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The Central Bank Monopoly might finally be audited sometime in the future for the first time in over 95 years (since the inception of the Federal Reserve system).  House Resolution H.R. 1207, the Bill to Audit the books of The Federal Reserve Oligarchs, now has 222 Congressmen/Congresswomen signed on as official co-sponsors.

The Federal Reserve Transparency Act (official title of H.R. 1207), is now co-sponsored by a majority of the U.S. House members, with Dennis Kucinich D-OH being the offical 218th co-sponsor. The bill is expected to pass by a very comfortable margin in the House, as long as Nancy Pelosi ("Bank Bailout" puppet) doesn't find some parlimentary way to torpedo this opportunity for some long overdue government transparency.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tommorrow morning."

          --Henry Ford


Apparently nobody at the Federal Reserve now can account for some $9 Trillion dollars ($9,000,000,000,000.00) in off-balance sheet transactions.

When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed's expanded balance sheet, the Inspector General didn't know. Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.   Rep. Alan Grayson said: "I am shocked to find out that nobody at the Federal Reserve is keeping track of anything."  


Story at:  Whoops...Federal Reserve "loses" $9 Trillion dollars



Jim Grant, editor of Grant's Interest Rate Observer, told CNBC, that The Federal Reserve's balance sheet is so out of whack that is undercapitalized in a way that Citicorp is undercapitalized.

In addition to H.R. 1207, progressive Senator Bernie Sanders also has drafted a U.S. Senate Bill, S.604, called The Federal Reserve Sunshine Act, which currently has one U.S. Senate co-sponsor, Senator Jim DeMint.
______

So what or who are "The Federal Reserve", besides just the biggest Robber Barons on the Earth? Dennis Kucinich explains:

"The Fed, when it was created in 1913, actually the money creation power of the Country was removed ... to private hands. This is something that most Americans don't have any clue about. So the Federal Reserve, first of all, needs to be held accountable within their sphere of activities now, because they played a role in looking the other way when the sub-prime loan scandal was burgeoning. They played a role in looking the other way not regulating activity in hedge funds, and the speculators on Wall Street. And they played a role in looking the other way with respect to the practises of the financial community .. which essentially they've taken a laissez-faire approach.  You know, the Fed at least should be reformed, and at best there should be a repeal of the 1913 authorization, and we need to look at the money power issues in order to reclaim our democracy.

I have long believed that the debt-based nature of our monetary system, has a lot to do with way in which wealth accumulates and accelerates upward."

      --Dennis Kucinich, -Democratic Congressman, OH


If you've ever wondered just who owns and profits by the Federal Reserve System (off the backs of American citizens money), here is some of the documented ownership history:  Who Owns The Federal Reserve.




The Federal Reserve system was brought into this Country in 1913, as a duplication of the corrupt European Central Bank system (and involves much of the same international ownership), which our Founding Fathers, of course, were staunch opponents of.  By delegating away the control of our Nation's money over to a private, for-profit, Bank Monopoly, Congress violated Section I, Article 8 of the U.S. Constitution.  This is also quite analogous to having private, for-profit Insurance monopolies dictate the fate of our physical Health.



"If Congress has the right under the Constitution to issue money, it was given them to use themselves, not to be delegated to individuals or corporations.  Controlling our currency, receiving our public moneys, and holding thousands of our citizens in dependence ... would be more formidable and dangerous than a Military power of the Enemy."  
          --President Andrew Jackson



Within 15 years of the creation of the Federal Reserve Bank the U.S. experienced it's worst depression. The depression was initiated when the Federal Reserve Bank changed the valuation of the dollar, and then refused to provide banks with dollar bills, causing a panic and a run on the banks.

It is interesting just how similar the following quotes are:

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that vies is above the hand that takes.  Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."

         --Napoleon


"Whosoever controls the volume of money in any Country is absolute master of all industry and commerce... And when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate."

         --President James Garfield






So will the private Banking Oligarchs, that control our money, finally get their comeuppance?





Time to Audit the Fed!






What has happened to the purchasing power of our money
by entrusting The Federal Reserve Monopoly




Originally posted to FreeSociety on Fri Jun 12, 2009 at 07:45 AM PDT.

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Comment Preferences

  •  Tip Jar (11+ / 0-)

    _________________
    "All tyranny needs to gain a foothold, is for
    people of good conscience to remain silent."
         --Thomas Jefferson

    by FreeSociety on Fri Jun 12, 2009 at 07:45:51 AM PDT

    •  Update: (5+ / 0-)


      After months of activism and lobbying by grassroots supporters, House Resolution 1207, The Federal Reserve Transparency Act, will now move out of committee to be debated by the full House of Representatives.

      In a show of cross-party unity, Ohio Democratic Congressman Dennis Kucinich became the bill’s 218th co-sponsor, pushing it over the threshold for debate in Congress.

      The bill, which achieved its 222nd co-sponsorship on Thursday, has been in consideration by the House Financial Services Committee since Feb. 26.

