Audit the Federal Reserve

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You are viewing the 2009/2010 version of the Audit the Fed page. Please click here for the 2011/2012 version or read on for the amazing history of Ron Paul’s efforts to bring transparency to the secretive banking cartel.

The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle and causes one financial bubble after another. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar.

For the past 30 years, Congressman Ron Paul has worked tirelessly to bring much-needed transparency and accountability to the secretive bank. And in 2009 and 2010 his unfaltering dedication showed astonishing results: HR 1207, the bill to audit the Federal Reserve, swept the country and made the central bankers shudder at their desks. The bill passed as an amendment both in the House Financial Services Committee and in the House itself.

But the usurpers of America’s future didn’t take it lying down. They weren’t about to allow their secrets to be exposed and their magic money machine to be put under close scrutiny. They worked frantically behind the scenes to quietly derail all efforts to open up the Federal Reserve to an independent audit.

A handful of Fed-loving U.S. senators led by Chris Dodd rewrote the Senate version of the Financial Reform Bill to strip out Ron Paul’s Audit the Fed amendment and actually expand the Fed’s power over banks, lending and money. As Alan Grayson pointed out here, and Ron Paul commented on here, the Dodd bill completely eliminated legislation to audit the Federal Reserve, which had already passed in the House.

Sen. Bernie Sanders (I-Vt.) introduced an amendment on the floor effectively adding the Grayson-Paul language to the Senate bill, but later changed his amendment under pressure by the Federal Reserve and the Obama administration. The altered Sanders amendment passed the Senate on May 11, 2010 by a unanimous 96-0 vote.

Sen. Vitter reintroduced an amendment with the original Audit the Fed language. The Senate rejected the amendment on May 11, 2010 by a 37-62 vote.

The House and Senate went to the conference committee which attempted to reconcile the differences between the two bills (and their amendments). Unfortunately, Ron Paul’s tough language ended up not being included in the final bill.

On June 30, 2010, the GOP introduced Ron Paul’s Audit the Fed bill as a motion to recommit, which was the last chance to alter the financial regulation bill. Audit the Fed failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed.

But let’s start from the beginning. Here’s the fascinating history of Ron Paul’s Audit the Fed bill:

02/2009: Ron Paul introduces bill to Audit the Federal Reserve

On February 26, 2009, Ron Paul introduced HR 1207, the bill to audit the Federal Reserve:

“I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.”

After a groundswell of grassroots support, HR 1207 and its counterpart in the Senate, S 604, went on to attract 320 and 32 co-sponsors respectively.

10/2009: Mel Watt Introduces Competing Placebo Amendment

With HR 1207 gaining momentum, Congressman Mel Watt introduced a competing banker-approved “placebo” amendment that would have replaced HR 1207 and actually increased the Federal Reserve’s secrecy.

11/2009: Victory over Mel Watt Amendment

On November 19, 2009, after a historic debate lasting several hours, Ron Paul’s and Alan Grayson’s “Audit the Fed” amendment passed 43-26 in the House Financial Services Committee. The amendment called for a comprehensive audit of the Federal Reserve and replaced the opposing “placebo” amendment proposed by Mel Watt.

How they voted on Ron Paul’s Audit the Fed amendment (HR 1207 co-sponsors in bold):

Note: Due to a clerical error, until 5/26/2010 this roll call erroneously listed Rep. Gary Miller (CA-42) as a Democrat who supposedly voted “nay”. However, the reality is that Rep. Miller is a Republican who was absent on the day of the vote. He is a co-sponsor of HR 1207. We apologize!


Democrats
MA-04 Rep. Barney Frank nay
PA-11 Rep. Paul E. Kanjorski nay
CA-35 Rep. Maxine Waters nay
NY-14 Rep. Carolyn B. Maloney nay
IL-04 Rep. Luis V. Gutierrez nay
NY-12 Rep. Nydia M. Velázquez nay
NC-12 Rep. Melvin L. Watt nay
NY-05 Rep. Gary L. Ackerman nay
CA-27 Rep. Brad Sherman aye
NY-06 Rep. Gregory W. Meeks nay
KS-03 Rep. Dennis Moore nay
MA-08 Rep. Michael E. Capuano nay
TX-15 Rep. Rubén Hinojosa aye
MO-01 Rep. William Lacy Clay aye
NY-04 Rep. Carolyn McCarthy nay
CA-43 Rep. Joe Baca
MA-09 Rep. Stephen F. Lynch nay
GA-13 Rep. David Scott aye
TX-09 Rep. Al Green nay
MO-05 Rep. Emanuel Cleaver nay
IL-08 Rep. Melissa L. Bean nay
WI-04 Rep. Gwen Moore nay
NH-02 Rep. Paul W. Hodes aye
MN-05 Rep. Keith Ellison nay
FL-22 Rep. Ron Klein nay
OH-06 Rep. Charles Wilson nay
CO-07 Rep. Ed Perlmutter aye
IN-02 Rep. Joe Donnelly nay
IL-14 Rep. Bill Foster nay
IN-07 Rep. Andre Carson nay
CA-12 Rep. Jackie Speier aye
MS-01 Rep. Travis Childers aye
ID-01 Rep. Walt Minnick aye
NJ-03 Rep. John Adler aye
OH-15 Rep. Mary Jo Kilroy nay
OH-01 Rep. Steve Driehaus aye
FL-24 Rep. Suzanne Kosmas aye
FL-08 Rep. Alan Grayson aye
CT-04 Rep. Jim Himes nay
MI-09 Rep. Gary Peters aye
NY-25 Rep. Dan Maffei aye

Republicans
AL-06 Rep. Spencer Bachus aye
TX-19 Rep. Randy Neugebauer aye
DE-01 Rep. Michael N. Castle aye
NY-03 Rep. Peter King aye
CA-40 Rep. Edward R. Royce aye
OK-03 Rep. Frank D. Lucas aye
TX-14 Rep. Ron Paul (sponsor) aye
IL-16 Rep. Donald A. Manzullo aye
NC-03 Rep. Walter B. Jones aye
IL-13 Rep. Judy Biggert aye
NC-13 Rep. Brad Miller
WV-02 Rep. Shelley Moore Capito aye
TX-05 Rep. Jeb Hensarling aye
NJ-05 Rep. Scott Garrett aye
SC-03 Rep. J. Gresham Barrett aye
PA-06 Rep. Jim Gerlach aye
GA-06 Rep. Tom Price aye
NC-10 Rep. Patrick T. McHenry aye
CA-48 Rep. John Campbell aye
FL-12 Rep. Adam Putnam aye
MN-06 Rep. Michele Bachmann aye
TX-24 Rep. Kenny Marchant aye
MI-11 Rep. Thaddeus McCotter aye
CA-22 Rep. Kevin McCarthy aye
FL-15 Rep. Bill Posey aye
KS-02 Rep. Lynn Jenkins aye
NY-26 Rep. Christopher Lee aye
MN-03 Rep. Erik Paulsen aye
NJ-07 Rep. Leonard Lance aye

12/2009: Audit the Fed Passes in the House

The Audit the Fed amendment was attached to Barney Frank’s HR 3996, also known as the “Financial Stability Improvement Act of 2009″. That bill was later combined, along with several other bills, into “The Wall Street Reform and Consumer Protection Act of 2009 – Financial Stability Improvement Act of 2009″ (HR 4173). The House passed the new bill on December 11, 2009 on a vote of 223-202.

03/2010: Treasury Officials Still Support Mel Watt Amendment

On March 8, 2010 Huffington Post reporter Sam Stein participated in a bizarre meeting with unnamed high level treasury officials:

The Treasury Department is vigorously opposed to a House-passed measure that would open the Federal Reserve to an audit by the Government Accountability Office (GAO), a senior Treasury official said Monday. Instead, the official said, the Treasury prefers a substitute offered by Rep. Mel Watt (D-N.C.), and would like to see it enacted as part of the Senate bill.

The Watt measure, however, while claiming to increase transparency, actually puts new restrictions on the GAO’s ability to perform an audit.

03/2010: Mel Watt Amendment Used in Senate Version of the Financial Reform Bill

Ron Paul: “In the Senate, we didn’t get enough strong support over there and the Republicans didn’t really fight for it and at the Senate side it is not included. Matter of fact, they have included Mel Watts’s language. His language and my language competed in the House Financial Services Committee and of course we won that pretty easily. But they inserted that in so Mel Watt and the bankers were able to influence the senators enough to put their language in there. So what probably will happen is the two bills will be passed. It’ll be in one bill and not the other and then the fight will be to put pressure on the conference to go with the House [bill] instead of the Senate.”

04/2010: Bernie Sanders Introduces Audit the Fed Amendment in the Senate

Sen. Bernie Sanders (I-Vt.) introduced an amendment on the floor effectively adding the Grayson-Paul language to the Senate bill.

05/2010: Bernie Sanders Sells Out, Senate Passes Watered Down Amendment

On May 6, 2010 Bernie Sanders sold out to the bankers by modifying his amendment to the extent that it would allow the Fed to keep many of its activities secret. On May 11, 2010 the Sanders amendment passed the Senate by a unanimous 96-0 vote.

05/2010: David Vitter Comes To The Rescue But His Amendment is Defeated

Sen. David Vitter reintroduced an amendment with Ron Paul’s original Audit the Fed language. The Senate rejected the amendment on May 11, 2010 by a 37-62 vote.

06/2010: 114 Democrats Jump Ship and Vote Down Audit the Fed

On June 30, 2010, Ron Paul’s attempt to audit the Federal Reserve, which was previously co-sponsored by 320 members of the House (HR 1207), failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed.

The GOP had offered the Fed audit as the minority’s last chance to alter the financial regulation bill. The bill does have an watered-down audit provision in the conference report, but it is limited to loans made by the Fed during the height of the economic crisis. Ron Paul’s bill would have allowed a total examination of the Fed’s books.

