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264 Comments
- Janinco, on 05/16/2009, -7/+189Worth repeating... "It's time to audit the Fed."!
- TheEngineer2008, on 05/16/2009, -9/+150Federal oversight over the Fed is a long-overdue first step. Thanks Dr. Paul!
- chkdg8, on 05/16/2009, -6/+114Covered on Forbes no less. The movement is now gaining mainstream press. Dr. Paul FTW!
- chupavacas, on 05/16/2009, -4/+105The Fed is a government sheltered cartel of large banks. Cartels are formed in order to create advantage over competitors (other banks). Cartels eventually self destruct (through competition) unless government mandates their existence. Auditing the Fed is the first step in severing government's sheltering of this cartel. If this bill passes we will see what the Fed has been up to all these years and we will be outraged and we will demand that our congress abolish the privileged nature of the "Federal Reserve".
- inactive, on 05/16/2009, -6/+98A member of Congress asked the Fed where they spent trillions of bailout money, and they responded "We're not going to tell you"...
I mean, it's bad enough that the money is nothing but artificially-created paper, but to not even tell you where they've spent your own money... These people are crooks.
Audit the Fed! - austinwpetersen, on 05/16/2009, -10/+97End the Fed.
Join us
mises.org
lp.org
cato.org
campaignforliberty.com
yal.com - muckemuck, on 05/16/2009, -7/+91If you think this is unnecessary then watch this.. http://www.youtube.com/watch?v=PXlxBeAvsB8
"Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is."
Also, this is NOT just a Republican effort. Democrats have signed onto the bill as co-sponsors. - inactive, on 05/16/2009, -1/+58I disagree. I don't think the Fed should be audited, I think it should be ABOLISHED immediately.
The Fed is privately owned which makes what it is doing illegal. It is unconstitutional, PERIOD! - le0pardess, on 05/16/2009, -3/+59FTA: The Federal Reserve's recent and unprecedented actions in the realm of monetary policy have provoked a backlash among the American people. Trillions of dollars worth of loans and guarantees have been provided to Wall Street firms, while Main Street Americans suffocate under harsh taxation, the prospect of higher debt levels and increasing inflation.
"The bold effort the present (central) bank had made to control the government ... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it".- Andrew Jackson - herojon, on 05/16/2009, -4/+54Every government bureaucracy should be under strong scrutiny at all times. We are the ones paying for them. They are supposed to work for us. To not audit the Fed is to allow them to take our money through inflation and give it to special interests.
I don't care if Ron Paul said this or anyone from any party. It is true regardless. - Striker101, on 05/16/2009, -13/+62Look, friends. Despite that "The Fed" has unacceptable and devastating powers to manipulate the money supply and interest rates, it is a psuedo Private institution, and may be protected from audit by the 4th Amendment. Then, even if this bill passes and there is an audit, then "we know", but doing anything about our new knowledge doesn't put us in much position to do anything about it, does it?
That Ron Paul is at last seeming to make some headway toward his initial move to abolish the Fed is super, because definitely *something* needs to be done, which perhaps would be simply limiting Fed powers to banking rather than allowing it to manipulate monetary policy and such. Gov and the Fed team up to do whatever they wish to impose Force upon it's people, to fund always-harmful regulations and enForcement, and to destroy the value of the dollar. Inflation has brought that 1913 dollar to be worth less than a nickel, yet they want to "encourage savings"? Saving is a good way to go broke, so we Spend rather than Save.
To me the real danger is the likelihood that action against the Fed seems destined to make the US Treasury become the Central Bank. Keynesians will love that! All part of destroying capitalism and the free market. - MrFunStuff, on 05/16/2009, -1/+46 Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent
http://www.youtube.com/watch?v=PXlxBeAvsB8 - Genericity, on 05/16/2009, -2/+46I do believe that this is a just cause that each American, regardless of political affiliation, should stand behind and support. I think the more we know the more we will be motivated to actually do something. The Fed is a shady and suspicious PRIVATE bank at the pinnacle of our monetary system - WTF!?!?
- henri3, on 05/16/2009, -2/+41YES!! Ron Paul's audit the fed H.R 1207,Next step, get rid of the fed reserve all together .
- MidnightTide, on 05/16/2009, -2/+37About time someone brought up this topic on digg, everyone in the united states - no, the world should digg this article.
