HR 1207 UPDATES "The Federal Reserve Transparency Act"

[peaceandlove]

On Ben Bernanke testifying:

Ron Paul on Fox & Friends 10/01/09
Posted October 1st, 2009 by ron_paul_is_awesome
Talking 'bout the fed.

VIDEO (3:31): http://www.youtube.com/watch?v=o81fy8lcPVo

SOURCE and COMMENTS: http://www.dailypaul.com/node/109358



Bernanke To Testify 9:00AM EDT

Posted October 1st, 2009 by showmeron

ARCHIVED WEBCAST HERE:
http://www.house.gov/apps/list/heari...r_100109.shtml

SOURCE and COMMENTS: http://www.dailypaul.com/node/109327





Federal Reserve Appeals Court Order to Disclose Loans (Update2)

By Mark Pittman

Sept. 30 (Bloomberg) -- The Federal Reserve filed a notice it will appeal a judge’s order requiring the central bank to identify the companies that benefited from its emergency loans.

Continues: http://www.campaignforliberty.com/wire.php?view=7811

[peaceandlove]

YIKES, lots to keep up with, see last several posts!

MORE activity at "END THE FED" book signing....

End the Fed" Book Signing, March on the Fed, and Daily Show in NYC

Posted by Steven Vasquez on 09/30/09 10:20 AM

On September 29th, Ron Paul took over NYC with a book signing in Borders followed with a march onto the NY Federal Reserve and NYSE.

VIDEO (4:09) Click on SEE PART 2 at end of video.: http://www.youtube.com/watch?v=Xg2KRsQUJCY&feature=player_embedded"

Part 2 here in case you missed clicking on the video (police look anticipatory): http://www.youtube.com/watch?v=PAg4B...120&feature=iv

Afterwards, Dr. Paul met up with Jon Stewart on the Daily Show. See Post #142, Previous Page

SOURCE: http://www.campaignforliberty.com/blog.php?view=25900

[peaceandlove]

MORE GOBBLEDYGOOK!!!

Bernanke backs Obama regulation overhaul

Fed chairman, in House testimony, says he agrees with most of the administration's plan, but balks on the consumer agency.

By Jennifer Liberto, CNNMoney.com senior writer
Last Updated: October 1, 2009
WASHINGTON (CNNMoney.com)

Excerpt:

House Financial Services chairman Rep. Barney Frank, D-Mass., noted that many lawmakers who have been the most critical of the Federal Reserve don't want to see a separate consumer agency. He suggested those lawmakers are acting hypocritically for supporting the Fed's powers to protect consumers while questioning other powers.

"If you look at the current arrangement of power involving consumer protection, in terms of mortgages, in terms of credit cards, in terms of overdraft, the largest single agency in the bank regulatory field doing consumer protection is the Federal Reserve," Frank said.

Full Article: http://www.campaignforliberty.com/wire.php?view=7803

[peaceandlove]

Press Release: 300 Members of the House Support Audit the Fed Bill

Posted by Gary Howard on 10/03/09

300 Members of The House Support Audit the Fed

Washington D.C., October 3, 2009 -The number of co-sponsors in the U.S. House of Representatives for HR 1207, the Federal Reserve Transparency Act, climbed to 299.*Including Congressman Ron Paul, the bill's author, 300 members of the House of Representatives now support an audit of the Federal Reserve. S 604, the Senate companion bill, currently has 30 co-sponsors.

HR 1207 would open up the Fed's funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and an audit by the non-partisan Government Accountability Office.* Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks, such as ongoing dollar swap operations with European central banks.

"Less than a year ago, an audit of the Federal Reserve wasn't on anyone's radar. Now the idea has the support of seventy five percent of the American people and a majority of Congress," said Jesse Benton, Senior Vice President at the Campaign For Liberty, which has been leading the grassroots effort in support of the bill since its introduction.* "The policies put forth by the Fed have played a major role in the economic trouble our nation faces, so an audit of its operations is the common sense thing to do."

"When 300 members of the House support a bill, that indicates overwhelming support by the American People. HR 1207 should be brought to the House Floor for a prompt vote," continued Benton.

Support for the bill, which has been gathering steadily since being introduced earlier this year by Congressman Ron Paul, has reached a fever pitch in recent weeks with widespread media coverage on the release of Paul's highly anticipated book, End The Fed, and hearings on Fed transparency in the House Financial Services Committee held late last week.

SOURCE: http://www.campaignforliberty.com/blog.php?view=26043

[peaceandlove]

Meant to post this last week.

Ron Paul Calls for Delay in Bernanke Confirmation

OCTOBER 7, 2009, 4:49 PM
By Jon Hilsenrath

In a letter they will send to Senate Banking Committee Chairman Christopher Dodd this afternoon, Reps. Ron Paul (R., Tex.) and Alan Grayson (D., Fla.) will ask that the Senate hold off on Federal Reserve Chairman Ben Bernanke’s confirmation hearing until the central bank releases more information about its rescues. ( Read the full letter.) SEE SOURCE BELOW FOR LINK TO LETTER.

It is up to the Senate and not the House to confirm the Fed chairman, and the congressmen’s letter might not carry much weight in the neighboring chamber. Still, it is a sign of the potentially hostile environment Mr. Bernanke could face when he returns to Congress in the weeks ahead to defend his policies in confirmation hearings. Mr. Paul has won broad support in the House for a bill that would subject the Fed to audits by Congress’s Government Accountability Office.

The lawmakers offer a long list of disclosure demands, including a call for more information on which financial firms have received emergency Fed loans in the past year and transcripts of Federal Open Market Committee meetings up to June 2009. Transcripts are released with a five year league. The Fed has resisted calls for information about firms receiving its loans for fear it will stigmatize them in markets and make them and others reluctant to turn to the central bank in a time of crisis.

Both congressmen have been sharp critics of the Fed.

“We are writing to ask you postpone the confirmation of Ben Bernanke until the Federal Reserve releases documentation that will allow the public and the Senate to have a full understanding of the commitments that the Federal Reserve has made on our behalf,” the letter says. Senate confirmation hearings haven’t been scheduled yet.

The Fed declined to comment.

