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Posts Tagged ‘End the Fed’

The Federal Reserve’s Last Stand

Monday, November 15th, 2010

Texas Straight Talk
Rep. Ron Paul (R) – TX 14

The remarkable confluence of recent events has brought unprecedented but very welcome attention to both U.S. monetary policy and the global political economy in general. First, Federal Reserve Board Chairman Ben Bernanke recently announced that the Fed would embark upon another round of monetary easing by purchasing $600 billion worth of U.S. treasury debt. This amounts to admission that markets have run out of patience with our profligacy and therefore our own central bank literally must serve as the buyer of last resort for treasury debt.

Second, World Bank President Robert Zoellick openly suggested that gold could play a helpful role in the global monetary system by serving as reference against more volatile fiat currencies. This is almost heresy coming from a neoconservative globalist like Mr. Zoellick. It hints at an obvious but unspoken truth that is anathema to politicians and central bankers alike, namely, that gold could be viewed as money.

Finally, Mr. Obama attended the G20 summit in South Korea last week and found a very chilly reception for his vision of American economic policy. Mr. Obama argued for continued worldwide stimulus via continued debasing of the U.S. dollar to bolster American exports. Several powerful European and Asian finance ministers however rejected this approach out of hand as nothing short of a currency war. They are committed to austerity measures at home and don’t want to let the U.S. simply monetize its past sins at their expense.

All these events culminated in a tremendous amount of political and media scrutiny aimed at the Fed. Ordinary Americans are demanding answers and accountability and they are putting heat on their political representatives in Washington to end the cozy independence from congressional oversight the Fed has enjoyed for so long.

In the 35 years I have been studying, speaking and writing about monetary policy I have never before seen Congress or the financial press pay much attention to the Fed. Monetary policy has always been considered boring on Capitol Hill, something left to remote policy wonks far away from the den of presidential or congressional politics. Congress always has been eager to leave Fed governors well alone with no oversight or accountability as long as they played along and papered over the growing budget deficits.

But it’s amazing what a global economic meltdown will do to the political and media landscape. In just two short years the Fed has become the hot topic and a lightning rod for criticism. While it is gratifying to see so many formerly uninterested politicians, economists, talk show hosts and pundits suddenly rally to attack the Fed, one can only wonder whether they truly understand that central banking is inherently incompatible with our Constitution and a free market economy.

In other words, it’s not enough to show outrage at the latest Fed action or argue about the relative merits of Mr. Bernanke compared to his predecessors. To reclaim our dollar and our economy Americans must oppose central banking per se. Fiat currencies cannot be reformed or managed. They are fundamentally subject to ruinous debasement courtesy of the political and ruling class. History shows that this is true in all nations, at all times.

Jim Rogers: “The Fed is making our lives miserable … Audit It, Then Abolish It”

Friday, December 11th, 2009

Saying the Federal Reserve is the only institution in the world he knows of that isn’t audited, famed investor and author Jim Rogers said in an interview, “It’s incomprehensible to me these people are saying they have no reason to be audited — they must have done something wrong, must have something to hide.”

This was in response to a question of whether Rogers supported the bill by Ron Paul to audit the Federal Reserve.

Rogers strongly states that we not only need to audit the Fed, but like Ron Paul, we need to completely abolish it as well. Reasons for that, according to Rogers, are: “The Fed is printing huge amounts of money, which we’ll have to pay for sometime. The Fed is borrowing gigantic amounts of money on their balance sheet…the numbers are so staggering that this is going to have ramifications before too much longer.”

This practice of course has been the systemic problem of having a Federal Reserve in the first place, as it has been employing these practices since its inception, albeit on a smaller level than the extraordinary measures they’ve taken recently.

In an amazing statement most of us can only hope fervently for, Rogers says that he believes the Federal Reserve won’t need to be abolished by anyone, as it’s “going to abolish itself” sometime in the next several years. He particularly points out the horrendous performances of current Fed chairman Ben Bernanke as well as his predecessor Alan Greenspan, who in reality set up the circumstances which Bernanke responded to so poorly.

As Rogers states in the interview, he has found no credible reason for the Federal Reserve not to be fully audited, and suggests the idea of an independent Fed being interfered with by Congress concerning monetary policies, especially interest rates, is for the most part nonsense and irrelevant to the action if it does happen.

Again, there is probably much the Federal Reserve is hiding to resist the audit so much. If not, you would think they would embrace it gladly to allow its great decisions and monetary genius be seen by us all. That’s of course not the case, and is not going to happen unless it’s forced upon them by the government, which looks increasingly like it will be.

When pressed on whether the shutting down of the Federal Reserve would be devastating to the economy, Rogers stated: “Yes it would be complicated and painful for a while. But I’d rather find out they’re bankrupt today than to find out in five or 10 years — when they’ve had another 10 years of this madness where they’re printing even more money [and] taking out even more debts in our name.”

Rogers also reminds us that there have been several other central banks in the history of the United States, and when they were shut down we kept on going successfully without them. There’s no reason to suspect it would be any different without the Federal Reserve as well.

Ron Paul on Glenn Beck 12/9/09

Wednesday, December 9th, 2009

here’s Ron and Glenn Beck laying out a lot of heavy stuff….

END THE FED Rally Videos

Wednesday, December 2nd, 2009

Hey folks,
Thanks for your patience with the videos from the rally. I finally got everything uploaded to our youtube channel (www.youtube.com/truth215freedom). If you’ve ever had the pleasure of making a video, chopping it up, and uploading it to youtube, while you’re in the middle of moving and setting up your new house, you can appreciate the time that was put into these videos. That said, please rate, comment, and share them with the world, I’d appreciate the help! Thanks again everyone, see you all on 12/11/09 for the holiday party!!!

Love and Liberty,
Mike Salvi

End the Fed March

Mark Passio at the Fed

Jake Towne at the Fed

Rob Pepe at the Fed

Pat Sellers at the Fed

Jake Towne inside (3 videos)

Dr James G Allen inside (2 videos)

Larken Rose inside (2 videos)

William Kern inside (2 videos)

Jacob Hornberger inside (2 videos)

If you’d like to be more involved in helping out with events/outreaches/action items/ideas, please RSVP to our open organizer meeting this Saturday (you don’t need to be an organizer, this is open to all members, new and old) Open Organizer Planning Meeting

This message was sent by Mike Salvi (salvi@libertysolutions.ws) from TRUTH, FREEDOM, PROSPERITY.

Michael Salvi

Spitzer says Ron Paul is right

Wednesday, November 25th, 2009

I love the comment about the Fed independence argument.


Spitzer On Paul’s Audit Of The Fed Bill