      Congressman Kucinich, along with Rep. Edolphus Towns (D-NY), announced Tuesday that the House Financial Services Committee will subpoena the Federal Reserve to ascertain the details of the Fed’s agreements with Bank of America in the institution’s acquisition of Merrill Lynch.

      "The full committee and Domestic Policy Subcommittee, under the leadership of Chairman Dennis Kucinich (D-OH), have been investigating the circumstances surrounding the federal government’s bailout of the Bank of America-Merrill Lynch transaction," Kucinich’s office noted in a Tuesday release. "Specific documents subpoenaed include emails, notes of conversations and other documents."

      _________________
      "All tyranny needs to gain a foothold, is for
      people of good conscience to remain silent."
           --Thomas Jefferson

      by FreeSociety on Fri Jun 12, 2009 at 08:50:35 AM PDT

      [ Parent ]

      •  Progressives should support this bill! n/t (3+ / 0-)
        Recommended by:
        JG in MD, Johnny Q, FreeSociety

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Fri Jun 12, 2009 at 10:37:35 AM PDT

        [ Parent ]

        •  True progressives like Kucinich and Sanders do! (0+ / 0-)


          It is only the corrupted "Centrist", pro-Establishment, pro-WallStreet Democratic Party wing that is afraid of accountability and transparency.

          Washington "Centrism" is the enemy that has totally screwed up this Country for the last 50 years, and nuetered genuine progressive, people-first politics in this Country.

          _________________
          "All tyranny needs to gain a foothold, is for
          people of good conscience to remain silent."
               --Thomas Jefferson

          by FreeSociety on Fri Jun 12, 2009 at 01:03:57 PM PDT

          [ Parent ]

      •  Unattributed source of that entire comment, (0+ / 0-)

        verbatim: this Raw Story article by Stephen C. Webster. That's not you, I presume.

        Why not include the next sentence too?

        While the bill enjoys some Democratic supporters, the vast majority of H.R. 1207 co-sponsors are Republican.

        But hey, keep repeating that supporting Ron Paul's bill is the progressive position.

        •  Wrong (0+ / 0-)


          Democrats are slow, because the idea did not come originally from one of their own members. So there is some political tone deftness.

          But anyone with a brain knows that letting the Bankers/Wall Street run wild with no accountability, is not the progressive position.

          Government Transparency is always the progressive position.  Always.  And Vermont Senator Bernie Sanders, who is as left on the political spectrum as it gets, is the author of the U.S. Senate bill S.604 that is the counterpart to Ron Paul's House bill.

          Either you're with the Bankers/WallStreet Monopolization (and theft), or you're on the side of the people having some modicum of control.

          This isn't a hard issue.
          Government Transparency and accountability is always right.

          _________________
          "All tyranny needs to gain a foothold, is for
          people of good conscience to remain silent."
               --Thomas Jefferson

          by FreeSociety on Fri Jun 12, 2009 at 06:07:53 PM PDT

          [ Parent ]

  •  Audit The Fed!! (1+ / 0-)
    Recommended by:
    p gorden lippy




    _________________
    "All tyranny needs to gain a foothold, is for
    people of good conscience to remain silent."
         --Thomas Jefferson

    by FreeSociety on Fri Jun 12, 2009 at 07:46:52 AM PDT

    •  Title of video: "Evil international bankers are (0+ / 0-)

      running the World" (as can be seen at YouTube).

      Re "Audit the Fed": The House bill's author, Ron Paul, has written a book due out in September: End the Fed.

      Do you advocate ending the Fed too?

      •  It's bothered me for months (1+ / 0-)
        Recommended by:
        Rita in DC

        that the toxic nature of the Federal Reserve is an issue pounded by Libertarians, with whom I mostly disagree.

        There's a sign posted on many of the telephone poles in my area saying "End the Fed!" and it makes my teeth itch every time I see it.

        Perhaps some distinction between the progressive view and the libertarian one could be inserted into discussions of the Fed, but I haven't found it yet.

        •  The progressive view is this... (2+ / 0-)
          Recommended by:
          JG in MD, TylerFromNE




          On the contrary, the people who want the Bank Monopoly/Wall Street to control our money, at their profit, are favoring the privileged class, the Elites, and this is clearly not progressive.

          So choose then between the Jefferson, Franklin, Madison, Jackson model (no Central Bank Monopoly), which is also the position of the U.S. Constitution, or ... the alternative that we have today which is:




          Opposing the Monopoly control is always the true progressive position.

          _________________
          "All tyranny needs to gain a foothold, is for
          people of good conscience to remain silent."
               --Thomas Jefferson

          by FreeSociety on Fri Jun 12, 2009 at 12:48:05 PM PDT

          [ Parent ]

    •  But more important, you're making a right-wing (4+ / 0-)
      Recommended by:
      sberel, Nova Land, furi kuri, blueness

      argument, and you've drawn  "evidence" from fringe right-wing sources. The homepage of your hyperlink "Who Owns the Federal Reserve" is
      www.save-a-patriot [dot] org. That site and its owner are under permanent DOJ injunction from promoting and selling illegal tax-resistance schemes.  

