Fed Audit Will Show What They’re Hiding
In this speech to Congress, Ron Paul refutes Ben Bernanke’s interpretation of HR 1207, the bill to audit the Federal Reserve, and explains why only an audit will protect the public’s interest.
Date: 7/30/2009
Ron Paul: Mr. Speaker, the big guns have lined up against HR 1207, the bill to audit the Federal Reserve. What is it that they are so concerned about? What information are they hiding from the American people? The screed is: transparency is okay except for those things they don’t want to be transparent.
Federal Reserve Chairman Ben Bernanke, argues that HR 1207, the legislation to audit the Federal Reserve, would politicize monetary policy. He claims that monetary policy must remain independent, that is; secret. He ignores history because chairmen of the Federal Reserve in the past, especially when up for reappointment, do their best to accommodate the president with politically driven low interest rates and a bubble economy.
Former Federal Reserve Board Chairman Arthur Burns, when asked about all the inflation he brought about in 1971 before Nixon’s reelection, said that the Fed has to do what the president wants it to do, or it would lose its independence. That about tells you everything.
Not by accident Chairman Burns strongly supported Nixon’s program of wage and price controls the same year, but I guess that’s not political. Is not making secret deals with the likes of Goldman Sachs, international financial institutions, foreign governments and foreign central banks politicizing monetary policy?
Bernanke argues that the knowledge that their discussions and decisions will one day be scrutinized will compromise the freedom of the Open Market Committee to pursue sound policy. If it is sound and honest and serves no special interest, what’s the problem?
He claims that HR 1207 would give power to Congress to affect monetary policy. He dreamt this up to instill fear, an old statist trick to justify government power. HR 1207 does nothing of the sort. He suggested that the day after an FOMC meeting, Congress could send in the GAO to demand an audit of everything said and done. This is hardly the case. The FOMC function under HR 1207 would not change.
The detailed transcripts of the FOMC meetings are released every 5 years, so why would this be so different and what is it that they don’t want the American people to know? Is there something about the transcripts that need to be kept secret, or are the transcripts actually not verbatim?
Fed sycophants argue that an audit would destroy the financial markets’ faith in the Fed. They say this in the midst of the greatest financial crisis in history brought on by none other than the Federal Reserve. In fact, Chairman Bernanke stated on November 14th 2007, “A considerable amount of evidence indicates that Central Bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance”.
They also argue that an audit would hurt the value of the U.S. dollar. In fact, the Fed, in less than a 100 years of its existence, has reduced the value of the 1914 dollar by 96%.
They claim HR 1207 would raise interest rates. How could it? The Fed sets interest rates and the bill doesn’t interfere with monetary policy. Congress would have no say in the matter and besides, Congress likes low interest rates.
It is argued that the Fed wouldn’t be free to raise interest rates if they thought it necessary. But Bernanke has already assured the Congress that rates are going to stay low for the foreseeable future. And again, this bill does nothing to allow Congress to interfere with interest rate setting.
Fed supporters claim that they want to protect the public’s interest with their secrecy. But the banks and Wall Streets are the opponents of HR 1207, and the people are for it. Just who best represents the public’s interest?
The real question is: why are Wall Street and the Fed so hysterically opposed to HR 1207? Just what information are they so anxious to keep secret? Only an audit of the Federal Reserve will answer these questions.
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Sean, I implore you to do some research before shooting off your mouth. True, everyone is entitled to their opinion, but that doesn’t make everyone’s opinion equally valuable. Your opinion is that of an imbecile. Perhaps you could read a little and gather some knowledge before you spout off and show what a fool you are?
Since you have no understanding of inflation, the theory of the business cycle, or the Federal Reserve, how about doing a little reading on it before running your mouth and illuminating your lack of knowledge to all of cyberspace?
Here’s a primer:
http://lewrockwell.com/rothbard/rothbard202.html
That thread right there will correct you of most of your illusions. If you want to know what Ron Paul believes, you’ll find it in there and other works of the ‘Austrian Economists.’
Please don’t take my sharp tone the wrong way. If I were to ever act like such a fool, I’d hope someone would straighten me out as quickly as possible as well, by whatever means necessary. I would be grateful even. After you learn a bit, I’m sure you’ll be quite embarrassed by your stupidity which you’ve put on display for the entire world to see. Hopefully you’ll educate yourself a bit and come back here as someone with a valuable opinion to share instead of someone to mock and dismiss.
The Fed is the supreme instrument of usury. They pick the winners and losers in this world. They [the Fed] threw the American public a “bone” to chew on to make us happy and somewhat distracted after 9-11, with very low interest rates and banks encouraging easy credit utilization. Like giving an injured child some candy to distract him from his discomfort, this free flowing easing of credit was done to stimulate the U.S. economy and thus offset the destabilizing economic effects created by terrorism. Doing this “dropping money out of helicopters” served two purposes: The “bone” I mention above, and another purpose being the reckless creation of massive wealth for those on Wall Street who were in the position to take full advantage of the easing of credit and massive banking deregulation. This quasi government/ corporate entity known as the Fed, indirectly created the mess we are in today with Alan Greenspan keeping interest rates too low for too long. The obvious and foreseeable result of this was the bubble in housing especially.
Enter pretty baby Ben who early into his new job, thinks he smells a whiff of inflation in the air and capriciously decides he needs to be proactive and stop inflation before it starts. He raises interest rates 25 times and in doing so “pops” the housing bubble and unleashes a cascade of unintended consequences. In desperation pretty boy Ben (whom I think he is not that handsome– ever notice the reptilian look his lips make when he is talking– sort of like a turtle?), anyway I digress; in desperation Ben baby realizes he screwed up, and tries to stop the Titanic [American economy] from hitting the iceberg by throwing the engines in full reverse, but to no avail. The “Titanic” hits the credit default swap iceberg and as the first casualty, takes out all the Lehman Brothers that were drinking dancing on the deck near the bow. Just imagine what a great movie Hollywood could make if the producers could get the transcripts and e-mails pertaining the back door deals the government, the treasury, the Fed, and the Wall Street gang made to keep this ship from sinking. Ben to Hank; “I know you don’t have any Jewish buddies at Lehman anymore and Goldman will do better if we let them fail, what do you think?” Hank to Ben; “Well, we threw a lifeline to save the Bear, but the world has to know we are not going to save em all– you know– all that stuff they taught us in business school about moral hazard etc.” Hank to Ben; “Yeah, I guess you are right, but don’t look now,– shit– Ben, the credit markets are now frozen solid, damn we probably should have thrown a lifeline to Fuld.” Ben to Hank; “Ooooops!”
Audit the Goddamn Fed now, so all the truth can be known.
America has archived its humanitarian goal with only one new lesson to be learned. That lesson is how to properly implement a medium of exchange. This battle goes back to the very cause of the American revolution. Sadly the battle was lost to the Federal Reserve System. This hard lesson will provide the necessary data of why monetary policy must be regulated by the commonwealth of citizens in order to provide a stable economic system.
A central system of issuing a constitutional medium of exchange is essential to an advanced civilization. How it is represented by the Commonwealth of citizens is in direct relations to products and services currently available.
The new one is the work of divine conspiracy and forever shall be.
Amen. Learn from history so that we won´t have to repeat it.
I believe that is why the founding fathers were so against a central bank. They wanted to avoid what was happening in Europe (power being concentrated in the hands of a few as opposed to the people), to happen in the US. Look at us now….
This is an important debate. The constitution allows for congress to issues NEW medium of exchange. This is a central government practice that must take place. The issuance of new mediums of exchange must be done within consideration to the commonwealth of citizens represented. Thus their respective economy will not be raped.
@Douglas: “The true power of the people is within education, understanding and practical comprehension.” Roger that. How do you suggest we reach “critical mass” of a population with that capability, when we have a weak public school system and families whos parents seem so caught up in the rat race that they neglect their kids? In my book, that is a greater task than reversing the trade deficit. But that´s another discussion….
Yes Sir. I am very troubled and have many spouts of anxiety over this. The answer is in understanding the rise and fall of previous civilizations. This is the key for though’s who want to populate the new civilization that will be born after this one bites the dust. The new one is the work of divine conspiracy.
Understanding how constitutional monetary policy would have changed the outcome of the past 100 years of industrial and service industry would teach you why most of the population is running in a spinning cage like a rat to keep things going. In other words, if the US Government was constitutionally running a medium of exchange there would never be periods of deflation or inflation, cut throat competition, freed trade, natural resource abuse, massive waist dumps; over population or terrorism.
Sadly, all these things that have come to pass are simple unconstitutional stumbling blocks. Implementing sound constitutional money would require a Great Reconciliation and a highly educated population. To bad the public school system has be modified by the share holders of the Feds through bogus foundations.
The true power of the people is within education, understanding and practical comprehension. America has become immobilized by ludicrous monetary policies that resulted in the destruction of US manufacturing, innovation and sustainability.
Yea, the Government will send in the FBI, CIA and SWAT to confiscate all corruption corporations without a flinch. But to get a descent audit from the Feds they become chicken shit. Because they know the Feds own them, their country and the World Government. Perhaps China and Russia know this too?
So what game do they play with the World Gov?
I hear you again Sean! We (you and I) may actually be able to reach some kind of common ground. You seem to be saying that we have to invent the technology to replace oil addiction BEFORE we drop the current monetary system, correct? I agree with you about the time frame, it´d take about a decade. OK, I argue that dropping the system will force/enhance the creative process and “keep us honest”. So now our discussion has turned into a chicken or egg thing. We can stop discussing as long as we are in agreement that what the Fed represents is detrimental to the country long term. Again, I believe this is why Ron Paul advocates scrapping the whole darned thing.
@Peter: Nice post!
Sean, consider spending your time making a bunch of youtube videos explaining your beliefs and understandings. We could then do a search to find them, watch the “views count” for popularity and read the comments below each video.
We are a much smaller audience. I think you’ve advanced to the level that requires a much broader group that can give you all the attention you require.
You speak much too kindly.
Amen
You have to be smarter than the cat.
Heheheheheehee, love it
You see, this is what frightens me the most.The possible handing over of all of our Gold. I’m concerned that the current Fed strategy is going to lead to this anyway.
China may demand all of our Gold in Fort Knox.But I seriously doubt that any President would abide by any demands for gold since it could be considered a threat to National Security.
I guess it could happen but only if:
a) we were to go default on interrest payments to China. (unlikely)
b) we were to continue deficit spending (unlikely)
c) we were to continue bailing out private industry and China were to lose confidence in our ablity to pay them back (we can longer afford it)
d) the dollar would lose complete value ($0.00)
Think about it: “Shut down the Fed and China could demand all of our Gold” – Sean
“Keep printing and devaluing the dollar to the point of $0.00 value and they will demand it anyway.” – Peter
So what in God’s name do we have to lose?
As you say, “look at history.” Well I’m looking Sean. And I’ve noticed that the value of the dollar has been on a steady decline. Some occasional highs here and there but still a steady decline and it’s not going back up unless,….unless,…what? That is the Trillion Dollar question isn’t it?.(pun intended)
What could possibly increase the value of the dollar other than a complete 180 degree about face towards a more solid currency? “Historically” The Fed does’nt seem to want to do this. Or more than likely CAN”T do this. Why? Probably because of the very thing that Bernanke is claiming would happen with an Audit. Political Pressure from Presidents. That’s why.
Something has to give. Spending or Printing? Spending or printing?So what’s it gonna be?
The Federal Reserve, with all of it’s advantages, it’s history, it’s maneuvering and power is losing control.It may have served a sound purpose long ago not today. With Washington’s ever growing power and out of control spending a whirlpool is being created. And it’s dragging everything within reach down with it.
And if and when (God forbid) the value of the dollar is $0.00. Then what? Our Central Banking system will be rendered powerless. Print more useless paper? What then?
If we switch over to a new foreign currency that’s being printed by some off shore entity THEY will become the new Fed.And now we(America)will no longer be in control of monetary policy.
Talk about winning a war against America without even firing a shot. This is it.
Thanks for the reply.
Peter:
I hate to break the bad news, but it is highly doubtful
that there is any gold held by the U.S. government.
There has not been an audit of the gold in this country
since 1954 under Eisenhower. The U.S. mint recently
ran out of gold blanks needed to strike gold coins (coins
for collectors), and had to suspend striking gold coins.
Ron Paul has said in an interview I saw, that it is very
doubtful that there is any gold left. It has been
speculated that the Federal Reserve has moved it to
European central banks. This has all happened while
the American sheeple were not paying any attention. It
appears now that the people are finally waking up; but
I hope it is not too late!
Just give us an accounting. All options are on the table.
Turn the criminals at the Fed over to the chinese and japanese…. Wouldn´t that be a sight….
Point 1:
The Bakken Formation in North Dakota is just one region that holds vast amounts of oil, plenty of oil to get us off of Mid-eastern oil. The corporatists that run the U.S. would rather make money with oil AND bombs, keeping oil a precious commodity.
Point 2:
The average citizen is not indebted to China. The criminals in the Federal Reserve along with their co-conspirators in the federal government, have been operating outside of the law, and are thus solely responsible for these thefts. Americans need to simply turn them over to the Chinese/Japanese to answer for their crimes.
Point 3:
Show up at your congressman’s next “town hall” meeting. Organized labor and the socialist/progressives are gearing up to silence you.
The protests at town halls are about oil addiction and our trade deficit? I wish, that would silence me.
The protests at town halls are about health care which has nothing to do with what we are talking about.
Thanks for the MSM version of the town hall meetings.
You can be commended for not playing the race card.
