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    Posted May 13, 2009 by
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    Dayton, Ohio
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    This iReport is part of an assignment:
    Stimulus thoughts: What you'd fix first

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    Audit the Federal Reserve

     

    For the most part, I have faith in my local, elected officials. If I have a problem with the way my community is being governed or how my tax dollars are being spent, I have a legitimate place to express my concerns.
    When it comes to the Federal government, however, I have a growing lack of confidence in our leadership — and it seems to be getting worse by the minute.
    It has become clear to me that the United States government is no longer “of the people, by the people and for the people” but instead “of the few, by the few and for the few.” And, these “few” seem to be getting stronger and more powerful — not to mention more overbearing.
    For me, everything started to crumble when the Senate, Congress and former administration passed a $700 billion bailout plan — even though most national polls indicated 95 percent of the public was against it. Even worse, the money was given with no accountability and used to buyout and takeover private corporations – which, last time I checked was called Communism.

    “Too bad,” we were told of the bailout plan. “The public doesn’t know what’s good for them. So we’ll handle it.”
    Goodbye democracy, hello debt and poverty for my grandchildren and their children.
    The 2008 bailout, and all that have followed under both Republican and Democrat rule, have shown clearly that the government has no vested interest in the average person’s future and is more concerned about its friends on Wall Street and making profit for a small percentage of the public.

    By printing endless stacks of money, we are making our dollar worthless and pushing the United States toward bankruptcy.
    Herein lies the real problem — one that the mainstream media is failing to address.
    The Federal Reserve has printed almost all of the $11 trillion in bailout money that the government is using to bailout banks, insurance companies and who knows what else.
    The problem is that this money is printed out of thin air (backed by nothing), which means, every additional dollar in “the system” is being diluted, leading toward an inevitable collapse and bankruptcy of the country.
    Even worse, there is no accountability. Where are all our tax dollars going? Well, according to recent news reports, about 50 cents of every dollar is going to the Federal Reserve and is being levied as inflation and tax on the American public.
    Unfortunately, the Federal Reserve it is neither “federal” nor a “reserve.”
    In fact, it is above the law and Constitution, making it, no doubt, the most powerful “corporation” in the world and dangerous to the future of the United States.
    Take it from Allen Greenspan, the former Chairman of the Federal Reserve, who recently made an appearance on the PBS NewsHour with Jim Lehrer.
    Lehrer asked Greenspan “What should be the proper relationship between the Chairman of the Fed and a President of the United States?”
    Greenspan answered: “Well, first of all, the Federal Reserve is an independent agency, and that means basically, that there is no other agency of the government which can overrule actions that we take. So long as that this is in place and there is no evidence that the administration or the congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don’t frankly matter.”
    Wow!!
    Luckily, there are politicians in Washington that don’t feel the Federal Reserve should be able to do as it pleases and should be accountable for their bookkeeping and actions.
    Led by Texas Congressman Ron Paul, who initiated House Bill 1207 calling for, among other things, a complete audit of the Federal Reserve, there currently are 143 co-sponsors in Congress, made up of both Republicans and Democrats, that support the bill.
    According to Campaign for Liberty, “The Fed has so far resisted attempts to provide information on how it is spending the bailout money and currently dictates how accountable it will be to Congress.  Since its creation in 1913, the Fed’s control of money and credit in this country has resulted in a 95% devaluation of our dollar and the piling up, just in the last year, of almost $10 trillion in bailouts and loans.”
    To read the bill, visit www.govtrack.us/congress/billtext.xpd?bill=h111-1207.
    Thomas Jefferson can sum up this bill and the current state of the Union in these words:
    "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs."

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