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H.R. 1207: Federal Reserve Transparency Act of 2009

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  • H.R. 1207: Federal Reserve Transparency Act of 2009

    This bill is picking up steam with more and more co-sponsors everyday. It basically gives Congress access or oversight into the now secret innner workings of The federal Reserve through The Comptroller Generals office. The Federal reserve is really nothing more than a group of private bankers in charge of the nations monetary system. And, is no more federal than Federal Express. Heres a link to more detail about the bill.

    H.R. 1207: Federal Reserve Transparency Act of 2009

    Heres a quote from Ron Paul on the House floor explaining the bills introduction.

    "I have introduced a bill, it's called H.R. 1207, and this would remove the restriction on us to find out what the Federal Reserve is doing. Today, the Federal Reserve under the law is not required to tell us anything. So all my bill does is remove this restriction and say, Look, Federal Reserve, you have a lot of power. You have too much power. You're spending a lot of money. You're taking care of people that we have no idea what you're doing. We, in the Congress, have a responsibility to know exactly what you're doing.

    This bill, H.R. 1207, will allow us for once and for all to have some supervision of the Federal Reserve. They are exempt from telling us anything, and they have stiffed us already. There have been lawsuits filed over the Freedom of Information Act. Believe me, they are not going to work, because the law protects the Federal Reserve.

    The Constitution doesn't protect the Federal Reserve. The Constitution protects the people to know exactly what is going on. We should enforce the Constitution. We should not enforce these laws that protect a secret bank that gets to create this money out of thin air."
    |TG-X| mp40x



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  • #2
    Re: H.R. 1207: Federal Reserve Transparency Act of 2009

    Oversight like this makes a lot of sense, and I would support it. The only thing I would hope for is that we open the door the congress not give them the keys!

    ~ Draken

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    • #3
      Re: H.R. 1207: Federal Reserve Transparency Act of 2009

      Ron Paul fighting the good fight. I hope it passes.
      Like the server? Become a regular! TGNS Required Reading
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      • #4
        Re: H.R. 1207: Federal Reserve Transparency Act of 2009

        You can quickly send a message to your Congresscritter using this link:

        http://www.downsizedc.org/etp/campaigns/112
        Dude, seriously, WHAT handkerchief?

        snooggums' density principal: "The more dense a population, the more dense a population."

        Iliana: "You're a great friend but if we're ever chased by zombies I'm tripping you."

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        • #5
          Re: H.R. 1207: Federal Reserve Transparency Act of 2009

          *update*

          Audit 'Ben Bernanke' Bill, H.R. 1207, Now Has 222 Co-Sponsors!
          by FreeSociety
          Fri Jun 12, 2009 at 07:45:50 AM PDT

          The Central Bank Monopoly might finally be audited sometime in the future for the first time in over 95 years (since the inception of the Federal Reserve system). House Resolution H.R. 1207, the Bill to Audit the books of The Federal Reserve Oligarchs, now has 222 Congressmen/Congresswomen signed on as official co-sponsors.

          The Federal Reserve Transparency Act (official title of H.R. 1207), is now co-sponsored by a majority of the U.S. House members, with Dennis Kucinich D-OH being the offical 218th co-sponsor. The bill is expected to pass by a very comfortable margin in the House, as long as Nancy Pelosi ("Bank Bailout" puppet) doesn't find some parlimentary way to torpedo this opportunity for some long overdue government transparency.
          [media]http://www.youtube.com/watch?v=hlmXUiEgNO8[/media]

          H.R. 1207: Federal Reserve Transparency Act of 2009

          "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tommorrow morning."--Henry Ford
          |TG-X| mp40x



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          • #6
            Re: H.R. 1207: Federal Reserve Transparency Act of 2009

            When $50 isn't $50. (Hint: Inflation and those who benefit from it!)

            http://www.fff.org/blog/jghblog2009-08-17.asp

            Thus, the reason that a twenty-dollar gold coin today exchanges in the marketplace for one-thousand paper dollars, instead of twenty paper dollars, is because the Federal Reserve has been flooding the marketplace, decade after decade, with paper money to fund the governmentís operations.

            But the feds donít like people figuring that out because it might cause them to begin wondering whether the Federal Reserve should be abolished for having inflicted so much damage on the American people through monetary debasement. Kahre exposed in a very real way what the Federal Reserve has done to our money.
            http://www.downsizedc.org/blog/the-mint-vs-the-fed
            Dude, seriously, WHAT handkerchief?

            snooggums' density principal: "The more dense a population, the more dense a population."

            Iliana: "You're a great friend but if we're ever chased by zombies I'm tripping you."

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            • #7
              Re: H.R. 1207: Federal Reserve Transparency Act of 2009

              I hope you guys get this act put through very soon, its time the U.S. takes its country back.



              When the power of love overcomes the love of power, the world will know peace. ~ Jimi Hendrix

              And isn't it a bad thing to be deceived about the truth, and a good thing to know what the truth is? For I assume that by knowing the truth you mean knowing things as they really are. ~ Plato

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              • #8
                Re: H.R. 1207: Federal Reserve Transparency Act of 2009

                If the doors to the Federal Reserve were "opened up" and the inner workings revealed would your nation collapse?

                I'm probably wrong here but if they have over-printed money on the back of their gold supplies (the "Reserve") to the tune of 50:1 in market worth - would that mean that your entire country is only worth 1/50th of its current value?

                Like I said I'm probably wrong because who on earth would allow that to happen - I'm just looking for clarification.
                sigpic




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                • #9
                  Re: H.R. 1207: Federal Reserve Transparency Act of 2009

                  Not quite. The money supply isn't officially based on the gold reserve at all anymore, so the particular ratio isn't terribly important.

