Sen. Jim DeMint Co-Sponsors Audit the Fed Bill

Ron Paul’s Campaign for Liberty today issued high praise for Senator Jim DeMint and his leadership on legislation to bring transparency to the Federal Reserve and our nation’s monetary policy.

Last week, Senator DeMint became the first Republican to support S. 604, The Federal Reserve Sunshine Act of 2009. This week he has taken to the airwaves to help build momentum for this bill, including a nationally televised appearance today on Fox News’ Glen Beck Show.

S. 604 is the companion to H.R. 1207, legislation introduced in the House of Representatives by Congressman Ron Paul, which currently stands with 237 cosponsors, a majority of the House.

“The Federal Reserve wields tremendous power and is at the center of our current economic storm of deficits, debt and bailouts.”

“Senator Jim DeMint understands that in order to solve our problems, America needs transparency and accountability at our nation’s central bank,” said Campaign for Liberty President John Tate.

“By supporting S. 604, Senator DeMint is standing up for both South Carolina and the American People. The Campaign for Liberty applauds Senator Jim DeMint for strong leadership in the fight to restore our Liberty.”

“H.R. 1207 has tremendous momentum in the House, and S. 604 is now picking up steam in the Senate,” continued Tate.

Senator David Vitter (R-LA) also cosponsored S. 604 shortly after Sen. DeMint signed on and other Senators are soon expected to follow Senator DeMint’s lead.

S. 604 and H.R. 1207 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and an audit by the non-partisan Government Accountability Office. Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as ongoing dollar swap operations with European central banks.

H.R. 1207’s 237 cosponsors includes nearly every House Republican, as well as 71 Democrats and encompasses Representatives from a wide variety of ideological backgrounds, including conservatives, liberals, libertarians, moderates, and Blue Dogs. For example, Lynn Woolsey (D-CA), former head of the Progressive Caucus and Tom Price (R-GA), Chairman of the conservative Republican Study Committee, are both early supporters.

Campaign for Liberty was formed to build on the momentum generated by Ron Paul’s presidential bid that won over 1.3 million votes in the GOP primaries, while setting one day internet fundraising records and pulling in $34.7 million. Campaign for Liberty has attracted over 200,000 members and is conducting grassroots lobbying and educational campaigns to motivate millions of Americans to push for transparency at the Federal Reserve.


    Does anyone not realize what a sham Mr. Schultz is?..U.S. Embassies do not trade in currencies for starters. There will be no calamity in September and Mr. Schultz interpretation of events in the 1930s is ludicrous. Keep your money in a broadly divirsfied portfolio and wait for the coming world economic expansion. The business cycle never fails.

    Stop spreading Harry’s nonsense.

  • For the guys worried about “peak oil”. Please understand that the Hubbert analysis is based upon an unexplored oil productive basin, based upon the simple premise that the bigger oilfields are found first(because they are easier to find) produce at higher rates and begin to decline. After all the big fields are found the smaller fields are unable to sustain the higher production rate of the big fields. This does not mean that production stops, only that the rate of production is diminishing. With demand increasing the problem occurs not because we are running out, only that we cannot produce oil fast enough to keep up with demand without large discoveries.

    Since Prudoe Bay in 1968 there had not been a major new discovery(greater than a billion barrels)until Capango & Cuisiano in Columbia in 1993. Of course this discovery only produces around 500,000 bopd when the guerillas are not blowing up a $1.5 billion pipeline. In short, a major discovery was made in an area that is not easily gotten to market. New discoveries in Brazil and other deep waters will not be online soon and as is often the case are over estimated resulting in severe disappointment when actual production begins.

    Virtually all existing oil basins have reached their peak oil and are now in decline. That is not to say that unexplored basins may yet yield a vast new oilfield, but virtually all potential basins have been explored to some extent.

    There are no giant oilfields yet to be discovered in mature basins. Similar to ANWAR, in 1968 BP/Arco could have drilled anywhere on the godforsaken north slope, since we had yet to give the “glue heads that have gone organic” the power thay have today. To not believe in peak oil one would have to believe that BP spent 100’s of millions of dollars to drill their second best prospect. I assure you that that is not the way it works. So even if ANWAR is finally drilled the odds are slim that one will find a field larger than Prudoe Bay. Apply this logic to anywhere in the world and you can readily understand that “Peak Oil” although not certain is certainly a probability.