More Cyber clutter Sean? Why are your posts so prolific? Don’t you have a real job? In the depravity of your avarice,do you not see that our wealth is in our common humanity,and not in the illusion of inflationary Fed money.
“His plan will cause harm to other parts of the economy, once our money starts to dwindle” Initially yes, but that is the cost of correcting the mess. Like anything in lifem the correction comes at a price.
Ridding us of the depenecy of foreign oil: R&D in alternative energy. Again, this is not an overnight answer, but it will generate real jobs in the process while supplementing the domestic output of oil. (R&D won´t supplement oil, the results of these efforts will)
When I say you suggest spending, it is because you seem to be saying that we have to stick with the Fed. The Fed supports spending, or am I wrong? Again, the Fed´s failed policies is what got us in this mess.
Government trade policies have contributed a great deal to our deficit. The Fed is the government’s puppet money machine supporting our oil addiction.
It will take at least ten years to make a switch off oil and rid us of our addiction. Why put our economy into shock with a much larger unemployment rate for 10 years, when we can let the system work for a little bit longer so we can accomplish what needs to be done. We have thousands of scientists working on the problem right now.. We are going to have to change our whole economy before we change our financial system.. Our financial system is designed to fit our economy, not the other way around.
I think the reason why ron paul doesn’t talk about our oil addiction is because he knows it will take the government to stop it.
Our financial system is a vampire sucking the blood from our economy.
No. Our trade deficit is a huge cut that is losing blood. The fed are like white blood cells trying to heal the cut and supplying our body with more blood.
Ron Paul focuses on the big picture. Change the system and the defict corrects itself. Your suggestion implies that we just keep on doing more of the same and dig ourselves a deeper hole. I still can´t get my head around that you think we can SPEND our way out of this mess. The math doesn´t add up….
I never said we can SPEND our way out of this mess. I said we have to STOP SPENDING money on oil and foreign goods. Ron Paul’s plan is not going to rid us of our DEPENDENCE on foreign oil. His plan will cause harm to other parts of the economy, once our money supply starts to dwindle.
I support Ron Paul and the whole philosophy of limited government and sound money. I’m just trying to be real.
Ha sean you have not read the KJV Bible.David a man after Gods own heart was a murderer and adulterer.Paul was a man of God and look what he was guilty of.Peter denied Christ and yet went on to be a God called Apostle and the 12 were called sons of thunder because they were men of God with an attitude.
Moses killed an egyption and Solomon had over 700 wives and yet was the wisest man in the OT that ever lived.Noone is perfect and God in Christ saves through faith and not of anyones good works {Eph 2:8-9}.
No faith in Christ for salvation means a road to hell.
Yet in 43 years my Saviour has never failed me once.
Amen.
That means you have never failed yourself. God doesn’t tell you to wake up every morning and brush your teeth.
Sean you can mock Christ all you want.I have witnessed the power of God through Christ like money blessings and healings and mass deliverance and demons cast out when every other name as a test failed.
You need to get saved or face the fires of eternity and being a JEW means nothing except there will be more JEWS in hell than gentiles.
Amen.
1. You are definitely not a Christian with that mouth, and if god was real, he would be disappointed with your choice of words.
2. You didn’t witness the power of God. You witnessed the power of life.
Yes earth google shows sean as the bald bastard Barnanke pretending to be someone named sean.
You sorry shit.
I hear you. I wasn´t suggesting forcing anyone to do anything. It´s a matter of choice if people see that there is a better alternative. Admittedly we are creatures of habit, but habits change if there is no other alternative, and I hope that habits change once people can intellectually comprehend that the path they are on is wrong. You can´t spend more than you have for ever. You wind up in the mess the US is in, and as longshotlouis rightfully said, you can´t SPEND yourself out of debt. That defies logic, or? Can you really not see that? The system that is in place with the Fed suggests we do just that.
@Amen. I get your drift even if you do exaggerate a tad…;-)
You bring up a good point. Why do you think ron paul never talks about the trade deficit even though its just as large as the national deficit? It seems like he is ignoring and diverting the problems, just like every other member in congress.. Maybe bc the problems are too big, but how are we going to wake up when nobody speaks of it?
Hmm…must be some type of conspiracy.
Sean you will find out if Gods a fake when you die.
Also what are you doing by whining about the trade deficit?
Focusing on the trade deficit as the supposedly major problem of the US economy only diverts the attention from the real culprit, which is the US central bank.
Sean what is the US Central bank?
You goof ball.
Its funny how every religion plagiarizes the first original Egyptian religion.
We are dependent on the central bank because we are dependent on foreign oil. It is plain and simple, for all those besides fake Christians.
Horus 10,000 BEFORE CHRIST
Conception:
Horus: By a virgin. There is some doubt about this matter.
Jesus: By a virgin.
Father:
Horus: Only begotten son of the God Osiris.
Jesus: Only begotten son of Yehovah (in the form of the Holy Spirit).
Mother:
Horus: Meri.
Jesus: Miriam (a.k.a. Mary).
Foster father:
Horus: Seb, (Jo-Seph).
Jesus: Joseph.
Foster father’s ancestry:
Horus: Of royal descent.
Jesus: Of royal descent.
Birth location:
Horus: In a cave.
Jesus: In a cave or stable.
Birth heralded by:
Horus: The star Sirius, the morning star.
Jesus: An unidentified “star in the East.”
Method of death:
Horus: By crucifixion.
Jesus: By crucifixion.
Accompanied by:
Horus: Two thieves.
Jesus: Two thieves.
and much much much much more….
Sean! I´m back! So you´re not for the Fed? Could have fooled me.
Dealing with the trade deficit means start living within your means. I´m not naive enough to think this is done in 1 or 2 years, but put a system in place that forces people, companies and organizations to live inside their means and the transformation starts to happen. That´s what Ron Paul is suggesting. Pegging currency to the amount of Gold and Silver a country has, and you force it to live within its means. Put a debt driven system in place and all sorts of problems happen. We are living that reality today. That´s the point. Yes the mess is hard to reverse, but surely you don´t think the remedy is more of the same?
You can’t force us to stop buying oil and expect that we can drive to work everyday.
If we wanted to start producing more, we should make it cheaper to produce here than elsewhere. We still wont be able to export as much as 10 million barrels of oil that we import every single day.. I can’t even imagine how many ships or freight carts it would take to transport 10 million barrels every day.
I’m not for the fed at all. I’ll defend some of their actions, but I would much rather have it done correctly. By correctly I mean, stop importing goods and start living lower standards of living.
As a result of the current system, a lower standard of living will be imposed on the majority of Americans while the political class will enjoy extraordinary wealth. This is always the result when power comes to be concentrated in the hands of a few.
Keep hoping for the right philospher kings to find their way into the fed.
actually, the fed props up the living standards of our whole country. The fed is the reason why we can import oil and cheap goods.. For some reason you are for importing oil and cheap goods, but against the fed. I think you are a confused little puppy.
I’m very happy to see other posters refusing to let sean get away with his abuse of language and reason. I find his strawmanning of arguments to be the most annoying tactic he employs.
Reason has been tried. Time for ridicule.
i’m very disappointed to not see you explain how we can manage with a trade deficit.
#1.Federal Reserve notes are not backed by gold or silver.
#2.The Federal Reserve is not owned by our government and therefore should be abolished.
#3.When you work and get payed its considered a loan not actual money you make so therefore its slavery.
#4.You pay interest on Federal Reserve notes loaned to you for work not as actual money you earn its called income tax.
#5.You pay interest on the money you spend its called out out go tax.
#6.You pay interest on your yearly income through yearly income tax.
#7.You are actually paying income tax every time you get payed and one more time at the end of the year so you have been robbed twice by our government so they can pay the Federal Reserve the interest they charge for the Federal Reserve notes flowing in America system from bank to bank from store to store considered Federal Reserve loans to our government who robs us to pay their interest.
#8.Audit the Federal Reserve then the corruption and slavery will beexposed andthen it can be abolished by enough protest by the uneducated people.
#9.Let our own Government start printing real paper money backed with gold and silver and then there can`t be no interest charged and no income taxing we the people and then everyone will prosper in America and financial slavery and poverty will vanish as will the Federal Reserve owners and Employees in a prison for life that why Barnanke is fighting this.
#10.Rich men that was fighting the Federal Reserve from coming to be got on the Titanic in 1912 and it sank.There were no more rich men to fight the Federal Reserve from coming to be and the in 1913 the Roman Jesuit baby was born called the Federal Reserve.
#11.People our history books have been re-written and much suppressed from us over the years and since you have the above information you are being Robbed and the audit will expose it and shut it down then America can prosper and send the enemies like sean to prison for life for violating our constitutional rights to prosper.
#12.All poverty can be traced to the Federal Reserve.
Barnanke is a MF`ing theif and robber and will be exposed.
Sweat you bald headed fuck and grease your stinking goat smelling ass cause much meat is going to drill the interest you owe out.
Does this hit a nerve Sean?
LOL.
haha no, i’m not for the fed. God is a fake by the way.
Don’t lie. You are for a system that can simply print money to pay for oil and other goods. The Federal Reserve System is such a system.
Also, you have one more god to slay before you can call yourself an atheist. You call this god “The State”.
OKay, i’ve been sitting here explaining what we should do to live within our means and stop importing oil so we can get rid of the fed… I think you are the liar.
No you haven’t. In some posts you argue that we HAVE to keep printing money to pay for oil. Other times you state that we should stop importing oil and start living within our means. We’ll ignore the contradiction for a second and say you agree with us here that the US must live within its means. Good.
However, you do not propose any monetary method of achieving this noble end. If we stay with the current system (Deficit financing and fiat currency) we will not guide ourselves back to living within our means. If we keep doing what we’ve been doing, we will eventually have a currency crisis.
You argue that once we have our house in order we can transistion to sound money. But this is backwards.
If we make our way back to sound money, it will give us the means to put our fiscal/monetary house in order.
It’s interesting to note that although you don’t believe in any god(s), you believe in the fairytales of fiat currencies and centrally planned economies.
We can’t just stop printing money because we have to pay for oil. We should find ways around oil and stop importing it. I’m sorry if that confused you.
How will sound money help rid us of our oil dependence? Please explain.
You need to improve your critical thinking. You can’t just say something will lead to something without knowing how.
“We can’t just stop printing money because we have to pay for oil.”
Here is a perfect example of your economic ignorance. Printed fiat bills of credit (Federal Reserve Notes called “dollars”) do not pay for imports (oil in this case). Imports are ultimately paid for by exports. Learn some basic economics.
Moving on, you have (perhaps unwittingly) strawmanned the argument. The argumment is not “Sound money will rid us of our oil dependence”, rather, the argument is “sound money will reduce the trade deficit over time”. This is because sound money cannot be printed into existence. Unlike the current system of fiat currency which you claim we need to “let work a little longer”. If giant bubbles, enormous trade deficits, and an ever widening gap between the rich and poor is what you define as “working”, well then the current system works quite well.
@Amen,
Your #8 sounds like what Ron Paul is stating in the video. If the Fed is doing nothing wrong at all, then it doesn’t matter what is on their books. They need to be transparent to congress and the people. If the Fed doesn’t have to answer to the Congress, which is elected by the people, then that is saying that the Fed has to answer to no one. Common sense dictates that secrecy breeds corruption.
Keep your wits around you Sean. Reversing a negative trade deficit is doeable. What Ron Paul is suggesting is biting the bullet now, so that the US gets back on a level playing field and then learns to live within its means. That´s just palin old common sense. The Fed is an elaborate plan to keep trigger happy gamblers (major banks and investmant firms) happy.
We aren’t going to just start living within our means. Our cities are built upon oil consumption.
People Paying Their Bills
OOOOOOOOOOOOOOOOH, The Humanity !!
Impossible is nothing my friend. It might be a task, and it might not happen overnight….
So the dependence on foreign resources and goods is the enemy in your mind then, yeah?. Do you think the US can´t produce enough domestically to reverse the balance? Lift your eyes from the 8 trillion dollar debt for a minute and ask yourself what the character of the US is.
I don’t think we can produce enough domestically to reverse the balance because it is cheaper in other countries. That is where our production went to. Free trade makes it cheaper to produce elsewhere.
C´mon now Sean. Don´t YOU start arguing now….!
Ron Paul thinks the US can beat the world in a free market economy without the crutch of the Fed. That´s his point!! He seems to have more faith in the country than you do… Aw, look at that… I´ve started arguing too…;-))
It’s impossible. We have had an 8 trillion dollar trade deficit bc of oil and other goods we depend on. You can’t have a hard currency and give away 8 trillion dollars, it just wont work. It’s funny how I look like the bad guy whenever I point out ADDITIONAL problems to our economy.
Did someone say to pay off the entire debt on Day 1?
More of your extremely laughable fear-mongering.
B. S. Bernanke would be soooooooo proud.
[Hail Obama]
It’s funny how I look like the bad guy whenever I point out ADDITIONAL problems to our economy, just because you don’t have a full understanding.
How will you pay back debt? We are 11 trillion dollars in debt. There isn’t even 11 trillion dollars in the economy. We would have to stop importing oil first, pay off the debt, and THEN move to a hard currency.
Since you are representing the problem (The FED), I suggest that while you point that finger that you should note where the rest of your fingers are pointing. We don’t even let our children pull that shit.
Can I get an autographed poster of Ignorant Traitorous Marxist Bastard Comrade Sean?
good way to avoid my question.. Again, how can we pay off an 11 trillion dollar debt without printing money when we don’t have close to 11 trillion dollars?
What exactly is our current GNP?
Somehow we had a balanced budget just 10 years ago. And our deficit was far less than it is now.
There has to be a way to pay off the deficit.
