Near the start of this year Ron Paul (R-Texas) introduced H.R. 1207, the Federal Reserve Transparency Act of 2009. The bill was referred to the House Committee on Financial Services. As of this writing, H.R. 1207 has 282 cosponsors.

A Senate equivalent, S.604, the Federal Reserve Sunshine Act of 2009, has been introduced by Bernie Sanders (I-Vt.). It has 23 cosponsors. Both bills have received a tremendous groundswell of grass-roots support. Much of the support is coming from ordinary people who have become aware of the fact that the Federal Reserve has created trillions of dollars literally out of nothing during the past calendar year in its effort to micromanage its way out of the worst economic crisis since the Great Depression.

If such a measure were passed by both houses of Congress and signed into law by President Obama, the resulting bill would allow the Government Accounting Office to conduct audits of Federal Reserve System monetary policy. The bill proposes to scrutinize the Fed’s dealings not just on domestic monetary policy but on dealings with foreign central banks and foreign governments.

The power elite is worried. Evidence for this can be found in a short article "The Fed's Political Problem" appearing on the website of Foreign Affairs, flagship journal for the Council on Foreign Relations (CFR). The article's author, Alan S. Blinder, is a senior-level economics professor at Princeton University who also directs Princeton’s Center for Economic Policy Studies. From 1994 to 1996 he served as vice chairman of the Board of Governors of the Federal Reserve System.

Blinder first argues a thesis he proposed back in 1997, that some areas of government are properly political and others are properly technocratic. He places monetary policy in the latter, where it can operate independently of political oversight. The drawback of Ron Paul’s bill is that it would transfer Fed oversight to the political realm and end its independence.

Blinder describes Dr. Paul as “an extreme libertarian and longtime foe of the Fed. He has, incredibly, persuaded almost two-thirds of the House of Representatives to co-sponsor a bill that would jeopardize the Fed’s independence.” According to Blinder, the Fed “gets plenty of critical evaluations” of its policies and decisions. He maintains that Dr. Paul’s bill “could easily develop into something quite dangerous.” He imagines this scenario:

Sometime in 2010, the Fed, wanting to avoid inflation, will likely begin to abandon the hyper-expansionary monetary policy it adopted during the recent crisis as a way to stave off a depression. As it does so, interest rates will start rising even as unemployment remains high. Predictably, Congress, being more closely attuned to public opinion, will be unhappy with this situation. Until now, the Fed’s independence has ensured that it can afford to ignore public opinion and take such necessary but unpopular economic measures. That is precisely why we want an independent monetary policy. But if the Paul bill passes, angry members of Congress could ask for a GAO audit. And, if the report is critical, they could use it to browbeat members of the Federal Open Market Committee, the Fed’s interest-rate-setting body, for killing the country’s economic recovery.

This misses the key argument Ron Paul has been making, which follows those of members of the Austrian school of economics (e.g., Ludwig von Mises). What Blinder euphemistically calls hyper-expansionary monetary policy actually is inflationary, if we understand inflation to be not merely rising prices but an increase in the amount of fiat currency in circulation. Mainstream economics has long preferred the public to see inflation almost exclusively in terms of visibly rising prices. If prices aren't rising, economists can maintain that inflation is low even though the money creation spigot is going full blast — as it has been since the economic crisis began a year ago.

If we understand inflation as an increase in the money supply, however, we see immediately that the Fed, far from being a controller of inflation, is actually an engine of inflation. Rising prices in this case are just one possible effect of monetary inflation. The Fed is responsible for the long-term decline in purchasing power of our dollars, which have been backed literally by nothing except legal tender laws and the willingness of the public to accept them since 1971, the year President Richard Nixon severed the last ties between the dollar and gold. Fed monetary policy is the reason a hamburger costs you several dollars when your grandfather could buy one for thirty-five cents. The dollar has lost slightly over 96 percent of its value since the Federal Reserve System was created in 1913. The national debt has soared during the period since 1971 from a few hundred million to its present $11.8 trillion. Millions will be added to the debt during the brief time it takes to read this article!

The dollar’s value will drop considerably more should it lose its status as the world’s reserve currency. The Chinese are getting very nervous about the money-creation spigot in Washington, D.C. Perhaps these are the kinds of developments that elites such as Blinder don’t want the public to know about. Clearly the elites are uncomfortable with the amount of attention the Fed has received — the public being aware of the trillions having been created literally out of thin air during the past year. “What will this do to the long-term purchasing power of my money?” is a perfectly valid question many ordinary Americans are asking.

