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Trillions of Reasons to Audit the Fed
Quote of the Day: “We are in danger of being overwhelmed with irredeemable paper, mere paper, representing not gold nor silver; no sir, representing nothing but broken promises, bad faith, bankrupt corporations, cheated creditors and a ruined people.” — Daniel Webster (1782-1852), US Senator Source: speech in the Senate, 1833
Subject: Trillions of reasons to audit the Federal Reserve
Since last September the Federal Reserve has made $9 trillion in transactions that are not reflected on its balance sheet. This compares to $2 trillion in transactions that is reflected on the Fed’s balance sheet.
What was the purpose of this $9 trillion? Who got how much, and why did they get it? No one knows. Congress doesn’t know, and neither does the Inspector General charged with monitoring the Fed, as you can hear for yourself in the video embedded in a blog post by David Theroux of the Independent Institute.
Likewise, neither Congress nor the Inspector General knows anything about the profits or losses the Fed may have experienced from the $2 trillion that is reported on its balance sheet.
Add up the numbers — the Fed has done things in your name with $11 trillion. This is only a few trillion shy of the total annual gross domestic product of the United States. It’s also several times the total annual spending of the federal government.
Would it be an exaggeration to say that the Federal Reserve has become a shadow government, several times the size of the entity that’s supposed to be our real government? If we can judge by the resources involved then we would have to answer yes. The Federal Reserve seems to be disposing of more of your wealth than even your cancerous elected government does.
But apparently, neither you nor the people you elected is even allowed to know what the Fed is doing, let alone exert any control over it. This is a strong argument in favor of Congressman Ron Paul’s bill to audit the Fed — the Federal Reserve Transparency Act of 2009 (HR 1207).
There’s good news in this regard. HR 1207 now has 200-cosponsors, which is 46% of the entire House of Representatives.
But there’s also bad news. The companion bill in the Senate, S. 604, has ZERO cosponsors. It seems like your Senators are asleep at the switch, or perhaps complicit in the scam. Who will watch these supposed watchmen if not you? Here’s what you can do. First, find out if your House Rep. needs to be thanked for being a cosponsor, or encouraged to become one.
* Go here http://thomas.loc.gov/
* Click on the radio button for “bill number”
* Type in HR 1207
* Look for the link for cosponsors, and click on it
* See if your House Rep is listed
Then go to DownsizeDC.org’s “Audit the Fed” campaign to send a message to your Rep. and your two Senators.
If your Rep. is a cosponsor then acknowledge your Rep., and thank him or her so that the Senators can see it. If not, encourage your Rep to co-sponsor HR 1207. Either way, tell your two Senators to co-sponsor S. 604.
Use your personal comments to mention the fact that neither Congress nor the Inspector General knows anything about what the Fed has done with $9 trillion in off-balance sheet transactions, or anything about the profit or loss from $2 trillion in on-balance sheet transactions.
Tell your Congressional employees that this is unacceptable, and that you will hold them personally accountable for failing to audit the Fed.
To exceed the 36,512 messages we sent last month we need to send at least 1,672 messages today.
Thank you for being a part of the growing Downsize DC Army. To see how we’re growing, check out the Keeping Score report below my signature.
Jim Babka
President
DownsizeDC.org, Inc.