      •  No: Kucinich, Sanders, Jefferson, Jackson ... (4+ / 0-)
        Recommended by:
        TylerFromNE, Ohio Max, eyesonly, Johnny Q

        are NOT right-wing.

        This is not a left-right partisan issue.
        This is about getting ripped-off by the biggest Monopoly on earth.

        _________________
        "All tyranny needs to gain a foothold, is for
        people of good conscience to remain silent."
             --Thomas Jefferson

        by FreeSociety on Fri Jun 12, 2009 at 08:26:36 AM PDT

        [ Parent ]

      •  TheProgressive position: government transparency (2+ / 0-)
        Recommended by:
        TylerFromNE, Johnny Q


        The progressive position is always for government transparency, full disclosure, and accountability to the people.

        The Corporatist/Fascist position is to be on the side of the private Banking Monopoly/WallStreet interests.

        "Rita in DC" is on the crooked Banker's/Wall Street side here, and that is not progressive at all...or Constitutional.

        _________________
        "All tyranny needs to gain a foothold, is for
        people of good conscience to remain silent."
             --Thomas Jefferson

        by FreeSociety on Fri Jun 12, 2009 at 09:39:03 AM PDT

        [ Parent ]

      •  Following the supreme law of the land (1+ / 0-)
        Recommended by:
        FreeSociety

        is not right-wing or left-wing. And nobody cares what site the embedded video is hosted at - talk about grasping at straws.

        The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

        by TylerFromNE on Fri Jun 12, 2009 at 09:52:50 AM PDT

        [ Parent ]

          •  Try reading the U.S. Constitution (0+ / 0-)

            _________________
            "All tyranny needs to gain a foothold, is for
            people of good conscience to remain silent."
                 --Thomas Jefferson

            by FreeSociety on Fri Jun 12, 2009 at 10:09:29 AM PDT

            [ Parent ]

          •  The constitution a discredited source now too? (0+ / 0-)

            Article 1, Section 8

            The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

            To borrow money on the credit of the United States;

            To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

            To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

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

            To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

            To establish Post Offices and Post Roads;

            To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;

            To constitute Tribunals inferior to the supreme Court;

            To define and punish Piracies and Felonies committed on the high Seas, and Offenses against the Law of Nations;

            To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;

            To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;

            To provide and maintain a Navy;

            To make Rules for the Government and Regulation of the land and naval Forces;

            To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;

            To provide for organizing, arming, and disciplining the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;

            To exercise exclusive Legislation in all Cases whatsoever, over such District (not exceeding ten Miles square) as may, by Cession of particular States, and the acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings; And

            To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.

            The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

            by TylerFromNE on Fri Jun 12, 2009 at 10:20:07 AM PDT

            [ Parent ]

      •  This is an American issue, not right or left (2+ / 0-)
        Recommended by:
        TylerFromNE, FreeSociety

        The fact is that the Federal Reserve has been printing trillions of dollars without the consent of the American people.  In both Democratic and Republican administrations the federal reserve has artificially created recessions and inflation throughout printing money and fluctuating interest rates.  The federal is a private corporation and that can not be argued with.  The bill has bipartisan support and needs to be passed to ensure a financially secure future for the United States and expose criminals at the federal reserve.

      •  Then there's Newsmax, a marginally more (0+ / 0-)

        mainstream right-wing source. That's where your hyperlink Whoops...Federal Reserve "loses" $9 Trillion dollars goes.

  •  What makes the Federal Reserve a good institution (0+ / 0-)

    is its independence.  It is an independent institution which makes decisions independently from the political pressures of Congress or the mod.

    If we are going to start auditing this institution left and right, we are going to chip away at its independence.

    This is the only reason i am opposing this bill. I do not want any political party or the mod having a tight control or influence or any input whatsoever on the money supply.

    Don't give a damn a/t each & every politician currently alive in the US. Last time i voted for the top part of the ballot was 1972. Never missed SB election

    by Mutual Assured Destruction on Fri Jun 12, 2009 at 07:52:30 AM PDT

    •  the weakness in that argument is that right now, (3+ / 0-)
      Recommended by:
      Johnny Q, Susipsych, FreeSociety

      while the decisions are not necessarily being made for openly political reasons, instead, they are being made by people who want to maximize their own profits without regard for the greater good.

      If a genuine WllSt reform effort gains ground, you watch them make all kiinds of behind the scenes maneuvers to keep control.

      Oh wait, I think that just happened, with Geithner at the helm of treasury.

      I think a system that has some independence is fine, kind of like civil service keeping some continuity in public servants so they don't all get fired every election. But to have our money supply completely in the hands of a few powerful financiers does not seem like a very We, the People approach to the problem.

      Excellent diary and quotes from our past.

      Fear is the mind-killer - Frank Herbert, Dune

      by p gorden lippy on Fri Jun 12, 2009 at 08:00:26 AM PDT

      [ Parent ]

      •  Please read about the Federal Reserve some (2+ / 0-)
        Recommended by:
        Rita in DC, eyesonly

        serious books written by serious economists.

