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U.s House Passed Audit The Fed Bill

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FaeryTaleAdventurer
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U.s House Passed Audit The Fed Bill 2012-07-25 20:10:05 Reply

http://news.yahoo.com/blogs/ticket/ron-paul-audit-fed-bill-p asses-house-185936757.html

Greatest news in financial history. Will be even greater when the Senate actually agrees that enough is enough, the Fed needs to open up 100% to what it's been doing with our money!!!

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Response to U.s House Passed Audit The Fed Bill 2012-07-25 20:52:23 Reply

At 7/25/12 08:10 PM, FaeryTaleAdventurer wrote: http://news.yahoo.com/blogs/ticket/ron-paul-audit-fed-bill-p asses-house-185936757.html

Greatest news in financial history. Will be even greater when the Senate actually agrees that enough is enough, the Fed needs to open up 100% to what it's been doing with our money!!!

Reid has already indicated that the Senate will not take up the measure. You'll recall that the limited audit of the Fed's TARP deals from the Dodd-Frank bill showed bailout funds going to companies like Walmart and McDonalds as well as foreign banks, including the Bank of Libya under Qaddafi. Also, everyone knew that the thing is doomed in the Senate, so some populist grandstanding happened. Here's who voted.

FYI, independent accounting firms conduct full financial audits of the federal reserve banks every year.

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Response to U.s House Passed Audit The Fed Bill 2012-07-26 06:47:03 Reply

At 7/25/12 08:52 PM, Feoric wrote: FYI, independent accounting firms conduct full financial audits of the federal reserve banks every year.

Are these the same sort of "independent" accounting firms that let Enron pull a big one on all of us?

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Response to U.s House Passed Audit The Fed Bill 2012-07-26 15:36:48 Reply

At 7/26/12 06:47 AM, Camarohusky wrote:
At 7/25/12 08:52 PM, Feoric wrote: FYI, independent accounting firms conduct full financial audits of the federal reserve banks every year.
Are these the same sort of "independent" accounting firms that let Enron pull a big one on all of us?

;;;;
Thanks CamaroHuskey...you beat me too it !

Isn't the Fed the go to bank, which claims as part of its reason to exist & I might add( rape the American people) by being in control of their monetary system through issuing American Federal Reserve Notes (they are not American dollars folks !)

Yes instead of the Federal Governemtn issuing your Notes, they allow the privately owned Federal reserve to print your notes & they buy US Treasury notes from the Government ....& then the Governemtn has to redeem the Treasury notes PLUS INTEREST to the Fed.
Its a profit scam greater than any ponzi scheme ever invented !
ANd your Government does it to you even though it is against your laws, (Constitution) to do so.
http://www.michaeljournal.org/fedreserve.htm


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X-Gary-Gigax-X
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Response to U.s House Passed Audit The Fed Bill 2012-07-26 15:46:55 Reply

Here's what I see most likely happening

U.s House Passed Audit The Fed Bill


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Feoric
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Response to U.s House Passed Audit The Fed Bill 2012-07-26 15:57:50 Reply

At 7/26/12 06:47 AM, Camarohusky wrote:
At 7/25/12 08:52 PM, Feoric wrote: FYI, independent accounting firms conduct full financial audits of the federal reserve banks every year.
Are these the same sort of "independent" accounting firms that let Enron pull a big one on all of us?

Har Har.

At 7/26/12 03:36 PM, morefngdbs wrote: Yes instead of the Federal Governemtn issuing your Notes, they allow the privately owned Federal reserve to print your notes & they buy US Treasury notes from the Government ....& then the Governemtn has to redeem the Treasury notes PLUS INTEREST to the Fed.
Its a profit scam greater than any ponzi scheme ever invented !
ANd your Government does it to you even though it is against your laws, (Constitution) to do so.
http://www.michaeljournal.org/fedreserve.htm

Sigh. All of the reserve banks are controlled by the publicly appointed Board of Governors. The Federal Reserve banks merely executes the monetary policy choices made by the board. Nearly all the interest the Federal Reserve collects on government bonds is rebated to the Treasury each year, so the government does not pay any net interest to the Fed. Nowhere is it stated in the constitution that the government may not have a central bank.

FaeryTaleAdventurer
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Response to U.s House Passed Audit The Fed Bill 2012-07-26 23:23:50 Reply

At 7/25/12 08:52 PM, Feoric wrote: FYI, independent accounting firms conduct full financial audits of the federal reserve banks every year.