SOURCE: http://blogs.wsj.com/economics/2009/...-confirmation/

[peaceandlove]

Federal Reserve Accountability Act An Unacceptable Compromise

Posted by Gary Howard on 10/20/09 4:26 PM

Washington D.C. October 20, 2009 -Today, Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) introduced the Federal Reserve Accountability Act, an attempted compromise on the issue of transparency for America's secretive central bank. The bill would permit an audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, but would not allow Congress to review the Fed's inflation of the money supply or the its agreements with foreign central banks.

Legislation that would bring a full audit of the Fed, Congressman Ron Paul's H.R. 1207 and its Senate companion S. 604, has gained strong grassroots support and built tremendous pressure on banking special interests.

Opponents of Fed Transparency argue that a full audit of the Federal Reserve would damage the central bank's "independence" and allow Congress to dictate monetary policy.

"Claims that transparency at the Federal Reserve would leave Congress in charge of monetary policy are simply bogus," said Jesse Benton, Senior Vice President of Campaign for Liberty. "There is absolutely no reason why The American People should not be able to review the minutes of the Federal Open Market Committee after a reasonable amount of time has passed."

"The Federal Reserve Accountability Act does not audit the monetary policy functions which have been responsible for our deteriorating dollar and so many of our current economic problems, and it is not an acceptable piece of legislation. Campaign for Liberty will continue to push for a full audit of the Fed."

The announcement of the new legislation comes after the number of cosponsors in the House of Representatives for H.R. 1207 recently climbed to 303, and S. 604 gained 30 senate cosponsors. Campaign for Liberty has been leading the grassroots effort on H.R .1207, getting it to its current point with 75% of Americans showing support for a thorough audit of the Federal Reserve.

SOURCE: http://www.campaignforliberty.com/blog.php?view=26686



Dr. Paul in Politico: "The Fed Should Be More Transparent"

Posted by Jesse Benton on 10/19/09 11:05 AM

A major Op-Ed by our honorary chairman:

While I oppose giving the Fed any additional power, even members who support an expansion should support dealing with the crucial issue of Fed oversight - before proposals for giving the Fed additional power as a regulator of the financial system are discussed. Using Section 13(3) of the Federal Reserve Act, the Fed has gone on the warpath over the past two years. It has involved itself in direct financial support to individual firms such as Bear Stearns and American International Group, has developed new credit facilities to funnel money to numerous other financial companies and has boosted its balance sheet to more than $2 trillion - secure in the knowledge that the legal blocks put in place in 31 U.S.C. 714 to prevent GAO audits of the most significant of the Fed's actions will hide it from any serious oversight. For an organization with arguably as much clout as the rest of the federal government put together to be able to escape significant oversight is a situation that needs to be rectified immediately.

Read the rest here: http://dyn.politico.com/printstory.c...153AF291774F1E

SOURCE: http://www.campaignforliberty.com/blog.php?view=26624



Two US Senators Seek Audit Of Federal Reserve

By Michael R. Crittenden, Of DOW JONES NEWSWIRES
10/20/2009

WASHINGTON -(Dow Jones)- Two members of the U.S. Senate panel with oversight of the Federal Reserve are pushing for an audit of the extensive lending programs put in place by the central bank over the last year.

Sens. Jeff Merkley (D., Ore.) and Bob Corker (R., Tenn.) introduced legislation Tuesday that would give government auditors the ability to audit the Fed's lending programs and eventually provide the names of firms that participated in the programs.

Merkley said in a statement released by his office that the Fed had contributed greatly do the stabilization of financial markets, but in doing so had moved away from its traditional role as arbiter of monetary policy.

"Such a significant change in the Federal Reserve's traditional activities demands responsible, robust oversight," Merkley said.

The move by Merkley and Corker mirrors a similar effort in the House of Representatives that has received growing support in recent months. Rep. Ron Paul (R., Texas) introduced a similar bill in February that has 303 cosponsors.

The Senate measure would allow the Government Accountability Office to audit any emergency lending programs that it currently is not authorized to review. Auditors would be required to redact the names of specific institutions, but the names would be released one year after each emergency program is ended, the statement said.

"We give the Government Accountability Office the authority to audit the Fed's emergency credit facilities without inappropriately compromising the independence of the Fed or politicizing its role in crafting monetary policy," Corker said.

-By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com

SOURCE: http://www.campaignforliberty.com/wire.php?view=8175



Dr. Paul CNN Interview

Posted by Jesse Benton on 10/20/09 08:41 AM

Dr. Paul on CNN American Morning talks about the Federal Reserve and Wall Street Bonuses.

VIDEO (7:05): http://www.youtube.com/watch?v=tHGzWFyYGNw


SOURCE: http://www.campaignforliberty.com/blog.php?view=26634

[Fredkc]

The Senate measure would allow the Government Accountability Office to audit any emergency lending programs that it currently is not authorized to review. Auditors would be required to redact the names of specific institutions, but the names would be released one year after each emergency program is ended, the statement said.

Tells me what I needed. The Senate's version is a complete and total farce.

They would redact the names of criminals, for the duration of the program, than give them a 1 year running head start. Complete waste of time.

Pulls the guts out of Paul's efforts, then lets them all say "Look! See? we did something about it, so re-elect us!"


Fred

[peaceandlove]

Originally Posted by Fredkc

Tells me what I needed. The Senate's version is a complete and total farce.

They would redact the names of criminals, for the duration of the program, than give them a 1 year running head start. Complete waste of time.

Pulls the guts out of Paul's efforts, then lets them all say "Look! See? we did something about it, so re-elect us!" Fred

Blessings Fred,

It's so daunting, this struggle...wondering if its at all worthwhile, fighting the illusion...that is.

PaL



URGENT Action Needed: Stop Senators from Selling Out Audit the Fed

Posted by John Tate on 10/21/09 12:02 PM

On Tuesday, Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) introduced "The Federal Reserve Accountability Act," an attempt to kill HR 1207/S 604 by passing a bill that prevents a full audit and full transparency from America's secretive central bank.

While language in this bill would permit a limited audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, it would not allow an audit to review the Fed's inflation of the money supply or its agreements with foreign central banks, among other shortcomings.

Additionally, the names of the institutions who received the funds would not be available until one year after each "emergency" program ended, and you know how quickly the federal government likes to end programs.