        Don't give a damn a/t each & every politician currently alive in the US. Last time i voted for the top part of the ballot was 1972. Never missed SB election

        by Mutual Assured Destruction on Fri Jun 12, 2009 at 08:06:21 AM PDT

        [ Parent ]

        •  The "serious economists" (4+ / 0-)

          who've been pushing neoliberalism and the disastrous "free trade" swindle? The "serious economists" who were all shocked that their monetarist models didn't predict the ongoing economic implosion? The "serious economists" such as Larry "The Chins" Summers and Peter Whorebag, who are now saying that the problem with the fiscal outlook isn't the zillions in handouts to the crooked financial parasites or the 30% of health expenditures going to the HMO mafia, but rather, it's with all those damn sick people who need health care?

          Idiotic, insane, incompetent, money-worshiping Friedmanite financial accountants and behavioral psychologists like them?

          The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

          by TylerFromNE on Fri Jun 12, 2009 at 09:10:19 AM PDT

          [ Parent ]

          •  No, read Maynard Keynes, Stiglitz, Krugman (1+ / 0-)
            Recommended by:
            Rita in DC

            Roubini and so on.

            Don't give a damn a/t each & every politician currently alive in the US. Last time i voted for the top part of the ballot was 1972. Never missed SB election

            by Mutual Assured Destruction on Fri Jun 12, 2009 at 11:18:35 AM PDT

            [ Parent ]

            •  Read all of them. (1+ / 0-)
              Recommended by:
              Johnny Q

              Stiglitz is probably about the best "mainstream" economist - if he even falls under the dubious category of "mainstream."

              Roubini and Krugman are both talented and clearly very intelligent, and though I disagree with their neo-Keynesian perspective and generally monetarist methods of analysis, I very often agree with their conclusions.

              As for Keynes himself though, I have little but contempt. His thinking was kooky, his analysis was based in monetary fantasy, and his political philosophy - he was a staunch fascist and imperialist - was abhorrent.

              The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

              by TylerFromNE on Fri Jun 12, 2009 at 12:06:33 PM PDT

              [ Parent ]

              •  On the one hand, you say you are a New Dealer (0+ / 0-)

                and on the other you say that Keynes's thinking was kooky. You surely don't shy away from contradictory thinking.

                Don't give a damn a/t each & every politician currently alive in the US. Last time i voted for the top part of the ballot was 1972. Never missed SB election

                by Mutual Assured Destruction on Fri Jun 12, 2009 at 12:15:36 PM PDT

                [ Parent ]

                •  I don't think you understand the thinking (1+ / 0-)
                  Recommended by:
                  FreeSociety

                  behind the New Deal. First, you must understand the fundamental difference in philosophy between Keynes and FDR. Keynes was protege of Alfred Marshall; he was a central banker (not literally, but that's how he thought), a stock speculator, and a monetarist. His philosophy, as I said previously, was that of fascism and imperialism. Most of all, he was wholly a product of the British intellectual tradition; as such, he viewed human activity as subsidiary to the financial system. Accordingly, he assumed that the purpose of the economic system was not to raise the standard of living of the population by fostering the creativity and happiness of the society. Rather, Keynes' economic objective was to maintain the feudal, top-down, oligarchical control of nations (including the British nation) which embodied the British Empire.

                  To Keynes, the human intellect and the creativity of the human mind were dangerous things, things to be suppressed. Rather, as is evidenced in many of his speeches and writings, he thought that it was simply brute labor which is valued in the economy. Thus, he merely sought to increase GDP and "get people back to work" in order to prevent the working classes from demanding concessions from the oligarchy. Whether or not people were doing actual productive work, or just going to work, made little difference to him. Similarly, GDP and the other econometrics he devised did not actually measure production at all - the abject failure of GDP and related metrics to gauge production levels is most recently evidenced by the Bush's Keynesian policies, which created "growth" even as real production was declining.

                  Roosevelt, on the other hand, took an entirely different approach. A scholar of Alexander Hamilton and his American System, FDR's New Deal programs were deliberately aimed at rebuilding and improving the physical economy. While his initiatives were sold as ways to put people back to work, every one of his programs was crafted with the constitutional duty of government - to attend to the General Welfare - in mind. FDR authorized the creation of massive amounts of public credit, not to senselessly waste in an effort to "stimulate demand," but to rapidly modernize mining, manufacturing, and agriculture; finance scientific research; improve the quality of life; and so on.

                  More succinctly:

                  • Under the American System policies used by FDR, the General Welfare comes first; infrastructure and other such projects are initiated in order to promote the General Welfare, as determined through scientific inquiry and the application of physical principles.

                    Accordingly, the major thrust of the New Deal on the physical side of things was to increase the productive capabilities of labor by fostering creativity. The Congress then authorized the necessary expenditures and the creation of credit to finance them - but the vital point is that the people come first.

