Ron Paul: Anything Less Than Full Disclosure is Unacceptable
Submitted by Michael Nystrom on Wed, 10/28/2009 - 07:39
By Ron Paul | Texas Straight Talk
October 26, 2009
Last week a new bill was introduced in the Senate to audit the Federal Reserve. Some backers of my bill HR1207 and the existing Senate companion bill S.604 were a little miffed at this, but depending on how you think about it, this new legislation poses no great threat to our efforts.
With the economy in shambles, people are looking for answers - not just because of lost savings on Wall Street, but because of lost houses on Main Street. Because of the many problems we face, the Federal Reserve and its powers over the economy have come under scrutiny. This translates into a lot of political pressure on Congress. With all the House Republicans signed on as co-sponsors and over half of the Democrats, HR 1207 has enormous bipartisan support. It would be disingenuous for Washington not to embrace the principles behind this bill after all the promises for transparency. How can one credibly argue for more transparency in government in one breath and defend the secrecy of the Federal Reserve in the next?
However, there is still very powerful resistance to the disclosures that HR 1207 would require and efforts to weaken it will continue to pop up before this issue is settled.
The good news is that Washington is responding and the Federal Reserve has become the issue. Concerned Americans need to keep the pressure on by continuing to define what we want, and what we do not want.
One major concern is that HR 1207 constitutes some kind of power grab for Congress. Congress would not do a better job dictating interest rates or managing money supply growth than the Federal Reserve does for exactly the same reasons: Congress is not the free market. Any select group of people, no matter how wise and educated, simply cannot replace the wisdom of the market. HR 1207 does not seek to replace the wisdom of the Fed with the wisdom of Congress. That would be a giant step backwards. HR 1207 simply asks for full disclosure, and I am agreeable to allowing for a reasonable lag time to calm the fears that Congress intends to dictate monetary policy.
What we do want, what we insist upon, is that no longer will decisions that carry so much economic weight be made in absolute secrecy. We want to know what arrangements the Fed makes with other governments and central banks. We want to know who is benefitting from the actions of the Fed and what deals are being made. The Fed is already reacting to pressure by scaling back its liquidity facilities and returning to more traditional monetary policy through direct asset purchases. With nearly $800 billion in mortgage-backed securities on its books already, $800 billion in Treasury securities, and no real limit to what the Fed can acquire, there is a tremendous opportunity for malfeasance. We need to know who the Fed deals with, what they buy, how much they spend, and who benefits. As good as any step towards Federal Reserve transparency is, anything less than full disclosure at this point is unacceptable.
More evidence: New York Fed's Secret Choice...
Today's Bloomberg article "New York Fed's Secret Choice to Pay for Swaps Hits Taxpayers" provides more powerful evidence of the need for full disclosure:
http://www.bloomberg.com/apps/news?pid=20601109&sid=a7T5HaOg...
HEY MICHAEL
Thank you for saying we need to free up the market. They miss that point in “Fall of the Republic” but it truly is the most important part of your argument. On another note, I have found a peaceful means to destroying the Federal Government as is. I would love to be able to write an article about it and have it posted on Infowars/Prisonplanet/Dailypaul.
Blame the world for my problems but don’t blame me for the world’s problems.
- Collectivism
How about a direct link
to the article? Is it authored under your DP handle or another name?
Where are we at with HR 1207?
The longer they stiff arm the bill, the more opportunity the opposition has to water it down, or muddy the water. Remember, we're expecting "our" Congress to bite the hand that feeds them. This won't be easy. I'm just hoping that Ron Paul has energized enough integrity in the supporters of HR 1207 to get this done. There will be all kinds of side shows to distract the attention. So, what's going on with the bill now?
alan laney
Be sure we all sign this
Be sure we all sign this now!
http://www.chooseliberty.org/auditfed3.aspx?pid=h01
Since the Fed is a quasi-private corporation
What justification can these Senators offer to justify immunity from the same type of disclosure required by any other corporation? Government agencies are audited. Private corporations are audited. While I rarely mention religion in my arguments, only people with Satanic connections could receive such protection.
Let's not back down
Let do a daily contact "bomb" on Frank and Nancy, Every day for as long as it takes.
Companion vid
http://www.youtube.com/watch?v=l_j2jp8AcDQ
***
Freedom is not: doing everything you want to.
Freedom is: not having to do what you don't want to do.
~ Joyce Meyer
Freedom is not: doing everything you want to.
Freedom is: not having to do what you don't want to do.
~ Joyce Meyer
thanks, it's actually getting views
way over the usual 300 or so range.
I love this. This is exactly what we need to know.
Thank you Dr. Paul for this great update.
Debbie
There's an old saying . . . "It's the thought that counts".
Suspicions are abated when the truth is aroused.
I'm wondering, if the Russians, the Chinese, Japan, India, Brazil . .
well, if countries got the "intelligence" or the "who's who" of it, to some extent . . . then they wouldn't have to go to war to find out.
There is a reason the truth shall set you free.
Just a thought.
Peace brothers and sisters.
Rallying cry ---
"Anything less than full disclosure at this point is unacceptable."
Obama = O.ne B.ig A.ss M.istake A.merica
Obama = O.ne B.ig A.ss M.istake A.merica
Patience
This will take time, all you have to do is let the truth be known one person at a time, or if your Ron Paul, millions of people at a time. Liberty minded candidates will help convert the people, slowly but surely it will be mainstream.. And if it never happens it never happens but you sure as hell have got to try.
I agree with Boru....
We will not get anything done. We have marched on Washington, we have boycotted, we have money bombed the crap out so-called Liberty minded individuals to get them in office, and what have we accomplished? Not much really... We are now called radical-extremists, or anti-government, or racists individuals. Where do we go from here? Will someone please tell me? I am pretty much done with with being nice, it is not working. I have gotten to the point that it is every man for themselves, with the exception of those that actually meant what they said when they took their Oath to the Constitution, and the people of our country as I did.
Now Now
Patience my boy.
Rome did not burn in a day.
This will be a PR war
They will water down the audit...the faux audit report will say the Fed is fine...politicians and the mass media will say "See, the Fed is fine...end of story"
Sure we will be screaming the entire time, but no one can you scream in a media vacuum.
Take a look at the media shut out of 9/11, of the war, of the Obama birth certificate issue. They will likely do the same with this.
So what can we do, as individuals?
They gain your trust with some truth, then they screw you with that trust.
and yes Alex Jones will have this info on his websites!!
so why do you hate Alex so much?
________________________________________
"Long live eccentricity!
It is the willingness to do things differently
that allows the human race to progress."
-- Isabel Parlett
___________________
Jake Towne "Fire Cake" Money Bomb February 15
http://www.dailypaul.com/node/122445
Donate = Freedom*))