Texas Straight Talk

A weekly column

The Real Reasons Behind Fed Secrecy

Last week I was very pleased that the Financial Services Committee held a hearing on the Federal Reserve Transparency Act, HR 1207.  The bill has 295 cosponsors and there is also strong support for the companion bill in the Senate.  This hearing was a major step forward in getting the bill passed.

I was pleased that the hearing was well-attended, especially considering that it was held on a Friday at nine o’clock in the morning!  I have been talking about the immense, unchecked power of the Federal Reserve for many years, while the attention of Congress was always on other things.  It was gratifying to see my colleagues asking probing questions and demonstrating genuine concern about this important issue as well.

The witness testifying in favor of HR 1207 made some very strong points, which was no surprise considering the bill is simply common sense.  It was also no surprise that the witness testifying against the bill had no good arguments as to why a full audit should not be conducted promptly.  He attempted to make the case that the fed is already sufficiently accountable to Congress and that the current auditing policy is adequate.  The fact is that the Fed comes to Congress and talks about only what it wants to talk about, and the GAO audits only what the current laws allow to be audited.  The really important things however, are off limits.  There are no convincing arguments that it is in the best interests of the American people for anything the Fed does to be off limits.

It has been argued that full disclosure of details of funding facilities like TALF and PDCF that enabled massive bailouts of Wall Street would damage the financial position of those firms and destabilize the economy.  In other words, if the American people knew how rotten the books were at those banks and how terribly they messed up, they would never willingly invest in them, and they would fail.  Failure is not an option for friends of the Fed.  Therefore, the funds must be stolen from the people in the dark of night.  This is not how a free country works.  This is not how free markets work.  That is crony corporatism and instead of being a force for economic stabilization, it totally undermines it.

If the Fed gave its actual arguments against a full audit, they would not have mentioned anything about political independence or economic stability.  Instead they would admit they don’t want to be audited because they enjoy their current situation too much.  Under the guise of currency control, they are able to help out powerful allies on Wall Street, in exchange for lucrative jobs or who-knows-what favors later on.  An audit would expose the Fed as a massive fraud perpetrated on this country, enriching a privileged few bankers at the top of our economic food chain, and leaving the rest of us with massively devalued dollars which we are forced to use by law.  An audit would make people realize that, while Bernie Madoff defrauded a lot of investors for a lot of money, the Fed has defrauded every one of us by destroying the value of our money.  An honest and full accounting of how the money system really works in this country would mean there is not much of a chance the American people would stand for it anymore.

Posted by Ron Paul (09-28-2009, 02:00 PM) filed under Monetary Policy

Comments

Comment by blind848
September 28, 2009 02:22 PM
Again, thank you, Dr. Paul...honest words spoken about a rotten problem, of which most people are unaware.
WAKE UP AMERICA...
Comment by Steve Turner
September 28, 2009 02:29 PM
Yes! As always, exceptional points. A devalued dollar basically amounts to an extra tax on us all. The quicker we can do away with the Fed, the better off we will all be - except maybe the very few money handlers at the top of the chain, and they should all be sent to prison along with Bernie.
Comment by James
September 28, 2009 02:52 PM
Wow almost a hundred years to late.
Comment by Jim Hollingsworth
September 28, 2009 02:53 PM
Dr. Paul is one of the true patriots of this country. I've supported his efforts since the mid 1980's in trying to expose the creature from Jekyll Island. The FED is unconstitutional and violates God's moral law, it robs all of us by money devaluation, and is the engine of our slavery for the elitists who control it.

There is a reason why a central bank in control of a nation's money is a plank in the Communist Manifesto.
Comment by George
September 28, 2009 04:00 PM
GOD Bless you Dr. Ron Paul, the LORD JESUS CHRIST is with you. IF the LORD Is with you, do not fear, YOU Can be Against YOU.

END the CORRUPT FEDERAL RESERVE controlled by, Crooked = Private Bankers
Comment by John in NM
September 28, 2009 04:21 PM
Hang in there, Dr. Paul. No government agency should be exempt from a full audit, to include any organization receiving taxpayer money. Language should be added to any bill allowing
immediate return of any funds used improperly. Keep up the good work. Thank you for all you do.--
Comment by Keith H.
September 28, 2009 05:27 PM
It is amazing to me that this fraud has carried on for so long. I hope that where ever Woodrow Wilson is, even though deceased, that he suffers from permanent rectal itch.
Comment by vlastic
September 28, 2009 07:14 PM
The cure for inflation is to stop inflating.
Amen.
Comment by Joe Lopisi
September 29, 2009 08:14 AM
Although much of what this author says about Iraq and this country's invasion and occupation is true, what he like most other authors miss is the simple fact that this government (Obama and Bush follow the dictates of the military-industrial oil private central banking complex) invaded Iraq and will continue to occupy Iraq for the purpose of keeping a strong foothold in the Middle East where much of the world's oil reserves and gas reserves reside. This has been a long standing plan of this government dating back to least Jimmy Carter.
This government has built huge city size military bases in Iraq in addition to the worlds largest embassy. It is not going to abandon these military bases.
The motive for the private central bankers of the world which include the Federal Reserve Bank in promoting this war and all other wars is to lend money for military arms and earn huge amounts of interest. Even more importantly, the Federal Reserve Bank in order to fund these wars prints trillions of US dollars and pumps them in to the monetary system. As a result, the dollars we already have are devalued. Saying this another way, the Federal Reserve Bank creates inflation, the consumer pays more for the goods it needs and more of the wealth of the nation is stolen by the corrupt private central banking system started by the Rothschilds in Europe.