What are the prospects for H.R. 1207 and S. 604? Even if these bills pass and a compromise bill reaches President Barack Obama’s desk, it is difficult to imagine him even considering signing it. The effort to bring more of the Fed’s activities into the light of day may receive a new ally in the Senate late next year, however, as Ron Paul’s son Rand Paul has announced his candidacy for one of Kentucky’s two slots and raised $815,000 as of this writing. Like father, like son: Rand Paul is also highly critical of the lack of transparency that characterizes crucial decisions made by the Federal Reserve and has vowed, if elected to the Senate, to work to “shed light on this secretive organization." He reminds us of the trillions the Fed has created out of thin air and adds, “The American people have a right to know to whom this money was given. For all its talk of transparency the current administration has done nothing to tear the shroud off the Fed.”

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Bonnie said:

	The Fed The dollar has lost slightly over 96 percent of its value since the Federal Reserve System was created in 1913. To understand this better, read "The Creature from Jekyll Island". Here's where to get it: http://www.shopjbs.org/index.p...sland.html It will be a $22.95 well spent.
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September 08, 2009
Votes: +25

Thomas Paine said:

	Drive a stake through their heart! Go Ron Paul! Actions like the Tea Party will empower the faithfull like Ron Paul to action. Lets all get behind him and keep the bolder moving until it reaches the edge of the hill. Then it's own weight will carry it down to its target. The CFR and the Fed! Crush em!!
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September 08, 2009
Votes: +33

Bill Moore said:

	... "But if the Paul bill passes, angry members of Congress could ask for a GAO audit. And, if the report is critical, they could use it to browbeat members of the Federal Open Market Committee" Oh no! Not a brow beating! We wouldn't want that! Best to keep all foreign entanglements by the Fed go unchecked.
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September 08, 2009
Votes: +20

Erik Prejean said:

... The Fed is similar in many ways to a casino... The individual may win some of the time, but in the long-run, the House always wins. I have checked on hr 1207 and s 604 daily for months and we seem to be stalled out at 282 and 23 co-sponsors reprectively. It is such a common sense issue, I can't beleive that there are members of congress who are holding-out. More so, it is hard to beleive that voting Americans would allow their elected officials to not be on board. I personally drove Senators Cornyn and Hutchison crazy on a daily basis until they cosponsored the legislation. Time to work on the House members from TX. END THE FED!!!

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September 08, 2009
Votes: +28

Dave said:

	... Gee, why should the CFR care about what's going on with the Fed? Could it be they are somehow related??
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September 08, 2009
Votes: +18

Flu-Bird said:

	The evil CFR The CFR is a bunch of sinister persons wanting to control the world their behind the planned NORTH AMERICAN(SOVIEY)UNION and their behind all this illegal imagration we need RON PAUL in 2012 and we need to eviict the UN and CFR from our nation
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September 08, 2009
Votes: +19

Andrea said:

	Obama might not even have to sign it It's almost veto proof in the house. Just 8 more co-sponsors needed. And it all started with one voice just a few couple months ago.
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September 08, 2009
Votes: +16

Bonnie said:

	And then along came Barney (with friend's like these...) The CFR hasn't given up yet. Barney Frank is all for it now. But while movement toward an audit is a good sign, skeptics point to Frank’s plan to rewrite Paul’s measure and have it presented to the full House as part of a “financial regulatory package.” See this article in TNA - http://www.thenewamerican.com/...nu-43/1778
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September 08, 2009
Votes: +2

Marcello said:

The Fed is dead! I believe that the Fed's days are numbered with or without an audit. Once enough people start paying attention to the activities of the secretive and corrupt central bank, they are in a catch 22. Resist the calls for transparency and the cries for reform grow louder. Come clean and all the back door deals and market manipulation will leave people angry and looking for another solution. Thank you Ron Paul for firing the opening salvo in what is sure to be a long hard fight to rid this country of the creature from Jekyll island.

