Ron Paul: End the Fed, Save the Dollar

“Nothing good can come from the Federal Reserve,” writes Texas Congressman Ron Paul in his latest book hitting shelves this week, titled “End the Fed.”

“It is the biggest taxer of them all. Diluting the value of the dollar by increasing its supply is a vicious, sinister tax on the poor and middle class.”

Paul makes the case that the Fed is the main culprit responsible for the current economic mess the country faces through the destructive policies of cheap credit and excessive money printing.

“Prosperity can never be achieved by cheap credit,” says Paul. “If that were so, no one would have to work for a living. Inflated prices only deceive one into believing that real wealth has been created.”

The Federal Reserve, created in 1913, has been acting as the main central bank of the United States for nearly one hundred years. Many Americans are either not sure or not interested in what role the Fed plays in managing the economy. “The economic crisis has changed everything,” writes Congressman Paul.

Federal Reserve Says Disclosing Loans Will Hurt Banks

It seems as if the Fed is fighting the law; it seems that the fed feels as though they are above the law. If such was not true, then why are they making demands as they are, and refusing to show "WE THE PEOPLE" where the money is going, and for what purpose. What do they have to hide, what don't they want us to find out? Their entire goal of a new world order is largely based upon bankers remaining aloof; this begins to chip away at that aloofness.

Mark Pittman
Bloomberg
Thursday, August 27, 2009

The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot.

The Fed’s board of governors asked Manhattan Chief U.S. District Judge Loretta Preska to delay enforcement of her Aug. 24 decision that the identities of borrowers in 11 lending programs must be made public by Aug. 31. The central bank wants Preska to stay her order until the U.S. Court of Appeals in New York can hear the case.

“The immediate release of these documents will destroy the board’s claims of exemption and right of appellate review,” the motion said. “The institutions whose names and information would be disclosed will also suffer irreparable harm.”

The Fed’s “ability to effectively manage the current, and any future, financial crisis” would be impaired, according to the motion. It said “significant harms” could befall the U.S. economy as well.

The central bank didn’t say when it would file its appeal

Full Article Here

Judge Orders Fed To Disclose Who Received Bailout Trillions

Paul Joseph Watson
Prison Planet.com
Tuesday, August 25, 2009

A New York District Judge has ordered the Federal Reserve to disclose the destination of around $2 trillion dollars in bailout funds after the Fed failed to convince the Judge that the records should be exempt from the Freedom of Information Act.

“Manhattan Chief U.S. District Judge Loretta Preska rejected the central bank’s argument that the records aren’t covered by the law because their disclosure would harm borrowers’ competitive positions. The collateral lists “are central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression,” according to the lawsuit that led to yesterday’s ruling,” reports Bloomberg, the news outlet that originally filed the lawsuit.

Citing the fact that the US taxpayer is an “involuntary investor” in the nation’s banks, Bloomberg argued that the risks behind the $2 trillion in lending needed to be made public.

“When an unprecedented amount of taxpayer dollars were lent to financial institutions in unprecedented ways and the Federal Reserve refused to make public any of the details of its extraordinary lending, Bloomberg News asked the court why U.S. citizens don’t have the right to know,” said Matthew Winkler, the editor-in-chief of Bloomberg News. “We’re gratified the court is defending the public’s right to know what is being done in the public interest.”

The Federal Reserve and Ben Bernanke in particular have attempted to hide the destination of the bailout funds at every step of the way since Bloomberg first filed the lawsuit over nine months

During a hearing on Capitol Hill last month, Congressman Alan Grayson confronted Bernanke on which foreign banks had received around half a trillion dollars in credit swaps.

Bernanke responded, “I don’t know.”

“Half a trillion dollars and you don’t know who got the money?” asked Grayson.

It’s no surprise that the Fed is reticent to disclose who got the bailout funds, since the man appointed by Henry Paulson to dole out the ill-gotten gains was none other than his fellow ex-Goldman Sachs executive Neel Kashkari. This level of cronyism undoubtedly ensured that Bernanke and Paulson’s bankster gangster friends were well looked after.

