HuffPo Op Ed: Time to Audit the FedSubmitted by Michael Nystrom on Sun, 05/08/2011 - 10:49
by Rick Sanchez | Huffington Post
We have seen the enemy and he is us.
Congress is spending tomorrow's money today, throwing us into economic oblivion. But Congress isn't the only culprit in the crime of grand larceny of our future. The Federal Reserve -- a quasi-public institution that includes privately-owned US banks -- is a more than willing accomplice.
As Thomas Jefferson warned, "...banking establishments are more dangerous than standing armies; and... the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
For an entity that wields so much power, we know relatively little about the Fed. Would you trust an unknown banker to decide what happens with your paycheck every week? Why do we accept this for our country?
We grow up revering our government's transparency. "Checks and balances" is as much a part of our lexicon as is "American Idol." Yet perhaps the most powerful part of our government, the one constituting the biggest potential conflict of interest in our government's history, goes unchecked and unbalanced.
The mystery that is the Federal Reserve begins with its name, since it is neither Federal nor does it have any reserves. Those two facts are the crux of the problem.
Read the whole thing at the Huffington Post.