Junkyarddawg is just a freaking troll - the topic is the FED, not foreign policy. Many people in the states, and worldwide are tired of bankers ***** up the entire world. - SilverBlade2k, on 05/16/2009, -2/+36I agree, the FED should be audited. But the Fed will do anything to stop such action, including murder or mass bribery, to ensure that it isn't audited, because, if it IS audited, then everyone will know that the Fed is a sham and that taxes from labour are legally stolen.
- TheEngineer2008, on 05/16/2009, -4/+38If you care to retweet this, here's a RT of the one I sent: http://is.gd/AqwH
- kaelyiesta, on 05/16/2009, -0/+31"A common misconception is that the Fed is completely independent of political pressures."
This point always bothers me when it is brought up. Whether or not the fed is beholden to the government or banks is irrelevant. If a thief is part of one gang or another, it makes no difference to the discussion of whether or not his thieving is bad. It is wrong, regardless. This topic worries me because it implies that some would find it acceptable that the fed does these things if only it switched gangs. It is good to enlighten people about the exact nature of the problem, but no matter the allegiance, the feds authority to steal is wrong. - Ebacherville, on 05/16/2009, -2/+33Audit them and then shut them down!
- juk3box, on 05/16/2009, -0/+30Even though the official budget reports say it was audited, people need to be educated how how these official "audits" aren't actually audits. See the official budget (profit/loss) reports at:
http://www.federalreserve.gov/boarddocs/rptcongres ...
And see the official balance sheet (assets/liabilities) at:
http://www.federalreserve.gov/releases/h41/
An explanation is needed as to why and how these "reports" are missing information. Too many people have the impression that the system is audited because these reports say they were audited. - alamedaman, on 05/16/2009, -5/+32yes! Go Doc P!
- UBERMAN5000, on 05/16/2009, -1/+26Why stop at auditing? How about ending?
- darkened, on 05/16/2009, -3/+27@NoLibertarians, I think you've won the dumbest user on Digg award congratulations, you've had a long list of names to surpass and have achieved it in 1 article.
- austinwpetersen, on 05/16/2009, -6/+29You'll be sorry you said that. I'm sure of it.
- MidnightTide, on 05/16/2009, -1/+22most of your statement is correct, but so far Obama has surrounded himself with people who created this mess in the first place, big business has no business in government.
- understudy, on 05/16/2009, -0/+20How can the Fourth Amendment protect the Fed when the Fourth Amendment is blatantly violated daily in matters related to individuals?
(I'm sure someone else can provide plenty of examples.)
_ - emazur, on 05/16/2009, -0/+20I replied to this earlier but since that was a subcomment it was probably missed so I'll post again:
Well they can open up their phone book - you won't find the Federal Reserve listed under the government listings, but rather the commercial (private) yellow pages - here is the Portland Metro Yellow Book scan w/ the Federal Reserve: http://www.firstbastion.com/portland_fed.jpg
and it's there for good reason:
The Federal Reserve Banks are privately owned, locally controlled corporations
-Lewis vs. U.S., 680 F2d 1239, 1241 (1982)
From a legal standpoint these banks are private corporations, organized under a special act of Congress, namely, the Federal Reserve Act. They are not in the strict sense of the word, 'Government banks'
-William P.G. Harding, Governor of the Federal Reserve Board (1921)
Now the ex-NY Governor has basically stated that the Fed is a cartel made up of members of, by, and for the private banks: http://digg.com/d1qSmj
"So who selected Geithner back in 2003? Well, the Fed board created a select committee to pick the CEO. This committee included none other than Hank Greenberg, then the chairman of AIG; John Whitehead, a former chairman of Goldman Sachs; Walter Shipley, a former chairman of Chase Manhattan Bank, now JPMorgan Chase; and Pete Peterson, a former chairman of Lehman Bros. It was not a group of typical depositors worried about the security of their savings accounts but rather one whose interest was in preserving a capital structure and way of doing business that cried out for—but did not receive—harsh examination from the N.Y. Fed."
"So whom have the banks chosen to be the public representatives on the board during the past decade, as the crisis developed and unfolded? Dick Fuld, the former chairman of Lehman; Jeff Immelt, the chairman of GE; Gene McGrath, the chairman of Con Edison; Ronay Menschel, the chairwoman of Phipps Houses and also, not insignificantly, the wife of Richard Menschel, a former senior partner at Goldman. Whom did the Board of Governors choose as its public representatives? Steve Friedman, the former chairman of Goldman; Pete Peterson; Jerry Speyer, CEO of real estate giant Tishman Speyer; and Jerry Levin, the former chairman of Time Warner. These were the people who were supposedly representing our interests!"
and people refused to believe that the Fed was a banking cartel created in a secret meeting at Jekyll Island by the world's richest private bankers, despite the fact that this information can be found on the Federal Reserve's website http://www.minneapolisfed.org/publications_papers/ ...
