The Case Against An Unaccountable Federal Reserve

For almost a century, the secretive and unaccountable Federal Reserve has silently manipulated the economy and the value of the dollar, and they are understandably upset about the increased scrutiny and criticism their abnormal and undemocratic activities have started to attract. In his latest column, Ron Paul explains why this arcane institution is doing everything in its power to preserve its ability to quietly create and spend trillions of dollars, make deals with other central banks, engage in backdoor negotiations with foreign governments, and bail out its cronies as it sees fit.

Fed Independence or Fed Secrecy?

by Ron Paul

Last week I was very pleased that hearings were held on the independence of the Federal Reserve system. My bill HR 1207, known as the Federal Reserve Transparency Act, was discussed at length, as well as the general question of whether or not the Federal Reserve should continue to operate independently.

The public is demanding transparency in government like never before. A majority of the House has cosponsored HR 1207. Yet, Senator Jim DeMint’s heroic efforts to attach it to another piece of legislation elicited intense opposition by the Senate leadership.

The hearings on Capitol Hill provided us with a great deal of information about the types of arguments that will be levied against meaningful transparency and how the secretive central bankers will defend the status quo that is so beneficial to them.

Claims are made that auditing the Fed would compromise its independence. However, by independence, they really mean secrecy. The Fed clearly cherishes its vast power to create and spend trillions of dollars, diluting the value of every other dollar in circulation, making deals with other central banks, and bailing out cronies, all to the detriment of the taxpayer, and to the enrichment of themselves. I am happy to challenge this type of “independence”.

They claim the Fed is endowed with special intellectual abilities with which to control the market and that central bankers magically know what the market needs. We should just trust them. This is patently ridiculous. The market is a complex and intricate thing. No one knows what the market needs other than the market itself. It sends signals, such as prices, that should be reacted to and respected, not thwarted and controlled. Bankers are not all-knowing and cannot ignore the rules of supply and demand. They might act as if they are, but their manipulation of the market just ends up throwing it wildly off balance, which gives us the boom and bust cycles.

They claim the Fed must remain apolitical. No organization is apolitical that relies on the President to appoint the Chairman. In fact, it is subject to the worst sort of politics – power to create trillions of dollars and affect the value of every dollar in the country without the accountability of direct elections or meaningful oversight! The Fed typically enacts monetary policy that is favorable to particular administrations close to elections, to the detriment of long term considerations. They do this partly because of the political appointee process for the Chairmanship.

The only accountability the Federal Reserve has is ultimately to Congress, which granted its charter and can revoke it at any time. It is Congress’s constitutional duty to protect the value of the money, and they have abdicated this responsibility for far too long. This was the issue that got me involved in politics 35 years ago. It is very encouraging to finally see the issue getting some needed exposure and traction. It is regrettable that it took a crisis of this magnitude to get a serious debate on this issue.

  • Christine

    Protecting Your Lifestyle – HR 1207 – The Federal Reserve Transparancy Act

    http://www.youtube.com/watch?v=zpKva0ywmHM&feature=related

    Barney Frank discusses H.R. 1207: The Federal Reserve Transparency Act of 2009

    http://www.youtube.com/watch?v=pTsB_jkaIvg&NR=1

    There is a slight difference in Barney Frank and Ron Paul re: HR 1207. Barney Frank wants to keep the FED and make them more transparent. Ron Paul’s aim is to make the FED transparent and then have it abolished! Juse a wee bit of difference, eh?

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  • longshotlouie

    Sean is still winning friends and ‘influencing’ enemies.
    lmao
    How many converts today, Sean?

    :I~~

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    • Sean

      You still can’t come up with an argument. All you can do is make stupid comments that hold no substance. Grow up.

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      • Sean

        Because you can’t come up with an argument, I guess that means that I am correct to your best knowledge.

        My god. how often do you sit on the computer? I get paid to sit here. you must be a total loser. No wonder why you revolt so much.

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        • longshotlouie

          We know you get paid to be here. It’s been mentioned many times.

          I stop in three times a day, Sean. Lunch hour, before dinner, and around midnight. You seem to spend most of your waking hours here.

