This article was graciously contributed by Michael Snyder at his blog End of the American Dream.
Editor’s Note: As the ‘Audit the Fed’ bill once again gathers steam under a Republican Congress, but with significant bi-partisan support at least in questioning the shadowy quasi-government entity that controls the money supply, the controllers of the Federal Reserve are unsurprisingly stirring to speak against any potential meddling in their affairs.
The reasons for their opposition are in direct correlation to the reasons for institutional secrecy: the manipulation of the money is by, for and of the ruling members of the oligarchy. Current Fed chief Janet Yellen herself acknowledged that oligarchy is the best way to describe America’s current system, after all.
Though auditing the Fed is clearly a half measure to attempts to abolish or significantly reform it, the reasons for it are of considerable importance. Serious critics are aware of the Federal Reserve’s role in picking winners and losers on Wall Street, of its role in laundering money, financing extremists and terrorists and of influencing the global economic system at large in a compelling way. Success in the audit will be, in part, official disclosure of technical documents and perhaps, at times, frank e-mail or meeting exchanges, that reveal its insidious nature and its undue influence over the lives of all Americans and over a surprising sector of the globe.
Without that disclosure, proving its actions and, in particular, drawing attention to its abuses is that much more difficult. Of course, for Americans, one of the central facts about this central bank remains its responsibility and role in destroying the value of the American dollars – with each Federal Reserve note worth less and less … and less and less… than it was before the quasi-government private bank got its charter on a cold day in Hell.
By Janet Yellen
Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created. If the Fed is doing everything correctly, why should Yellen be alarmed? What does she have to hide? During testimony before Congress on Tuesday, she made “central bank independence” sound like it was the holy grail. Even though every other government function is debated politically in this country, Yellen insists that what the Federal Reserve does is “too important” to be influenced by the American people. Does any other government agency ever dare to make that claim? But of course the Federal Reserve is not a government agency. It is a private banking cartel that has far more power over our money and our economy than anyone else does. And later on in this article I am going to share with you dozens of reasons why Congress should shut it down.
The immense power wielded by the Federal Reserve is clearly demonstrated whenever Janet Yellen speaks publicly. On Tuesday, her comments about interest rates sent stocks to brand new record highs…
Yellen, in her semi-annual testimony before the Senate banking committee, used a word familiar to investors when she reiterated that the central bank will be “patient” on raising interest rates for the first time since the 2008 financial crisis. Traders took that as a sign that interest rates would remain unchanged until autumn.
The Dow Jones Industrial Average rose 92.35 points (0.5%) to 18,209.19, while the Standard & Poors 500 gained 5.82 points (0.3%) to 2,115.48, both eclipsing Friday’s record closes.
But Yellen was also unusually defensive on Tuesday. The “Audit the Fed” bill that is being sponsored by Rand Paul (among others) has her really freaked out. The following comes from the Hill…
Appearing before the Senate Banking Committee, Yellen was on the defensive, as Republicans questioned how the Fed conducts monetary policy and Democrats put forward ideas for getting tougher on Wall Street.
In the midst of all of it, Yellen generally argued the Fed was designed as an independent entity for a reason — and it would be best not to change it.
“Central bank independence in conducting monetary policy is considered a best practice for central banks around the world,” she said. “Academic studies, I think, establish beyond the shadow of a doubt that independent central banks perform better.”
In fact, she went so far as to mention the “Audit the Fed” bill by name…
A GOP-controlled Congress has given the bill its best chances yet of passage, and that renewed interest led Yellen to deliver her most spirited opposition yet.
“I want to be completely clear,” she said. “I strongly oppose Audit the Fed.”
Yellen argued the audit measure would allow politicians to second-guess the Fed’s decisions, which, in turn, would weaken the central bank. And the ultimate victim of that process, she said, would be the U.S. economy.
So what is she so concerned about?
We are all accountable to someone.
What is so wrong about the Federal Reserve being accountable to Congress?
Why can’t we find out what is really going on inside the Fed?
And of course it isn’t just Yellen that is freaking out. Just consider these comments from Richard Fisher, the president of the Federal Reserve Bank of Dallas…
“It is always politically convenient to make something sound mysterious, if not malevolent, by claiming it is opaque,” Fisher said in a speech to the Economic Club of New York that is part of an effort by Fed officials to fight the legislation.
“My suspicion is that many of those in Congress calling for ‘auditing’ the Fed are really sheep in wolves’ clothing,” he said. “Having proven themselves unable to cobble together with colleagues a working fiscal policy or to construct a regulatory regime that incentivizes rather than discourages investment and job creation — in other words, failed at their own job — they simply find it convenient to create a bogeyman out of an entity that does its job efficiently.”
Obviously this is a very, very touchy subject over at the Fed.
It is quite clear that they do not want the rest of us to be able to see what they are really up to.
And the truth is that if the American people really did know how the Federal Reserve works and what it has been doing behind closed doors, most Americans would want it shut down tomorrow.
At the end of the day, the reality of the matter is that we don’t even need a Federal Reserve. I really like how David Stockman made this point the other day…
At the end of the day, American capitalism does not need recycled political hacks like Jerome H. Powell or clueless school marms like Janet Yellen to thrive. If we need a Fed at all, it is the one designed by Carter Glass 100 years ago. That is, a “bankers bank” that was intended to provide standby liquidity at a penalty spread above the free market interest rate in consideration for good collateral originating from inventory and receivables in the real economy.
Under that arrangement, there would be no monetary central planning or pointless attempts to manage the level of GDP, the number of new jobs, the rate of housing starts, the fluctuations of the CPI or the amplitudes of the business cycle. There would also be no pegging of the money market rate, no helping hand for Wall Street gamblers, no cheap debt to enable profligate politicians to kick-the-can down the road indefinitely.
In short, what the nation really needs is not an “independent” Fed, but one that is shackled to a narrow and market-driven liquidity function. The rest of its current remit is nothing more than the self-serving aggrandizement of the apparatchiks who run it; and who have now managed to turn the nation’s vital money and capital markets into dangerous, unstable casinos, and the nations savers into indentured servants of a bloated and wasteful banking system.
The Federal Reserve has been around for just over a hundred years, and it has done an absolutely abysmal job for the American people.
I want to share with you some facts and figures that I have shared before, but they bear repeating. Please share this list of 100 reasons why the Federal Reserve should be shut down with everyone that you know…
#1 We like to think that we have a government “of the people, by the people, for the people”, but the truth is that an unelected, unaccountable group of central planners has far more power over our economy than anyone else in our society does.
#2 The Federal Reserve is actually “independent” of the government. In fact, the Federal Reserve has argued vehemently in federal court that it is “not an agency” of the federal government and therefore not subject to the Freedom of Information Act.
#3 The Federal Reserve openly admits that the 12 regional Federal Reserve banks are organized “much like private corporations“.
#4 The regional Federal Reserve banks issue shares of stock to the “member banks” that own them.
#5 100% of the shareholders of the Federal Reserve are private banks. The U.S. government owns zero shares.
#6 The Federal Reserve is not an agency of the federal government, but it has been given power to regulate our banks and financial institutions. This should not be happening.
#7 According to Article I, Section 8 of the U.S. Constitution, the U.S. Congress is the one that is supposed to have the authority to “coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures”. So why is the Federal Reserve doing it?
#8 If you look at a “U.S. dollar”, it actually says “Federal Reserve note” at the top. In the financial world, a “note” is an instrument of debt.
#9 In 1963, President John F. Kennedy issued Executive Order 11110 which authorized the U.S. Treasury to issue “United States notes” which were created by the U.S. government directly and not by the Federal Reserve. He was assassinated shortly thereafter.
#10 Many of the debt-free United States notes issued under President Kennedy are still in circulation today.
#11 The Federal Reserve determines what levels some of the most important interest rates in our system are going to be set at. In a free market system, the free market would determine those interest rates.
#12 The Federal Reserve has become so powerful that it is now known as “the fourth branch of government“.
#13 The greatest period of economic growth in U.S. history was when there was no central bank.
#14 The Federal Reserve was designed to be a perpetual debt machine. The bankers that designed it intended to trap the U.S. government in a perpetual debt spiral from which it could never possibly escape. Since the Federal Reserve was established 100 years ago, the U.S. national debt has gotten more than 5000 times larger.
