Ron Paul: Full Transparency Is The Only Acceptable Option

For Immediate Release
May 6, 2010

Senate Sellout Threatens Congressman Paul’s “Audit the Fed” Bill
Taxpayers Deserve a Full, Transparent Audit of the Federal Reserve by the GAO

Washington, D.C. – Congressman Ron Paul (TX-14) expressed disappointment that his landmark legislation to audit the Federal Reserve Bank – which passed by a wide margin in the House Financial Services committee and has over 319 House co-sponsors – was threatened by a compromise in the Senate today.

More specifically, Paul’s language (passed by the House) to audit the Federal Reserve has been stripped from the Sanders Amendment to the Senate financial reform bill. Instead, the Sanders Amendment now contains softer compromise language that exempts monetary policy decisions, discount window operations, and agreements with foreign central banks from Government Accounting Office (“GAO”) audit.

This is of particular concern when several countries such as Greece, Portugal, and Spain are seeking IMF help in the midst of their financial crises, because American taxpayers provide fully 17% of all IMF funding.

“Taxpayers are weary of bailing out privileged banks and corporations in the US, and we certainly cannot afford to bail out entire countries. The possibility of this happening behind a veil of Federal Reserve secrecy is not acceptable,” stated Congressman Paul. “This compromise language represents a huge missed opportunity by Congress to finally make the Fed accountable for trillions of taxpayer dollars it administers. Full transparency, via a full GAO audit, is the only acceptable option. However, I am grateful to Senator Vitter for offering the original full audit language in an alternative amendment to the bill.”


  • rvd
    Copy and paste above to header bar at top of screen
    This explains more than you ever wanted to know!
    Ron Paul your our only hope! Clean House of all who protect the fed!

  • Austrian & Keynesian Theories Vs. Mathematical Facts

    George Orwell’s classic 1984 describes “doublethink” as holding two contradictory beliefs simultaneously and accepting both. To do so denies the existence of objective reality. A good example is the belief in economic theories that contradict mathematical facts.

    Both Austrian and Keynesian economic theories hold fundamental beliefs that do not square up with math. The exponential growth of debt in our debt based money system is ignored and refuted by both theories. In place of math, we are offered beliefs such as the “quantity theory of money.”

    To deny the exponential growth of debt cuts to the very core and credibility of monetary theories. If the exponential growth can be proven, then equally, Austrian and Keynesian theories are dis-proven. Economic theories hide the fact that a debt based money system is usury by definition and neither Austrian nor Keynesian theories are sustainable. Both systems create bankruptcies and defaults while enriching banks at the expense of the people.

    The inherent and terminal mathematical flaw of debt based systems can be proven anecdotally. Our total money supply (M3) is around $15 trillion while our national and private debt total around $55 trillion. How do we pay an existing $55 trillion in debt with a total of $15 trillion? We are short $40 trillion, where will that money come from?

    In our debt based monetary system there is only one way to add money and that is through new debt. Eventually, the $40 trillion must be borrowed. If the money is borrowed, it will add new debt of over $40 trillion (principal + interest). The debt can only grow, it can never be repaid as the gap between money and debt will continue to increase.

    The two economic theories will try to explain away this reality by claiming that the velocity of money can be increased so that a given amount of money can be used for more transactions. This is true when we spend money but it is not true when we repay debt. When debt is repaid it is extinguished, that is that the money ceases to exist which means that money can only be used to repay principal debt once. Most of the interest debt returns to circulation but never the less, the gap between money and debt will still increase since only the principal is created through new debt which brings new interest.

    The specie of money doesn’t matter. If our money were backed by gold, the gold would simply be transferred to those who collect the interest. We saw this in 1933 when the gold standard collapsed and we lost most of our gold.

    The two prevailing economic theories give us a false sense of choice just like the two party system of Democrats and Republicans. The science of money has been replaced by a belief system just like in the dark ages when science was dominated and defined by religious beliefs. If the next renaissance is to happen, it will come when the science of money displaces unfounded beliefs.

    We are suffering from an intellectual amnesia. The Babylonians of antiquity understood the destructive power of debt interest and at one time Christianity and Judaism forbid it as sinful usury. The Islamic faith still forbids debt interest and perhaps that is a reason that we are clashing.

    Our interest based monetary system is a form of usury that will result in the transfer of all wealth from the many to the few. The intended outcome is debt slavery and tyranny under the cruel boots of oligarchs – a financial aristocracy.

    People are becoming discontent and they sense that something is terribly awry. To rebel against the status quo invariably leads to another tyranny as we have seen through democratic elections and third world rebellions.

    If a successful peoples revolution is to happen it will really be an awakening. A higher consciousness where we come to understand how and why the game has been rigged by flawed monetary theories.