First,try cutting spending tremendously. Close most all U.S. Military bases throughout the world except for the ones most needed.
2nd,immediately remove any tariffs or taxes that suffocate domestic production of oil. My family suffered first hand when the U.S. Goverment passed a tax to prevent any production of oil more than a barrel a day back in the late 60’s. We, as many others, went from riches to rags.
Imagine that? The U.S. Government deliberately shutting down domestic production of oil. Which resulted in the loss of thousands of jobs,lowering the economy and empowering our enemies.
3rd NO MORE BAIL OUTS. We could have knocked off a good Trillion on our deficit had we not bailed out banks that still are not loaning any money.
Masochist Ignorant Traitorous Marxixt Bastard, Comrade Sean says we must worship the god of Debt. Bend over, nose to knees !!
Knee high in dung, huh? And too far gone to reverse the trend? How could it have come to this in the name of productivity….
Man, I admire you sticking to your guns. I don´t agree with you, but I admire your resolve. You´ve taken some flack in here….
BTW – This is a Ron Pauls site, you know that don´t you? He champions hard currency.
I´m out.
He’s not a champion of international trade.
So Ron Paul is against international trade?
Are you not embarrassed from being a lying sack of shit?
[Hail Obama]
I never said he was “against’ international trade. You are a dirty low life liar! I said he is no “champion” of international trade. Paul Krugman is, he just won a Nobel prize for mapping out the entire trade spectrum of the world.
You are an embarrassment to ron paul. You are an embarrassment to yourself. I’m done going around in circles with you like a lost monkey who sits at home all day and jerks off.
Wow, this gets easier every day.
lmao
Ok then. How should other countries view the US then? As an example to follow?
No, we are struggling to survive, we have to borrow and spend money just to replace money spent overseas on fuel and other goods.
Come On, JCDP. Don’t you get it?
We’re in debt up to our eyeballs. We have to SPEND our way out of debt!!
Surely it works that way at your house.
lmao
You are retarded. We have to spend to buy oil and survive. I don’t think paying off debt is in the interest of those who have common sense and see that we cannot live without printing money so we can buy oil.
Wake up, people. Comrade Sean is trying to explain why getting out of debt makes no sense.
Hail Obama
How will we get out of debt? You don’t know, you’re an idiot.
But Comrade Sean, how does anyone get out of debt?
Stop buying things. We would have to stop buying oil. Duhhhhh r-r-r-r-retard
You’ve almost convinced me with your extremist, fear-mongering arguments, Comrade Sean.
.
.
.
.
.
Bwahahahahaahahahahaahahaahaaa
“we have to stop purchasing oil and live within our means.”
If you see that as fear mongering, than you are a one wimp.
So Sean, the US can not perform in a free market economy and build a surplus? It has to be propped up by the Fed? Is that what you´re saying?
Yep. We import 10 million+ barrels of oil a day. We have had an 8 trillion dollar trade deficit over the past 25 years.
OMG, then we would have to use our own oil !!
“oooooooh, The Humanity”
Hail Obama
We don’t have much oil, besides shale oil which is expensive and uses twice as much energy to produce it as the energy that comes from it.
We have more oil than at any time in history, and usage continues to fall here.
It’s not possible that we have more oil now than ever before in history. Oil doesn’t “regenerate.” You are an idiot.
Again, we have lots of shale oil which needs twice as much energy to make than what energy comes from it. Are you really this stupid or are you just arguing?
More than enough evidence to suggest otherwise (No Comrade Sean, I won’t do your research for you).
Again, we currently possess more oil than any time in history. FACT
hahahahahah, you are soooooooooo stupid. I’m done talking to you.
yepper, that’s what I thought.
That’s not exactly true. My late Father was a Petroleum Engineer and a Geologist.
We have numerous wells “capped off” here in the Gulf of Mexico as well as all across Ameeica.I see them all the time when I’m fishing out in the Gulf. They are everywhere. I use to work on some of them when I was in the Oil Field.
Alaska has a huge Oil Basin that is 5 times the size of that in the middle east.
We have 20 billion proven reserves. We already produce 10 million barrels on top of the 10 million barrels we import..
Lets say we just used our own oil..
20 million a day x 365 days= 7.3 billion barrels a year.. With only 20 billion barrels in proven reserves, we would run out in less than 3 years.
I bet your dad could of told you that peter.
I really don’t know what planet Sean lives on. He says if there is no federal reserve, the banks will have too much power and inflate the currency??? The banks control the federal reserve!! That is the point of the audit. This independence crap that Bernanke is feeding you is pure propaganda. The President appoints his position and the banks control the federal reserve. But the federal reserve is independent of the the banks and the executive branch. Please! He is a presidential appointee!
The monetary policy is done for the benefit of the banks, not for the people. The way Sean, talks I think he was a banker protecting his turf. Spitzer had it right. It is a big ponzi scheme. The great thing about people getting publicly disgraced is that they are not afraid to speak truth any more. When the Fed gave 80 billion dollars to AIG, it stole from the American public. They printed that money. More currency in circulation means the dollar has less value. So people with savings accounts who live within their means, get artificially low returns and on top of that their accounts might actually lose value, when you take into account the hidden inflation of the purchasing power of that dollar being diluted by the Fed. People who are not accountable, spend like crazy and live beyond their means are constantly rewarded with these artificially low rates being sent by the fed. Until this country wakes up and I believe with the help of Paul it is starting to, the government will stop punishing the people who save, our accountable and don’t need bailouts, and live within their means and stop rewarding bad behavior, which they did with these horrific bailouts the bad and destructive behavior will continue. The people that created this mess have learned nothing and the pattern will happen again, because these businesses were not allowed to fail. The first step is to reduce the deficit. It is not all the Fed’s fault. Deficit spending, was and will continue to be a big contributing factor. Paul has said this countless times. I am thankful that he is fighting for us. If this bill passes, he really should go down in history as one of the great leaders of our time.
60% of our countries assets do NOT belong to the federal reserve or banks. It is an entirely different system comprised of investment firms which have NO government oversight or involvement in any way. It has nothing to do with the fed. This is the system that crashed…
Do you understand that whomever controls the money supply, be it in a household or a nation, that they control everything else. If a wife/husband/FED operate in secret withthe checkbook, strategically putting money where they wish, strategically spending or lending money where they wish, they have the ability to control the outcome.
A former American president gave these investment firms the right to operate without oversight. Collusion in a network that only “uses” Americans and other countries strategically, their investments and their assets as a means to accomplish their goal.
And after the second great depression, if the US stuck to hard currency principle, what would happen?
Foreigners, or speculators again would end up owning a majority of our money forcing us off of a hard currency. WHy? Because we would continue buying oil and other goods.
Besides, we are in sooooo much debt. You can’t just switch to a hard currency and to pay off the debt with. Automatically foreigners would take our gold.
Gold IS The Answer
http://www.dailypaul.com/node/96496
Where does it say anything about oil and trade deficits in that article?
Are oil and deficits not part of our economy, Comrade Sean?
The article doesn’t address why we got off the gold standard and the dangers of trade deficits.
Again, the article does not oil and trade deficits, the only thing stopping us from having a gold standard.
Comrade Sean states that oil and deficits are not part of the economy. It follows, that eyes and lips are not part of a face.
[Hail Obama]
Oh NO !! If we pay our debts, we’ll have less money???
NOOOOOOOOOOOOOOOOOOOOOOOOOOO !! It Can’t Be !!
OOOOOOOOOOOOoh, The HUMANITY !!!!!!
How are we going to pay off our debts? How will that stop us from purchasing oil and other goods overseas? You are a joke.
I’ll try that response with my creditors.
[Hail Obama]
Sean,
just for arguement’s sake. And please, spare me the Doomsday Scenario. No one can assume anything in today’s World. Obama, Pelosi and Reid have ran the old scare tactic ploy into the ground.
What exactly would happen in today’s world without a Federal Reserve?
Forget your own philosophy, just be truthful, unbias and specific if possible.
Well, unfortunatly, the most harmful tool the fed has is the best tool from stopping inflation. Monetary policy is too important. Congress would pick it up but congress aren’t bankers, they are lawyers, that’s why they created the fed. They would probably adopt some other form of bureaucrat and you would still have “centralized economic planning” and manipulation in the markets.
If your talking about getting rid of the fed and monetary policy altogether, banks will have the power to lend too much money and inflate the currency too much, unless we switch to a hard currency.
But under our economic condition, if we switched to a hard currency, we couldn’t hold a steady money supply because we spend almost a trillion dollars overseas more than we receive every year. We would end up with a deflationary spiral like the great depression when the money supply continued to dwindle away.
This reads just like all other forms of postmodernist garbage. Complete nonsense.
A total misunderstanding of economics, history, and reason. Demand your money back from whatever school you attend. They have done a terrible job.
Correct me. You keep saying i’m wrong but I really don’t know where you stand.
So you think all we have to do is switch to a hard currency and our trade deficit will improve?
Or do you think we can continue to spend trillions of dollars overseas with a hard currency and limited amount of money?
Or do you think we can trade commodities that we don’t have for goods?
I would like you to FULLY explain your distorted understanding about our trade deficit, answering one of these questions. If not, you should probably go to school.
I think you need a history lesson.
“You only have to look at history to see what would happen without the Federal Reserve.
1. There would be no nationally controlled monetary policy. Each bank would expand or contract credit based on their immediate business needs, not the nation’s or economy’s requirements.
2. Before 1905, many banks were allowed to issue their own bank notes. These acted as circulating currency and many were easy to counterfeit. There were approximately 30,000 different designs of bank notes in circulation.
3. Smaller banks would be dependent on larger banks for credit extensions, currency, etc. History has shown that larger banks often consider smaller banks as competition and didn’t care if they failed. (After 1935, the Fed was charged with looking after the overall health of the system)
4. In international monetary matters, the nations largest private banks would represent America.
5. There would be no elasticity to the currency. You would see more cycles of inflation/deflation, and boom/bust as we saw in the 1800s. The national banking era is considered to be the time period between 1863 and 1913. During that 50 year period, the nation suffered many financial crises. The most severe ones occurred in 1873, 1884, 1890, 1893, and 1907.
6. In the national banking era, banks were basically unregulated and mostly acted within their own shareholder’s interests. Also, during the national banking era, bank failures were a common occurrence. In fact, there was at least one bank failure every year between 1865 and 1913. Several times, more than 100 banks would fail in a single year. That makes the current credit problem seem like an extremely tame year.
7. There are many services that the Federal Reserve performs that would have to be taken over by the large, private banks. These services, instead of being impartially administered, would revert to being performed at the best interests of the largest banks.
So we really don’t need a Federal Reserve if you prefer what the historical record has shown us.”
Yepper, Lord knows we don’t want the government to live within their means like ordinary Americans (sarc).
Comrade Sean, The Commisar says that you need to upgrade your representation of the Ignorant Traitorous Marxist Bastards, or you will get one of those underground desk jockey positions.
Hail Obama
Everbody hush. It’s time for Comrade Sean’s ‘Daily Revisionist History Lesson’.
Long Live Our Ignorant Traitorous Marxist Bastards
Hail Obama
The Political Economy of Moral Hazard
http://mises.org/story/2935
Paul Krugman explains the crisis, after the fact
http://www.reinventmyhistory.com/watch?v=4XhvG_fD0HA
He actually predicts and explains the stock market crash a year in advance in that video.
Sorry, Ignorant Traitorous Marxist Bastard Sean.
Noone agrees with you except Krugman and the other Keynesian Ignorant Traitorous Marxist Bastards.
No need to go to mises.org or any other Austrian economics site, even Leftists know that he is a loon.
Paul Krugman Is Wrong on Inflation
http://www.huffingtonpost.com/sheldon-filger/paul-krugman-is-wrong-on_b_209408.html
Paul Krugman is Wrong
http://thebaldingnews.com/paulkrugman.aspx
Krugman is Wrong
http://www.huffingtonpost.com/hale-stewart/krugman-is-wrong_b_180340.html
Why Krugman Is Wrong
http://www.newsweek.com/id/80882
Krugman Still Wrong After All These Years
http://globaleconomicanalysis.blogspot.com/2008/12/krugman-still-wrong-after-all-these.html
Paul Krugman: Wrong Again
http://blog.heritage.org/2008/09/18/canadians-confirm-socialized-medicine-is-terrible/
I started reading one of those links… One thing he criticizes krugman for calling bush and the republicans Marxist.
Krugman in another post said that bush was increasing the troops because he didn’t want to end in defeat and that the troops should come home.. The guy proves that military officals wanted to increase the size of the military. OMG, seriously, What a douche.
yepper, keep up your deflection tactics.
Bottomline: KRUGMAN WRONG
Yep, what loon. You give me great hope for the future change, LOL. So anyways off to something more important is the weather cold or hot where you’re at?
Paul Krugman explains the crisis.
http://www.youtube.com/watch?v=4XhvG_fD0HA
Hi guys
there si english transcript – it is very easy to add subtitles for any language
http://dotsub.com/view/f12cf161-6c7a-461a-b235-0ac5d32dc851
Sean’s real name is Bernanke.
Come on Ben. Why don’t you just let it go? You gave it a good run. Your former pals (Goldman Sachs) have all been set up with fat retirement packages.Compliments of the American Tax Payer.
And one can only imagine what sizable amount you have hidden in some Off Shore Account for your meager self. So why not step down and write a nice book?
Or maybe open up your very own little Bank in some quiet little East Coast Town. You know that’s what you’ve always wanted.
“In October, Representative Marcy Kaptur, D-Ohio, embarrassed herself during a Congressional hearing on broadband access with an out-of-the-blue rant against Internet smut. On Thursday, she distinguished herself once again while questioning Federal Reserve Chairman Ben Bernanke during a Committee on the Budget hearing.
