You’ve most likely heard of the Federal Reserve, but you might not know much about it. Only a couple of months ago, I knew it as a federal bank funded by the United States government. But, to be honest, I never really gave it much thought. I figured that the people in charge of our money knew what they were doing and were working for the best interest of the American people. And then one day not too long ago, my best friend shared with me some upsetting and shocking information. He told me he had just learned that the Federal Reserve is a private institution. Truthfully, I was hesitant to believe him because the notion seemed so crazy to me. But after hearing him out and doing more research myself, I learned the following:
In 1913, President Woodrow Wilson signed the “Federal Reserve Act” into law. By doing so, he handed over our country’s Constitutional authority to “coin money and regulate the value thereof” to a consortium of private banks. Why would the President of the United States of America pass such a law? I know this sounds ridiculous, but it is because he honestly did not understand what the bill implied. Wilson, shortly after passing the “Federal Reserve Act”, made reference to the decision by saying, “I have unwittingly ruined my country.” He realized he had been fooled by powerful bankers and that those who control the money, control the people. Make no mistake. The Federal Reserve Bank is a private institution, and it is not run by the U.S. government.
So, what’s the big deal?
The big deal is that the Federal Reserve literally allocates and spends money that does not exist. When the government receives 700 billion dollars in bailout money, it is not because someone at the Federal Reserve walked into the vault, filled up numerous briefcases with a reserve surplus of hundred dollar bills, and delivered them to Obama’s doorstep. On the contrary, no physical money is even collected or transferred. The debt incurred from such transactions is now so great that most of the data is electronic. In fact, if we were to pay off all of our debt in this country today, there would simply be no physical money left.
So, how does the Fed get away with this?
Considering that they issue and regulate our currency, it seems fair that the United States government should be able to ask the Federal Reserve questions. Questions like, “Would you mind telling us where that three trillion dollars went?” Unfortunately, we do not have the legal right to make such inquiries. And, at the same time, the Fed is not required to tell us anything. This means they are capable of creating and spending as much money as they want without any personal consequence. The consequence, in turn, becomes our problem because the Fed is relying on taxpayers to pay off their debt, even though this is impossible. To put it more simply, the American people are being robbed. I am being robbed, and you are being robbed. Even as I write this, you and your children and your grandchildren are incurring more debt.
This is why H.R. 1207 is so important. If passed, the "Federal Reserve Transparency Act of 2009" would allow our government to audit the Federal Reserve. This bill, sponsored by Congressman Ron Paul, does not propose to abolish the Fed. It would simply allow us to ask questions about how our money is being spent and regulated. Without the passage of H.R. 1207, this country will see economic collapse and the consequences of such a devastating event. Please watch the video to learn more, and do not hesitate to leave comments or ask questions. Also, please support H.R. 1207, and tell your friends and family and representatives to do the same. Thank you.
Video courtesy of YouTube user "DanAmato".
Update:
A friend just reminded me that Alan Greenspan, former chairman of the Federal Reserve, has openly admitted that
the Fed is above the law and answers to no one! Check it out.
Video courtesy of YouTube user "llltype".
Update #2: 06/10/09
H.R. 1207 now has 209 co-sponsors and a real chance of passing in the House! Woo Hoo!
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