    Daily, Our Great Country, the United States of America is attacked by Left-Wing Democratic Ideologues who seem and appear to be hell-bent on the destruction of free-enterprise and liberty for the American People. Dr. Ron Paul, DeMint, Vitter, and a few others fight continuously trying to stop this chaotic Administration of Barack Obama from destorying our way of life. Congress is out-of-control led by Nancy Pelosi, Barney Frank, Harry Reid, Henry Waxman, Ed Markey and the likes who have a socialistic agenda. The Federal Reserve needs to be AUDITED, and then COMPLETELY ABOLISHED, and true wealth returned to the control of the People of The United States. The U.S. Constitution means absolutely nothing to OBAMA or his Administration. They themselves think that they are “ABOVE THE LAW” or that they “ARE THE LAW” dependent upon the situation and frame of mind they are all in given a specific matter they may be considering. The Economic Stimulus Bill was a farce, a ruse, and another scam, just like HEALTH CARE REFORM, and the forthcoming CLIMATE CHANGE, and soon, the AMNESTY PLAN for illegal immigrants. Why have laws, when lawmakers, Congress, the Courts, and even our POTUS do not have to obey, follow, or much less enforce them?

    America is being destroyed. Like a wounded soldier, she lies bleeding all over the ground. You cannot believe a thing that comes out of BARACK HUSSEIN OBAMA’S Mouth, unless it is in regard to bashing, defaming, and apologizing with regard to America. OBAMA is an USURPER, he has MUSLIM Roots, and he cares more for the doctrine of ISLAM than he does his own people that voted him into office—a decision that many are regretting at this point in time. He has been in office a little over five(5) months, and look at the state of Our Country. Is this the HOPE and CHANGE everyone was promised, and now we are subjected to?

    It is time to bring attention to the daily chaos caused by this Administration, and the damage they are doing, so that Great Americans such as Dr. Ron Paul can at least attempt to legislatively do something about it…. MAY GOD ALMIGHTY HELP US ALL, BECAUSE FOLKS WE ARE GOING TO NEED IT…….. In fact, if you would like more information that outlines what we Americans are being subjected to, listen to MARK LEVIN at: or get a copy of his book entitled LIBERTY and TYRANNY — it is the best book I have ever read next to my Bible, and it details exactly how these fascist, marxist, idealogues think, and plan their evil works against us Americans.

  • longshotlouie

    Laugh Break

    It’s A Bird, It’s A Plane, ….. It’s Oba Man

  • Joe P

    There are enough votes in the house now to pass 1207. We now need to focus our efforts on Pelosi as well. Nothing will happen if she doesn’t bring it to a vote. Call, fax, email. Let’s do it.

    • Sean

      Pelosi supports the bill. I heard her talking about it.

      • longshotlouie

        Great! Then she will announce that she is putting it up for a vote this week!!

        • Sean

          I dunno if she will announce it this week. She did support the bill though saying she would like more transparency and it is expected from the people.. But she said she hasn’t come accross the bill yet and doesn’t know much about it.. I’m sure they will bring it to her attention whenever they are ready.

  • TOS

    re: Sean’s post on OPEC and dollars

    Are we talking universal irrevocable law?
    Do you believe that there is no point at which they cut their losses.

    Maybe they will let it ride because they love us so much.

    p.s. Please don’t treat me the way you do most of these folks, or I will not respond.


    • Sean

      I think they love us a lil too much 😉

      • TOS

        Hey … one holds hands and the next one likes to bow.

        It must be a mighty big bed, fellows.

        • Sean

          yep. Our country would crumble without their oil.

          • Sean

            I am afraid of the path we are taking. Oil has to run out someday and other countries will stop proping up the dollar then.

          • TOS

            You still believe in the peak oil theory?

          • Sean

            ya, it’s not really a theory though because it’s already happened to like 20 countries. There is not an infinite supply and the world consumes 80 million barrels a day at an accelerating rate. It is inevitable.. There is shale oil but it takes 5 times as much energy to process. It would be very expensive.

          • TOS

            So it is a scientific fact?

          • TOS

            I guess your shift is over.

            “Every ten or fifteen years since the late 1800’s, ‘experts’ have predicted that oil reserves would last only ten more years. These experts have predicted nine out of the last zero oil-reserve exhaustions.”

            C. Maurice and C. Smithson, Doomsday Mythology: 10,000 Years of Economic Crisis, Hoover Institution Press, Stanford, 1984.

            You’re not one of those doomsdayers are you?

          • Sean

            You should read about it. Not once do they call it a theory.