KAPTUR: Number three, seeing as how you were the former CEO of Goldman Sachs, what percentage level — oh, investment — were you not…
BERNANKE: No, you’re confusing me with the Treasury Secretary.
KAPTUR: I got the wrong firm?
BERNANKE: Yes.
KAPTUR: Paulson. Oh, OK. Where were you, sir?
BERNANKE: I was a CEO of the Princeton Economics Department.
KAPTUR: Oh, Princeton. Oh, all right. Sorry. Sorry.
(LAUGHTER)
I got you confused with the other one. I’m sorry. Well, I’m glad you clarified that for the record.
And How the World Works is glad to know that the nation’s economy is in the hands of legislators who can’t tell the difference between the Secretary of the Treasury and the Chairman of the Federal Reserve Board of Governors.”
― Andrew Leonard
“If the individual, or heretic, gets hold of some essential truth, or sees some error in the system being practiced, he commits so many marginal errors himself that he is worn out before he can establish his point.”
- Ezra Pound
“Sean’s real name is Bernanke.”
LOL
“The trade of governing has always been monopolized by the most ignorant and the most rascally individuals of mankind.”
“A constitution is not the act of a government, but of a people constituting a government; and government without a constitution is power without a right. All power exercised over a nation, must have some beginning. It must be either delegated, or assumed. There are not other sources. All delegated power is trust, and all assumed power is usurpation. Time does not alter the nature and quality of either.”
Thomas Paine
The Heat Is On
You Tube Pulls Hundreds Of Ron Paul Videos
Time to raise your voices another octave. These folks just don’t get it. Your country is being sold out and any voice against this will be quashed.
If you have Ron Paul video downloaded, it is time to start uploading to every site available. Include a note that these videos need to be stored and uploaded to as many sites as possible.
The War Has Just Been Upgraded
Speak Now, Or Forever Hold Your Piece
Save and Store YouTube Videos Easily
http://www.youtube.com/watch?v=I2Nv0cINHJo
Sean is on this site purely as cyber clutter.His aim is to distract attention away from debate of substance.What should happen is that posts be limited to say 2 every 24 hrs for each topic,so if you have to say something of worth,really think about it and it reduces trolls like Sean hijacking the attention & debate.
Sean’s aim is to make everything so tiresome,that nobody will bother reading anything.
If you notice the number of posts by Sean recently,they have been really ramped up,as Ron Paul has just needs 8 more members of congress to effect his audit.
8 more co-sponsors! WooHoo!
For all that Americans have been through and what we are about to go through….we’ve more than earned the right to this audit, it is our right to know where our money is going.
Is the United States Bankrupt?
http://research.stlouisfed.org/publications/review/06/07/Kotlikoff.pdf
FEDERAL RESERVE BANK OF ST. LOUIS REVIEW
Haha, I can’t believe sean actually appealed to Paul Krugman, on this site no less! Krugman has been thoroughly discredited by the economists at mises.org and others. Since Dr. Paul adheres to the Austrian school of economics, the argument that “unregulated” banks caused the collapse should hold little sway in this discussion. Such fallacies fail to explain the business cycle as adequately as the Mises/Heyek theory. Only 100% reserve banking as outlined by Murray Rothbard in “The Case Against the Fed” would end the business cycle. Regulations are superficial and nonsensical.
I was talking plenty about business cycles on this post. I never said it didn’t have anything to do with our economic collapse. You see everything as black or white, Austrian or Keynesian. You think one thing and one thing only caused the problem and one thing alone could fix it. Ya right, thats a laugh.. I would laugh at you or paul krugman, or anyone who would think such a stupid thing. Paul krugman doesn’t think like that, he blames the business cycle and the fed plenty, but he can also see many things that are wrong. Paul Krugman proves austrians wrong all the time with actual data, but austrains say data doesn’t matter.
Yes interest rates played a big role, but it was investment firms taking on too much leverage that turned the recession into an economic crisis. These firms provide most of our credit, not the fed, not the banks. They own 60% of our countries assets and have NO capital requirements. No rules or regulations that banks have had for hundreds of years to keep them sound and stable.
Sean… you ignorant Marxist bastard,
continue your quest in the grey area.
Paul Krugman continues to be wrong, never saw this coming, and is an ignorant Marxist bastard like you.
Economics is science, and the grey area that you are so fond of is nothing more than a deflection from the reality.
Keynes Is Dead. His Marxist experiment is dead. Our economy is in shambles, and the second wave is coming.
Tired of being the logical, respectful debator.
From now on, I call a spade a spade. In honor of this, you and your kind will be referred to as Ignorant Marxist Bastards.
Ignorant Marxist Bastards are traitors to this great nation.
The traitors will get what they deserve.
The revolution will not be televised.
LIMBO: Liberal Ignorant Marxist Bastard Offensive
(pronounced: Lim-bough) circa; 2009,U.S./Politics/U.S. History
LIMBO was a failed Marxist movement in America in 2009 with the aid of ACORN. The fall of “LIMBO” and the surrounding controversy it brought about resulted in the reversal of many decades old Federal Government Laws and Institutions. Two of them being “The Patriot Act” and “The Federal Reserve”.
The LIMBO movement attempted to bring forth a more Socialized/Marxist Government to the U.S. However, after the 2010 Midterm elections which resulted in the removal of numerous “established” Congressmen the movement quickly ended.
Many debates and speculations have arisen over President Obama’s possible connection with LIMBO. A Hollywood movie titled “LIMBO” was released in 2011 featuring Denzel Washington as President Obama and Sean Penn as then FED Chief Ben Bernanke.”LIMBO” was nominated for three Academy Awards.
(yes, I made this up myself. he he)
That should be posted on wikipedia.
lmao
Paul Krugman did see this coming. Peter schiff did a horrible job at losing everyones money.
You don’t know what karl marx is about. He is against corrupt big business and monopoly/slave controlled economies.
Keep re-inventing history, Ignorant Traitorous Marxist Bastard. Krugman told us for years that there was not a problem.
Keep kissing that KarlMarxAss.
I don’t support karl marx, I think he is brilliant in a twisted way. Maybe you should read his book. You do read don’t you?
Forecasting economics is different than knowing economics. They say it makes weather predicting look like physics. You can’t predict economics. Peter Schiff obviously couldn’t.. You can only predict trends from past experiences. Anyways, Paul Krugman did see the bubble from the begging. He is very involved into mainstream economics. Have you even read any of his stuff, or do you discredit him because your a sheep?
I love it when a childish Ignorant Traitorous Marxist Bastard takes an attempt at being condescending to his elders.
Son, I was reading Marx when your mother was just a gleam in your grand-daddy’s eyes.
Peter Schiff warned of this for years, while Krugman assured the people that there was not a problem.
Krugman, like you, is an Ignorant Traitorous Marxist Bastard.
He’s not a marxist. Neither am I. Peter Schiff lost 60% of his clients money during the economic crash while krugman was receiving a nobel prize, working for the new york times while teaching at princeton and the london school of economics.
Hey, Ignorant Traitorous Marxist Bastard Sean
You keep repeating the Big Bullshit Lie, but noone can seem to confirm this. Not that it would make a damn bit of difference to you.
Nobel Prize? WGAF, so did YASSER ARAFAT, MIKHAIL GORBACHEV, MOHAMED ANWAR AL-SADAT , HENRY A. KISSINGER, etc. Who cares?
Let’s see some evidence for your assertion about Mr. Schiff.
“[Mish] is confusing short term market fluctuations with long term economic trends……I never held myself out to be a market timer. My advice was always geared to long term investors.” – Peter Schiff
http://www.topgunfp.com/the-wall-street-journal-weighs-in-on-peter-schiff/
http://online.wsj.com/article/SB123327685671031439.html?mod=todays_us_money_and_investing
Keep grasping for those straws, Ignorant Traitorous Marxist Bastard Sean.
Still awaiting your evidence, but not holding my breath.
Sometimes, the loudest sound is silence.
Hey Bern… what happened to the idea of a government for the people by the people. Hate to say it, but I would rather see congress drafting fiscal policy over the reserve any day. Besides, I think Americans may be a little more involved in the political process if it directly effected their pocket books. Keep at it Ron, don’t quit.
Bankruptcy of the United States of America
U S Congressional Record, March 17, 1993 Vol. 33, page H-1303
Please note that this original speech (below) was altered in the official US records to conceal the truth.
http://www.dailypaul.com/node/70415
FRN = Federal Reserve Notes
~excerpt…
“Mr. Speaker, we are here now in chapter 11.
Members of Congress are official trustees presiding over the greatest reorganization of any Bankrupt entity in world history, the U.S. Government.”
“The Federal Reserve Bank who controls the supply and movement of FRNs has everybody fooled.”
BERNANKE ADMITS FED’S INDEPENDENCE
Refuses Government Audits
ATTACKING GOVERNMENT AUDITS AS A ‘THREAT,’ Bernanke came out in strong opposition to the Federal Reserve Sunshine Act of 2009, proposed by Ron Paul. The pending legislation calls for a full auditing of the Zionist-owned Federal Reserve Bank. Bernanke argues that audits would compromise ‘independence,’ seeking to deny legislative victory for the Fed’s leading opponent, Congressman Ron Paul.
Speaking to the House Financial Services Committee on July 21, 2009, Bernanke spoke of the ‘threat’ of audit-reviews:
“Because government reviews may be initiated at the request of members of Congress, the threat of reviews could be seen as efforts to try to influence monetary policy decisions.” View Entire Story Here.
In other words, Bernanke, being the Rothschild puppet that he is, wants to keep all monetary policy decisions within the closed doors of the international Jews who OWN the Federal Reserve. All outside ‘influence,’ whether from the US Congress or the American taxpayer, is unacceptable to Bernanke and the international Jews whom he represents.
Bernanke argues that the Fed is already allowing audits of its operations. But many, like Ron Paul, contend that the current audits do NOT provide a full disclosure of the Fed’s secret activities. The sham auditing system presently in use, provides for an outside auditor RETAINED by the Fed’s own Board of Governors, as well as an internal in-house examination conducted by the Fed’s Board itself.
The current law disallows auditing of three areas: 1) Transactions the Federal Reserve makes with international financing organizations 2) Deliberations and decisions of monetary policy 3) Transactions made by the Federal Open Market Committee (FOMC).
The FOMC is a component of the Federal Reserve Bank, charged with overseeing the nation’s open market operations, that is, buying and selling: government bonds, foreign currency, and gold. Members of the FMOC include, (of course), Zionist Jews, Bernanke, Kohn, and Rosengred (Boston Federal Reserve).
EITHER DEMONSTRATING HIS ESSENTIAL STUPIDITY or taking orders so as to soften the American citizens’ pessimism over the economic downturn spiral, (so they won’t blame the Zionist Jews in power), Bernanke in classic doublespeak spoke of “positive signs indicating an end to the recession despite the rate of job losses remaining high and the unemployment rate continuing its steep rise.”
Methinks It’s Time To Unseat The Zionist Jews In Power Like Bernanke
& End Their Stranglehold On Our Lives Once And For All.
___________________________________
Bernanke a Rothschild puppet.
http://www.realzionistnews.com/?p=418
This says it all and is enough for the audit so the crooks robbing we the people through income taxing our money be sent to prison for life.
Maybe the FR can finance their own prison.
Thanks Mr Ron Paul America is standing behind you.
fourty two raised four children alone for fourteen years
single
live in the country and have a market garden
grow my own food and meat
have been buying silver for FIVE YEARS I have said for five years this was coming and all my neighbours thought I was CRAZY
if your a woman that ONE wants a marriage
two wants ONE MAN FOR LIFE
wants a family and live in the country
mind our own buisness and be self sufficient
and wait out the hell of the next ten years of DEPRESSION
I am fourty two average looking honest faithful
real and a bible believing christian
NOT A LYING CHURCH GOER
http://www.goodnewsaboutgod.com
I am looking for a good woman that wants to be a wife
and friend
its that simple
Integrity@cyg.net
america is BROKE
why cant people see it
12 year old kids with FOUR HUNDRED DOLLAR IPODS
and five hundred dollar cell phones
thirteen year olds having sex
government assholes robbing the people blind with ILLEGAL income tax
and the federal reserve has been a fraud system since it was started
we need to END THE FED
we need a gold standard
and we need to tell the government to stop messing with our freedoms
when the patriots stand UP
I will be on the front lines and I will DIE FOR THE FREEDOM the forefathers fought for
BOHEMIAN GROVE IS SICK SICK SICK
and the men that attend it are rich selfish assholes
who WORSHIP a FUCKING STONE OWL
You can go buy an iphone for a hundred bucks.
I am telling you the kids in our school
have FIVE HUNDRED DOLLAR PHONES
and satellite tv and A THOUSAND DOLLARS WORTH OF FRICKING VIDEO GAMES
moms and dads buy these kids everything and take their trips
while they ignore the single moms in the towns
living on six hundred a month
while pig and beef and dairy farmers have gotten
hundreds and hundreds and hundreds of thousands of dollars
BECAUSE THEIR INDUSTRY WAS BAD boo hoo
And why is Congress afraid of an audit? The Fed threatened Congress with higher interest rates if it approved an audit. What is Congress (government) hiding? It made no response to the Fed’s threat. What has Wall Street got to do with this? They did not say, no to the audit. This is a Fed and government scam.
GO PAUL GO!!!!!
An Open Letter to Congressman Murphy
http://campaignforliberty.com/article.php?view=156
The inflationary spiral was caused by printing money without substance. We are doing the same.
No. its depends where the money goes.