How they voted

Democrats, Republicans, HR 1207 Co-Sponsors

YEA

Aderholt
Akin
Alexander
Austria
Bachmann
Bachus
Barrett (SC)
Bartlett
Barton (TX)
Biggert
Bilbray
Bilirakis
Blackburn
Blunt
Boehner
Bonner
Bono Mack
Boozman

Boucher
Boustany
Brady (TX)
Broun (GA)
Brown (SC)
Brown-Waite, Ginny
Buchanan
Burgess
Burton (IN)
Buyer
Calvert
Camp
Campbell
Cantor
Cao
Capito

Carney
Carter
Cassidy
Castle
Chaffetz
Childers
Coble
Coffman (CO)
Cole
Conaway
Crenshaw

Critz
Culberson
Davis (KY)
Dent
Diaz-Balart, L.
Diaz-Balart, M.
Djou
Dreier
Duncan

Edwards (TX)
Ehlers
Emerson
Fallin
Flake
Fleming
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Gallegly

Garrett (NJ)
Gerlach

Giffords
Gingrey (GA)
Gohmert
Goodlatte
Granger
Graves (GA)
Graves (MO)

Grayson
Griffith
Guthrie
Hall (TX)
Harper
Hastings (WA)
Heller
Hensarling
Herger

Hodes
Hoekstra
Hunter
Inglis
Issa
Jenkins
Johnson (IL)
Johnson, Sam
Jones
Jordan (OH)
King (IA)
King (NY)
Kingston
Kirk

Kirkpatrick (AZ)
Kline (MN)
Kratovil
Lamborn
Lance
Latham
LaTourette
Latta
Lee (NY)
Lewis (CA)
Linder

Lipinski
LoBiondo
Lucas
Luetkemeyer
Lummis
Lungren, Daniel E.
Mack
Manzullo
Marchant

Markey (CO)
McCarthy (CA)
McCaul
McClintock
McCotter
McHenry

McIntyre
McKeon
McMorris Rodgers

McNerney
Mica
Miller (FL)
Miller (MI)
Miller, Gary
Minnick
Mitchell
Moran (KS)
Murphy, Tim
Myrick
Neugebauer
Nunes

Nye
Olson
Paul
Paulsen
Pence

Perriello
Petri
Pitts
Platts
Poe (TX)
Posey
Price (GA)
Putnam
Radanovich
Rehberg
Reichert
Roe (TN)
Rogers (AL)
Rogers (KY)
Rogers (MI)
Rohrabacher
Rooney
Ros-Lehtinen
Roskam

Ross
Royce
Ryan (WI)
Scalise
Schmidt
Schock
Sensenbrenner
Sessions
Shadegg
Shimkus
Shuster
Simpson

Skelton
Smith (NE)
Smith (NJ)
Smith (TX)

Space
Stearns
Sullivan

Teague
Terry
Thompson (PA)
Thornberry
Tiahrt
Tiberi

Titus
Turner
Upton
Walden
Westmoreland
Whitfield
Wilson (SC)
Wittman
Wolf
Young (FL)

NAY

Ackerman
Adler (NJ)
Altmire

Andrews
Arcuri
Baca
Baird
Baldwin
Barrow

Bean
Becerra
Berkley
Berman
Berry
Bishop (GA)
Bishop (NY)

Blumenauer
Boccieri
Boren
Boswell
Boyd

Brady (PA)
Braley (IA)
Bright
Brown, Corrine

Butterfield
Capps
Capuano
Cardoza
Carnahan
Carson (IN)
Castor (FL)
Chandler
Chu

Clarke
Clay
Cleaver
Clyburn
Cohen
Connolly (VA)
Conyers
Cooper
Costa
Costello
Courtney
Crowley
Cuellar
Cummings
Dahlkemper
Davis (AL)
Davis (CA)
Davis (IL)
Davis (TN)
DeFazio

DeGette
Delahunt
DeLauro
Deutch
Dicks
Dingell
Doggett
Donnelly (IN)
Doyle
Driehaus
Edwards (MD)

Ellison
Ellsworth
Engel
Eshoo
Etheridge
Farr
Fattah
Filner
Foster
Frank (MA)
Fudge
Garamendi

Gonzalez
Gordon (TN)
Green, Al
Green, Gene
Grijalva
Gutierrez
Hall (NY)
Halvorson
Hare
Harman

Hastings (FL)
Heinrich
Herseth Sandlin
Higgins
Hill

Himes
Hinchey
Hinojosa
Hirono
Holden

Holt
Honda
Hoyer
Inslee
Isra-el
Jackson (IL)
Jackson Lee (TX)
Johnson (GA)
Johnson, E. B.
Kagen

Kanjorski
Kaptur
Kennedy
Kildee
Kilpatrick (MI)

Kilroy
Kind
Kissell
Klein (FL)
Kosmas
Kucinich
Langevin

Larsen (WA)
Larson (CT)
Lee (CA)
Levin
Lewis (GA)
Loebsack
Lofgren, Zoe

Lowey
Luján
Lynch
Maffei
Maloney
Markey (MA)
Marshall
Matheson
Matsui
McCarthy (NY)
McCollum
McDermott
McGovern

McMahon
Meek (FL)
Meeks (NY)
Melancon
Michaud
Miller (NC)

Miller, George
Mollohan
Moore (KS)
Moore (WI)
Moran (VA)
Murphy (CT)
Murphy (NY)
Murphy, Patrick
Nadler (NY)

Napolitano
Neal (MA)
Oberstar
Obey
Olver
Ortiz
Owens
Pallone
Pascrell
Pastor (AZ)
Payne
Perlmutter

Peters
Peterson
Pingree (ME)
Polis (CO)

Pomeroy
Price (NC)
Quigley
Rahall
Rangel
Reyes
Richardson
Rodriguez

Rothman (NJ)
Roybal-Allard
Ruppersberger
Rush
Ryan (OH)
Salazar

Sánchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schauer
Schiff
Schrader

Schwartz
Scott (GA)
Scott (VA)
Serrano
Sestak
Shea-Porter
Sherman
Shuler

Sires
Slaughter
Smith (WA)
Snyder
Speier
Spratt
Stark

Stupak
Sutton
Tanner
Thompson (CA)
Thompson (MS)
Tierney
Tonko

Towns
Tsongas
Van Hollen
Velázquez
Visclosky
Walz

Wasserman Schultz
Waters
Watson
Watt
Waxman
Weiner
Welch

Wilson (OH)
Wu
Yarmuth

Not Voting

Bishop (UT)
Taylor
Wamp
Woolsey
Young (AK)

THE END? Not yet! Audit the Fed will be back in 2011.

(The information below covers the original HR 1207 and S 604 bills.)

Ron Paul’s bill to audit the Federal Reserve (HR 1207) now has 320 co-sponsors, and the numbers keep growing! HR 1207′s companion bill in the Senate, S 604, has already attracted 32 co-sponsors.

This is history in the making, and victory is within reach. Imagine what will happen if HR 1207, The Federal Reserve Transparency Act, comes up for vote in Congress! With two thirds of the House of Representatives already co-sponsoring this bill, it has real potential to pass — BUT only if we educate and rally the people to support it and get our Congresspeople to put it to vote and pass it.

