After witnessing the massive economic crisis swamping the European Union and euro-zone countries in particular, the Union of South American Nations (UNASUR or UNASUL) has slowed plans to create its own continental central bank and regional currency.
“When we started UNASUR the idea was to create a single central bank and a single currency, but the experiences of Europe led us to park the initiative,” explained Rafael Follonier, the Argentine representative to UNASUR. “In the European Union the single currency is a corset preventing members from leaving.”
Britain's leading financial newspaper, the London Financial Times, now believes that the U.S. economy may be headed toward a Japanese-style "Lost Decade."
On March 15, Congressman Ron Paul (R-Texas) introduced and sponsored bill H.R. 1094 — the Federal Reserve Board Abolition Act, which calls for the complete abolition of the Federal Reserve System and the Federal Reserve banks, and for the repeal of the Federal Reserve Act of 1913.
Congressman Ron Paul (R-Texas) is once again fighting for real transparency regarding the Federal Reserve.
Unbeknown to many Americans is the fact that the Federal Reserve is not by any means "federal." Concocted in secrecy by bankers at Jekyll Island, sponsored by Senator Nelson Aldrich (R-R.I.), the maternal grandfather of New York Governor Nelson Rockefeller, covertly passed by Congress a few days before Christmas 1913 when many Senators had already left town, and signed into law by President Woodrow Wilson, the Federal Reserve Act of 1913 established the nation's privately-owned 'lender of last resort' bank resulting in the central planning of monetary policy and the devaluation of the dollar by more than 90 percent — a result of Fed-created inflation.
Despite words to the contrary from Federal Reserve Chairman Ben Bernanke, the Fed has pursued bailouts for Greece and other EU central banks. This disregard for sound fiscal restraint and the lack of control, transparency and accountability at the Fed demonstrates the need to support and pass Rep. Ron Paul's legislation to audit the Federal Reserve.
Currently the funding of government is operating under a stop-gap measure passed during the lame-duck session of the 111th Congress, which is set to expire on March 4. On Tuesday, January 25, the House under a Republican majority passed a resolution 256-165 -- seventeen Democrats crossed the aisle to vote with the Republicans on this matter -- that instructs the Chairman of the House Budget Committee Paul Ryan (R-Wis.) to set the budget at 2008 spending levels, or lower.
JBS CEO Art Thompson's topic this week: Foreign Aid or Worse? The Fed tries to set rate of inflation. And, Chinese fifth column.
Everyone is wondering what kinds of legislation will be the focus of the 112th Congress. The shift of power from the Democrats to the Republicans in the House, with the tea parties still highly energized and engaged in the political process, is bound to have some effect.
The powers of Congress are described in Article I, Section 8 of the Constitution, and the creation of a central bank like the Federal Reserve is not listed as one of those powers. The Federal Reserve is charged with protecting the value of the dollar through managing our nation's monetary policy. However, since its inception in 1913, the dollar has lost 95 percent of its value under the Federal Reserve's monetary oversight. The John Birch Society advocates abolishing the Federal Reserve.