None of those independent accounting firms have the same power and publicity as the Government Accountability Office. It is the GAO that will be given the fullest permission to do a complete audit of the Fed's financial decisions.

Sen. Harry Reid fell from grace after 17 & a half years of being behind the bill. It's very sad that he seems to suddenly "realize" what the passing of this bill in the Senate can do. This is a very major act of hypocrisy, and ppl in Nevada and abroad need to flood his voicemail and e-mail about changing his now-corrupted mind, and QUICKLY. He as well as Obama and Helicopter Ben know that if allowed on the floor, the Senate would pass it.

Feoric
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Response to U.s House Passed Audit The Fed Bill 2012-07-27 00:38:19 Reply

At 7/26/12 11:23 PM, FaeryTaleAdventurer wrote: None of those independent accounting firms have the same power and publicity as the Government Accountability Office. It is the GAO that will be given the fullest permission to do a complete audit of the Fed's financial decisions.

This is correct. The Federal Banking Agency Audit Act was implemented by congress in 1978 after Congress voted specifically to remove the Board from the GAO's jurisdiction. The act significantly increased the access of the GAO to the Federal Reserve Banks, the Board, and the FOMC, on top of the fact that each reserve bank is audited every year by independent general auditors who report directly to the board of governors. So I find it funny when people think the Federal Reserve is this untouchable "fourth branch of government" which is above all forms of authority.

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Response to U.s House Passed Audit The Fed Bill 2012-07-27 10:20:01 Reply

At 7/26/12 03:57 PM, Feoric wrote: Sigh. All of the reserve banks are controlled by the publicly appointed Board of Governors. The Federal Reserve banks merely executes the monetary policy choices made by the board. Nearly all the interest the Federal Reserve collects on government bonds is rebated to the Treasury each year, so the government does not pay any net interest to the Fed. Nowhere is it stated in the constitution that the government may not have a central bank.

;;;;
If you stop drinking the Kool-aide & or eating the drugs you're being force fed by those who've been elected to work on your behalf (LMFAO & ROTF ) ,,,sorry couldn't hold my composure)... your 'system' for at least a day or so & hopefully before the withdrawl effects hit you , drink some coffee & attempt to read this
http://www.apfn.org/apfn/fed_reserve.htm

Now that you have a better idea of the illegal system in use & effect in your country, remember there is no reason YOUR CONGRESS couldn't have a Central Bank. IT just LEGALLY CAN NOT be a Privately Owned Bank & No interest should be paid to it for issuing currency (& the currency has to be backed up by somethign of value) by the American People. It should be an entity entirely Controled & Owned by the American people & Run by the Congress.

THe Last President who decided to get rid of the Fed, was immediately assasinated.
http://www.john-f-kennedy.net/thefederalreserve.htm

THen when/if you manage to read all of that & hopefully grasp what's really going on
in your country. All of the mismanagement, financial meltdown & loss of the dollars purchasing power is 100 % the responsibility of your elected officials , right fromt he President on down & of course the Federal Reserve... a private for profit Company.


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morefngdbs
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Response to U.s House Passed Audit The Fed Bill 2012-07-27 10:24:18 Reply

Here's a story on this subject i found this morning in perusing the news about it.

http://www.nysun.com/editorials/ron-pauls-triumph/87913/


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Response to U.s House Passed Audit The Fed Bill 2012-07-27 12:06:57 Reply

At 7/27/12 10:20 AM, morefngdbs wrote: If you stop drinking the Kool-aide & or eating the drugs you're being force fed by those who've been elected to work on your behalf (LMFAO & ROTF ) ,,,sorry couldn't hold my composure)... your 'system' for at least a day or so & hopefully before the withdrawl effects hit you , drink some coffee & attempt to read this
http://www.apfn.org/apfn/fed_reserve.htm

Here's an article from a site that doesn't claim Jews are perpetrators of economic terrorism.
http://www.usagold.com/federalreserve.html

Now that you have a better idea of the illegal system in use & effect in your country, remember there is no reason YOUR CONGRESS couldn't have a Central Bank. IT just LEGALLY CAN NOT be a Privately Owned Bank & No interest should be paid to it for issuing currency

Dear god, man, pick up an economics textbook. It is not privately owned and your opinion that it should not collect interest payments is not based on any economic understanding whatsoever. Acting as the lender of last resort (which by definition involves interest rates) and maintaining control of the money supply are vital functions and could not be carried out anywhere near as effectively without the discount window and open market operations.