It is probably already too late but at least people should start realizing that it is.
Go to 911insidejob.net
Comment by Mike
September 29, 2009 08:18 AM
I call on all Democrates and independents to suport Ron with this bill its somthing we all can unit on!!!!!!!
Comment by Vulcan
September 29, 2009 03:18 PM
When the state wants money printed to facilitate easier selling and buying it asks a printer to print some. Then the state pays ;paper,ink,designing,work,transportation and a reasonable profit.That should be it, BUT your state allso pays the printer the amounts printed on the paper as a debtto the printer!!WHY? The scam is so obvious,hidden in plain sight; normal peoble would never be so stupid!!! FED is crime!
Comment by ray smith
September 29, 2009 03:54 PM
Hey you big dummies running this country. As the elections come up you are going to lose your jobs. Keep going as you are and most Americans are going to lose theirs too. If you don't get in there and start representing us instead of you dumb selfs you and we are gone. Thank you
Comment by Shelby Evans
September 29, 2009 05:30 PM
Thank you Dr. Paul. Your articles always give me hope.
Comment by Ted Lewallen
September 30, 2009 12:00 PM
Dr. Ron;

We want you on the 2012 presidential ballot so I and many others can vote you in for president. The current administration is a complete sham... a disgrace to America. Yes we have many problems, the FED is one of the biggest, let's Get R Done for the audit, then abolish the stinking FED. I pray for your safety and voice to be heard.
Cowboy
Comment by Mr Genewa S Livinai (GSL)
October 09, 2009 11:12 PM
I do believe in Sen. Ro Paul. To support Sen Paul more on his great exposer ofthe FEDs is shall be treated as " A though of a day and a challenge to the Economist, Banking Analyst, Bankers, Established Financial Institution of the World. Secondly, it gives the Undevelop, developing nation os the world to quickly consider the yellow gold, as their solid Monetary Insurance, to protect both their growing population and Economic Uncertainties.

The US should rethink its growth both on Economic Structures and Financial Steuctures, meaning It needs to take a new root to Path of Sagety as quickly as possible starting nect year.

US seriously need to go back to gold as quickly as possible to win the hearts of the world specially its computetors, the geeat China, Russia, and European Nations. This group of nations mentioned above are buying gold every day if you will to protect them selves.

A formula has been authored for the US, and If you allow me, I am ready to forward to Dr Ron Paul.

Thank you for allowing me.
Comment by H. Craig Bradley
October 20, 2009 07:05 PM
Ron Paul is right, the American people would not stand for a FED who continued to steal from them in the manner described (debasing the currency and building huge debts for others to pay off) IF they actually knew and understood what was going on. Problem is "The People" probably never will know "what is going on", be it at the FED or elsewhere, for that matter. However, some people (a minority) will be keenly aware of what is happening, and of course, not like it.

The reason is simple, most people (at least that I have ever met in public) are either too stupid, too lazy, to selfish, too politically active, or too invested in the current financial system and arrangements from which they receive benefits (eg. School teachers and government employees with fat pensions).

The only possible way our broken financial system can be "fixed" would be a new leg down in the markets, including commodities, real estate, and stocks. Widespread, additional asset deflation, along with inflation, higher interest rates and much higher unemployment (20% +) would force the general public to look deeper into the issues than is currently the case.

Once the American people hit "rock bottom" financially, like an alcoholic, then they have a new opportunity to reassert themselves and finally take personal responsibility for much needed “change”. Only at this point would the American people be sincerely open to a real political leader capable of “rolling up his sleeves” and solving accumulated problems, instead of spouting empty rhetoric and fooling people so easily. Until then, there could be much additional suffering, as dictated by collective "human nature" so widespread in a dumbed-down society like ours is today.

Even under the pressure of a new financial crisis, or a subsequent phase of the one we are in, a positive outcome is by no means guaranteed. It will be a fight to win and establish order. Afterwards comes the possibility of corrective actions. The so-called “powers that be” will attempt to expand their financial power and physical control in the interim period of financial and social uncertainty and chaos (unrest).