Where should the money go, Sean?
It’s going to be auctioned off and liquidated. People are going to purchase the assets. I don’t think the fed should of done it. I think the government should have done it like they said they were going to with the tarp funds like they did back in the late eighties.
The money being printed without substance is going to be auctioned off and liquidated? How do you liquidate cash?
The money borrowed/printed bought the assets and then the assets are going to be bought by the people. The money will be paid back or erased, its not going to enter our system.. The federal reserve is working as a middle man to make a transactions of huge amounts of assets.. Again, I don’t think the fed should be the ones doing this.
Apparently he thinks people will buy the toxic assets currently residing on the balance sheet of the Fed. Who knows? Maybe that’ll actually happen. If it does, the great boondoggle will be complete.
Financial Insititutions: Hey Fed, we got a bunch of crap on our balance sheets. We’ll trade you for some newly printed dollars.
Fed: Okay. I mean, we’re all a bunch of morally and intellectually corrupt jackasses right?
Financial Institutions: Indeed we are old boy!
Fed: But what will we do with this garbage?
Financial Institutions: Well, perhaps eventually you’ll be able to trick someone into actually buying them!
Fed: Oh yeah! Shouldn’t be too hard. We’ve already tricked plenty of people into thinking we acually HELP the economy. Hell, we’ve even tricked ourselves! And the beauty part is that the American people, wage earners, and dollar holders will end up footing the bill. Make sure to purchase real assets with the new dollars.
Financial Institutions: Of course! That’s the way the world works!
Are the assets not in the system?
Are the people not in the system?
If it can be erased, why pay it back?
If we can just print money for this purpose, why not for any purpose?
Is this a big freebie?
It protected investors and investment firms. The government did the same thing back in the late eighties and it worked out. I believe the government should of done all of that like they said they were going to, and the fed should be completely transparent.
A lot of the money invested came from our pension fund, our 401k. We would all lose our retirement funds if they didn’t pay them back.
WTF you talkin’bout, Willis?
It worked out? GMAFB
All that happened was to put off the day of reckoning.
Whay it did do was payoff the bad bets made by the investors and investment firms. Americans have finally tired of their gambling habit, and are saying that they will no longer be an enabler.
Thats why they are adding regulations that will eliminate the gambling with our pension fund 401k money.
More regulations that make the monopolies larger and squeeze out the smaller businesses?
no, regulations that make monopolies smaller by limiting their lending capabilities by requiring higher capital reserves.
regulations that protect consumers by enforcing credit ratings for loans and makes sure people don’t borrow money if they can’t pay it back.
Why the half-measure?
Mountains of regulations have not helped.
How many more will be enough?
haha, ya regulations have helped. the ones that failed had no regulations. They aren’t under government supervision because they are not depository banks.
If the regulations have helped our economy, they had better stop soon. We seem to be going the wrong way.
More regulations in a centrally planned (government manipulated) economy is the fox guarding the henhouse.
The economy was ran by banks with no regulation. These unregulated banks owned 60% of our countries total assets.
That is why we are going the direction with regulations.
Economy run by banks, the central bank.
Plenty of regulations, that support the central bank and their scheme.
Shouldn’t we be regulating the FED bank?
Lawyers. Why we ever thought they would be the best group of people to run a country I will never know. They are among the most disliked folks on the planet.
I only met one lawyer I liked…and he taught me everything I needed to know to take care of the issue myself with a free consultation…and when I handled my own case using his tips in my own way, I received twice the amount in settlement that the lawyer would have obtained for me.
Trouble is, the government is full of lawyers who make the laws/rules, the play book, and they work in collusion with the FED and financial corporations, who control the money…and somehow with this setup Americans are suppose to find a way to be free and to pursue happiness.
Dinner time.
Enjoy your daisychain of debt. Don’t forget the penicillin.
We should be regulating the fed, but the majority of the economy is not run by banks or the central bank. They are run by investment firms. The same investment firms that collapsed because they weren’t regulated and took on too much leverage.
I applaud your efforts.
I doubt that Sean recognizes when he has been left standing on his soap box with his pants down.
The tremendous German inflation which reduced in 1923 the purchasing power of the mark to one billionth of its prewar value was not an act of God. It would have been possible to balance Germany’s postwar budget without resorting to the Reichsbank’s printing press. The proof is that the Reich’s budget was easily balanced as soon as the breakdown of the old Reichsbank forced the government to abandon its inflationary policy. But before this happened, all German would-be experts stubbornly denied that the rise in commodity prices, wage rates and foreign exchange rates had anything to do with the government’s method of reckless spending. In their eyes only profiteering was to blame. They advocated thoroughgoing enforcement of price control as the panacea and called those recommending a change in financial methods “deflationists.”
The German nationalists were defeated in the two most terrific wars of history. But the economic fallacies which pushed Germany into its nefarious aggressions unfortunately survive. The monetary errors developed by German professors such as Lexis and Knapp and put into effect by Havenstein, the Reichsbank’s president in the critical years of its great inflation, are today the official doctrine of most of the world.
We are in for a rude awakening.
Aw, they had an inflationary spiral like we did in the seventies. They tried to raise wages and just “give people more money.” That is when it really loses its value and slips into hyperinflation..
inflationary spiral – an episode of inflation in which prices and wages increase at an increasing rate and currency rapidly loses value.
What the Fed is REALLY Trying to Hide In Fighting an Audit:
http://georgewashington2.blogspot.com/2009/08/what-fed-is-really-trying-to-hide-in.html
Interesting…
Yes! Exactly so.
“But what the Fed is really struggling to keep hidden is the fact that the entire financial system is based on massive manipulation and fraud by the Fed and its primary dealers.”
So we are thinking too small if we are just thinking about the imports or a this or a that about our financial state of affairs…yes, the whole damn system is a fraud. Which makes the polticians involved and all of these financial folks gangsters who should be in jail!
Our politicians set laws to create streams of revenue from Americas into the pocket of the government as if a corporate giant. They are bills alright…to us! They are pumping them out of the senate and house, left and right! Bankrupt or not, America somehow seems to be proceeding as if not in a shameful financial situation, politicians with heads held high, still trying to command situations and negotiations in foreign relations and wars(thinking of Hillary and Timmy in China right now). How is this when we are flat ass busted and in debt up to our eyeballs?
Its a little something called “neoconservatism.” Most people in congress see us as the most successful country in the world. They think we should promote democracy across the globe through economic and military means while we have the chance. They think we will benefit in the long run if we all work together.
This will explain everything..
http://en.wikipedia.org/wiki/Neoconservatism
“Most neoconservatives are members of the Republican Party. They have been in electoral alignment with other conservatives and served in the same presidential administrations. While they have often ignored ideological differences in alliance against those to their left, neoconservatives differ from paleoconservatives. In particular, they disagree with nativism, protectionism, and non-interventionism in foreign policy, ideologies that are rooted in American history, but which have fallen out of the mainstream U.S. politics after World War II.” – Wiki
The saying that “America is the most powerful and rich nation in the world” is the motto of the elite bankers. “America is a free nation” is doubtful. Americans are repetitiously taught these trite sayings so as to believe it.
When all of our way of life has been steadily declining, systems falling apart, while gangsters run our country, still Americans go to war to supposedly reduce oppression, (never thinking they are adding to it), give them a stable government (after we’ve destablized it), give these people freedom (while ours is slipping away)……all things we don’t even have!!
How can we give what we don’t even have for ourselves? Impossible.
You are correct. I don’t think our political figures understand the cost going into their pet projects to spread democracy.
I have already corrected plenty of what you have said and I think you understand very little and make everything to be simpler than it is.
“Don’t bite the hand that feeds u.”
Inflation doesn’t feed me it takes away from me and everyone else.
http://coyoteprime-runningcauseicantfly.blogspot.com/2009/07/us-banks-hold-202-trillion-in.html
You have not corrected one thing I have said. You have added onto things and shared your view but never corrected me.. Exactly, everything not that simple. You can’t simply take away the fed and expect good results. There is a lot more to it and that’s what I’ve been trying to say.
“Inflation doesn’t feed me it takes away from me and everyone else.”
Correct. Inflation doesn’t feed you or me. But I think we should not forget to point out that inflation is basically a means of wealth redistribution. It’s the method of stealing purchasing power from the people and giving it to the politcally well connected (government itself, certain industires like auto/financial/etc.) Inflation feeds the few at the expense of the many.
Without credit and inflation, only the people who inherit money can start and run a business. The rich would stay rich and the poor would stay poor.
MOST businesses run off credit/inflation. That is how they pay their employees so they can own a home and EAT. Just because your mom feeds you, doesn’t make you more important than the hundreds of thousands of businesses and hundreds of million of people who rely on it. Sorry, you just wont get it your way.
“Without credit and inflation, only the people who inherit money can start and run a business. The rich would stay rich and the poor would stay poor.”
????????????????????????
Where do you come up with that shit?
I’m going to business school so I can become an entrepreneur and start my own business. I don’t have the money to start it on my own so I am going to have to rely on credit. I’m going to do like everyone else and write a detailed 30 page or more business plan so a bank will supply me with the funds I need.
Is your answer that you found this balderdash in your textbooks?
Seriously dude. I am constantly shocked when reading his posts. The poor man’s mind is so hopelessly deluded in all things economic. Oh well.
Wow, actually read this.
44% of businesses rely on credit cards for financing
Fact recorded on: August 28, 2008. Categories: E-commerce, General.
Share of businesses using credit cards has jumped from 16% in 1993 to 44% today, according to National Small Business Association. The proportion using bank loans dropped from 45% to 28%. A Federal Reserve survey showed that share of firms using business credit cards jumped from 34% in 1998 to 48% in 2003.
I my God you are so delusional you need help.
‘Without credit and inflation, only the people who inherit money can start and run a business. The rich would stay rich and the poor would stay poor.””
It is called innovation. Money flows to people that have dynamic ideas, new ideas, better ideas for the people that live in the world. Under the current system or corruption innovation is hindered by control of the government and the Fed. Inflation doesn’t feed you. I feel so sorry for you if you think that.
Investors aren’t just money gods that fly around like twinkle fairies from your dream. Wake up
Maybe for commercial industry.
Go to your local Business Development Center (funding is through the SBA). They have free counseling services with business advisors. I used to work for them, with one of the guys who started Starbucks. Businesses have been failing and folding, not much SBA funding available. Always “talking about” getting more available funding. Banks just not letting loose of those funds. The coming commercial real estate bust/heist, whatever you want to call it, may make things even more difficult.
Ya, and they are going to raise capital requirements so banks don’t print too much money, which will also make it more difficult. I might end up getting money from Lehman brothers, or one of those financial firms, its cheaper. haha, i’m going to get my tax dollars out of it.
So you will be propping up the shadow bankers?
And I thought you said that paying your taxes was your contribution. Why do you want those taxes back. What have you contributed then?
I never said I wanted to give them money. I’ll borrow money and earn back my share.
Anyone starting a business might have luck with organizations you would not normally think of like http://www.mercycorps.org . An SBDC (small business development center) business advisor can help advise, even get public funding and exposure. SBDC branches are often located on community college campuses.
I remember you posting that paying those taxes was our duty to the nation. I thought you said taxes equal love.
Wouldn’t it be more efficient if you just kept your money for your own purposes, rather than filtering it through a government sieve?
i never said i thought paying taxes was my duty to the nation. I said, if there was more good in the world than we wouldn’t need taxes.
If our property and labor were not taxed there would be more giving. How do you keep arriving at the starting point, walking backwards?
hahaha ya right. Everyone is greedy. when was the last time you donated to a sick person? You should go up to the hospital right now and help out the most you can.. I’m totally against taxes by the way and you are trying to twist my words around and make me look like I am.. A poor way to debate, but a good way to argue.
You are still unable to recognize when you are chasing your own tail. How did I ‘twist’ your words?
I understand that in your world, everyone is greedy. But here in the real world, that is not the case.
and the really sad truth about all this is, worldwide decisions affecting everyone on the planet are being made by what the elite do with money and it’s totally at their discretion when they choose a recession or fake good times. Neither keep us financially stable. They lead the world along to do what they want the masses, even nations, politicians to do via their tool, money.
They want this NWO, so they use the state of the money flow, all of the ebbs and flows over years, to accomplish their endgame, step by step, no matter the harm done along their course. All true reasons for the destruction they cause are attributed to something else, someone else. Confusion is a tactic and part of their game strategy. That confusion is also a tool. It keeps we the people like us fighting with each other and unable to unite as a force, not just against this NWO, but for liberty and freedom.
I don’t know how it is that someone wakes up one day and says to himself or herself, I want to rule the world. As audatious and obsurd as that idea is, that is what they are pursuing and we are all aboard their train wreck. This is in total disregard for the true nature of human beings as creators of their own lives, using our own minds. We’re not robots. We need to use our own minds.
We need an audatious plan and goal.
My question is, if money is the tool they use to move the masses in the direction they need us to go, and if one institution is corrupt and we end it only for it to be replaced by another, then how do we the people stop using the tool and being in this cycle of expanding corruption so we can live our lives the way WE want?
If we don’t use any tool they value, that gives them power and control, then their game is over!
The FED really does need to be audited fully, even if just to show how guilty this little group of sick people has reduced America and every other country and their ciitizens to “tools in crimes against each other.” …for what?
I see Sean is still busy making absolutely no sense whatsoever. Completely understandable considering he finds company with the likes of Keynes, Krugman, and the inflationists.
according to you. I don’t support government spending, I just tell you why the government spends so much money. I do make sense, would you like to correct something I have said? haha, oh ya, you don’t know any better.