Click here to get the contact information for your senators and urge them not to support this attempt at stopping our historic effort to force the Fed into a full scale audit: http://www.campaignforliberty.com/congress.php

Continues: http://www.campaignforliberty.com/blog.php?view=26719



Call the Senate TODAY! No compromise on S604 and HR 1207!

Posted by RobB on 10/20/09 11:21 PM

Friends, Please take the time to contact Senators Brown and Voinovich, your local Representative to Congress, and Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) this week.

http://www.campaignforliberty.com/blog.php?view=26686#

Continues and MORE Contact Information to Voice your Opinion: http://www.campaignforliberty.com/blog.php?view=26705



Fed Reserve Trojan Horse Audit

Posted by BrockSouthwick on 10/21/09 08:37 AM

21 October 2009

Mr. Senator,

I am writing in reference to proposed legislation in two proposals before the Senate.

The first of the two bills is The Federal Reserve Sunshine Act - S. 604. I have written you in the past for your support of this proposed legislation which was first introduced in March of this year. Currently over 30 of your fellow Senators in co-sponsoring this much needed legislation to provide transparency of the Federal Reserve System.

The second bill before the senate is without a number as of this morning. This proposal is titled the Federal Reserve Accountability Act, and was introduced yesterday by Senators Jeff Merkley (D-OR) and Bob Corker (R-TN). This proposal ultimately constitutes an unacceptable compromise to S.604. The Federal Reserve Accountability Act falls entirely short of the full transparency of monetary policy that would be offered under S.604. The Fed has made decisions in the past which have in many ways led to the current economic crisis, as well as the continued deterioration of our dollar.

I ask for your support for the bill which would provide the highest level of accountability for those who have been assigned such an enormous responsibility within our American economy. The only bill which provides this level of accountability is S. 604. Thank you for your time.

Truly,

Brock T. Southwick

SOURCE: http://www.campaignforliberty.com/blog.php?view=26715

[peaceandlove]

As you will hear, not all of these interviews/statements are solely about THE FED ALMIGHTY...just trying to keep Ron Paul in one or two areas of the forum, so he doesn't get spread too thin. (Undoubtably undaunted!)

Ron Paul with Tavis Smiley 10/21/09

Posted by minnesotachris on 10/21/09 10:58 PM

On Wednesday, Dr. Paul appeared on The Tavis Smiley Show to discuss Afghanistan and ending the Federal Reserve.

Part 1: http://www.youtube.com/watch?v=7621pcAR3Kw


Part 2: http://www.youtube.com/watch?v=aTN19yyKa-E

SOURCE and COMMENTS: http://www.campaignforliberty.com/blog.php?view=26746



Ron Paul at Joint Economic Committee Hearing 10/22/09

Posted by minnesotachris on 10/23/09 09:08 AM

(Sorry about the sound issues; the committee had audio issues today)

VIDEO (3:02): http://www.youtube.com/watch?v=ZqMPqjvCtRM


SOURCE and COMMENTS: http://www.campaignforliberty.com/bl...cpg=1#comments



LOOKING GOOD MARYLAND!!!

Three Congressmen, Three Co-Sponsors For HR-1207

Posted by William Paca on 10/22/09 10:08 PM

We received word today that Congressman Dutch Ruppersberger (Democrat), Maryland's Second District, has finally signed on as to co-sponsor to HR-1207, the bill to "Audit the Federal Reserve". That means that all the hard work over the last months by Campaign for Liberty members has finally paid off. Now, all three Harford County Congressmen have co-sponsored HR-1207.

Harford County, with just a population of 240,000 is gerrymandered into three Congressional Districts to help spread out our conservative voters. Harford is a poster child for gerrymandering. A portion of our county votes with Ocean City, Maryland, which borders the Atlantic Ocean. Another part votes with the far reaches of Western Maryland and the Appalachian Mountains. Still another part votes with the suburbs of Baltimore. Maryland is a geographically tiny state where no one lives more than 45 minutes from another states border. Yet the three districts in our county span more than six hours driving time from east to west. Our districts are a direct result of one party being in control of the state for decades.

Congressman Roscoe Bartlett (Republican), Maryland's Sixth District, signed on the very first day HR-1207 was introduced, February 26th, 2009. It was an uphill struggle from that point forward. After repeated heavy lobbying by chapter members, on June 6th Congressman Frank Kratovil (Democrat), Maryland's First District, co-signed as a sponsor onto the legislation.

To help lobby Congressman Ruppersberger the Harford Chapter along with the Baltimore Chapter held a rally/sign-waving at his office in Timonium, Maryland on September 22nd, with almost 200 in attendance. So yesterday, just several days shy of eight months after Dr. Ron Paul introduced HR-1207 we finally have all three of our Congressman on board. Great job everyone.

SOURCE: http://www.campaignforliberty.com/blog.php?view=26773



Ron Paul on the Jason Lewis Show 10/21/09

Posted by minnesotachris on 10/26/09

A nice radio appearance by Dr. Paul on the Jason Lewis Show, KTLK 100.3 in Minneapolis/St. Paul:

Part 1: http://www.youtube.com/watch?v=X9Y3PbEh-xU


Part 2: http://www.youtube.com/watch?v=eHWRNgVE6fY


SOURCE and COMMENTS: http://www.campaignforliberty.com/blog.php?view=26804

[peaceandlove]

Important News on Audit the Fed

Posted by Matt Hawes on 10/31/09 1:43 PM

In this Audit the Fed update, Dr. Paul explains what is happening with HR 1207 in the Monetary Policy Subcommittee, describes his plan to protect 1207 in the full Financial Services Committee, and provides ideas on actions we can take to keep Audit the Fed from being watered down.