There will be causalities as a consequence of the coming fight for total control. If the wrong side wins, the survivors may suffer and probably die in labor camps, as millions have through the years in Germany, China, Russia, Cambodia, Sudan, Africa, and other places ruled by brutal dictatorships or monarchies. So, sacrifices will be necessary in order for freedom to continue. The eventual outcome is very uncertain and unpredictable.
Comment by Chris Borbe
September 28, 2009 03:07 PM
Nice piece, Congressmen. I really enjoy reading your writings and can't wait for the 2012 election which I hope to be supporting you for the presidency. I think the message is getting out.
Comment by Mosetta Winn
September 28, 2009 03:15 PM
Thank you for attempting to follow the money.
Hope you stop funding all nonenumerated or listed duties/authorities/powers. Hope you get rid of (at least) as many government jobs as the private sector has lost.
Hope all these occupiers are empeached for creating & signing unlawful bills, not to mention breaching our peace by their massively attempting to grow government when they know we want a massive reduction in government.
Hope our troops come home IF we are not allowed to protect them. Hope that order was traced & all involved called to give an account of murder by proxy.
Thanks for doing what you can, we will do the same.
Comment by Roger
September 28, 2009 03:18 PM
END THE FED!!!!
Comment by Fred Cummins
September 28, 2009 03:23 PM
This is absolutely true but that kind of power is not going to roll over for the House or Senate. Prepare for a full frontal attack with enemies on both flanks and in the ranks.
Comment by Marge Brown
September 28, 2009 04:25 PM
Dr. Paul, I am 76 years old now, and never would have believed, years ago, how much dishonesty and deceit would become the norm in our society. The Fed and the big business people steal from whoever they can. They have no conscience it seems. Thank you for your efforts to expose what is happening.
Comment by A. Carney
September 28, 2009 05:40 PM
The next important aspect of creating the Fed was the IRS silencing organiza-tions by their tax status. Churchs were responsible for fighting against slavery. The IRS has rendered many nfp religious and professional organizations in the political arena.
That needs to be cchanged. God bless you.
Comment by Lorraine White
September 28, 2009 05:47 PM
Dr. Paul,
I watched this on television and I have to applaud you on your comments. You were probably the only really straight shooter there. Although there were other honest and correct remarks and questions brought to the floor. I was taken back about some things kept privy from auditing. That by nature immediately arouses suspicion and lack of trust in people. I have done my own inquirery into the Federal Reserve and its US origin of 1913 along wiith a great deal of its historic events and brow raisers. I am of the opinion that it is a tolerated Mafia system. I want our congress to control our nations economy. The U.S. citizens elect Them: Not the Bankers. The Central Banks should not have the power to manipulate, print, loan, choose investments or in other words control our monies direction and value. Wasn't it originally given to congress to have this responsibilty? The Central Banks have developed such a strong hold on this nations economy and the global econnomy that to abolish the fed would be almost impossible and possibly even dangerous. It scares me that they have this kind of control on the world and its future. What's the solution? Thank you Dr. Paul. Please keep up the good work.
Lorraine
Comment by Christopher
September 28, 2009 08:28 PM
Don't forget to contact your rep and ask them to suppport this bill www.house.gov
Comment by Tom
September 28, 2009 08:54 PM
There is no doubt in my mind that Federal Reearve is the root of the tyranny that has been placed upon us as Americans. Expose and/or abolish it and there is hope that we will not all end up in a concentration camp with one shot to go before they can dump us in the pits.
Comment by Christy
September 29, 2009 01:30 AM
Audit the Fed.
Then END THE FED!
Comment by Tom Dennen
September 29, 2009 02:09 AM
The Fed has failed. On prices and employment. Full stop:

But The Fed is nothing more than another fox guarding the chicken coop, a fox that is part of the skulk of foxes that has overseen the western economy for the last three hundred years.

The Fed threw its grappling hooks over the prow of the United States in 1913, from which time the purchasing power went down almost 90%.

From "The Great Reckoning" by eminent economists James Dale Davidson and William Rees-Mogg, Sidgwick & Jackson, published in 1993:

On average, every forty-six years, (plus the 9-year gap between market peak and market crash = fifty-five years) for the last three hundred years since the collapse of the South Sea Bubble in the second decade of the1700s, there have been five more commodity peaks in the world's stock markets, followed by a crash, followed by a depression (and the theft of another generation's wealth.)

I accept their observation that there has been a clockwork nine-year gap between commodity peaks and market crashes over the last five generations and a boom-bust cycle twice every hundred years or once a generation, meaning every generation of working and middle-class citizens, for the last three hundred years has been good and truly and thoroughly plucked through the mechanics of a depression.

I quote Davidson and Reese-Mogg:

· First Time: Commodity prices peaked in London in 1711 The South Sea Bubble burst exactly nine years later in 1720.

Depression followed.

· Second time: Producer prices peaked in London in 1763. The London stock market crashed again in 1772 (nine years later).

Depression followed.

· Third time: Commodity prices peaked in London in 1816.The London stock market crashed in 1825 (nine years later).

Depression followed.

· Fourth time: Wholesale prices peaked in New York in 1864. A worldwide assets crash began in May 1873 (nine years later).

Depression followed.

I paraphrase their comment from that point:

· Fifth time: Then followed our beloved Great Depression in the 30s, about which much has been said, from which, little learned.

· Sixth time: Commodity prices peaked some fifty years later in Tokyo, in 1980. The Tokyo stock market crashed in 1989 (again, nine years later). The depression following that crash is now upon us:

My interpretation of the Davidson, Reese-Mogg observation of these last six economic Tsunamis is that they were deliberate, organized, planned serial orchestrations of theft by the banking cartels:

Once is an accident, twice is a coincidence, but three times is a pattern and a Declaration of War.

Four times is the realization that the Declaration of War fell on the deaf ears of sleeping fools, five times is simple daylight rape and plunder of the same fools' children – the sixth time, this time, Grand Theft, Planet©, is perhaps, hopefully, a lesson finally learned, and do we wake up and end the Fed? We’d better.

Remember also, that each depression was surrounded, before, during and after by war, including the ones today, which are the most expensive ever.