I didn’t say raising rates weren’t designed to not pop them I just said there is more to it than that.
So your saying “BANKS create money based on their holdings”? And then you are saying “You can’t expect to do so without borrowing and creating money.” So the point being money is being created. The Fed will open their books to a limited extent but that isn’t enough. What are they so afraid of? A mandatory compliance to hand over their books. Just knowing they are pushing so hard and bringing out economists and hiring Enron PR specialists and holding town hall meetings just makes me want this bill to pass even more!
Yes, the fed is the caregiver to banks and supply them with credit.. Without the fed, there is no caregiver i.e. no credit. Most small businesses run on credit. There would be a huge job loss, no student loans, no car loans, no home mortgages, nothing. Nobody will be able to borrow money. We would have to fully rely on the big 5 to print and create money.
The fed has said they will open ALL of their books.
Maybe if we didn’t spend so much money overseas, than we would have money that we wouldn’t need to borrow.
The big 5 pretty much acts as a central bank and much more. As seen throughout history, every time the people call for anarchy and are successful, some group steps up and takes their place.. This is true with the central bank as well. Whenever we did get rid of the central bank in the early 1800s, the New York Bank took over the roll and responsibilities of the central bank, which lent money to banks that exceeded their limit, set the trends for interest rates, and helped fund government expenditures. What many people don’t understand is that if we get rid of this quasi government/private institute, we would end up with a fully private institute determining the wealth of our nation.
Don’t bite the hand that feeds u.
More fear-mongering, Sean?
If Bernarke follows through with his threat about inflation, what will or could happen? How will it affect we the people, and how can we prepare for it to happen? Whew, a lot of questions.
Freedom,Bernanke has already created the inflation and the depreciation of the dollar.When the Fed is finished creating their whore,monopoly money to buy up depreciated assets,it will then begin to filter down to the consumer,thus causing hyper-inflation unless they increase interest rates.
The problem with increasing interest rates in this perverted market,is that it destroys sound productive businesses in order to save the bubble financial economy in which the banks and Wall St live.
They got away with during the Great Depression,but this time the internet and a more educated pop have their measure.
75% of the pop support the Auditing of the Fed.Ron Paul has strong support from the armed services.The Fed only has the power of inflationary cyber money.The people of the USA are the providers of goods and services.Who really has the power?The people just need the awareness and the guts to take them on.
Parasites are pussies when the real game of survival comes into play.
If growth is booming, yes they are going to have to raise interest rates. That is the most important tool the fed has to keep BANKS from inflating the money supply. Inflation is the cost of growth.
http://bigpicture.typepad.com/comments/files/cpi_and_deflator.png
Your saying that raising interest rates destroys sound businesses… So you would rather banks inflate the money supply and lend all the money they can print out? I don’t understand if you are for or against inflation, or if you just don’t understand what you are talking about.
They don’t raise interest rates to “save” the bubble. Raising interest rates pop the bubble. They raise interest rates to stop the bubble and inflation from growing too big.
Bubbles can be formed with or without the fed. Bubbles come from too much investment which ultimately leads to not enough return.
All investors got hurt from the economic collapse. Nobody benefited, especially not wall street or the banks. Wall street lost trillions of dollars and several banks failed and were bought out. A few financial firms may have gotten some loans from the government, but they have to pay back those loans with interest.. Nobody won.
Inflation does arise from growth but if it is government money then all would benefit because it would be recycled but it’s not now. This is how you get a 16 trillion dollar deficit because the money supply keeps growing.
As you said only a fraction of the trillions (68 billion) the Fed creates is given back to the Treasury. Once all this new money hits main street it would hurt even more the standard of living, ie prices.
Thank God Ron Paul asked if Ben if they are going to monetize the debt and he said no – but the problem is we don’t know by what other means they will compensate. WE DON’T KNOW THE MAJOR THINGS ON THEIR BOOKS AND HOW THEY OPERATE INTERNALLY.
They’re not a government entity
It is all related you can’t just say the Fed can slow growth and stop inflation. It is a never ending cycle of government, private sector, and the fed printing money. The raising and lowering of taxes and government programs are second-hand related.
“Raising interest rates pop the bubble.”
That is not always true especially in a global market when ARMS are based on Libor just as an example. What about Oil, Gold, and other commodities? It is far more complicated than that.
Raising interest rates do pop bubbles. It’s called negative amortization.
Again, the fed doesn’t create money. It BORROWS money and BANKS create money based on their holdings. The reason why we have to BORROW so much money is because we spend it overseas. We don’t save as individuals or as a country. We have to import 500 billion dollars worth of oil a year, or 10 million barrels a day. You can’t expect to do so without borrowing and creating money. Somehow we have to pay for those 3.6 billion barrels of oil we import every year.
Ben Bernanke has said several times that he is more than willing to open his books.
The national deficit rises at the same rate as the trade deficit. The government borrows money to replace money spent overseas.
http://www.usagold.com/analysis/images/dt-2007-trade-deficit.gif
http://www.debtreliefprogram.us/358-20070928-DEBT_large_prod_affiliate_91.jpg
Check this out, this is the reason why we got away from the gold standard in 1971..
http://www.greatdreams.com/oil/US_Oil_Production_and_Imports_1920_to_2005%20.jpg
Because of oil (and other goods) we have had an 8 trillion dollar trade deficit in the past 25 years.
bump
CONGRESSMAN RON PAUL INTRODUCES 3 BILLS TO RESTORE CONSTITUTIONAL GOVERNMENT;
END FDA CENSORSHIP OF HEALTH CLAIMS; AND END FTC CENSORSHIP OF HEALTH INFORMATION
http://www.lef.org/featured-articles/Health-Government-Reform-Bills-by-Ron-Paul.htm
Can you explain this better: censorhip of health claims (supplements or standard medicine?), and health information (public databases, pages, books, schools?). How the watch on health services and products relates to constitutional governemnt???
The World’s 50 biggest banks are worth $59 trillion or $191,000.00 for every person in the USA.This gives us some idea of the enormous power they weild.
Most of these banks are in Europe.The Bank of England owned by the Rothschilds is worth over $3.8 trillion alone.The USA ranking is 4th with Bank total worth of over $6.8 trillion.Great Britian comes first with a total value of $ 10.665 trillion.
You have to ask how the institutions that produce nothing tangible or really useful,have become so powerful? Well to those who have studied the banking system,it is their power to create money as debt in their computers.
The IMF recently created $1.4 trillion and called it cyber money.They have only 7% of this in gold to cover this and all the other money they have created over the yrs.
What they do is over inflate the currency,raise interest rates to bring on a recession[share prices fall and become undervalued] and then generate more inflated money for their own use to buy up cheap assets.This is why Bernanke won’t say where the money has gone.To add insult to injury they charge the US tax payer interest on cyber money to bail out their own mates.It is nothing but a scam!
The US $ has not devalued much yet because it has not reached the consumer, but when these trillions of $ do filter down,we will see inflation and devaluation of $.If they raise rates to stop inflation,the already weak economy will further collapse.
Good point. Whatever these banks have in deposit multiply that by 10 because that is how much money they can loan out with interest. Now that’s their true power. It’s called fractional banking which also needs to be ended. You are right my friend this is a total scam. Our dollar has devalued by 96 % since the inception of the fed. Now that’s a scam.
Audit the Fed! Show what they are hiding. Ron Paul is the last hope for America and the countless millions of unborn generations to come. Once he is gone that’s it my faith in politics is over. I had lost faith but Ron Paul has brought it back. He speaks the truth and understands the history of the Federal Reserve and what they have done to this country since its inception in 1913. Just look at Bernanke sweat at the thought of an audit. The people have the right to know. The people want to know. And once the people know what the Federal Reserve (which is not federal and has no reserves) has done in the treason to the American peoples wealth may god help the change that will sweep every corner of America. This period we are in and Ron Pauls movement is epic and legendary already for what it has done. It is of such great importance that the masses and even those that think they understand the Federal Reserve have no idea the change that can come from this. Audit and end the Fed. Also Ron Paul run for president once more you are only stronger than before and now have extremely more leverage from what you spoke of in 2007. You were right the voters were wrong. From no income taxes which is illegal, to the bullying IRS, all those departments of non-sense and overspending, may God help you Ron Paul. Ron Paul President of the United States 2012. A real change you can believe in.
I’m all for no IRS – but that will never happen because the truth is our nation is broke. It will only happen once spending is under control and we can start paying down the debt then it will be politically correct to abolish the IRS and side with Supreme Court ruling.
The IRS and their harassing ways needs to stop. There have been court rulings in the favor of those that have been charged by not paying taxes since that is illegal. The constitution says only taxable income is only from corporate gain not from labor of the individual. The IRS need to be ended and that will leave money in the pockets of the individual. When the income tax is revoked because it is illegal that will put 30% of peoples income back in their hands. Now that’s a tax cut and that will help the people and our country. The sooner the better we dont have to wait for a system that has been overspending for decades and a never ending debt that only gets bigger and bigger. The politically, moral, and ethical thing to do is stop taxing peoples labor. Income taxes do not help America for they are only payments to the grand scale interest rate we pay on our national debt. This debt is not free money printed by the Fed it comes with an interest and the American tax payers pay the tab. The borrower is the slave to the lender. This needs to end. Don’t side with the nonsense of these made up rules side with the only thing that matters, the American Constitution.
http://www.youtube.com/watch?v=OyE3AIiv9l0
How to Abolish the Federal Reserve
http://www.youtube.com/watch?v=nNumEm2NzQA&feature=rec-HM-fresh+div
Will this work?
Would this keep congress’ spending under control?
That video is kinda old. Our whole system has changed.
Check out this video..
http://www.youtube.com/watch?v=a1lVOO9Y080
ugh, not that video, watch this.
http://www.youtube.com/watch?v=gRSJG6QB03I
Yeah Sean, Shadow Banking…sounds too much like Shadow Government. No matter how much marketing or how many sales pitches you do on that one, I think that is pretty much a “No Sale”.
Shadow banking is the free market.
http://marketplace.publicradio.org/display/web/2009/04/13/whiteboard_shadow_banking/
The federal reserve has not been inflating the money supply nearly as much as private banks have from the free market.
Shadow banking is government birthed, and government sponsored.
Another symptom of government manipulation (central planning).
The shadow banking system is not government birthed or government sponsored.. The shadow banking system came from foreign investors into the free market, which had no rules or regulations from the government on loans (free market) and that’s why they failed.
I see, so that is why they prop it up.
Sean replies:
August 3rd, 2009 at 8:53 am
Baaaaaaaa, BAAAAAAAAAAAA
They propped it up after it failed.. It was a sloppy FREE MARKET system before it collapsed.
It was caused by manipulation of the market, hence, no free market.
There was no manipulation of the shadow banking market from the government or the fed. There was no involvement what so ever. You are a long shot away from being correct.
These are investment firms, not banks. They had nothing to do with the government or the fed.
longshotlouie replies:
August 3rd, 2009 at 2:46 pm
It was caused by manipulation of the market, hence, no free market.
EXACTLY
again. There were no rules or regulations on the investment firms from the government or federal reserve. It is by definition a free market operation.
Interference in markets by government has all kinds of repurcussions. No one said that the interference was in shadow banking, just that it arose from a government-manipulated market.
When you manipulate one place, the results show up somewhere.
The government manipulated the market with interest rates, the shadow banking system did not. Therefor it was not manipulated by the government.
Read your reply, critically.
There’s a hole in your bucket.
We don’t have a free market “economy” but by definition, shadow banking is a free market system, which means there was no regulation or direct intervention from the government.
I’m feeling partially sarcastic, creatively imagining while searching for answers to this whole idea of money controlling everything we do and say.
Sometimes it just amazes me to think that we allow these sheets of paper that represent the idea of money (what we can and cannot have/do) to cause so much ruin and harm to man/womankind and the earth!
The whole concept of money interferes with freedom, and large corrupt egos use it as a tool to make all other’s life experiences less than they otherwise could be. There doesn’t seem to be a way for us to use the idea of money properly, ever, so that we ensure peace and happiness, yet we keep wasting time and effort trying to.
We have these wild ass financial systems that few understand, that have perverted so much, that we do not control, even as we go off to work each day to generate and replentish our supply of mo money, the money that is increasingly taxed before we can even use it ourselves for basic needs.
When trying to resolve an issue, sometimes we just have to step back and take look at ourselves. What have we become? What are we doing? A bunch of people who are wasting their life experiences being controlled by someone else’s idea of money, means of exchange, with a belief that those with it have power and control, and we do not. Perhaps some day we will seriously take a look at this belief and realize that there is a different way to pursue our happiness that actually works. We are only interested in what works well for all. When we no longer need to feel superior over another, we might be ready to begin. We’re creative beings. I’m sure we can come up with something better than this!
A world without this whole financial system or chip. Just us and whatever career we wish to use to express our talents and to make a positive contribution to the world. We contribute because we enjoy spending our days doing whatever “it” is that we are gifted at doing. All contributions freely provided. That is the reward. All basic needs covered. It’s just a new way of life, of being in this world. Everyone has a home, medical care, nutritious food, vacation, clothing, etc. We wouldn’t even think of someone having to do without. Self-control, responsible, peaceful, caring individuals, sharing.
So much of what we waste our time doing would simply fall away and not be needed any longer, less drag on the population with no reward in the system for criminal activities, etc. because the people universally share what they have, benefit from everyone’s contributions, and no one is without the best. Real freedom of choice.
I suppose even in this system the elite would still manifest big ego so that someone would have to trim their nose hairs and massage their feet, but how many of those appointments can they take in a week? …and there are so few of them by comparison to the masses. They would disappear as their nothing little selves, misfits, that don’t know the first thing about making a positive contribution with skill and talent.