                  • In stark contrast, under the British Imperial/Keynesian paradigm (and other monetarist paradigms), the money comes first. Your projects are determined by the amount of money in the financial system; the General Welfare is irrelevant. With Keynes, it is not the people who matter, only the movements of financial markets.

                    In addition to being bad economics, this policy is also essentially immoral. The Nazis were the ultimate realization of the monetarist philosophy; the Third Reich's crimes against humanity were not perpetrated due to a depraved ideology alone. Rather, they were committed largely on the basis of monetarist "efficiency," e.g., "cost control."

                  If you understand the philosophical differences, the difference in approaches to recovery becomes clear. The American System/New Deal policies were designed to increase production and unleash the human mind's creative abilities. The Keynesian approach, on the other hand, with its emphasis on increasing consumption, is fascistic and imperialistic to its core, as it requires continually increasing volume of goods and commodities plundered from the colonies.

                  So, although, from a Keynesian perspective, the New Deal did "stimulate demand," that was not its aim at all, but was purely incidental.

                  The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

                  by TylerFromNE on Fri Jun 12, 2009 at 04:31:28 PM PDT

                  [ Parent ]

          •  I know little about economics (1+ / 0-)
            Recommended by:
            TylerFromNE

            but the first time someone told me about the Efficient Markets theory I immediately knew it was bogus. How could anyone have lived through the past 15 years and still think markets are rational?

            "There -- it's -- you know, one of the hardest parts of my job is to connect Iraq to the war on terror." --GWB

            by denise b on Fri Jun 12, 2009 at 09:32:26 PM PDT

            [ Parent ]

    •  No (3+ / 0-)
      Recommended by:
      Sychotic1, TylerFromNE, Johnny Q

      Our own money is getting stolen away by profiteers.  

      Your argument is like saying The Private Insurance Companies are a good institution because they are independent, so lets let them profiteer by playing God with our Health (for profit).

      The U.S. Constitution says that the Government (COngress) has the power to coin and regulate our money supply.  Not a group of wealthy industrialists for their personal profit.  

      The track record of your so-called "good institution" is deplorable.

      $9,000,000,000,000.00 Trillion dollars missing!!
      Yeah...no reason to audit that.

      Geeesh

      _________________
      "All tyranny needs to gain a foothold, is for
      people of good conscience to remain silent."
           --Thomas Jefferson

      by FreeSociety on Fri Jun 12, 2009 at 08:32:06 AM PDT

      [ Parent ]

    •  GOP feels, liberals (3+ / 0-)
      Recommended by:
      TylerFromNE, Johnny Q, Susipsych

      reads. Alot like childrens learns...except we really should read in depth. From the Federal Reserve to the IMF, from Maine to Spain, from Bagdad to Trinidad, from Mandela in Africa who found out the hard way as the world trurns, even as we elected Obama with an apparent mandate(s)..

      he who controls the money controls the game

      All the military juntas ever "couped" went for the money as soon as they got into power. Read, read, digest, discuss, read some more...then write.

      When I want to know how I feel, I stick myself with a pin.

    •  Even private institutions get audited (1+ / 0-)
      Recommended by:
      Johnny Q

      if there weren't meaningful audits, how does one enforce the law?

      Repubs - the people in power are not secretly plotting against you. They don't need to. They already beat you in public. (Bill Maher)

      by Sychotic1 on Fri Jun 12, 2009 at 09:37:52 AM PDT

      [ Parent ]

        •  That's more Wall Street Propaganda (1+ / 0-)
          Recommended by:
          TylerFromNE



          The tiny bit of "auditing" that Congress has been able to do, is so restrictive and limited that very little information was ever learned.

          We have trillions of dollars going where?
          Golman Sachs...Foreign Banks...Citybank....

          We don't even know.
          We need real government transparency, not status-quo gimmicks.

          _________________
          "All tyranny needs to gain a foothold, is for
          people of good conscience to remain silent."
               --Thomas Jefferson

          by FreeSociety on Fri Jun 12, 2009 at 06:13:43 PM PDT

          [ Parent ]

          •  The source of the "Wall Street Propaganda" (0+ / 0-)

            Political Research Associates is a progressive think tank devoted to supporting movements that are building a more just and inclusive democratic society. We expose movements, institutions, and ideologies that undermine human rights.

            Why We Focus on the Right

            . . . [T]he political and Christian Right use skillful marketing that exploits the public’s desire for quick solutions and capitalizes on today’s hectic information flow. With clever slogans that oversimplify complex public policy issues, the Right routinely scapegoats others in pursuit of their agenda.

            PRA responds with fair and accurate analysis, looking beneath the sound-bites and slogans of the Right, exposing the true goals and agendas of specific leaders, organizations and movements. We then present our analysis in ways that can help the media, advocates and educators understand and challenge the Right

            •  Top Liberals: Kucinich and Sanders are on my side (1+ / 0-)
              Recommended by:
              TylerFromNE


              This is not a "left" .vs. "right" issue.

              It is a $$ dollars and sense issue.
              Taking the side of Bank Monopoly privilege (and corruption) is not progressive at all.

