Monday, August 31, 2009

Derailing the bill to audit the Fed

Roughly 75 percent of Americans support an auditing of the federal reserve, but Barney Frank is trying to derail Ron Paul's Audit the Fed bill by rolling it into a "comprehensive regulatory reform package recently proposed by the White House." According to an email from John Tate, president of Campaign for Liberty, the package "grants new, more comprehensive powers to the Fed and strengthens the government's control over our economy."

Gary North writes:
If the bill passes the House and the Senate, Obama will veto it. The FED is not going to be audited by the government. That is not how the world works. The FED is only officially under government authority. Except in wartime, it has never been under government authority. It was set up to provide the illusion of government control. That illusion has worked since 1913.
He may be right about the fate of the bill, but how can the Fed only sometimes (during war) be under government control? What or who directs the Fed to surrender its sovereignty under certain conditions?

Here's where shadow organizations such as the CFR enter the picture. Not that the CFR is calling Frank or Obama and telling them what to do, because Frank and Obama already understand what to do or they wouldn't be where they are. But there are people on stand-by, one would assume, to provide emergency counsel should one of the aforementioned field agents take a wayward stride or make a disturbing comment. The Fed, ultimately, is just a tool of the politically powerful.

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