Audit the Federal Reserve Bank

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We need to audit the Federal Reserve Bank.

No one can verify that the Federal Reserve Bank has contributed positively or negatively to our markets or economy without transparency of it's actions. Period.

Why Is This Idea Important?

Considering the drastic measures taken by the Federal Reserve Bank in bailing out private banks with trillions of U.S. dollars I consider it necessary to understand what caused the financial crisis and whether or not the actions taken by the Federal Reserve have benefited us or have been detrimental.

Idea # 60Making Government Operations More Open, fed, federal reserve, audit the fed

Comments

ndempsey 10 months ago

HR 1207 is a good start. It would be wonderful to see the White House come out with strong support for this nonpartisan legislation.

http://www.govtrack.us/congress/bill.xpd?bill=h111-1207

skidadsr 10 months ago

Yes audit it and then abolish it!

jerehough 9 months ago

It should not be abolished. It's currency creation functions should be transferred to the Federal Government. In other words, make it the Federal Agency its deceptive name implies it already is. Money creation is a sovereign right that flows from the PEOPLE!!

Return the business of MONEY CREATION and regulation to the public (government) and leave the business of warehousing wealth or stable money to community or state banks.

If the government can constitutionally issue a bond (T-Bill/Note) it can likewise issue a dollar bill, and save the citizens trillions in interest payments to scavenging private banksters.

jerehough 9 months ago

serge_ruel 9 months ago

john kennedy pass alaw on this subjet he used once only and he died but the is still in force but no president dare to use it

Debra Bryant 9 months ago

Want to see the surplus money the US government and all states, local governments have? http://CAFR1.com and http://TaxRetirement.com
and support Campaign for Liberty

Debra Bryant 9 months ago

Google CAFR1 then you will see where the money is

Debra Bryant 9 months ago

Do a search in Google on "Government Wealth" then if you are inclined, support this man that has provided this great service for us that make up the USA. We need volunteers to audit their city, county, state, etc...

jerehough 9 months ago

James A. Garfield: "Whoever controls the volume of money in any country is absolute master of all industry and commerce."

Frederic Bastiat: The Law "When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it."

John Maynard Keynes: The Economic Consequences of the Peace, 1920, page 235ff "Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose."

Thomas Jefferson to John Taylor, 1816 “I sincerely believe ... that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.”

John Maynard Keynes, The Economic Consequences of the Peace, 1920, page 240 "If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer."

John Maynard Keynes: The Economic Consequences of the Peace, 1920, page 235ff "Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency. . . Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million can diagnose."

Robert H. Hemphill, former credit manager, Federal Reserve Bank of Atlanta."This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon. It is so important that our present civilization may collapse unless it becomes widely understood and the defect remedied very soon."

Sir Josiah Stamp, former President, Bank of England: "Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back."

Rt. Hon. Reginald McKenna, former Chancellor of Exchequer, England "Those who create and issue money and credit direct the policies of government and hold in the hollow of their hands the destiny of the people."

Wm. Jennings Bryan "Money power denounces, as public enemies, all who question its methods or throw light upon its crimes."

Andrew Jackson: To delegation of bankers discussing the Bank Renewal Bill, 1832 "You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out

thomdd1959 9 months ago

"Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild (1744-1812), founder of the House of Rothschild.

The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity. -Abraham Lincoln

http://video.google.com/videoplay?docid=638447372044116845

Despite these warnings, Woodrow Wilson signed the 1913 Federal Reserve Act. A few years later he wrote: I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men. -Woodrow Wilson

kdtroxel 9 months ago

The collapse of the American economy event list:

1) Congress & Clinton: Passage of S. 900 [106th]: Gramm-Leach-Bliley Act of 1999, which gutted the Banking Act of 1933 (Glass-Stegall Act). This legislation allows banks to buy, sell, and create securities.

2) Congress & Bush: Passage of H.R. 4541: Commodity Futures Modernization Act of 2000, which legalized credit-default swaps (CDS) and made derivatives legal. A derivative is a form of financial gambling upon assets that are not owned by the better and those bets can also be hedged, which is likened to buying insurance on your bet. Securities and Exchange Commission (SEC) never had jurisdiction to moderate or regulate derivative betting, at least during Bush Jr. Administration. Derivative betting quickly became larger than the combined economies of the entire world.

