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."
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."
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."
"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