Thursday, September 10, 2009

Ron Paul's HR 1207 - Audit the Fed - will be heard!

This is nearly unbelievable, but apparently it's true. The outcrop of Ron Paul's inspirational campaign for the Presidency, Campaign for Liberty, is reporting that Barney Frank's Barney Frank's House Financial Services Committee will hold a hearing on Ron Paul's H.R. 1207 - Audit the Fed!

This is absolutely fantastic news. Keep in mind, if the Fed is given a real audit (for the first time in its history), not only may we learn the recipients of Bernanke's funny money ($2.2 trillion in actual printed dollars and another $8 trillion in so-called "guarantees")... but we may also learn what deals have been struck between Bernanke and other foreign central banks.

Has the Fed loaned money to Canada? Is it a big deal?

How about if the Fed has loaned money to Iraq? Might that be a concern?

What about if the Fed loaned money to Pakistan? How about Venezuela?

I mean... no one knows where all this money has gone. Though my guess is that Goldman Sachs will be listed somewhere among the top recipients of Fed bailouts.

But of course, while Ron Paul's bill may eventually get traction... Senator Bernie Sanders' S604 - The Federal Reserve Sunshine Act - is in the fast lane to nowhere since Wall Street's #1 water boy, Chris Dodd, is the gatekeeper on the sister bill to Ron Paul's HR 1207.

I hope Chris Dodd soon realizes the foolishness of opposing transparency and good government... and corrects his way.

Tim White

1 comment:

Anonymous said...

I think this is going to get through the house. I think there will be a lot of effort to change the bill (from where I am not sure), but for sure, is that the people who signed on to the bill who allow or support or recommend any changes are truly not the supporters of this bill. Expect Chris Murphy to be one of them.

If the bill gets through the House unscathed, then plans are already in place in the Senate to kill it.