By: Shelly Roche
BreakTheMatrix.com
The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation's vital monetary system, is accountable to nobody -- and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue.
http://blog.mises.org/archives/010082.asp
Following is a transcript from the above video:
A little background:
In 1950 the law was changed to exempt the federal reserve from *any* auditing procedures. So, the Fed can use our tax dollars however they wish, without any obligation whatsoever to tell us what they're doing.
HR 1207 seeks to repeal that portion of the code, so when we ask questions, they HAVE to answer.
Why is this important?
As just one example, right now the fed is refusing to give a public accounting of the trillions in recent taxpayer backed loans. Just look at the 700 billion in TARP funds that congress appropriated and the Fed refused to talk about -- we now know a portion of it ended up going to bonuses for the AIG execs.
We deserve to know how our tax dollars are being spent, and allowing the Federal Reserve to remain out of control and shrouded in secrecy *clearly* allows for abuse.
HR 1207 is our chance to put an end to this.
The good news is that this bill is actually gaining momentum - we were up to 44 co-sponsors as of this morning, which is pretty phenomenal. The american people are starting to demand more oversight and push for transparency, and that's exactly what we need to get things turned around.
The bad news is that some very powerful special interests *really* don't want this to happen, so we're up against a pretty major hurdle.
So, what can you do to help? Go here and sign the petition to urge your congressman to co-sponsor the bill:
http://www.campaignforliberty.com/campaigns/auditthefed.php
For more information on what the Federal Reserve is and it's history at :
http://sonic.net/sentinel/naij2.html
The Federal Reserve Bunk
By Harry V. Martin
Copyright FreeAmerica and Harry V. Martin, 1995
Article I, Section 8, Clause 5, of the United States Constitution provides that Congress shall have the power to coin money and regulate the value thereof and of any foreign coins. But that is not the case. The United States government has no power to issue money, control the flow of money, or to even distribute it - that belongs to a private corporation registered in the State of Delaware - the Federal Reserve Bank.
The Federal Reserve System was established by President Woodrow Wilson in 1913. The premise used by President Wilson and his financial advisors for the establishment of the Federal Reserve System was to "supplant the dictatorship of the private banking institutions" and "to stabilize the inflexibility of national bank note supplies". The previous system of banking was "feudal" in nature, in which private bankers control communities and could issue their own bank notes. They had little regulations concerning reserve assets and loan policies. Banking was a patch-quilt of institutions scattered across the face of the nation with no central policy.
With the advent of the Federal Reserve a new currency was issued - Federal Reserve notes, which at the time were based on the gold standard. The Federal Reserve was to unite and supervise the entire banking system, control the expansion or contraction of currency, and regulate the flow of money to the commercial banks through the establishment of 12 Federal Reserve Banks. The Federal Reserve is controlled by private banking interest and by Presidential appointment - but it is still a private organization and not a government entity. In 1913, President Wilson's creation of the Federal Reserve System established a three-tier monetary system in the United States - the holders of money (public, government, business and institutions; the commercial banks that borrow from the public and issue loans; and the central bank or Federal Reserve that has a monopoly on the issuing of money. The Federal Reserve is technically owned by the commercial banks. . . .
. . . . . . . . .FEDERAL RESERVE CONTROLS THE MONEY, NOT THE GOVERNMENT
The monetary policy of the United States is the domain of the Federal Resene Bank and not the government. This process is in direct contradiction of the U.S. Constitution that reposes the responsibility of the monetary system with the Congress of the United States. On April 27, 1936, hearings were held by the House Committee on Banking and Currency. . . . . . . .
. . . . . . . . . The bill would have ended immediately the private monetary credit inflation. The Federal Reserve can create money out of nothing, simply printing it, lending it and printing more. You could have guessed that this bill never became law in 1936 - the banking interest was too powerful. . . . .
. . . . . . . . KENNEDY TRIED TO CHANGE IT
In 1963, President John Kennedy wanted an end to the Federal Reserve System, which had a strangle-hold on the United States and virtually the world. By a simple stroke of the pen, President Kennedy dismissed the Federal Reserve System and ordered the U.S. governmcnt to restore its Constitutional-mandate of controlling the money. President Kennedy was dead three weeks later. When President Lyndon Johnson took office, he immediately rescinded Kennedy's order and the Federal Reserve won another round.
Representative Charles A. Lindberg, Sr., the father of the famous aviator, was a member of thc Banking and Currency Committee. He opposed the Federal Reserve Act and gave a speech on January 20, 1915. "The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money, and in the interest of the stockholders and those allied with them." Representative Louis T. McFadden, chairman of the Housing Banking and Currency Committee, stated on June 10,1932, "Some people think the Federal Reserve Banks are United States Government institutions. They are not Government institutions. They are privatc credit monopolies that prey upon the people of the United States for the benefit of themselves and their foreign and domestic swindlers; and rich and predatory money lenders." . . . . . . . . . .
. . . . . . . . . . . . . . .Conclusion
No Congress, no President has been strong enough to stand up to the foreign-controlled Federal Reserve Bank. Yet there is a catch - one that President Kennedy recognized before he was slain - the original deal in 1913 creating the Federal Reserve Bank had a simple backout clause. The investors loaned the United States Government $1 billion. And the backout clause allows the United States to buy out the system for that $1 billion. If the Federal Reserve Bank were demolished and the Congress of the United States took control of the currency, as required in the Constitution, the National Debt would virtually end overnight, and the need for more taxes and even the income tax, itself.
Thomas Jefferson was concise in his early warning to the American nation, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."
To read the ful article go to:
http://sonic.net/sentinel/naij2.html