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September 08, 2009
Votes: +15

still free said:

	Yes, "Drive a stake through their heart!" "Go Ron Paul!" Thanks, Thomas Paine, I couldn't have said it better.
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September 08, 2009
Votes: +7

swansend said:

The only way we can win... this is by abolishing usury worldwide. If we don't they will just hide somewhere to wait for another time. Look at how long this group of people have had control, the shadow government answers to who? Could it possibly be a monarchy? Whoever they are(I believe some people know and we will all know soon enough)they have planned this for a very long,long time. Possibly as far back as the first revolution. Could it be we never actually won all those years ago? These people are like roaches, when the light shines on them they run and hide. Exterminating probably turns us into what we are fighting. The key is usury abolish the sin worldwide! It was denounced in three Holy Books Bible,Koran and the Torah, so why do we fight? Abolish what enslaves! If we don't soon, I foresee mass chip implantation after a massive depopulation effort. http://tpuc.org/ http://www.planetization.org/soulutions.htm

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September 08, 2009
Votes: +6

EP said:

Doublespeak absurdity at its finest Political "independence?" This is absurd. The Fed Chairman gets appointed by the President, for chrissakes? Could this be a "political" process? The weak-spined Fed Chairman during Nixon's tenure, Arthur Burns, succumbed to Nixon's pressure to pursue an expansionist monetary policy. Everything is political, and it's absurd for this academic, Blinder, to suggest that the Fed is otherwise. Gladly, however, it seems like every day more and more Americans are waking up to the reality that central banking and fractional-reserve lending are at the root of the corruption and destruction of what was once a proud and interesting experiment in maximal liberty and limited government.

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September 08, 2009
Votes: +13

Mark said:

Fed Independence is a myth.... Anyone recall the story of LBJ physically assaulting his Fed chair (Martin) over his tight monetary policy? LBJ wanted a loose money policy to print the dollars to fight the Vietnam War and the Fed wouldn't give it to him - so he called the Fed chair down to his ranch in Texas and beat the crap out of him (he did! you can google it). And howabout Arthur Burns candidly (& honestly) letting slip that unless the Fed chair plays ball with what the Prez wants, the Fed will lose it's "independence". Q: "So, Chairman Burns, How Does the Fed maintain its independence?" BURNS: "By going along with what the President wants, of course." Feh.

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September 08, 2009
Votes: +5

permindex said:

Lest we forget Rothschild's War of 1812 forcing the Central Bank down our throats. Thomas Jefferson said in 1802: 'I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.' What the Central Bank/Federal Reserve do to US Presidents who cross them. President Jackson closed Central Bank Rothschilds missed. President Lincoln printed Greenbacks the Central Bankers killed him. President Garfield and McKinley crossed the Central Bankers-ditto. President Kennedy printed Silver Certificates; the Fed killed him. Federal Reserve Notes are killing We the People ditto. Jeckel Island 1907 Where 7 men who represented an 1/4 of the total wealth of the world. Federal Reserve 1913

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September 09, 2009 | url
Votes: +8

Mark said:

The CFR is a branch of the Fed The Federal Reserve is a private corporation (which is supposed to be accountable to the U. S. government) it is owned by banks (mostly foreign) which own shares of its stock. (which only they can hold) In 1920, several founding members of the "Fed" , such as Edward House, J.P Morgan, John D. Rockefeller, Paul Warburg, Otto Kahn, Benjamin Strong and Jacob Schiff, founded another organization known as the Council on Foreign Relations. The CFR first served as a front group for J.P. Morgan until the Rockefeller's eventually gained control. The CFR is a "branch" of the Fed which serves to influence politicians and further their ambitions. In exchange, its members are provided with media, political and financial support. In Dec. 1922, the CFR first publicly endorsed World Government in its magazine "Foreign Affairs". After causing the "Great Depression" the Fed drove the U.S. into bankruptcy. (1933) In 1939, Phillip A. Benson, the President of American Bankers’ Association stated: “There is no more direct way to capture control of a nation than through its credit and money system” The United Nations was organized in 1939 (before WWII) and established in 1945. Its founders included CFR members Nelson Rockefeller, John Foster Dulles, John McCloy, Harry Dexter White, Owen Lattimore and Alger Hiss. (note that many were also communists) During a CFR meeting (1991) David Rockefeller commented on their progress towards establishing a "world government". (one of many such examples) The Fed's practice of fractional reserve banking has a long history of destroying nations, which is exactly their intention. Their ultimate goal is to establish a world government, a world under their complete control.