“sean replies:
August 3rd, 2009 at 1:12 pm
The federal reserve has not been inflating the money supply nearly as much as private banks have from the free market.”
It’s nice to see that you admit that the Federal Reserve is partially responsible for inflation.
=)
Christine: This would work but it would create a lot of inflation until we replaced all the interest bearing bonds. Then things should stabalize. Short term pain for long term gain is what I would call it.
It wouldn’t work. You can’t just pay off the debt because who would then own the assets?
The problem is not too much debt, it’s too much congestion. It’s managed all wrong.
I agree but the problem is with soooooo much debt its more like long-term adjustments for long-term gains. It’s not really a pain more like a lifestyle adjustment – albet a big one. As of right now our countries debt is, or was a year ago, roughly equal to its total debt.
As far as paying off the debt and whom gets the assets? Case in point if you are paying off debt it depends how you do it. The Fed could just print money and pay off debt slowly while increasing prices overall. Or the government could raise taxes across all classes or the rich, etc. There are so many ways at looking at it.
I do not like the Fed for more than one reason but the main reason I don’t like the Fed is because of the inflation tax that decreases our standard of living.
Congestion? Yes, but managing it right would do what… pay off debt ultimately.
Sean you don’t have a clue. The Federal Reserve does not give the money back to the Treasury Department – that is very, very little. If they do it would be a more perfect system.
The total government deficit as of last month was $63 trillion. The GAO has been screaming to balance the budget but the deficit goes up the more the Federal Reserve prints money. The money it print is not backed by gold or oil but Treasury Bills, unlike certain countries like Switzerland which has only about 50% of its deficit floating the rest backed with Gold.
This is exactly why the Fed Spokesperson/Chairman will ALWAYS agree with the current policies for Federal Programs to not only “keep the Fed independent” but to print more money for one simple reason. They keep the money. The Fed is a private corporation/bank if you take a look at GAO reports you can tell where the derivatives go – the top 5 banks.
“The Federal Reserve is a nonprofit company. After their expenses are paid, any remaining profits are paid to the Department of the Treasury. The Department of the Treasury then uses that money to fund government spending. It’s a relationship that produces a considerable amount of money. The Federal Reserve System contributed in excess of $29 billion to the Treasury in 2006, according to the Federal Reserve Board (FRB). So, the Federal Reserve not only helps to make and implement policies, it also serves as the government’s bank and generates a portion of the revenue used to fund the country’s activities.”
-Investopida
http://www.investopedia.com/articles/economics/08/treasury-fed-reserve.asp
The fed prints the money that the congress demands. If the congress was in charge, it could just print money without a majority vote.
“Actually 60% of bankruptcies were from people with medical debt.”
Where in the world did you hear/read that? What is your credible source?
“If the congress was in charge, it could just print money without a majority vote.”
The beauty or evilness of the system is money gets printed regardless of what Congress says because they are dumb as dirt. The Fed tells Congress “we need to stop inflation so we higher rates; then, we need to protect our banking system so had to increase reserves.” It did ever occur to you that regardless of the party or time through various decades year-after-year the deficit has increased?
“The Federal Reserve is a nonprofit company. After their expenses are paid, any remaining profits are paid to the Department of the Treasury.”
The truth behind those closed books is the key. The Federal Reserve is classified as a non-profit you say but that doesn’t mean anything. If they “help” the economy by backing mortgages. Do you ever wonder why it is so interested in buying back the mortgages from the former Fannie and Freddie? 28 billion is nothing, absolutely nothing compared to 50 trillion dollars in total deficit. What, did you think Congress would approve a for-profit company to takeover monetary policy? It’s just a classification and they still can run it as a for-profit company and NOT PAY TAXES ON THE MONEY THEY CREATE!
http://www.wnd.com/news/article.asp?ARTICLE_ID=53366
(but you can find many other news sites with same info)
“The $248 billion federal budget deficit figure results from what basically amounts to a cash flow analysis,” Williams explained. “On a cash basis, the Treasury takes all the tax revenue, including Social Security taxes, as current income. The trick is that Treasury essentially steals the money that comes in on Social Security taxes, without accounting for any offsetting Social Security liability. When you run your accounting that way, the Treasury gets to report a federal budget deficit that dramatically reduces the real figure.”
What’s different about the anticipated 2006 Financial Report of the United States?
“Congress a few years ago mandated that the Treasury had to report one report each year that used GAAP accounting,” Williams told WND. “Then, when you figure in all liabilities including Social Security and Medicare, the real 2006 deficit is huge by comparison. What I expect to show up on Friday is a real federal budget deficit of $3.5 trillion or more, not the $248.2 billion earlier reported.”
“Even worse,” Williams continued, “the U.S. Government’s negative net worth widened to $49.4 trillion in 2005. For the first time, total government liabilities have topped $50 trillion, and the number is continuing to grow. The United States is bankrupt, whether the Bush administration wants to admit it or not.”
You need to due your research you haven’t got a clue.
I’ll say it again for the millionth time. The government spends money to replace the money spent over seas and stimulate the economy. It’s called Keynesian economics.
You have no clue.
28 billion is a substantial amount of earnings for one year. You obviously don’t understand how much money that is, you have no clue.
http://www.cnn.com/2009/HEALTH/06/05/bankruptcy.medical.bills/
28 billion is a lot compared to a deficit of 1-2 trillion for that year. The problem is we don’t know EXACTLY what is on their books which is what we are fighting for. Why are they fighting so hard?
“Actually 60% of bankruptcies were from people with medical debt. These were from people who were insured but didn’t have proper coverage.”
That study is interesting but it is before the collapse of the market. A couple of key points about that article:
“The study may overestimate the number of bankruptcies caused by medical bills yet underestimate the financial burden of health care on American families, because most people struggle along but don’t end up declaring bankruptcy, according to Cunningham.”
“The recession didn’t happen until a year after our study,” says Woolhandler. ”
Did you not see this part? So what you are saying is medical debt collapsed the economy with the fact that they mortgaged it because they were able to get cheap money?
I agree medical insurance is a big problem in the nation and is now 12-15% GDP but I don’t understand why you are bringing it up in a conversation about the Federal Reserve?
Americans love to spend and pass the blame, look at California, so with the supply of low interest rates and new, unique mortgage terms it was just a matter of time.
2007 is when the recession first occurred. It was the same year that homes devalued and foreclosures rose. A lot if not most of the problem came from people with outstanding medical debt.
That is why every economist and their mother are trying to tell us to fix health care to fix the economy.
Ben Bernanke has said over and over and over that he would share all of the booking information. He just doesn’t want them to audit future monetary (interest rate) decisions.
As far as health care it is a major concern but I’m not going there, I just quoted what was in the article. That is far off topic from the meaning of this topic “Fed Audit Will Show What They’re Hiding.” So I’ll leave it at that.
As far as sharing information on the books – very little have the Fed agreed to WILLINGLY. The Fed can use powers of the government such as over riding freedom of information act – just like the President – which makes me furious.
It has taken 75% of Americans wanting to audit the Fed to get the Fed to willingly concede their books. When asked questions about the trillion portfolio of banks by a Congressmen the auditor couldn’t come up with an answer:
Consider this breathtaking, terrifying exchange:
“Rep. Alan Grayson (D-Fla.): Have you reached any conclusions about the Fed expanding its balance sheet by over a trillion dollars since last September?
Federal Reserve Inspector General Elizabeth Coleman: We have not reached any conclusions.
Grayson: Do you know who received that money?
Coleman: For, the, we’re, we’re in the process right now of doing our review, and, um…
Grayson: Right, but you’re the Inspector General. My question to you specifically is do you know who received that one trillion dollars plus that the Fed extended and put on its balance sheets since last September? Do you know the identity of the recipients?
Coleman: I do not know. We have not looked at that specific area at this particular point on those reviews…
Grayson: Well, I have a copy of the Inspector General Act here in front of me, and it says among other things that it’s your responsibility to conduct and supervise audits and investigations related to the programs and operations of your agency. So I’m asking you if your agency has, in fact, according to Bloomberg, extended $9 trillion in credit—which by the way works to $30,000 for every man, woman, and child in this country. I’d like to know, if you’re not responsible for investigating that, who is?
Coleman: We actually, we have responsibility for the Federal Reserve’s programs and operations, to conduct audits and investigations in that area. Um, in terms of who’s responsible for investigating—would you mind repeating the question one more time?
Grayson: So are you telling me that nobody at the Federal Reserve is keeping track on a regular basis of the losses that it incurs on what is now a $2 trillion portfolio?
Coleman: I don’t know if—you’re mentioning that there’s losses. I’m just saying that we’re not, until we actually look at the program and have the information, we are not in the position to say whether there are losses or to respond in any other way…”
The GAO already can audit the Fed, as it should, but major limitation – the major limitations – are excluded:
http://www.campaignforliberty.com/blog.php?view=15706
It isn’t just about the books it is about internal e-mails so see how they came about making decisions such as Goldman Sachs. A prime example is how the SEC was out of the loop when Treasury Secretary Paulson and Ben made the deals with BAO and Goldman Sachs which are now/where in Congressional hearings. Guess what, no paper work, no phone calls – only leaked information. That is not freedom of information.
I was talking about other factors that went to the economic collapse besides the federal reserve, like health care and the real estate market.
ya, i was watching the hearing when alan Grayson asked the questions. I watch all the treasury and fed hearings.
They are keeping track of the books. The money went to like 14 of the central banks as they have told congress before. It is not costing tax payers any money.
But it DOES cost taxpayers money. When the Fed inflates the money supply (loaning money it conjures out of thin air to central banks) they weaken the purchasing power of existing dollars. This is a hidden tax. The people who receive that new money first get the benefit, because prices have not risen yet. As demand for the various goods and services increases, so accordingly does their prices. So by the time the last people in the chain to receive the new money get it, prices have increased and that dollar cannot buy what it used to because prices have increased. Inflation.
Bubbles represent wealth?
Excuse me if I don’t hang around to watch you chase your own tail.
Ya. The main reasons the fed lowered interest rates back in the early century was because of all of the investment money pouring in from foreign nations. They tried to make it cheaper to borrow so we wouldn’t have to pay foreign investors more money, or higher interest returns.
Meanwhile us with savings accounts don’t get any interest on our money!!! Why? So the gov’t can borrow and spend this country into oblivion.
Yes, savings accounts do get interest on money. There is a difference between federal interest rates and banking interest rates.
If we didn’t spend so much money overseas, than we wouldn’t have to borrow it from overseas.
We wouldn’t need to borrow money if we not had an 8 trillion dollar trade deficit in the past 25 years.
Ahh here I was thinking that money (all money even the money in my account) was just cheap! That would be great if one had nothing to do with the other. Aren’t all interest rates artificially low because the monetary policy or (lack of) has not be implemeneted honestly? I wonder who has benefitted from how the fed has handled itself over the years?
Well federal interest rates are added on top of banking interest rates. The fed mainly raises interest rates when banks are lending too much money and there is too much economic activity which leads to price instability. That’s pretty much what monetary policy is, it’s a tool to raise interest and slow down the economy. The problem is that it is a harmful tool because it hurts people who own mortgages who have to renegotiate contracts every so many years. There was no consumer protection and Bush wanted more people to own homes so he allowed people with poor credit to buy one.. Actually 60% of bankruptcies were from people with medical debt. These were from people who were insured but didn’t have proper coverage.
Both interest rates, and medical problems, and the devaluation of homes added up to a large amount of foreclosures which brought down our whole system.. These investment firms were losing money. They call them “shadow banks.” They buy assets from banks and give them a steady supply of credit. Once the investment firms failed, bank credit froze. Businesses couldn’t make their usual payroll so they fire people.
For the most part, interest rates are high, but they can become artificially higher when raised.
Hey Sean, that’s what happens when you attempt to manipulate the market.
The Federal Reserve doesn’t benefit from the system. All the money the fed gets through interest rates, they give to the government to finance their debt problem. Our whole nation is in debt because of our unbalanced trade and commerce activity. We don’t produce enough goods but we continue to borrow and spend money. The government is currently trying to work with our trade deficit by working with china. But currently it’s so bad that if the government just ended the war or stopped spending money, we would have to borrow more and spin more individually, or we would suffer dangerous deflation.
If they didn’t manipulate the market, banks and investment firms would pump unlimited amounts of money into our system, devaluing our currency.
Not quite. Monetary policy is more than the manipulation of interest rate, i.e. fed fund rate vs. prime rate. There is also a mandatory reserve rate on bank holdings which inflate the currency supply; there is also the printing of money and selling Treasury Bonds to foreign banks or the three big 5 domestic banks.
As far as consumer protection you are right there is very little when comparing the federal laws to certain state laws.
The foreclosures were due to lowering the standards of buyer qualifications, yes, but buyers were also given loan programs that doubled monthly payments to un-affordable, ie. $1300 to $2600/mo. Some were talked into the ARMs (Adjustible Rate Mortgages) when they qualified for other conventional loans. If buyers had taken the conventional loan, they never would have faced the inevitable un-affordable payments and foreclosure. Nice trick, eh? This whole money maniuplation thing sickens me. And then the government wonders why they can’t regain our trust and confidence. Sh_t. The reasons are mounting.
Who beneifts? Whomever gets the asset, the equity built up in the home, the downpayment, and the new mortgage when the cycle starts all over again..down payment, equity, interest payments, taxes.
If they didn’t maniuplate the market, our government would be a lot less corrupt.
There is a mandatory reserve rate but that doesn’t mean the fed necessarily feeds them the money. Banks get there money from investment firms, all the ones that collapsed.