          Say ‘CHEESE’

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          • Sean

            haha riiight. The only time i have ever been on here after work was the other night. I’m never online when I’m at home because I always have friends over. I actually have a life. You on the other hand leave 10 times as many comments as I do during all hours of the day/night.

            cheeese

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          • longshotlouie

            Maybe it’s a conspiracy.

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          • Lancelot

            I pleasure myself whenever a new ron paul video is added so you guys don’t understand what it means to not have a life.

            »crosslinked«

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  • Sean

    Deregulation, “the core problem” that led to the financial crisis.

    “In 1999, the U.S. Congress passed the Gramm-Leach-Bliley Act, which repealed part of the Glass-Steagall Act of 1933. This repeal has been criticized for reducing the separation between commercial banks (which traditionally had a conservative culture) and investment banks (which had a more risk-taking culture).[56][57]

    In 2004, the Securities and Exchange Commission relaxed the net capital rule, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC has conceded that self-regulation of investment banks contributed to the crisis.[58][59]

    Financial institutions in the shadow banking system are not subject to the same regulation as depository banks, allowing them to assume additional debt obligations relative to their financial cushion or capital base.[60] This was the case despite the Long-Term Capital Management debacle in 1998, where a highly-leveraged shadow institution failed with systemic implications.

    Regulators and accounting standard-setters allowed depository banks such as Citigroup to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called structured investment vehicles, masking the weakness of the capital base of the firm or degree of leverage or risk taken. One news agency estimated that the top four U.S. banks will have to return between $500 billion and $1 trillion to their balance sheets during 2009.[61] This increased uncertainty during the crisis regarding the financial position of the major banks.[62] Off-balance sheet entities were also used by Enron as part of the scandal that brought down that company in 2001.[63]

    The U.S. Congress allowed the self-regulation of the derivatives market, when it passed the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps (CDS) can be used to hedge or speculate against particular credit risks. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.[64] Warren Buffett famously referred to derivatives as “financial weapons of mass destruction” in early 2003.”

    – wiki

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    • Non-Federal Non-Reserve

      So I guess all of that makes a private counterfeiting monopoly with federal police powers ok.

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      • Sean

        No. the federal government took away powers to make private monopoly corruption available, which is not okay.

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        • Non-Federal Non-Reserve

          Really? Who owns stock in the “Federal Reserve” banks? Hint: it’s not the government.

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          • Sean

            That has nothing to do with the fed. NOne of this does.

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          • Non-Federal Non-Reserve

            Yeah, the part about the government not owning stock in the Federal Reserve banks, has nothing to do with the fed.

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        • Non-Federal Non-Reserve

          The “Federal Reserve” is nothing but a bunch of counterfeiters. They can print trillions out of thin air and bail out all their friends.

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        • Non-Federal Non-Reserve

          If a company got a patent for a new kind of fiat currency, and had federal police powers to protect its patent, would that company be a federal agency?

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          • Sean

            Again, this has nothing to do with what I am talking about. I think you should comment elsewhere.

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        • Non-Federal Non-Reserve

          The “Federal Reserve” is a counterfeiting monopoly.

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    • Non-Federal Non-Reserve

      And what does this have to do with the “Federal Reserve”?

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      • Sean

        I was talking about government regulation, not the federal reserve. Can you read or are you just stupid?

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        • Non-Federal Non-Reserve

          You were NOT talking about the Federal Reserve? What does the top line of your browser say, idiot? “The Case Against An Unaccountable Federal Reserve”. It doesn’t say “The Case Against Government Regulation” or anything like that.

          So you admit you made a post that has nothing to do with the article.

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          • Sean

            Correct, I was not talking about the federal reserve. If there was an article on government regulation than i would post there. Why don’t you go reply to all the other people who post out of context. You have not made one coherent reply to my comment. You keep arguing about nothing. I have nothing else to say to you. goodbye.

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          • Non-Federal Non-Reserve

            Whatever Mr. Bernanke. You’re the one who makes an out of context post, you admit to it, I bring it back in context, but that makes my post out of context.