    Note: For real solutions stop by Mathematically Perfected Economy, Mike Montagne- discover the difference between irreversable multiplication of debt by interest and interest free money – take the red pill.

  • mike

    Research the term “left right paradigm” and while you’re at it, look into the fact that pretty much all high ranking official in the US government as well as other major players in the world are all related and have a bloodline traceable all the way back to Egypt, thousands of years and many generations back. All this political and religious crap is carefully designed to distract and to keep the unknowing citizens of the world at each other’s throats while the financial/industrial/military giants take control of all the world’s resources. Voting is a sham. I don’t even know if there ever was a true president in the sense we’ve all been programmed with. There’s a reason why the economy is collapsing and its all by design. The thing I’ve come to realize is that there is really no way to fight the corrupt system directly, so don’t try. The people of the world are too divided at the moment, so until more people wake up and we reach a sort of intellectual/spiritual critical mass, all each of us can do is be the best human being we can be and try to awaken others. We all feel something isn’t right. You can’t put your finger on it, but I know you feel it. Educate yourself. Make awakening a priority in your life and it will come to you. One very important thing to keep in mind is that the best liars and manipulators of the world are the ones that seem to be the most believable. Think about that statement very carefully. If this statement starts the awakening process of just one person, then it wasn’t in vain. …My best to you all.

  • Fr33domphiter


    Sir, just like George Washington–in his day—–he did not at all—want to take on the job as being PRESIDENT OF THE US……….NONETHELESS………he was needed—-DEMANDED!! The country needed a man like him in a time like that and so he took on the job as being “COMMANDER IN CHEIF.”

    Sir I implore you—take a stand with your Grass roots ALL OVER THE COUNTRY and run in 2012.

    You have my support in Bend Or and our local Ron Paul supporters will be more enthusiastic than ever for your campaign.

    PLEASE, PLEASE announce.

    Keep fighting the good fight—YOU HAVE OUR SUPPORT!

  • sonny

    my comment concerns the bailout portion of this article. the government has given billions of dollars of our tax money to corporations , to what purpose? they give it to the banks, and now they are refusing to refinance homes every day. they give it to the auto manufacturers, and now gm is on t.v. telling us that they have paid it back ahead of time, when they actually took part of the second money to pay back the first. in my opinion, they have paid back nothing. their t.v. ads are nothing but a lie. they give it to repair the infrastructure of this country, and nothing much is being done. go check out interstate 40 or 90. unemployment is still on the rise. costs are still going up. now they are asking for more bailout money, as well as telling us that they need more in the future. i say, let them fall. let them drown. they are killing us with the full consent and help of our president and elected officials. the people of the united states are just about at the end of their rope, and now they are trying to make all gun owners criminals too. it has been predicted that some time this year, the u.s. will enter into a civil war, and i am seriously worried that it is going to come to pass. now, they are going to put us even further in debt by giving bailout money that we don’t have, to greece. ron paul, you may be our last hope before this nation tears itself apart. you have a lot of us behind you, not knowing if it will do any good. please don’t stop what you are doing.

  • CitizenPete

    DID you Call Bernie Sanders’ office? How many times?

    CALL NOW CALL NOW and leave his staff a message

    Leave 10 messages.


    Call Senator Sanders’ office at 202 – 224 – 5141 and tell him NOT to cave in – we want a FULL AUDIT and an up and down vote

  • I am also understandarily upset, but not suprise that Dr. Paul’s language got stripped, and that the Sanders Amendment is just full of pork just like the final bill. Beware of more bailouts and we will soon be like these other countries that are in debt. On second thought, we already are doing just as poorly as they are financially. Dr. Paul don’t let it be the last word, Continue to stand up for Civil Liberties and Freedom from the Disfunctional FED!

    • Greece

      RON PAUL Right about Greece.

      Its only a matter of time before US is hit harder than it already is.

      Please the sake of AMERICA, GOPers PLEASE Stand behind RON PAUL in 2012!!!!

      Please give up on Fake Romney and Failin’ Palin.

      Please for the sake of your liberty, do the right thing.

      • Please don’t vote for these people who are real idiots. Because there will be more of the same.

      • Joan

        If only people would do what you just said, this country would have some real hope for the first time in two decades. I read a book recently by Ralph Nadar, and he talked about how difficult it is for a third party candidate to get elected, why it’s impossible. I know Ron Paul is a Republican, which is brilliant on his part. He knows it’s impossible for a Libertarian to get elected. You are so right, if people would tune in and listen to what he is saying, the real answers are there. But, again, you’re right, they ran to Palin instead, back to the standard Repubs, Romney, Huckabee, same old things.