In the context of what I’ve sourced, 1980 plus 46 years means the next commodity peak should be around 2026 and the next crash exactly nine years later, in 2035.
Comment by phil
September 29, 2009 08:50 AM
this bill is dangerous like an arrest warrant.
Comment by Dr. D. CPA
September 29, 2009 04:18 PM
Thank you Dr. Paul. As a CPA and an accoounting professor it seems obvious that the Fed should be audited and that the prinicples of full disclosure should be applied. Banks are audited. Federal agencies and departments are audited. Organizations that receive federal funds are audited. It's time to audit the Fed.
Comment by Enrique Sediles
September 29, 2009 05:25 PM
Dr. No is our Andrew Jackson!
G-d bless him and protect him. Please Dr. Paul, remember that all the presidents whom were assassinated or had an attempt on their lives had only one thing in common: opposing a private, for profit central bank. I am not accusing anyone of anything . . . just bringing up a historical fact. : )
Be safe Dr. Paul. America needs you.

Ron Paul for President 2012!!!!
Comment by Crystal
September 29, 2009 06:55 PM
When I was young, {protesting the VIETNAM War} I was a Democrat. My parents were Republicans, and THAT was a good enough reason for ME, {I was a rebel} plus, I LOVED Kennedy, and HATED Nixon. THEN, I got married, {to a Republican, GASP} and began having children, {I had 4 boys} so didn't have much time for politics, and my husband objected to me being a Democrat anyway. SO, {like ALL GOOD wives DO}I compromised...I wasn't about to become a Republican, so instead, I remained a Democrat in my heart, and abstained from voting; {the part he objected to most, as my vote would effectively cancel his} in other words, a GOOD Wife, but a BAD Democrat. I became a young widow {35} after 13 years, with 4 sons ranging in age from 11 to 1 year old. I was in no way prepared for this; I had not worked outside the home since the beginning of my first pregnancy, {my husband's idea} and my husband had NO Life Insurance, and NO Savings either. My husband was an Electronics Engineer, and made quite a lot of money, but {continued}
Comment by Crystal
September 29, 2009 08:16 PM
Continued: but we lived VERY comfortably, {upper middle class lifestyle} and spent every penny maintaining ''The American Dream''. And THAT is precisely what it was. I did not finish college, or pursue any meaningful career before I married, so with 4 small mouths to feed, clothe, house, and generally provide for, I did what I knew best how to do: WORK. I brought home the bacon, AND cooked it. I became MRS. DAD, trying to maintain the lifestyle my husband had provided for us. Once again, TOO busy to pay much attention to politics. As the HEAD of the house, I DID register to vote, {DEMOCRAT} and began voting again. However, like I said, I was extremely busy, and never noticed the gradual shift in party politics. WHEN did Democrat come to mean MARXIST? Apparently, when I wasn't paying attention. I became ill with a spinal condition that causes horrible chronic pain, in 2002. At that time, {even though I am no longer able to work and therefor no longer too busy} I continued to be somewhat oblivious {cont}
Comment by Crystal
September 29, 2009 09:20 PM
Continued : to the TRUTH of what was going on, as I had all I could do, to cope with the pain (which consumed ALL of my faculties} and no insurance, therefor no diagnosis, and the only help the doctors could suggest was for me to take anti-depressants, {our government at work for ME} which I DECLINED to do. Basically, the pain kept me housebound, {everyone thought I was a hermit} and my only source of political information was TV PROPAGANDA. I thought what everyone else who voted for Obama thought; Obama was the Second Coming, and he was going to be the Saviour of America. I didn't even have to leave the house, {Oregon votes by mail} and finally, my parents and I were on the same page politically; {FAST ASLEEP} MY PARENTS {who previously had NEVER voted for a Democrat, {of ANY description} VOTED FOR OBAMA. I thought they had finally seen the LIGHT. The TRUTH is, that I was SICK, and THEY were OLD. FINALLY, we had a common denominator: Political DEMENTIA. That brings us to the present...
Comment by DC
September 29, 2009 09:59 PM
I wholeheartedly feel 'Nothing' any branch of government,contractor to the government, corporation or body of public service does should be "off-limits" regardless of their initials-- irs-fbi-fed-gm-norad-sac-romad-whatever.EXCEPT in cases of national security or black-ops in the spirit of the founding fathers. Many of us have taken,at one time or another,a blood oath to defend the constitution against all enemies both foreign and domestic. Sadly we have seen more of the latter recently. Maybe its time for a call-to-arms enragement of the populace. Like the old master sergent said " Fool me once-shame on you- Fool me twice-shame on me!
A note to Tom Dennen--Thanks for the research.Ought to be published in WSJ.
Hal seems a little concerned about retaliation and intimidation well perhaps the wizards of Langley should get involved,after all they pretty much wrote the book along with the boys at JFK in Homestead.
Finally to you Ron,We all have our problems,You don't need to hear mine. You've taken a lion's share of them upon your shoulders and all I can offer you is a thank you and blessed be!
Comment by Crystal
September 29, 2009 10:19 PM
Continued : That brings us to the present... Last Thanksgiving, {which was in the afterglow of the election) my oldest son talked me into going on the car trip to my parents house, (for the annual 5day visit} came to fetch me, since I was unable to make the long trip alone, (I didn't leave my house for 6 years, except to go to the doctors, for the first 3 of the 6} and brought me to his house in Washington, afterward. I have been here, since then. During this past year, I got a diagnosis of Spinal Stenosis, AND 2 Herniated Discs, (my son paid for an MRI) which means it is NOT all in my head, and does not get treated with anti-depressants. The doctors here didn't mind taking my son's cash for the exam, test, and diagnosis portion of my problem, but have declined to further treat me since I do not have, and cannot GET medical insurance. I suppose that means I will be going to jail sometime in the near future, since THAT is what our ''Saviour'' is advocating for those of us who do not buy health insurance...
Comment by Crystal
September 29, 2009 11:06 PM
Continued: Meanwhile, I have turned to alternative medicine, (Acupuncture) for the pain. It is not a cure for my condition, but lessens the pain, at least temporarily. The Medical Doctors do not recommend this, or even recognize the benefits. They want you to have insurance, which can be double-billed, and is part of the new government plan to control your healthcare . I am currently having 2 acupuncture treatments per week, at $100 a pop. Also, during the past year that I have been here, I have been politically RE-EDUCATED, by the son I am living with. He is 32, a Software Engineer, and has a genius IQ. He is also a Libertarian, who has explained the evils of the 2-party system, and why it now makes no difference whether you are Democrat OR Republican. The country is currently being delivered from the hand-basket into Hell. I am now a Libertarian, and I sincerely hope that ALL Americans WAKE UP, from whatever distractions are keeping them from realizing WHAT IS ACTUALLY GOING ON. (Cont.)
Comment by Charyl
September 29, 2009 11:17 PM
If only you had been elected president, our troops would be home, the Fed would have never received the extra bailout money, the IRS would be out of business, and we could look forward to a country living by the Constitution of this once great land. Please let all of us know what we can do now to get you elected president.
Comment by Crystal
September 29, 2009 11:40 PM
Continued: He is also a Libertarian, who has explained the evils of the 2-party system, and why it now makes no difference whether you are Democrat OR Republican. The country is currently being delivered from the hand-basket into Hell. I am now a Libertarian, and I sincerely hope that ALL Americans WAKE UP, from whatever distractions are keeping them from realizing WHAT IS ACTUALLY GOING ON. (Cont.) Congressman Paul: I fervently hope that we will be HAVING free elections by the time the current Presidential term is up, that you will be RUNNING for President AGAIN, that the American people will by then realize what needs to BE DONE to preserve our FREEDOM, and vote for you, (even if you don't become a Television-media sweetheart), and finally, that I am still around and able to vote for you, AND celebrate YOUR victory, which would be We The People's victory!
Comment by SAB
October 02, 2009 10:54 AM
The power and control of this elite is beyond belief, trust me. Their minions find themselves entrenched throughout the Power Structure WORLDWIDE! Money rules the world and they rule the money...which comes out of thin air and hence is cheaper than cheap. All courtesy of everyone's taxes and the loss of purchasing power parity. There is simply no excuse for either poverty, misery or enslavement on this planet, beyond perpetuating an EVIL and CORRUPT system which serves an "elite", whose IQ, tragically, is so low it cannot envision anything from a truly decent human being's perspective.
Be careful. And DO NOT get their vaccination.
http://www.ireport.com/docs/DOC-335421?ref=feeds/latest
God Bless and protect you, Dr Ron Paul, an exceptionally decent human being, indeed, a tribute to mankind!
Comment by Chad
October 03, 2009 09:10 PM
Kudos to the ONLY politician I trust. After dusting off the Fed with an audit, the CIA needs to be next and what all these wars in the Middle East are REALLY about and it isn't terrorism at all.
Comment by Colten O
October 05, 2009 11:00 PM
Thank you Ron Paul.

