Sunday, May 24, 2009

Bill to Audit the Federal Reserve Gains Serious Momentum

Kurt Nimmo
May 22, 2009

It looks like the Federal Reserve may finally have something to worry about now that HR 1207 is finally gaining serious steam. If enacted, HR 1207 will amend title 31 of the United States Code and reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States. In other words, for the first time since 1950, the criminals at the Federal Reserve will be forced by law to open their books.

Rep. Ron Paul introduced H.R. 1207, the Federal Reserve Transparency Act of 2009, on February 26, 2009.

HR 1207 was sponsored and introduced by Rep. Ron Paul. On February 26, 2009, it was referred to the House Committee on Financial Services. It now has 179 co-sponsors (see the list of sponsors below).

If passed, the bill will force the Fed to give a public accounting of the trillions of taxpayer “loans” handed over to the banksters. It will force Congress to audit the Fed and this will force out into the light of day the Fed practice of inflating the currency for the gain of a small number of international bankers. It will reveal the bankster practice of engineering financial crises and depressions — or scientifically created, as Congressman Charles A. Lindberg Sr. said after the Federal Reserve Act was passed in the dead of night — in order to consolidate illicit gains and eliminate competition (as the bankers are monopoly men).
On March 25, 2009, H.R. 1207 had 44 co-sponsors. “We’re making great progress because a lot of you have helped encourage your member of Congress to co-sponsor the bill,” Ron Paul said. “And to me, this is very, very important that we do this. The atmosphere in the Congress has definitely changed. It’s changed with their attitude about the Federal Reserve System, but overall there’s a tremendous push by the American people for the Congress to wake up and have more transparency… I have argued, of course, that we don’t need the Federal Reserve. It’s not part of our constitution and we should get rid of it, but it doesn’t happen that way. But if we get the audit and get the books open, make them answer the questions, I am convinced that the American people will be so outraged that then we will have reform of the monetary system.”

Imagine Ben Bernanke, shorn of his arrogance, dragged before Congress and compelled to answer questions. In the not too distant past, this prospect was a remote dream, but now, thanks to Ron Paul and all the people who have insisted their representatives support this bill, it may become law.

From Publishers Weekly

In this penetrating study of the Federal Reserve Board in the Reagan era, Rolling Stone writer Greider (The Education of David Stockman) views the "Fed" chairman (until recently Paul Volcker) as the "second most powerful" officer of government, the high priest of a temple as mysterious as money itself, its processes unknown to the public and yet to be fully understood by any modern president. Controlling the money supply by secretly buying and selling government bonds and thus affecting interest rates, the Fed can manipulate billions in business profits or losses and millions in worker employment and stock, bond or bank account values, the author explains. Greider's conclusions are startling at times. The Fed, he maintains, could have prevented the 1929 crash. He also asserts the "awkward little secret" that the federal government deliberately induces recessions, usually to bring down inflation and interest rates. A time-consuming but extremely informative read.
Copyright 1987 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From Library Journal

The recent retirement of Paul Volcker as chairman of the Board of Governors of the Federal Reserve System seems an appropriate time to look at the man and at the system itself. William R. Neikirk's Volcker ( LJ 10/15/87) brought out the subject's personality, convictions, and modus operandi. Greider ( The Education of David Stockman, LJ 10/15/82) touches on these characteristics, but focuses on the system's influence on world economy. Greider throws much light on how our nation's unelected managers of monetary policy make day-to-day decisions. A very readable narrative, recommended for academic and public libraries. M. Balachandran, Univ. of Illinois Lib., Urbana-Champaign

Copyright 1987 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

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