February 26, 2009
Madame Speaker,
I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.
Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.
Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed’s susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.
The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed’s negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates.
More importantly, the Fed’s funding facilities and its agreements with the Treasury should be reviewed. The Treasury’s supplementary financing accounts that fund Fed facilities allow the Treasury to funnel money to Wall Street without GAO or Congressional oversight. Additional funding facilities, such as the Primary Dealer Credit Facility and the Term Securities Lending Facility, allow the Fed to keep financial asset prices artificially inflated and subsidize poorly performing financial firms.
The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We hear officials constantly lauding the benefits of transparency and especially bemoaning the opacity of the Fed, its monetary policy, and its funding facilities. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve. I urge my colleagues to support this bill.
111th Congress – 1st Session
H.R. 1207
A BILL
To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.
1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Federal Reserve Transparency Act of 2009″.
SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) IN GENERAL. – Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after “shall audit an agency” and inserting a period.
(b) AUDIT. – Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:
“(e) AUDIT AND REPORT OF THE FEDERAL RESERVE SYSTEM. -
“(1) IN GENERAL. – The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.
“(2) REPORT -
“(A) REQUIRED. – A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each sub-committee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.
“(B) CONTENTS. – The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”.
Sponsor
Rep. Ronald Paul [R-TX]
Cosponsors
The number of co-sponsors keeps growing! Check out the latest list here.
- Ron Paul: Audit the Federal Reserve! Ron Paul’s bill to audit the Federal Reserve continues to gain momentum. Last week’s...
- Sen. Jim DeMint Co-Sponsors Audit the Fed Bill Ron Paul’s Campaign for Liberty today issued high praise for Senator Jim DeMint and his...
- Ron Paul’s Bill To Audit The Federal Reserve Now Has 237 Co-Sponsors Ron Paul’s bill to audit the Federal Reserve (HR 1207) now has 237 co-sponsors,...
What is the staus of the bill as of March 10, 2009.
How much support does it have?
How can we help? Can you publish the email adresses of every congressman ? Will radio talk show hosts support it? Will television political commentators support it? Can we get the email adresses of these people emailed to us ? Can we get a copy of the bill with a link to RonPaul.com embedded in it, sent to us as a pdf doc attached to an email containing those email addresses we need? If so I’ll send a copy to eveyone in my address book… I’ll ask them to read the bill and send an emails requesting passage to their congressmen, senators, and their favoite media persons passing this bill would be a historic step towards freedom, liberty,and prosperity….. How many other of you will do the same thing??? hmmm…. maybe it could work!!
SY by mike
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Take it to the NEXT LEVEL…If you are REALLY SERIOUS about this…
Get on ALL of the News Channels TV and Radio and start making a BIG DEAL about it…To introduce a bill doesn’t mean DICK – Grow a SET and PUSH IT! Otherwise what differentitates you from GW…? OR step aside and let someone with BALLS do it.
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Dr. Paul:
You have have had many good ideas to improve liberty and fiscal responsibility for the U.S., but never seem to get anything passed. How much of this is because of elite opposition and how much is due to your, supporters’ and The People’s failure to effectively organize and communicate to get it done?
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First of all, I want to thank you for bringing light to so many topics that are left in the dark. An audit of the Federal Reserve seems only right. If they don’t have anything to hide, then why would they refuse an audit? The government has really lost its way, and with people such as you, is the only way the government will find its way back. It takes great citizens to have a great country, not an overbearing government. My representatives will be notified to support your new bill.
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Dr. Ron Paul
I am only 16 years old and have only been following you for about a year but I believe you are the type of politician that we need more of. I don’t like Obama and I believe that we are in just as much trouble if not more under his administration. If you don’t run for President in 2012 then please let us know who you would support the most.
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[...] See the information on Paul’s bill here. [...]
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i will pass this onto my friends and family but this stuff could get ugly if other countries used this against us, but the people need to know.
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Dear Dr. Paul thank you for the battle against the crooked internally audited federal reserve. This country is due a bank war sir. Not since Jefferson and Jackson has a politician been so courageous in a struggle against those who control. I have written my House Rep. District and encouraged his office to vote yea on H.R. 1207, please continue the good fight, I now write my Senators and Congressmen because you proved to me liberty is not dead. It’s just hibernating. Thank you.
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MR. Ron you are doing right. GO AHEAD. WISH YOU BEST OF LUCK
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Dr. Paul, Keep the Flag held high, please. WE need men and women like yourself to keep our constitutional rights secure and our liberties as Americans in tact. TOGETHER WE STAND OR DEVIDED WE FALL. As for me, I will stand with you on any front to preserve the America we know and love. STAND STRONG, DR. PAUL, STAND STRONG, WE NEED YOUR LEADERSHIP.
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God Bless You Dr. Paul!
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Thank you for working for us Congressman Paul!