#15 A permanent federal income tax was established the exact same year that the Federal Reserve was created. This was not a coincidence. In order to pay for all of the government debt that the Federal Reserve would create, a federal income tax was necessary. The whole idea was to transfer wealth from our pockets to the federal government and from the federal government to the bankers.
#16 The period prior to 1913 (when there was no income tax) was the greatest period of economic growth in U.S. history.
#17 Today, the U.S. tax code is about 13 miles long.
#18 From the time that the Federal Reserve was created until now, the U.S. dollar has lost 98 percent of its value.
#19 From the time that President Nixon took us off the gold standard until now, the U.S. dollar has lost 83 percent of its value.
#20 During the 100 years before the Federal Reserve was created, the U.S. economy rarely had any problems with inflation. But since the Federal Reserve was established, the U.S. economy has experienced constant and never ending inflation.
#21 In the century before the Federal Reserve was created, the average annual rate of inflation was about half a percent. In the century since the Federal Reserve was created, the average annual rate of inflation has been about 3.5 percent.
#22 The Federal Reserve has stripped the middle class of trillions of dollars of wealth through the hidden tax of inflation.
#23 The size of M1 has nearly doubled since 2008 thanks to the reckless money printing that the Federal Reserve has been doing.
#24 The Federal Reserve has been starting to behave like the Weimar Republic, and we all remember how that ended.
#25 The Federal Reserve has been consistently lying to us about the level of inflation in our economy. If the inflation rate was still calculated the same way that it was back when Jimmy Carter was president, the official rate of inflation would be somewhere between 8 and 10 percent today.
#26 Since the Federal Reserve was created, there have been 18 distinct recessions or depressions: 1918, 1920, 1923, 1926, 1929, 1937, 1945, 1949, 1953, 1958, 1960, 1969, 1973, 1980, 1981, 1990, 2001, 2008.
#27 Within 20 years of the creation of the Federal Reserve, the U.S. economy was plunged into the Great Depression.
#28 The Federal Reserve created the conditions that caused the stock market crash of 1929, and even Ben Bernanke admits that the response by the Fed to that crisis made the Great Depression even worse than it should have been.
#29 The “easy money” policies of former Fed Chairman Alan Greenspan set the stage for the great financial crisis of 2008.
#30 Without the Federal Reserve, the “subprime mortgage meltdown” would probably never have happened.
#31 If you can believe it, there have been 10 different economic recessions since 1950. The Federal Reserve created the “dotcom bubble”, the Federal Reserve created the “housing bubble” and now it has created the largest bond bubble in the history of the planet.
#32 According to an official government report, the Federal Reserve made 16.1 trillion dollars in secret loans to the big banks during the last financial crisis. The following is a list of loan recipients that was taken directly from page 131 of the report…
Citigroup – $2.513 trillion
Morgan Stanley – $2.041 trillion
Merrill Lynch – $1.949 trillion
Bank of America – $1.344 trillion
Barclays PLC – $868 billion
Bear Sterns – $853 billion
Goldman Sachs – $814 billion
Royal Bank of Scotland – $541 billion
JP Morgan Chase – $391 billion
Deutsche Bank – $354 billion
UBS – $287 billion
Credit Suisse – $262 billion
Lehman Brothers – $183 billion
Bank of Scotland – $181 billion
BNP Paribas – $175 billion
Wells Fargo – $159 billion
Dexia – $159 billion
Wachovia – $142 billion
Dresdner Bank – $135 billion
Societe Generale – $124 billion
“All Other Borrowers” – $2.639 trillion
#33 The Federal Reserve also paid those big banks $659.4 million in “fees” to help “administer” those secret loans.
#34 During the last financial crisis, big European banks were allowed to borrow an “unlimited” amount of money from the Federal Reserve at ultra-low interest rates.
#35 The “easy money” policies of Federal Reserve Chairman Ben Bernanke have created the largest financial bubble this nation has ever seen, and this has set the stage for the great financial crisis that we are rapidly approaching.
#36 Since late 2008, the size of the Federal Reserve balance sheet has grown from less than a trillion dollars to more than 4 trillion dollars. This is complete and utter insanity.
#37 During the quantitative easing era, the value of the financial securities that the Fed has accumulated is greater than the total amount of publicly held debt that the U.S. government accumulated from the presidency of George Washington through the end of the presidency of Bill Clinton.
#38 Overall, the Federal Reserve now holds more than 32 percent of all 10 year equivalents.
#39 Quantitative easing creates financial bubbles, and when quantitative easing ends those bubbles tend to deflate rapidly.
#40 Most of the new money created by quantitative easing has ended up in the hands of the very wealthy.
#41 According to a prominent Federal Reserve insider, quantitative easing has been one giant “subsidy” for Wall Street banks.
#42 As one CNBC article stated, we are seeing absolutely rampant inflation in “stocks and bonds and art and Ferraris“.
#43 Donald Trump once made the following statement about quantitative easing: “People like me will benefit from this.”
#44 Most people have never heard about this, but a very interesting study conducted for the Bank of England shows that quantitative easing actually increases the gap between the wealthy and the poor.
#45 The gap between the top one percent and the rest of the country is now the greatest that it has been since the 1920s.
#46 The mainstream media has sold quantitative easing to the American public as an “economic stimulus program”, but the truth is that the percentage of Americans that have a job has actually gone down since quantitative easing first began.
#47 The Federal Reserve is supposed to be able to guide the nation toward “full employment”, but the reality of the matter is that an all-time record 102 million working age Americans do not have a job right now. That number has risen by about 27 million since the year 2000.
#48 For years, the projections of economic growth by the Federal Reserve have consistently overstated the strength of the U.S. economy. But every single time, the mainstream media continues to report that these numbers are “reliable” even though all they actually represent is wishful thinking.
#49 The Federal Reserve system fuels the growth of government, and the growth of government fuels the growth of the Federal Reserve system. Since 1970, federal spending has grown nearly 12 times as rapidly as median household income has.
#50 The Federal Reserve is supposed to look out for the health of all U.S. banks, but the truth is that they only seem to be concerned about the big ones. In 1985, there were more than 18,000 banks in the United States. Today, there are only 6,891 left.
#51 The six largest banks in the United States (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley) have collectively gotten 37 percent larger over the past five years.
#52 The U.S. banking system has 14.4 trillion dollars in total assets. The six largest banks now account for 67 percent of those assets and all of the other banks account for only 33 percent of those assets.
#53 The five largest banks now account for 42 percent of all loans in the United States.
#54 We were told that the purpose of quantitative easing is to help “stimulate the economy”, but today the Federal Reserve is actually paying the big banks not to lend out 1.8 trillion dollars in “excess reserves” that they have parked at the Fed.
#55 The Federal Reserve has allowed an absolutely gigantic derivatives bubble to inflate which could destroy our financial system at any moment. Right now, four of the “too big to fail” banks each have total exposure to derivatives that is well in excess of 40 trillion dollars.
#56 The total exposure that Goldman Sachs has to derivatives contracts is more than 381 times greater than their total assets.
#57 Federal Reserve Chairman Ben Bernanke has a track record of failure that would make the Chicago Cubs look good.
#58 The secret November 1910 gathering at Jekyll Island, Georgia during which the plan for the Federal Reserve was hatched was attended by U.S. Senator Nelson W. Aldrich, Assistant Secretary of the Treasury Department A.P. Andrews and a whole host of representatives from the upper crust of the Wall Street banking establishment.
#59 The Federal Reserve was created by the big Wall Street banks and for the benefit of the big Wall Street banks.
#60 In 1913, Congress was promised that if the Federal Reserve Act was passed that it would eliminate the business cycle.
#61 There has never been a true comprehensive audit of the Federal Reserve since it was created back in 1913.
#62 The Federal Reserve system has been described as “the biggest Ponzi scheme in the history of the world“.
#63 The following comes directly from the Fed’s official mission statement: “To provide the nation with a safer, more flexible, and more stable monetary and financial system.” Without a doubt, the Federal Reserve has failed in those tasks dramatically.