            The following list shows significant oil-producing nations and their approximate peak oil production years, organized by year.[138]

            Japan: 1932 (assumed; source does not specify)
            Germany: 1966
            Libya: 1970
            Venezuela: 1970
            USA: 1970[139]
            Iran: 1974
            Nigeria: 1979
            Trinidad & Tobago: 1981[140]
            Egypt: 1987[141]
            Russia: an artificial peak occurred in 1987 shortly before the Collapse of the Soviet Union, but production subsequently recovered, making Russia the second largest oil exporter in the world. Figures from early 2008, statements by officials, and analysis suggest that production may have peaked in 2006/2007.[142][143] Lukoil vice president Leonid Fedun has said $1 trillion would have to be spent on developing new reserves if current production levels were to be maintained.[144]
            France: 1988
            Indonesia: 1991[145]
            Syria: 1996 [146]
            India: 1997
            New Zealand: 1997[147]
            UK: 1999
            Argentina: 1999 (BP statistical workbook 2007)
            Colombia: 1999 (BP statistical workbook 2007)
            Norway: 2000[148]
            Oman: 2000[149]
            Mexico: 2004[150]
            Australia: 2000 (BP statistical workbook 2007)
            Peak oil production has not been reached in the following nations (these numbers are estimates and subject to revision):[151]

            Iraq: 2018
            Kuwait: 2013
            Saudi Arabia: 2014


          • TOS

            Weren’t those dates projected using the Hubbert Curve?

            Does peak oil production automatically mean peak oil?

          • Sean

            No, those are actual dates of when they peaked.. Hubbert Peak Theory is a mathematical chart that says there will be a swift decline in production afterwards.

            Ya, peak oil production is when they are able to extract the most amount of oil. The theory that can be debated is how long we would have after production reaches its peak.

          • Sean

            Hubbert was correct about the united states. He predicted 30 years in advance exactly what time we would peak and was correct…

            I dunno if you can see this chart. But the bold line is his estimate and the dotted line is actual us oil production.


          • TOS

            One problem, it has been debunked by many.


            I hope your not beholden to oil interests.

            Dinner time, wcb

          • Sean
          • longshotlouie

            Some interesting research

  • Sean

    I’m pretty sure the federal reserve will gain regulatory powers but will be complimented with either of these transparency bills. Most congressmen i’ve heard from want both. The congress wants the fed to control subprime lending with a clear cut picture of what’s going on.

  • admin

    Personal insults removed. Please help us keep the discussion civil and on-topic.

  • Herewe Goagain

    It is no secret the elite have envisioned a global currency for some time now. In 2007, the director of international economics at the Council on Foreign Relations stated that the dollar and the euro are but temporary currencies. “It is the market that made the dollar into global money – and what the market giveth, the market can taketh away. If the tailors balk and the dollar falls, the market may privatize money on its own,” Benn Steil pontificated.

    More like the banksters taketh away — and not only money but national sovereignty as well because a global currency will demand an end to “monetary nationalism.”

    Or as Richard N. Haass, president of the Council on Foreign Relations, has said, “states must be prepared to cede some sovereignty to world bodies if the international system is to function.”

    Mr. Schultz believes a “bank holiday” would suit the burning desires of the international bankster elite. It will lead to “nationalization,” which is a polite word for brazen thievery. It will allow the government — owned lock, stock and barrel by the global elite and run by their corrupt whores and cronies — to rape secured creditors and bondholders. Nationalization is the unfettered process of grabbing up of insurance companies, mortgage companies, banks, medical care, and car companies and handing them over to the monopoly men.

    During the FDR “bank holiday,” Schulz notes, “thousands of banks never reopened; it was a face-saving way of shutting them down. I would guess the same would occur today; thousands have little or no net value, loaded with debt, bad mortgages.”

    In order soften the nation up for the coming pillage, the Obama administration has proposed a plan to give the privately-owned and unaccountable Federal Reserve complete regulatory oversight across the entire U.S. economy. The new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets — that is to say if it “threatens” the monopolistic interests of the bankers.

    “Obama’s regulatory ‘reform’ plan is nothing less than a green light for the complete and total takeover of the United States by a private banking cartel that will usurp the power of existing regulatory bodies, who are now being blamed for the financial crisis in order that their status can be abolished and their roles handed over to the all-powerful Fed,” write Paul Joseph and Steve Watson. “The government is ready to hand over everything to a monolithic private corporation and a gaggle of bastard banker offspring, that have gobbled up an amount close to the entire GDP of the country in taxpayers’ money and figuratively stuck the middle finger up regarding questions over where that money has gone.”

    A “bank holiday” would work wonders for any “regulation” the Fed and the bankers have in mind. It would compliment the criminal consolidation now underway. It would allow them to finally and formally devalue the dollar and usher in a global “super currency” of control and enslavement.

