85 responses to “Ron Paul: Audit the Federal Reserve!”

  1. rewfarasfvmsdr

    Websites worth visiting...

    I enjoyed reading your article, many thanks....

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  2. So Much For Secrecy: 75% of Americans Favor Auditing The Federal Reserve | Austrian Economics Blog

    [...] Ron Paul: Audit the Federal Reserve! Ron Paul’s bill to audit the Federal Reserve continues… [...]

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  3. Ron Paul Strikes Gold « Ancavge

    [...] accomplishment is so impressive. He has rallied the majority of the House to support his new cause: an audit of the Federal Reserve. Legislators are sick of not knowing what’s going on inside Bernanke’s fortress, especially as [...]

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  4. loan audits

    It was interesting to browse trough :-) keep up the good work and thanks for sharing this the valuable information.

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  5. Ron Paul And The Federal Reserve | The Truth

    [...] is why it is so important to support Ron Paul's bill to audit the Federal Reserve (H.R. 1207).  The Federal Reserve Transparency Act, as it is called, now has over 200 [...]

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  6. Cheryl A.

    Where are my posts?

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  7. Deb

    Instead of railing against the government you should be railing against the power of the corporations. They are vastly more frightening than the government at this point. Corporations are run by people...people whose only goal is the make money any way they can without regard to the welfare of anyone or anything. Government's job is to regulate corporations...at least it was until the corporations put a fix on the elections and paid off those in power to allow the corporations to do as they pleased with no oversight. Don't belive me? Ever heard of Love Canal? And this is not the only example. Leaky gasoline tanks, dry cleaning chemicals dumped into the ground, and the list goes on and on and on. You people better wake up to what is going on around you. Ron Paul is naive...government is not the enemy...corporations are. After all they wrecked the economy and we are all having to pay for that as well.

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  8. Fred

    It's real simple folks.

    Debtors are slaves to Lendors.

    The Bible

    God Speed Dr. Paul!

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  9. Jim

    Mr. Paul,
    Your Bill, H.R. 1207 is an excellent idea: but, it is only the first step in cleaning up our federal government.

    I am appalled and disgusted by the actions of Obama, Congress, and the Supreme Court. None of these governmental agencies are abiding by our CONSTITUTION, and in my opinion, that is TREASON

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  10. Ross

    Sean,making a scape goat of Bernanke does not clean the slate for the Fed to simply proceed as usual.It is not a matter of few people.The whole system of Res Banking is corrupted and dysfunctional.Too much power is in too few hands.

    President Woodrow Wilson in 1913 signed away the rights of Congress to issue corrency to the Fed.Wilson a few years later lamented his actions, saying that he'd sold out his country to private interests.

    The Fed since this time has been responsible for many recessions and the Great Depression by over inflation of money through the fractional reserve system.Their primary concern is for their own power and wealth.If they really were concerned about the American people this would never have happened.

    The responsible supply of money is a basic pillar of economic policy.You don't leave a pool gate open when a toddler is around.You don't leave the flood gates of cash open perverting the real productive economy thus causing poverty.

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    1. Sean

      how does the federal reserve benifit????

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      1. Nate D

        "Give me control over the issuance of a nation's currency, and I care not who makes its laws."

        Money = Power

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        1. Sean

          Did you know everytime the fed has been audited, they gain more independence and more power?? Lets hope this thing passes huh??.. Let me guess, you got that quote from a conspiracy movie?? what kind of personal benifits do you think members of the federal reserve get? a school principal is powerful, a mayor is powerful,etc.. so your saying that because all these people are powerful, they are corrupt, or out to harm us...

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          1. Sean

            i go to school 16 hours a week and work 15 hours a week. i study all the time and get alot of work accomplished. I live on the lake and i play tennis and basketball.. i do plenty trust me.

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  11. Ross

    Sean ,"The Fed Res is a govt entity." You cannot make a lie truth by repeating it endlessly.The congress only has members on the board of the Fed.They have no real power and cannot audit it.
    The independant Fed Res has more power than either the president or congress.

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    1. Sean

      The federal reserve is a quasi-public corporation(independent within the government), along with fannie may and freddie mac. Your thinking of the 12 individual non profit central banks that finance the treasury.. The federal reserve is regulated and supervised by the board of governors, which would happen to be.... the government.

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      1. Sean

        do you know why they keep them seperate and independent from the congress? because politicians aren't bankers, and the federal reserve needs the authority to work without congressional approvement.