#64 The Fed decides what the target rate of inflation should be, what the target rate of unemployment should be and what the size of the money supply is going to be. This is quite similar to the “central planning” that goes on in communist nations, but very few people in our government seem upset by this.
#65 A couple of years ago, Federal Reserve officials walked into one bank in Oklahoma and demanded that they take down all the Bible verses and all the Christmas buttons that the bank had been displaying.
#66 The Federal Reserve has taken some other very frightening steps in recent years. For example, back in 2011 the Federal Reserve announced plans to identify “key bloggers” and to monitor “billions of conversations” about the Fed on Facebook, Twitter, forums and blogs. Someone at the Fed will almost certainly end up reading this article.
#67 Thanks to this endless debt spiral that we are trapped in, a massive amount of money is transferred out of our pockets and into the pockets of the ultra-wealthy each year. Incredibly, the U.S. government spent more than 415 billion dollars just on interest on the national debt in 2013.
#68 In January 2000, the average rate of interest on the government’s marketable debt was 6.620 percent. If we got back to that level today, we would be paying more than a trillion dollars a year just in interest on the national debt and it would collapse our entire financial system.
#69 The American people are being killed by compound interest but most of them don’t even understand what it is. Albert Einstein once made the following statement about compound interest…
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
#70 Most Americans have absolutely no idea where money comes from. The truth is that the Federal Reserve just creates it out of thin air. The following is how I have previously described how money is normally created by the Fed in our system…
When the U.S. government decides that it wants to spend another billion dollars that it does not have, it does not print up a billion dollars.
Rather, the U.S. government creates a bunch of U.S. Treasury bonds (debt) and takes them over to the Federal Reserve.
The Federal Reserve creates a billion dollars out of thin air and exchanges them for the U.S. Treasury bonds.
#71 What does the Federal Reserve do with those U.S. Treasury bonds? They end up getting auctioned off to the highest bidder. But this entire process actually creates more debt than it does money…
The U.S. Treasury bonds that the Federal Reserve receives in exchange for the money it has created out of nothing are auctioned off through the Federal Reserve system.
But wait.
There is a problem.
Because the U.S. government must pay interest on the Treasury bonds, the amount of debt that has been created by this transaction is greater than the amount of money that has been created.
So where will the U.S. government get the money to pay that debt?
Well, the theory is that we can get money to circulate through the economy really, really fast and tax it at a high enough rate that the government will be able to collect enough taxes to pay the debt.
But that never actually happens, does it?
And the creators of the Federal Reserve understood this as well. They understood that the U.S. government would not have enough money to both run the government and service the national debt. They knew that the U.S. government would have to keep borrowing even more money in an attempt to keep up with the game.
#72 Of course the U.S. government could actually create money and spend it directly into the economy without the Federal Reserve being involved at all. But then we wouldn’t be 17 trillion dollars in debt and that wouldn’t serve the interests of the bankers at all.
#73 The following is what Thomas Edison once had to say about our absolutely insane debt-based financial system…
That is to say, under the old way any time we wish to add to the national wealth we are compelled to add to the national debt.
Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and so do I, that for the loan of $30,000,000 of their own money the people of the United States should be compelled to pay $66,000,000 — that is what it amounts to, with interest. People who will not turn a shovelful of dirt nor contribute a pound of material will collect more money from the United States than will the people who supply the material and do the work. That is the terrible thing about interest. In all our great bond issues the interest is always greater than the principal. All of the great public works cost more than twice the actual cost, on that account. Under the present system of doing business we simply add 120 to 150 per cent, to the stated cost.
But here is the point: If our nation can issue a dollar bond, it can issue a dollar bill. The element that makes the bond good makes the bill good.
#74 The United States now has the largest national debt in the history of the world, and we are stealing roughly 100 million dollars from our children and our grandchildren every single hour of every single day in a desperate attempt to keep the debt spiral going.
#75 Thomas Jefferson once stated that if he could add just one more amendment to the U.S. Constitution it would be a ban on all government borrowing…
I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.
#76 At this moment, the U.S. national debt is sitting at $18,141,409,083,212.36. If we had followed the advice of Thomas Jefferson, it would be sitting at zero.
#77 When the Federal Reserve was first established, the U.S. national debt was sitting at about 2.9 billion dollars. On average, we have been adding more than that to the national debt every single day since Obama has been in the White House.
#78 We are on pace to accumulate more new debt under the 8 years of the Obama administration than we did under all of the other presidents in all of U.S. history combined.
#79 If all of the new debt that has been accumulated since John Boehner became Speaker of the House had been given directly to the American people instead, every household in America would have been able to buy a new truck.
#80 Between 2008 and 2012, U.S. government debt grew by 60.7 percent, but U.S. GDP only grew by a total of about 8.5 percent during that entire time period.
#81 Since 2007, the U.S. debt to GDP ratio has increased from 66.6 percent to 101.6 percent.
#82 According to the U.S. Treasury, foreigners hold approximately 5.6 trillion dollars of our debt.
#83 The amount of U.S. government debt held by foreigners is about 5 times larger than it was just a decade ago.
#84 As I have written about previously, if the U.S. national debt was reduced to a stack of one dollar bills it would circle the earth at the equator 45 times.
#85 If Bill Gates gave every single penny of his entire fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.
#86 Sometimes we forget just how much money a trillion dollars is. If you were alive when Jesus Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.
#87 If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.
#88 In addition to all of our debt, the U.S. government has also accumulated more than 200 trillion dollars in unfunded liabilities. So where in the world will all of that money come from?
#89 The greatest damage that quantitative easing has been causing to our economy is the fact that it is destroying worldwide faith in the U.S. dollar and in U.S. debt. If the rest of the world stops using our dollars and stops buying our debt, we are going to be in a massive amount of trouble.
#90 Over the past several years, the Federal Reserve has been monetizing a staggering amount of U.S. government debt even though Ben Bernanke once promised that he would never do this.
#91 China recently announced that they are going to quit stockpiling more U.S. dollars. If the Federal Reserve was not recklessly printing money, this would probably not have happened.
#92 Most Americans have no idea that one of our most famous presidents was absolutely obsessed with getting rid of central banking in the United States. The following is a February 1834 quote by President Andrew Jackson about the evils of central banking…
I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the Bank. You tell me that if I take the deposits from the Bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out and, by the Eternal, (bringing his fist down on the table) I will rout you out.
#93 There are plenty of possible alternative financial systems, but at this point all 187 nations that belong to the IMF have a central bank. Are we supposed to believe that this is just some sort of a bizarre coincidence?
#94 The capstone of the global central banking system is an organization known as the Bank for International Settlements. The following is how I described this organization in a previous article…
An immensely powerful international organization that most people have never even heard of secretly controls the money supply of the entire globe. It is called the Bank for International Settlements, and it is the central bank of central banks. It is located in Basel, Switzerland, but it also has branches in Hong Kong and Mexico City. It is essentially an unelected, unaccountable central bank of the world that has complete immunity from taxation and from national laws. Even Wikipedia admits that “it is not accountable to any single national government.” The Bank for International Settlements was used to launder money for the Nazis during World War II, but these days the main purpose of the BIS is to guide and direct the centrally-planned global financial system. Today, 58 global central banks belong to the BIS, and it has far more power over how the U.S. economy (or any other economy for that matter) will perform over the course of the next year than any politician does. Every two months, the central bankers of the world gather in Basel for another “Global Economy Meeting”. During those meetings, decisions are made which affect every man, woman and child on the planet, and yet none of us have any say in what goes on. The Bank for International Settlements is an organization that was founded by the global elite and it operates for the benefit of the global elite, and it is intended to be one of the key cornerstones of the emerging one world economic system.
#95 The borrower is the servant of the lender, and the Federal Reserve has turned all of us into debt slaves.
#96 Debt is a form of social control, and the global elite use all of this debt to dominate all the rest of us. 40 years ago, the total amount of debt in our system (all government debt, all business debt, all consumer debt, etc.) was sitting at about 2 trillion dollars. Today, the grand total exceeds 56 trillion dollars.
#97 Unless something dramatic is done, our children and our grandchildren will be debt slaves for their entire lives as they service our debts and pay for our mistakes.