Feoric
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Response to U.s House Passed Audit The Fed Bill 2012-07-27 14:20:44 Reply

At 7/27/12 10:20 AM, morefngdbs wrote: If you stop drinking the Kool-aide & or eating the drugs you're being force fed by those who've been elected to work on your behalf (LMFAO & ROTF ) ,,,sorry couldn't hold my composure)... your 'system' for at least a day or so & hopefully before the withdrawl effects hit you , drink some coffee & attempt to read this
http://www.apfn.org/apfn/fed_reserve.htm

It's ironic you criticize me for "drinking kool-aide" when you've literally done nothing to refute anything I have said other than link a website, as if that's all you have to do to win an argument. If you actually want to have a discussion about this subject you're going to have to quote a specific passage from that article that specifically makes the argument the Federal Reserve is entirely privately owned, because for me to refute the entire thing would take me literally hours. It doesn't really matter because it's factually incorrect belief to hold. So, let's cover the bases.

The Federal Reserve System is a sort of quasi-government agency because it contains elements of both the private sector and government control. The System has three organization levels: member banks, Federal Reserve Banks, and the Board of Governors. Member banks are at the bottom of the hierarchy. These are commercial banks and S&Ls who have joined the Federal Reserve System. By law, all nationally chartered banks must join, and any state chartered bank has the option to join. By joining the FRS a member bank is becoming a shareholder in its regional Federal Reserve Bank. That being said, each Reserve Bank is owned by private for-profit commercial banks and S&Ls. Member banks are at the bottom because they have very little power over how their regional Federal Reserve Bank is run, and they have no control at all over monetary policy. Member banks get to select 6 of the 9 directors of their regional Federal Reserve Bank, but these directors control only the Bank's daily operations, not monetary policy which is the most important function of the Federal Reserve System.

Above the member banks are the 12 regional Federal Reserve Banks. They're primarily responsible for, but not limited to: buying and selling government bonds in the secondary markets, lending reserves to member banks, offering check clearing services to member and non member banks, issuing Federal Reserve Notes and collecting worn out ones for destruction, enforcing reserve requirements and other regulations of the member banks, and monitor banking and economic activity within their respective district. The most important power is the first one: open market operations. Buying government bonds increases the amount of reserves in the banking system, puts downward pressure on interest rates, and tends to expand the money supply; selling government bonds does the opposite. However, a Federal Reserve Bank can only employ open market operations with the explicit approval of the Board of Governors.

At the top of the caste is the Board of Governors. The Board is a 7 member panel who is appointed by the President of the United States and confirmed by the Senate. The Board' is in charge of, but not limited to: determining open market policies, setting the required reserve ratio for member banks, setting the discount rate, deciding how much new currency to print, monitoring the health of the U.S. economy, and report to Congress periodically on the state of the U.S. economy. The Board's most important duty is deciding it's open market policy, that is, whether it should order the Federal Reserve Banks to buy or sell government bonds, and if so, how much. This decision is made in conjunction with the Federal Open Market Committee. The FOMC is a 12 member panel can consists of all the Board members, the president of the New York Federal Reserve Bank, and 4 presidents from the other Federal Reserve Banks on a rotating basis. The presidents are appointed by each Bank's board of directors, pending approval from the Board of Governors. All the key monetary policy decisions (the ones that affect interest rates) are made by a government agency whose members are selected by the President of the United States. The Federal Reserve Banks may be privately owned, but it is controlled by the government.

THe Last President who decided to get rid of the Fed, was immediately assasinated.
http://www.john-f-kennedy.net/thefederalreserve.htm

Haha, really now? Where does it say in Executive Order 11,110 anything about the abolishment of the Fed? Pray tell, I'm interested.

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Response to U.s House Passed Audit The Fed Bill 2012-07-28 10:27:51 Reply

At 7/27/12 02:20 PM, Feoric wrote: So, let's cover the bases.

