One bright light for the future of AmericaSubmitted by legalizeliberty on Thu, 07/23/2009 - 12:25
Many Americans have become increasingly distraught over the direction their country is headed in. The federal government's "totalitarian tiptoe" has turned into the totalitarian long jump over the past year. Its all-out power grab has given it a controlling ownership interest and managerial role in several of the largest corporations in the banking, mortgage, auto and insurance industries. There are many pieces of legislation that have been introduced to give the federal government ever more power and control over the food supply, gun ownership rights, private land and waterways, the health care industry, the Internet and the means to tax and transfer wealth through an ineffective carbon cap and trade climate bill. However, there is one bright piece of legislation that has been introduced that aims to take America in almost the opposite direction of where we can see it is headed: Congressman Ron Paul's HR 1207: The Federal Reserve Transparency Act of 2009, and its Senate companion bill, S 604. It now has 260 Congressional co-sponsors, including Congressman Ben Chandler and three other Kentucky Congressmen. This gives the bill a House majority, which guarantees it to be voted on.
The "Audit the Fed" bill, as it is widely known, could be one of the most important bills in modern American history, which could lead us to economic and financial recovery. As I have explained in two previous articles this year (search bizlex.com to read them), the Federal Reserve is a private corporation not subject to any audits of its monetary policy decisions and actions. As such, the Fed has refused to identify the recipients of trillions of dollars in bailout funds from American taxpayers. The aim of the "Audit the Fed" bill is to expose where these trillions went and how they manipulate our economy. When asked on Freedom Watch what issues would be brought to light, Congressman Paul said, "I think the biggest thing is the cronyism, who got the benefits, who really got some of these Federal Reserve funds as well as TARP funds, and I don't think they want people to know about it," adding, "I'd like to know what they're doing internationally, what kind of agreements they have with international banks, with other governments, and also what they do in the gold market — how they manipulate the value of the dollar by manipulating gold prices."
The Obama Administration is currently pushing to expand the Fed's powers, essentially giving them dictatorial control over the U.S. economy, which has caused a lot of scrutiny from Congress. President Obama's regulatory reform plan would give the Fed power to regulate any company whose activity it believes could threaten the economy and the markets. This means a private banking cartel, unaccountable to the U.S. government, will have complete control over the entire U.S. financial system with complete freedom to do as they want.
The Federal Reserve has the power to create money out of nothing and lend it to the U.S. government and other institutions with interest attached, along with the power to control interest rates. The Fed can therefore expand or contract the money supply, creating expansions and recessions such as the one we are in: all for its own gain. It has been playing America like a fiddle since its inception, siphoning off money from the American people in the form of interest payments, which are now in the hundreds of billions of dollars each year (paid off mainly from our income taxes) and all the while expanding its powers and using the boom and bust cycle that it creates for its own advantage.
Auditing the Fed is the first step toward abolishing it. It is hoped by many that once the Fed's books are examined, and the cronyism and manipulation is exposed, that Congress and the American people will be so outraged that there will be enough support to get rid of it altogether. Congress is the only one with the constitutional authority to create and regulate the value of our currency. America does not have to borrow money from a private bank and pay it back with interest. America has the ability to issue its own money, debt free. This will eliminate the national debt, end the need for personal income taxes, end the Fed-manipulated boom and bust cycles in the economy, and free up hundreds of billions of dollars per year that would otherwise go to a handful of people that own the Fed, and enrich the American people beyond most people's imaginations.
Although the Federal Reserve Transparency Act has over 55 percent of Congress signed on as co-sponsors, it still has a long way to go before it gets passed. Support is needed for it to pass in the Senate. If you agree that the Federal Reserve needs to be audited and monitored by our elected officials, your help is needed. Contact Senator McConnell and Senator Bunning and tell them to support S 604 and the Federal Reserve Transparency Act.
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