20th July 2012
THE FEDERAL RESERVE SYSTEM
At the center of this octopus of global control is the Federal Reserve System [in modern times seen as the US Federal Reserve Bank - privately owned]. It was originally called the National Reserve System, and was presented in 1911 and 1912 via the Aldrich Plan.
The idea was to outsource the control of the US financial system
to a private consortium of international bankers.
Americans then essentially rent their money from these bankers - and pay them for the honor of using it. As billionaires, the trust and collateral of these bankers is supposedly superior to any "reserve" within the US government itself.
This vintage cartoon shows how there was a widespread understanding in the early 20th Century, of the danger we faced if we allowed private bankers to seize control of our financial system.
WHAT WERE THE RESULTS?
This problem did not begin in 1911.
Once you have read Financial Tyranny, you will be well aware that it goes back to at least the 1700s.
The results of the Federal Reserve [Bank or 'System'] were elegantly summed up by the Ron Paul site:
Ron Paul Site - Audit the Federal Reserve
The Federal Reserve is the chief culprit behind the economic crisis.
Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle - and causes one financial bubble after another.
Since the Fed’s creation in 1913, the dollar has lost more than 96% of its value, and by recklessly inflating the money supply, the Fed continues to distort interest rates - and intentionally erodes the value of the dollar. For the past 30 years, Congressman Ron Paul has worked tirelessly to bring much-needed transparency and accountability to the secretive bank.
And in 2009 and 2010, his unfaltering dedication showed astonishing results:
HR 1207, the bill to audit the Federal Reserve, swept the country and made the central bankers shudder at their desks.
The bill passed as an amendment both in the House Financial Services Committee and in the House itself. But eventually the most significant portions of the bill were derailed. (Full story here.)
NOT THIS TIME
Ron Paul's original bill led to a shocking disclosure:
The Federal Reserve paid 26 trillion dollars in bailouts
With American money it printed, without our permission - to its own member banks surrounding the financial crash of 2008. This has still not created anywhere near the degree of outrage that it should have. Corporate media has completely ignored it - because to publicize it would speed their own destruc-tion.
Here is a small part of the letter where Congressman Alan Grayson reveals how he found this number in the newly-audited Federal Reserve balance sheets to John Hively - “The World’s Most Accurate Economic Forecaster Since 1989."
CONGRESSMAN GRAYSON:
"I wouldn’t want anyone to think that I’m dramatizing or amplifying what this GAO report says, so I’m just going to list some of my favorite parts, by page number:
"I wouldn’t want anyone to think that I’m dramatizing or amplifying what this GAO report says, so I’m just going to list some of my favorite parts, by page number:
"Page 131 – The total lending for the Fed’s “broad-based emergency programs” was $16,115,000,000,000.That’s right, more than $16 trillion.
"The four largest recipients: Citigroup, Morgan Stanley, Merrill Lynch and Bank of America received more than a trillion dollars each.
The 5th largest recipient was Barclays PLC.
The 8th was the Royal Bank of Scotland Group, PLC.
The 9th was Deutsche Bank AG.
The 10th was UBS AG.
"These four institutions each got between a quarter of a trillion and a trillion dollars. None of them is an American bank.
"Page 205 – Separate and apart from these “broad-based emergency program” loans were another $10,057,000,000,000 in “currency swaps.” In the “currency swaps,” the Fed handed dollars to foreign central banks, no strings attached, to fund bailouts in other countries….
"These currency swaps and the “broad-based emergency program” loans, together, totalled more than $26 trillion.
"That’s almost $100,000 for every man, woman, and child in America.
"That’s an amount equal to more than seven years of federal spending — on the military, Social Security, Medicare, Medicaid, interest on the debt, and everything else.
"And around twice America’s total GNP….
"If the Fed had extended $26 trillion in credit to the American people instead of Wall Street, would there be 24 million Americans today who can’t find a full-time job?"
NOW THE AUDIT HAS THE POTENTIAL TO BE COMPLETED
However, as the above quote from the Ron Paul site reveals, "the most significant portions of the bill were derailed."
That all may have just changed. The magic date should sound quite familiar by now - June 27, 2012.
The House Oversight Committee easily cleared legislation Wednesday that would require a top-to-bottom audit of the Federal Reserve. The bill, sponsored by Rep. Ron Paul (R-Texas), was advanced by the committee on a bipartisan voice vote with no vocal opposition. The measure, which has garnered 257 co-sponsors from both parties, would require the Government Accountability Office (GAO) to conduct a full audit of the Fed's operations, including its monetary policy deliberations, for the first time...
Before the audit bill cleared the oversight committee on Wednesday, ranking member Elijah Cummings (D-Md.) attempted to introduce an amendment that would prevent the GAO from auditing the Fed's deliberations on monetary policy. Cummings withdrew the amendment after Chairman Darrell Issa (R-Calif.) voiced opposition, saying it "essentially guts this bill." Issa maintained it was ironic that Congress took an intense interest in the $2 billion and counting in losses suffered recently by JPMorgan Chase when it "pales in comparison" to the Fed's multi-trillion dollar portfolio.
"It is long past time for a real audit," he said.
Fed Chairman (Bank) Ben Bernanke has previously opposed congressional attempts to audit the Fed's monetary policy deliberations, saying it would expose the politically independent institution to lawmaker pressure.
VERY INTERESTING THAT BOTH OF THESE THINGS
HAPPENED ON THE SAME DAY
I find it very interesting that the Department of Justice blew the whistle on the LIBOR scandal on the same day that the new "Audit the Fed" bill passed the House Committee. Clearly there is a "read between the lines" message being given here - for those who are paying attention.
The Federal Reserve [Bank] IS the heart of the "cartel" of bankers that are manipulating the LIBOR rate.
It is safe to say that the Federal Reserve [Bank] and its affiliates were completely caught off guard by this surprise one-two punch - and have been scrambling to contain the damage ever since. Though this has now become a tremendously significant issue in Great Britain, the controlled US monopoly press has essentially been plugging its ears and humming, hoping it will just go away.
Just as I was preparing to publish this, we had another tragic mass shooting in Colorado. Once you've read Financial Tyranny, you may start to wonder if these "lone nut" assassins are really acting alone.
Stories like this can dominate the headlines for weeks - and wash away other, embarrassing issues for the Cabal in the meantime.
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