              You are a Corporatist/Fascist.
              You're on the side of the Monopoly rule.

              _________________
              "All tyranny needs to gain a foothold, is for
              people of good conscience to remain silent."
                   --Thomas Jefferson

              by FreeSociety on Sat Jun 13, 2009 at 11:53:11 AM PDT

              [ Parent ]

    •  H.R. 1207 author responds to this comment (1+ / 0-)
      Recommended by:
      TylerFromNE


      "Detractors have argued that the Fed must remain immune from the political process, and that that more congressional oversight would distort their very important decisions.

      On the contrary, the Federal Reserve is already heavily entrenched in the political process, as the Fed chairman is a political appointee. High-level officials routinely make the rounds between positions at the Fed, member banks, Treasury and back again, taking care of friends and each other along the way [ recent example: U.S. Treasury pick Tim Geithner was former Federal Reserve Bank manager].

      To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have.  They have been given the power to create money, by the trillions, and to give it to their friends, under any terms they wish, with little or no meaningful oversight or accountability. Thus the loudest arguments against greater transparency are likely to come from those friends, and understandably so."

                --Anti-War/Torture/PatriotAct/NAFTA Congressman Ron Paul

      _________________
      "All tyranny needs to gain a foothold, is for
      people of good conscience to remain silent."
           --Thomas Jefferson

      by FreeSociety on Fri Jun 12, 2009 at 09:57:47 AM PDT

      [ Parent ]

    •  Nothing to see here (2+ / 0-)
      Recommended by:
      TylerFromNE, FreeSociety

      Move along.  The private corporation in charge of our money must be above suspicion and investigating them will just open a can of worms and shake investor confidence.  I mean, what if we actually find something?

      "What if everybody thought like you?" "Then I'd be a damn fool to think otherwise."-- Catch 22

      by Johnny Q on Fri Jun 12, 2009 at 12:23:18 PM PDT

      [ Parent ]

  •  yeah i think congress needs to stay away (1+ / 0-)
    Recommended by:
    furi kuri

    from monetary policy. They are completely irresponsible when it comes to fiscal policy. The Fed's independence is crucial in difficult times like this and I dont want hack politicians auditing the fed.

    •  But: (5+ / 0-)

      It is Congress' Constitutional obligation to coin money. Now, they can delegate that authority to the Fed, but their right to coin money is not one that they can just give away. There must be oversight and transparency.

    •  Nonsense (2+ / 0-)
      Recommended by:
      Sychotic1, Johnny Q

      $9,000,000,000,000.00 Trillion dollars missing!!
      Yeah...no reason to audit that.

      Geeesh...what nonsense

      "The Congress shall have Power to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures."

            --Article I, Section 8; United States Constitution

      _________________
      "All tyranny needs to gain a foothold, is for
      people of good conscience to remain silent."
           --Thomas Jefferson

      by FreeSociety on Fri Jun 12, 2009 at 09:30:17 AM PDT

      [ Parent ]

    •  Maybe you should leave the USA then. (0+ / 0-)

      Since you obviously abhor our constitution so much:

      Article 1, Section 8

      The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

      To borrow money on the credit of the United States;

      To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

      To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;

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

      To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;

      To establish Post Offices and Post Roads;

      To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;

      To constitute Tribunals inferior to the supreme Court;

      To define and punish Piracies and Felonies committed on the high Seas, and Offenses against the Law of Nations;

      To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;

      To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;

      To provide and maintain a Navy;

      To make Rules for the Government and Regulation of the land and naval Forces;

      To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;

      To provide for organizing, arming, and disciplining the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;

      To exercise exclusive Legislation in all Cases whatsoever, over such District (not exceeding ten Miles square) as may, by Cession of particular States, and the acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings; And

      To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.

      The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

      by TylerFromNE on Fri Jun 12, 2009 at 09:40:36 AM PDT

      [ Parent ]

    •  Snark? (1+ / 0-)
      Recommended by:
      FreeSociety

      Because Benji is doing SUCH a bang up job with our economy.  It's never been better.

      "What if everybody thought like you?" "Then I'd be a damn fool to think otherwise."-- Catch 22

      by Johnny Q on Fri Jun 12, 2009 at 11:50:29 AM PDT

      [ Parent ]

  •  Of course they haven't "lost" any money (1+ / 0-)
    Recommended by:
    Rita in DC

    they have simply distributed money in a manner that is hidden in the record.

    •  The money has been looted (2+ / 0-)
      Recommended by:
      TylerFromNE, Johnny Q

      _________________
      "All tyranny needs to gain a foothold, is for
      people of good conscience to remain silent."
           --Thomas Jefferson

      by FreeSociety on Fri Jun 12, 2009 at 08:42:22 AM PDT

      [ Parent ]

    •  Why are you defending the indefensible? (0+ / 0-)

      Too much of your personal identity bound up in neoliberal doctrine, perhaps?

