Ron Paul's HR1207 to Audit The Fed is 1 cosponsor away from a Veto Proof majority. - Page 6

Think for myself · #51 (**permalink**) 09-17-2009, 07:47 AM

Quote:

Originally Posted by camp_steveo

Hold on, let me run and get my copy of the Federal Reserve's ledger.

I am not asking for that. I am asking for a single news story regarding this alleged missing money.

Quote:

Originally Posted by camp_steveo

You are safe to make certain assumptions based upon the circumstantial evidence that you have seen here. Or, you could just pretend like you saw nothing.

Oh, I don't have to pretend I saw nothing, I actually did see nothing, that being nothing more than a snippet of a youtube video with zero, and I mean zero, facts presented.

camp_steveo · #52 (**permalink**) 09-17-2009, 07:59 AM

Here is some information on the money that Grayson was asking about.

Quote:

March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.....

http://www.bloomberg.com/apps/news?p...d=armOzfkwtCA4

And here:

Quote:

Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.

The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more....

http://www.bloomberg.com/apps/news?p...d=aGq2B3XeGKok

Think for myself · #53 (**permalink**) 09-17-2009, 08:00 AM

Quote:

Originally Posted by camp_steveo

Here is some information on the money that Grayson was asking about.

http://www.bloomberg.com/apps/news?p...d=armOzfkwtCA4

And here:

http://www.bloomberg.com/apps/news?p...d=aGq2B3XeGKok

Hmmmm. A quick glance tells me those articles say nothing about some mysterious and missing $9 trillion.

REDRUM · #54 (**permalink**) 09-17-2009, 08:10 AM

Quote:

Originally Posted by Retired War Veteran

At 289 as it stands now. The bankers are breaking out in a cold sweat.

http://snardfarker.ning.com/profiles...7-to-audit-the

Since the inception of The Federal Reserve created in 1913, this quasi-public banking system has never been audited by the IRS so I fully support Ron Paul's HR1207 legislation.

The Long Goodbye: The Declining Purchasing Power of the Dollar

Quote:

The purchasing power of the dollar in 1913, when the chart above begins, was close to what it was in the 1830s. As long as we were still on a gold standard (up to 1933), it was almost as though an external force was drawing the value of the dollar back toward that adjusted value.

The Great Depression and the policy tools used to fight it severed the domestic link of the dollar to gold. The external trade deficits of the United States during the 1960s caused the final rupture of the international link to gold in August 1971.

The rate of decline in the purchasing power of the dollar tended to level off in the 1980s, but a long, slow, cumulatively corrosive decline has continued to the present, with the consequence that a dollar today would buy one less than a nickel’s worth of goods and services in Woodrow Wilson’s time.

The accompanying graph is at least some evidence that the experiment of a Federal Reserve System (created in 1913) with no explicit link to gold, and no effective external check on its activities, has failed the public’s interest.

Source

camp_steveo · #55 (**permalink**) 09-17-2009, 08:12 AM

From Rep. Grayson's letter to his Democratic party colleagues.

Quote:

...

Since March 2008, the Fed has resorted to using its emergency powers to pick winners and losers, and to take massive credit risk
onto its books. Since last September, the Fed’s balance sheet has expanded from around $800 billion to over $2 trillion, not including off-balance sheet liabilities it has guaranteed for Citigroup, AIG, and Bank of America, among others. The bank is also ‘monetizing’ the debt of the United States Government by purchasing massive amounts of agency and Treasury bonds.

...neither the GAO nor the Federal Reserve Inspector General has audited the books of the Federal Reserve or its regional banks. The Financial Services Subcommittee on Oversight and Investigations held a recent hearing with Federal Reserve Inspector General Elizabeth Coleman. In that hearing, Coleman could not tell me who had received over a trillion dollars in Fed lending, what kind of losses the bank had suffered on its $2 trillion portfolio, appeared unaware that the Fed engages in trillions of dollars in off-balance-sheet commitments, and was not investigating the role of the Fed in allowing the collapse of Lehman Brothers.

...

Read the entire letter:

http://action.firedoglake.com/page/c...graysonletter/

Think for myself · #56 (**permalink**) 09-17-2009, 08:16 AM

Quote:

Originally Posted by camp_steveo

From Rep. Grayson's letter to his Democratic party colleagues.

Read the entire letter:

http://action.firedoglake.com/page/c...graysonletter/

I am sorry, is Grayson now a reporter?

Think for myself · #57 (**permalink**) 09-17-2009, 08:20 AM

Quote:

Originally Posted by REDRUM

Since the inception of The Federal Reserve created in 1913, this quasi-public banking system has never been audited by the IRS so I fully support Ron Paul's HR1207 legislation.

Indeed, that sounds swell.

Too bad neither the house or the senate bills would have the IRS audit the fed.

http://www.govtrack.us/congress/bill...07&tab=summary
http://www.govtrack.us/congress/bill...04&tab=summary

The comptroller general is the head of the GAO, not the IRS.

camp_steveo · #58 (**permalink**) 09-17-2009, 08:28 AM

Quote:

Originally Posted by Think for myself

I am sorry, is Grayson now a reporter?

For your reading pleasure:

Government Sets Us Up for the Next Bust
by John Stossel

more...

http://www.nytimes.com/2008/11/26/us...n.html?_r=2&hp

http://money.cnn.com/2008/11/26/news...ion=2008112615

http://divisionoflabour.com/archives/005364.php

http://www.examiner.com/x-6495-US-In...sional-hearing

Think for myself · #59 (**permalink**) 09-17-2009, 08:33 AM

Quote:

Originally Posted by camp_steveo

For your reading pleasure:

Government Sets Us Up for the Next Bust
by John Stossel

more...

http://www.nytimes.com/2008/11/26/us...n.html?_r=2&hp

http://money.cnn.com/2008/11/26/news...ion=2008112615

http://divisionoflabour.com/archives/005364.php

http://www.examiner.com/x-6495-US-In...sional-hearing

So which one of those links is supposed to be supporting the allegation of the missing $9 trillion?

camp_steveo · #60 (**permalink**) 09-17-2009, 11:59 AM

bump......

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Audit the Fed - “Ron Paul's Economic Theories Winning GOP Converts”	Truth-Bringer	Current Events	169	05-21-2009 05:38 PM
Democrats May Get Veto-Proof Majority	JJJ	Elections & Campaigns	11	10-09-2008 11:42 PM
Ron Paul's Competing Currencies	Truth-Bringer	Political Opinions & Beliefs	36	02-02-2008 12:58 PM
Ron Paul's Revolutionary Manifesto	Truth-Bringer	Elections & Campaigns	2	02-01-2008 04:21 PM
Ron Paul's Electability	Truth-Bringer	Elections & Campaigns	73	12-31-2007 05:56 PM