Federal Reserve Watch

[NYBob]

Rand Paul Rallies Support for His Audit the Fed Bill

http://www.thenewamerican.com/usnews/congress/item/16162-rand-paul-rallies-support-for-his-audit-the-fed-bill

On July 29, Senator Rand Paul (shown, R-Ky.) sent a message to
members of the Campaign for Liberty asking for help in a project
very familiar to that organization:

I’ve introduced S. 209, the Audit the Fed bill, and I’m going to
do everything I can to expose the Fed and stop Ben Bernanke’s
economic snake oil “solutions” from wrecking our fragile
economy.

Your action today in support of my father’s Campaign for Liberty
will help turn up the heat on my colleagues to pass Audit the
Fed.

In February, Senator Rand Paul (R-Ky.) offered the Federal
Reserve Transparency Act of 2013, also known as "Audit the Fed.”
The bill would eliminate restrictions on Government
Accountability Office (GAO) audits of the Federal Reserve.
Additionally, the bill would give Congress oversight of the
Fed's credit facilities, securities purchases, and quantitative
easing activities.

"The Fed's operations under a cloak of secrecy have gone on too
long and the American people have a right to know what the
Federal Reserve is doing with our nation's money supply," Paul
said in a statement.
"Audit the Fed has significant bipartisan support in Congress
and across the country and the time to act on this is now."

There may be hope that the people’s representatives may actually
finally wrest the reins of federal fiscal policy away from the
unelected, unaccountable governors of the Federal Reserve.

As of the time of writing, Senator Paul's bill, S. 209, has 24
cosponsors in the Senate, including one Democrat, Mark Begich of
Alaska.

In January, a companion measure was offered in the House of
Representatives by Representative Paul Broun (R-Ga.) and
currently has 153 cosponsors.

When it comes to dragging the policies and procedures of the
Federal Reserve into the sunshine of congressional oversight,
Rand Paul comes by it honestly, via fatherly influence.

As recounted on www.RonPaul.com

For the past 30 years, Congressman Ron Paul has worked tirelessly
to bring much-needed transparency and accountability to the
secretive bank.
And in 2009 and 2010 his unfaltering dedication showed
astonishing results:

HR 1207, the bill to audit the Federal Reserve, swept the
country and made the central bankers shudder at their desks.

The bill passed as an amendment both in the House Financial
Services Committee and in the House itself.

Then, in 2012, his final year in the House, Congressman Ron Paul
reintroduced the Audit the Fed bill (H.R. 459), which passed the
House 327-98.

In fact, Representative Broun’s bill currently pending in the
House is a copy of Ron Paul’s bill. In a statement, Broun said
he was fighting the Fed in order to “pick up where Ron Paul left
off.”

Now, his son is leading the assault in the Senate.

While the Rand Paul Audit the Fed bill would bring transparency
to the purposely shadowy goings on at the Federal Reserve, what
isn’t so clear is why the Senate has yet to vote on any of the
measures mentioned above.

After Ron Paul’s last attempt to audit the Federal Reserve
handily passed through the House in 2012, Senator Harry Reid (D-
Nev.) blocked the legislation, saying he wouldn’t be comfortable
bringing the matter to the Senate until he’d had a “real serious
conversation” with Fed chairman Ben Bernanke.

Perhaps someone should have a real serious conversation with Reid
about the unconstitutional and unconscionable damage the Federal
Reserve and the shadowy coterie of global bankers that own it
have done to the economic well-being of the United States.

First, the unelected governors of the unconstitutional central
bank have an absolute stranglehold and monopoly over the flow of
our nation’s money and credit.

Not once since its inception in 1913 has there ever been a
thorough audit or an accounting to Congress about its
activities.

During its century-long reign over the financial well-being of
our country, the Federal Reserve has manipulated our currency
until it is nearly worthless. Meanwhile, Congress turns a blind
eye and a deaf ear to the crisis and the calls to control it.

The fact is that since that day in 1913, the dollar has lost over
95 percent of its purchasing power.

Most, if not all, of this precipitous decline was caused by the
monetary policy of the Federal Reserve.

The United States of America has been driven to the very edge of
a devastating fiscal cliff by the folly of the Federal Reserve
and the abdication of its authority by an impotent Congress.

Together, these factors add up to $14 trillion in ill-conceived
loans and federal bailouts and a crushing national debt of over
$16 trillion.

Adding insult to injury, during testimony to Congress in 2009,
Bernanke refused to reveal to committee members the names of the
institutions that received trillions of dollars from the Fed.

Later, he told our elected representatives that he would not
disclose the identity of the foreign banks that were parties to
sweetheart deals with the Federal Reserve.

When it comes to the central bank and its machinations, the fix
is in.
The Fed — ostensibly a non-profit organization — owns the mint,
the money, and sets the terms of the loans it makes to the
federal treasury. What’s more, there is no product, there is
nothing being loaned other than worthless paper that can never
be traded in for anything of value because all that is used to
secure the worth of the currency is now owned by the very
bankers who control the Federal Reserve.

In his seminal book, A History of Money and Banking in the United
States, Murray N. Rothbard explained that the international
financial cabal’s impetus to create the central bank was to use
it as a “cartel device to enable the nation's banks to inflate
the money supply in a coordinated fashion, without suffering
quick retribution from depositors or noteholders demanding cash."

It is well known that both Ron and Rand Paul have at times
supported gold as a hard currency alternative to the paper
specie issued (unconstitutionally) by the cartel.

What isn’t as well known, however, is that many members of the
Federal Reserve board have at various times likewise supported
gold as a popular means of exchange.

Rothbard questions the purity of the motives of some economists
and Federal Reserve officials who claim to support a return to
the so-called gold standard.

Rothbard believes that the Fed might back such a move in order to
exercise stricter control over the economy.

Members of the cartel, Rothbard said, “wanted to press on to use
the gold standard as a hard-money camouflage behind which they
could change the system into one less nakedly inflationist than
populism but far more effectively controlled by the big-banker
elites.”

And the Fed will continue to accumulate power.
There is no limit to the lengths these global bankers will go to
in order to enslave the population of the world.

There is no hope of regulating restraint.

Power of this magnitude operates beyond the reach of regulations.

Treating the tumor will not eradicate this cancer. The entire mass must be cut out.

If we are to restore financial vitality to this country,
Americans must demand that Congress revoke the charter that
created the Federal Reserve and return all the money it has
seized to the people and the market that it has held as
indentured servants for over a century.

Perhaps this is the year that the Fed is called on the carpet.

Perhaps Senator Paul can finally expose its unconstitutional,
undisclosed, disastrous dealings and restore Congress to its
rightful role as representatives of the people.