Good things come from persistence and good intentions.

You're a true patriot and SHOULD MOST DEFINITELY run for President in 2012! I will do everything in my power to promote you and the hope you bring to me.

Life, Liberty, and the Pursuit of Happiness. FOR ALL!
Comment by n.sharp
October 23, 2009 07:35 PM
I support those who exposes lies and corruption. You are doing a brave and honorable work Mr.Paul. Although I am a Viet-nam veteran I am not a patriot because I have dedicated my life to God. My allegiance belongs to him and his son. They have never approved of tyranny and neither do I. I would also recommend watching Alex Jones video "Fall of the Republic".
Comment by Raymond
September 28, 2009 02:26 PM
Keep up the great work, Sir!

The only folks who fail are those who give up.

But you know this ...
Comment by Lewis Boyd
September 28, 2009 02:49 PM
Dr. Paul;
For all your time and effort into this. Is there any chance of a Dollar devaluation, if so by how much in you opionion?
Comment by Marc Bryant
September 28, 2009 03:01 PM
Congratulations Dr. Paul. This is encouraging and has needed to be done a long time ago. I really do want to thank you for your persistence concerning the FED for all of these years. Hopefully something will finally get done.

Sincerely,
Marc Bryant
Comment by David Rasmussen
September 28, 2009 03:02 PM
Right on Dr. Paul. You have my full support and it's my greatest hope that members of Congress and the American people wake up to the scam that is the Federal Reserve.

