Was 1207 The Wrong Strategy From the Start?Submitted by Gary Patridge on Fri, 05/14/2010 - 09:41
I know we're all disappointed by what has been the result of our efforts to Audit the Fed. But lately, I've been wondering if we shouldn't adopt a completely new and much more direct strategy. One that simply can't be voted down and will force a real face-off.
HR 1207 sought to expose the Fed's misdeeds of the past. I assume that Ron believed that by revealing the history of corruption and market manipulation at the Federal Reserve, people would suddenly come to realize the need to abolish it. That premise depended on the notion that the guys at the Fed would "play by the rules" and would acquiesce to an audit. In retrospect it is now easy to see that that thinking was naive- like believing that one can reason with a hardened criminal in an effort to have them peacefully 'fess-up. We should have known from the start that they would never willingly allow an audit.
So is it time to try something completely different? Instead of trying to document the past, should we perhaps instead be working to control the future? There is no question that the Fed is monetizing off-budget government debt for "special projects"- namely wars and international intrigue. There is no question that the Fed is printing money and using it to manipulate stock, metal and commodity markets. There is no question that the Fed is printing money and propping-up favored entities both at home and abroad. There is no question that the Fed is obligating Americans to foreign debt through currency swaps. There's no need to PROVE that the Fed has done these things in the past- WE ALREADY KNOW THEY'RE DOING THESE THINGS.
With that said: What if Ron and some of the other co-sponsors of 1207 initiated a barrage of legislation that spoke directly to limiting the powers of the Fed? Pass legislation that prevents the Fed from increasing the money supply without first gaining the consent of the Congress. Pass legislation that prevents the Fed from engaging in any direct transaction with a foreign bank or government without first gaining the consent of the Congress. Etc., etc.
Lotsa smart folks on DailyPaul and I'd love to hear everyone's thoughts on ideas for legislation that would bind these suckers down with unbreakable chains. We need a dozen, a HUNDRED pieces of legislation all floating at once, designed to neuter the Federal Reserve Bank. To hell with an audit- let's change the future.