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Go Ron!
Thank you for everything you do!
Sincerely
Debbie
Orlando, FL
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If this bill doesn’t pass then I truly have lost all faith in congress to represent the peoples best interest anymore. We need more legislation like this. Dr. Paul is indeed one of the last few honest politicians left in washington.
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Dr Paul
keep up the good work and don’t let us down
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[...] you haven’t heard about H.R. 1207 I encourage you to learn about it and support it. The bill was introduced by Ron Paul on the 111th [...]
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Would something like Statistical Release H.4.1 not help? That would detail, from a high level, ‘Factors Affecting the Fed Balance Sheet’:
http://www.federalreserve.gov/Releases/H41/20090115/default.htm
If that is too many numbers, how about a more layman’s terms approach to the various components within H.4.1?
http://www.federalreserve.gov/monetarypolicy/bst.htm
No offense, but the government hasn’t exactly been doing a bang-up job in auditing itself, its agencies, or what *used to be* (and are now all of our) government sponsored entities up to this point. Please note this is not pointed at any party or congress, it’s just the way it is.
Beyond that, im not sure if most of the ‘auditors’ know what the intention behind a reverse repurchase agreement is (or how to read a balance sheet), nonetheless audit the efficacy of a reverse repurchase agreement with another central bank to provide currency liquidity.
Anyway, check out the website, you can always email them if you have questions. Feel free to educate yourself.
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It is time the federal reserve is better understood by all taxpayers. It seems that this middle entity has all the benefits and for reasons that might become more clear later with an audit, the WH seems to pick present, past members to handle all our money concerns. Yes, in an era of transparency let’s support this bill. Thank you Ron Paul
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[...] Paul’s bill to audit the Federal Reserve continues to gain momentum. Last week’s announcement quickly became one of the most popular articles here at RonPaul.com, and H.R. 1207 now has eleven [...]
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How many trillions of dollars have we paid this private company over the years do do our governments job. It is my understanding that we could buy back the federal reserve for the paltry sum of $450,000,000 and completely eleminate this waste of tax payers dollars.
At least Ron and a few select others are attempting to have this audit.
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Look up your congressman and urge them to support this bill. Here is a template I created you can use so it is easy and a no-brainer. Feel free to modify it:
Dear (Congressman)
I urge you to cosponsor the bill proposed by representative Ron Paul of Texas, H.R. 1207. The actions of the Federal Reserve have significant effects upon this whole nation, which includes the citizens of our state, and sadly the Federal Reserve has power to in fact hurt the economy of this nation if it goes unchecked. There needs to be more oversight and regulation on what the Federal Reserve can and should do. Unfortunately as a primarily private entity the Federal Reserve is causing destruction, willful destruction, and it is unfair and wrong for us, you and me included, to have to suffer and pay the consequences of a private entity like this. If anything, the Federal Reserve should be more regulated, including being audited, and if that is not enough, the Federal Reserve should be dissolved and the power to control the U.S. currency be put into the hands of the government, not some private entity.
For these reasons, and many more exist, which I urge you to discover, please support bill H.R. 1207. Thank you.
Sincerely,
(Your Name)
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“and the power to control the U.S. currency be put into the hands of the government”
Do you believe the government can do a better job than a private entity that has a vested interest in our economic vitality? Do you truly believe that to be a feasible solution?
What portion of government is as educated, structured in a democratic fashion, and behaves in an largely (noone is completely) apolitical fashion?
If you haven’t noticed all the other central banks are now following our lead and decreasing interest rates… Maybe they are all wrong?
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His name is Ron Paul
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No offense, but i thank the parrot in the background for the non-sequitur.
Really, so what entity or future entity of government would you entrust with the “power to control the U.S. currency”?
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That would be Congress. And there wouldn’t be much for them to do if the money supply was fixed to gold and silver.
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It’s amazing that so few people know about JFK’s issue of United States Notes BACKED BY SILVER! After his assassination, these notes (the small percentage that went into circulation) were hastily called in. Silver backed currency would have pushed out of
the market the Federal Reserve Notes backed by NOTHING of ANY value — in other words, thin air. IS THAT MOTIVE or is that MOTIVE? The BIG Monied cartel is ruthless!
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The bill requires one audit. Shouldn’t the Fed be audited on a regular basis?
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Ron Paul is 100% correct on this, and has my vote locked up should he run in 2012.
For anyone looking for the history of the Fed, check out The Creature from Jekyll Island, which has its history from the initial conception documented. I can’t recommend it highly enough for anyone remotely curious about how this bankers’ cartel got to where it is today.
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Is this true Paul?
http://www.chron.com/disp/story.mpl/front/6286883.html
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I stumble upon that too, but a little skeptical. It’d would be hypocrisy, but the bill is passed, who wouldn’t want a part of the pie? He’d denied it like Jindal? Plus, I’m sure the people of his district would want him to receive it. The bill was passed with his support or not, so I don’t think this is an issue as big as auditing the FED! Though, it’s pretty hypocrite if it is true?