3) Bush Jr. and Secret Societies: The false flag operation called 9/11. Pentagon losses $2 trillion dollars, the records of which are located in the twin towers. The owner of the twin towers would have had to spent millions of dollars to remove asbestoses and had filed multiple requests to demo the twin towers; requests where denied. Bush Jr. admits prior to 9/11 that he wanted to be a war time president. Days after 9/11 a video tape shows an actor posing as Ben Laden, taking credit for the 9/11 attack, it becomes the slim evidence to linking the Taliban in Afghanistan. (The evidence that 9/11 was an inside job is more overwhelming than the evidence it was not. Please take the time to research it yourself.)

4) Bush Jr., Congress, and Supreme Court: The rise of the terrorism tactic to demonize a group of humanity that never attacked the United States, aka. Taliban. United States attacks a sovereign country without permission of the United Nations in direct violation of a signed treaty; this action is in direct violation of the constitution of the United States. The Supreme Court did not uphold the constitution. The United States and Afghanistan war starts October 7th, 2001. Then on May 1, 2003, Bush Jr. declares war on Iraq because they had weapons of mass destruction (lie), to end Saddam Hussein's support for terrorism (lie), and to free the Iraqi people (their system of government kept the religious fanatics in line with fear of a central power). The real reason to invade Iraq was resources (oil), war profiteers (Halliburton, ete.), military defense industry inventory turnover (stimulate the war economy), Bush Jr. will to be a famous war time president and fulfill what daddy started. Whenever in doubt, always follow the money.

5) Bush Jr. and Congress: War Funding - During Bush Jr. two terms, programs were cut or defunded to pay for the war. Much of the war was funded by debt. The fear here is that if taxes were raised to pay for the war in the time it was fought then the people would take more notice of it and complain. To compound the debt and to keep party members complacent, multiple tax breaks for the rich were enacted during a period of two wars.

6) Economy: Stock market crash of October 6, 2008. On October 3, 2008 the DJIA was 10,325, to October 6, the DJIA lost 330 points to 9,995. The DJIA lowest point was on March 6, 2009, at 6,626. Presently, dark pools and insider trading is artificially pumping up the valuation of the DJIA to its present valuation, June 5, 2009, of 8,763. Dark Pool and Insider trading Link: http://www.marketskeptics.com/2009/06/dark-pools-and-insider-trading-growing.html

7) Wall Street Bailout: Hundreds of U.S. banks get bailout money, the big ones are Wells Fargo $25 billion, State Street Corp. $2 billion, Bank of America $25 billion, JPMorgan Chase $25 billion, Citigroup $25 billion, Morgan Stanley $10 billion, Goldman Sachs $10 billion, Bank of New York Mellon $3 billion, Regions Financial $3.5 billion, Sun Trust Banks $3.5 billion, US Bancorp $6.6 billion, BB&T $3.1 billion, American Express $3.4 billion, just to name a few. For the full list visit: http://money.cnn.com/news/specials/storysupplement/bankbailout Banker bailout money to institutions, whose practices would have been considered fraudulent, prior to 1999, is the direct sacking of the U.S. treasury and dilution of the money pool. For those hard working Americans, this means your wages buy less and less as inflation rises.

8) Bush Jr. & Congress: Governments laissez-faire deregulation policies has opened the financial door to creative mortgage industry where predatory lenders seek out marginally acceptable loan applicants to fill collateralized-debt obligation (CDO) with loan assets of marginal worth. Add a little insurance on the CDO, in case the asset defaults, and sell to the world market with triple AAA credit rating. Most of the creative loans contained scheduled rate increases around 2009. The system was set up to bust.

9) United States Economy Erodes then Collapses: The recession began officially in December 2007 and continues to this day. As of June, the national average of unemployment is 9.4%. Unemployment determination does not count those people who have run out of unemployment benefits, lost hope of finding a job, or underemployed. The actual figure is nearer to 20% national average. The economy is determined to be in a depression once unemployment figures reach 10% or more.

10) Government bond market collapse: Foreign nationals had started to reduce the purchasing of U.S. long term bond securities in January 2009 to present. On March 23, 2009, Federal Reserve Bank announces that it is now going to monetize the U.S. debt by committing to buy up to $300 billion in long-term Treasuries over the next six months. The Fed also said it would buy up to an additional $750 billion in agency mortgage backed securities, adding to an existing program to buy $500 billion of agency Mortgage Backed Securities (MBS). It will also double the size of its purchase program for Government Sponsored Enterprise (GSE) debt to $200 billion from $100 billion. Each time the Federal Reserve Bank purchases a junk of the securities, all markets jump in prices as large infusions of unbacked digital currency is created, aka inflation. It is now widely recognized that the bond rating for U.S. securities will be downgraded from AAA to AA, soon.