HR 1207 Co-Sponsors

Rep Abercrombie, Neil [HI-1] – 2/26/2009
Rep Aderholt, Robert B. [AL-4] – 5/6/2009
Rep Adler, John H. [NJ-3] – 5/6/2009
Rep Akin, W. Todd [MO-2] – 3/19/2009
Rep Alexander, Rodney [LA-5] – 3/10/2009
Rep Altmire, Jason [PA-4] – 5/20/2009
Rep Arcuri, Michael A. [NY-24] – 9/23/2009
Rep Austria, Steve [OH-7] – 5/6/2009
Rep Bachmann, Michele [MN-6] – 2/26/2009
Rep Bachus, Spencer [AL-6] – 4/29/2009
Rep Baird, Brian [WA-3] – 7/10/2009
Rep Baldwin, Tammy [WI-2] – 4/21/2009
Rep Barrett, J. Gresham [SC-3] – 4/28/2009
Rep Barrow, John [GA-12] – 5/12/2009
Rep Bartlett, Roscoe G. [MD-6] – 2/26/2009
Rep Barton, Joe [TX-6] – 5/4/2009
Rep Berkley, Shelley [NV-1] – 5/21/2009
Rep Berry, Marion [AR-1] – 5/20/2009
Rep Biggert, Judy [IL-13] – 4/28/2009
Rep Bilbray, Brian P. [CA-50] – 4/21/2009
Rep Bilirakis, Gus M. [FL-9] – 5/4/2009
Rep Bishop, Rob [UT-1] – 4/21/2009
Rep Bishop, Sanford D., Jr. [GA-2] – 10/27/2009
Rep Bishop, Timothy H. [NY-1] – 7/10/2009
Rep Blackburn, Marsha [TN-7] – 3/16/2009
Rep Blunt, Roy [MO-7] – 3/24/2009
Rep Boccieri, John A. [OH-16] – 7/28/2009
Rep Boehner, John A. [OH-8] – 6/10/2009
Rep Bonner, Jo [AL-1] – 6/9/2009
Rep Bono Mack, Mary [CA-45] – 4/29/2009
Rep Boozman, John [AR-3] – 5/7/2009
Rep Boren, Dan [OK-2] – 12/1/2009
Rep Boswell, Leonard L. [IA-3] – 6/9/2009
Rep Boucher, Rick [VA-9] – 7/20/2009
Rep Boustany, Charles W., Jr. [LA-7] – 5/13/2009
Rep Boyd, Allen [FL-2] – 7/14/2009
Rep Brady, Kevin [TX-8] – 4/22/2009
Rep Braley, Bruce L. [IA-1] – 6/11/2009
Rep Bright, Bobby [AL-2] – 6/11/2009
Rep Broun, Paul C. [GA-10] – 2/26/2009
Rep Brown, Corrine [FL-3] – 6/11/2009
Rep Brown, Henry E., Jr. [SC-1] – 4/28/2009
Rep Brown-Waite, Ginny [FL-5] – 5/20/2009
Rep Buchanan, Vern [FL-13] – 3/17/2009
Rep Burgess, Michael C. [TX-26] – 3/19/2009
Rep Burton, Dan [IN-5] – 2/26/2009
Rep Buyer, Steve [IN-4] – 4/30/2009
Rep Calvert, Ken [CA-44] – 4/29/2009
Rep Camp, Dave [MI-4] – 6/18/2009
Rep Campbell, John [CA-48] – 5/4/2009
Rep Cantor, Eric [VA-7] – 6/23/2009
Rep Cao, Anh “Joseph” [LA-2] – 6/11/2009
Rep Capito, Shelley Moore [WV-2] – 4/1/2009
Rep Carney, Christopher P. [PA-10] – 6/9/2009
Rep Carter, John R. [TX-31] – 3/31/2009
Rep Cassidy, Bill [LA-6] – 5/4/2009
Rep Castle, Michael N. [DE] – 3/17/2009
Rep Chaffetz, Jason [UT-3] – 3/6/2009
Rep Chandler, Ben [KY-6] – 7/7/2009
Rep Childers, Travis [MS-1] – 6/9/2009
Rep Chu, Judy [CA-32] – 10/6/2009
Rep Clay, Wm. Lacy [MO-1] – 11/19/2009
Rep Coble, Howard [NC-6] – 6/11/2009
Rep Coffman, Mike [CO-6] – 6/16/2009
Rep Cohen, Steve [TN-9] – 10/22/2009
Rep Cole, Tom [OK-4] – 4/21/2009
Rep Conaway, K. Michael [TX-11] – 5/7/2009
Rep Conyers, John, Jr. [MI-14] – 6/23/2009
Rep Courtney, Joe [CT-2] – 7/8/2009
Rep Crenshaw, Ander [FL-4] – 5/4/2009
Rep Cuellar, Henry [TX-28] – 9/24/2009
Rep Culberson, John Abney [TX-7] – 3/26/2009
Rep Dahlkemper, Kathleen A. [PA-3] – 7/22/2009
Rep Davis, Danny K. [IL-7] – 6/26/2009
Rep Davis, Geoff [KY-4] – 5/6/2009
Rep Davis, Lincoln [TN-4] – 9/30/2009
Rep Deal, Nathan [GA-9] – 3/23/2009
Rep DeFazio, Peter A. [OR-4] – 3/9/2009
Rep Delahunt, Bill [MA-10] – 9/9/2009
Rep Dent, Charles W. [PA-15] – 5/6/2009
Rep Diaz-Balart, Lincoln [FL-21] – 7/10/2009
Rep Diaz-Balart, Mario [FL-25] – 6/18/2009
Rep Doggett, Lloyd [TX-25] – 4/21/2009
Rep Doyle, Michael F. [PA-14] – 9/29/2009
Rep Dreier, David [CA-26] – 6/10/2009
Rep Driehaus, Steve [OH-1] – 10/6/2009
Rep Duncan, John J., Jr. [TN-2] – 3/6/2009
Rep Edwards, Chet [TX-17] – 6/16/2009
Rep Edwards, Donna F. [MD-4] – 6/11/2009
Rep Ehlers, Vernon J. [MI-3] – 4/21/2009
Rep Emerson, Jo Ann [MO-8] – 7/15/2009
Rep Fallin, Mary [OK-5] – 4/2/2009
Rep Farr, Sam [CA-17] – 7/8/2009
Rep Filner, Bob [CA-51] – 7/28/2009
Rep Flake, Jeff [AZ-6] – 5/11/2009
Rep Fleming, John [LA-4] – 3/18/2009
Rep Forbes, J. Randy [VA-4] – 5/20/2009
Rep Fortenberry, Jeff [NE-1] – 5/12/2009
Rep Foxx, Virginia [NC-5] – 3/10/2009
Rep Franks, Trent [AZ-2] – 3/23/2009
Rep Frelinghuysen, Rodney P. [NJ-11] – 6/3/2009
Rep Fudge, Marcia L. [OH-11] – 7/9/2009
Rep Gallegly, Elton [CA-24] – 7/7/2009
Rep Garrett, Scott [NJ-5] – 3/5/2009
Rep Gerlach, Jim [PA-6] – 5/11/2009
Rep Giffords, Gabrielle [AZ-8] – 6/16/2009
Rep Gingrey, Phil [GA-11] – 3/30/2009
Rep Gohmert, Louie [TX-1] – 4/23/2009
Rep Goodlatte, Bob [VA-6] – 4/28/2009
Rep Gordon, Bart [TN-6] – 9/8/2009
Rep Granger, Kay [TX-12] – 4/28/2009
Rep Graves, Sam [MO-6] – 4/22/2009
Rep Graves, Tom [GA-9] – 6/17/2010
Rep Grayson, Alan [FL-8] – 3/11/2009
Rep Griffith, Parker [AL-5] – 6/16/2009
Rep Grijalva, Raul M. [AZ-7] – 6/3/2009
Rep Guthrie, Brett [KY-2] – 5/7/2009
Rep Hall, Ralph M. [TX-4] – 4/29/2009
Rep Halvorson, Deborah L. [IL-11] – 6/3/2009
Rep Hare, Phil [IL-17] – 5/11/2009
Rep Harman, Jane [CA-36] – 7/7/2009
Rep Harper, Gregg [MS-3] – 5/11/2009
Rep Hastings, Doc [WA-4] – 5/11/2009
Rep Heinrich, Martin [NM-1] – 11/2/2009
Rep Heller, Dean [NV-2] – 3/6/2009
Rep Hensarling, Jeb [TX-5] – 5/4/2009
Rep Herger, Wally [CA-2] – 4/21/2009
Rep Herseth Sandlin, Stephanie [SD] – 5/6/2009
Rep Higgins, Brian [NY-27] – 10/13/2009
Rep Hill, Baron P. [IN-9] – 10/22/2009
Rep Hinchey, Maurice D. [NY-22] – 6/2/2009
Rep Hinojosa, Ruben [TX-15] – 9/10/2009
Rep Hirono, Mazie K. [HI-2] – 7/8/2009
Rep Hoekstra, Peter [MI-2] – 4/28/2009
Rep Holden, Tim [PA-17] – 6/4/2009
Rep Hunter, Duncan D. [CA-52] – 5/13/2009
Rep Inglis, Bob [SC-4] – 4/23/2009
Rep Inslee, Jay [WA-1] – 5/12/2009
Rep Issa, Darrell E. [CA-49] – 6/16/2009
Rep Jackson, Jesse L., Jr. [IL-2] – 7/30/2009
Rep Jenkins, Lynn [KS-2] – 4/23/2009
Rep Johnson, Eddie Bernice [TX-30] – 9/15/2009
Rep Johnson, Henry C. “Hank,” Jr. [GA-4] – 6/9/2009
Rep Johnson, Sam [TX-3] – 4/22/2009
Rep Johnson, Timothy V. [IL-15] – 4/23/2009
Rep Jones, Walter B., Jr. [NC-3] – 2/26/2009
Rep Jordan, Jim [OH-4] – 6/2/2009
Rep Kagen, Steve [WI-8] – 2/26/2009
Rep Kaptur, Marcy [OH-9] – 4/23/2009
Rep Kildee, Dale E. [MI-5] – 9/21/2009
Rep Kilpatrick, Carolyn C. [MI-13] – 12/1/2009
Rep King, Peter T. [NY-3] – 6/4/2009
Rep King, Steve [IA-5] – 6/11/2009
Rep Kingston, Jack [GA-1] – 3/6/2009
Rep Kirk, Mark Steven [IL-10] – 7/15/2009
Rep Kirkpatrick, Ann [AZ-1] – 7/14/2009
Rep Kissell, Larry [NC-8] – 11/5/2009
Rep Kline, John [MN-2] – 4/29/2009
Rep Kosmas, Suzanne M. [FL-24] – 6/17/2009
Rep Kratovil, Frank, Jr. [MD-1] – 6/4/2009
Rep Kucinich, Dennis J. [OH-10] – 6/11/2009
Rep Lamborn, Doug [CO-5] – 4/21/2009
Rep Lance, Leonard [NJ-7] – 5/11/2009
Rep Langevin, James R. [RI-2] – 9/8/2009
Rep Latham, Tom [IA-4] – 4/21/2009
Rep LaTourette, Steven C. [OH-14] – 4/28/2009
Rep Latta, Robert E. [OH-5] – 5/20/2009
Rep Lee, Christopher J. [NY-26] – 6/10/2009
Rep Lewis, Jerry [CA-41] – 6/24/2009
Rep Lewis, John [GA-5] – 9/23/2009
Rep Linder, John [GA-7] – 5/6/2009
Rep Lipinski, Daniel [IL-3] – 6/4/2009
Rep LoBiondo, Frank A. [NJ-2] – 5/4/2009
Rep Loebsack, David [IA-2] – 6/10/2009
Rep Lofgren, Zoe [CA-16] – 7/7/2009
Rep Lucas, Frank D. [OK-3] – 4/21/2009
Rep Luetkemeyer, Blaine [MO-9] – 4/21/2009
Rep Lujan, Ben Ray [NM-3] – 11/19/2009
Rep Lummis, Cynthia M. [WY] – 3/19/2009
Rep Lungren, Daniel E. [CA-3] – 5/7/2009
Rep Mack, Connie [FL-14] – 5/12/2009
Rep Maffei, Daniel B. [NY-25] – 5/12/2009
Rep Manzullo, Donald A. [IL-16] – 4/21/2009
Rep Marchant, Kenny [TX-24] – 3/11/2009
Rep Markey, Betsy [CO-4] – 6/25/2009
Rep Massa, Eric J. J. [NY-29] – 4/22/2009
Rep McCarthy, Kevin [CA-22] – 5/4/2009
Rep McCaul, Michael T. [TX-10] – 4/21/2009
Rep McClintock, Tom [CA-4] – 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] – 3/19/2009
Rep McDermott, Jim [WA-7] – 4/29/2009
Rep McGovern, James P. [MA-3] – 6/10/2009
Rep McHenry, Patrick T. [NC-10] – 4/30/2009
Rep McHugh, John M. [NY-23] – 5/4/2009
Rep McIntyre, Mike [NC-7] – 6/10/2009
Rep McKeon, Howard P. “Buck” [CA-25] – 6/11/2009
Rep McMorris Rodgers, Cathy [WA-5] – 5/4/2009
Rep McNerney, Jerry [CA-11] – 3/16/2010
Rep Melancon, Charlie [LA-3] – 7/10/2009
Rep Mica, John L. [FL-7] – 5/12/2009
Rep Michaud, Michael H. [ME-2] – 5/7/2009
Rep Miller, Brad [NC-13] – 9/22/2009
Rep Miller, Candice S. [MI-10] – 4/28/2009
Rep Miller, Gary G. [CA-42] – 6/10/2009
Rep Miller, Jeff [FL-1] – 3/24/2009
Rep Minnick, Walter [ID-1] – 5/13/2009
Rep Mitchell, Harry E. [AZ-5] – 6/9/2009
Rep Moran, Jerry [KS-1] – 5/4/2009
Rep Murphy, Christopher S. [CT-5] – 7/7/2009
Rep Murphy, Patrick J. [PA-8] – 6/9/2009
Rep Murphy, Scott [NY-20] – 7/9/2009
Rep Murphy, Tim [PA-18] – 4/29/2009
Rep Myrick, Sue Wilkins [NC-9] – 4/28/2009
Rep Nadler, Jerrold [NY-8] – 9/10/2009
Rep Neugebauer, Randy [TX-19] – 4/30/2009
Rep Nunes, Devin [CA-21] – 6/12/2009
Rep Nye, Glenn C., III [VA-2] – 9/17/2009
Rep Oberstar, James L. [MN-8] – 7/31/2009
Rep Olson, Pete [TX-22] – 4/21/2009
Rep Ortiz, Solomon P. [TX-27] – 5/14/2009
Rep Pascrell, Bill, Jr. [NJ-8] – 6/9/2009
Rep Pastor, Ed [AZ-4] – 5/20/2009
Rep Paulsen, Erik [MN-3] – 3/30/2009
Rep Payne, Donald M. [NJ-10] – 7/30/2009
Rep Pence, Mike [IN-6] – 4/21/2009
Rep Perlmutter, Ed [CO-7] – 6/10/2009
Rep Perriello, Thomas S.P. [VA-5] – 5/13/2009
Rep Peterson, Collin C. [MN-7] – 3/19/2009
Rep Petri, Thomas E. [WI-6] – 3/10/2009
Rep Pingree, Chellie [ME-1] – 10/6/2009
Rep Pitts, Joseph R. [PA-16] – 4/28/2009
Rep Platts, Todd Russell [PA-19] – 3/19/2009
Rep Poe, Ted [TX-2] – 2/26/2009
Rep Polis, Jared [CO-2] – 6/11/2009
Rep Posey, Bill [FL-15] – 2/26/2009
Rep Price, Tom [GA-6] – 3/10/2009
Rep Putnam, Adam H. [FL-12] – 4/28/2009
Rep Quigley, Mike [IL-5] – 3/9/2010
Rep Radanovich, George [CA-19] – 5/6/2009
Rep Rehberg, Denny [MT] – 2/26/2009
Rep Reichert, David G. [WA-8] – 5/20/2009
Rep Reyes, Silvestre [TX-16] – 12/1/2009
Rep Richardson, Laura [CA-37] – 7/28/2009
Rep Rodriguez, Ciro D. [TX-23] – 12/1/2009
Rep Roe, David P. [TN-1] – 4/21/2009
Rep Rogers, Harold [KY-5] – 7/14/2009
Rep Rogers, Mike D. [AL-3] – 5/13/2009
Rep Rogers, Mike J. [MI-8] – 5/20/2009
Rep Rohrabacher, Dana [CA-46] – 3/6/2009
Rep Rooney, Thomas J. [FL-16] – 4/22/2009
Rep Ros-Lehtinen, Ileana [FL-18] – 4/28/2009
Rep Roskam, Peter J. [IL-6] – 6/2/2009
Rep Ross, Mike [AR-4] – 5/21/2009
Rep Rothman, Steven R. [NJ-9] – 6/18/2009
Rep Royce, Edward R. [CA-40] – 5/12/2009
Rep Ruppersberger, C. A. Dutch [MD-2] – 10/20/2009
Rep Ryan, Paul [WI-1] – 5/14/2009
Rep Ryan, Tim [OH-17] – 10/23/2009
Rep Salazar, John T. [CO-3] – 7/15/2009
Rep Sarbanes, John P. [MD-3] – 6/15/2009
Rep Scalise, Steve [LA-1] – 5/20/2009
Rep Schakowsky, Janice D. [IL-9] – 5/6/2009
Rep Schauer, Mark H. [MI-7] – 5/20/2009
Rep Schiff, Adam B. [CA-29] – 7/14/2009
Rep Schmidt, Jean [OH-2] – 6/11/2009
Rep Schock, Aaron [IL-18] – 5/6/2009
Rep Schrader, Kurt [OR-5] – 9/15/2009
Rep Scott, David [GA-13] – 7/20/2009
Rep Sensenbrenner, F. James, Jr. [WI-5] – 5/7/2009
Rep Sessions, Pete [TX-32] – 3/23/2009
Rep Shadegg, John B. [AZ-3] – 5/7/2009
Rep Shea-Porter, Carol [NH-1] – 6/9/2009
Rep Sherman, Brad [CA-27] – 6/23/2009
Rep Shimkus, John [IL-19] – 4/22/2009
Rep Shuler, Heath [NC-11] – 6/12/2009
Rep Shuster, Bill [PA-9] – 5/7/2009
Rep Simpson, Michael K. [ID-2] – 4/28/2009
Rep Slaughter, Louise McIntosh [NY-28] – 6/17/2009
Rep Smith, Adam [WA-9] – 4/22/2009
Rep Smith, Adrian [NE-3] – 4/28/2009
Rep Smith, Christopher H. [NJ-4] – 6/15/2009
Rep Smith, Lamar [TX-21] – 4/2/2009
Rep Snyder, Vic [AR-2] – 6/23/2009
Rep Souder, Mark E. [IN-3] – 6/16/2009
Rep Space, Zachary T. [OH-18] – 6/23/2009
Rep Speier, Jackie [CA-12] – 6/11/2009
Rep Spratt, John M., Jr. [SC-5] – 10/13/2009
Rep Stark, Fortney Pete [CA-13] – 3/26/2009
Rep Stearns, Cliff [FL-6] – 3/6/2009
Rep Sullivan, John [OK-1] – 7/8/2009
Rep Sutton, Betty [OH-13] – 10/6/2009
Rep Taylor, Gene [MS-4] – 3/6/2009
Rep Teague, Harry [NM-2] – 6/12/2009
Rep Terry, Lee [NE-2] – 3/30/2009
Rep Thompson, Bennie G. [MS-2] – 7/17/2009
Rep Thompson, Glenn [PA-5] – 4/22/2009
Rep Thornberry, Mac [TX-13] – 5/21/2009
Rep Tiahrt, Todd [KS-4] – 4/28/2009
Rep Tiberi, Patrick J. [OH-12] – 4/28/2009
Rep Tierney, John F. [MA-6] – 7/20/2009
Rep Titus, Dina [NV-3] – 7/14/2009
Rep Tonko, Paul D. [NY-21] – 6/9/2009
Rep Turner, Michael R. [OH-3] – 5/13/2009
Rep Upton, Fred [MI-6] – 4/29/2009
Rep Visclosky, Peter J. [IN-1] – 7/20/2009
Rep Walden, Greg [OR-2] – 5/4/2009
Rep Walz, Timothy J. [MN-1] – 5/7/2009
Rep Wamp, Zach [TN-3] – 3/16/2009
Rep Weiner, Anthony D. [NY-9] – 11/5/2009
Rep Welch, Peter [VT] – 5/21/2009
Rep Westmoreland, Lynn A. [GA-3] – 4/2/2009
Rep Whitfield, Ed [KY-1] – 5/14/2009
Rep Wilson, Joe [SC-2] – 4/29/2009
Rep Wittman, Robert J. [VA-1] – 4/1/2009
Rep Wolf, Frank R. [VA-10] – 6/11/2009
Rep Woolsey, Lynn C. [CA-6] – 2/26/2009
Rep Wu, David [OR-1] – 7/13/2009
Rep Yarmuth, John A. [KY-3] – 7/14/2009
Rep Young, C.W. Bill [FL-10] – 6/3/2009
Rep Young, Don [AK] – 3/6/2009