The fed sells treasury bonds to fund government spending..
Ya, there was a lot of crooked dealings from the banks, and real estate agencies. It is a huge burden on the people, and not the investors which really isn’t fair.
You sound like an investor that got burned?
No, peter schiff, ron pauls economic advisor, is an investor that got burned, or burned all his clients, from buying foreign securities.
WASHINGTON (Reuters) – Top U.S. officials said on Sunday more steps may be needed to firm up economic recovery — including extended jobless benefits — and declined to rule out future tax increases to tame massive budget deficits.
Former Federal Reserve Chairman Alan Greenspan said on ABC strengthening confidence in the economy could be dashed if home prices were to take another turn downward. He said he didn’t believe that a steep drop was in store, but home prices had stabilized only temporarily.
—-
So that is their soft peddle. The truth is somewhere beyond that.
Ron Paul was for letting the houses decline in value, and that’s what triggered the economic collapse.
Alan Greenspan also said he expected more job loss till the end of the qt and then the economy will start recovering.
Declining home values were a symptom, not causal.
When the bubble burst, homes simply started moving back to their real market value.
Like Dr. Paul, I have no problem with home prices going down (and yes this does effect me negatively, with two homes).
Lower home prices mean that more people can afford homes.
Not sure that Greenspan has a grip anymore.
A decline in home value means that people lose equity, which is very bad for homeowners, especially newer home buyers. They can have their life savings wiped out from a loss in home value. Consumers start saving instead of spending which reduces economic activity.
A decline in home value means that shareholders lose money and investment firms crash. In 2007, homes lost 9.8% of their value,
You have no idea what you are talking about.
“Here’s what happened: in the irrational exuberance of the housing bubble, many people were allowed/encouraged/suckered into buying houses with very little money down, at prices much higher than justified by fundamental. Now the prices are coming back to earth, and many of these people find themselves owning houses worth considerably less than their mortgages.
This leads to both involuntary and voluntary foreclosure. Involuntary foreclosure comes when people who thought they could deal with unaffordable mortgage payments by refinancing find that you can’t refinance when your home is worth less than you owe.
Voluntary foreclosure comes when people simply walk away, either because the mortgage is “nonrecourse” — the bank can seize the house, but no more — or because they figure, probably correctly, that the bank won’t really try to pursue them.
Hal Varian (Berkeley prof and now chief economist at Google) puts it simply, and in somewhat exaggerated form, by saying that everyone will just default on their existing mortgage and move one house to the left, buying a new house for less than they save by walking away from the mortgage they have. Things don’t work that smoothly, but that gets the principle right.
And what that means is that a substantial portion of the decline in housing values that’s now in progress will eventually show up as losses, not to homeowners, but to investors. We’re talking about some significant fraction of, say, $6 trillion (a 30% decline in home values from their peak). A trillion dollars in investor losses sounds quite reasonable to me.”
-Paul Krugman
Yepper, if you make a bad business decision you could get hurt.
So your solution is to offer faux wealth so that people feel better? What is it about the term ‘bubble’ that you do not understand? A bubble does not represent wealth.
Are you still dragging out the corpse of the habitually wrong Krugman?
I’m just saying that declining home prices are not good for an economy. The bubble did represent wealth. The bubble was payed for by investors. Thats why our whole economic system collapsed when the bubble burst.
I’m not promoting the bubble, and I’m not saying that it wasn’t the initial cause. Again, you are trying to turn my words into something else, which is a good way to argue but a poor way to debate.
I think Peter Schiff should of listen to Paul Krugman when he decided to invest all of his clients money into foreign securities.
You have a poor economic understanding. The bubble is debt to us, but investments to shareholders. It does represent wealth.
The reason why you can go get a business loan, or a mortgage is because some investor will pay for it. Both sides advantage.
Three prior administrations had tried to restart the economy by lowering rates and pushing for new homes – all ended up in major trauma to the economy; FYI. only one was a Democratic majority, surprisingly (just kidding).
“The bubble is debt to us, but investments to shareholders. It does represent wealth.”
As far as bubble is concerned it is not hard to fool the American public into saying your rate will be this much; payment will be this much, etc.. The genius behind the investors causing this bubble is trying to increase the bubble to the farthest reach possible by creating new mortgages such as negative equity mortgage, ARMS, etc…
Since The Federal Reserve owns, or is if you will, 38% of all banks in the nation – of which the top 5% own 90% of the country. The Federal Reserve loves the boom it creates and it loves the bust it creates.
http://www.federalreserveeducation.org/fed101/structure/
“The reason why you can go get a business loan, or a mortgage is because some investor will pay for it. Both sides advantage.”
Yes, but at what cost? It is not as cut and dry as you make it out to be.
ya it is cut and dry. You have it backwards because you read stupid charts and no literature.
The federal reserve doesn’t own 38% of the banks, banks own local federal reserve banks, which is controlled by the government, or the board of governors.
If anything, this whole problem was caused by the shadow banking system because it didn’t have the same kind of lending rules as banks. It isn’t controlled by the government.
I said “owns or is” making the point the Federal Reserve is owned by the shareholders of the banks that own 90% of our nations debt. The Federal Reserve is its own entity – just like a publicly traded company is itself but owned by various shareholders. The Fed is an entity owned by the shareholders of its member banks.
The federal reserve is comprised of numerous banks that all cooperate. They are governed and monitored by the government, or the board of governors which are elected by the president.
They don’t own any debt. Only the consumer holds debt to the investor.
The government owns debt, which is something different..
Actually, what caused both the bubble and its bursting when housing price values crested and then declined was the mortgage instrument itself. Because it allows investment with other people’s money, or leveraging, it is an essentially speculative tool. I have been advocating an alternative and non-leveraged house ownership transfer contract, the Adjustable Equity Mortgage (AEM). You can read about it at http://www.carlpeterklapper.org/solution.html . Converting the existing and foreclosed mortgages into AEMs allow fair and manageable adjustments to be made when housing prices moderate or decline.
Bottom line: Converting mortgages into AEMs would allow housing prices to reach market levels without catastrophic effect.
Listen to this song!!
People unite, get organized, call your Senators and COngressmen daily to co-sponsor the bill. Then call Pelosi and demand a vote!!
http://www.youtube.com/watch?v=SSzhtxtH8cY
If the bill does get passed, it’s going to be watered down and exclude monetary policy. That’s what the fed is afraid of, not their bookings. You people are conspiracy nuts and don’t understand whats really going on and what this bill is really about. Ron Paul isn’t a conspiracy buff, he is trying to give the congress more authority to overlook the future decisions of the fed, which is a good thing.
http://homepages.wmich.edu/~corder/mpolicy.pdf
Here is a video that kind of sums up why I am fed up with how the Republican party has conducted itself for the past decade. Please watch and listen to what Ron Paul has to say here.
http://www.youtube.com/watch?v=U9TCC14akXk
Are we shocked here. Come on people, a bill that makes the bad guys look bad and good guys look good. A bill that actually gives us truth. Did we really think it was going to get passed lets get serious here. I have already annoyed my congressman to cosponsor this bill and he has. Lets just say if this bill actually gets passed i will have my faith restored in this country.
Giving money and power to government is like giving whiskey and car keys to teenage boys.
- P.J. O’Rourke
Schiff-a-thon !! Listen In !!
http://www.revolutionbroadcasting.com/
Eye of the Storm
http://www.europac.net/externalframeset.asp?from=home&id=16865&type=schiff
Ben Bernanke says that he is open to sharing ALL the information on the books and dealings with central banks. The reason why he doesn’t want the bill to pass is because it would be an official takeover of monetary policy. Watch..
Your “plan” is not going to “End the Fed.” There is no wrong doing. The congress is just going to “manage” the fed for now on. That’s what the bill is about.
http://www.youtube.com/watch?v=2FbnmSWMlXA&feature=related
Ron Paul, and a minority of his allies, want to end the Fed and replace it with nothing, allowing private currencies and precious metals to compete with each other on the free market.
Some in his coalition do want to take over the Fed and have Congress run it, but others just want to know more about what the Fed has been up to.
They all have one thing in common: they want to audit the Fed (as do 75% of Americans).
What happens after that will have to be negotiated.
This bill, HR 1207, is simply about auditing the Fed, not taking it over. Bernanke is afraid because it there might be more bills to follow if the audit reveals some bad stuff we’re not supposed to know about.
Here’s another good video:
http://www.youtube.com/watch?v=PXlxBeAvsB8
Thanks for the video, Sean.
It was fun watching Bernanke stammer, stutter, and sweat.
Is your body covered in wool, or just your eyes?
You’re right about Sean,NUMBE3RS,Bernanke’s sheep are really getting nervous,since the truth will be too outrageous for the American public to bare.
The pressure they are putting on Bernanke must be enormous. Can you imagine a raging bull that has total power over the herd for 96yrs ,suddenly being dethroned by the truth of it’s impotence and greed? The Fed would find that reality too impossible to believe. It could well work in Ron Paul’s favour
Obviously there is no “truth” to your stupid quest. They are already sharing the books and explaining how they are doing currency swaps with central banks… This bill will only “manage” the fed for now on. Ron Paul is trying to overturn auditing “monetary policy” which has to do with interest rates, not the books.
Do you even know what monetary policy is?
I agree. Under the U.S. Constitution Congress has the sole power to regulate monetary policy – not the President, not GAO, not Supreme Court. What gets mixed up in the media is the notion that with recent events Congress is taking over banks with TARP, or the Treasury if you will. This is very far from the truth that the Federal Reserve, in combination with the Treasury, decides who lives and dies (such as Sachs, Bank of America, etc.).
There is definitely a conspiracy to hide the truth. Private Banks, or publicly traded if you will (which are owned by mostly themselves and wealthy individuals), own and operate the Federal Reserve. $236.8 trillion dollars of derivatives are held by only 5 Banks. And the government has a total deficit of 63 trillion – guess who printed all that money? Can you guess which banks benefited?
While there are tons of sources to back this up – INCLUDING THE GAO, here are some links:
http://www.economicpopulist.org/content/fitch-ratings-report-80-all-derivatives-concentrated-5-companies
$11,520,570,236,023.37
US debt as of July 6, 2009
http://www.thewe.cc/contents/more/archive/us_debt.html
If you think otherwise you might want to consider why you think this? Whom is leaning you thinking? The Fed? The people that say “the government must intervene?” Of course, the government, i.e. Congress, must intervene and overturn the 1913/14 Bill as well as all the new spending! The Ron Paul Revolution is the last hope for America.
It so fascinating that so many people that are angry about our movement to save America from spending, and creating money, and ultimately killing itself penniless have no clue about the truth.
I recommend you do your history before commenting.
haha, it is constitutional. the congress created the the federal reserve. The federal reserve is a GOVERNMENT agency, also known as the 4th branch of government.
You have no clue.
The problem with educating people is it takes too long.
No. 80-5905
United States Court of Appeals, Ninth Circuit.
Submitted March 2, 1982.
Decided April 19, 1982.
As Amended June 24, 1982.
Plaintiff, who was injured by vehicle owned and operated by a federal reserve bank, brought action alleging jurisdiction under the Federal Tort Claims Act. The United States District Court for the Central District of California, David W. Williams, J., dismissed holding that federal reserve bank was not a federal agency within meaning of Act and that the court therefore lacked subject-matter jurisdiction. Appeal was taken. The Court of Appeals, Poole, Circuit Judge, held that federal reserve banks are not federal instrumentalities for purposes of the Act, but are independent, privately owned and locally controlled corporations.
take a look at the court documents
http://www.save-a-patriot.org/files/view/frcourt.html
The Federal Reserve is not apart of the federal government – that is good marketing by the Fed.
“The Federal Reserve is commonly referred to as the fourth branch of our federal government.”
Source: The fourth branch By Bernard Shull
It is a legal government agency. I’ve actually read this before. Current supreme court justices can overrule that decision and declare the federal reserve a legal government agency.
Do you know anything about the supreme court? I suggest you educate yourself.
First your saying it is a legal gov. agency, then you say the Supreme court justices can declare it a legal government agency – well which is it right now? I think you know the answer.
Supreme court justices did declare it a legal government agency when the federal reserve act passed. It was overturn by a single judge in a single court case. That incident did not rewrite the law, it was just ones interpretation of it, which can differenciate from time to time. What matters is what current supreme justices think about it.
Sean, if the feds books are open already tell me what foriegn banks got half a trillion dollars of American taxpayer dollars. You apparently have a computer so check this out. The Ninth Circuit Court of Appeals stated in 1982 that the fed banks are private corporations, not government agencies, opperating without day to day direction of the federal government. By the way, what banker family are you a part of.
The FED has already shown that it is not dedicated America. We have a problem with that.
I’d like to know how frequently they have pit one nation against another to create a war so the elite bankers can make money…at the cost of human life, increased tax dollars, desroying peace (while both sides are being told they are fighting for peace).
http://www.campaignforliberty.com/article.php?view=151
Sean that is not what the bill is about…the bill only gives the GOA the power to run an independent audit of the reserve and they must report their findings to congress by the end of the year. Thats it. Bernanke is trying to beat around the bush…it seems blatantly obvious to me.
There is no wrong doing by the FED? How could you possibly know that? Or are you just playing devil’s advocate here?
Congress has to answer to the people, The FED does not thats the POINT!
ya, the bill is going to pass, but the important part is going to be cut out. You will be able to see the books, but thats not what the bill is about..
They are trying to repeal the Humphrey-Hawkins act.
How frecuent is the Fed audited, or has it ever been? Or is that what will be included in the proposed monetary policy? In any case, an agency so important should be accountable to somebody since it impacts so many.