God Bless you!
Comment by S. Bernardy
September 28, 2009 03:29 PM
You mention a companion bill in the Senate. What is the number of that companion bill? THank you.
Comment by Henri
September 28, 2009 03:36 PM
Congressman Paul,Thank You for giving me hope and for being a patriot for freedom and our constitution.
Comment by Michael
September 28, 2009 04:48 PM
Well spoken, Dr Paul! The Fed getting an audit and probably some regulation finally is awesome! Everyone in our government needs to be accountable for what they do.
Keep up the good work.
Comment by Billy Kitsch
September 28, 2009 09:20 PM
For the nationalist socialist big government neo-cons, corporatism (corporate socialism) provides isolation of their government activities from the appearance of private interests. Broad Socialist powers are thereby implemented through the corporate veil from government down, quite converse and convoluted with regard to the protections from government intended in the creation of the corporate umbrella. Liberty is usually covertly stolen by such inversions.
Billy

"I love the man that can smile in trouble, that can gather strength from distress, and grow brave by reflection. 'Tis the business of little minds to shrink; but he whose heart is firm, and whose conscience approves his conduct, will pursue his principles unto death." --Thomas Paine, The American Crisis, No. 1, 1776

Quote from: The Patriot Post
Comment by WEBevill
September 29, 2009 09:16 AM
Great news! Soon this government won't need to investigate the Fed. Last Thursday at the end of the G-20 meeting, the members voted unanimously to start a "One World Currency". This is the, serious, start of the "One World Government". Once that starts, the Fed will be moot.

That's right! We are being sold-out again to a foreign government that does not exist yet but will in order to service the new world currency. This is unconstitutional but who cares? If all laws passed by Congress in the last 110 years was judged purely by Constitutional Law, most would have been declared unconstitutional, including the monetary system now in place.

Is this disturbing? I've been disturbed about it since 1971 when Nixon stole our money and forced the country to use unconstitutional Federal Script. This was Nixon saying the government was bankrupt and could no longer back it's paper with real money. This was the greatest theft in the history of this country and was performed by our government. No one cared.

Such a shame.

I've watched Congress since then turn this great nation into a third world country with their bad monetary and trade policys. These culprits have been Republicans and Democrats alike. These are not the people who should have been voted into office. They are all conmen.

It's not called CON-gress for no reason.
Comment by Mark
September 29, 2009 10:11 AM
Congressman Paul, thank you for being a leader in the fight to return our government to the people!
Comment by Iriemon
September 29, 2009 02:38 PM
Do folks really think that a gold standard is the better system to base a currency on?

Wasn't the gold standard a disaster in the great depression and a failure in the post war era which is why the gold standard was dropped (repeatedly)?
Comment by G. Howell
September 29, 2009 03:10 PM
I'm with you all the way. I hope and pray that you will be our next president. Please try again.
Comment by Willie Vaden
September 29, 2009 03:47 PM
Once uncovered the truth will be told of a real effort to take down the American Dollar and send America into a socialist state. Dr. paul fights this and has always fought to remake American values what the Constitution laid before us, it is "We The People" not them the Gov't
Comment by Bruce Gibbings
September 29, 2009 04:36 PM
Thank you Dr. Paul for fighting for all of us that compose the forced underclass, who has been stolen from, lied to, deceived by our leaders all for the sake of continuing the FARCE OF THE FED!!

I have just finished your honest and rational expose of the history of the Federal Reserve;

"END THE FED"
ISBN-978-0-446-54919-6

This soon to be bestseller, available at Amazon.com, should be required reading for every constituent of every one of the 295 cosponsors of the Federal Reserve Transparency Act, HR 1207!!

Each reader should then, based on careful investigation of the facts contained in this illuminating manifesto, write to support the passage of Federal Reserve Transparency Act, HR 1207 without fail and insist that funding be given and teeth given to the bill be supported and overseen daily. A website publishing the results of the required audit would force more and more support for the eventual elimination of the Federal Reserve looting of the purchasing power of our currency and the establishment of the historically tested Gold Standard.
I look forward to that day as I will vote that concept in every election I can for the rest of my life.
Comment by Mike
September 29, 2009 06:12 PM
Dr Paul:

Thank you so much for your tireless effort in working for meaningful and Constitutional legislation to improve our national condition. Also, your polite and gentlemanly demeanor is an inspiration.

Mike
End the income tax
End the Fed
Comment by Lynn Verhoeff
September 29, 2009 06:49 PM
Dear Dr. Paul,

Keep the pressure up and let's get the FED actually audited.

I want to also alert you to what seems to me to be a covert effort to initiate dictatorship (world domination) via control of Congress by the Multi-national Corporations. Is it true that the high court is debating donations in any amount (lifting all restrictions) to political campaigns, in this way making politicians accountable not to the people, but to the banking elites via corporate control.

The primary point which needs to be corrected with congressional reform is that multi-national corporations have their CEOs appointed by investors and they are answerable to investors and so can be controlled by the financial elites. I mean just look at the illogic of this! What enterprise runs well when the top man does not have the confidence of the men he commands? The CEO should rise through the ranks and be answerable to his employees and his customers, right? Customers are 'we the people" Investors can be on the Board of corporations but it seems to me they should be allowed to act only in an advisory capacity.