Step 2: Your Senator

HR 1207′s identical companion bill in the Senate is known as S 604, the Federal Reserve Sunshine Act, sponsored by Sen. Bernie Sanders.

S 604 Co-Sponsors

Sen Barrasso, John [WY] – 7/15/2009
Sen Bennett, Robert F. [UT] – 7/15/2009
Sen Boxer, Barbara [CA] – 9/17/2009
Sen Brownback, Sam [KS] – 7/8/2009
Sen Burr, Richard [NC] – 7/9/2009
Sen Cardin, Benjamin L. [MD] – 7/28/2009
Sen Chambliss, Saxby [GA] – 7/8/2009
Sen Coburn, Tom [OK] – 7/20/2009
Sen Cochran, Thad [MS] – 10/1/2009
Sen Cornyn, John [TX] – 7/20/2009
Sen Crapo, Mike [ID] – 6/25/2009
Sen DeMint, Jim [SC] – 6/11/2009
Sen Dorgan, Byron L. [ND] – 9/9/2009
Sen Feingold, Russell D. [WI] – 7/15/2009
Sen Graham, Lindsey [SC] – 7/24/2009
Sen Grassley, Chuck [IA] – 8/3/2009
Sen Harkin, Tom [IA] – 7/20/2009
Sen Hatch, Orrin G. [UT] – 7/24/2009
Sen Hutchison, Kay Bailey [TX] – 7/20/2009
Sen Inhofe, James M. [OK] – 7/9/2009
Sen Isakson, Johnny [GA] – 7/8/2009
Sen Landrieu, Mary L. [LA] – 12/17/2009
Sen Leahy, Patrick J. [VT] – 9/17/2009
Sen Lincoln, Blanche L. [AR] – 7/15/2009
Sen McCain, John [AZ] – 7/15/2009
Sen Murkowski, Lisa [AK] – 9/15/2009
Sen Risch, James E. [ID] – 8/3/2009
Sen Thune, John [SD] – 9/22/2009
Sen Vitter, David [LA] – 6/16/2009
Sen Webb, Jim [VA] – 8/3/2009
Sen Wicker, Roger F. [MS] – 10/1/2009
Sen Wyden, Ron [OR] – 1/28/2010

Step 3: The People

Tell everyone you know about HR 1207 and S 604 ask them to support the bills and to contact their representative as well. Link to this page and to CampaignForLiberty.com.

Link: http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/

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Why Audit The Federal Reserve?

Ron Paul’s legislation is aimed at pulling back the curtain from a secretive and unaccountable Federal Reserve. Congress and the American people have minimal, if any, oversight over trillions of dollars that the Fed controls.

With recent bailouts and spending decisions shining a spotlight on the actions of the Federal Reserve, more and more pressure is bearing down on Congress to take action and demand accountability and transparency.

Auditing the Fed is only the first step towards exposing this antiquated insider-run creature to the powerful forces of free-market competition. Once there are viable alternatives to the monopolistic fiat dollar, the Federal Reserve will have to become honest and transparent if it wants to remain in business.

Introducing HR 1207

Ron Paul introduced bill H.R. 1207 on February 26, 2009 with the following speech to Congress:

Madame Speaker,

I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.

Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.

Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed’s susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.

The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed’s negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates.

More importantly, the Fed’s funding facilities and its agreements with the Treasury should be reviewed. The Treasury’s supplementary financing accounts that fund Fed facilities allow the Treasury to funnel money to Wall Street without GAO or Congressional oversight. Additional funding facilities, such as the Primary Dealer Credit Facility and the Term Securities Lending Facility, allow the Fed to keep financial asset prices artificially inflated and subsidize poorly performing financial firms.

The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We hear officials constantly lauding the benefits of transparency and especially bemoaning the opacity of the Fed, its monetary policy, and its funding facilities. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve. I urge my colleagues to support this bill.

HR 1207

This is the bill itself, H.R. 1207:

111th Congress – 1st Session

H.R. 1207

A BILL

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.
This Act may be cited as the “Federal Reserve Transparency Act of 2009″.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) IN GENERAL. – Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after “shall audit an agency” and inserting a period.

(b) AUDIT. – Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:

“(e) AUDIT AND REPORT OF THE FEDERAL RESERVE SYSTEM. -

“(1) IN GENERAL. – The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.

“(2) REPORT -

“(A) REQUIRED. – A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each sub-committee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

“(B) CONTENTS. – The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”.

Ron Paul’s Quotes on HR 1207

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.

Excerpt from Ron Paul’s 4/22/2009 appearance on Judge Andrew Napolitano’s Freedom Watch:

Ron Paul: After we came back yesterday from our 2-week break, I think have 15 new people signed on and somebody came up to me and says, “I signed on your bill this morning because I went to my town hall meetings, I went four of them and in every meeting people were there and say, “It’s time that we have transparency of the Fed.’”

But I call them the Fourth Branch of government. Some people don’t think of them as part of the government because they’re so secretive. But we created it, we can end it, we take no responsibility to supervise it, and look at what they’re doing. We spend hundreds of billions, but the Fed deals in trillions, and they don’t have any responsibility to tell us about it. So there’s a lot of power there and it deserves looking at.

And I think I have to say Barney Frank has been sympathetic with this. He’s for transparency. He’s not for hard money and the type of monetary policy I’m talking about. He believes that we should have more transparency of the Fed, so whether this bill gets passed or something very similar, the mood in the country is such that not only do they want us to be better in handling the appropriated fund and knowing where these TARP funds went, the American people have awakened to this whole idea of what the Federal Reserve does behind the scenes.

So I’m delighted. I’ve been pushing this monetary issue for more than 30 years believing it was THE significant economic issue of our time, and I think people are starting to realize this and we’re going to keep hearing about it and there’s a good chance that it will eventually make it to the floor.

Excerpt from Ron Paul’s 3/5/2009 appearance on Judge Andrew Napolitano’s Freedom Watch:

Judge Napolitano: Before we switch gears, Congressman Paul, how did Ben Bernanke react to the legislation that you introduced calling for an audit of the Fed. Did he give you a call on the phone?

Ron Paul: Oh yes, he called me, wanted to congratulate me and he wanted to support my bill. You know, interestingly, just recently, I cannot name his name but I was talking to a former member of the Federal Reserve board and told him about the bill and he was friendly enough.