Unlike baseball ...you missed a few bases...but the misinformed don't know about those do they ?
1- The Fed is a Privately Owned FOR PROFIT BUSINESS
2- THe Federal Reserve operates that it will make a guaranteed 6% profit each year , which makes & proves it is a for profit business+ (what is rarely mentioned) the member banks get to keep the interest they make on 'their loans ' & futher as per the Fed requirement that 10 % be held as a reserve & fractional banking rules (aka ponzi scheme) means they can "loan out" ten times as much in loans as they actually hold in "reserve" called creating money out of thin air & it is why & where billions of so called wealth went when the housing buble burst.
Federal Reserve Statistical Rel;ease for Sept 24 2008 at 7,049 Billion dollars, 10% of that puts the American people on the fhook for interest payments on 700 Billion dollars (above 7& beyond their 6%) this is so the thieves....I mean banks can retain the reserves to accumulate interest on ten times that amount in LOANS !
3- The Fed does NOT get appropriations from Congress ! IT gets its money from Congress without Congressional approval by operating in " open market operations"
Which means whent he Treasury issues bonds & puts them into the hands of Bond Dealers...you or I would have to have "earned the money to buy them.
The Fed simply prints the money (creating it from blank paper at 6 cents per hundred dollar note) & buys the bonds Which the American TAX PAYER MUST PAY INTEREST ON!
Interest on your own money....greatest rippoff scam in the ENTIRE WORLD !
4 -FACT- THe control Congress has over the FED....from their own website is this - "The Federal Reserve is subject to over sight by Congress, which periodically reviews its activities
& can alter its responsibilities by statute"
....HMMMM reviews its activities, that MEANS ...AFTER THE FACT, afte the Fed has done whatever it pleases, Congress can reiew it, sure sounds like the Government is in control to me !

IF the Fed was actually a Governemtn held & controlled organization. he Governemtn could issue its own currency, without having to pay 6% GUARANTEED Interest as well as the outrageous interest on fractional reserves (money made up out of thin air) to a middle man.

The final problem I will mention is how can the so called Bank of last resort AKA the Federal Reserve ...need a bail out by the American People ?


The Federal Reserve System is a sort of quasi-government agency because it contains elements of both the private sector and government control.

;;;;WRONG THE FEDERAL RESEVE IS A PRIVATELY OWNED & OPERATED FOR PROFIT BUSINESS
AND IS THE ONLY BUSINESS IN THE USA, THAT IS TAX EXEMPT: :


THe Last President who decided to get rid of the Fed, was immediately assasinated.
http://www.john-f-kennedy.net/thefederalreserve.htm
Haha, really now? Where does it say in Executive Order 11,110 anything about the abolishment of the Fed? Pray tell, I'm interested.

;;;
It doesn't say it was getting rid of the FED.
IT was breaking their monopoly by issuing Government securities (aka money) backed by silver.
Which would have destroyed the Feds , federal reserve note, on the open market, because those notes are backed by nothing, why would anyone want to own a piece of paper that is backed by nothing...when you could own one redeemable for silver or goods ?
You really are quite dense. THat is why he was assinated, he threatened to bring down the Rothchilds money making machine in the USA !
DOn't fool yourself the Rothchilds & their cronies control the Central Banks of England , Europe as werll as the USA.


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Response to U.s House Passed Audit The Fed Bill 2012-07-28 16:10:21 Reply

At 7/28/12 10:27 AM, morefngdbs wrote:
At 7/27/12 02:20 PM, Feoric wrote: So, let's cover the bases.
Unlike baseball ...you missed a few bases...but the misinformed don't know about those do they ?
1- The Fed is a Privately Owned FOR PROFIT BUSINESS

You keep screeching that like it's a rebuttal to anything Feoric said. BTW, a non-profit business must keep some money to pay off debt and compensate employees. Anything leftover is donated elsewhere or reinvested into its charitable or educational mission as a business. The Federal Reserve is a lot like that except all its profits go to the US Treasury. Also, like a non-profit, it is tax exempt.

2- THe Federal Reserve operates that it will make a guaranteed 6% profit each year , which makes & proves it is a for profit business+ (what is rarely mentioned) the member banks get to keep the interest they make on 'their loans ' & futher as per the Fed requirement that 10 % be held as a reserve & fractional banking rules (aka ponzi scheme) means they can

It's funny how you throw "Ponzi scheme" out there for shock value when in this context it's nothing like a Ponzi scheme.

Federal Reserve Statistical Rel;ease for Sept 24 2008 at 7,049 Billion dollars, 10% of that puts the American people on the fhook for interest payments on 700 Billion dollars (above 7& beyond their 6%) this is so the thieves....I mean banks can retain the reserves to accumulate interest on ten times that amount in LOANS !

