| Author |
 Topic  |
|
|
redneck
1000+ Penny Miser Member
1273 Posts |
 Posted - 02/28/2009 : 22:47:57
|
This has a snowballs chance in hell.
But, you got to hand it to him ,he just doesn't stop...
If only we had a few more with his common sense,integrity and fortitude.
You must be logged in to see this link.
End the Fed's Secretiveness
By: Dr. Ron Paul, U.S. Congressman
-- Posted Sunday, 1 March 2009 | Digg This ArticleDigg It! | Source: GoldSeek.com
Before the US House of Representatives, February 26, 2008
Madame Speaker,
I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.
Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.
Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed's susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.
The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed's negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates.
More importantly, the Fed's funding facilities and its agreements with the Treasury should be reviewed. The Treasury's supplementary financing accounts that fund Fed facilities allow the Treasury to funnel money to Wall Street without GAO or Congressional oversight. Additional funding facilities, such as the Primary Dealer Credit Facility and the Term Securities Lending Facility, allow the Fed to keep financial asset prices artificially inflated and subsidize poorly performing financial firms.
The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We hear officials constantly lauding the benefits of transparency and especially bemoaning the opacity of the Fed, its monetary policy, and its funding facilities. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve. I urge my colleagues to support this bill.
|
|
|
wholelottabon
Penny Sorter Member
USA
76 Posts |
Posted - 03/01/2009 : 13:05:21
|
The liberties of a people never were, nor ever will be, secure, when the transactions of their rulers may be concealed from them." - Patrick Henry
You must be logged in to see this link. |
 |
|
|
wholelottabon
Penny Sorter Member
USA
76 Posts |
Posted - 03/04/2009 : 16:27:27
|
I think this is the first time I have referred to Comrade Obama as President.....Comrade definately feels more right
Dear Representative Kilroy,
I write to you today to ask that you co-sponsor and/or support HR 1207, The Federal Reserve Transparency Act 0f 2009.
The promise by President Obama of more transparency in how the people's government conducts its business is a worthy goal that would be well on its way to accomplishment with passage of this act.
In this time of economic turmoil the actions of those unelected officials within the Federal Reserve are more important then ever. I hope that you would agree that the Federal Reserve holds more power to influence the course of our nations economy than any government agency or elected official. Despite the enormous influence held by the Federal Reserve they are not subject to any complete audits by the Government Accounting Office nor can they held accountable under the Freedom of Information Act. How can this be in our representative republic?
The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve.
Thank You,
|
|
|
|
Nickelless
Administrator
USA
5580 Posts |
Posted - 03/06/2009 : 04:33:00
|
| A snowball's chance in hell might be too optimistic of an outlook. Even if there were enough support in Congress for transparency at the Fed, TPTB can pull the financial strings just enough to screw things up. Programs can't be funded without tax revenue, and there's less tax revenue when the economy tanks, so the only other option is to devalue the dollar by printing more, which only the Fed can do, or borrowing more money to fund programs, which will have the same result, neither of which will lead to transparency, only funding for programs to oversee such transparency if that were possible. Bottom line, the only thing that's going to overturn this rickety old financial structure is societal collapse and revolution, so we're damned if we do and damned if we don't. Either way, boys and girls, we're gonna get a new system, but it may not be one that we like. |
Visit my new preparedness site: Preparedness.cc/SurvivalPrep.net
--Latest article: Stocking up on spices to keep food preps lively
---------------
Be prepared...and prepared to help: http://www.survivalblog.com/charity.html
Are you ready spiritually for hard times? http://www.jesusfreak.com/rapture.asp |
|
|
| |
Topic |
|
|
|
End the Fed's Secretiveness
Forum Locked