I said, “What do you think of that?” He said, “I think it’s not a very good idea”. And I said, “Do the people at the Federal Reserve ever talk about, are concerned about the dollar”. I said, you know, I’m always talking about the dollar and what this is going to do to the dollar. And I said, “Do they know that all this debt and inflation could hurt the dollar?” He says, “Yes, they do.” He confirmed it. He said, “They absolutely do.” He says, “But they can’t answer your questions in public because it would cause panic.”

Judge Napolitano: This administration came to power and we all knew the words that they used, “hope” and “change”. But one of the words that they really used was “transparency”. I would think the President himself should be in favor of transparency at the Fed if he wants to be ideologically consistent. What are they afraid we will find out, Congressman Paul?

Ron Paul: Well, what they’re going to find out is, that’s the first step. Once we get the audit bill passed and we can reveal what they are doing, I think the next step is to end the Fed. That’s why they don’t want that.

You know, we had some very good comments made by our Senator Bernie Sanders yesterday from Vermont. I talked with him this morning and we’re going to be talking a lot about the need for having transparency.

And I think the mood is right. The mood is right both with the Democrats and the Republicans, because they don’t know exactly what is going on but they know the American people are sick and tired of just throwing money out there, whether it’s to the Treasury and nobody knows where it goes, whether they send it to Iraq and nobody knows where the bundles of money go, or whether the Federal Reserve can create 2 trillion dollars, and they don’t even have to tell us.

As a government all onto itself, it’s bigger than the whole U.S. Congress. They create trillions in a day, you know, in a short period of time, and in the Congress we do talk a little bit when we pass 400 million or 800 million. But the Fed is a much bigger problem.

Excerpt from Ron Paul’s 3/10/2009 interview with Alex Jones:

Alex Jones: Every few weeks they come before the banking committee and you bring up the fact that what they are doing is destroying us. What do we need to do to bring the private Federal Reserve under control?

Ron Paul: Well, there has to be an uprising by the people. There has to be enough people who will demand that their Congressmen respond, and that is building. You know, a year or two ago nobody in Washington even thought about the Federal Reserve. Today there is a lot more thinking going on and a lot more support for our position. So it is growing. And yet, we’re not on the verge of changing it. I have the bill to get rid of the Federal Reserve, that’s the major step and the ultimate step and they’ll probably self-destruct before we actually pass legislation.

But the bill that is more important in the short run is the auditing bill, the 1207 bill, because that means they have to start answering our questions. Today they are protected. They are in total secrecy and they are protected by the law. If 1207 is passed we have an audit and they have to answer the questions. And I figure if we ever get that far and get the exposure and get the transparency that we need, then people will wake up and realize, ‘why do we have them at all?’

Alex Jones: Senator Sanders grilled them, as you know, last week saying that he is supporting 1207 or a version in the Senate because, Bernanke, the private Fed chief just said, “I’m not going to tell you where the money, buddy.” I mean, that’s amazing to see our elected Congress, the most powerful branch of the government according to our founders, being told to kiss off.

Ron Paul: Right, and I know Sanders real well. He was on the banking committee with me before he went into the Senate, and I called him after that, and I believe he has now introduced my version of the transparency bill and I’ve introduced his version. So both bills exist. Mine is a little bit more conclusive, in that it removes the total authority for them to not answer questions. His is specifically designed to answer certain questions and reveal where certain trillion dollars went. They are very similar, but somewhat different in nature, so we both support each other’s bill and they’ve been introduced in both chambers.

Alex Jones: Well, public support for this and the majority of the Congress itself are saying they are angry, they don’t know where the money is and Bloomberg sued to find out and he’s been told No on their foyer. If this gets media attention I can see now way that Congress wouldn’t vote for a proper audit of the private Federal Reserve.

Ron Paul: They’re going to, if we can get it that far. It’s a good issue, like so many of our issues, we bring different many factions together, liberals and conservatives, under the constitution. Because, if you’re a good honest liberal like Bernie Sanders, he is an honest person but is very, very liberal. He calls himself a socialist, but he agrees on the transparency issue.

So this whole idea that we expose them to bring populists, libertarians, constitutionals, liberals, socialist all together and think, “If we can’t do this, what’s left of representative government? There’s nothing left.” So it’s a good unifier, I think it’s a great issue.

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1,942 responses to “Audit the Federal Reserve”

  1. Jan

    Last year President Bush and Ron Paulson gave each of the 300 million people $300-$600 each. I suggested we “can” the Stimulus package and give each adult/150 million/family.which would equal $150 million. Each family could payoff their own mortgage,buy a new hybrid car and pay off their credit cards….and start a business to work for the rest of their lives! This stimulus package that Bush/Paulson did doesn’t add up and there is concern in the house that some $8 billion dollars is missing……do you supppose??????????????????????????????????????

    To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®.
    July 3, 2008
    HP-1066

    Week 10 Wrap-Up: Treasury Sent 10.025 Million Stimulus Payments This Week
    This week the Treasury Department sent out 10.025 million economic stimulus payments to American households totaling $7.775 billion. So far, Treasury has sent out 104.875 million total economic stimulus payments totaling $86.079 billion.
    Cumulative Total
    Total Number of Payments: 104.875 million
    Total Amount of Payments: $86.079 billion

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  2. Rigel Thurston

    If those who control the money are brought into the light our country might not crumble. This is great to hear.

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  3. Dan

    Time to end the Federal Reserve, and this audit bil is a great first step — Dr. Paul can get this passed — it’s a very dangerous proposition. Our country has come to this very hard nexus point before — Andrew Jackson did it, and Martin van Buren too — as presidents these men threw off the shackles and the death grips of previous federal reserve banks that bound us so tightly. And now, like a vampire that keeps coming out of its grave to suck the life blood off of us, the American people have to once again drive a stake through this evil thing’s heart. And in the process we might just find out what terrible dark times we live in. But tougher and hardier ancestors though with far less knowledge and connectivity had to do the same and somehow did it. God save us all and Ron Paul most of all…

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  4. Nicole P.

    How do we stop this, the more I read the worse it gets. Why aren’t
    more people aware of what’s going on… How long do we really have to get ourselves together? Maybe I’m just new to what’s going on but it really seems to be taking on such a momentum! Has the CFR sold us out?

    The National Guard was in Samson last week for what? Are we just suppose to get use to the fact that the Military is going to be standing outside our doors now? What happened to my Country???

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  5. Dave P.

    Leave it up to international bankers at the Fed to destroy the US economy. China and Russia support a move towards an international fiat currency or an increased role of the Special Drawing Rights currency of the International Monetary Fund. This is going from bad to worse.

    http://www.reuters.com/article/marketsNews/idINPEK18455820090323?rpc=44

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  6. B. McInnis

    Thank you for your comments……most of them are very enlightening….for those who are not familiar with the FED’s beginnings and sworn mission…..please find the book…: As a thief in the night ” by Roger K. Young

    Also do research on the Gidianton Robbers and their history…….you will find the beginning of the FED existence with a long list of American members…..most of whom have served in public office for years……and their eyes were opened!

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  7. Lynn

    YES, YES, YES Finde the truth it will set us free.

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  8. Joseph McKoon

    Author: Joseph McKoon, American Citizen
    To: Phil Allender
    Response to comment

    What oher creditability is needed in stating the TRUTH. Every Fed Chairman since 1913 have attended The Builderberg Group meetings behind closed doors and in secret since its enception.

    Our economy is held hostage by such wealthy and politically powerful people in the world. It would be upsurd for you to tell me any different than what I have stated beforehand. Who are the qualified debators you trust and respect? Do I know Them? Do law biding citizens know them? If not, then tell us who does and I will make them publically known to our group.

    I want you to tell me that The Builderberg Group, which is rarely publicized, have no intentions of, and/or have not hand a hand in the economics of governments around the world. Our own Fed Chaiman attended as well as Greenspan, and yes, Barack Obama attended the last meeting of this group in secret before he was swarn into office. To many secrets abound in Washington and WE The People have had just about enough of the curruptions so a few can live in palaces at our expense.

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  9. Phil Allender

    Dave,
    The “site” of the issue is Washinton, DC. My “sight” of the issue is no more lost than your understanding of my points. I agree that the wrong economic model is being followed, and I have said so. However, I am not as quick as you in pointing the finger of blame. We really should “not” be arguing over the details as much as the principles, of which I don’t see where we disagree.

    Let’s just resolve to write to our representatives, expressing our doubts and reservations about the current status., and ask them to do something about it, like maybe support HR1207 and help guide it through the Congress.

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  10. Dave Brown

    Phil,

    You appear to have lost site of the issue. Ron Paul’s bill will enable an audit, since the Fed refuses to be audited by Congress. We all need to support the bill.

    The bigger issue that the politicians and the media are calling a credit crisis is actually a debt crisis. Non-federal debt is running well over 200% of GDP, a historial unprecedented level seen only in the late 20s running up to the crash. The Fed gets full credit for the current non-federal debt levels. Add to that our federal government’s ten trillion dollar debt and you begin to understand the crisis we are in.

    It sickens me to see the federal government solution is to run up even greater debt. The goals of the federal government are misguided as they use Keynesian economics to repeatedly goose the economy in pursuit of economic growth at any cost. Thus the boom and bust nature of our economy. The goal should be to stabilize the economy and that can be achieved by targeting reasonable national debt levels at or near 100% of GDP (both federal and non-federal).

    To head there, the Fed would have to raise interest rates and the federal government would have to start running at least a balanced budget, if not a surplus budget. I fear the American public is too self indulgent to tolerate that kind of responsible government. I truly fear our loss of self discipline will lead to our self destruction and the demise of the greatest social blueprint the world has ever seen.

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    1. Chris

      When you talk about the National debt being so high, you also have to understand that our money is not actually money, it is debt, (Federal Reserve NOTE… NOTE = Debt… ie. mortgage note). So, if every Federal Reserve Note ever created is debt (an IOU) and HJR 192 (From 1933) said not only that we had to give up our gold but also that payment of debts in gold (a.k.a. money) is against public policy and that all every obligation (a.k.a. debt) ‘SHALL BE DISCHARGED’, than obviously the National debt is so high because the United States is footing the bill for EVERYONE’S debts, by using Federal Reserve Notes… not just the Government’s debt… EVERYONE’S!!! That also brings us around to the fact that you can use HJR 192 to your advantage and require that the United States discharge (a.k.a. Pay) your debts, without first giving Federal Reserve Notes as you normally do, and it works. It is paid from the US Treasury account, which is in your name, created when your parents filed your application for Certificate of Live Birth. So, if you want to lower the National Debt than give us REAL money, instead of transferable debt that you tell us is money. OK enough rambling by me.

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  11. Phil Allender

    Joseph,
    You should be careful what you wish for, you might get it. You don’t want to be in the boat with the Irishman who asked the genie to make the sea into Guinness and then had only one place to pee.

    You need to establish some creditability yourself before making such sweeping mandates.
    I support your ideas, but I wouldn’t vote to end the Fed without a public debate between qualified debators who had earned my respect and trust. You have only offered us an opinion. The fact that many might agree with you is not enough for action. That’s why we have a representative form of government and a constitution. Our forefathers fought for this with their lives and I believe we will not fail them by usurping our laws for sake of convenience or money. Let’s do the audit first, if we can do so by invoking the constitutional mandate, and then see what happens next.

