Audit Fed Passes House, On to the Senate!

Why Audit the Fed?
Please read these two excellent pieces on the background of the Federal Reserve and why it must be audited.

The Federal Reserve was created in 1913, not to protect the American economy, as was advertised, but to protect the interests of large-scale banking. It was created as a “Public Cartel”, with Congress in on the game at the time, eliminating competition among the banking magnates (Morgan, Warburg, Vanderlip) who would otherwise beat each other up.

Read the definition of “Public Cartel” here: http://en.wikipedia.org/wiki/Cartel#Private_vs_public_cartel

The current Federal Reserve was the 3rd (and most successful) attempt at forging a “central banking system” in the United States:

– The Founders (Jefferson and Madison) killed-off the 1st (in-part, we fought the war of 1812 over it).
– Andrew Jackson killed-off the 2nd
– JFK worked towards reigning in the 3rd
– Ron Paul dedicated his entire Congressional career to stopping the 3rd

The Fed is neither part of the Federal government, nor a reserve. It is a private, central bank, sanctioned by Congress to manage/control national economic and monetary policy. Congress effectively gave away this authority (and that of the US Treasury) to The Fed, which is the ultimate NGO. Congress has also failed to execute any significant oversight of The Fed since it’s inception – until now.

Without any audit and controls, The Fed can, and does, over supply US Currency, causing it to decrease in value (resulting in inflation). Contrary to popular belief, inflation is not the rising of prices, it is the depression and undervaluing of the dollar. Note: US currency supply has dangerously jumped 65% since 2008, largely due to stimulus, bailouts, and quantitative easing (QE).

http://www.lewrockwell.com/blog/lewrw/archives/115994.html

In addition to debasing the dollar, this over-distribution of currency by the Federal Reserve is what allows the Federal Government to deficit-spend and accumulate our nearly $16T debt. It has provided the open-checkbook for Presidents and Congress, above and beyond what taxes provide …and the Central Bank makes money from this destructive activity.

Without this audit, The Fed acts with impunity; unchecked and unbalanced – but the US House has FINALLY spoken up…

Take a look at this 5 minute video, then decide if you want to call Senator Reid’s office or not. I bet you’ll want to.

Call Harry Reid, Kelly Ayotte, and Jeanne Shaheen today. Tell them to support this bill in the Senate:

Senator Reid: (202) 224-3542
Senator Shaheen: (202) 224-2841
Senator Ayotte: (202) 224-3324

Let’s shine some light on one of the most destructive forces in our country, with the hope of taking some corrective action.

More Info on the ‘Fed’

HR 459, a bill to fully audit the Federal Reserve, has passed the US House by a vote of 327 to 98. In what was a bi-partisan vote, 89 Democrats joined 238 Republicans to pass it. (1)

The bill now moves to the Senate where, according to ABC News, Senate Majority Leader Harry Read vows NOT TO PUT IT UP FOR A VOTE!!! (2)

With almost 50% of the Democrats in the House voting in favor of this bill, we cannot allow one man, Senator Harry Reid, to prevent the US Senate from voting on this measure. Senator Reid’s telephone number is 202 224-3542. Please call his office and demand that this bill be put up for a vote in the full Senate..

Why we need to pass this bill.

1. The Federal Reserve (the Fed) is a cartel of private banks—It is NOT a branch of the US Government.

2. The Fed has the unfettered power to set our interest rates, print our money, and loan it out to banks worldwide, all without any meaningful oversight by Congress or by us, the US taxpayers.

3. During the financial crisis Congress passed TARP which spent $777 billion to rescue failing banks and financial institutions in the US. During this same time period the Fed gave out ten times this amount, $7.77 trillion, of secret loans and guarantees worldwide. The Fed put the US taxpayers at risk for an amount valued at more than half of our entire GDP. (3)

The only way to prevent this madness from continuing is to eliminate the prohibition in current law against fully auditing the Fed. That’s right, “it is currently illegal to audit the Fed”.

Please call Senator Reid at 202 224-3542. and insist that HR 459, The Federal Reserve Transparency Act of 2011, be given an up or down vote in the US Senate. Then call your US Senators and insist they support this bill. They can be reached by calling the US Capitol switchboard at (202) 224-3121 or by going to this link: http://www.senate.gov/general/contact_information/senators_cfm.cfm

For those of you in NH here is the contact information:
Senator Shaheen: (202) 224-2841
Senator Ayotte: (202) 224-3324

This is our opportunity to begin to take back control of our monetary system. Within a month our national debt will top $16 trillion. How much longer do you think we can we afford to wait?

Footnotes and Links

(1) You can see the results and how your Representative voted here: http://clerk.house.gov/evs/2012/roll513.xml#N

(2) Check it out here: http://abcnews.go.com/Politics/OTUS/ron-pauls-audit-fed-bill-passes-house/story?id=16855319#.UBBOSGFYoyI

(3) Bloomberg News reports that:

The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.

You can read the Bloomberg piece here: http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
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H/T to GNTP and Andy Bridge for putting together this information