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        1. Sean

          you know most of the money created is not created thru the federal reserve, only a tiny fraction.. Most of the money is created using banks thru fractional reserve banking. It means you only have to deposit 10% down on a business, car, or home loan, and the rest gets conjured up... The federal reserve makes money off the loans through interest, and gives it to the government. Its sorta like a tax. The government uses the federal reserve to keep the system stabalized and collect tax on the money that is created... So it is more or so a government entity.. The reason why we need them so much now more than ever is because we pretty much ran out of oil, and somebody has to fund it from elsewhere through exporting securities, or else we will have no fuel to run our economy.

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          1. Nate D

            Someone please ban this rat Sean!

            Only a tiny fraction! Yeah, they create 2 trillion in the first 2 weeks of 2009, plus add the fractional reserves. WAKE UP AMERICA! Your country is going to collapse. Do you have any idea how much a trillion is? Your brain is so small to comprehend these kinds of numbers.
            A million seconds is 11 days, A trillion is 32,000 years...

            http://www.alternet.org/blogs/video/124330/secret_spending:_fed_lends_two_trillion_without_oversight/

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          2. Sean

            wowzers

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          3. Sean

            OMG NAte! you have opened my eyes!!! I can see as clear as god now! I'm going to take off my pants and rebel like you.

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          4. Sean

            you know nate that fractional reserve lending are what BANKS do, not the federal reserve... hahaha!

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          5. Sean

            Why don't you go protest outside chase, or any other million banks and tell them your against fractional reserve lending and them to change the whole system.

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          6. Nate D

            You assume so much. You are a dirty little rat.

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          7. Sean

            haha, don't talk bad about your teacher.

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          8. Nate D

            Not a very good teacher. I wouldn't hire you, not even to mow my lawns

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          9. Sean

            please, i wouldn't mow your moms lawn. I've never done an inch of labor for money in my life. I'll mow my own lawn and i'll get paid to draw.. im not going to do your chores.

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        2. Chad

          Sean,
          First of all, the whole structure of the constitution is so that there are checks and balances in the government in order to prevent oppression or tyranny. If the Fed needs no "approvement" (sic) on what they do,then there is no check on their power. Congress, who answers to us ("we the people"), should be able to know what they do and why they do it. Even if politicians aren't bankers, Congress can still set up a committee or agency that has the banking know-how without letting a private entity like the Fed have so much unrestricted power. So, to answer your first question, nobody knows for sure why they keep them separate (i.e. private v. government), but it shouldn't be that way.

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          1. Sean

            what did they gain? Do you think the federal reserve isn't punching themself in the heads over and over because of the pressure on them?.. they get paid good money with a long term contract to prevent corruptness. Somebody has to control the money.. I lack to see the benifits of this power your describing.

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          2. Sean

            i should become a banker, so i can take over the world! no, your not thinking with common sense. these people do not benifit from their power.. Yes, they do have the power to hurt the sytem or even bring it down, but they also have the power to bring up the system, which they have been relatively good at for the past hundred years. I think our economy has improved a great deal if you ask me.

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          3. Sean

            this is your evil man who is taking over the world...

            ben bernanke-
            "Born in Augusta, Georgia, Bernanke was raised in a ranch house on East Jefferson Street in Dillon, South Carolina.[2] His father Philip was a pharmacist and part-time theater manager, and his mother Edna was originally a schoolteacher. He is the eldest of three children, having a brother and sister. His younger brother, Seth, is a lawyer in Charlotte, North Carolina, and his younger sister, Sharon, is an alumna and longtime administrator at Berklee College of Music in Boston."-wiki

            "Bernanke taught at the Stanford Graduate School of Business from 1979 until 1985, was a visiting professor at New York University and went on to become a tenured professor at Princeton University in the Department of Economics. He chaired that department from 1996 until September 2002, when he went on public service leave. He resigned his position at Princeton July 1, 2005. Dr. Bernanke served as a member of the Board of Governors of the Federal Reserve System from 2002 to 2005. On February 1, 2006, he was appointed as a member of the Board for a fourteen-year term and to a four-year term as Chairman."
            -wiki

            "He has given several lectures at the London School of Economics on monetary theory and policy and has written three textbooks on macroeconomics, and one on microeconomics. He was the Director of the Monetary Economics Program of the National Bureau of Economic Research and the editor of the American Economic Review. He is among the 50 most published economists in the world according" - wiki

            Distinguished Leadership in Government Award, Columbia Business School-2008

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  12. Terry

    This is such a great video. Its from 1985 and almost 18 mins long.
    Make sure you watch the whole thing.

    http://www.youtube.com/watch?v=mDDBZuheQxs

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  13. Top 3 Ridiculous Friday Items :: Chris Grande

    [...] Ron Paul’s bill to Audit the Federal Reserve  (Fed transparency bill - HR 1207) [...]