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I think Dr. Paul has explained this before, and he said something like this: he will vote against big spending bills all day long, but once they get passed, he will try to get the most money for his district as possible. This 1. provides services for the people in his community, and 2. keeps the money out of the hands of the federal government. If money is earmarked, the Treasury Secretary doesn’t get to “lose” several hundred billion dollars.
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Genius! Why didn’t he think of this 10 years ago? I’m calling my representative right now and my senators as wells! You know what, why don’t we rally up this bill so that people can know about this?
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Ok, so go check out this page if you have not yet. It is so crazy how true all the videos are.
http://www.youtube.com/user/singletreefilms
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Wow!!! Check tis out.
http://www.youtube.com/watch?v=3RhnHo3RDfg&eurl=http://federalfallacy.blogspot.com/&feature=player_embedded
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Greetings Mr Paul,
I thank you for having nerve to stand up to this lucifarian bunch of dry bones. Someone needs to commit(lunny bin) who ever thinks that you can ever survive in life by someone who sells you a counterfit $100 bill for $110 dollars LOL. FED KNOWS WE ARE SO DUMBED DOWN AND EXPLOITS OUR WEAKNESSES AS A COUNTRY THAT ONLY HAS TO PAY OFF JUST UNDER 500 MEMBERS TO CONTROL JUST 300+MILLION PEOPLE. i tell all my friends this … IF YOU DONT LIKE PAYING TAXES JUST DONT USE THE FED ISSUDE MONEY just that simple. Need some ideas for better currency? (BARTER GOODS FOR SERVICES, SERVICES FOR GOODS, SERVICES FOR SERVICES,AND LASTLY GOODS FOR GOODS). This would not only create a domestic economy wich we desprately need. but look at it this way if somone traded a crapy roof job that leaked for say enough food for 3 weeks then next time someone needed a roof and some one wanted a roof that you knew you wouldnt recomed them so starvation would drive them to excell in what they do, as a professional. also it would keep nabors closer in order to network them selves and thus make most people better by creating a bond between people that in the cercumstances cantot and would not occur. Now you may ask your selves how do you save in this kind of economy? your relationship between people who give and recive to each other would prove to be much more vauleable that anything in this world. Just ask your selves this question how much dose it cost you to make a baby? a life that will love you back for as long as it lives. So shall your nabor view you as the same remember we all have different strengths and weaknesses the divesity would run the economy. Besides ask your selves this last question when you die why cant you take money to heaven? …. because its a discusting thing to him. that is why. hope the few that make it past the great tribulation see all we need is good people who truely care for our fellow man not for greed. the root of the cause why we are in the boat we are in. amen
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Are you kidding? No one who isn’t looking is ever going to see this. Nobody cares anymore… or at least not enough of us.
Now excuse me while I go bury some more jewelery and gold coins in the yard.
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[...] Paul Introduces Bill to Audit the Fed Ron Paul Introduces Bill to Audit the Fed | Ron Paul .com Funny how this hasn’t gotten any press but keep an eye on this bill. It will test just how serious [...]
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WE Americans who still hold our Constitution dear to us, support you 100%! Even if this bill does not make it thru Congress, at least we will know where we as Americans stand with our government. Either way, you will have served us well. Thank you and God Bless you Dr. Paul!
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Dr. Paul, this is my second posting to your website, and it’s apparent that the liberalists have managed to blind-side the American people, and make a mockery of our belovd Constitution. Socialism, Marxism, Fascism or whatever you wish to name it has no place in America. However, the criminals, bleeding hearts, and people looking for handouts have changed our country to the point of making ordinary American citizens nothing more than a manpower pool and unlimited bank account. Have we not called that slavery forever? Send me to the Roman games so I can win my FREEDOM! WE NEED YOU IN THE WHITE HOUSE!!!!!!!!
God Bless You, Dr. Paul!
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911 “Mastermind” George Bush Sr.
google: Quadri-Track ZCT
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Hey Mr. Paul,
Please don’t run for President. While you would be the obvious best candidate, you will surely be assassinated, as you would represent the biggest threat to the Federal Reserve that has yet existed. Even JFK was assassinated, and all he did was introduce notes issued by the treasury that were backed by silver. Pretty sneaky, but he still got assassinated. If you become president, I am afraid we will lose an important leader very quickly to assassination, when you can do so much relatively under the radar in congress, inspiring people! If you run for pres though, I will definitely vote for you.
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Bravo to ron paul, the government will continue to lie, steal, and strip us of our rights and way of life untill we finally stand up as one nation under god, I am ready, are you?