#98 Now that you know this information, you are responsible for doing something about it.
#99 Congress has the power to shut down the Federal Reserve any time that it would like. But right now most of our politicians fully endorse the current system, and nothing is ever going to happen until the American people start demanding change.
#100 The design of the Federal Reserve system was flawed from the very beginning. If something is not done very rapidly, it is inevitable that our entire financial system is going to suffer an absolutely nightmarish collapse.
Michael T. Snyder is a graduate of the University of Florida law school and he worked as an attorney in the heart of Washington D.C. for a number of years.
Today, Michael is best known for his work as the publisher of The Economic Collapse Blog and The American Dream.
If you want to know what things in America are going to look like in a few years read his new book The Beginning of the End.
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If they were audited, the country would know the extent of their lying, thieving ways. When the time comes, the fed needs to be treated like all the other traitors. . . .paint your own picture.
Yea Buddy!!
No they wouldn’t. People are so blind to the truth, their eyes will never be opened. People don’t want to be free or know the truth. That would interrupt Monday night football, Nascar, and TMZ. They are content to continue being a borrower who is slave to the lender.
The only reason the FED GOV would want to audit the fed reserve is to expose a problem or corruption.
Thus providing a way to put it under direct government control .
Its a scam , folks , unless the FED is abolished and we return to state and local banking , this shit will only get worse.
Abolish is the only way .
And let them eat their own derivatives for breakfast.
And lets get rid of Fanny and Freddie while we clean house !
I have a compromise position. WE offer her this option instead: We hang half of the Fed at random every 6 months until they agree it’s a good idea. Winner, either way!!!
Paranoid,
HEY !! i like your kind of thinking!! we just need 300 million more people to get on board and then ACTUALLY do it!!
All we need is III% and instead of rope do it from distance,,,,
The Fed should not be audited… It should be ended!
+ 100
Or maybe 100 heads
The problem is that about half of those 300 million are on welfare or other forms of handouts and they will not do anything to stop their “free money”.
The only reason the FED GOV would want to audit the fed reserve is to get the fed to do something for it, behind closed doors. I wonder what the fed gov wants, that the fed reserve doesn’t want to do. I think the only time they talk about auditing the fed, is when they want something…in secret, that probably won’t be in the people’s best interests.
Perhaps the fed reserve is balking about financing the U.S. in the coming WW3. Perhaps the Rothschilds don’t like the odds that the Ukraine will pan out to their advantage in the end. Perhaps the NWO has another agenda, and it doesn’t include financing the USA this time.
Secret power plays are hard to follow, unless you hold the team roster, playbook and score cards.
I think this is all bluster and posturing for some other reason we don’t know about…yet.
Im thinking along those lines too.
What if the g-men want the Fed audited to start the financial collapse? Seems to me the only way to deal w/ all our debt is to collapse the system and make it go away. The g-men are good at disappearing people and stuff.
Im thinking along those lines too.
What if the g-men want the Fed audited to start the financial collapse? Tthe only way to correct our debt is to collapse the system and make it go away. The g-men are good at disappearing people and stuff.
I wonder. Considering how uniquely corrupt our federal government is, would an audit of the Federal Reserve be an introduction for a plausible excuse to nationalize the entire banking industry?
I think we’re seeing a pattern here… nationalize health care. Nationalize the internet (regulate is just another word for nationalize, which is a nice word for take-over). Nationalize the police force. Now maybe the banks, by way of the Fed?
Could it be the Federal Reserve has served it’s purpose in decimating the American economy, and now the time is here for a complete takeover? Another step toward NWO?
I mean, I try not to buy into the NWO theory too much, but too many things are happening and happening very quickly for even this skeptic to ignore.
ANDREW JACKSON …
WHERE ARE YOU ?
I sure wouldn’t bet against your theory, Hammer. We’ve learned over time, that TRPTB (the REAL powers that be) think several steps, even several generations ahead, yet take one small, almost indiscriminate step at a time to avoid detection.
It wouldn’t surprise me if nationalization of the FED RES was the next step of the plan.
Right on the money Sixpack.
They need to be stopped, in their tracks.
Otherwise there will be no future for anyone.
Jake…You are 100% correct.any one who borrow becomes a slave to the system.If most people brain was gun powder they would not have enough to blow their nose.
It’s not about those who have access to NFL, Nascar, and TMZ… It’s a petrodollar, supported globally by those who have no or limited access to the aforementioned.
Therefore, the demise of the petrodollar is not contingent, or yields any ear to to subscribers of
NFL, NASCAR and such.
Those people will come to reality post hoc.
They’ll never be audited. Even if they passed the bill they’d stall until it doesn’t matter. I’ll let everyone figure out why/when it won’t matter.
If it passes, it would take massive lawsuits and Supreme Court intervention to enforce. Given how the SC basically sold the country down the river with the Citizens United case, don’t look to the SC for any help with enforcement. Just more rage against the machine. Get used to it. You as an American citizen no longer have ANY rights. SCOTUS and Bush/Obama administrations have seen to that. Freedom is an illusion anymore. Be gray and go about your business.
Foxglove, you’re telling people to just surrender and go along to get along? That has never been and never will be part of my DNA.
No braveheart, I am not saying go along to get along. Did u fail reading comp in elementary school too? I said go about your business. You know, use their system against them. Be intelligent about the fight. You know, be a THINKING gray man. You can accomplish a lot more with your brain than your false bravado.
Audit! I think I’m going to have to do an audit of my own. Think I’m coming down with lead posioning, from just walking around through all of these crates. Trekker Out. Keep On Stocking.
“I want to be completely clear,” she said. “I strongly oppose Audit the Fed.”
Doesn’t that answer just want to make you audit the Fed even more?
It does! It reminds of me 1974, when some members of congress got to go see “all the gold” in Fort Knox. But they were taken into only one room, hardly all the gold held there (at least I hope that’s not all). But just the one room satisfied most people. Not me, but like this situation… you don’t want to be audited, then you NEED to be audited. Someone needs to check it out. This country was set up with all sorts of checks and balances, and now TPTB want nothing to do with true accountability!
This is the audit that is needed WIH. Because the physical gold is rehypothecated many times they keep the secret. Bankers and politicians know how this will raise blood pressure once it is known the national gold hoard is gone. The corners of the vault were swept clean with the quality swaps a few years back. They manipulate its price to keep the dollar confident and truth clouded. As the East rises with reset and just when we will need it. There will be none. That is why they promulgate liability so swiftly. They think that it will save them. There is no sense in a stampede of theft because there is no truth. It is the truth that is audited so the theft may continue for the wrung stone bleeds yet and must until mushroom clouds grow. Their phony denial of the golden rule put us on our knees as they tiptoe past gallows. Behold the heist of the epoch before your very eyes. There are no words. Mushrooms do not hide gallows.
That truth which is known by everyone, is spoken by none.
No they wouldn’t. People are so blind to the truth, their eyes will never be opened. People don’t want to be free or know the truth. That would interrupt Monday night football, Nascar, and TMZ. They are content to continue being a borrower who is slave to the lender.
http://www.thedailysheeple.com/forced-blood-draws-dna-collection-and-biometric-scans-what-country-is-this_022015
Its too complicated to audit the fed but we can run biometrics on every breathing soul in the country to stop the terrorists.
Except that the people aren’t the terrorists. The only terrorists I see are the ones created by the fucking government.
Acid, I couldn’t agree more. Good post.
Did anyone else get the popup “This internet connection is untrusted…” when they went to this page? I’ve never got that message at TDS before.
http://www.thedailysheeple.com/3rd-u-s-government-official-arrested-for-sex-crimes-against-children_022015
Seems like the government really likes pedophilia.
They employ specially trained people to teach increasingly younger kids about increasingly kinkier sex acts.
The school cant give your kid a Tylenol without your written consent, but they can get an abortion and contraceptives for your child without your consent.
The average age of pregnancy throughout 99% of human history was age 12. That’s why girls start menstruating at that age still. The life expectancy was 25. The pyramids, Stonehenge, Babylon, and the temple of Solomon was the work of teenagers.
Is that what the illuminati want to devolve us back to?