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September 09, 2009
Votes: +9

Cade Foster said:

Reality check ..... The last thing that politicians want is for the average "joe" and "mary" to realise that inflation is connected to the money supply in circulation and that humans (politicians, central bankers) actually have their hands in the "cookie jar" contributing to inflation-related problems. Once you explain to "simple people", who work hard all day to provide for their family and not realising the funny-money nature of aspects of the financial system, that people exist in this world with the power to create money virtually out of thin air by pressing a few keys on a computer keyboard while sitting in their "cushy" chairs, you'll then see an angry person. There's a good reason why politicians (except the ones like Ron Paul) do not like sound money principles. The reason is that without enforcement of sound money (e.g. through a gold, silver, etc. standard) the politicians do not have to be fiscally responsible and so deficit spending becomes a "norm" and balancing a budget becomes a lower priority. It allows politicians to make absurd promises in order to attract voters. On top of that, because the government has access to "funny money" it then empowers the government to embark on foolish endeavours so that it can keep voters happy. For example, the government has no concept of a balance sheet (not business-ready) but still the government sticks it's nose in the business community.

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September 09, 2009
Votes: +8

MiBu said:

what now? The audit of the fed is important. Assuming they can get it passed, what then? The Fed has been around since 1913 and is deeply entwined in multinational financial interests. The CFR (and Bilderburgers) are working behind the scenes to create society the working people in London, Kansas City, or Melbourne (take your pick) may not be aware of. Question is, how does it get turned around? How does it get stopped? At what point does the counter-revolution kick in to take these people down before all is lost? As technology gives them more and more control of society (energy, surveillance, financial, military, education, political, health, manufacturing, housing, etc.) how long before it's too late?

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September 09, 2009
Votes: +2

machinehead said:

Hambeggers "Fed monetary policy is the reason a hamburger costs you several dollars when your grandfather could buy one for thirty-five cents." Grandfather? NO -- it's happened in my Boomer lifetime. As a school kid in 1965, my lunch budget was 50 cents. With that amount, I bought a hamburger for 35 cents, french fries for 10 cents, and a soft drink for 5 cents. There was no sales tax, so the posted price was the price you paid.

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September 09, 2009
Votes: +7

Bill Ross said:

... The fed and fiat currency (not worth any REAL value, based solely on misplaced trust) is a massive fraud and crime against civilization. It does not matter how people are defrauded or even if they understand the methodology. It does not even matter if the people democratically support our criminal elites. The hard truth is that ANYTHING that steals from the productive and rewards the unproductive alters the motivational economics of civilization towards defense and unproductivity, increasing social conflict and decreasing collective survival. Easily Proven: http://www.nazisociopaths.org/modules/article/view.article.php/c1/32 We need the "rule of law" back, else we stay on course to collective social / economic collapse and, perhaps species extinction in the final spasm in this eternal war between the productive (those who produce more than they consume) and the greedy (those who consume more than they produce). Rule of Law: http://www.nazisociopaths.org/modules/article/view.article.php/c1/34 Bill Ross (Electronics Design Engineer)

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September 09, 2009 | url
Votes: +4

Bonnie said:

Hate to break it to you machinehead... While I have to agree with your comments, I also need to remind you that some of us boomers ARE the grandfathers (and grandmothers)! On another note: A legal definition of the dollar: "DOLLAR, money. A silver coin of the United States of the value of one hundred cents, or tenth part of an eagle. 2. It weighs four hundred and twelve and a half grains. Of one thousand parts, nine hundred are of pure silver and one hundred of alloy. Act of January 18, 1837, ss. 8 & 9, 4 Sharsw. Cont. of Story's L. U. S. 2523, 4; Wright, R. 162. 3. In all computations at the custom-house, the specie dollar of Sweden and Norway shall be estimated at one hundred and six cents. The specie dollar of Denmark, at one hundred and five cents. Act of May 22, 1846." A genuine dollar is a coin containing 0.77344 troy ounces of pure silver. Silver is worth $1.292929 per troy ounce. (Of course, that is in genuine United States dollars).

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September 09, 2009
Votes: +5

Allison Bricker said:

Great Article, and a Point of Clarification Mr. Yates, Thank you for composing such a straigh forward article on how the plutocrats are coming unglued due to the audacity of us demanding to know exactly what type of deals the Central Bank may be negotiating in the name of the United States, acting as if thy are a government unto themselves. In addition, the GAO, is no longer the "Government Accounting Office" as they changed their name in 2004 while keeping the same acronym. Thus the GAO is now known as the "Government ACCOUNTABILITY Office". Of course, only wonky nerds such as myself are big enough geeks to care about such minutia. Please keep up the great work.