                  It is still disturbing that they've printed SO DAMN MUCH of it, but you couldn't simplfy that to something like "dollars are only worth 02 cents now". You could say 2009 dollars are worth about 2 cents in 1885 dollars maybe, but no one uses 1885 dollars anymore anyway so that's not terribly relevant to anything.

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                  • #10
                    Re: H.R. 1207: Federal Reserve Transparency Act of 2009

                    Originally posted by INSUNABULA View Post
                    I'm probably wrong here but if they have over-printed money on the back of their gold supplies (the "Reserve")
                    As of on August 15, 1971 we're off the gold standard. Money is now created out of thin air! Thanks Nixon!!!!!!!!

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                    • #11
                      Re: H.R. 1207: Federal Reserve Transparency Act of 2009

                      Glad to see this topic up and moving again. Below is an interesting article by Ron Paul that might interest some.

                      It's time to drag the Fed out from the shadows and open its books to auditors.


                      Ron Paul is an 11-term Republican congressman from Texas and honorary chairman of the Campaign for Liberty (www.campaignforliberty.com)

                      The Federal Reserve's unprecedented intervention into the U.S. economy has inflamed more Americans than almost any other issue in recent memory. More than 75 percent of Americans now support an audit of the Federal Reserve system, and it's no wonder.

                      The most conservative estimates place the potential cost of the Federal Reserve's bailouts and guarantees at about $9 trillion. That is equivalent to more than 60 percent of the U.S. economy, all undertaken by one organization, and almost all of those transactions are exempt from congressional oversight and public scrutiny.

                      The Fed and its apologists are using bogeymen to deflect criticism. If the Fed were audited, they argue, monetary policy would be compromised as Congress tries to direct the Fed's actions, and the Fed's record of economic stability and low inflation would come to an end. Nothing could be further from the truth.

                      Legislative proposals such as my bill H.R. 1207, the Federal Reserve Transparency Act, merely remove all exemptions from audits of the Federal Reserve and call for a full audit. Every intervention, every bailout, every credit facility would be subject to an audit.

                      Nothing in this proposal would call on Congress to involve itself further in monetary policy, as that is completely unnecessary. Article 1, Section 8 of the Constitution already grants Congress the power "to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures." Also, Congress already dictates monetary policy to the Federal Reserve through the mandates of full employment and stable prices.

                      Arguments that tout the Fed's ability to stabilize the economy or keep inflation low are similarly misguided. The Fed's mismanagement created the Great Depression, the stagflation of the 1970s, and now our current economic crisis. Over the nearly 100 years of the Fed's existence, the dollar has lost nearly 95 percent of its purchasing power. A "mild" rate of inflation of 2 percent per year means that a baby born today will see the dollar's purchasing power erode by a further 75 percent over his lifetime. If this boondoggle is the Fed's definition of stability and sound management of the dollar, I would hate to see what instability looks like.

                      Yet that is exactly what we face today and in the near future with a federal government and a Federal Reserve working hand in hand to bail out favored Wall Street firms with sums of money that have quickly reached absurd proportions.

                      We have a national debt approaching $12 trillion, Social Security and Medicare costs skyrocketing, and an economy in worse shape than at any time since the 1930s, and yet our leaders continue to put taxpayers on the hook for trillions of dollars.

                      The Federal Reserve has used all the tools in its toolbox to try to stave off the inevitable economic collapse caused by its decades of loose monetary policy, all to no avail. Despite all of this mismanagement, we are counseled to keep our faith in the Fed, to trust in the wisdom of the policymakers, and to continue to exempt the Fed from any serious oversight.

                      The fact that a single entity, the Federal Reserve, has dominated monetary policy for so long has been detrimental to the economy. As long as we try to keep up the fictions that the Federal Reserve works to benefit the American people, that attempting to fix interest rates will not distort the economy, and that the Fed can end a recession by injecting liquidity, we will never free ourselves from the boom and bust of the business cycle.

                      A necessary first step to restoring economic stability in this country is to audit the Fed, to find out the multitude of sectors in which it has involved itself, and, once the audit has been completed, to analyze the results and determine how the Fed should be reined in.

                      Proposals to push the Fed back into the shadows, or to give it an even greater role as a guarantor of systemic stability, are as misguided as they are harmful. The Federal Reserve is a creature of Congress, and it is the responsibility of Congress to oversee it. If we fail in this endeavor, we will have only ourselves to blame as our economy sinks deeper into depression.
                      |TG-X| mp40x



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                      • #12
                        Re: H.R. 1207: Federal Reserve Transparency Act of 2009

                        Originally posted by Global.Cooling View Post
                        Money is now created out of thin air! Thanks Nixon!!!!!!!!
                        Well it's only a matter of time before THAT comes crashing down whether it be through accident or design.
                        sigpic




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                        • #13
                          Re: H.R. 1207: Federal Reserve Transparency Act of 2009

                          You are right.....

                          And the paranoid person inside me says by design. IMF FTW!

                          And when that happens there will be a big push for a one world currency. 1World Govt FTW!

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                          • #14
                            Re: H.R. 1207: Federal Reserve Transparency Act of 2009

                            Thats good to hear, more power to the people!

                            Playername Sparks444 in BF2

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                            • #15
                              Re: H.R. 1207: Federal Reserve Transparency Act of 2009

                              Some evidence that the Federal Reserve has had success smoothing inflation/deflation: http://en.wikipedia.org/wiki/File:US...on_Ancient.svg

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