Could Congress also investigate the multi national corporations and efforts to unmock congressional freedom and integrity by elevating the multi-nationals above our democratic system. An investigation would also look into the inequities regarding CEO pay. Failing companies have CEOs who earn in the millions. Why? Well yes I suspect they get paid for serving the banking elites and not commensurate with the production of the company or any contribution to the nation. As long as the CEOs of the corporations report to the banking elites and have been elevated above our democratic system. we will continue to have national economic woes.

This wrongful allegiance is bad for America and also bad for the world.

Lynn Verhoeff
Comment by marzella Porath
September 29, 2009 08:38 PM
Some, or most, of the representatives and senators lured by the big money are now very wealthy; I wonder how many would be voting for the audit without our anger and pressure? It took time, but Babylon is falling.. We are all about to suffer greatly in the coming derpression, ready yourselves, prepare for it as best as you can. We will all be surprised to see the suffering around the world. Remember, these "world bankers" don't care who we are. In my mind prayer is worth more than gold and should be on top of the priority list.
Marzella
Comment by WEBevill
October 02, 2009 07:38 AM
Anywhere you go in the world, gold is money. Anywhere. Basing a currency on an intrinsically valued, physical thing is good. It tends to hold down the ability to inflate a currency beyond a value, set by the intrinsic thing. Since there is only so much of that intrinsic thing you base your currency on. It keeps your national currency healthy and the economy it is working in healthy. It's a holding that keeps people running the government that currency is working in in check as far as insane and stupid overspending is concerned.

Nixon's theft of intrinsically valued currency set this country up for what is happening now in the US economy.

A perfect example of runaway government spending is the economy of Zimbabwe. Zimbabwe was printing one trillion Zim-dollar notes. The number of zeros on the note confused people so the one trillion Zim-dollar note was converted to a one Zim-dollar note worth 33 euro. This is what can happen, eventually, when the official national currency is backed by government fiat (hot air). Now that's inflation no matter how you perceive it.
Comment by Keith E. Carter
November 02, 2009 09:42 PM
Dr. Paul - I am new to your website and articles. You are right on with your desire to have the Fed audited! If that happens, have the auditors look for manipulation of the gold and silver prices through J.P.
Morgan bank. You should look at Morgan's latest income statement. They made millions from their manipulations and lost millions in their other operations. They have shorted the markets and have thousands of contracts outstanding. They own close to 50% of all the short contracts. All of this is with the blessings of the Fed and the Treasury Dept. A great deal has been written about this by Mr. Ted Butler. He has facts and figures to prove his allegations. He has contacted the people in charge of the
futures market but they have refused to do anything about the manipulations. Among other things that have been done "lately", the "Free Market" is no longer in existance. How can the oil price go up, the dollar go down, other commodities go up, but gold and silver go down?? I have seen gold and silver prices going up across the world until the U.S. Markets open. Shortly after opening, the U.S. Markets head down.
The CFTC has "investigated"
the possibility 3 times in the past 5 years but can't seem
to see the forest for the trees. There is a great deal of information at www.butlerresearch.
com You can find the facts there. Thank you for all you are doing to keep our beloved country from disappearing from
the face of the earth.
Comment by David Snyder
November 08, 2009 04:02 PM
Meekay delivers a great conclusion:
Quote:
The Fed (KNOWINGLY) enabled the irresposible behaviour that led to the housing and stock market crashes. Obviously they do not exist to promote economic stability. Eliminate them now and permanently!
Comment by David
September 28, 2009 02:44 PM
Amen! The Federal Reserve has facilitated the greatest transfer of wealth away from the majority of citizens and into the pockets of financial institutions and their leaders. It's time they were held accountable.
Comment by Joseph Macy
September 28, 2009 02:58 PM
do away with the Federal Reserve and arrest the all for fraud! Let Madoff be the example! Dispose of the IRS, the collection arm for the Feds., also
Comment by james M. Jones
September 28, 2009 02:59 PM
Thank you for your many years of effort to educate us on the Federal Reserve (DEBT) system.

Jim
Comment by Paul Williams
September 28, 2009 03:43 PM
We will never be free of big government until we do like we did to Great Britain in the Revolutionary war, kick them all out of power how ever we have to, our children s future are in the hands of Tyranny lets put a stop too it NOW. Voting does not seem to work Mr Paul we need your guidance now more than ever.
Comment by Hal Luebbert
September 28, 2009 04:13 PM
Great,just great!

Be careful, Ron - these guys play for keeps (check with Senator Chuck Grassly about what happened to me when I said this should be done way back in 1985, should you like to know what I mean).
Comment by bill
September 28, 2009 06:18 PM
once the truth is out,the process of removing the FED should get easier. We do need to go back to the gold standard to save our country.we are all behind your efforts.
Comment by Lisa M
September 28, 2009 07:14 PM
You are the BOMB. Too many on the Entitlement Bandwagon that requires fiat currency to finance. Because of your campaign I read Creature from Jekyll Island and so will my children. I'm not all that hopeful that it will change before total collapse, though. I think it's gone too far. But you are a Light, and please keep shining.
Comment by Howard Bernbaum
September 28, 2009 09:07 PM
Well written, Congressman Paul and in need of taking effect. If the American people realized how badly they've been ripped off by the Fed and its criminal allies in congress, it would be 1778 all over again and the culprits thrown in jail.
Comment by Bill S
September 28, 2009 11:09 PM
Perhaps it will be through you that "we the people" begin to listen. Let us hope that it is not already too late! And that "we the people" are not as ignorant as many "reps" already think we are. Thank you Dr Paul for your clear sight and vision on issues that truly matter to us all!
Comment by TF
September 28, 2009 11:50 PM
The Senate Bill number is S. 604- The Federal Reserve Sunshine Act of 2009. It was initiated by Bernie Sanders of Vermont and currently has 28 co-sponsors.
Comment by Marc
September 29, 2009 03:36 AM
Dear Ron,

