Comments on: Ron Paul’s Bill To Audit The Federal Reserve Now Has 271 Co-Sponsors

By: Jeff

Jeff — Tue, 14 Jul 2009 21:05:06 +0000

Damn Right to both.
God, imagine what we could be as a country without both these evil institutions running our lives?
Yes, we need to go back to the gold standard, that will prevent the printing of too much money, which is what we have now, which is why the dollar is only worth about 3% of what it was 50 years ago…
Say, I wonder how much gold there is in Fort Knox?
Anywhere near as much as there probably is in Iron Mountain?

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By: Christine

Christine — Tue, 14 Jul 2009 19:56:19 +0000

Barney Frank is pushing HR 3126 with 12 co-sponsors ahead of HR 1207 with 260 co-sponsors. HR 3126 allows that the FED will transfer employees into this new “Consumer Financial Protection Agency” and Obama will select the Director. Other agencies listed will also transfer employees into this new Agency. Restructuring.

Once again, the same scenerio… the government under the Bush Administration causes the financial housing crisis with pushing home loans to un-creditworthy borrowers, low income, lowers the standards for loan qualifications, ARMs, and they are the foreclosures of today. Now the government wants to appear as the “Savior” to “protect” the American people through this new Agency. Is this Agency created to protect our liberties or take them away?

Before this happens, HR 1207 needs to pass out of committee onto the floor for a vote to Audit the FED….then abolish it…along with the IRS.

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By: Matt

Matt — Tue, 14 Jul 2009 14:42:19 +0000

OK….. So that is two currencies… Of which to mention just one, there was a tremendous variety of ideological response via economic construct by country within the euro-zone. Compare Spain and Italy, Germany and France. Ireland and Finland. You are telling me those diverse ideologies are all being controlled by one secret society? Get real. They argue and joust politically, they backstab and yearn to be stronger than the other countries. Any chance to take advantage of a conspiracy would surely be met with further Free Market activity to profit from the opposite – after you ousted them.

Outside of those two items. What about the Japanese (who have also introduced stimulus packages to fight the recession)? Iceland (which collapsed)? Swiss (long the bastion of conservative banking)? Chinese (two HUGE stimulus packages relatve to GDP)? All of those countries have participated in, or been affected by, this collapse. And it was three central banks that orchestrated this global response? Really? Really?!?! EVERY OTHER COUNTRY IN THE WORLD IS A ‘SHEEPLE’?!?! Really?

What about free market innovation and greed? The most-defaulted-upon loans that were made were in 2006/2007 – INTEREST RATES WERE NOT 1% at that time! So how did the central banks scheme to force ARMS and HELOCS on people? Wait, interest rates are EVEN LESS right now, and the same thing is not happening? Why was securitization and CDO’s (again 2006/2007 vintage were obliterated, not the 1% years) occurring? Did they also scheme to force the ratings agencies rate these as AAA? Your glaring omission of Free Market failure or regulation is ridiculous, and please don’t give me this ‘moral hazard was removed because we aren’t on a gold standard’ crap, look at how much actually DID fail and how many people HAVE been laid off.

To address your glaring lack of mention… What about India, China, and Russia, who have all publicly QUESTIONED the reserve status of the USD, and rightfully so. Don’t you think if they were adversely affected by some conspiracy between EUR/USD/GBP central banks THEY WOULD ABSOLUTELY BLOW UP THAT SAME CONSPIRACY? Wait, or this conspiracy is so secret ONLY RON PAUL FOLLOWERS know about it and RUSSIA, INDIA AND CHINA DO NOT?!?!? Wait or are even our economic enemies involved too?

Oh wait, it’s much more simple to get angry and pronounce ‘The Fed/Rothschilds/Bildebergs (insert fictional world-controlling cartel here) Are The Root Of All Evil’ than understand how things actually work, or just say ‘Circular Straw’ when someone else is actually making sense.

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By: Ross

Ross — Tue, 14 Jul 2009 11:42:21 +0000

Matt,Who owns the the Euro? Basically he same group of banks who own the Fed.Who owns the UK pound,ie the Bank of England or the Rothschilds who also are parteners in crime with the Euro and US $.