VIDEO (6:41): http://www.youtube.com/watch?v=bPgzPxPwEV8


The thirteen Democrats on the House Financial Services Committee mentioned by Dr. Paul are:

Rep. John Adler, NJ (202) 225-4765 web contact: http://forms.house.gov/adler/webform..._subscribe.htm
Rep. Travis Childers, MS (202) 225-4306 web contact: https://forms.house.gov/childers/webforms/contact.htm
Rep. Steve Driehaus, OH (202) 225-2216 web contact: https://forms.house.gov/driehaus/web..._subscribe.htm
Rep. Alan Grayson, FL (202) 225-2176 web contact: https://forms.house.gov/grayson/contact-form.shtml
Rep. Rubén Hinojosa, TX (202) 225-2531 web contact: http://hinojosa.house.gov/contact/of...ocations.shtml
Rep. Suzanne Kosmas, FL Toll Free: 1-877-956-7627 web contact: https://forms.house.gov/kosmas/webforms/contact.html
Rep. Dan Maffei, NY (202) 225-3701 web contact: https://forms.house.gov/maffei/contact-form.shtml
Rep. Brad Miller, NC (202) 225-3032 web contact: http://bradmiller.house.gov/index.cf...ctiontree=9,17
Rep. Walt Minnick, ID (202) 225-6611 web contact: https://minnickforms.house.gov/contact-form.shtml
Rep. Ed Perlmutter, CO (202)-225-2645 web contact: http://perlmutter.house.gov/IMA/issue_subscribe.htm
Rep. David Scott, GA (202) 225-2939 web contact: http://davidscott.house.gov/Contact/
Rep. Brad Sherman, CA (202) 225-5911 web contact: http://bradsherman.house.gov/contact/
Rep. Jackie Speier, CA (202) 225-3531 web contact: http://speier.house.gov/index.cfm?se...iontree=54,159

SOURCE and COMMENTS: http://www.campaignforliberty.com/blog.php?view=27073

SEE ALSO Fredkc's thread: Federal Reserve Policy Audit Legislation Gutted http://projectavalon.net/forum/showthread.php?t=17316

[peaceandlove]

Update on Audit the Fed , Legislation Stripped of Substance

Posted by Gary Howard on 11/05/09 12:45 PM

Washington D.C. November 4, 2009 - Late last week, it was learned that H.R. 1207, the Federal Reserve Transparency Act, a bill intended to bring greater transparency to the Federal Reserve, has been stripped of many of its most substantial reforms by House Financial Services Monetary Policy Subcommittee Chairman Congressman Mel Watt of North Carolina.

"This move by Watt is just part of the usual strategy used by politicians to stop people from affecting change," said John Tate, President of Campaign for Liberty. "We're not giving up on this; we are still calling for a standalone vote on the bill as it was originally introduced."

Congressman Ron Paul, who has championed the bill on Capitol Hill, has pledged to introduce an amendment in the full Committee to restore the bill's thorough audit provisions. Many are questioning the move by Watt to remove the critical language from a measure that has garnered overwhelming support in Congress and from the American people. To date, the bill has 306 cosponsors in the House, and 30 in the Senate, with a poll boasting 75% of Americans in favor of a Federal Reserve audit.

There has been speculation that Watt, who serves a district in North Carolina that happens to include the headquarters of Bank of America, is being influenced by the powerful banking lobby. The final legislation could be included in a larger financial regulation package to be offered by House Democrats later in the session.

SOURCE AND COMMENTS: http://www.campaignforliberty.com/blog.php?view=27728

[peaceandlove]

SEE ABOVE POST TOO!


Congressman Ron Paul on Morning Meeting w/ Dylan Ratigan FED UPDATE

Dr. Paul blasts the Keynesians in this interview on November 5, 2009.

VIDEO (9:31): http://www.youtube.com/watch?v=MXryu...layer_embedded



Ron Paul on Fox Business "Nightly Scoreboard" 11/04/2009

Dr. Paul interviewed on Fox Business' America's Nightly Scoreboard with David Asman in the 7 pm eastern hour. He discusses the size and scope of government.

http://www.youtube.com/watch?v=r_fkK...layer_embedded


SOURCE: http://www.campaignforliberty.com/blog.php?view=27606

[peaceandlove]

Under attack, Bernanke studies politics

Survival » Fed scrambles as its power comes under more fire than at any time in years.

By Edmund L. Andrews
The New York Times
Updated: 11/11/2009 01:10:36 PM MST

Washington » With the Federal Reserve under more intense attack than at any time in decades, Ben Bernanke, the professorial chairman of the central bank, was schooled last month in how to handle the increased political demands of his job.

For months, he had warned -- without anyone on Capitol Hill appearing to listen -- that a seemingly innocuous bill to let Congress "audit" the Fed would gravely threaten the central bank's independence.

It was alarming enough that the bill's author was Rep. Ron Paul, the quixotic Texas Republican whose new book, End the Fed , had just landed on the best-seller lists. Despite vigorous protests by Bernanke, nearly 300 House lawmakers and 30 senators had endorsed Paul's bill.

But when he sat down shortly after 8 a.m. on Oct. 1 at the Rayburn House Office Building for coffee and muffins with Rep. Barney Frank, the rumpled and wisecracking chairman of the House Financial Services Committee, he took in some blunt advice.

Continues and Comments: http://www.campaignforliberty.com/wire.php?view=8672




Sen. Christopher Dodd's quest for single bank regulator faces fierce opposition

Critics including bankers, regulators and fellow legislators warn that his plan overlooks the strengths of the current patchwork and ignores the potential downsides of consolidation.

By Brady Dennis and Binyamin Appelbaum
November 12, 2009

Reporting from Washington - Sen. Christopher J. Dodd this week joined the generations of dreamers who have called for eliminating the nation's muddle of banking regulators, arguing that a single agency would be more efficient and would end the ability of banks to choose the most lenient supervisor.

"The financial crisis," Dodd (D-Conn.) said, "exposed a financial regulatory structure that was the product of historic accidents, one after another, over the past 80 years, created piece by piece over decades, with little thought given to how it would function as a whole and unable to prevent threats to our economic security."

Continues: http://www.campaignforliberty.com/wire.php?view=8664




To Preserve Liberty, We Must Understand Monetary Policy

Posted by Matt Hawes on 11/13/09 3:39 PM

In his latest C4L update, Congressman Ron Paul discusses recent events that will have a significant impact on monetary policy, talks about the dollar, and answers a question concerning the IMF.