      And by the way, why are they hiding our money? What have they got to hide? Am I really supposed to believe Helicopter Ben's pathetic cop-out that, if he disclosed the recipients, privileged banks won't take his 0% interest, free money anymore?

      The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

      by TylerFromNE on Fri Jun 12, 2009 at 09:48:25 AM PDT

      [ Parent ]

  •  Won't stand a chance in the Senate. (1+ / 0-)
    Recommended by:
    Ohio Max

    Why do you think they say the banks own the place?

    St. Ronnie was an asshole.

    by manwithnoname on Fri Jun 12, 2009 at 08:04:39 AM PDT

    •  It will pass. (1+ / 0-)
      Recommended by:
      FreeSociety

      The near-rich and the moderately-rich are getting very nervous about all of the money-printing, as well as the new bailout bubble we're currently seeing in equities.

      Plus, they're afraid of Ron Paul supporters and left-wing activists taking matters into their own hands - as well they should be, when they have and continue to perpetrate such blatant treason against the US.

      The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

      by TylerFromNE on Fri Jun 12, 2009 at 09:58:06 AM PDT

      [ Parent ]

    •  But that's why this is such an important issue (2+ / 0-)
      Recommended by:
      TylerFromNE, Johnny Q

      The time has come for a reckoning against the crooked Bank Monopoly.

      They have owned the place, but only because Congress let them take it over.

      It's time to take the power back to the people!

      _________________
      "All tyranny needs to gain a foothold, is for
      people of good conscience to remain silent."
           --Thomas Jefferson

      by FreeSociety on Fri Jun 12, 2009 at 10:01:43 AM PDT

      [ Parent ]

  •  This is one bill that Obama must threaten to (1+ / 0-)
    Recommended by:
    furi kuri

    veto. Congress has absolutely no business in dictating complicated monetary policy when they cannot deal with the structural deficits and fiscal mess we are facing. This bill must be blocked.

    •  Actually: (5+ / 0-)

      The Constitution states that it is their job to coin money.

      •  Exactly! (3+ / 0-)
        Recommended by:
        Sychotic1, TylerFromNE, Johnny Q

        Why on earth would Obama violate the Constitutional position and side with the for-profit Bank Monopoly??

        That is not a progressive position

        _________________
        "All tyranny needs to gain a foothold, is for
        people of good conscience to remain silent."
             --Thomas Jefferson

        by FreeSociety on Fri Jun 12, 2009 at 08:43:48 AM PDT

        [ Parent ]

        •  But Obama probably will (0+ / 0-)


          • Obama is giving away our hard earned money right now over to Foreign Banks via the $110 Billion IMF inserted into his War Funding (European Bank Bailout).
          • He is continuing the horrible mass-violence of these deceitful Bush-Cheney Foreign Wars and Foreign Occupations indefinitely.
          • He opposes the ACLU and supports government secrecy, and coverup of Torture.
          • He thumbs his nose at the Rule of Law, and the whole concept of War Crimes prosecutions.
          • He supports NAFTA and the WTO.
          • He supports Insurance Companies and their advocates controlling Health Care debate.

          So, I guess then I shouldn't be suprised if Obama gets down on his knees for the Bankers/WallStreet one more time too...

          _________________
          "All tyranny needs to gain a foothold, is for
          people of good conscience to remain silent."
               --Thomas Jefferson

          by FreeSociety on Fri Jun 12, 2009 at 10:57:31 AM PDT

          [ Parent ]

    •  If Obama vetoes the bill, he should be (1+ / 2-)
      Recommended by:
      FreeSociety
      Hidden by:
      Rita in DC, raptavio

      impeached for treason, and if the congress won't impeach him, then the lot of these corrupt bastards ought to be thrown out immediately.

      Oh, and by the way - I'm a professional economist, and the notion that monetary policy is a complicated matter is pure sophistry.

      The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

      by TylerFromNE on Fri Jun 12, 2009 at 10:01:00 AM PDT

      [ Parent ]

  •  Blocked? Hell, No. (4+ / 0-)

    The Fed is unconstitutional and corrupt as hell.  If however it acted in the interest of the greater good most of the time, there might be merit in the argument that Congress, itself concedely a bunch of patzers, ought to let well enough alone.

    However, it looks pretty clear to me that the Fed acts in the interests of its owners, and, uh, exactly who owns the Fed?  Oh, some banks, but we don't know precisely who, do we?  And are you so naive as to think that the Fed in broad terms isn't acting to promote the well-being of the richest .1% at the expense of the rest of us?

    To AUDIT the Fed does not necessarily imply that Congress has to take any particular action based on its findings.  But the Fed isn't fucking "independent;" it acts in the interests of the rich(est), who don't even pretend to give a fuck about the rest of us, and there is no meaningful oversight by Congress which, however corrupt and incompetent itself, at least once in a blue moon remembers that it is supposed to look out for the public interest.