“President elect Barack Obama, who in a September 22 campaign speech promised to “Make our government open and transparent so that anyone can ensure that our business is the people’s business,” refused to comment on the story when contacted by Bloomberg, which is no surprise considering the fact that the man who guaranteed “change” has indicated he will not only follow the Bush administration policy of a socialized financial system, but radically expand it,” we wrote in our original story on the lawsuit back in November.

That foresight has now manifested itself again today, with Obama set to nominate Ben Bernanke, one of the main architects of the bailout under Bush, as Fed chief for a second term

Gallup Poll: Americans Turning Against Federal Reserve

Perhaps it is not clear the dangers of the Federal Reserve, at least for the majority of uninformed Americans, but it is true that they are running this nation, and as Greenspan once said, they are, for the most part, above the law. How is it that a nation of people bent on the idea of liberty could so casually allow the federal reserve to run the nation without any checks? It is really to this question that Ron Paul has been trying to deal with. Audit the feds! It seems, thank the Lord, that more and more people are beginning to see the Fed for what it is.

Paul Joseph Watson
Prison Planet.com
Tuesday, July 28, 2009

As momentum builds for Ron Paul’s efforts to audit the Fed, a new Gallup poll shows that Americans are turning against the Federal Reserve, with just 30 per cent saying the agency is doing a good job.

35 per cent rate the job the Fed is doing as “only fair” and 22 per cent say it is doing a “poor” job.

The contrast compared with when the question was last asked in 2003 is clear. Six years ago, just 5 per cent thought the Fed was doing a “poor” job, while 53% thought it was doing a “good/excellent” job.

The Fed is bottom of the pile when compared to the ratings received by other agencies in the poll (we hesitate to call the Fed a “government agency” because it isn’t). The IRS and the FDA are the other two least popular agencies.

According to Gallup editor in chief Dr. Frank Newport, “Americans are blaming to some degree the actions or inactions of the Federal Reserve board” for the economic turmoil.

Increasing skepticism towards the role of the Federal Reserve arrives alongside efforts on behalf of Congressman Ron Paul to audit the Fed with his widely supported H.R.1207 bill.

The legislation would amend existing law to allow the Comptroller General to audit the Federal Reserve Board and its member banks.

Fed Chairman Ben Bernanke seems frightened to death at what might be revealed if the Federal Reserve were forced to open its books and has been busy scuttling around lying about the bill in order to try and shoot it down

Alex Jones: The Fed

Ron Paul Slams Federal Reserve’s New Dictatorial Powers

Paul Joseph Watson
Prison Planet.com
Friday, June 19, 2009

Responding to the Obama administration’s new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy, Congressman Ron Paul told MSNBC that the Fed was now more powerful than Congress.

Paul emphasized that no amount of regulation could compensate for a financial system created and controlled by the Federal Reserve that was completely unstable to begin with.

“The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don’t even have any transparency of this. They’re more powerful than the Congress,” said Paul.

As we reported yesterday, the new rules would see the Fed given the authority to “regulate” any company whose activity it believes could threaten the economy and the markets.

Obama’s regulatory “reform” plan is nothing less than a green light for the complete and total takeover of the United States by a private banking cartel that will usurp the power of existing regulatory bodies, who are now being blamed for the financial crisis in order that their status can be abolished and their roles handed over to the all-powerful Fed.

“They’re giving a tremendous amount of more power to the Federal Reserve - the very institution that created our problem. That’s about the way Washington works,” said the Congressman

“Too much regulations to begin with, so they give it more. The Federal Reserve creates the problem, so we give them more power. It’s fiat money that’s the problem, so we allow them to double the money supply - you can’t solve the problems that way. That’s like saying you can take care of a drug addict by just giving them more drugs,” concluded Paul, adding that the lack of understanding about how the Federal Reserve created the problem and how the free market ought to work was the root of the crisis.