You're getting yourself confused. Probably because you're just copying and pasting from http://www.globalresearch.ca/index.php?context=va&aid=10489 without doing much thinking of your own (not that it would help, apparently).

Saying that taxpayers are on the hook for $700 billion dollars in reserves doesn't make any sense. Neither does the paragraph you took it from. Taxpayers only pay interest on loans they take out themselves; the $700 billion dollars in bank reserves has nothing to do with interest or taxpayers.

3- The Fed does NOT get appropriations from Congress ! IT gets its money from Congress without Congressional approval by operating in " open market operations"

Feoric never said it did.

Which means whent he Treasury issues bonds & puts them into the hands of Bond Dealers...you or I would have to have "earned the money to buy them.

No, open market operations involves the buying and selling of securities to manage the demand for the dollar and keep currency value stable. No one is handed anything for free.

The Fed simply prints the money (creating it from blank paper at 6 cents per hundred dollar note) & buys the bonds Which the American TAX PAYER MUST PAY INTEREST ON!

Except that the interest the Fed gets from US securities is donated almost entirely back to the Treasury, which would not be the case with any other buyer. I don't know what you're upset about. If you're mad that the government has a huge amount of debt that will probably have to be financed by the "TAX PAYER," join the club.

Interest on your own money....greatest rippoff scam in the ENTIRE WORLD !
....HMMMM reviews its activities, that MEANS ...AFTER THE FACT, afte the Fed has done whatever it pleases, Congress can reiew it, sure sounds like the Government is in control to me !

The government can't even agree on a budget. Do you really want elected officials managing and politicizing monetary policy? You think everyone in power is out to screw you over, I can't imagine why you would want more government control over the Fed.

It doesn't say it was getting rid of the FED.
IT was breaking their monopoly by issuing Government securities (aka money) backed by silver.
Which would have destroyed the Feds , federal reserve note, on the open market, because those notes are backed by nothing, why would anyone want to own a piece of paper that is backed by nothing...when you could own one redeemable for silver or goods ?

I'd summarize it for you but you really haven't quite earned the effort so far.
http://www.publiceye.org/conspire/flaherty/flaherty9.html

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Response to U.s House Passed Audit The Fed Bill 2012-07-28 17:20:50 Reply

At 7/28/12 10:27 AM, morefngdbs wrote: 2- THe Federal Reserve operates that it will make a guaranteed 6% profit each year , which makes & proves it is a for profit business+ (what is rarely mentioned) the member banks get to keep the interest they make on 'their loans '

This is entirely false. The member banks are, as I said earlier, required to own capital stock in their regional bank. The regional banks pay a set 6% dividend on the member banks' paid-in capital stock each year, returning the rest to the US Treasury Department. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the system. The stock may not be sold, traded, or pledged as security for a loan. The Federal Reserve Banks are not operated for the purpose of earning profits for their stockholders. The Federal Reserve System does earn a profit in the normal course of its operations, but these profits, above the 6% statutory dividend, do not belong to the member banks. All net earnings after expenses and dividends are paid to the Treasury.

& futher as per the Fed requirement that 10 % be held as a reserve & fractional banking rules (aka ponzi scheme) means they can "loan out" ten times as much in loans as they actually hold in "reserve" called creating money out of thin air & it is why & where billions of so called wealth went when the housing buble burst.

You have no idea what a ponzi scheme is, but regardless, what alternative do you propose? You want an end to the banking system as a whole? Without FRB banks cannot lend. Fractional reserve banking is the practice of only holding a fraction of of a given bank's deposits on hand at any one time to satisfy demands from their depositors. If you do away with fractional reserve banking, banks literally have to hold everything they take in on deposit against demands from their depositors. A bank's ability to create money is tied directly to the amount of reserves customers have deposited there. A bank must pay a competitive interest rate on those deposits to keep them from leaving to other banks. This interest expense alone is a substantial portion of a bank's operating costs and is de facto proof a bank cannot costlessly create money.

Federal Reserve Statistical Rel;ease for Sept 24 2008 at 7,049 Billion dollars, 10% of that puts the American people on the fhook for interest payments on 700 Billion dollars (above 7& beyond their 6%) this is so the thieves....I mean banks can retain the reserves to accumulate interest on ten times that amount in LOANS !

I have no idea what you're trying to say here.