"The Jekyll Island Expedition"
"One evening in early November 1910, Warburg and a small party of men from New York quietly boarded Sen. Aldrich's private railway car, ostensibly for a trip south to an exclusive hunting club on an island off the coast of Georgia.
In addition to Warburg and Aldrich, the others, all highly regarded in the New York banking community, were: Frank Vanderlip, president of National City Bank; Harry P. Davison, a J.P. Morgan partner; Benjamin Strong, vice president of Banker's Trust Co.; and A. Piatt Andrew, former secretary of the National Monetary Commission and now assistant secretary of the Treasury. The real purpose of this historic "duck hunt" was to formulate a plan for US banking and currency reform that Aldrich could present to Congress." - YZBot, on 05/16/2009, -0/+20Yup. However, a lot of folks seem to think the Fed is only doing good and helping us out of a bad situation. The audit should uncover any shadiness in their practices and hopefully create a lot of outrage in more folks. Then getting rid of the Fed should be a little bit easier.
- bigp3rm, on 05/16/2009, -8/+27The FBI needs to do their ***** job.
- TexanRudeBoy, on 05/16/2009, -2/+20Are books from a Nobel prize winner in economics good enough?
http://en.wikipedia.org/wiki/Friedrich_Hayek - midnightliberty, on 05/16/2009, -0/+18A textbook by one of those Keynesians who understand economic cycles and therefore must have predicted the crash, right?
- kemp34, on 05/16/2009, -0/+16My Macro-econ textbook used in my Econ 101 class was written by Ben Bernanke, who happens to be the current Federal Reserve Chairman. Do you think this book would include proper criticism of the Federal Reserve?
- sgerwel1985, on 05/16/2009, -1/+17I love Ron Paul. Let's see, public companies are audited regularly. So, it seems appropriate after so much crap that the Fed undergoes the same treatment.
- Vortical, on 05/16/2009, -1/+17Logged in to digg this.
- inactive, on 05/16/2009, -3/+19It's kinda akin to the N Korean situation: EVERYONE—well, except f/NoLibertars, TZV, & CounterIntel, that is—knows what the Fed has been and is up to . . . but auditing/getting rid of it is tantamount to irking the REAL powers that be. Would you go to another friend in N Korea's "Ministry of People's Armed Forces"/Red Guards/whatever they're calling themselves this week and suggest an insurrection/overthrow of Dear-Mr-Multiple-Holes-in-One? I know I wouldn't.
- inactive, on 05/16/2009, -3/+19You think the Fed is the problem?.
The US veto-controlled IMF has exasperated the problems of underdeveloped countries... - FrozenPie, on 05/16/2009, -12/+27Junkyarddawg is a pre-senile conspiracy nut who thinks the world is run by a group of wizards known as the Illuminati using the United Nations as their front. Also aliens. Space aliens. And he considers Somalia to be the ideal role-model for US society. And he wants to disband the US army and replace it with volunteer militias. And legalize crack and crystal meth.
In short, who cares what he blathers about. - viker7, on 05/16/2009, -0/+15The Fed, IMF, and World Bank are all part of the problem. First we need to deal with the Fed and the domestic problem.
- emazur, on 05/16/2009, -0/+14Well they can open up their phone book - you won't find the Federal Reserve listed under the government listings, but rather the commercial (private) yellow pages - here is the Portland Metro Yellow Book scan w/ the Federal Reserve: http://www.firstbastion.com/portland_fed.jpg
and it's there for good reason:
The Federal Reserve Banks are privately owned, locally controlled corporations
-Lewis vs. U.S., 680 F2d 1239, 1241 (1982)
From a legal standpoint these banks are private corporations, organized under a special act of Congress, namely, the Federal Reserve Act. They are not in the strict sense of the word, 'Government banks'
-William P.G. Harding, Governor of the Federal Reserve Board (1921)
Now the ex-NY Governor has basically stated that the Fed is a cartel made up of members of, by, and for the private banks: http://digg.com/d1qSmj
"So who selected Geithner back in 2003? Well, the Fed board created a select committee to pick the CEO. This committee included none other than Hank Greenberg, then the chairman of AIG; John Whitehead, a former chairman of Goldman Sachs; Walter Shipley, a former chairman of Chase Manhattan Bank, now JPMorgan Chase; and Pete Peterson, a former chairman of Lehman Bros. It was not a group of typical depositors worried about the security of their savings accounts but rather one whose interest was in preserving a capital structure and way of doing business that cried out for—but did not receive—harsh examination from the N.Y. Fed."