Government proof your kids. The government is not their fucking parent. Obama is not your fucking dad as Chris Rock says. Talk to them about some reasonable sexual values. A hard conversation to have? Not compared to telling them to shoot people in an economic collapse.
I started very young.
And look how well-adjusted I am.
Education my ass.
I learned in school that congress makes laws, the executive branch enforces the laws, and the judicial branch interprets the laws.
So what in the actual fuck is the FCC doing passing internet regulations and refusing to testify before congress?
And why isn’t congress putting a stop to this fucking horseshit?
The internet is an example of how well things run when the government doesn’t fuck with them.
Everything they fucking touch turns to dry rot.
Sweet Georgia pie do I hate the fucking government.
Yeah so I climbed a huge mountain today. And scrambled over scree for two solid hours. I’m so fit and nimble.
I stumbled upon a corrugated shack in the middle of the woods. Where somebody was living off the grid. Paying no taxes. And get this…HE HAD HIS OWN FUCKING GRAIN SILO. I mean it. Huge motherfucking grain silo in the middle of the fucking woods.
http://www.washingtonexaminer.com/black-history-biden-veep-calls-for-emancipation-of-peoples-wealth/article/2560680
So in the same breath the government is complaining about the 1% and refusing to audit the fed.
As disgusting as the CEOs and huge corporations are, they never printed up $17 trillion and gave it to their shitbag friends.
I actually do believe most politicians really are too fucking stupid to understand what the zebras have meted upon us.
Educate your fucking kids.
Did you know that pornstars have the same rate and severity of PTSD as combat veterans?
So a good training exercise for SHTF would be to let me shoot your daughters in a porno.
BWAHAHAHAHAHA AE
WOW!!!! THE CROOKS ARE POLICING THEMSELVES BOY I WOULD LIKE TO SEE THAT OUTCOME.
I WONDER HOW LONG THAT IS GOING TO DRAG OUT, AND AT WHAT
COST??????
Audit is not the punishment for crimes committed against humanity. Rope and trees are.
When will the hanging begin?
I wonder how many in congress know what money is, or how it is created… I would like to think that the audit would result in total outrage by congress and the American people, but more than likely, its result would be lost on both. Remember Hank Johnson’s worrying that Guam would tip over based on the weight of soldiers stationed there? They would probably think that the Fed should throw the printing presses into hyper-drive and just print all they cash we could ever desire…
Face it folks, you can’t fix stupid.
“Too Important to Be Influenced by the People” In other words above the law. Someday justice will come.
Blackjack, their time is coming.
The Fed; created in 1913; is UNCONSTITUTIONAL as hell. It HAS robbed this country of TRILLIONS of dollars since its inception. John Kennedy issued a bill to dismantle the Fed; and Rightly turn our monetary policy over to Congress; where it Rightly belongs He was assassinated just months later. Coincidence??? I don’t think so at all. There is one VALID reason WHY the Fed DOESN’T want to be audited. There is NO gold in Fort Knox; and the Fed; as it stands RIGHT NOW; is completely INSOLVENT Since our ENTIRE Monetary system is predicated on a strong belief in THAT system; once the entire world found out; our monetary house of cards WOULD collapse overnight. And they KNOW it. THATS why they’re AGAINST any audit. Effin thieves.
The FED neither owns or manages American gold.
The gold in Ft Knox is managed by Treasury and reports about the amount of gold it controls and its deposition are published regularly.
Currently over 6,000+ tonnes as I remember. Does that mean I don’t think an independent audit of American gold reserves should be conducted by a special prosecutor/inspector general.
No. 🙂
The last audit of Fort Knox gold occurred in 1953, right after President Eisenhower’s inauguration. Except no outside experts were permitted, and only about 5% of the gold was tested. So there’s been no full audit in over 60 years!
“Reports” about American gold are published regularly by the government. Whether those “reports” are accurate or not, should be determined by an independent prosecutor/ inspector general.
A complete audit would only encourage another opaque 60 years. A random, partial audit should be conducted every year after a complete audit.
Tested bars should be core drilled in the center, all the way through, the gold extracted processed into bars and also core drilled, leaving a donut hole that can be examined and tested by spectrometer.
This would ensure that shenanigans could not be conducted after a full audit without visible evidence. 🙂
I know that; Kidd. Should have clarified. We have NO Gold; and we are flat busted broke. Just making a point about how financially screwed this country really is.
No Gold? Maybe. Maybe we do. That could be easily determined on an ongoing basis by the process I described.
Engage your employees or have your gold embezzled, one hundred bars at a time. 🙁
Nor is the Fed responsible for the derivatives bubble. That’s the SEC’s baby, with Congress a co-conspirator.
Gotta disagree Coach. 96% of American derivatives are owned by the top 4 or 5 banks: all Member Banks of the Federal Reserve.
The FED must be ID as a co-conspirator at the very least. 🙂
The SEC could have (SHOULD have) regulated the practice of selling these default swaps. I still suspect that Congress/Clinton/Cuomo, et.al. held back on that as a quid pro quo to get the banks the swallow their diktat on making loans to indigent Democrat voters.
The Further Decline Of America – World – Economy – Resources
https://www.youtube.com/watch?feature=player_profilepage&v=Se8dsWkiE-k
The Government was supposed to be more transparent. Didn’t say nothing about the FED.
We are Screwed Ten Ways To Sunday. Hahahaha!
SLING –
Think Obamacare for health.
Obamacare for the net .
And Obamacare for banking.
Its ALL fixed ,
Ha!
And Obolacare for your guns.
What guns? I ain’t got no stinkin’ guns…
Lets be reasonable and look at the logic here. The IRS (yes folks its that time of year) will audit a taxpayer over $5000 but “We The People” should not audit the Federal Reserve over trillions.
I can’t find the logic in the above. Help please.
Kevin2, the reason is the IRS is a branch of overall Federal Reserve system. Taxpayers are only the peasants.
Actually the IRS is part of the US Treasury Department. The Federal Reserve is not Federal and there is no Reserve.
If an audit is approved the stonewalling will be just the start. The Justice Department will look tough granting no immunity thus allowing the 5th Amendment to be used as a shield. Suicides and accidents under obvious implausible circumstances of those scheduled to testify and will send a very strong message in a corporate / governmental version of omertà.
The treasury was taken over by the Fed in 1921. The Sec of the Treasury now sits on the board of Governors of the IMF?
Kevin2. I got and agree with your point. My original respond wasn’t specific to the organization structure. Yes the org chart shows IRS and ATF etc. under Treasury. My point was all of these sub organization still are under the mother ship of the Zionist cabal AKA the Federal Reserve.
Doing an audit would be totally meaningless at this stage of the game. Eliminating the fed is only one of many things that will have to be done to save this land.
It made my top 5 list of things to do, in the name of regaining control my country.
We are cattle
the fed is our cattle baron
AUDIT THE FREAKEN FED
problem is the GDP will never believe the truth about who is really screwing them over
We The People should terminate the Federal Reserve, not audit them.
I favor an audit but it won’t change anything for me. I want the Fed ended even if they are squeaky clean.
The very existence of the Fed is treason.
The following is a list of loan recipients that was taken directly from page 131 of the report…
Citigroup – $2.513 trillion
Morgan Stanley – $2.041 trillion
Merrill Lynch – $1.949 trillion
Bank of America – $1.344 trillion
Barclays PLC – $868 billion
Bear Sterns – $853 billion
Goldman Sachs – $814 billion
Royal Bank of Scotland – $541 billion
JP Morgan Chase – $391 billion
Deutsche Bank – $354 billion
UBS – $287 billion
Credit Suisse – $262 billion
Lehman Brothers – $183 billion
Bank of Scotland – $181 billion
BNP Paribas – $175 billion
Wells Fargo – $159 billion
Dexia – $159 billion
Wachovia – $142 billion
Dresdner Bank – $135 billion
Societe Generale – $124 billion
“All Other Borrowers” – $2.639 trillion
ISN’T THAT AUDIT ENOUGH?? 🙁
Exactly. Think how bad the WHOLE truth must be.
They need Jon Corzine.
“I have no idea where the 1.2 billion went”.
Worked for Congress.