3- The Fed does NOT get appropriations from Congress ! IT gets its money from Congress without Congressional approval by operating in " open market operations"

Uh, what? Are you seriously trying to tell me the Federal Reserve gets money from Congress? How do you get something "from" Congress without Congressional approval? This makes literally zero sense. The (again) publicly appointed Board of Governors controls the emissions of Federal Reserve Notes and can make monetary policy decisions largely independent of political pressure. The issuance of US Notes, on the other hand, would be controlled by the Treasury Department, an arm of the executive branch and a purely political entity. Monetary policy, in this economist's view, ought to be based on the needs of the economy, not on the needs of current incumbent political party.

Which means whent he Treasury issues bonds & puts them into the hands of Bond Dealers...you or I would have to have "earned the money to buy them.
The Fed simply prints the money (creating it from blank paper at 6 cents per hundred dollar note) & buys the bonds Which the American TAX PAYER MUST PAY INTEREST ON!
Interest on your own money....greatest rippoff scam in the ENTIRE WORLD !

You have absolutely no idea what you're talking about. Everything you're saying is a bunch of poorly regurgitated conspiracy theory ramblings. The Treasury Department prints Federal Reserve Notes and then sells them to the Federal Reserve system for an average cost of about 4 cents per bill; however, the Fed must present as collateral for the currency an amount of Treasury securities that is equivalent in value to the currency purchased. The Federal Reserve collects interest on all the Treasury securities it owns, including the ones held as collateral. Nearly all the Federal Reserve's net earnings are repaid to the Treasury. This is done per an agreement between the Board of Governors and the Treasury. When the Fed owns a bond, the Treasury is going to get back a substantial portion of the interest. From the Treasury's point of view, the more bonds the Fed owns, the better.

4 -FACT- THe control Congress has over the FED....from their own website is this - "The Federal Reserve is subject to over sight by Congress, which periodically reviews its activities
& can alter its responsibilities by statute"
....HMMMM reviews its activities, that MEANS ...AFTER THE FACT, afte the Fed has done whatever it pleases, Congress can reiew it, sure sounds like the Government is in control to me !

What's up with you and other conspiracy theorists making sure "Fed" is in all caps? Is FED scarier than just Fed? Congress can review it, so can the Government Accountability Office. I'm sure the GAO is in on the plot, too. Just like every member of Congress since the Federal Reserve's conception.

IF the Fed was actually a Governemtn held & controlled organization. he Governemtn could issue its own currency, without having to pay 6% GUARANTEED Interest as well as the outrageous interest on fractional reserves (money made up out of thin air) to a middle man.

It is a government controlled organization.

The final problem I will mention is how can the so called Bank of last resort AKA the Federal Reserve ...need a bail out by the American People ?

The Federal Reserve was never bailed out. The never notion of that is absurd.

;;;;WRONG THE FEDERAL RESEVE IS A PRIVATELY OWNED & OPERATED FOR PROFIT BUSINESS
AND IS THE ONLY BUSINESS IN THE USA, THAT IS TAX EXEMPT: :

NO YOU'RE WRONG HEY I CAN SCREAM AT YOU TOO
INSTEAD OF JUST SAYING THE SAME THINGS OVER AND OVER AGAIN PLEASE ACTUALLY REFUTE SPECIFIC THINGS I SAID LIKE HOW I'M DOING WITH YOUR POSTS OH IT HELPS TO HAVE SOURCES AND ALL THAT STUFF COMES ALONG WITH INTELLIGENT COHESIVE POSTS THANKS! ALSO THERE ARE PLENTY OF BUSINESS THAT HAVE TAX EXEMPTIONS!

It doesn't say it was getting rid of the FED.

Okay. Keep in mind you said this:

THe Last President who decided to get rid of the Fed

So I guess he wasn't trying to get rid of it. Let's see what he was trying to do!

IT was breaking their monopoly by issuing Government securities (aka money) backed by silver.
[more stuff[

I'll make a new post for this because I can't fit it in here. Stay tuned!

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Response to U.s House Passed Audit The Fed Bill 2012-07-28 18:48:32 Reply

At 7/28/12 05:20 PM, Feoric wrote: The Federal Reserve was never bailed out. The very notion of that is absurd.

Fixed that! Okay, let's talk about JFK.

At 7/28/12 10:27 AM, morefngdbs wrote: IT was breaking their monopoly by issuing Government securities (aka money) backed by silver.
Which would have destroyed the Feds , federal reserve note, on the open market, because those notes are backed by nothing, why would anyone want to own a piece of paper that is backed by nothing...when you could own one redeemable for silver or goods ?