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  • Larry Hughes

    When congress gave away it’s power to coin money to the Fed it pre-supposed it’s power to give away any or all of it’s other powers. In such a scenario it could give to General Electric the power to declare war; to Ford Motor Co. the power to maintain a navy; the power to regulate interstate commerce to Microsoft; etc., thereby congress could relenquish each of it’s powers to any entity it chooses the result being the abolishment of our entire government. Congress lacks the Constitutional power to delgate a delegated power. The Fed is unconstitutional. Abolish it.

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    • Non-Federal Non-Reserve

      Well, they’ve pretty much already done those other things. And they gave the Bank of England the power to tax.

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  • Non-Federal Non-Reserve

    The Constitution lists a legislative branch, executive branch, and judicial branch. It doesn’t say anything about an “independent” branch.
    An independent branch of government is unconstitutional.

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  • longshotlouie

    More on the criminal organization of Goldman Sachs
    http://www.youtube.com/watch?v=1bsACESBMFE&feature=player_embedded

    Note: @ 4:00 into the vid Dr. Paul states that there are now 276 co-sponsors.

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    • longshotlouie

      oops, that should read ‘273’

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  • QuinnWard

    Now, why is this man not President?

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  • Sean

    “The proposed agency, dubbed the Consumer Financial Protection Agency, would have broad authority to ban practices by the financial-services industry and require firms to offer “plain vanilla” products to consumers that carry fewer risks.

    The agency would oversee consumer protection for all credit products, including mortgages, credit cards and auto loans. ”

    -Jessica Holzer, Dow Jones Newswires

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  • Jeff

    My God–
    The Congress has the power to revoke the charter of the Fed at any time?
    Then it should revoke it NOW!! What the hell kind of place are we living in that a bunch of self-serving CROOKS get to determine how the financial system of the country runs??
    Heaven help us.
    Please support Dr. Paul, Congress, and start things off right by passing HR 1207 and its companion bill in the Senate.
    We need to dismantle the Federal Reserve Now!

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    • Sean

      Elected officials from both the private and public sector are in control of our financial system. I guess we could have total government control, or corrupt bankers in total control. You have one of three options. – MY GOD.

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      • Jeff

        I would rather have a government that was in control, whose authority was delineated by the Constitution.
        And you mock me now, how mature is that?

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        • Sean

          well ron paul doesn’t want the government to be in control. He is a free market advocate.

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  • Sean

    YOU PEOPLE DON’T KNOW WHAT YOUR TALKING ABOUT! HR 3126 HAS NOTHING TO DO WITH THE FEDERAL RESERVE!! CAN U PEOPLE READ????

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    • Sean

      SEC. 111. ESTABLISHMENT OF THE CONSUMER FINANCIAL PROTECTION AGENCY.

      (a) Agency Established- There is established the Consumer Financial Protection Agency as an independent agency in the executive branch to regulate the provision of consumer financial products or services under this title, the enumerated consumer laws, and the authorities transferred under subtitles F and H.

      (b) Principal Office- The principal office of the Agency shall be located in the city of Washington, District of Columbia, at 1 or more sites.

      SEC. 112. BOARD.

      (a) Composition of the Board- The Agency shall have a Board that is composed of 5 members as follows:

      (1) 4 members of the Board who shall be appointed by the President, by and with the advice and consent of the Senate–

      (A) from among individuals who are citizens of the United States; and

      (B) who have a strong competencies and experiences related to consumer financial products or services; and

      (2) the head of the agency responsible for chartering and regulating national banks.

      (b) Director of the Agency- From among the appointed Board members, the President shall designate 1 member of the Board to serve as the Director and the Director shall be the chief executive of the Agency.

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      • Sean

        Both the house and the senate are in favor for this. They have been talking about it for a while now. It prevents subprime lending.

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    • Jeff

      It looks like you’re screaming. Cut it out.

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      • Sean

        HAHA!!!! What a dumb puss.

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        • Sean

          This is bill is a good thing. It keeps corrupt bankers from taking advantage of you.