11) Complete Collapse of the US Dollar: Very few are questioning if this will happen, but when.

amphibioustoilet 9 months ago

This is highly important. We can not function without knowing exactly how the system is running. I'd love to know why I work so hard for my greenbacks, when they could one day be worth nothing.

freedomfighter4theplanet 9 months ago

Democracy:
A government of the masses.
Authority derived through mass meeting or any other form of "direct" expression.
Results in mobocracy.
Attitude toward property is comunistic-negating property rights.
Attitude toward law is that the will of the majority shall regulate. whether it be based upon deliberation or governed by passion, prejudice, and impulse, without restraint or regard to consequences.
Results in demagogism license, agitation, discontent, anarchy.
Democracy is the "direct" rule of the people and has been repeatedly tried without success.
A certain Professor Alexander Fraser Tytler, nearly two centuries ago, had this to say about Democracy: " A Democracy cannot exist as a permanent form of Government. It can only exist until the voters discover they can vote themselves largess out of public treasury. From that moment on the majority always votes for the candidate promising the most benefits from the public treasury with the result that Democracy always collapses over a loose fiscal policy, always to be followed by a Dictatorship."
A democracy is majority rule and is destructive of liberty because there is no law to prevent the majority from trampling on individual rights. Whatever the majority says goes! A lynch mob is an example of pure democracy in action. There is only one dissenting vote, and that is cast by the person at the end of the rope.

Republic:
Authority is derived through the election by the people of public officials best fitted to represent them.
Attitude toward property is respect for laws and individual rights, and a sensible economic procedure.
Attitude toward law is the administration of justice in accord with fixed principles and established evidence, with a strict regard to consequences.
A greater number of citizens and extent of territory may be brought within its compass.
Avoids the dangerous extreme of either tyranny or mobocracy. Results in statesmanship, liberty, reason, justice, contentment, and progress.
Is the "standard form" of government throughout the world.
A republic is a form of government under a constitution which provides for the election of:
an executive and
a legislative body, who working together in a representative capacity, have all the power of appointment, all power of legislation all power to raise revenue and appropriate expenditures, and are required to create
a judiciary to pass upon the justice and legality of their governmental acts and to recognize
certain inherent individual rights.
Take away any one or more of those four elements and you are drifting into autocracy. Add one or more to those four elements and you are drifting into democracy.
Our Constitutional fathers, familiar with the strength and weakness of both autocracy and democracy, with fixed principles definitely in mind, defined a representative republican form of government. They "made a very marked distinction between a republic and a democracy and said repeatedly and emphatically that they had founded a republic."
A republic is a government of law under a Constitution. The Constitution holds the government in check and prevents the majority (acting through their government) from violating the rights of the individual. Under this system of government a lynch mob is illegal. The suspected criminal cannot be denied his right to a fair trial even if a majority of the citizenry demands otherwise.
Difference between Democracy and Republic, in brief:
Democracy:
a: government by the people; especially : rule of the majority.
b: a government in which the supreme power is vested in the people and exercised by them directly or indirectly through a system of representation usually involving periodically held free elections.
Attitude toward law is that the will of the majority shall regulate, whether it be based upon deliberation or governed by passion, prejudice, and impulse, without restraint or regard to consequences

Republic
a: a government having a chief of state who is not a monarch and who in modern times is usually a president : a political unit (as a nation) having such a form of government.
b: a government in which supreme power resides in a body of citizens entitled to vote and is exercised by elected officers and representatives responsible to them and governing according to law.

Democracy and Republic are often taken as one of the same thing, but there is a fundamental difference. Whilst in both cases the government is elected by the people, in Democracy the majority rules according to their whims, whilst in the Republic the Government rule according to law. This law is framed in the Constitution to limit the power of Government and ensuring some rights and protection to Minorities and individuals.

The difference between Republic and Righteous Republic is that in the Republic the Government rules according to the law set up by men, in the Righteous Republic the law is the Law of God. Only in the Righteous Republic it can truly be said "One nation under God" for it is governed under commandments of the only One True God and there is no pluralism of religions.
Autocracy declares the divine right of kings; its authority can not be questioned; its powers are arbitrarily or unjustly administered.
Mobocracy: 1. Political control by a mob. 2. The mass of common people as the source of political control.

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