EO 11110 was a modification of an already existing order, which was EO 10,289, ordered Truman. EO 10289 basically gave power to the Secretary of the Treasury which allowed him/her to perform actions without "the approval, ratification, or other action of the President..." None of the powers assigned to the Treasury in EO 10289 relate to money or to monetary policy.

To get an idea of what JFK was trying to accomplish with EO 11110 you have to know some pretty obscure US history. Kenendy refers to the Agricultural Adjustment Act (which was amended due to being ruled unconstitutional), which allowed the President to issue silver certificates in various denominations and in any total volume so long as the Treasury has enough silver on hand to redeem the certificates for a specific quantity and fineness of silver and that the total volume of such currency does not exceed $3 billion. Basically that means the Treasury has to be sure there is enough silver to back up silver certificates which cannot exceed 3 billion dollars. The Silver Purchase Act of 1934 also grants this power to the Treasury Secretary, however subject to similar limitations noted in the Agricultural Adjustment Act.

Moving forward into a new era, as economic activity grew in the fifties and sixties, the public demand for low denomination currency grew as well, increasing the Treasury's need for silver to back certificate issues and to mint new coins. During the late fifties, the price of silver began to rise and reached the point that the market value of the silver contained in the coins and backing the certificates was greater than the face value of the money itself. So, there's a problem here. In order to conserve the Treasury's silver needs, the Silver Purchase Act and related measures were repealed by Congress in 1963 with Public Law 88-36 (signed by Kennedy himself). Following the repeal, only the President could authorize new silver certificate issues, and no longer the Treasury Secretary. The law slso permits the Federal Reserve to issue small denomination bills to replace the outgoing silver certificates (prior to the act, the Fed could only issue Federal Reserve Notes in larger denominations). The Treasury's shrinking silver stock could then be used to mint coins only and not have to back currency, which was becoming unfeasible due to reasons previously stated. The repeal left only the President with the authority to issue silver certificates, however it did permit him to delegate this authority. EO 11110 does this by transferring the authority from the President to the Treasury Secretary.

So, it's tremendously silly you think he was killed (by the federal reserve, nonetheless) because of this. The intention behind EO 11110 was to ease the process for the removal of silver certificates so that small denomination Federal Reserve Notes could replace them in accordance with a law Kennedy himself signed. If Kennedy had really sought to reduce Federal Reserve power, then why did he sign a bill that gave the Fed still more power?

You really are quite dense. THat is why he was assinated, he threatened to bring down the Rothchilds money making machine in the USA !
DOn't fool yourself the Rothchilds & their cronies control the Central Banks of England , Europe as werll as the USA.

Right.

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Response to U.s House Passed Audit The Fed Bill 2012-07-29 10:30:27 Reply

At 7/28/12 06:48 PM, Feoric wrote: Right.

If you want to belive a lie.
That's your business.
THe truth is still the truth
You can't change the creators & controllers of the Fed were & are the banking elite of the world. ANd while I don't belive they are trying to form a new world order or Government (why would they there's no profit in it...but there sure is a shit load of profit from WAR)
THeir goal was & is to put the money (aka wealth) of the world under their control & then the Governments would be who & what they want, as well as do what they want. And they are well on their way with that agenda.

http://rainbowwarrior2005.wordpress.com/2008/09/29/federal-r eserve-owners-and-history/


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Response to U.s House Passed Audit The Fed Bill 2012-07-29 11:32:09 Reply

At 7/25/12 08:10 PM, FaeryTaleAdventurer wrote: Greatest news in financial history. Will be even greater when the Senate actually agrees that enough is enough, the Fed needs to open up 100% to what it's been doing with our money!!!

;;;;

More historical bullshit done by the Fed, for those of you who realise looking at the world through rose colored glasses changes no reality.
http://www.24hgold.com/english/news-gold-silver-federal-rese rve-follies--what-really-started-the-great-depression.aspx?a rticle=434234832F8350&redirect=false&contributor=Antal+E.+Fe kete


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Response to U.s House Passed Audit The Fed Bill 2012-08-02 18:11:09 Reply

ANother great Article on the Fed.

Is it possible Congress may actually do its job !

http://www.24hgold.com/english/news-gold-silver--audit-the-f ed---restore-free-markets-for-free-people-.aspx?article=4003 438820G10020&redirect=false&contributor=Gary+Dorsch


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