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  14. glitch

    My my... i am so ashamed! Ron Paul had over 100,000,000.00 in earmarks in this current abortion of a stimulous package.

    How can you square this with your words sir? You are a hypocrite!

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    1. Fluidly Unsure

      Where did you get that information? What are the details? What are the specific bills and earmarks? Why hasn't his enemies and the MSM picked up on this? This is something I must have missed while detracted by making the money to survive. Last year the nickname "dr no" was appropriate.

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    2. DAVE G

      @glitch

      Ron paul voted against the stimulus bill. He was against it from the start, and still opposes it. He said it will do nothing but hurt the economy in the long run.

      Here
      http://www.youtube.com/watch?v=7hlszHekH6I

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  15. Sean

    the federal reserve is a government entity. the treasury and fed work with eachother. there isn't one thing the fed knows which the treasurer doesn't. i have a feeling tim geithner will do a real good job. you should watch some of his hearings on cspan. the whole idea is to become energy independent so we can stop spending so much to run our "american empire". his plan will lay down the foundation for that by 2012 and cut the deficit in half.. you should watch the department of energies new head guy and learn about all the loans with less holdbacks and benifits for renewable resources.

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    1. Terry

      Hey Sean check this out

      http://www.saasta.ac.za/sciencewriters/winners/2006/Sharrock_C.pdf

      And I am with you on your views of religion. I think modern day religion is the root of all evil.

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      1. Sean

        thats pretty cool. they got natural gas going everywhere here. my parents have some drilling under their property.. i think that they are trying to transition away from all fossil fuels put together.. They are going to try and build up to new renewable power resources, so we can switch to electric cars.. They are trying to format the transition, to make it possible.

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  16. Ross

    The only panic Sean will be from within the Fed.Congress has the power to issue currency.In fact it is against the US constitution for anyone other than Congress to do so.[Study up on Woodrow Wilson 22 Dec 1913]

    If Congress does issue a new currency that is backed by the country's resources,then the Fed's money would become worthless.Who would need them when Congress can generate and loan money through their own Central banking system?

    With the Fed printing more money,eventually the $ US will collapse.This could be part of their North Americn Union Plan whereby the Amero will replace the currencies of US,Canada and Mexico.It will be just an extension of the Fed's power base and the people of these countries will be further enslaved by this evil system.

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  17. Sean

    I think that the church's are way more evil than the federal reserve. We provoke hatred because we endure religion.. There will not be peace as long as there is a God.. You should read about the orgins of the church. There has been way more corruption involved with the church than there has been corruption with the people in charge of our banking system... Seriously, if you can't trust elected officials to run the federal reserve and our banking system, than who do you trust? I guess you want to become straight up socialists and place the government in charge.

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    1. Nate

      Please no one chase this red herring.

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  18. Nate

    It would be soooo sweet to see the Fed audited. It's very encouraging to hear Ron Paul talk about the support he's getting from other members of Congress.

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  19. Ralph

    Is this true:
    http://jewishworldreview.com/0209/west021309.php3

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  20. Sean

    All this bill is designed to do is cause widespread panic. We are going to realize that we need the fed more than ever.

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    1. Sean

      if your going to make transparency acts, you should make a transparency act for church's!

      Christianity is the most perverted system that ever shone on man.
      -Thomas Jefferson

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    2. Mary Sean

      Oh, poor, poor, Sean. You need to read up on the origin of the Fed Reserve and stop quoting out of context Tommy Jeff.

      Mary

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      1. Sean

        I've read all about the federal reserve.. They help us finance our oil addiction. They are VERY much needed. You have to understand that most government policies are made for oil consumption.. All wars were fought for oil (foreign policy), we got rid of the gold standard because of oil (monetary policy), and we got rid of protectionism (trade policy) because of oil.. Your pointing your finger at something without even understanding its purpose.. You should read up on oil imperialism to understand whats really going on.

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        1. Sean

          What do you think our national deficit is intended to do? it is used to even out our trade balance. We started running out of oil in the sixties so we got rid of the gold standard and opened up free trade so we could import all we wanted to maintain our country... We get away with importing fuel by exporting securities (national debt).. And i doubt anybody knows that the securities have legal tender laws. This means that all debt must be spent in America. Once other countries buy our debt, it becomes american money, only allowed to be spent in america.