VIDEO (7:55): http://www.youtube.com/watch?v=Ts88V...layer_embedded


SOURCE and COMMENTS: http://www.campaignforliberty.com/blog.php?view=28484




How the Fed Helped Pay for World War I

Mises Daily: Thursday, November 12, 2009 by John Paul Koning

Governments can pay their bills in three ways: taxes, debt, and inflation. The public usually recognizes the first two, for they are difficult to hide. But the third tends to go unnoticed by the public because it involves a slow and subtle reduction in the value of money, a policy usually unarticulated and complex in design.

In this article, I will look under the hood of the Federal Reserve during World War I to explain the actual tools and levers used by monetary authorities to reduce the value of the public's money in order to fund government war spending. This example will help readers better understand the more general idea of an "inflation tax," and how such a tax might be used in the future to fund the state's wars.

Continues: http://mises.org/daily/3828




Ron Paul Interview

Posted by Matt Hawes on 11/12/09 6:42 PM

Dr. Paul interview Friday morning on CNBC's Squawk Box about Audit the Fed.

VIDEO (10:57): http://www.youtube.com/watch?v=UJuPR...layer_embedded


SOURCE: http://www.campaignforliberty.com/blog.php?view=28453




What Is the Fed Hiding?

Posted by Thomas Woods on 11/13/09 3:07 PM

Robert Wenzel recently asked this question over at Economic Policy Journal.

An excerpt:

They are hiding something here that they don't want the general public to see. I suspect it might have to do with gold transactions. It's just a gut feeling, but my gut tells me the Fed leased out most of, if not all, of its gold somewhere under $500 per ounce, probably under $350. Thus, in order for central banks, who borrowed the gold (and then sold it to raise cash), to pay the Fed back in gold, they would now have to go and buy gold back at three to four times the price they sold it at. In other words, a number of central banks aided and abetted by the Fed are now short huge amounts of gold and are losing more money everyday gold ticks up. And the Fed is in the embarrassing position of having loaned the gold out and is afraid to call in the gold loans, since it would put enormous pressure on parts of the central bank cabal and push the gold price much higher, the exact opposite of the Fed's intentions when they leased the gold out.

Read the whole thing: http://www.economicpolicyjournal.com...ed-hiding.html

SOURCE and COMMENTS: http://www.campaignforliberty.com/blog.php?view=28522

[peaceandlove]

"Audit Faults New York Fed in A.I.G. Bailout"

Posted by Andrew Ward on 11/17/09 11:23 AM

The New York Times reports that an audit of the Federal Reserve Bank of New York has revealed that the most influential regional reserve bank of the Federal Reserve System gave a "backdoor bailout" to A.I.G.'s banks. Neil M. Barofsky, the special inspector general for TARP, believes that "Tens of billions of dollars of government money was funneled inexorably and directly to A.I.G.'s counterparties." The story continues:

Mr. Barofsky said the facts also undermined the Fed's arguments that banking secrecy was an essential part of bank stability.

"The default position, whenever government funds are deployed in a crisis to support markets or institutions, should be that the public is entitled to know what is being done with government funds," he said.

Read the rest here: http://www.nytimes.com/2009/11/17/bu...g.html?_r=1&em

Audit the Fed here: http://www.campaignforliberty.com/ca...heFed-home.php

SOURCE: http://www.campaignforliberty.com/blog.php?view=28788




"Americans Deserve a Transparent Fed"

Posted by Matt Hawes on 11/18/09 7:50 PM

Be sure to check out this new op-ed from Congressman Ron Paul and Senator Jim DeMint in The Wall Street Journal.

For nearly a century the Federal Reserve has operated in the shadows, away from the prying eyes of Congress, journalists and the American people. Created in 1913, the Fed was given enormous responsibility to protect the value of our currency. Yet in the last 96 years the U.S. dollar has lost more than 95% of its purchasing power. The Fed's unprecedented actions over the past year in attempting to stabilize the financial system have now forced it into the spotlight, and caused millions of people around the country to question the opacity of the Fed's financial transactions....

Read the rest: http://online.wsj.com/article/SB1000...googlenews_wsj

SOURCE: http://www.campaignforliberty.com/blog.php?view=28895

ONE OF THE COMMENTS POSTED SO FAR:

Posted 11/18/09 10:58 PM

BruceKoerber
Cedar Rapids, IA Either the Federal Reserve will be audited by the GAO or it will finish what it started in 1913 - destroy the dollar.

Now this fits with what I thought was a revelation I had almost 3 weeks ago, that the plan to destroy the dollar was a 100 year plan, especially since the inception of The Fed was actually in 1912....100 years 2012! What do you think?


LETTER FROM SECRETARY OF THE
NATIONAL MONETARY COMMISSION
TRANSMITTING. PURSUANT TO LAW.
THE REPORT OF THE COMMISSION

LETTER OF TRANSMITTAL.
Washington, D. C, January 18, 1912.

To the President of the Senate:
In compliance with the law, I am directed by the
National Monetary Commission to file with you its report.

Respectfully,
Arthur B. Shelton,
Secretary

Excerpt:

It shall be the duty of this commission to inquire into and report to Congress, at the earliest date practicable, what changes are necessary or desirable in the monetary system of the United States or in the laws relating to banking and currency and for this purpose they are authorized to sit during the sessions or recess of Congress, at such times and places as they may deem desirable, to send for persons and papers, to administer oaths,
to summons and compel the attendance of witnesses. * * * The commission shall have the power, through subcommittee or otherwise, to examine witnesses and to make such investigations and examinations, in this or other countries, of the subjects committed to their charge as they shall deem necessary.

Complete Letter: http://llsdc.org/attachments/files/1...Doc-62-243.pdf




Critical Vote on Audit the Fed This Thursday!

Posted by John Tate on 11/18/09 7:26 PM

A few weeks ago, we sent out an alert that Representative Mel Watt was attempting to water down H.R. 1207 in the House Financial Services Committee.

The latest reports we have received have informed us that a vote on the Watt amendment could come tomorrow!

There's still time for us to stop this attack on Audit the Fed! Click here to get a full list of Financial Services Committee members, along with their contact information: http://www.auditthefed.com/house-fin...ittee-members/

Financial Services leadership seems determined to include Audit the Fed as part of a regulatory reform package instead of passing it as a standalone bill.