"So whom have the banks chosen to be the public representatives on the board during the past decade, as the crisis developed and unfolded? Dick Fuld, the former chairman of Lehman; Jeff Immelt, the chairman of GE; Gene McGrath, the chairman of Con Edison; Ronay Menschel, the chairwoman of Phipps Houses and also, not insignificantly, the wife of Richard Menschel, a former senior partner at Goldman. Whom did the Board of Governors choose as its public representatives? Steve Friedman, the former chairman of Goldman; Pete Peterson; Jerry Speyer, CEO of real estate giant Tishman Speyer; and Jerry Levin, the former chairman of Time Warner. These were the people who were supposedly representing our interests!"
and people refused to believe that the Fed was a banking cartel created in a secret meeting at Jekyll Island by the world's richest private bankers, despite the fact that this information can be found on the Federal Reserve's website http://www.minneapolisfed.org/publications_papers/ ...
"The Jekyll Island Expedition"
"One evening in early November 1910, Warburg and a small party of men from New York quietly boarded Sen. Aldrich's private railway car, ostensibly for a trip south to an exclusive hunting club on an island off the coast of Georgia.
In addition to Warburg and Aldrich, the others, all highly regarded in the New York banking community, were: Frank Vanderlip, president of National City Bank; Harry P. Davison, a J.P. Morgan partner; Benjamin Strong, vice president of Banker's Trust Co.; and A. Piatt Andrew, former secretary of the National Monetary Commission and now assistant secretary of the Treasury. The real purpose of this historic "duck hunt" was to formulate a plan for US banking and currency reform that Aldrich could present to Congress." - destraht, on 05/16/2009, -0/+14Its not like the Federal Reserve needs to get tried in a court of law for us to win.
I believe that when Congress gets a real look at the books we will start to see that they have behaved illegally and scandalously. As far as I have looked into the matter that is the goal. They cannot live up the scrutiny and the leaks and commentary will flash around the Internet causing the Fed to need to make serious changes. There could also be a huge clamouring for their removal. - kemp34, on 05/16/2009, -1/+15Corporatism defined. Not a good set up for the People.
- kemp34, on 05/16/2009, -2/+16Yeah and that mindless rant of yours sure proves it.
- govtdoesnotwork, on 05/16/2009, -1/+14Only an audit can lead to that. Until then, the believers will keep their faith in paper/electron based "money."
- faskippy, on 05/16/2009, -4/+17Ha Ha! Get your brain out of the cheap seats, dildo.
- emmeron, on 05/17/2009, -2/+14You obviously don't understand enough of what you've read to be trusted with a keyboard. Oh well.
In any case, you're trying to say "he's nuts, so he's wrong." Explain why and how this bill is wrong. Character attacks are ... well, juvenile. - midnightliberty, on 05/16/2009, -1/+13Jane Harman and Antonin Scalia have recently made it clear that politicians are vitally concerned with civil liberties. They seem to think they only apply to themselves, however.
http://abovethelaw.com/2009/04/justice_scalia_resp ...
http://www.salon.com/opinion/greenwald/2009/04/21/ ... - Thinbev, on 05/17/2009, -1/+13I'm sure Americans will be outraged to discover all the shenanigans that take place behind the most secretive agency in our government...
I don't care if you're a Republican, Democrat or Independent... We MUST audit the Fed. Call your representative's office and tell them to support H.R. 1207.
We need to know what those Fed Bankers are doing with the value of our money. - casek, on 05/16/2009, -2/+14glad this is getting some coverage in mainstream publications.
i think we're moving towards something good.
viva la liberte' - drmangrum, on 05/16/2009, -1/+13Auditing won't solve anything. Even if the auditors aren't intimidated or corrupt, The Fed can make up whatever numbers they want. They have near unlimited political power. They won't give it up or allow themselves to be exposed.
The Fed needs to be abolished, THEN audited. Any wrongdoing found after the audit needs to be prosecuted as high treason. - monkeyhoward, on 05/16/2009, -1/+12Will an intro to macro economics textbook tell me why the Fed should not be audited?
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