And thats just the TARP crap
Just imagine what the numbers are when you get into the QE game and what the trades were between the banks and the fed,
Thats right,
The taxpayers are on the hook for trillions. Trillions in top of the trillions in debt the dumb ass politicians ran up.
QUADRILLIONS – probably more what’s bigger than a quadrillion ? Septillion? Octillion?
Want to know what happens when I start winning at monopoly? The other people get pissed and quit the game. Same scenario here but on a worldwide scale now
MOLON LABE
Oh yeah and RIP internet
Quintillion. The Sextillion. (that’ll get some laughs)
I often use the comparison to Monopoly to explain how this ends.
Every thing in the hands of one person…..but then even they are broke because there is no one to buy their good/service.
Except slaves………
I wonder why you never see U.S. Bank in any of those lists. They’re never in any scandal articles or accused of involvement in fraud or scams. I’m beginning to wonder if “USBANCORP” hails to some other name.
http://politicalvelcraft.org/2012/02/08/americans-pay-a-percentage-of-their-taxes-to-the-queen-of-england-via-the-irs/ This is a very informative article and is backed up by lots of others. For those of you who still think you are a tax payer. Read this and read the whole thing. It will put you light years ahead of the sheep.
If the fed was audited, we would see a complete collapse of of current financial system.
Sounds like a good start!
Looks like the Reds are back!
Yea, its a combo of disgruntled posters and gov butt kissers
Oooop
Thumbs r gone!
Ha
Oooop
Spoke too soon
I went through and voted everybody up.
In the end there will be no secrets. What is hidden will all be reviled, when Christ judges men’s hearts.
What good does it do a man if he gains the whole world, but loses his soul?
Watch out fur them hogs,
The Fed will kill us all to maintain their stranglehold on humanity. No ifs, ands or buts, the common people are mere slaves to the debt system that continues to enrich the few at the expense of the many. Audit the Fed, what a joke, like that will ever happen. The time for a people’s revolution in America has never been more clear or more necessary than now. We have nothing to lose but our enslavement, and everything to win by rooting out the criminals who plan our demise, starting with the Fed.
Remember when QE was introduced as a temporary measure, intended to prop up
asset pricesthe economy temporarily?http://i.imgur.com/uOkqew2.png
Around here the deutsche bag owns everything they fuckin suck Jews. When the economy fails we need to take back America. Bankster leeches sucking our blood. I hate anything that keeps me down by stealing something from me. When it goes down anything taken from me I will be taking it back. I’m an oppertunist so I’m laying in wait. I think it’s gonna be fun like a hunting trip.
There’s actually already enough evidence to render a just sentence to all the top leaders of the Federal Reserve.
Hang them all and burn the Federal Reserve to the ground. This is the only way to stop these parasitic enemies of America.
The only way to stop them, is to get the OWNERS, not their replaceable peons.
THE FED; had JFK murdered.
JFK refused to be a puppet. So did Reagan, at first. The attempt on Reagan convinced him to play the game with their rules. Since then we have not had one decent prez.
Reagan had alzheimers for the most of his presidency. He didn’t know which end was up, or when.
All of the diehard repub red thumbs should do some more reading. That Reagan had alzheimers during his presidency is a known fact.
http://abcnews.go.com/Health/MindMoodNews/ronald-reagan-alzheimers-presidency/story?id=12633225
http://www.motherjones.com/politics/2011/01/reagan-alzheimers-family-feud-lesley-stahl
There are many more links. Just google “alzheimers during his presidency” and you’ll get links with Reagan’s name on them.
If it does get audited. You can bet they will lie their ass off about it.
When we find out how bad it really is you can bet that someone in the White house will pull off a false flag to take our mind off of it. Or they will pull off something just before the audit, so there won’t be an audit.
Sgt.
It will NEVER get audited,
The so called reps calling to audit the fed are just players in the kabuki known as congress
THIS is one of the reasons i would like to see a total reset, i really dont care about safety anymore, its a whole lot bigger sorta picture than me and mine, the satisfaction of knowing theres nowhere for these shit bird government people to hide is peace enough for me,
What goes around comes around, and its coming around.
The fact that it’s never been audited tells me all I need to know
The fact that it doesn’t WANT to be audited, tells me all I need to know.
When we find out how bad it really is? You people haven’t already figured that out yet?
“If Americans ever allow banks to control the issue of their currency (Federal Reserve, central banks, IMF) , first by inflation and then by deflation (Economic bubbles), the banks will deprive the people of all property until their children wake up homeless in the streets.”
Thomas Jefferson was an American Prophet!
Well, Jefferson was right. Going on two years now for me and mine, and the future ain’t lookin bright. Sure will be glad when all you tuff talkers are out here homeless w/ me. Then maybe we can stop tapping our keyboards and get on with this.
“If you will not fight for right when you can easily win without bloodshed; if you will not fight when your victory is sure and not too costly; you may come to the moment when you will have to fight with all the odds against you and only a precarious chance of survival. There may even be a worse case. You may have to fight when there is no hope of victory, because it is better to perish than to live as slaves.”
Winston Churchill
Back the audit!
I heard that Obama rejected the Queen of England’s gift of a Winston Churchill statue.
finally …..
a good idea from a politician
New Bill Would Add “None of the Above” Option To Election Ballots
http://www.blacklistednews.com/New_Bill_Would_Add_“None_of_the_Above”_Option_To_Election_Ballots/42179/0/38/38/Y/M.html
I’ve been votin’ for the lesser of two evils
for quite a few years now
it ain’t workin’ out
the “lesser of two evils” has F_CKED the country up pretty good
Problem with stuff like that is it is just “feel good” stuff that lets people let off steam without accomplishing anything,
If every voter but one voted “none of the above” and one voter voted for a candidate it would be that one voter that decided the election unless the entire Constitution of the State had been also changed -which wouldn’t be done by a simple bill in the legislature- to require new elections.
You can accomplish the same thing now by marking both (or all) candidates for any particular office in stead of either leaving it blank or voting for one of them.
We need to order a bunch of rope, we’re going to need it for sure. “Patriots will not go into the night quietly– They will not vanish with out a fight!!!!!
Ropes cost money, hang em’ by their own neck ties and watch em’ dance.
No mercy for the wicked!
Newsflash! We been going into the night quietly for sometime now. The sound of keyboard commandos tapping away don’t count as putting up a fight.
MAVRICK I live in the town of Huntingdon in Carroll county about120 miles north of you
Swampratt, I’ve been through that area before. Good people up there.
It’s not like anyone will do anything if the fed is exposed. People are afraid they will keep having faith in the currency as if it will be okay. every day the machine breaks down a little more. When something is not normal like low gas prices that is like the sea receding you know there will be a tsunami coming. Batten down the hatches folks. oil might be the next bubble to burst. There is always a bust to follow a boom. Gonna pick up some silver I live in a state that there is no sales tax on it . Not gonna go crazy buying metals but think it’s a good idea to have some.tired of playing by the rules and coming up short I should be a millionaire by now.
Nobody should have to be a millionaire, to live comfortably. Remember what one silver dollar would buy you? A quarter? A nickel or a penny?
The Bust is already here watch what happens when happens at the end of first quarter and during the 2nd
Yea buddy guy at work says it all the time another says nobody told me anything. Mine is living the dream. Another says nobody cares. Funny shit bunch of out of control dudes.
the FED get audited ???
as Larry the Cable Guy would say “that’s funny right there,I don’t care who you are”
face it
we live in a corporate oligarchy
if your at the top of the pile
crime pays
literally
US Government’s “New Rule” Allows Banks To Completely Make Sh#t Up
http://www.zerohedge.com/news/2015-02-24/us-governments-new-rule-allows-banks-completely-make-sht
the Democratic Party and the Republican Party have shown time and time again they don’t represent US
time for a reset
or as I like to say
“bring back the guillotine”
it worked before
It AIN’T GONNA HAPPEN! If it does it will be a Warren Commission or 911 Commission Report suitable for use as toilet paper.
Or classified for 50 years.
The Federal Reserve through USURY has all but destroyed the dollar, our economy, and this once great nation. The Rothschild’s will never allow this audit to take place. Their puppets the democrats and republicans will make sure of that. It truly makes me mad and sad to know what has happened to America.