While C4L will still do everything in its power to fight for a standalone vote on Audit the Fed on the House floor, it is critical we challenge Watt's amendment in Committee.

It will become much easier for our representatives to claim they still support Audit the Fed on the House floor if the Watt version passes, when, in reality, Representative Watt's amendment puts restrictions on Government Accountability Office audits of the Fed.

For example, Watt's amendment prevents the GAO from auditing or reviewing decisions to authorize, modify, extend, or terminate loans or liquidity facilities.

Congressman Paul will offer an amendment in Committee restoring an audit of the Fed's entire $2 trillion balance sheet, but we have received word that some of the Democrat members may be waffling on their support for his amendment.

Help us turn up the pressure on these members! Below is the list of Democrats on the committee who have cosponsored H.R. 1207. Please call them and urge them to vote "Yes" on Ron Paul's amendment. Click on their names to get their web contact information.

Continues with contact information: http://www.campaignforliberty.com/blog.php?view=28891

[orthodoxymoron]

This has probably already been covered...but just in case...here goes:

I listened to Tim Geither today...and I must say that I don't dislike him (or Ben Bernanke)...but I continue to consider the Fed to be a huge Pandora's Box of corruption. How about the following reforms to finance and government?

1. Nationalize the Federal Reserve. Don't reinvent the wheel...just end the private aspect of the Fed...but utilize the existing infrasctructure...including the regional banks...personnel, etc.

2. Perform a complete yearly audit of the Federal Reserve...under the supervision of the General Accountability Office.

3. Issue an interest free currency based upon silver.

4. Double the size and authority of the General Accountability Office and the Securities and Exchange Commission.

5. Eliminate most of the IRS (no more forms or enforcement actions)...and go to a consumption tax of say 5%...to fund a minimalist Federal Government.

6. Cut the size of the Federal Government in half (at least).

7. Close at least half of our least strategic military bases worldwide.

8. Bring all troops home from Iraq and Afghanistan...Immediately.

9. Replace the U.N. Charter with the U.S. Constitution and Bill of Rights...or get us out of the U.N....and get the U.N. out of the U.S.

10. Break all hidden ties and agreements with England (including the City of London), the Vatican, and Extraterrestrials (human or otherwise).

11. Audit the Deep Underground Military Bases and the Secret Space Program.

12. End our involvement in the illegal drug trade.

The secret government and the aliens wouldn't have a problem with any of this...would they?

[peaceandlove]

Right on Orthodoxymoron

Speaking of Geithner, here is a recent Karl Denninger Blog:

"Liberal" Consensus On Dumping Geithner

Thursday, November 19. 2009
Posted by Karl Denninger

From The Hill.... http://thehill.com/blogs/blog-briefi...-dump-geithner

Rep. Peter DeFazio (D-Ore.) said Wednesday that he and other liberal House members are becoming increasingly tired of Obama administration economic policies that they say are too focused on maintaining the stability of Wall Street firms and largely ignore "Main Street."

"A growing consensus in the caucus [believe that Geithner should be removed]," DeFazio said on MSNBC this evening, adding that some lawmakers are "considering questions regarding him and other economic advisers."

No, really?

What was your first hint Peter?

Was it that Timmy couldn't be bothered to pay his taxes? Was it that he was the Wall Street stooge who handed out billions of taxpayer money to the big banks through AIG via what I'd argue was a fraudulent scheme to pay off those CDS at par? Or is it Timmy's incessant prattling on about a "strong dollar"?

One has to wonder, given that there's really nothing different about any of Geithner's views and actions than Paulson's - except for the blatant tax cheating (that we know of.) Then again, being a tax cheat seems to be a requirement to be a Democrat official - shall we toll up the list both in the Obama Administration and Congress?

Continues: http://market-ticker.denninger.net/a...-Geithner.html



Oh Oh - Here Comes Cummings (Fed Audit)

Thursday, November 19. 2009
Posted by Karl Denninger

This one is definitely worth a read folks: http://market-ticker.denninger.net/u...cummings-1.png (click for larger image)

It appears that Representative Cummings, along with a half-dozen other Representatives, have had enough of The Fed's games.

They are now calling for a FULL CONGRESSIONAL REVIEW of THE ENTIRE FEDERAL RESERVE SYSTEM, including A FULL PUBLIC AUDIT.

To this I say:

It's about damn time.

SOURCE: http://market-ticker.denninger.net/a...Fed-Audit.html



Update on Committee Action Today

Posted by Matt Hawes on 11/19/09 1:31 PM

Latest report is that debate on the Watt and Paul amendments should start around 12:30, with a vote likely later this afternoon.

Keep those calls up! http://www.campaignforliberty.com/blog.php?view=28891

Update: To see a live feed, go to the Financial Services website here and click on "Watch Live Meeting Webcasts"

Update #2: Roll call votes are still expected around 4 pm. Everything taken up to this point has been a voice vote. Keep calling to make sure the FSC members stick with the amendment.

Update #3: Votes are currently happening on the House floor, so the reconvening of the Committee is being delayed a bit.

Update #4: The Committee is back, but will only be voting on the amendments, not the overall regulatory reform bill.

Update #5: The Paul Amendment passed! 43-26! Thanks to everyone who made those calls!!!

SOURCE and 120 COMMENTS SO FAR: http://www.campaignforliberty.com/blog.php?view=28944

If you read the comments it gives you a play by play of the debate.

[peaceandlove]

Ron Paul introduces HR1207 as a substitute to the Watt amendment during debate 11/19/2009

From: marcaeld | November 19, 2009 | 301 views

Ron Paul introduces HR.1207 as a substitute amendment for Mel Watt's amendment. Watt's amendment would gut the intent of the audit of the Federal Reserve. In the end Paul's substitute passed by committee vote.

Kind of rough sound and it is the only video I know of yet as posted by one of the commenters from the immediate above article.

VIDEO (5:20): http://www.youtube.com/watch?v=b_jd7...eature=channel

[peaceandlove]

See above three posts for current updates.

Ron Paul HR1207 Committee Debate on Watt Amendment: Alan Grayson 11/19/2009

From: marcaeld | November 19, 2009 | 301 views

Alan Grayson details the problems with Watt's amendment to Ron Paul's HR1207 Federal Reserve Audit bill. Watt responds rather angrily.