    A Bob Chapman subscriber added a little dinger to the prospect of the banks going dark. The subscriber claims to have overheard two men in FEMA jackets talking with a police chief in California, all who agreed that the federalization of police around the country — a process largely complete — will be required if the banks are shuttered in late August or early September because it will get “ugly” out there.

    No doubt. Because the sort of enduring and polite American who weathered the “Great Depression” is now in seriously short supply.

    If Mr. Schultz’s prediction is correct, we can expect riots in bank foyers and ultimately martial law to be imposed.

    • Sean

      Totally wrong. the dollar is the world currency because OPEC will only accept dollars. Until we piss off OPEC, our currency will march on. Thats why there is so much currency exchange. There are trillions of dollars flowing thru the foreign exchange market everyday. That is not going to stop. Other countries need to buy dollars to purchase oil.

      • Herewe Goagain

        Wishing in one hand and pissing in the other.
        Let us know which one fills up first.

        • Sean

          You have no clue. OPEC will not accept other currencies because we give their countries protection. Iraq was the last country to try to switch currencies in 2000 and then look what happened to them.

          • Herewe Goagain

            Of course I don’t, and I believe that you believe what you are saying.

          • Sean

            It is a known fact that OPEC only accepts dollars. Look it up.

  • Herewe Goagain

    Bob Chapman’s influential ‘International Forecaster’ is reporting on the possibility of a so-called “bank holiday” planned for late August or early September. According to Chapman’s sources, U.S. embassies around the world are selling dollars and stockpiling money from respective countries where they operate.

    “Some US embassies worldwide are being advised to purchase massive amounts of local currencies,” writes Harry Schultz, “enough to last them a year.” Schultz publishes the Harry Schultz Letter, an international investment, financial, economic, and geopolitical newsletter named as “Newsletter of the Year” by Peter Brimelow of Market Watch in 2005 and 2008.

    Schultz believes the global elite are in the process of engineering an FDR-style “bank holiday” of undetermined length in order to “sort-out the bank mess” and impose new bank rules.

    On March 5, 1933, in the depths of the banker engineered “Great Depression,” newly elected Franklin Roosevelt declared a “bank holiday” that forced banks closed for four days. Roosevelt then rammed the Emergency Banking Act through the legislature. Passed by Congress on March 9, the act granted FDR near dictatorial control over the dealings of banks. It also allowed the Secretary of the Treasury the power to compel every person and business in the country to relinquish their gold and accept paper currency in exchange.

    On March 10, Roosevelt issued Executive Order No. 6073, forbidding people from sending gold overseas and forbidding banks from paying out gold. A few weeks later, on April 5, Roosevelt issued Executive Order No. 6102 ordering Americans to deliver their gold and gold certificates to the Federal Reserve bank in exchange for paper fiat money.

    In other words, FDR engaged in one of history’s greatest rip-offs — that is until now.

    FDR not only ripped-off the American people, but foreigners holding dollars as well, thus ensuring the “Great Depression” would spread around the world like a bankster engineered contagion.

    As Schultz notes, another forced “bank holiday” will likely lead to a formal devaluation of the already broadsided U.S. dollar. “But devalue against what? The euro? Doubtful. Gold? Maybe. Or vs. the IMF basket of currencies,” which he feels is more likely.

    In fact, this is precisely what the globalist have in mind. In March, the media reported the IMF was poised print billions of “global quantitative easing” dollars to be dubbed global “super-currency” to address the (bankster engineered) economic crisis. “The principle behind it is that everyone would get bonus dollars and instead of the Federal Reserve having to print them, everyone gets them,” declared Simon Johnson, former chief economist at the IMF.

    Can you say inflation?

    • Sean

      are you joking? do you know what the bank holiday was for? we have already stabilized the banks. there is no need.

      • Herewe Goagain

        No, Yes, have we now?, of course there isn’t.

        Let’s see what happens.

        • Sean

          ya, banks are starting to make profit and that is the first sign of economic recovery.

          • Hukme Upp

            The dollar is being trashed around the world. China and Russia are dumping their Treasury bills. Brazil, Russia, China, and India, just had a major pow wow and are going to trade together and not use U.S. dollars.

            America’s financial illuminati know that they have to move fast on a world currency, and September sounds just about right to make that switch.

          • Sean

            hahahaha you don’t know anything about economics. You can’t just dump treasury bills.. These countries actually have to keep lending us money and keep the system going or they can’t refund their treasury bills..