Bill to audit Fed passes committee
MarketWatch reports on Ron Paul’s bill to audit the Federal Reserve, now approved by the House Financial Services Committee.
Ron Paul’s commentary.
Why is this important? Even if you are not familiar with the history of the Fed and its destruction of the purchasing power of the dollar over time, right now there is a big question about whether the Fed has been bailing out shaky banks that should be allowed to go bankrupt. By taking on toxic mortgage-backed derivatives in exchange for newly printed dollars, the Fed allows bad banks to escape from their bad policy decisions and stay in business while putting their worthless assets on the Fed’s balance sheet and inflating the money supply. If allowed to continue, this trend spells the end of Fed creditworthiness and ultimately the devaluation of the dollar. In other words, we all suffer from the Fed’s extension of credit while the bankers prosper.
The Fed also finances the Obama administration’s deficit spending to impose socialism on the rest of us. Every U.S. citizen should be outraged by the corrupt relationships between the Fed and the banks and between the Fed and the Treasury. If these relationships are not exposed and broken, the United States cannot continue to exist as a country.
We’d like to plant a seed idea in your brain. It isn’t our debt. The bad investments and overleveraging of Wall Street firms were not our decisions. But the bailouts are being done “in our name” and we will pay for them.
Every Western nation is now in a position similar to that of Iceland. Corrupt bankers and corrupt politicians have been gaming the financial system at the expense of the people. It doesn’t matter whom you elect to high office, the same small gang runs financial and fiscal policy. None of them is a patriot acting in the interests of the people of the United States. All of them are global financial predators and looters. We don’t have any obligation to support their bad policies. Our obligation is to confront them, discredit them, and punish them, and to make sure we get honest leaders at the helm. Think debt repudiation. Think end the Fed. Worried about financial chaos? You are worrying the wrong worry. We can’t continue to sit still and remain silent and get fleeced until they bring on the financial and economic chaos. They have already crashed the global economic system. What are you waiting for, another crash?
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