    That some arguments against the Fed come from co-called "right wing" sources is meaningless.  Congress unconstitutionally gave the power to coin money to a private group of gangsters; that the President appoints the Chairman blah blah is no true protection of the public -- indeed, it's probably more true in actual fact that the Fed decides who will be president.  Let's see what those pricks have been up to; only then can there be a meaningful debate concerning whether there might (imagine!) be alternatives to the Fed as it has operated in recent years.  Perhaps it should be abolished; perhaps it could be reformed.  But please don't give me that SHIT about the Fed's "independence."

  •  I think that the Federal Reserve needs some (9+ / 0-)

    sunshine and if the far-right who want it abolished agree, then for the purposes of this argument, I'm willing to to have them onboard.

    It's a horribly non-transparent institution and transparency is something which should be paramount in all government institutions, except maybe Intelligence lol

    -9.88 -8.67 Reid is building Joementum for his primaries.

    by politicalpirate on Fri Jun 12, 2009 at 08:23:14 AM PDT

    •  power requires accountability (3+ / 0-)
      Recommended by:
      Bronx59, TylerFromNE, FreeSociety

      Central banks have greatly expanded their power over the past year. They can no-longer claim to be disinterested technocrats -- they are clearly political institutions now.

      From the Economist: "The simple rules by which central banks lived have crumbled. A messier, more political future awaits"

      "Avoid extremes; forbear resenting injuries so much as you think they deserve." -Benjamin Franklin

      by AdamR on Fri Jun 12, 2009 at 12:49:08 PM PDT

      [ Parent ]

      •  They never were disinterested technocrats. (0+ / 0-)

        Sure, there are a few examples where this wasn't the case - Volcker was a competent, disinterested technocrat; likewise, the Bundesbank remained mostly politically independent - but if you look at 80-90% of the cases, there is ALWAYS political influence.

        So, rather than creating a (in the US, unconstitutional) private central bank which we pretend is politically independent, why not have a national bank which is tasked with uttering credit by financing long-term development projects in the national interest? Under this system, the "cap" of the monetary system is not an independent entity, but is rather an organization which is accountable to elected officials for their results?

        The Obama Economic Policy: Save The Parasites, Kill The Patient | Blog: The Daily Elitist

        by TylerFromNE on Fri Jun 12, 2009 at 02:56:23 PM PDT

        [ Parent ]

      •  Thank you. (1+ / 0-)
        Recommended by:
        FreeSociety

        People, please, "play the ball and not the man."  I disagree with Ron Paul on a lot of issues, but he is spot-on in saying that it's ludicrous, worse than ludicrous, that the Fed has been given carte blanche to loan TRILLIONS of dollars TO WHOM IT WILL, and to obligate taxpayers to cover astronomical transactions, and not even tell us who it is who is getting the money.

        That isn't "independence," it's "impunity."

        And if demanding accountability and transparency gets Abe Foxman's undies bunched (what, criticizing the Fed is now anti-Semitic?  Yow, what the fuck IS Chairman Bernanke suspected of doing with all that money??) well fuck Abe Foxman.  Whether ADL is involved in subversion, I can't say, but it DOES seem to stand for the proposition that Jews cannot be criticized, any time, anywhere (at least not by Gentiles).  I dislike Bernanke for what he does, for the policies and the acts he espouses, not  because he happens to be Jewish.

        If the Fed people were ever disinterested technocrats, well the Constitution still reserves the right to coin money to Congress, and the fact that the Congress was bribed/blackmailed, or just plain stupid enough, to create an unconstitutional central bank doesn't make it right, and these days certainly, any claim that the Fed are just wise men insulating policy decisions from Congressmembers who are only thinking about the next election campaign is utter, complete, total and bad-smelling bullshit.

  •  Put David Rockefeller On The Stand! (1+ / 0-)
    Recommended by:
    TylerFromNE


    I love to see that...

    _________________
    "All tyranny needs to gain a foothold, is for
    people of good conscience to remain silent."
         --Thomas Jefferson

    by FreeSociety on Fri Jun 12, 2009 at 08:55:01 AM PDT

    •  Oh man, that would be a glorious day! (0+ / 0-)

      A quote from David Rockefeller's autobiography 'Memoirs' -
      6-11-6

      "For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as 'internationalists' and of conspiring with others around the world to build a more integrated global political and economic structure - one world, if you will.

      If that's the charge, I stand guilty, and I am proud of it."

      Verdict: Guilty!!!!

  •  I wouldn't quote Ford on this issue (1+ / 0-)
    Recommended by:
    Rita in DC

    Ford was an anti-semitic conspiracy theorist who published the Protocols of the Elders of Zion.

    I wouldn't take him as a reasonable critic of the banking system.

    "Avoid extremes; forbear resenting injuries so much as you think they deserve." -Benjamin Franklin

    by AdamR on Fri Jun 12, 2009 at 12:50:24 PM PDT

  •  HR 1207 Audit the Fed Act Cosponsor Map (0+ / 0-)

    for a color coded cosponsor map go to libertybrewcity.blogspot.com
    and if you want a 50 by 30 inch map email me at libertybrewcity@gmail.com so i can send the jpg! Call your representatives!

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