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    1. Chrsitine

      The Federal Reserve can not just simply stop one day. That would cause complete KAOS. What we need to do is open up the whole banking system, especially the Fed Reserve to the Free Market that we all believe in so much. The Free Market System will move forward to what is right for our country, as long as the special interest and politicians stay out of it. I am sure the Federal Reserve would die a natural death. I know people who collect money from the small towns that were made here in Colorado during the gold years. Each coin is actually worth more than the money that the Fed is putting out. Each coin was made for trade in that town. Each coin had silver and gold in it, not like our paper dollar or new fake silver dollars. But this kind of trade won’t fly. The Big Government would have a difficult time taxing it. If Big Government can’t have a piece of the pie, we will always have a central banking system. The special interest groups will find a different avenue for a central bank, new name same purpose, rob and steal from the working class.

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      1. FBG

        So true, Christine, the Fed would quickly “die a natural death” if we were to allow a Free Market without govt intrusion. In other words, the two – the Fed and the Free Market – are incompatible.

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      2. Big D

        Yeah but when they decided to sink our economy people have a right to know what the private Fed is really up to. Then we can make an informed decision on what to do with them. BUT most people dont even have a clue that the Fed is about as fed as Federal Express.

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  12. Jan

    ——————————————————————————–

    ——————————————————————————–

    « Geopolitical – Week of 3.15.09
    Money & Markets – Week of 3.15.09 »

    ——————————————————————————–

    The Fed Did Indeed Cause the Housing Bubble
    Catherine, Daily Musings, Financial Permaculture and News & Commentary,
    March 15, 2009 at 10:03 am
    To: The Wall Street Journal
    Re: “The Fed Didn’t Cause the Housing Bubble”
    By: Alan Greenspan, former Chairman of the Federal Reserve
    Dated: Wednesday, March 11, 2009

    Ladies and Gentlemen:
    In his article on your opinion page, “The Fed Didn’t Cause the Housing Bubble,” Alan Greenspan attributes the housing bubble to lower interest rates between 2002 and 2005. That’s amazing to me.
    My company served as lead financial advisor to the Federal Housing Administration between 1994 and 1997. I watched both the Administration and the Federal Reserve aggressively implement the policies that engineered the housing bubble. These are described at my website and in my on-line book,Dillon Read & the Aristocracy of Stock Profits (http://www.dunwalke.com).
    One story, for example, is the following:
    “In 1995, a senior Clinton Administration official shared with me the Administration’s targets for Fannie Mae and Freddie Mac mortgage volumes in low- and moderate-income communities. We had recently reviewed the Administration’s plans to increase government mortgage guarantees — most of these mortgages would also be pooled and sold as securities to investors. Even in 1995, I could see that these plans would create unserviceable debt loads in communities struggling with the falling incomes expected from globalization. Homeowners would default on mortgages while losses on mortgage-backed securities would drain retirement savings from 401(k)s and pension plans. Taxpayers would ultimately be hit with a large bill . . . but insiders would make a bundle. I looked at the official and said that the Administration was planning on issuing more mortgages than there were houses or residents. “Shut up, this is none of your business,” the official snapped back.”
    From: “Sub-Prime Mortgage Woes Are No Accident” (http://solari.com/news/announcements/08-07-07/)
    One of the dirty little secrets behind the housing bubble is the long standing partnership of narcotics trafficking and mortgage fraud and the use of the two in combination to target and destroy minority and poor communities with highly profitable economic warfare. This model is global. It is operating in counties throughout the world as well as in US communities.
    Of all the actions that the Federal Reserve took to engineer this housing bubble, the one that I would note is Mr. Greenspan’s efforts to pacify Congresswoman Waters regarding allegations of government sponsored narcotics trafficking at a time when open Congressional hearings would have contributed to an important discussion of the operations engaging in mortgage fraud in minority communities. See, “Financial Coup d’Etat,” Chapter 16, Dillon Read & the Aristocracy of Stock Profits which was written in 2005 and published in April 2006, drawing from an article I first published in May 1999.
    “On December 18, 1997, the CIA Inspector General delivered Volume I of their report to the Senate Select Committee on Intelligence regarding charges that the CIA was complicit in narcotics trafficking in South Central Los Angeles. Washington, D.C. ’s response was compatible with attracting the continued flow of an estimated $500 billion–$1 trillion a year of money laundering into the U.S. financial system. Federal Reserve Chairman Alan Greenspan in January 1998 visited Los Angeles with Congresswoman Maxine Waters — who had been a vocal critic of the government’s involvement in narcotics trafficking — with news reports that he had pledged billions to come to her district. In February Al Gore announced that Water’s district in Los Angeles had been awarded Empowerment Zone status by HUD (under Secretary Cuomo’s leadership) and made eligible for $300 million in federal grants and tax benefits.”
    Alan Greenspan is a liar. The Federal Reserve and its long standing partner, the US Treasury, engineered the housing bubble, including the fraudulent inducement of America as part of a financial coup d’etat. Our bankruptcy was not an accident. It was engineered at the highest levels.
    Your publication of Greenspan’s breezy and bogus history of the housing bubble insults your readership.
    Best Regards,
    Catherine Austin Fitts
    Assistant Secretary of Housing – Federal Housing Commissioner, Bush I

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    1. Del Kerr

      Catherine, Your participation in this movement is priceless, and your information even more so. You can be sure that I for one will use it often. If it is OK with you I will relate it to as many people as I can. God bless you!

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  13. Joseph McKoon

    Audit, post publically, and end the Fed period. Americans is and has been since 1913 been robbed in broad daylight. Our ellected officials are bought cheeply by the PRIVATELY OWNED FED. I think the Fed should be audited and the results publically posted, and shut down. Americans are sick and tired of the Fed piting Republicans and Democrats alike aginst each other. Not only that, the Fed is the problem for piting brother aginst brother for their own private agenda to control governments around the world. The second thing I would strongly suggest is to infieltrate THE BUILDERBERG GROUP. The 125 members of this global Financial groups are positioning themselves to control governments worldwide into a one world government controlled by them. The Builderberg Group are not accountable for for any of their actions.

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  14. Mike

    Wanderer,
    I would kindly disagree with you, to think that Mr. Paul would be surprise at what they plan to do. I say this because what we all are expeiriencing is all with in the plan of these mongaloids. Mr. Paul has been on this for decades. You would be surprised if Mr. Paul were to inform you of the entire process. In fact you and I would tremble at the notion that these few individuals were so successfull because they received help from powers, and princapalities in high places. The fact is we are in a time period that only the true scriptural scholars would be able to explain. Not your sunday morning preachers, TRUE scriptural scholars such as my self. But this need not detract us from the issues that we all can understand and work to correct.

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    1. FBG

      I am with you, Mike. What you say is correct: powers and principalities in “high places” whose time is up. They are desperate in their attempts to take down as many as possible with them. I say to all readers: Do not let it be YOU.

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  15. Mike

    Seperation of church and state, as it stands today is just as foolish as the Federal Reserve. All the holidays observed in schools are from a false religion. All the holidays are from pagan antiquity. They are not holy, they are all lies, they hurt the developing minds of children and this is even MORE important than the unconstitutionality of the current monetary system. In fact these two issues go hand in hand, but I can not explain this at this time. Please consider a bill for congress to BAN these foolish pagan hoildays from being taugh to our youth. That is if the seperation of church and state is actually a viable position.

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    1. pete

      what do you have against christmas and easter? They might be from some old BS religion, but they’re fun for the kids! Lighten up bro!

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  16. Mike

    Let it be now and forever remembered that Ron Paul is, and has always been a TRUE American Patriot. Let every individual who slanders, and persecutes him, and his perfect constitutional ideas suffer at the hands of the enemy. May the Federal Reserve and all who cover, and twist the truth be recognized as mongaloids, and puppets, and greedy fools. Let the OWNERS of the Fed. Res. remember that Americans when the time is right will come down upon your heads and leave nothing but a memory of your corruption. Have faith in the president as well, remember he will take responsability for the country. He IS WAITING for enough Americans to be educated, and to force YOUR representatives to demand a return to constitutional currency. He will continue to appear to be just as they expect. However when we are ready, and the country is ready, and the timeing is right and enough Americans are fully informed, and no longer DEVIDED, WE will, and the President will return us to a constitutional government. A true currency with out the fools who have deceived the world.

    Mr. Ron Paul,
    Thank you for your corragous efforts, and your continued diligence. You will be remembered in the history books as a true American, on the same scale as the most revered founding fathers.
    Your efforts will not fail, your service to America will not go by the wayside. Your consitant unwaivering position will become the focus of the future generations of congressman, and women, and representatives. Soon our countries government will once again be sound, strong, and unshakable, thanks to you and people of your mentality. Do not give in, do not give up, and never turn away.

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  17. wanderer

    I’d like to see what Ron has to say on the Federal Reserve deciding to take an unparalleled step of buying US treasuries directly after foreign nations are unable/unwilling to buy the amounts needed to fuel US spending.

    The FED has allocated $300 Billion to buy US Treasuries directly, effectively monetizing the debt. This is sheer lunacy on a global scale, it affects not just the US, but the dollar directly as well as US trading partners, key partners.

    I think Ron is probably in a state of shock at what the FED has decided to do, which is why it’s high time the FED was abolished and the banking dynasties and those that control the banks and money supply get a “kneecapping” so to speak, so they never wage such corruption in the land again.

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  18. chris

    How are we supposed to know whats going on with the media participating with the plans of those commissions that are behind the Fed. The P-ACT makes it so discussions such as these make you an enemy of the state. This issue runs so deep, and has gone so far, that I fear that we may never make it back to what our fore fathers desperatly created; a constitution that would prevent all this.

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  19. david george

    Ron, you probably want r ember me, you deliver 3 of my 4 kids, back in the 70ths, as you saw, that first kid cost less than 600.00 to have,by the fourth kid it was over 1500.00, less than five years, that 5cent candy bar is now a dollar, 70 rent a apartment less than 100 month. now you pay that for a one night stay at a hotel, why are we paying 1.00 for a aspiring at the hospital, 70ths could feed by family on 25.00 a week, now cost 20.00 to go out to eat,
    over 50% of us can not afford heath insurance, so we can not go to the doc. to get health, my step son need surgery,but he can not get it,some day it will kill him, an how many other are in the same shape, yet how many illegal are been taking care of, but take a act of congress, for us to get help,

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  20. Phil Allender

    I believe the Fed Reserve is a huge and unrecognized problem in our economy. Until recently I had no idea of the damage caused to America by The Fed due to the public lack of knowledge and lack of transparency. I feel we have propped up our leaders in the name of patriotism that is misguided. All of a sudden, knowledgeable people are making sense and more people are listening to economists who having been trying to get our attention for some time now. It’s too bad we have to be knocked out by economic crisis before we wake up to reality.

    I support the efforts of legislators like Ron Paul, who have a grasp of the importance of transparency in government, and therefore support H.R. 1207 as a great beginning in reforming and regenerating responsible and “constitutional” government.

