Welcome to the American Revolution II

Welcome to the American Revolution II
But when a long train of abuses and usurpations, pursuing invariably the same object evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and to provide new guards for their future security.
"We face a hostile ideology global in scope, atheistic in character, ruthless in purpose and insidious in method..." and warned about what he saw as unjustified government spending proposals and continued with a warning that "we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex... The potential for the disastrous rise of misplaced power exists and will persist... Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together."Dwight D. Eisenhower

Monday, June 29, 2009

Federal Reserve Inspector General hedges on trillions missing in Congressional hearing

Federal Reserve Inspector General on trillions missing
Is the Federal Reserve bringing US and world economies down?
(AP Photo)
The Inspector General of the Federal Reserve in the video below acknowledges that trillions of dollars cannot be accounted for. The astonishing five-minute clip is taken from a Congressional hearing where Federal Reserve Inspector General Elizabeth Coleman is questioned by Congressman Alan Grayson of Florida on May 6th about huge amounts of money for which the Federal Reserve is responsible.
The Inspector General avoids answering almost every question asked by the Congressman. In fact, she appears in this video clip to know less about the finances of the Federal Reserve than Congressman Grayson.
Among the many important questions raised, Grayson requests information on the Bloomberg report that many trillion of dollars in credit have been extended by the Federal Reserve. When the Inspector General avoids answering, Grayson states, "If you're not responsible for investigating that, who is?" Once again, she avoids the question stating, "We've not gotten to a specific level of detail to really be in a position to respond to your question."
At another point, Coleman answers a further question with, "We are not in a position to say whether there are losses." Yet if the Inspector General of the Federal Reserve cannot account for trillions of dollars extended, who can? Grayson holds his composure very well throughout the questioning. He concludes, "I have to tell you honestly, I am shocked to find out that nobody at the Federal Reserve, including the Inspector General, is keeping track of [the unaccounted for trillions]."
Watch this highly revealing five-minute video clip here:
Because of severe problems like those revealed in this video, Representative Ron Paul of Texas is sponsoring a bill to audit the Federal Reserve. HR 1207, The Federal Reserve Transparency Act, would force the Reserve to be accountable to the public. Congressman Ron Paul already has 179 co-sponsors of the bill, and that number is growing. Check the list of Congress members co-sponsoring the bill at this link. If your representative is not on the list, please contact them and encourage them to sign on. You'll find lots more excellent information on this bill at the above link.
What most people don't realize is that the Federal Reserve is neither fully federal, nor a true reserve. In fact the Reserve is owned by its member banks and not by the government. Yet it issues money for the U.S. government (look at the top of any dollar bill), and then charges the government interest on this money it lends. Its creation in 1913 was widely opposed by the public and many key politicians. For more powerfully revealing information on this, see the well researched article available at this link.
For other highly enlightening information on this critical topic, read the letter Congressman Grayson has written to his Congressional colleagues asking them to bring accountability to the Federal Reserve at this link. If you care about what is happening to our national and global economy, these links are required reading.
The box immediately below provides several ideas on what you can do to help make the Federal Reserve accountable and expose all that is going on behind the scenes. We also invite you to comment below and let us know what you think. Should the Federal Reserve be accountable to Congress and the public, and should it be owned by the wealthiest bankers in the country?

What you can do:
  • Inform your media and political representatives of this important information. To contact those close to you, click here. Urge them to support HR 1207 and bring publicity to this important topic. Invite them to read this article and the links included.
  • Learn more about major money manipulations and what we can do about it in this powerful lesson from the free Insight Course.
  • Read concise summaries of revealing major media reports on banking and Federal Reserve manipulations available at this link.
  • Explore inspiring ideas on how we can build a brighter future by reading this short essay.
  • Spread this news to your friends and colleagues, and bookmark this article on key news websites using the "Share This" icon just below the title of this article, so that we can fill the role at which the major media is sadly failing. Together, we can make a difference.

What Does One Trillion Dollars Look Like?

Elizabeth Coleman's testimony

Elizabeth Coleman is the inspector general of the Federal Reserve of the United States, commonly referred to as the Fed.
This is the little-understood institution which prints and regulates all U.S. money.
As inspector general,
the Federal Reserve website states Elizabeth Coleman is "responsible for preventing and detecting waste, fraud, and abuse."
Yet in eye-opening, videotaped Congressional testimony, Fed Inspector General Coleman acknowledged that she can't account for many trillions – yes trillions – of dollars of taxpayers' money.

Do you know how much one trillion dollars is?
It's over $3,000 for every man, woman, and child in the U.S.
If you only count taxpayers,
it's equivalent to $7,000 for every taxpayer.
Yet Coleman acknowledges the Fed is not missing just $1 trillion,
but many trillions of taxpayers' dollars.

In the video clip she says she knows nothing about nine trillion dollars ($9,000,000,000,000) that is claimed to be unaccounted for. That's $63,000 for each taxpayer. It's also three times the amount of the entire annual federal budget of the United States missing in action! These numbers are simply staggering, yet they are getting amazingly little media coverage...


Ron Paul’s Bill To Audit The Federal Reserve Now Has 237 Co-Sponsors

Ron Paul’s bill to audit the Federal Reserve (HR 1207) now has 237 co-sponsors, and the numbers keep growing! At the same time, HR 1207’s companion bill in the Senate, S 604, is beginning to attract its first co-sponsors!

This is history in the making, and victory is within reach. Imagine what will happen if HR 1207, The Federal Reserve Transparency Act, comes up for vote in Congress! With more than 53% of the House of Representatives already co-sponsoring this bill, it has real potential to pass — BUT only if we educate and rally the people to support it and get our Congresspeople to put it to vote and pass it.

Step 1: Your Representative

If your representative is not on the following list of HR 1207 co-sponsors, call their offices, write to them, email them. Let them know they need to support HR 1207. If you live in their district, let them know. Go to their office.

Capitol Switchboard: (202) 224-3121

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