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Stop the Deceit - Audit the Fed

Written by Ann Shibler on April 22 2011.

He has introduced a measure calling for an audit of the Fed, H.R. 459, the Federal Reserve Transparency Act of 2011. Help in the Senate has come from Senator Rand Paul (R-Ky.) who has introduced S. 202 designed to accomplish the same goal. Newly appointed as Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy, Rep. Paul has scheduled hearings in May to discover more about the Federal Reserve’s lending practices, especially its loans to foreign banks.
 
In March 2011, the Supreme Court forced the Fed to release documents detailing information about 21,000 “emergency” bailouts. It is already known that the Fed provided hundreds of billions to foreign banks, one of which is the Arab Banking Corporation that is partly owned by Libyan dictator Muammar Gaddafi. Other foreign banks receiving these loans included the Bank of China, Royal Bank of Scotland, Depfa, and other banking institutions in Mexico, Bahrain and Bavaria.
 
For many of these foreign institutions, including the one partly owned by Gaddafi, no interest is being charged. This means that money created out of thin air that derives its value by lessening the value of everyone’s dollars is now earning profits for its recipients.  Rep. Paul estimates that 70 percent or more of the Fed’s discount window lending went offshore.
 
In addition, Matt Taibbi has revealed in a Rolling Stone article (caution: article contains some foul language) that wives of two Morgan Stanley executives received huge low-interest loans from the Federal Reserve.  The already well-to-do housewives were given $220 million in cash for investing a mere $15 million under the Term Asset-Backed Securities Loan program. Taibbi termed the deal a “classic heads-I-win, tails-you-lose investment.”  Other domestic recipients of the Fed’s benevolence included $2 trillion in loans to Citigroup and Morgan Stanley, and billions more for “millionaires and billionaires with Cayman Island addresses,” fumed Taibbi.
 
Full awareness of the Fed’s policies will never be gained without a complete and honest audit. This is what H.R. 459 and S. 202 can facilitate.  It will expose exactly how the unelected and unaccountable Fed policy makers manipulate the economy and dilute the American peoples’ freedom and financial well-being. Passage is a necessary step toward restoring soundness to the American dollar and eventually phasing out the Federal Reserve.
 
Contact your Representative and Senators and insist they support H.R. 459 in the House and S. 202 in the Senate. Transparency at the Federal Reserve is a must if America is to remain free and independent.

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