        One of the problems I see is with Obama doing the stimulus and health care, both the WWII generaion and the baby boomer generation want all the things he is doing reversed, with regards to gutting Medicare to fund the new health care bill, with them being retired and looking at cap and tax, a 50 percent increase in there energy bills, with a looming VAT tax, retirees looking at a 10 percent tax on everything they buy. I think there is going to be a kick back on the Dems not only in November, but for years to come. After what the Dems just pulled, no Dem will get elected for the next ten years. But, I think because the established Repubs have power, the Tea Party people will support them to hurry up and try to undo so many of the recent things the Dems have done.

        I was happy to see Ron Paul on Megan Kelly’s show today talking about Greece. The more he can get air time, Fox, MSNBC, get his message out there, the more hope we have to get him elected. I don’t know what it is going to take to get the Tea Party people to back Ron Paul, which is what they should be doing. They keep going far right, J.D. Hayworth in AZ, very far right instead of Libertarian. Glenn Beck appears to have regained his sanity this week, maybe he will have Ron Paul on and talk more and more about Libertarian ideas, that would help a lot. Hannity is straight out Repub., and he blows Ron Paul off, he won’t support him. Unfortuntely, he gets a lot of Repubs elected by having them on his show. He single handedly got Scott Brown elected, he is now doing the same for Marco Rubio. He gets unknowns out there and endoreses them, gets their message out to the Tea Party people. I hope Ron Paul gets elected, it would be the best thing to happen to this country in decades.

        • Hannity

          Dont hate on me and dont laugh, but I have supported Nader in the past….But thats only cuz I could not vote establishment…say what you want.

          But I have supported Ron Paul and will contiune to do so.

          With regards to Hannity…I know Ron Paul supporters hate him because he out right hates Ron Paul, but I hate Hannity for real reasons (not that Ron Paul supports aren’t justifed).

          Hannity is just plain out FAKE. Fake, Fake, Fake. Have you have heard him laugh?? He will use the same Fake laugh at anything….even when its not Funny!

          I truely am on board with the SOME ideas he supports, but the fact of the matter is he’s fake. Anyone who is Fake can say the support anything.

          And btw, his show (radio) is only the number 2 most listen to talk show in the country because he comes on right after Rush.

          All in all, Hannity is fake beyond beliefe that it baffels me that ppl cant see how he is sooo fake. Gross. My skin is crawling just thinking how fake he is. I need to take a shower and wash the stench of Fake Hannity off.

        • Joan

          Hannity, I understand what you are saying about Ralph Nadar. I always look at politics in terms of who can break up the strong hold the Dems and Repubs have on this country. I would rather we had Ralph Nadar, Dennis Kucinich (sp?) or Ross Perot than the business as usual politicians. Anyone who can take the power away from the established politicians, shake up the system and get people thinking, that is what we need. The way it is now it’s the politicians giving our tax money to the corporations, letting them do whatever they want, kissing up to Wall Street, the Dems handing out more and more welfare for votes, it’s all games.

          At least Kuchnich had a real idea with health care reform. He would not have gutted Medicare, would not have made all of the new programs. His idea was let everyone go onto Medicare, have everyone pay, make Medicare a single payer system. It is already in place, would have cost the government nothing. We need people who are thinking outside of the box, extreme left, green candidates, Libertarians, anyone who isn’t only thinking about where they get their campaign contributions from. RonPaul would upset their system and take control away from the politicans and give the country back to the people.

    • fred the protectionist

      Well I frigging told you guys the Democrats are just playing populist-for-votes and you’d Ronulans would get burned.

      But nooooo, nobody listens to me.

  • Citizen

    Why am I not surprised?

    I’ve had multiple dealings with the GAO and its specialty is BLIND justice, (emphasis added). They don’t want to know,
    See No Evil, Hear No Evil, and definitely Speak No Evil…

    The FED is “Grand Thief Government”, the single greatest threat to the Republic and our future.

    The cost of Open Borders and Free Health Care for all pales by comparison to the FED’s ability to swindle US of Trillions.

    Don’t doubt for a minute that WE the US Citizens are funding Greece’s bailout, with Timmy and Benny’s approval for the Cyber-Cash transfer.

    Gold closed at … $1,206.50 /oz. today
    >>> Got Gold? <<<

    • Ryan

      I’m saving up for a metal detector and gold pan. It appears that will be the only way the average citizen will be able to survive in the not so distant future.

      • fred the protectionist

        Then you’ll either be shot by someone who invested in a gun, or starve to death cause nobody values gold anymore but gang bangers and shallow women.

  • Grant

    Not surprised and very discouraging. Please continue your efforts Dr. Paul!! You may have some more help closer to election time.