The way money works is trivial and in systems engineering analysis you don't need to audit the FED to understand what is wrong with it. But auditing will surely bring to light how the current design has been used to transfer wealth from those that produce it to those who own it. Again from a system engineering point of view, setting up a standard money spec that is stable vis a vis the wealth behind it (i.e. inflation free) and that does not require centralised control is not only doable but it is trivial. The key is to separate the broad and intimidating social, psychological and material consequences of using the wrong desigh (i.e, these are the symptoms) form the simplicity of the design problem. You need to understand the following:

System design affects behaviour but behaviour does not affect system design unless it acts to alter or replace it.

The idea is that the complexity of the behaviour says nothing about the complexity of the design and behaving ain't going to fix the design.

Finally the design is an arbitrary one i.e. it is purely logical system. But that does not mean that it cannot be stable. Please review:

bibocurrency.org

Marc
Comment by William.
September 29, 2009 08:57 AM
Good Job Ron Paul,

Careful now, you are encroaching on the nerve center of corruption in this country. The out and out right miss use of authority over us in America. Exposing this is not going to be easy as shown over the years and don’t think for a moment these people are not working on ways to finagle books, accounting systems and anything else that will expose what they have really done or who has all been involved. They were smart enough to hide it this long and they will work to secure it in a million other ways and those intent on breaking the country for the one world order concept will only step it up to make sure this does not happen. Once our constitution is gone we will become powerless to use what we have in place to change this intelligently.
Talks of bigger wars and new wars are only examples of this kind of thinking. If out of control spending does not stop we are simply doomed. It is up to each of us to understand and apply the natural laws given us in this country. This means we must understand them well, be able to educate others well on their application and bring this country back to its people and not to those that have only one intent, their own self gain at the expense of all others.
We hold these truths to be self evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness…

Life, liberty and the pursuit of happiness as express by Tom Mullen in his recent writings “The myth of the Christian Nation divides us”.
These are all observable as a result but in order to observe it one must apply these simple principles in the decision making process. When this is not done then the outcome is far different as can be observed today. We must get back equal by application; we must show our unalienable Rights by applying them. We must encompass life (what is that?) inst that all of us? It should be in our decisions, and Liberty, What is this? Don’t we apply this to our lives and who does it? Someone else or do we? The pursuit of Happiness, what does this mean to you exactly? Is it yours only? Or does this include your friends, family, fellow workers and people in your communities?
How do we dare bring people up to this level of understanding and apply these principals? They are a part of who we are, and you cannot take them out of this formula in order to get this kind of result.
This means then that we are all responsible for understanding them completely, we are responsible for applying them and we are responsible for getting the correct desired result. It means we need less Government, it means we need the FED gone! It means we need people to create products to create jobs in communities so people may work and care for the family’s friends and neighbors. It means we are responsible for educating people in these principals. It means we are in charge of our own destiny and that we, not you or I but we collectively have to apply these together to get this kind of result.
It means we need to become responsible for things that go well and for thing that do not. It means those who appose these principals must be held accountable for their own lack of understanding and their own self suffocating interest. Its time for us as a people to WAKE UP! And get it together and stop blaming everyone else, take these matters at hand and resolve them with these very principals described.
I hope this is not to bold and will help to wake up the many who we need to set the record straight once and for all.
So first off, EDUCATE! Get people to understand and apply these please.
Comment by RGP
September 29, 2009 10:34 AM
Perhaps another Constitutional Convention needs to be held. This time the group should re-endorse the Bill of Rights and bring charges against both parties citing laws that violate the Constitution. Then they can form a voting block that will promote a slate of candidates to replace the turncoats.
Comment by Don Morgan
September 29, 2009 02:55 PM
Thank you Ron Paul for your effort in auditing the Feds. We taxpayers have a right to know what is going on with them when it so deeply effects our pockets. I can not think of any reason they should resist being audited except the fear of exposure. To qoute John Kennedy in a speech he made in 1961: "The existence of a secret society in a free and open society is repugnant".
Comment by Jon
September 30, 2009 08:18 AM
We must end the FED of that there is no doubt. What then? Look to the future, our fate is sealed, but we can start something for future generations. Research The Venus Project and The Zeitgeist Movement, it has already begun.
Comment by Kylie M
October 03, 2009 10:58 PM
Thank you Ron Paul. America's only real friend in government!
Thank you for all that you do.
Comment by Meekay
October 06, 2009 12:44 PM
Bernake was the lynchpin in the entire economic meltdown. He should have been removed long ago. The Fed enabled the irresposible behaviour that led to the housing and stock market crashes. Obviously they do not exist to promote economic stability. Eliminate them now and permanently!

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