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          1. Sean

            If you really think that we should be focusing on the federal reserve without realizing what props them up, than nothing will get acomplished. If a rabbit (OPEC) comes and steals all your carrots(MONEY), complaining about the soil(Federal reserve), or whatever helps the carrots grow, isn't going to stop the rabbit.

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  21. Mary Cooperman

    Congressman Paul,
    Thanks for making everything so clear. I did not see the light in the last election. But I am listening now. I will support this HR bill to audit the Fed. I actually agree with everything you say. Where was I? So sorry. I love your experience as a dad, a gfather, doctor and congressman. I love the fact that you have never had your face smeared all over a newspaper with dishonorable actions. You actually have morals. Free market rocks, SS sucks, war is Hell, and the UN should be eradicated!
    (I despise cliches). No, I am not one of the smart, young followers who admire you. I am a gmother and teacher and lover of our country and CONSTITUTION.

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  22. Harish Padmasola

    This is a great bill. If not for anything else, its brief and to the point. Anyone can read in a few minutes and understand what it is about. I think every bill should be in this style. I hope this gets more traction.

    Harish

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  23. eforcade

    Join us for a modern day tea party that is spreading across the US. It is scheduled for July 4th in a major city near you.

    Go to reteaparty.com or marchforliberty.org for further details.

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  24. Ross Johnson

    What fascinates me is the counter measures the Fed are mustering to protect their realm of power.How do you know when an audit is done that the information is real?The Fed has enough money and power to buy or intimidate any individual.So what safe guards can Congress put in place to counter this?

    The process will not be easy or simple.I think that a lot more public awareness about the Fed needs to be done otherwise transparency will be lost.

    Where are the Hollywood glamours with their $ millions,who are
    against all sorts of injustices?Most are strangely silent.This is the biggest human rights issue now confronting both the US and the world,since the Fed is just an extrapolation of the world Res banks,eg The Bank of Inernational Settlements,IMF and World Bank.

    Be rest assured,the dirt brigade will be doing their best to discredit Ron Paul.Already we see many posts on his sites trying to achieve this.

    As this movement gains momentum,you have to anticipate their moves and devise counter measures to defeat them.Remember that the Fed has enormous financial pockets since they conjure money from cyber space.

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  25. samuel selvarajan

    Here here all for accountability go get em Ron!

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  26. Zane Perry

    Go get em Ron! Your our only hope :)

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    1. Deb

      Help us Obi Wan Knobie, you're our only hope. Ron Paul is not the saviour of the world. The Federal Reserve is already audited and publishes that audit on the web. Educate yourself. Ron Paul doesn't have the first d**n clue.

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  27. Ron Paul Introduces Bill to Audit the Fed | The Cause of Liberty

    [...] I encourage you to write your congressman and urge him or her to support this bill introduced by Ron Paul in Congress on February 26th. His speech to the House is found below, followed by the actual bill, H.R. 1207, or the “Federal Reserve Transparency Act of 2009.” You’ll find a good form letter here. [...]

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  28. Roland C. Woodaka

    The panic overnight manipulation of the Bear Stearns collapse, the Carlyle Group involvement and subsequent takeover reeks with the foul odor of a suspiciously corrupt act!

    If the audit of the Federal Reserve covers THAT smelly act...

    ...I am all for the audit!

    Roland C. Woodaka

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  29. Audit the Federal Reserve « Wingnuts United!

    [...] Read more about it here. [...]

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  30. Fluidly Unsure

    To answer the thread: Go for it!

    To answer Searching above: No this is not what the Jeffersonians had in mind. Whether it is right is in question.

    Only farmers have a chance to live up to Jeffersons standards. Would you be able to live by the fruit of your own labor (I don't remember the words he used)?

    In the spirit of John Locke's 'Treatise on Commonwealths', this may just be the evolution of individuals-- individuals and families banding together because of common interests.

    Unfortunately, unless "the people for the people" agree 100% all decisions will be against someones will and therefore against the will of the people. The answer is a well balanced government, not one that is true to ancient principles that do not hold for this many individuals. The balancing act may result in representatives which can be seen as the roots of an oligarchy.

    What I say to pure/Greek/Platonian democracy is very similar to what I say to communists/socialists/statists: I would love to live as one if I knew everyone in the commune.

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  31. Mike DiRenzo

    Where is Dennis Kucinich? I'm going to have to write him a letter.

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  32. Audit the Federal Reserve - VolNation

    [...] Audit the Federal Reserve Sounds like a good idea to me. Write your congressman to support this bill. Ron Paul: Audit the Federal Reserve! | Ron Paul .com [...]

