The Fed Must Be Stopped
Posted in Bailouts, Constitution, Corruption and/or Public Mind Control, Declaration of Independence, Democratic Party, Economic Collapse, Election, Financial Crisis, Freedom, Government Corruption, Income Taxes, Inflation, Lobbyists / Special Interests, Public Concerns, Recession / Depression, Republic, Republican Party, Revolution, Senate, Stimulus, TARP, Tea Party, The Federal Reserve, The Matrix, Trilateral Commission, U.S. Government, We The People Congress, congress, economy, rights, stimulus bill, stimulus package, taxation on Jul 9th, 2009 No Comments »
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.
