There is a growing wave of support for an audit on the US Federal Reserve (the entity that controls the US money supply). And our favourite US congressman Senator Ron Paul is leading the way. He is trying to pass a Bill that will do exactly that.
Basically the Bill wants more openess from the Federal Reserve and it also wants restrictions placed on them. The problem in the past with the Federal Reserve is that they were meant to protect the consumer. How much protection was there when all these Sub Prime mortgages were handed out to anyone wanting to buy a house? Zilch!!!!
In 1994 Congress gave the power to the Federal Reserve to ban sub prime mortgages and limit credit abuse, but do you think Alan Greenspan did anything about it? Again Zilch!!!!
With this new bill seeking to be passed by Ron Paul, there will be restrictions on how much the Federal Reserve will be allowed to protect the consumer. The power will be taken away from the Federal Reserve to “protect the consumer”. Perfect and about time!!!!
This Bill is also going to prohibit the Federal Reserve from dishing out billions of dollars to failed companies. Why was a failing insurance company like AIG given a $82billion handout? Let them go the way any failed business should go. Wind them up and call in the receivers. But no, the Federal Reserve decided to pump billions into this institution. What do the Federal Reserve know that they are keeping away from the public? Why was it too big to fail? Does it have something to do with this derivative ticking time bomb? I think so!!!
And lastly, the Bill will open up the Federal Reserve to highlight what they are buying up themselves. And how about we do an audit on how much gold the USA really has. Or have they lent that out to suppress the price of Gold?
If the USA want to be a truely democratic country, then the very highest level of the money chain should be transparent for all to see. If it’s not transparent, then what are they hiding from the public? Lets find out what it is. Maybe there is less gold in Fort Knox than we think; Maybe it has been leased out to supress the price of Gold
Lets use the internet to get the Ron Paul Bill passed. Given the US dollar is the world’s reserve currency, a more transparent Fed will be good not only for the US but for the rest of the world as well.
Update: 2 Sept 2009 – According to the Business Insider, it seems the bill has a good chance of being passed. Though it still remains to be seen if “the powers that be” manage to get it blocked somewhere along the line. The ultimate power to print money is not given up easily…
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