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.
Arthur R. Thompson, CEO The John Birch Society. Video Message, Week of July 26 - August 1, 2010.
Last night Ron Paul made an urgent appeal via a 2 1/2 minute video (see below) for immediate help in contacting senators to reject Bernie Sanders' new, watered-down Fed transparency amendment and to support an amendment with the original "Audit the Fed" language of H.R. 1207 and S. 604. A vote on Sanders' amendment to S. 3217 (the financial services overhaul bill) is expected on Tuesday, May 11. (For results of the votes on May 11, read "Senate Caves to Fed Pressure, Waters Down Audit.")