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By: Lindsey Brutus

Lindsey Brutus — Mon, 13 Jul 2009 22:07:03 +0000

Anarchist: Until the death of Benjamin Strong the Fed did pretty much what it was supposed to do. If you aren’t familiar with him, he was the first head of the Federal Reserve Bank of New York. He died in 1928. While he was the head of the bank, the Fed did pretty much what it was supposed to. However, after his death the public started to loose faith in the free market system and we went from being a country that believed in limited government to the “New Deal”. Ever since the early 30’s the Fed has promoted the idea that the private economy is unstable while it is actually the government that has been the major source of economic instability. Of course the different people in the Fed want to keep their jobs so they have consistantly sold the country down the river since the death of Ben Strong. The same thing happened when the Second national bank was chartered. At first it worked fine but then we got a guy named Biddle in charge and the corruption started. Fortunately Jackson was able to pull the charter. Maybe we never should have started the Fed as we should have learned from our previous mistake but we didn’t. However, I maintain that IF you have the right person in charge, the Fed is a good concept. I am familiar with your argument that it was corrupt from the beginning and I have read the book “The Creature from Jekyll Island” and it’s authors arguments. However, the performance of the Fed under Ben Strong indicates to me that he knew what he was doing and had the interests of our country at heart.

Let me add one more thing. The free market system will be cruel if we manage to get rid of the Fed. In the long run it will be beneficial, but in the meantime we’ll be in for a rough ride! We as a country need the rough ride to restore our values though and it will be well worth it!!!!!!!!!

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By: anarchist

anarchist — Mon, 13 Jul 2009 19:13:56 +0000

Lindsey Brutus:

There is nothing whatsoever “noble” about the Federal Reserve System. They crept in under the radar like the snakes they are for personal gain at the expense of the
American people, or more appropriately the “American
sheeple”.
The free market system has never been cruel, except when
it has been totally manipulated by the “FED” like it has been since 1913. They are totally responsible for the dollar losing 96% (one percent a year for 96 years) of its
value! The gold and silver standard is the only way for
total stability! Our gold reserves have not been audited since 1954; even Ron Paul has said he doubts very much that
there are any gold reserves left in this country. The gold
has probably been moved by the “FED” to European central
banks! What a surprise! The U.S. Mint recently ran out of gold blanks, and had to suspend minting of gold coins.
WTF is going on here ?!?!?!?!

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By: Matt

Matt — Mon, 13 Jul 2009 15:31:00 +0000

“It is amazing that gold has gone from $20 an ounce to near $1000 an ounce since 1913..”

It’s even more amazing that putting $20 in the S&P 500 total return index even 13 years later (1926) would now be worth more than THREE TIMES that amount ($3,208)!

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By: Sean

Sean — Mon, 13 Jul 2009 15:24:09 +0000

They would come here with cargo ships to take our gold. The trade deficit is the reason why we got off the gold standard. We started running out of refined oil the year before and had to start importing. There ended up being more petrodollars than we had gold to back it up.

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By: Matt

Matt — Mon, 13 Jul 2009 15:17:14 +0000

I am not saying there are not challenges ahead and obvious items that have to be remedied, there always has been and there always will be. I suppose we disagree on the end result. Again… “We probably will see widespread civil disorder in the 1980’s, as a direct result of our faltering economic system.” (Ron Paul quote, 1981) There is no sure-fire truth in telling the future, so it’s always best to keep a bit of humility when crying chicken little.

If the Fed is the “aforementioned instigators of this collapse” why did other capitalistic countries with various levels of free-market activity, fiscal policy, monetary policy and govt balance sheet standing, suffer the EXACT SAME HOUSING BUBBLE AND SUBSEQUENT BUBBLE BURST. To blame it on the Fed is a complete cop-out (this is a legitimate application of what usually is louies everpresent parroted copout: ‘Straw’) and demonstrates an illogical focus and lack of of understanding about the mechanisms by which free markets work.

If you want to audit the United States Fed, fine, but you cannot blame one person/entity for this collapse, that absolves many others across the globe of what should be individual/regulatory responsibility.

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By: Lindsey Brutus

Lindsey Brutus — Mon, 13 Jul 2009 14:50:35 +0000

You’re right Sean! It is amazing that gold has gone from $20 an ounce to near $1000 an ounce since 1913.. The price of gold would have to be pretty high wouldn’t it. However, you and I both know ( I hope) that we won’t be loading cargo ships with gold and sending them to foreign countries unless they lose faith in our currency. Without an audit of the Fed. I’m not sure that we could set a good price for a gold standard as we don’t know how many notes are out there!
Sean, if foreign countries loose faith in our currency then that means that they have lost faith in our economy. Let’s keep our free market economy strong and this won’t happen!

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