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September 09, 2009 | url
Votes: +2

Richard Robinson said:

	Waking Up Are Americans FINALLY waking up? God I hope so. It could never be too soon.
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September 09, 2009
Votes: +3

An American said:

	Free Book Online Direct everyone you know to read "The Creature From Jekyell Island" or the FREE book online "The Secrets Of The Federal Reserve" at http://www.apfn.org/apfn/reserve.htm forward this link far and wide.
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September 09, 2009
Votes: +1

Davo said:

	... If my memory serves me correct, it was Paul Warburg (the German banker)that was the main architect behind the creation of the Fed and the CFR.
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September 09, 2009
Votes: +2

Bonnie said:

... Good memory, Davo. The Fed was conceived by Nelson Aldrich, Abraham Andrew, Frank Vanderlip, Henry Davison, Charles Norton, Benjamin Strong, and Paul Warburg. CFR founders included the like of J.P. Morgan, John D. Rockefeller, Bernard Baruch, Otto Kahn, Jacob Schiff and Paul Warburg, all representing big money. The seven founders of the Fed represented approximately 25% of the wealth of the entire world at that time.

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September 09, 2009
Votes: +2

GenX said:

	HR1207 - S604 I wish the rest of the country would be more in tune to what is going on as you all are who have responded. You all are correct. Time to rid the elitist scum. Ron Paul 2012!
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September 09, 2009
Votes: +3

Freedom4America said:

We are for raising interest rates Why does this economist think Congress would stop the Fed Res from raising interest rates when they should NEVER have been lowered in the first place? Why do these so-called economists think We The People are so dumb? We guess the majority of Americans may be dumb, thanks to the "No Brain Allowed To Pass" program and chemically poisoning the population, but THINKING Americans know what is going on. Dr. Ron Paul/Dr. Rand Paul 2012 "ONLY Doctors WILL HEAL the USA"

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September 10, 2009 | url
Votes: +2

Idiots, Lowly rated comment [Show]

Steven Yates said:

Reply to "Idiots" Comment Connie, "rising prices" is *not* the proper definition of inflation, & all the Keynesianism in the world won't make it so. If you have objections to my thoughts expressed here and can express them both grammatically and without namecalling ("idiots," "these crank conspiracy theory" [sic.]) I'll be more than happy to take a look at them. Thanks to others for points of clarification here & there. Btw, I've been under the impression that "Colonel" Edward Mandel House was the chief brain behind the CFR as well as its British equivalent, the Royal Institute of International Affairs.

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September 10, 2009
Votes: +5

Jason said:

We need more oversite We need more oversite of exactly what is going on with our tax dollars. They are out of control with spending and they continue to ignore the American peoples requests and forget to remember that they work for us! This needs to be policed and expose those who might be doing what they shouldn't be doing and thats manipulating the markets holding the American people hostage while pushing their own agendas. Right now we have a screwed up monetary system of corruptabilty and no acountability oversite to both expose and arrest those that are found corrupt and the big elite are nervious.

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September 10, 2009
Votes: +2

Bonnie said:

Is your living standard worse then your grandfather? Yes, it is. Grandfather supported the entire family with a single income. Now dad and mom both have to work just to get by. Grandfather didn't pay too much in taxes. I just saw that this year tax freedom day came on August 12. That means 60% of what you earn, you are not allowed to keep. Now we have politicians on a spending spree, and claiming they won't raise taxes. At this rate of spending, they will have no choice. It won't be long before the minimum wage is $100 per hour and tax freedom day falls on December 31. In a point of friendly clarification to Steven Yates, my list of CFR founders was not all-inclusive. That short list was more from a financial point of view. Edward Mandel House was indeed instrumental in establishing the CFR, as well as the League of Nations. The United States was wise enough at that time to steer clear of the League, but got suckered in with the League of Nations II, aka, the United Nations.

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September 10, 2009
Votes: +5

burdell said:

Too easy... They are making it too easy. I'm afraid they will allow the bill to pass, while making it look like they are opposing it, then the fed (reserve bank) will crash the economy and blame it on Ron Paul's bill. The economy is going to crash anyway, they've only postponed the inevitable by printing all this money. This would merely give them a patsy. Hopefully the people will see through it if this happens.

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September 10, 2009
Votes: +3

brian fox said:

	... Burdell - I was thinking the exact same thing...and it's a real shame that realpolitik works this way.
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September 11, 2009
Votes: +0

rob said:

FED "to co-sponsor a bill that would jeopardize the Fed’s independence.” FEDs independence is the problem. They are literally a separate entity within USA, they are not controlled by our government, their transactions, allegiance/share holders are a secret. Yet we have given them the power to print our money. A secretive corporation with zero accountability to the people or our government. You might as well give the power of printing US dollars to a foreign country, it's the same thing. That is why an audit is important, we need to know if they are serving our interest or deliberately hurting the American people.