If misery truly does love company, be comforted to know that the rest of the world is right there with you, for their own countries that are sinking rapidly.
The NWO Bankster scourge is truly a global plague.
An audit of the Fed is long overdue. I fear that mess has gone unchecked for to long.
So what do you actually expect it to have as a result if a true one is actually done?
In detail.
Fraud and deception are everywhere. I do not even trust audit(or)s.
I recall, as a lowly assistant, returning to the office one evening for an additional 17 revisions of financial statements for an overseas company, faxing back and forth until everyone was happy. The accountants kept moving things around within the statement, even dividing an amount up and putting it into three other categories totally different from where it had been originally.
In a different firm, a prospective buyer wasn’t happy with a large amount in one category, he preferred it in another; so the accountant said “No problem”, and moved the amount.
These are only two of thousands or millions of shenanigans. Presumably it’s part of adhering to GAAP. Good luck to the schmuck who gets to Audit The Fed, what a nightmare.
Heres a headline from an article on the Weekly Standard
Obama: ‘Consequences’ for ICE Officials Who Don’t Follow Executive Amnesty
7:42 PM, FEB 25, 2015 • BY DANIEL HALPER
Dont ya just love the dictator in chief
I used to respect politicians etc,
Now i just fucking despise them ALL
http://www.weeklystandard.com/blogs/obama-consequences-ice-officials-who-dont-follow-executive-amnesty_866479.html
I’ve never respected a politician, every since I was first able to spell “politician”…which was pretty early in life.
I’ve always favored an audit of the Fed, but on a practical level I have to acknowledge two things:
There is a reason they have never been audited.
What, exactly, would an audit accomplish? Probably nothing at best and a downside that could be catastrophic to the average middle class worker and eventually usher in a new and beastly monetary system on a world encompassing basis at worst.
“Yellen argued the audit measure would allow politicians to second-guess the Fed’s decisions, which, in turn, would weaken the central bank.
And the ultimate victim of that process, she said, would be the U.S. economy.”
IF THAT WASN’T A THREAT, I DON’T KNOW WHAT WOULD BE.
YELLEN ALSO SITS ON THE- BANK OF INTERNATIONAL SETTLEMENTS – BOARD OF DIRECTORS, LOCATED IN BASIL,SWITZERLAND .. THIS BANK ANSWERS TO NO ONE,AND EVERY THING UNDER IT IS CONTROLLED BY THEM. CENTRAL BANKS,WORLD BANKS,IMF,FEDERAL RESERVE CORP, BANK OF LONDON ETC.ETC.ETC.ETC
“could be catastrophic to the average middle class worker”
Why?
“and eventually usher in a new and beastly monetary system on a world encompassing basis at worst.”
Their system is aiming in that direction as presently set up therefore saying the course increases the likelihood of a “world encompassing” system. Its their end goal.
Knowing is always preferable to not knowing. Ignorance is corruptions ally.
The wealthy will have their assets protected, the poor their government support systems protected, and when the middle class worker finds out his money is no longer any good as people no longer believe in it he cannot buy anything, pay his bills, put gas in his car, feed himself and his family and on and on and on.
But the output of his labor will still be demanded to support both the rich and the poor alike, he will labor intensely to provide for those groups with little left over for himself to allow anything above a minimal subsistence.
That is why it will be catastrophic.
How will you feel the day you find out your money and your savings are no longer worth anything? That is what will happen if or when the people of the world lose confidence in it, and it will expand worldwide as the dollar is the current basis of everything else through derivatives, currency pegs, and other underlying financial interests.
You and everyone else will be not only compliant with a new system to restore confidence, you and everyone else will be demanding it and it will become your master.
That is what will happen if the Fed fraud is fully exposed through a real and full audit, there is really no way to avoid it and the vast majority of the people are in no way prepared to mitigate its effects to any notable degree.
I’m at a loss for words. The wealthy have their assets protected? Define wealthy. Bill Gates yes. The physician down the road looses his along with yours. The poor? They will be the fist thrown under the bus as Kissinger referred the them as, “useless eaters”. When its no longer worthwhile to work. When your pay can’t be spent one doesn’t show up for work.
“That is what will happen if or when the people of the world lose confidence in it,”
This is happening as we speak and its taking a personal visit in several cases from the US Military to “restore” that confidence.
Once again. Knowing is always preferable to not knowing. Ignorance is corruptions ally.
“How will you feel the day you find out your money and your savings are no longer worth anything?”
Auditing the Federal Reserve is not exposing the Federal Reserve. The Internet is filled with how they create money out of thin air, the oil peg, the USD Reserve Currency status. It would be nice to know who got the grease with the bail outs. If that crashes the, “free world” as we know it that ship is sinking anyway.
Its because of your statement I would like accountability because we’re certainly heading in the direction in your above statement and have been since Bretton Woods was abandoned in 1971.
We all know the fed is a broke ponzi scheme with too much power over our economy.Fuck the audit,though like the idea for discomfort factor to powers that want to be!That said,barter/cash/use new alternitive currincies that work for you as much as possible,there will be a new economy at some point and a totally dead dollar(till then I will take dollars from any sick of em though!),seriously,try as much as possible to start small economies among friends ect.,they will grow no matter what the govt. does/doesn’t do!
Far more concerning is the hocum pokum that Jack Lew is pulling,
The fed retirement programs and SS etc were already underfunded, but now they use that money to balance and extend their range when these budget squabbles crank up,
I cant wait for these dummies to realize their pension isnt worth squat, it will happen, not if but when,
Just a matter of time,
You can only rob Peter to pay Paul so many times and ond Pete will get wise
I thought Obungler said “sunlight is the best disinfectant?”
Or don’t all the cockroaches infesting his crony govt like sunlight????
I’m going to throw something out for discussion if anyone wants to. Citizen’s Arrest; why can’t we just arrest these clowns under our ability to do so under ‘Citizen’s Arrest’. We all see the criminal activities going on every single day. We can do it, but then finding a LEO to do the actual arrest will be very hard to find. I know this is something from a crazy old man who so pissed off about no actions to stop it he can’t see straight any more. Rant over. Thanks!
Because the goons with the badges and bigger guns will not comply. They will not do their job, and the prosecutor will not do his either. You see, THEY don’t recognize “citizen’s arrest” for anything but a legal loophole, that grants non-cops in kmart the power to arrest shoplifters and hold them until a real cop gets there.
They’d probably cry “hostage” and kill the citizens on the spot.
Thanks sixpack just wanted to throw it out there.
We should demand an audit of our national gold hoard. At least how much unallocated is left that we as a nation own. That would do it but it will never happen. A Nations gold hoard is a bigger secret than their nuclear weapons. Because the reset will follow a golden road the present gold war is fierce. The Barbarian Bankers manipulate confidence with their relic. Their last play. For a good indication of when, observe the suppression of the price of gold. The lower the closer. Yet I fear that the peoples physical gold is long gone. That would negate any need to audit the privately owned US Central Bank. There would be more pressing matters at hand.
I would think that an audit of the Fed would reveal that they are beyond bankrupt. They’ve been buying up vast quantities of bad loans, along with huge amounts of Treasury bonds which can never be paid off. What sane banker would ever do such a thing??? My next thought is that directing your anger at the Fed is just what the Congressmonkeys want you to do. THEY are the ones who have the power to limit the Federal budget; THEY are the ones who can pass laws restraining bad banking practices. But in both areas they’ve done exactly the opposite.
Coach, what no one seems to understand, is that the FED is the one entity in the world that is DESIGNED to operate in the red.
It alone can spin “straw” into “gold”. That is why it is the perfect ponzi scheme as I have described before.
It creates FRN’s out of thin air, buys toxic securities from its member banks with them, writes down those securities to a level where the income from them (if any); creates a value that some investor will buy and then resells them or keeps them in house to generate income it can use to write down other toxic securities.
The FED is not broke.
It will never be broke under the system that has been created. It is the quintessential recycler; and what it recycles is FRN’s. 🙂
DK, I respect you, but I hafta ask – is the FED repackaging bad mortgage securities??? I thought that was Fannie/Freddie. I didn’t think the Fed had the power to do that. Can you give me some links (or dead tree sources) that explain this is some detail? Who is buying this marked-down paper? The same banks that sold it to them?
