former Fed governors, Laurence Meyer and Frederic Mishkin. Three Nobel Economics Prize winners — Daniel McFadden, Robert Merton, and Eric Maskin — put their names to it as did several university presidents and a host of economics professors from Ivy League institutions and other bastions of liberalism. The names of officials from J.P. Morgan Chase, Wells Fargo, Morgan Stanley, Commerica, Deutsche Bank, Dresdner Kleinwort, and even Ford Motor Company can also be found on the letter.    

The Fed arose from a highly secret meeting held at Jekyll Island, Georgia, in 1910. The main author of what became the bill to establish the Fed was German-born Paul Warburg, an agent of the Europe’s Rothschild banking empire. The measure was guided through Congress by President Wilson’s guru Edward Mandell House, the man who stated in his own 1912 book that he was working for “socialism as dreamed of by Karl Marx.” 

A quick look at Marx’s Communist Manifesto shows that House’s mentor was indeed Karl Marx, who called for “centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.” That’s the Fed, except that what we have here in the United States actually out-Marxes Marx. Karl Marx, the hero of all communists and socialists, wanted the national bank “in the hands of the State.” The Fed is a private organization and has never been part of the U.S. government. It decides monetary policy and manages the U.S. currency. If our nation would revert to gold, silver, or some other valuable commodity as money, there would be no need for management. The free enterprise system, the marketplace, would do the managing. Management of commodities, money included, is the hallmark of a totalitarian system.             

House Speaker Nancy Pelosi could bring H.R. 1207 to the floor for a vote at any time. Don’t count on it.  President Obama could let it be known that he wants “transparency” at the Fed, something that could be accomplished with an audit. But Obama’s largest donor during his run for the presidency happened to be Goldman Sachs. Would the president want his benefactor’s relationship with the Fed made known? 

Ron Paul fears a watered-down measure that will accomplish very little while protecting the Fed from the kind of investigation of its operations that could easily result in a growing cry to have it abolished.  Meanwhile, more Americans every day are learning about the Fed, about inflation, and about what must be done to protect our nation’s independence and the freedoms of all Americans. And this is a very good development. 
 

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Robert Boger said:

Call the Democrats!!! DEMAND HR 1207 If you are near a telephone please call Democratic congressman & women, we are only ***19*** shy from a VETO proof majority. Tell them point bank to stop standing in the way of the American people. If they would rather wait till their own re-election time...that would be at their cost....not ours. Their Washington office numbers: Congressman Frank: (202) 225-5931 Senator Nelson: (202) 224-6551 Speaker Pelosi: (415) 556-4862 If you would like to go further, here is a listing of all Financial Services House Committee members. Focus on the Democrats as they are the ones to push it through. http://www.house.gov/financialservices/members.html

July 16, 2009

Michael said:

... Call your congressman and ask them to cosponsor HR 1207. Also call any and all Senators and ask them to cosponsor S604. This is not a republican vs.democrat thing. This is all about saving Americas soul from the bankers that have destroyed this once great nation. Get active. Call, Fax and email as many congressmen and senators as you can stomach!

July 16, 2009

CD said:

... Demint is not the sponsor, he's a co-sponsor. The senate bill (companion to HR1207) is by Independent Bernie sanders.

July 16, 2009

Bobby said:

... I would like to know how many of those 250 economists, academicians, and investment bankers are members of the CFR (council on foreign relations) who are the real ruling elite in this country, Rockefeller, Carnegie types. http://www.mega.nu:8080/ampp/r...Elist.html http://www.conspiracyarchive.c...ations.htm

July 16, 2009

fullTILT said:

"Bankstergeddon" http://siliconinvestor.advfn.c...d=25315320 I am going to tell you something that you will not hear from your government, or the mainstream press. The Truth. What you are witnessing is the controlled demolition of the United States of America. We have now crossed the rubicon into the realm of a one trillion dollar+ annual budget deficit, with total unfunded liabilities and deficits totaling well over $50 trillion dollars. $50 trillion dollars is so large, that it can never be repaid. America is bankrupt. The Chinese know it. The Japanese know it. The Europeans know it. And your leaders at the highest level of government and the military, all know it. The entire world knows it. Everyone it seems, except the American people who are deluded daily by the most dangerous “WMD” know to man. The “Weapon of Mass Deception” known as your television set which is programmed by the mainstream news. The average American doesn't read the newspaper, or history books. Instead they pop Prozac, play video games, and watch reality shows. And “they” know it. Who is “they” you ask? .....

July 16, 2009 | url

Cade Foster said:

... Wake up America ! It is the people's money supply, not the government's money supply. The people have a right to know what is being done with their money. The politicians are meant to serve the people, not vice-versa. Support Ron Paul's HR-1207 ! The era of funny money has to stop. An audit of the FED is crucial. Ring your congressman and tell them to co-sponsor HR-1207.

July 16, 2009

us and them said:

too late we didn't wake up in time! they control everything.

July 17, 2009

major said:

Death by a Thousand Cuts Every time a Congressman makes a deal to compromise his principles and his constituents and thinks it will do no harm; its a cut. And when most of the Congressman are making these deals its thousands of cuts. Death is now imminent, death of our American way of life thanks to 'little sins' by Congressman who betrayed their principles in small ways but many times over and over again.

July 20, 2009

EvilBankers said:

All but infants? "... and everyone in this nation who uses dollars — all but infants — is victimized." Those infants are going to be screwed the worst of all. They are the ones who will grow up to live with the problem, while those who created it begin to die off.

July 21, 2009 | url

Victor Heddins said:

Mr. Here Now! Let's not have any of that ugly talk! The only time it’s too late is when your dead and that's up for revision. Gutenberg put his printing press to work in the mid 1600’s and 30 years later people realized that a lot of their divine leaders were deceiving them with their own self beneficial interpretations of the Bible. There is a similar effect going on today with the internet. People are beginning to become informed. It may be a tight race between “us the people” and them our “elected criminals” but we can still win. This is one game in which you do not want to be the looser. It is well worth our efforts. “Get the word out”!

July 22, 2009 | url

Jeff Raven said:

... What can I personally do to change the death of the US ? Refuse...to pay income taxes. (they were created to pay the interest on the $ borrowed from the fed to the US Gov.) Refuse...to pay credit card bills. (an destroy the card(s). Refuse...to eat the crap that has got 1/3 of the people in the US OBESE. Refuse...to pay the inflated prices on gas, oil, etc. (Carpool, ride a bicycle, take the bus, etc) Refuse...to let yourself or your children get vaccinated with death dealing vaccines. Refuse...to watch MSM..(cancel cable, and satellite dish) Real Revolution...If a majority of Americans would do this for one month...this whole mess would blow up in the POWERSTHATBE's face. We The People have the power. Just Refuse.

July 22, 2009