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          • Jeff

            Sean,
            Why don’t you grow up? Look at all the comments you’ve left here. Do you do the same thing in person? It’s like you never shut up, and when you’re called on it, all you can say is:
            “HAHA!!!! What a dumb puss.”

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          • Sean

            “You’re screaming!” – (Jeff in a childish voice) That was hilarious.

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        • Ross

          Sean: Your aim is to clutter cyber space with your background noise.Your posts are getting more desperate since the momentum of Congressional conversion rolls on and the people will be outraged when they know the truth.

          The Fed’s days are numbered.It may take 5 or 10 yrs but the first step will be proper regulation and letting their unproductive mates fail.An audit will also reveal what shares they have in the companies they are bailing out.Now that will be revealing.

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          • Sean

            Good.

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    • Christine

      Sean, when the FED transfers its employees into a new Agency, supposing to “protect” the American people… it does have to do with strategic maneuvers of the FED.

      The Board of Governors (the FED) are mentioned frequently throughout the bill.

      The purpose of the agency is what you are referencing, but I, We The People, see who is involved and in control of anything financial.

      The purpose sounds like another government “Savior of the American People” plan. We know what that means…more control over the people and their money. Obama needs to have something to maintain his popularity along with the deceipt for those who are asleep, the sheople. Government causes crisis, makes it seem like it was someone else, then comes rushing to the aid touting a plan to save the people!

      If the FED and our government were FOR US, we would not have bubble bursts, job losses, unjust bailouts and taxation, and a severe economic downturn. If these are our financial experts, we don’t need their help…anymore! HR 1207! Let’s get the committee’s report, so it can move to the floor of the House and Senate for discussion and vote, so Pres. O can sign it into law!

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      • Sean

        They were talking a totally different board of governors to overlook crooked lending practices by banks. Subprime lending was the main cause for our economic burst. This agency would prevent that

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      • Matt

        “If the FED and our government were FOR US, we would not have bubble bursts”

        Not true, bubbles occur with or without central banks – be they tulips in the 1700’s, railroads in the mid-1900’s, or commodities/property in the past 4-5 years. Eliminating the Fed or moving to a gold standard will NEVER prevent a herding or momentum trade.

        For example, lets say the RP pipe dream of fractional banking being eliminated and we move to the gold standard, people then begin saving anew.

        What would then prevent those savings from moving en masse into a new speculative industry or property? Gold doesn’t make people all-intelligent, nor does it curb their desire to make money.

        Again, the Government alone did not cause this crisis – do not for a minute pretend that the free markets (even those not colluding with the Fed or spurred by interest rates) are simply some sort of a pawn in this game the Fed is playing – there is no game, they are not and to intimate that is disingenious at best and ignorant at least.

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        • Christine

          You need to learn more about the FED, who they are and what and how they control our country and all of its financial system.

          I am assuming you are an American, and since you are most likely upset about the trillions of dollars in national debt mounting daily, the taxpayer’s burden now…you need to learn who we pay that money to along with massive interest to bring down the debt…and how it can never be repaid…. a continual treadmill for the taxpayer.

          and learn about what allows Congress to go on massive wild spending sprees, at your expense.

          Again I say, if the FED and our government were FOR US, we would not have bubble bursts. Both see us as their ticket to maintain their elitist lifestyle. They are getting ready for another heist… the climate change/energy bill/CO2 tax…all that tax money forever, all that green will be another commodity for Wall Street and then the bubble will burst…taking another sweep of investor’s money..business closures…on and on. And it all starts with a bill designed by our dear government.

          You see the new bill HR 3126 specifically states that it will not change anything concerning the stock market, securities. No protection for the American people there. But really, it starts with a perpetration of the lie about the climate change, then a forced tax, then the promise of green jobs….then Wall Street steps in to make the heist happen.

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          • Matt

            With respect to business cycle theory (BCT) and bubble formation, unfortunately your knowledge of how markets work seems to be a bastardized spawn of conspiracies and rhetoric. I suppose it is a waste of time to quarrel even about what Austrian BCT proffers.