BTW I’ve believed for years that the only securities the Fed was legally allowed to buy were T-Bills. Which of course they still do by the trainload.
Sure city hall is gonna sue itself. Why would that happen. Think folks the federal reserve is too complicated for people to understand. If the fraud was exposed through an audit this would be the end of America. A matter of national security they would say. We can’t handle the truth. People who lie need to keep lying to keep from being found out. But the lies to cover the prior one have to be bigger and there has to be people to keep supporting the lier. Obamas people keep lying to protect him. The shit that is said is so outrageous give terrorists a job. Oh sure that’s what they want. See how crazy that sounds. Denial that you are dealing with religious fanatics who themselves don’t deny what they are doing. How the hell can the economy be improving the oil man is making less $ people have less to spend. Banks don’t want to give homeloans to people with good jobs. People are being laid off left and right. Company’s closing down. People buying metals because of economic instability. The idiots in Washington say the state of the union is strong ya right they are not lying.
Dear Americans,
We, the Federal Reserve, admit we have squandered trillions of dollars to TBTF banks.
We hereby promise to repay all squandered to said failing banks.
We are printing fiat as fast as we can..oh, wait.
If the national debt is in fact money that has been loaned to us (our government) by a independent bank the (federal reserve)then why don’t we the people (our government) just default on said loan? Just like anyone would do when they can’t afford to pay said loan back! What could they possibly do.Its a bank. It loaned money to someone it shouldn’t have!!
Sorry I didn’t post earlier but I fell asleep reading…zzzzzzzzzz….*cough,snockering sound* uh… 99+ reasons I should be interested in the above subject. I tell you all what, when the bullets start flying I’ll be deeply interested then.
Same here,,,
I got distracted by number 7′,
Never could pay attention to this kinda stuff,,
Pretty basic
Dont fuck with my shit and i wont fuck with yours,,,,,
Over the last year I find myself at this site daily, and it has helped me in so many ways… I thought I was in a minority who could see the “take down” of a once get country. I want to thank everyone of you for helping thousands of people to wake up & further expand on what they already new was happening.
I am based here in the Bayou’s of Far East Texas on my farm …attempting to stay UTR, former 70’s era jarhead 0311, I totally agree that these criminals are gonna pull the trigger soon.
Again thanks for helping me see some things that I might not have
Semper Fi. .. Do or Die
@JS
For every one of us who post here there are most likely a few thousand who dont or wont because of fear of exposure,
Welcome to the jungle
PO’dPatriot.
The only thing left to do is prepare for the final collapse. The country is on a down hill slide and there is no recovery. Like trying to resurrect a dead mule after you worked it to death. Is there anything that you would put your confidence in. Money, Politicians, Military, Police, Medical field. The Heart of this country is corrupt so “what does it matter”, if you audit the Fed.
All this controversy over what they are doing does not pull as much weight as to what we must talking about. Subjects that will help us survive.
slingshot, I agree on everything you stated. Especially the last sentence.
Maybe the internet dies today in Congress.
If they designate it a utility, I am going off grid.
Im with you Gramps, things are winding down and the more control that these people try to take the less controlable surface will be offered!
If corporations are allowed to control the internet, they will have one speed for commerce and another speed for the average Joe or Jane; or you will have to pay a premium for a higher speed.
If government controls the internet every one will have access to the same online speed.
Regardless, both will use it to spy on US to either profit from US or attempt to censor US. Either way, the government will spy on US, so we may as well have access to a higher speed like the corporations.
Just my take. 🙂
DK
Spying on what I’m seeing and saying is unacceptable. Censoring it elevates unacceptable to non existent.
Sling,may be a start but will be lawsuits tying it up/could stop fcc funding ect.Now,another executive order(dictator decree)could get net ruined quick.Cancel all net service if “controlled,i.e. sites disappearing,nothing like get big corps. attention.Will always be ways around such nonsense unless dropped completely,even then new alt nets will be popping up hijacking airways/phone lines ect.,going to be fun!
********** FLU UPDATE **********
it’s back
well it never really went away
and the 2.0 version is even nastier
Aggressive swine flu virus hits India
http://www.pressherald.com/2015/02/26/aggressive-swine-flu-virus-hits-india/
“MUMBAI, India — A surge in swine flu infections has killed more than 800 people in India and is challenging health workers, who say the virus is harder to treat than the version that caused a global pandemic in 2009.”
The money changers do not want the people to know how they control us. Why is it that a Jew has been the head of the Federal Reserve for over 30 years? Does that seem a bit odd statistically to anyone?
Let’s see, they won’t audit the Fed. They won’t count the gold in Fort Knox. They won’t secure the borders. They won’t let you see the IRS e-mails. They spy on all of us, but flood the country with Muslims. (300,000 in the last few years). You know, the government is acting as if they hate us. I wonder. Hmmm.
So I say,
Why go along anymore?
Just ignore em,
Well do our own thing and prep for as many eventualities as possible,
Thing is they don’t like to be ignored. They want to keep coming back like an old gimpy gyp comes back to the porch to worry an old bone.
Hmm,
Guess well see wont we
Then the fun begins……
Its about time to start probing the “Wire” of some of these Islamic training camps to see what can be learned about their command & control structure and seize their assets. …nothing personal,just business
Semper Fi
Do or Die
Just tap their Obummerphones or bug heir obummerpens!
news.investors.com/ibd-editorials-perspective/021915-740118-our-borders-are-threatened-by-upsurge-in-muslim-immigration.htm?p=full
Add the usual prefix
How much you want to bet most of these isisholes are on the government dole, laughing all the way.
FCC passes net neutrality.
Sure did. one story at Breitbart. Drudge aint got off the couch yet.
So today we get Obamanet, banned bullets for the ar15, and Jay carney as a Senior VP at Amazon.
Were going down.
Whats this were shit?
From my point of view my horizon just got a little broader,
I see opportunity coming.
Fresh scalps?
100 heads
Whenever I see footage of Isis they are in American pickup trucks. I think our gov is in on this how are they getting fords dodge and Chevy trucks all late models too. Think about it. The us forces use mrap these Isis killers are being funded. I just don’t see how the us military should be afraid of these guys. They gotta be getting arms from Bulgarian arms dealers who would sell the a nuke by the way. When the us went in to destroy saddam we were the aggressor and we crushed him to pieces and he had way more tanks and stuff than Isis. The aggressor always wins. There is no excuse for our gov not doing anything. They know where the sleeper cells and they can go get these guys. Or is it they don’t want to it’s more profitable for people to live in fear. I just can’t believe Obama is that stupid to realize we have a problem. I know they are in a different world but can’t be this fucking dumb. Isis is the globalists army fear tactics work on civilized people.
Does our local militia have the means to infiltrate the terrorist training camps and the mosques where murder is preached. The Obama administration is not agnowleging the problem. Maybe we the people should hunt down terrorist. If they are caught alive they will get a trial and we know tptb sympathizes with terror. They will be released I find it hard that Obama has not been removed from power. I’d say the things he’s let slide show a lack of competence. The republic can not just be thrown away .all the people who died for it their sacrafice can’t just be thrown away. Our forefathers sacrafice means nothing to people. If it did people would take up guns and defend it. People will not sacrafice for their nation anymore those are patriots. People will only fight if it comes to their doorstep. Why wait start the battle now while it is still winnable or wait till the problem is too big and the sacrafice is greater.
conduct an audit? After 100 years of debit, death and theft I’m thinking an ISIS style cage burning of the owners is more appropriate
Anger.
Anger.
One bunch of Usurpers policing other usurpers to preventing them from usurping!
If we all stopped working tomorrow ( exception for critical employees like EMT’s, power plant workers etc..) Surrounded every police station demanding arrests and indictments and hound every media reporter every time they hit the street to report the truth and we would be well on our way in about three days. Trouble is the powers that be have polarized America (divide and conquer). 95% of the population wouldn’t do it because they’re too uninformed or scared….without any action on a large scale all talk is just that….talk. Criminals don’t investigate criminals in the current set up…we need to stop participating in their current set up….but we won’t!! That’s the problem!!