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  21. Chris

    The FED must go. I don’t understand how a private institution can have so much power without any oversight. They are the reason why the United States is in debt. It’s debt that can and will never be paid off. And for those who ask why, the fed does not pay the true value of printing money. The fed pays the treasury only the cost of printing the notes, then the fed turns around and lends that money to the US Government at full face value plus interest. The fed in nature is not federal at all. It’s a private bank run by special interest groups. That’s why it must go and I fully support Ron Paul’s bill to audit the fed.

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  22. rich

    Its about time to see what the Bank is really up to

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  23. Duane

    Here is a long awaited, much needed bill that will in my opinion never see the light of day. Why ? Because the people in control at the Fed have the people of the US so beholden and in debt, that if any attempt were made to force them to do anything, they would likely call all notes due and withdraw all investments which are currently the only thing keeping us emslaved…oops I mean employed and able to eat. We have been spoon fed and glad handed by our elected officials. They know only what they are told, and if that’s not good enough, too bad. They all want nothing more than to keep that cushy job with those wonderful benefits, and truly could not care less about what happens to their so called constituents.

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  24. Lupe

    I just dropped what I was doing and wrote to my Congressman,
    Bill Foster to co-sponsor H.R. 1207. I’m from Illinois
    so I’m not too hopeful. Nevertheless, I will follow up
    with a phone call.

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    1. EM

      I also wrote Congressman Foster a note, no response received. I hope he loses his re-election. He is a big disappointment.

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  25. Sarah B.

    Hello,
    Please be sure to update the number 11 to the number 33 in the sample letter. Thanks!

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  26. George

    We must stop the men from Jekyll Island. They will stop at nothing until they seize control of our lives and country.

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  27. Tom Hess

    Remember everyone that JFK was killed after issuing sound currency, the silver certificates. He also was doing other things that flew right
    in the face of the FED boys.

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    1. Chrsitine

      Yes, JFK did not like the Federal Reserve. Many people along with Martin Luther King also spoke out against the Federal Reserve. Notice all of these people during that era were killed. The media was able to keep it hush-hush and manipulate the truth. Now with the internet, the media etc… can no longer conceal the truth.

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  28. Fed and UCC goes hand in hand

    Let’s go back to the original golden rule. And it’s not whoever has the gold makes the rules. That’s how the FED thinks. End the fed, then end UCC law, and end people being chattel property. Common law= do unto others as you do unto yourself. It goes very deep. We are natural flesh and blood men and women. Not artificial persons period

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  29. DESTROYOBOMA

    The Fed is controlled by the Trilateral commision. Their end goal is to destroy the middle class, and make us all dependant on the government, which is also controlled by the Trilateral commision.

    This is a great first step. I doubt very seriously that it will ever happen, but I will whole heartedly support it, and contact my Represenitive and Senators. I wish I would have picked up on Ron Paul last year during the primary’s. He is my choice for 2012!

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    1. Eric J

      I agree, I wish I would have watched and listened more closely to what Ron Paul was saying. The good news is that I now know and am learning plenty and have the info to share with others. Thanks to all who post on this site for all the great information I have been provided with.

      Eric J

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    2. Del Kerr

      Destroyobama, You hit the nail on the head! AND…the tri-lateral commission was founded by the Peanut headed darling of the left J Carter, Who by the way recently has made trips to speak with HAMAS. Is it coincidence then that Hussein is paying MILLIONS to bring HAMAS here and set them up in business??? Thiss is about to get MESSY!! LIVE FREE or DIE!

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  30. John H.

    Like most goverment agencies we’ll find the Federal Reserve is a broken and useless system that should be gotten rid of. The only way to gain support for this is to have a audit it and see what’s really goin on there. I am in support of and think all Congress member must be in support of this bill. The only addition I would like to see added is that a copy of the audit be made available to any U.S. citizen who request a copy

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  31. Dave P.

    I have at least a few questions and in my research to find the answers, I have run into dead ends. Perhaps someone here might know an answer or two.

    The first is on the issue of Dr. Ron Paul’s name on the ballot. I understand there have been problems getting Dr. Paul’s name on ballot for the State of Missouri. How might be the best way to accomplish this if he chooses to run for President again?

    The second is on the issue of where money goes that is paid on interest to the Federal Reserve on US Government debt. Can anyone tell me who receives the money accrued from interest on payments from our Federal debt? I’ve heard that most of the money goes back into the coffers of the US Treasury, but is that entirely true? If someone could be detailed on this point about who the recipients are and how much they receive I would be appreciative.

    Third, I understand that the Federal Reserve, whose shares are privately purchased and owned by private banks, holds great sway over the currency and money supply of our nation. What would be the safest and best way by which to transition to a currency and money supply that is controlled by the People of the US instead of a private group of banks that put their own international banking interests first?

    Thanks,

    Dave P.

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    1. Mike

      My fellow American Dave P.

      A simple answer to your third question was written in the 1800′s

      “On every question of construction [of the Constitution] let us carry ourselves back to the time when the Constitution was adopted, recollect the spirit manifested in the debates, and instead of trying what meaning may be squeezed out of the text, or intended against it, conform to the probable one in which it was passed.”
      – Thomas Jefferson (1743-1826), letter to Judge William Johnson, (from Monticello, June 12, 1823)

      This would be the safest and best way by which to RETURN to a constitutional currency. Just as well, have you ever heard of executive order 011110? See if you can find out what president signed it, what it did, and what the end result of signing it caused? Do this and respond back. See if you can find a printable copy of this document. I would be willing to BUY one.

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      1. aliciala

        That is kinda hard to find! But it has never been repealed nor amended, so it is still valid. WHY then are we not getting silver notes? Why are we still using fed notes? Is this legal?—-Oh yeah, it was Kennedy

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        1. Mike

          Wow, Your a special treasure. To know this is to be an American. Now your question of weather its currently valid, the answer is no. To be valid it must be enforced.
          The reason we do not have siver or gold secured constitutional currency is simply because we Americans have sold our birth right, although it was stolen. The majority of Americans have been hypnotized by the television, litteraly. The cognative thoughts are clouded. The retoric from ALL sorces of imput are geared to control, and confuse. The current crisis that we call economic failure is a grand success to the creators of the global banking system. We are all in this together, and it will get worse, what we havent seen yet, and havent heard yet is how many humans are being eradicated from the planet. Believe this is occuring now. It is just not something that can be reported.

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          1. Chrsitine

            Our money is/was backed by oil. This I believe happened during the Nixon years. This is when we made the dollar the international standard for all trade in oil. Iraq was a country that did not go by the U.S. dollar. We attacked them to take over their banks, not their oil. Iraq and North Korea had/have their own currency and would not trade in U.S. dollar. That is why they are the U.S. enemy. But, the U.S. screwed itself. Soon the U.N. will take the dollar out of the oil trade business. Then the dollar will not be worth the paper it is printed on. Gold was and always will be the best to back up money. With alternative fuels being pushed, we will no longer need oil. This in itself is why our country could not back alternative fuels. When we have our dollar based on oil and we stop using oil, we have screwed ourselves. Now, that the U.S. dollar won’t be backed by the oil trade we should see more of an uptick in alternative fuels, etc…

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        2. Del Kerr

          Aliciala, You didn’t finish your statement. It was JFK that was against fed reserve notes (IOU’s). He stated that he would be no part in a currency that was not backed in silver by the FED. As an old geezer, I can tell you that the first IOU’s were issued in 1963…after his assassination. LBJ was our first OIL INTEREST President. “Tricky Dick” Nixon took us off of the Gold Standard thereby beginning the inflation/deflation cycle. Gold was deregulated during Peanut Carter’s term sending the price per oz. from $325.00 to $850.00 in a matter of weeks. Reagan did whatever GHWB allowed him to. GHWB got us into the OPEC vise, and put us at the mercy of the Saudis. Slick Willie C balanced the budget by gutting our military with base closings, and freezing government pay rates. Everyone’s but his of course. GWB was only the mouthpiece of his dads program. Now we have a radical Socialist activist President of questionable citizenship deconstructing our government piece by piece. His mouthpiece…Nancy Pelosi is a member of the Democratic Socialists of America. For a full list of Socialist members in our Govt. go to http://WWW.freerepublic.com/focus/f-news/1140124/posts. There are 11 in Cal. alone. By now it should be obvious that we have been sold out, and cajoled by BOTH parties into a system that benefits mainly the players inside the Beltway. Libertarianism is alive and well!!! God bless the free!!

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          1. Bill ONEILL

            I think you do understand socialism since it a economic term of social equal distribution of wealth which there has never been in any national in Modern times.The Repub legislation besdes Rep Paul have destoryed the working classes by giving ownship to the upper 2% of our GDP destorying the capitist system of consumers!

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        3. AntiVigilante

          Reagan got rid of it.

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    2. Amy C

      Dave P,
      I don’t know whom the interest is paid to, but look this up in the U.S. Code at http://www.law.cornell.edu. Look at Title 26- Subtitle A> Chapter 1 > Subchapter B-> Part III-> SS 140 > (5) This is the IRS code: “Income specifically EXCLUDED from Gross income: Income derived from Federal Reserve Banks, including capital stock and surplus”.

      I also saw that the Federal Reserve Act stated that any individual holding stock in the FED is limited to $26,ooo in common stock at par. I wonder how many owners of stock there are, and how many shares each holds… maybe we can just buy these shares & shut it down and deny them any future interest or dividends as pay back for their fraud.

      My eyes have recently been opened wide to all of this- Yes- I was a sheeple. I didn’t want to believe it was as bad as I suspected.

      I am now IN THE FIGHT

      Amy C

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      1. Owen Yeates

        Easier way. Nationalize the Fed. This will bring control of the value of money and authority to “coin” mone back to the consitution. It will also eliminate Billions of dollars in annual interest.

        Obama has shown the way to the Nationalization of key industries. Why not the Fed?

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    3. Amy C

      I located the quoted limit on Federal Reserve Stock:
      9. Limitation on Amount to One Subscriber

      No individual, copartnership, or corporation other than a member bank of its district shall be permitted to subscribe for or to hold at any time more than $25,000 par value of stock in any Federal reserve bank. Such stock shall be known as public stock and may be transferred on the books of the Federal reserve bank by the chairman of the board of directors of such bank.

      [12 USC 283. Part of original Federal Reserve Act; not amended.]

      1-013

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      1. Dave P.

        Thanks!

        I found this too, but the immediate link is for a branch of links on US Code.

        —-
        http://www.law.cornell.edu/uscode/html/uscode12/usc_sup_01_12_10_3.html

        TITLE 12 > CHAPTER 3 [Federal Reserve System]

        —-
        Especially…

        http://www.law.cornell.edu/uscode/html/uscode12/usc_sec_12_00000289—-000-.html

        TITLE 12 > CHAPTER 3 > SUBCHAPTER VI > § 289 [Dividends and surplus funds of reserve banks - paragraph a1A]

        “After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders of the bank shall be entitled to receive an annual dividend of 6 percent on paid-in capital stock.”

        In other words the greater amount of treasury debt the Fed purchases, the greater the interest-profit the Fed earns. An annual 6 percent goes to each of the shareholding banks after necessary Fed expenses. Any excess after that goes back to the Treasury.