            You can keep the rest of your non-BCT sequiturs and hysteria (regarding my nationality, taxpayer burdens, HR 3126, climate change, etc…) for another, more applicable, thread.

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          • Christine

            Alan Greenspan confessed to not knowing how the world works. I look at the strategic patterns of our government, the laws that are being passed (and in which order), see the double application of the laws that can be turned against the population, mixed with the motivations behind the FED with the agenda of the CFR and Trilateral. They are all working together so having tunnel vision and isolating only the rules of economics won’t keep us aware. Wall Street has turned into an oligarchy by breaking some of what Alan Greenspan thought were economic “rules” and the way the world works to his befuddlement. It’s a lot for the common American to take in and process, but we do our best. It’s not the way Americans want to think of our country, thus our personal pursuit and revolution of awareness. Have a nice day, Matt.

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          • longshotlouie

            At least we have you and cousin Sean here to save us from bastardized spawn of conspiracies and rhetoric.

            What a relief.

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  • David Weirich

    If H.R. 1207 is passed, the subsequent audit of the Federal Reserve would prevent passage of 3126 or any other measure from giving the Fed additional passage….. which is why it is important to call Barney Frank’s office and get 1207 to final committee report ASAP.

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  • David Weirich

    Everyone please contact Barney Frank, Chairman of the Financial Services Committee, at (202) 225-5931 and demand that H.R. 1207 be put to final committee report.

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  • David Weirich

    Barney Frank has decided to push through H.R. 3126 on the House Financial Services Committee. This bill would create the
    Consumer Financial Protection Agency, and is a much longer bill than Congressman Paul’s H.R. 1207. This bill was introduced on July 8 and has 12 cosponsors. H.R. 1207 has 260 cosponsors and was introduced on February 26.

    Why is Barney Frank trying to push through H.R. 3126, while doing absolutely nothing on H.R. 1207? Contact Barney Frank’s office at (202) 225-5931, and demand that H.R. 1207 be placed on the schedule for final committee report.

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    • Christine

      HR 3126 concerns our banking system, financial products.
      In HR 3126, the Board of Governors (FED) is mentioned many times…to name a few…

      http://www.govtrack.us/congress/billtext.xpd?bill=h111-3126

      SEC. 161. TRANSFER OF CERTAIN FUNCTIONS.

      SEC. 163. SAVINGS PROVISIONS.

      SEC. 164. TRANSFER OF CERTAIN PERSONNEL.
      Transferring some FED personnel into the new comsumer protection Agency being created, controlled by the executive branch.

      (B) IDENTIFIED EMPLOYEES TRANSFERRED- All employees of the Board of Governors identified under subparagraph (A)(ii) shall be transferred to the Agency for employment.

      (4) APPOINTMENT AUTHORITY FOR EXCEPTED SERVICE AND SENIOR EXECUTIVE SERVICE TRANSFERRED- Who are these people?

      1) 1-year PROTECTION- Except as provided in paragraph (2), each transferred employee holding a permanent position on the day before the designated transfer date shall not, during the 1-year period beginning on the designated transfer date, be involuntarily separated, or involuntarily reassigned outside his or her local locality pay area as defined by the Office of Personnel Management.

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  • jeffbrooks

    i agree with a few others the bill should audit and abolish the federal reserve asap we dont need it.it cost us americans billions just in interest.

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  • http://amadon606.wordpress.com/2009/07/08/federal-reserve-bank-is-privately-owned-by-international-bankers-who-will-thwart-its-auditing/ TheRealTruthAboutBank

    Amen, get on every single representative AUDIT THE FED NOW
    http://www.votervoice.net/Core.aspx?AID=972&APP=GAC&SiteID=0&IssueID=16611

    ANYTHING ELSE IS MEANINGLESS AND WILL BE MET WITH WAR….AUDIT THE FED, OR YOU’RE FIRED!

    *Salute*

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  • http://www.CalgaryLibertarian.ca Calgary Libertarian

    As usual Ron Paul is dead on.