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Hello Dr.Paul,
So nice and pleasing to see there are still beurocrats like you who are out there to preserve the constitutional rights of all the Americans. I bought your book “The Revolution A Manifesto”, thank you for educating the people on the true constitutional spirit. Hope more people folllow your concerns. Please come back in year 2012.
Zain
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I am constantly disappointed as to the ignorance and general attitude of the american people
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What exactly do you mean by that Tamara?
Either,
A) You are a supporter of the Constitution and what it stands for and it really does disappoint you to see this great country stand on the shaky ground that it is on now. If this is the case, you should really put more into your post. Or….
B) You are not a supporter of the Constitution and really shouldn’t be posting on this site. If you do want to continue to post, at least come with something better than you can’t stand the attitudes of the American people because I am an American and although you probably don’t like my attitude, I have a feeling most people on this board like mine more than yours.
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[...] From RonPaul.com– [...]
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Thank you Dr. Paul for your Courage and your steadfast commitment to protecting the Constitution. You are our hero and we salute you!!!! Please run for President 2012, your country needs you!
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Dr. Paul, Thank you for your bravery and commitment to the United States. The Federal Reverse is a sham and deserves to be abolished like the the similar institutions before it. I am with you 100%!
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The Banksters are running our Presidents and fully control Obama. Nothing has changed nor will it as long as they pull the puppetstrings of the President along with the CFR.
It’s truly time for change, but as anyone can clearly see by now, there has been no change in America once again unless, of course you consider skin color.
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Way to go Mr. Paul. I hope this works. Of course the best policy would be to desolve the Federal Reserve Bank all together; and even though the President has the power to do so, I doubt he has the nerve.
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If congress does not support this bill,then Americans will know that their entire political process is corrupted beyond redemption.
Do not accept half baked audits that have parameters selected by the Fed.The entire process should be open and thorough.It won’t happen easily and the more resistance you encounter,the smellier will be the carcass of corruption and deception.
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Pay attention Congress, this is what a stateman does. He represents his state and looks after the citizens that sent him to Washington. He does not act as a representative of his party first.
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Well said my friend…Well said!
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I am not surprised that this Bill haven’t hit the front pages of the national news. Simply too controversial…
Sad, cause this bill would be an eye-opener for the American people.
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Thankyou thankyou thankyou Ron Paul! Please run in 2012… despite the recent poll that placed you 3rd I think that the GOP is in such shambles right now and is looking for your kind of leadership to appeal to the youth of america and help rebuild a truly Constitutional Republican Party.
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We The People! are behind you all the way!!! Ron Paul
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Hope this makes it to the floor. Would LOVE to see who among Congress has the guts to support this bill. Sadly, I know it will get “tied up” in committee (would also love to know who ends up being responsible for that, as well).
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Dr. Paul, I’m a former middle class American who supports you 100%, and hope, along with other Americans, that you will see success in your efforts to return America to Americans. I’m a former middle class American because of the IRS extortion, and racketeering practices they have made legal for their own benefit. I now must try to find work to support my wife, and home expenses. God speed, and good luck to you, sir.
Jerry P. Claunch
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This is not Jerry Claunch from Phoenix that went to J.B.Sutton school is it? if so e mail me I went to school with you and Sharon.
Anyway my response was, “THIS IS THE BIG ONE ELIZABETH”, Henry Gonzales has been trying for years to no avail, however if we could get this, at least started, we may be able to save this country before it is too late ! If you have a mind,go and read “Secrets of the Federal Reserve” (online), by Eustace Mullins, redone, the original writer was imprisoned in an insane asylum for 13 1/2 years and had all his writings burned etc.. You need to read the whole thing. If this can get done it will remove almost all the problems in this country. This is the writing that Jeckyl island and all the rest were taken from. MUST READ! Ezra Pound, who found all the dirt and documentation was the original…. They say conspiracy theory, but It’s not a “theory” when it’s happening, right before your very eyes,is it?
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Hello, from Las Cruces, NM. I’m sorry, but I’m not the Jerry Claunch from Phoenix, AZ you mention in your post. Too bad, because my entire family thinks I’m a kook for supporting Ron Paul. Maybe the other Jerry has more support. Also, how do I access the online book “Secrets of the Federal Reserve”? I’m very in terested in how we’ve been duped for all these years.
Ciao,
Claunchie
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Well,thanks for answering, I went to school with some good people with the same name,I guess. Just google or whatever search engine you want, “secrets of the Federal reserve”, it’s about 250 pages, you can read it online or print it or whatever, if you take the time to read it all, you will know exactly what is going on, and it will make perfect sense. Thanks for responding, I am living in Heber,AZ. on the Mogollon Rim in the white mountains. Bill Knight. PS you’re no kook, I had to change my registration from independent to republican to vote for Paul in the primaries, but I think he’s one of the few that, “gets it”… later.
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