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September 13, 2009
Votes: +2

Bonnie said:

A very minor quibble with rob... (emphasis on minor) Rob said we need to know if the Fed is serving our interest or deliberately harming the American people. It is fairly obvious it is the latter, especially if you know the history of the Federal Reserve Bank and those involved in it's formation and management. However, an audit of the Fed could alert more of the American populace to the situation. Thanks to our wonderful public schools, not everyone has been educated in the facts.

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September 13, 2009
Votes: +0

Estrella Eguino said:

	Thank You Ron Paul For Introducing this Bill! Wow! 282 co-sponsors! Maybe people are finally, really starting to wake up and have realized they cannot continue believing blindly what the government says. The System is A Fraud. I hope nothing stops this bill but as we know, evil power is the one in charge...for now.
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September 13, 2009
Votes: +1

Don Folkers said:

Rockefeller has admitted "conspiring" against us After the audit, we must destroy the Creature regardless of any dangers. Once destroyed we must immediately install a sound money system based on gold or silver. Yes, there will be fallout, but we have to pay the price for allowing ourselves to be deceived by these Rockefeller types. David Rockefeller (CFR) has admitted "conspiring" against the sovereignty of the United States on page 405 of his book, Memoirs. That is treason.

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September 13, 2009
Votes: +2

male enhancement said:

	Are you serious? So if the house passes this bill then Obama can just veto it? Is there a way to overturn a president's veto?
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September 14, 2009 | url
Votes: +0

Tim said:

	agreed The people in the U.S are getting screwed so badly. Maybe when the new tax bills start rolling in, or they lose their job, family and house they will finally wake up. The banks are also offshoring jobs or bringing in foreign workers while accepting taxpayer money. That is your taxpayer dollars at work.
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September 14, 2009
Votes: +0

Wolfpath said:

	Fed Master Baiting For Satan Of course the FED wants to maintain its independence to screw us over in secret like it has since 1913. Blinder is an idiot and bought and paid for by the fiat, faus fraudulent monetarists master baiting for Satan.
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September 14, 2009
Votes: +0

FreeKirk said:

CFR Founder The CFR Founder was Colonel Edward Mandell House, as already stated. To find the root cause, research him; he wrote a book in the early 1900's entitled "Philip Dru: Administrator" in where he writes about "the pursuit of communism as only dreamed of by Karl Marx." We now have an administration that openly nominates and seeks council of Richard Haas, the head of the CFR. Van Jones was admittedly "a radicalized communist" (his words). Katherine Sebilius was a member of a socialist foundation. And the list goes on... WAKE UP AMERICA!!!

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September 14, 2009
Votes: +0

Dan Tolleson said:

	Either . . . Or Either "We the People" will abolish the Federal Reserve . . . Or the Federal Reserve will abolish our constitutional republic, through hyper-inflation and manipulation of the banking system. Either one . . . or the other . . .
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September 14, 2009
Votes: +1

lookinthemirror said:

... to:Are you serious? "So if the house passes this bill then Obama can just veto it? Is there a way to overturn a president's veto?" Are you serious? Ever read the Constitution? It's not too late- It's a great document, that may answer many of your questions... Once you know the truth you can never go back. "If you want to know who is going to change this country, go home and look in the mirror."- Maude Barlow

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September 15, 2009
Votes: +0

Peter Duveen said:

The end of the Fed Binder pretty much realizes that the passage of Paul's bill means the end of so-called "independence" of the Fed. The constitution pretty much lays out the Federal government's role in monetary affairs, and it does not include a central bank. The Federal government is to coin money, meaning fashion gold and silver into coins, and the states are to use this money as legal tender. That's the end of it. "regulate the value there of, and of foreign coin" simply means to determine how much gold or silver should be in each coin as the unit of currency, and to determine the value of foreign coin accordingly. Nothing about bank notes. In other words, the standard, once set, should not be under the control of the Federal government, just as the standard of weight, once set, is outside federal control. Can you imagine if all the weights were altered each day for the sake of aiding the economy? That's how the Fed plays with the value of the currency. The medium of commercial transactions should be objective, and beyond the perview of the government. That's how the founding fathers had it in the constitution.

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September 15, 2009 | url
Votes: +0