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It is not hard to see the motivation for oil exporters to move away from the dollar. The value of the US currency has fallen sharply since last year’s meltdown. And fears are growing, in the light of a spiraling US government deficit, that a further depreciation is likely. They do not want to sell their wares in return for a currency with an uncertain future.

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Because of this awesome power to create money out of thin air, the Fed has jumped in to stabilize ailing financial firms by pledging over $7 trillion through various guarantee programs and credit facilities. This is equivalent to over half of the entire nation’s GDP. Over $1 trillion of this is already in play, propping up banks and other institutions that should be allowed to fail. All of this has taken place with no oversight by Congress. The Fed was created by Congress, and it is unconscionable that we have allowed it to act in such a way without our oversight. Currently the Federal Reserve’s credit facilities, open market operations, and agreements with foreign governments and central banks are all exempt from any sort of audit or oversight. Earlier this year I introduced the Federal Reserve Transparency Act, HR 1207, that would remove all restrictions on Federal Reserve audits and call for a f ull audit of the Federal Reserve System to be completed by the end of 2010. At this writing, 245 of my fellow Congressmen have cosponsored this bill and we hope to have hearings in the near future. In the Senate, Republicans Jim DeMint, Mike Crapo and David Vitter have cosponsored S. 604, companion legislation introduced by Bernie Sanders. I am very encouraged by the tremendous growing momentum on Capitol Hill.

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The privately held international company, owned by forty individuals mostly from Britain, called The Federal Reserve “System”, is a cartel of twelve private banks. The Chairman of “The Fed”, which is as “Federal” as Federal Express Corporation, stated that his company was looking for the following items to “control” our businesses, economy and, thereby, in reality our private lives. These recommendations, that can’t be refused, if you catch my drift, were communicated by Chairman Bernanke at the meeting this morning at the Council on Foreign Relations (CFR):

Government’s Must continue to take FORCEFUL, “COORDINATED”, action to restore financial markets.

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The process by which money comes into existence is thoroughly misunderstood, and for good reason: it has been the focus of a highly sophisticated and long-term disinformation campaign that permeates academia, media, and publishing. The complexity of the subject has been intentionally exploited to keep its mysteries hidden. Henry Ford said it best: “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

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