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  33. Searching

    Do you think Our Fore Fathers had this in mind?

    We the people, for the people, by the people.

    Oligarchy (Greek Ὀλιγαρχία, Oligarkhía) is a form of government where power effectively rests with a small elite segment of society distinguished by royalty, wealth, family, military influence or occult spiritual hegemony. The word oligarchy is from the Greek words for "few" (ὀλίγος olígos) and "rule" (ἀρχή arkhē). Such states are often controlled by politically powerful families whose children are heavily conditioned and mentored to be heirs of the power of the oligarchy. This type of power by its very nature may not be exercised openly[citation needed]; the oligarchs preferring to remain "the power behind the throne", exerting control through economic means.[citation needed] Oligarchies have been tyrannical throughout history, being completely reliant on public servitude to exist. Although Aristotle pioneered the use of the term as a synonym for rule by the rich, for which the exact term is plutocracy, oligarchy is not always a rule by wealth, as oligarchs can simply be a privileged group. Some city-states from Ancient Greece were oligarchies.

    Capitalism as a social system is sometimes described as an oligarchy. Socialists argue that in a capitalist society, power - economic, cultural and political - rests in the hands of the capitalist class. Communist states have also been seen as oligarchies, being ruled by a class with special privileges, the nomenklatura.

    Russia has been labeled an oligarchy because of the power of certain individuals, the oligarchs (often former Nomenklatura), who gained great wealth after the fall of Communism. Critics have argued that this happened in illegitimate ways and was due to corruption. Russia ranked 143rd out of 179 countries in the 2007 Transparency International Corruption Perceptions Index.

    The concept of an "oligarchic democracy" is one which some scholars attribute to Ancient Rome and the United States. Marxist Ellen Meiksins Wood writes, that it "conveys a truth about U.S. politics every bit as telling as its application to ancient Rome. It is no accident that the Founding Fathers of the U.S. Republic looked to Roman models for inspiration in making the Federalist case, adopting Roman names as pseudonyms and conceiving of themselves as latterday Catos, forming a natural aristocracy of republican virtue. (Americans today still have a representative body called the Senate, and their republic is still watched over by the Roman eagle, albeit in its American form.) Faced with the distasteful specter of democracy, they sought ways to redefine that unpalatable concept to accommodate aristocratic rule, producing a hybrid, "representative democracy," which was clearly meant to achieve an effect similar to the ancient Roman idea of the "mixed constitution," in fact, an "oligarchic 'democracy."'[1] However, the constitution and state laws have since been modified, with the removal of the original property requirements for voting, as well as giving the vote to women and blacks.[2]

    A number of critics argue that the United States political system is, itself, an oligarchic structure. Third party candidates stand little chance of election to national office, due to the enormous monetary capital needed to purchase advertising time and to make other key connections in order to gain sufficient attention from the electorate. Since large donors fuel national political races, expecting due compensation in return for funding the winners' campaigns, it is difficult to distinguish between the current situation and societies most commonly recognized as oligarchies. It is, many feel, a return to aristocratic rule, in which the common people have little control over their political fate; feelings of being "sold out" frequently lead to apathy, now recognized as the most common problem in American politics.

    [edit] The Iron Law of Oligarchy
    Some authors, such as Zulma Riley, Keith Riley, Mathew Marquess, and Robert Michels, believe that any political system eventually evolves into an oligarchy. This theory is called the "iron law of oligarchy". According to this school of thought, modern democracies should be considered as elected oligarchies. In these systems, actual differences between viable political rivals are small, the oligarchic elite impose strict limits on what constitutes an 'acceptable' and 'respectable' political position, and politicians' careers depend heavily on unelected economic and media elites.

    [edit] See also
    Government terms:

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  34. forest

    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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  35. Georg O.P. Eschert

    In_La`kesh dear Dr. Ron Paul:
    Excellent, that is how it should be and is long over-due !
    US citizens, wake up -- Ron Paul is your only answer to your problems !

    A foreign citizen who cares about you and planet Earth.
    (Per Aspera Ad Astra)

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    1. Deb

      Ron Paul is a nutcase as became apparent during his last run for the presedency.

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      1. Georg O.P. Eschert

        Being polite & showing respect is mandatory for educated people on this blog,
        thank you for your kind cooperation.

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      2. librepublican

        Whether you agree with all of his positions or not, this is a good idea. This is a perfect example of why we need to keep an open mind and listen to all sides. Remember, even a blind squirrel can find a nut sometimes!

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