"The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the right), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning."
Folks, it just gets worse: "Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious - the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs."
We as a country have been RAPED by the Federal Reserve, which is NOT, by the way, an official U.S. Government entity.
In the final seconds of your life, just before your killer is about to dispatch you to that great eternal darkness, what would you rather have in your hand? A cell phone or a gun?
Si vis pacem, para bellum.
Ron Paul fighting for Truth, Justice, and The American Way.
Interestingly, I posted the links to Congressman Sanders (VT) website and the GAO report to one of the large science forums on the Internet. Response? Banned for posting "conspiracy theory material."
Really! I wasn't aware the Government Accounting Office was a conspiratorial organization. I kinda, sorta thought they were involved in going after people who're stealing or wasting the coffers of the United States.
A much more dire question would be: Why is a "science" forum so keen to jump up and take a bullet for the Federal Reserve? Who's paying them to do so?
Regardless, they seems to be far more interested in green idealism, AGW, and political correctness out the wazoo than they are in hard science, rational thought, and fact.
More likely you worded your thread in a way as to appear conspiratorial at first glance and they couldn't bother to read it. Often times I have seen moderators knee jerk at something, rather than try to figure it out.
Posted using my HTCEvo via Tapatalk
Number of individuals are not thrilled with the workings or indeed existence of the Federal reserve. The country's central bank does, after all, set financial policy and figure out the costs of extending credit for banks. However, a bill that would authorize Congress to audit the Fed has just approved the House of Representatives.
The Federal Reserve doesn't "figure out the cost of extending credit for banks." Its not a cost issue at all.
The whole point of the Federal Reserve is to coordinate bank inflation and prevent banks/the banking system from causing self-inflicted destruction from monetary inflation.
Setting interest rates manipulates banks and consumers into not borrowing more, thus acting as a brake on monetary inflation.
I'll use a situation from the early 1800's to illustrate.
Banks, as they've existed since the late 1300's create money out of thin air. In the late Middle Ages/early Renaissance they issued receipts for gold deposited in their vault, but they issued more receipts than they had gold--this is how they loaned money. In the situational example of the early 1800's those gold receipts had formalized into paper currency.
Each bank issued its own paper currency--in excess of the actual deposits on hand.
Some banks--too many--issued far too much (greedy) paper currency and bank drafts (checks) beyond what they had on hand in actual deposits.
So, when Bank A makes a loan to the miller in the form of say a check, the miller puts than out-of-thin money into his Bank B. Bank B wants its money from Bank A and present that check to Bank A for payment. But, Bank A, having created too much money out of thin air too fast, cannot pay Bank B. So, Bank A collapses. Uh-oh. It turns out Bank B was also creating money out of thin air, and badly needed that money to pay off checks on its accounts being presented by Bank C, so Bank B collapses. Then Bank C....collapses.
That situation in various forms recurred from time to time up 'til (1913?) when a number of bankers got together and wrote the bill that chartered the Federal Reserve.
The whole point of the Federal Reserve is to control how fast banks create money out of thin air so they all do it more or less evenly and not enough to wreck the whole system. It prevents the collapse of the entire system in three ways. The Federal Reserve (the Fed) sets interest rates to encourage or discourage borrowing, the lending side of it being money created out of thin air. The Fed sets limits on how much banks can create out of thin air in relation to how much actual money they have on hand. And, the Fed acts as the lender of last resort. Meaning when a bank or banks are on the verge of collapse, the Fed itself can create money out of thin air and bail them out.
The Fed has been "bailing out the system" since 2008. TARP, QEI, QEII, and the current QEInfinity are just massive creations of money out of thin air.
Creating money out of thin air is monetary inflation. The word inflation formerly did not mean prices rising; it meant inflation of the supply of money. The problem with inflation of the money supply is that when you have more dollars chasing the same amount of goods and services, prices rise as people compete for the same limited supply of goods and services.
So, when you hear some sugar-coated lie like the Fed's goal is to control inflation at 2%, realize that the truth of the matter is that the Fed is not controlling inflation--its causing it. Also, realize that the Fed doesn't work for you or me or act to protect us. Its whole reason for existence is to protect the banks.
The robbery occurs when you are late on the sequence of receiving the newly created money, by the time the money makes its way through the system to you, prices have already risen. Also, as prices rise, the buying power of money you've already saved decreases. Meaning, value is stolen from your savings while sitting in your account. All so bankers can "earn" a living.
I very much recommend you learn more about this. Two good books are The Case for Gold aka the Minority Report of the Reagan Gold Commission. And, Audit the Fed by Ron Paul.
Last edited by Citizen; 11-13-2013 at 08:52 AM.
I'll make you an offer: I will argue and fight for all of your rights, if you will do the same for me. That is the only way freedom can work. We have to respect all rights, all the time--and strive to win the rights of the other guy as much as for ourselves.
If I am equal to another, how can I legitimately govern him without his express individual consent?
There is no human being on earth I hate so much I would actually vote to inflict government upon him.
If TRUMP 2016 loses then I will shrug off my WHITE MAN'S BURDEN and leave the world to the Dindus and Done Nuffins. Read and understand Ayn Rand's Atlas Shrugged as a prescription for the future. TRUMP 2016