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  • Lancelot

    Ron Paul, is the best politician since JFK but this transparency act is not going to do anything the damn fed needs to be abolished not looked at. I understand whats going on in Mr Pauls head, this is what happens to every man at his age. They try to get their name remembered. Ron is just getting his name remembered by the audit the fed bill i fear its just going to confuse, not arouse and inform the public. End the fed is what ill call my congressman day in and day out until it happens but why should i fight to find out something i already know the fed is dirty so kill it before it kills us.

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    • Jeff

      How is it that you know Ron Paul’s motives better than anyone here. Don’t dilute the importance of this by making this kind of cynical remark.

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      • Lancelot

        Did you actually read my comment jeff ? I didnt claim supreme knowledge about Mr Paul. I said men at his age have the pressure to be remembered, to know that when they die there name will live on. Im simply saying the audit is a way for Ron Paul to get his name remebered. Its a concession, he really supports ending the fed but he is supporting a bill to audit it. People wouldnt give him the time of day if his bill said end the fed so he backed down and said lets audit it. In my eyes that is him just trying to get in the public eye instead of sticking to the campaign of actually ending that beast of an institution.

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        • Jeff

          Absolutely, I read your post.
          I still disagree with your analysis of his motives for wanting to pass this bill instead. He is still passionate about ending the Fed, and is not simply “getting his name remembered…”
          You and I know that the Fed is an evil institution, but does the general public? If its books are exposed and people find out what you and I already know, then isn’t this a huge step towards ending the Fed?
          You repeat: “that is him just trying to get in the public eye…”, and I say again, you are questioning his motives.
          I say again, it’s a cynical remark, and not constructive on this site.

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          • Lancelot

            Jeff, i am a huge fan of Ron Paul. The man literally got me into politics, economics and philosophy of government. However even if this bill were to pass; do you honestly think that the GAO agents will walk in, demand all secrets of the temple then they can release to the public the great horrors of massive theft and destruction caused by this independent Satan? No this is what will happen, the fed audit is going to take forever, the fed has billions of transactions all over the world. The banking system was created in such a confusing manner that the public could never understand, i barely understand it myself. What we find will not horrify the public because the system is designed to make the knives they stab us with to look like flowers. Basically there will be an extensive audit there will be much found out i will be disgusted, you will be disgusted, Paul will be disgusted and the public will say what is Fractional reserve banking again??? or what is this inflation thingy mean. This audit is long it is extensive and solves nothing and will raise the same heads it always has. It seems me and you agree on much, but this audit as pretty and sweet as it sounds, is wasting precious time as our country decays and the public needs to be educated about the origins and meaning of money and banking, for any of it to matter. Supporting this audit is not constructive to the goal of a free market economy.

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        • longshotlouie

          Sir Lancelot,
          The man has been working on this for 30+ years.

          Focus, youngblood

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    • Christine

      I sense your urgency to git ‘er done and gone too. The economy is sliding downward quickly, all except for the “too big to fail” and the elitists. Part of what HR 1207 (audit the FED) is doing is bringing awareness and suspicion of the FED to a broader audience. Some don’t even know that they FED is not a government agency or how our money system works. Eyes and minds are opening. Some absolutely ridicule the truth tellers in disbelief, are still in denial about the cause of our financial woes. It takes time to digest and adjust this info, the truth of it. Many are more ready to listen now and see that all is not as it seemed, not what they were taught in school, and the government has been far from honest with the American people on a host of topics that are intertwined. It is causing conversations among Americans that have never occurred before, in part, because the bulk of the population today has never felt so much blatent financial and intentional hurt from an economic downturn like this before. Someone posted this link and it’s helpful in understanding what we are facing because historically, American tried to rid itself of the First and Second American bank with a great deal of trouble. This is not like flipping a switch, done.

      http://www.apfn.org/apfn/reserve.htm

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  • craig

    I regret not spending every waking moment during 2004-7 working in support of Ron Paul, and I laugh at every Dem or Rep who is so short-sighted as to only see the benefits on their party and the weaknesses of the others. (They both suck.)

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  • longshotlouie

    ‘Secrets Of The Temple’

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  • longshotlouie

    Hey Congress !!

    Get On Board…
    … or get run over.

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