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December 9, 2011

What ELSE is the Fed Up To?

Quote of the Day: “There must be transparency and accountability at the Federal Reserve, particularly in light of the central bank’s continued extraordinary monetary policy actions.” – Financial Services Committee Chairman Spencer Bachus

I sent a letter telling Congress to audit the Federal Reserve. I urge you to do the same.

You may borrow from or copy this…

Everyone from Occupy Wall Street to the Tea Party feels that the financial system is rigged in favor of the wealthy and politically connected.

Can you blame them?

According to Bloomberg News, from 2007 through 2009 the Federal Reserve…

* committed $7.77 trillion (ten times the size of TARP) to “rescuing” the financial system,
* lent money to banks for as low as 0.01% interest
* bailed out failing banks, and lent money for some firms to acquire others
* concealed all of this from Congress (http://bloom.bg/vW28X6)

This enabled the six largest banks to…

* enjoy additional billions in profits.
* increase employee pay — which is on average double the salary of the average American worker.
* expand assets by 39% over five years.

Bloomberg had to acquire these facts through a Freedom of Information Act lawsuit. But it raises the question…

What ELSE is the Fed up to?

The Dodd-Frank “reform” bill did require an audit of emergency lending operations from 2007 through 2010, but the American people are still kept in the dark about…

* transactions for or with foreign central banks and governments.
* deliberations and actions related to the money supply and interest rates.
* anything that transpired before or since.
 
In other words, there is no oversight or accountability on matters vital to trade, job creation, and personal savings!

Without a thorough audit as required by the bills HR 459 and S 202, more and more Americans will conclude…

* that Washington DC and its Federal Reserve is “government of Wall Street, by Wall Street, and for Wall Street”
* or that the Fed is covering up its own gross incompetence and Congress is enabling them

Can you blame them? Why should Americans have “faith” in an unaccountable agency that secretly manipulates their money?

I personally believe that an audit will reveal the folly of central economic planning, and my hope is that the Fed will be abolished and that honest money and free banking — subject to harsh regulations imposed by picky customers instead of the untrustworthy political class — will take its place.

But even if this doesn’t happen as soon as I’d like, it is in YOUR interest to support a Fed audit. If you don’t, you will be perceived as an opponent of openness and transparency. You will be part of the problem.

END LETTER

You can send your letter using DownsizeDC.org’s Educate the Powerful System.

Did you know how much money the Fed lent to bail out the banks? Do you think your friends know? Please share this information with them on your social networks.

Thank you for being a DC Downsizer,

Jim Babka
President
DownsizeDC.org, Inc.

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