VIDEO (10:08): http://www.youtube.com/watch?v=E9Ccd...eature=channel

[peaceandlove]

See above videos also


Ron Paul rebuts criticisms of Federal Reserve audit during markup hearing 11/19/2009

November 19, 2009

Ron Paul responds to the same tired criticisms of a full audit of the Fed. This is probably one of his better segments arguing his side of the Federal Reserve audit.

VIDEO (5:17): http://www.youtube.com/watch?v=IIszw...eature=channel





Ron Paul HR1207 substitute amendment ROLL CALL vote 11/19/2009

November 19, 2009

Here is the roll call vote for Ron Paul's audit the Fed amendment during the markup hearing for the Financial Regulatory Reform bill. Mel Watt's amendment was defeated and Paul's amendment was passed and adopted.

VIDEO (3:58): A momentous roll call. Love it! http://www.youtube.com/watch?v=DUW2X...eature=channel

[peaceandlove]

VIDEOS ABOVE.

Ron Paul's Amendment Passes Committee!

Posted by John Tate on 11/19/09 11:49 PM

Thanks to your quick action in contacting Congress, the House Financial Services Committee earlier today rejected Representative Mel Watt's attempt to hijack Audit the Fed by voting 43-26 to pass Ron Paul's amendment to the financial regulatory reform bill.

Dr. Paul called me right after the vote to personally express his thanks to C4L members for all of your efforts!

It is an incredible testament to the growing power of the liberty movement that we were able to get such an audit passed by a major House committee, but this is by no means the end of our fight.

Financial Services leadership has seemed determined for several months that if an audit of the Fed were to get out of Committee, it should be attached to an overall regulatory reform package that would actually increase the powers of the Fed to interfere in our economy.

Congressman Paul's amendment gives the Government Accountability Office power to conduct a thorough audit of the Fed's entire $2 trillion balance sheet and replaces the Watt language that would have further restricted GAO audits of the Federal Reserve.

While this is a victory over an attempted hijacking of our cause, the audit authority is still being rolled into the Financial Stability Improvement Act, a bill that Campaign for Liberty will oppose.

This Act will be voted on as soon as the Committee returns from its Thanksgiving break, and we will then know if it will move to the floor.

And it's already becoming clear that Ron Paul's amendment may face challenges on the House floor. http://www.reuters.com/article/polit...5AJ04T20091120

Now is the time to turn up the pressure!

Keep contacting Congress and tell your representative that before Congress debates over giving the Fed any new powers, we need to know what they're doing with the ones they already have! http://www.campaignforliberty.com/congress.php

Urge your representative to support a standalone, up or down vote on Audit the Fed, H.R. 1207.

We've put too much work into this effort to see an audit bogged down in yet another Washington bureaucratic nightmare.

Make no mistake, though, the victory today proved we can get the votes to pass the thorough, historic audit we've been fighting for this past year. We have put the Federal Reserve on notice that the freedom movement is serious about reclaiming our country and that it is here to stay.

Thanks for all you do for the cause of freedom. Now, let's finish this fight!

SOURCE: http://www.campaignforliberty.com/blog.php?view=28983

[peaceandlove]

Other perpectives on the previous several posts. A big leap towards FREEDOM from TYRANNY. Scroll back to post #164 for more info.

The Paul-Grayson Amendment Passes

Catherine and News & Commentary, November 20, 2009 at 12:11 am

Paul-Grayson “Audit The Fed” Bill Passes Financial Services Committee
http://news.firedoglake.com/2009/11/...ces-committee/
Fire Dog Lake (18 Nov 09)

(Rep. Barney) Frank told the panel that most of the members pushing him to postpone the vote were members of the Congressional Black Caucus who said that the political environment wasn’t right for a vote this afternoon.

Excerpt: “It’s my understanding,” Frank said, “that the issues being addressed are not internal to this bill.” In other words, the Democrats were not expressing particular problems with the bill itself, but the larger problems in the economy made them reluctant to support a bill that could be portrayed as too friendly to Wall Street.


The Paul-Grayson Amendment
http://www.lewrockwell.com/paul/paul608.html
Lew Rockwell.com (19 Nov 09)

Statements from Ron Paul and Alan Grayson

ALSO SEE RON PAUL FILE at LewRockwell.com: http://www.lewrockwell.com/paul/


Showdown: Ron Paul, Alan Grayson Take On Fed in House Committee Today
Ron Paul, Alan Grayson Beat Fed in House Committee Vote
http://www.truthout.org/11190910
Truthout (19 Nov 09)

Excerpt: The changes can't come too soon. Earlier this week, for instance, Citizens for Ethics and Responsibility in Washington (CREW) even filed a lawsuit over the Fed's continuing refusal to disclose the financial institutions that have received federal funds in the last six months - and the terms, if any, of federal assistance.

SOURCE: http://solari.com/blog/?p=5144

[peaceandlove]

If it's MAIN STREAM MEDIA NEWS...?

Congress is losing its patience with the Fed

Lawmakers on both sides question power, handling of Wall Street bailouts

updated 2:01 p.m. ET, Sun., Nov . 22, 2009
WASHINGTON - Suddenly the Federal Reserve is everybody's punching bag.

Strip the Fed of its bank regulation powers, some in Congress are demanding. Get probing audits of its behind-the-scenes operations, others say.

The chairman of the Federal Reserve Board is always fair game for criticism and second-guessing, usually over interest rate actions. But this year the criticism is much broader as Congress responds to widespread public anger that the Fed bailed out Wall Street but not ordinary Americans, and with unemployment in double digits.

Continues: http://www.msnbc.msn.com/id/34093776...s-us_business/



Angry Congress lashes out at Obama

ECONOMIC WOES TAKING A TOLL
House Republicans call on Geithner to resign

By Brady Dennis, Zachary A. Goldfarb and Neil Irwin
Washington Post Staff Writer
Friday, November 20, 2009

Growing discontent over the economy and frustration with efforts to speed its recovery boiled over Thursday on Capitol Hill in a wave of criticism and outright anger directed at the Obama administration.

