Audit the Fed?

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  1. Earthscribe profile image74
    Earthscribeposted 14 years ago

    I am curious to hear everyone's thoughts on the new legislation going forward to audit the Federal Reserve, HR 1207 and S 604:

    Federal Reserve Sunshine Act of 2009

    "A bill to amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes."

    The sponsors describe it thus:
    "Since its inception in 1913, the Federal Reserve has helped to devalue our dollar by 95%. During the recent economic crisis, it has poured trillions of dollars into the economy with no oversight, made secret agreements with foreign banks and governments, and has refused to tell Congress who is getting the money or to give it the details of what deals are being made.

    HR 1207, Ron Paul's "Audit the Fed bill," and S 604, its Senate companion, will demand full transparency from the Federal Reserve for the first time in history by removing all restrictions from Government Accountability Office (GAO) audits of the Fed and mandating an audit by the end of 2010.

    Help turn up the heat on Congress and convince them to pass Ron Paul's "Audit the Fed" bill. Your petitions, e-mails, letters and phone calls have already made a huge impact, but more of your help is needed right away. Please take a few moments to tell your Congressman to support HR 1207, and urge your Senators to cosponsor S 604. Our tools below make it quick and easy to make a difference today!

    There are already 282 Cosponsors for HR 1207, and 23 cosponsors for S 604..." … 07home.php

    It has been asserted by the Bill's opponents that opening the Fed to audit would allow Congress to decide monetary policy, and so would be folly. However, as far as I can tell it does no such thing, but rather forces the board of Federal Reserve Governors to report where the trillions of dollars in taxpayer monies are disappearing to.

    Your thoughts, references?

  2. Misha profile image63
    Mishaposted 14 years ago

    Long overdue, and too late to save anything...

    1. profile image0
      SirDentposted 14 years agoin reply to this

      I agree and will also add that if memory serves me correctly, the last senator to push for an audit of the FRS was killed in a plane crash.

  3. Earthscribe profile image74
    Earthscribeposted 14 years ago

    Agreed Misha... too little too late. But I applaud the gesture.

    SirDent -- I was not aware of that! However I have noted that Executive Order #11110 signed by Kennedy (nullified by Reagan) would have weened us from the Fed, and Kennedy was killed only months later. Certainly not the *only* reason he was killed, but I would bet that it was a factor.

    1. ledefensetech profile image68
      ledefensetechposted 14 years agoin reply to this

      I rather think that the military killed Kennedy over the Cuban Missile Crisis.  Wile I support the bill, I'm not sure it will have an effect before we begin to suffer from hyperinflation.  I really think we're going to see the destruction of our economy very soon.

      1. earnestshub profile image82
        earnestshubposted 14 years agoin reply to this

        I agree ledefencetech, the world economy is going to collapse soon, all the signs are here in Australia...pump primed economy, government money pouring in to housing and domestic economy support. The problem is, just as we are poised to go in to the inflationary cycle, many of us have bought the bull that it is already over! Over? smile It may be over in fifty years when we have paid back the debt!

        1. ledefensetech profile image68
          ledefensetechposted 14 years agoin reply to this

          Oh the debt won't be paid off.  It'll just get written off.  In the end the jokes going to be on the banks.  There will be a lot of suffering until that day though.  Buy gold and silver.  That's the only way to protect you and your family.

          1. earnestshub profile image82
            earnestshubposted 14 years agoin reply to this

            Yes I think you are right, it will not be repaid will it? I wonder how long it will be before the banks wake up that they will eventually have the bad debt run full cycle? I already guessed that they are stupid, the sort of greed shown is not a great indicator of fine intellect!

  4. profile image0
    SirDentposted 14 years ago

    If I recall after tpondering it for a while now it was a plane that was shot down. A Korean Airlines plane I believe it was back in the early 90's. I can't remember the senator's name. I also might be mistaken.

    For some reason Jim Jones and Guyana keep coming to mind.


    The plane was shot down in 83. … Flight_007

  5. Earthscribe profile image74
    Earthscribeposted 14 years ago

    Ledefensetech, that is a reasonable proposition regarding JFK.

    I have to wonder where the hyperinflation will take us.

    SirDent, thanks for the link -- I'm bookmarking that one for later.

    1. ledefensetech profile image68
      ledefensetechposted 14 years agoin reply to this

      Look up Zimbabwe.  Actually I think we'll see a massive growth in a "black market", Misha should be able to tell us more what that was like.  The USSR had a notorious black market in scarce goods.  That's all short term though.  Long term we should see the adoption of another form of money.  I'm betting gold and silver because it's been used for centuries.

      1. profile image0
        susanafeposted 14 years agoin reply to this

        There has been a push for a gold and silver monetary system since 1998.  If you go to you can read about how it started and get a link to their new website. There are gold and silver coins available through this organization.

        1. ledefensetech profile image68
          ledefensetechposted 14 years agoin reply to this

          I like the idea of the Lakota Bank personally.  They're a 100% reserve bank so you never have to worry about the bank going insolvent.  All you have to pay are maintenance fees for them to store your money.  You do have the option to invest in their general fund from which they originate loans, but you do so knowing that you can lose all or part of your investment.  This, too, is acceptable because you consent to the danger when you put your money in the fund.

          1. Earthscribe profile image74
            Earthscribeposted 14 years agoin reply to this

            Excellent! Thanks for the link -- I wasn't aware of Lakota Bank.

            1. ledefensetech profile image68
              ledefensetechposted 14 years agoin reply to this

              The best part is that the tribe is sovereign, so US laws don't apply, especially their banking laws.  It's good to see the tribes get their act together and make a future for their people.  It's humbling to think that they may save us from ourselves.

  6. Earthscribe profile image74
    Earthscribeposted 14 years ago

    I've been hoping we'll return to solid commodity! Gold & Silver is coming up, I agree.

    I just got a job as a Precious Metals Broker, and I'm quite excited to see how they (and "they", the interests) play the game.

    G'night fellas --- great conversation, see you on the Hubs later.

  7. Earthscribe profile image74
    Earthscribeposted 14 years ago

    It's up to 23 co-sponsors in the Senate!

  8. Newyork204 profile image61
    Newyork204posted 14 years ago

    Yeah we should audit the FED they are the biggest racket in the world.  Nobody can touch them...why?  They sell the government's own money to them when the government could print their own money for free.

    The FED is authorized to print money for the government but its not a government agency.  Its a private corporation.

  9. Earthscribe profile image74
    Earthscribeposted 14 years ago

    Ron Paul: The Fed Scared of H.R. 1207

    1. earnestshub profile image82
      earnestshubposted 14 years agoin reply to this

      Ron Paul sounds like a real person who would like transparency where it is needed. A lot easier to understand and make sense of than the spin that has been out there from the vested interests.
      Good link, thank you.

      1. ledefensetech profile image68
        ledefensetechposted 14 years agoin reply to this

        You should read some of his stuff, it's an eye opener. … amp;Id=392

        Of course there are many other great authors on that site as well, some all but forgotten.  You may want to wander the site and see what you think.


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