        My question is, if funds end up back in the US Treasury, and the US Government has the right to issue its own currency, then why is it necessary to pay an independent banking entity and its shareholding banks 6 percent every year, especially when the US Government could save money by issuing its own currency? This sounds like a sure way to slowly but surely transfer wealth to the banking sector from the Federal Government as a form of guaranteed payout in the form of dividends paid to shareholding banks. Why do we need to pay this 6 percent dividend at all when the US Government could restructure and issue its own currency?

        If the Fed and the Treasury were trying to avoid hyper-inflation by having the Fed tighten monetary policy in the future should inflation get out of control, then how is the Fed going to tighten it now that $12.8 trillion has now been committed to fighting the current crisis and $4.1 trillion of that already spent/lent? The economy will become dependent on those newly redistributed debt-note dollars, and then the Fed’s attempt to reign in inflation by tightening the money supply will only serve to crash the economy again!

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    4. Christine

      Well worth your time to listen to this explanation of the FED, then pass along to everyone you know so they are informed. The more people that know, the better.

      The Creature from Jekyll – A Second Look at the Federal Reserve
      http://video.google.com/videoplay?docid=-8484911570371055528

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  32. Stewart

    I believe people like us are starting to make a difference, and it is getting noticed.
    Keep up the good work.

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  33. Nate D

    Most politians I have talked with have no idea about this bill. Please contact them and send them a copy. As they do not look for bills to support. It’s our jobs as citzens to keep our politians informed on the issue.

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    1. Mike

      Sir,
      Please if you would tell me some of the officials you have spoken with. There should be no surprise if you find an elected official saying they have no idea about the bill. Because when the Federal Reserve the IMF, the IRS, and the other culpable entities of the successful take over of America are sacked, we will have to place many of our elected officials under arrest. The oath of office is an important oath. Anyone who has taken it, and NOT obeyed it will be guilty. There are many in elected positions who are there AS spokes in the wheel. Who will resist the constitution, and resist return to the constitution, and resist the American people, not allowing us to return to a constitutional congress, as well as resist the return to a gold secured constitutional currency. The debate among the fools who say, “in order to compete in the global economy we must as a nation be involved with banking, and financial institutions at thier level.” I say to them, your fools,deceived, adn lacking intelligence. America need not COMPETE. You fools. At one time we had 11,700,000,000 onces of gold. Now we have 4000 tons. Your time is comeing servants of satan. Soon you will be naked, exposed, and standingbefore all to see. Promises made, promises kept.

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      1. Nate D

        I have spoken with Harry Mitchell who is the 5th district of Arizona. The extent of his knowledge about the FED was the TARP funds.

        Here is his website: http://mitchell.house.gov/

        I’ve already sent the bill over to him. I’ll call him in few days to see if he supports it.

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      2. mellowmoon

        Mike, In the future, please do not mix your terms. Some people are not math wwizzes. My first question was, is 4,000 tons more or less than 11,700,000,000 ounces? Here is the math: 11,700,000,000 ounces converts to 731,250,000 pounds which in tern converts to 365,625 tons. 4,000 tons converts to 8,000,000 pounds which in tern converts to 128,000,000 ounces.
        Your statement, “At one time we had 11,700,000,000 onces of gold.” or 731,250,000 pounds of gold or 365,625 tons of gold.
        “Now we have 4000 tons” or 8,000,000 pounds of gold or 128,000,000 ounces of gold.
        11,700,000,000 ounces minus 128,000,000 ounces. = 11,572,000,000 ounces. OR
        731,250,000 pounds minus 8,000,000 pounds = 723,250,000 pounds OR
        365,625 tons minus 4000 tons = 361,625 TONS OF GOLD.

        WHAT HAS HAPPENED TO 361,625 TONS OF GOLD THAT WE HAD AT ONE TIME?????

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  34. R. J. Dowd

    Thomas Jefferson wrote: “If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks of the corporations which grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered”
    Although I sometimes wonder about the Congress’s knowledge of our great American History, they should know exactily what their duty to the American People of this Great Country is. And that is to Vote YES on HR1207. If they have the guts.

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    1. 1951Patriot

      Unfortunately, this quote, although very popular, cannot be attributed to Thomas Jefferson. Please try to validate it and if you can, show proof that Jefferson actually said it. I spent many days trying to validate it and could not. It sounds good, but for the sake of accuracy people should stop attributing it to Thomas Jefferson.
      There is no question that Jefferson was adamantly opposed to the idea of a central bank. Alexander Hamilton, the elitist, was the promoter of the first central bank in the U.S.. It is an elitist control and exploitation system and it should not be allowed by free people anywhere in the world. It is also critical to the establishment socialism the same as a progressive income tax. It is all laid out in the “Communist Manifesto”.
      Too bad so many ill-informed souls think socialism is somehow a good thing. It is the preferred political and philosophical system of the ruling elite and amounts to nothing more than mass slavery.
      H.R. 1207 is a step in the right direction toward abolishing the Federal Reserve banking cartel.

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      1. answer?

        Does this help you out?

        If the American people ever allow private banks to control the issue of their  currency, first by inflation, then by deflation, the banks…will deprive the people of  all property until their children wake-up homeless on the continent their fathers conquered…. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. – Thomas Jefferson in the debate over the Re-charter of the Bank Bill (1809)

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        1. 1951Patriot

          See: http://wiki.monticello.org/mediawiki/index.php/Private_Banks_(Quotation)

          Earliest known appearance in print: 1937[1][2]

          Other attributions: None known.

          Status: This quotation is at least partly spurious; see comments below.

          Comments: This quotation is often cited as being in an 1802 letter to Secretary of the Treasury Albert Gallatin, and/or “later published in The Debate Over the Recharter of the Bank Bill (1809).”

          The first part of the quotation (“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered”) has not been found anywhere in Thomas Jefferson’s writings, to Albert Gallatin or otherwise. It is identified in Respectfully Quoted as spurious, and the editor further points out that the words “inflation” and “deflation” did not come into use until 1864 and 1920, respectively.[3]

          The second part of the quotation (“I believe that banking institutions are more dangerous to our liberties than standing armies…”) may well be a paraphrase of a statement Jefferson made in a letter to John Taylor in 1816. He wrote, “And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”[4]

          The third part of this quotation (“The issuing power should be taken from the banks and restored to the people, to whom it properly belongs”) may be a misquotation of Jefferson’s comment to John Wayles Eppes, “Bank-paper must be suppressed, and the circulating medium must be restored to the nation to whom it belongs.” [5]

          Lastly, we have not found a record of any publication called The Debate Over the Recharter of the Bank Bill. There was certainly debate over the recharter of the National Bank leading up to its expiration in 1811, but a search of Congressional documents of that period yields none of the verbiage discussed above.

          See this article’s Discussion page for further insight into the formation and use of the latter portion of this quotation.

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          1. answer?

            It is a pity that eustace mullins
            can not answer this question…. or could he?
            Is he still around?
            I did not find the quotation in some of his
            writings. I do believe it is important to get
            to the source of things that are
            stated (sometimes) fare in a to easy manner
            (which than start to live a life on its own).

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          2. Joy Garner

            WHY are we squabbling over the exact quote from Jefferson? PAHLEEZE. Let’s just agree that the sentiment is correct, and it doesn’t matter who said it or when. It’s a great quote even if we say “someone once said” it.

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      2. Dan

        Boom. These guys put a lot of research into this it SEEMS. I would bet they are right.

        http://www.snopes.com/quotes/jefferson/banks.asp

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  35. Kenji Lee (Ron Paul Revolution)

    The federal reserve must be held accountable for their actions. If they think they can do whatever they want, without being accountable to Congress and the President, then the Federal Reserve System must go once and for all. There is no authority in the Constitution to authorize a central. Congress and the President is held responsible and held accountable for not abolishing this illegal institution.

    Kenji Lee (Ron Paul Revolution)

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    1. crodriguez

      I agree. Thomas Jefferson once said that an institution such as the Fed would be a greater threat to liberty than any outside force, and he was not alone among the founding fathers. I think sa lot of the blame has to go towards the executive and legislative branches. And also towards any bureaucrat that refuses to co-sponsor this bill. The Federal Reserve is as Anti-American ideals as any Islamic radical or domestic terrorist!

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      1. Chris

        I’ve been told that Lincoln and JFK attempted this. Look at how that turned out. JFK had this to say.

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        1. BMTF

          I must agree Chris.
          We must keep on, tho.

          Thank you Ron Paul. Wow. Some REAL change!

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        2. Lane Binder

          The Federal Reserve was not around when Lincoln was alive.

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    2. Rod Carlson

      I would like to Thank Ron Paul,

      Secondly, I would like to advertise my vision of the future of economic freedom. A commodity/service based computer networking system between sellers and buyers with no central control and protection with the highest encryption. As an engineer I need technology minded people, primarily software oriented to help me shore-create a peer-peer network (internet) marketplace, that coordinates sellers and buyers for fractional barter. This peer to peer marketplace should be designed to be protected (encrypted) from tapping of individuals or trade data, provide for fractional barter using a non-currency but fractional exchange of items between multiple sellers and buyers. Coordination of multiple buyers and sellers with contract dates, and a scoring (credit) of items exchanged between sellers and buyers so that a score can be used to eliminate irresponsible participants. The real difficulty is that the entire system must be peer to peer which means no central authorizing or website shall be used to coordinate activities. Otherwise we would have a central auction like ebay or craigslist tied with dollar denominations of paypal. Quite frankly, barter represents the most stable commodity market and losses and gains are realized immediately at the individual level. We need to bring auction mentality of Ebay, free advertising of Craigslist, decentralized, demonetized, and responsible at the individual level with intervention and extortion from the manipulators and robbers. In a decentralized scheme (peer-peer) using encryption techniques, redundancy of dispersed information a true alternative can be posed by individuals without congressional powers and oversight. Which I think will always be bought and paid for by the powers at control. Think about how the founders of this country would have created the ultimate check and balance economy in this century using commodities and I believe this to be it. If you are interested and capable at working this proposition technically, I hope for C coders/perl or otherwise and would like to work on GPL (freeware) please write me at rod_d_carlson@yahoo.com. I’d like to see if I can find like minded software/engineering disciplined people to help free us from this nightmare of the Federal Reserve.

      Thanks,
      Rod Carlson

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      1. Rod Carlson

        As you probably guessed I said
        “We need to bring auction mentality of Ebay, free advertising of Craigslist, decentralized, demonetized, and responsible at the individual level with intervention and extortion from the manipulators and robbers”

        change with to without…Smile

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        1. AntiVigilante

          I am very interested. Sent an IM.

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    3. Jeremy Dozier

      I can’t print money, either.

      I support the cause, but at some point we are going to need a different type of capital. If we do not believe in Federal Reserve Notes, let’s stop asking for them.

      Let’s turn our attention to public demonstrations.

      Yes?

      Jeremy Dozier

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    4. Steve (Of Wolves)

      you should make a bumber sticker!!!! one of the best ways to spread the message!

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    5. John

      Congress shouldn’t have to have a law to do it. Congress is empowered by the Constitution to do what the Federal Reserve is doing. I wonder what the Fed uses as a reason not to be answerable to Congress.

      Article I, Section 8.

      (The Congress shall have Power To)

      Clause 5: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

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