Episodes in both houses of Congress exposed the raw nerves of lawmakers flooded with stories of unemployment and economic hardship back home. They also underscored the stiff headwinds that the administration faces as it pushes to enact sweeping changes to the financial regulatory system while also trying to create jobs for ordinary Americans.

Continues: http://www.washingtonpost.com/wp-dyn...111903167.html

[peaceandlove]

Ron Paul on CNBC

Posted by Matt Hawes on 11/23/09

On Monday, Congressman Paul appeared on CNBC to respond to critics of Audit the Fed and to discuss the true causes of the economic crisis, the failure of the Fed to keep the dollar stable, and the need to know who is receiving our money.

VIDEO (13:19): http://www.campaignforliberty.com/blog.php?view=29200

SOURCE and COMMENTS: http://www.campaignforliberty.com/blog.php?view=29200




Fed rage boils over on Capitol Hill

Ben Bernanke will win confirmation to a second term as head of the central bank. But it won't be pretty. The movement in Congress to rein the Fed in is gaining steam.

By Jennifer Liberto, CNNMoney.com senior writer
Last Updated: November 23, 2009: 12:48 PM ET

WASHINGTON (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke has a tough road ahead.

Very tough.

Bernanke, whose four-year term expires in January, is certain to face a contentious Senate banking panel at his confirmation hearing, set for Dec. 3. He is also defending against the sharpest attack on Federal Reserve powers ever.

The latest blow came last week, when a House panel overwhelmingly agreed to tack on to must-pass regulatory reform a proposal to dig into the Fed's books, despite attempts by Rep. Barney Frank, D-Mass., to make it less intrusive.

CONTINUES and VIDEO: http://money.cnn.com/2009/11/23/news..._confirmation/

[peaceandlove]

The Black Hats Strike Back (Bernanke)

November 28. 2009
Posted by Karl Denninger

It appears that Ben Bernanke has his knickers in a bit of a bind this morning....

The right reform for the Fed
By Ben Bernanke
Sunday, November 29, 2009
http://www.washingtonpost.com/wp-dyn...22.html?sub=AR

For many Americans, the financial crisis, and the recession it spawned, have been devastating -- jobs, homes, savings lost. Understandably, many people are calling for change. Yet change needs to be about creating a system that works better, not just differently. As a nation, our challenge is to design a system of financial oversight that will embody the lessons of the past two years and provide a robust framework for preventing future crises and the economic damage they cause.

That's correct Ben. Indeed, the only people who aren't calling for change are those who have abused their power to loot, pillage, and violate Americans over the last thirty years or so. They're quite content with how things are now, and indeed, have gone so far as to threaten Congress with events that will lead to martial law if they don't get their way.

There is some history behind this, is there not?

The American Bankers Association secretary James Buel expressed the bankers attitude well in a letter to fellow members of the association. He wrote: "It is advisable to do all in your power to sustain such prominent daily and weekly newspapers, especially the Agricultural and Religious Press, as will oppose the greenback issue of paper money and that you will also withhold patronage from all applicants who are not willing to oppose the government issue of money. To repeal the Act creating bank notes, or to restore to circulation the government issue of money will be to provide the people with money and will therefore seriously affect our individual profits as bankers and lenders. See your congressman at once and engage him to support our interest that we may control legislation."

That would be 1890 Mr. Bernanke. More than 100 years ago. Once a viper, always a viper.

I am concerned, however, that a number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions. Notably, some leading proposals in the Senate would strip the Fed of all its bank regulatory powers.

You should not have bank regulatory powers. The reason is simple: You have abused them and willfully ignored the abuses served upon the people, specifically:

The marketing of trash securities with alleged "AAA" ratings that you either knew or should have known were backed by no ability to repay on the original terms - indeed, the only hope of payment was the continued appreciation of property values.

The abusive practices of banks with regards to overdraft fees and costs - fees and charges that amount to the imposition of interest rates of hundreds of percent on terms that customers not only did not opt into but could not opt out of. This has generated more than $30 billion in illicit profits in the last year alone. Your belated half-hearted actions in this regard in the last two months come only after decades of abuse and threats to impose that which you would not do as a regulator by statute.

Likewise, the "rate jack" operations of credit card issuers has not come under attack or regulation by The Fed. Indeed, it was once again Congress that had to step in after years of willful blindness on your part.

Finally, The Fed refused to regulate various predatory lending practices - including but not limited to those targeting minorities and low-income persons in general.

In short, The Federal Reserve is one of the primary architects of the current economic malaise and indeed the credit bubble that led to it. For you to come to The People of this Nation and ask for more power and authority, say much less keeping that which you have had but refused to exercise in the best interest of the people, is an outrage.

BLOW BY BLOW CONTINUES: http://market-ticker.denninger.net/a...-Bernanke.html

[peaceandlove]

Audit the Fed: Bernanke and the Bankers Are Running Scared

Posted by fadestyle on 11/28/09

Kurt Nimmo
Infowars
November 28, 2009

Ben Bernanke, Federal Reserve mob boss, is running scared. He is deathly afraid an audit of his criminal organization.

"These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States," Bernanke wrote in the CIA's favorite newspaper, The Washington Post.

Bernanke penned his tribute to central banking and globalism prior to his scheduled testimony before a Senate panel on his renomination to serve a second four-year term as Fed mob boss.

Bankster tool Barney Frank, chairman of the House Financial Services Committee, tried to derail an effort to audit the Fed but failed. A proposal to audit the Fed's monetary policy deliberations won a committee vote recently over Frank's objections.

In his Mockingbird media editorial, Bernanke "conceded the Fed had missed some of the riskiest behavior in the lead up to the crisis. But he said the Fed had helped avoid an even more damaging economic meltdown and has stepped up its policing of the financial system."

In fact, the Fed was specifically designed to create financial crises. It was all plotted in 1910 when minions of J.P. Morgan, John D. Rockefeller, the Rothschilds and Warburgs met on Jekyll Island off the coast of Georgia. In 1913, the U.S. Federal Reserve Bank was created as a direct result of that secret meeting. Said Congressman Charles Lindbergh on the midnight passage of the Federal Reserve Act: "From now on, depressions will be scientifically created."

CONTINUES: http://www.campaignforliberty.com/blog.php?view=29547