Texas Congressman Ron Paul has recorded a video update on the
ongoing effort to audit the Federal Reserve, assuring supporters
that the establishment in Washington is paying very close attention.
As Paul states in the video, 272 members of the House, 95 of
them Democrats, now support HR 1207, Ron Paul's "audit
the Fed" bill.
In addition, 13 members of the Senate, 2 of which
are Democrats, have pledged support for S 604 The Federal Reserve
Sunshine act, the companion bill in the Senate.
"I think it is going to be impossible for
them just to ignore everything we have done and just walk away,
something will be done," Paul comments. "The big question
is will we be able to get something worth while?"
"It makes me think about what happened in
the 1970s, the last time there was a major economic crisis there
was an effort to go after the Fed. In 1978 there was the law
passed that said the Fed could be audited, except for... and
they put in all those provisions that we're planning to repeal."
The Congressman said, in reference to the current restrictions
on auditing the Fed’s discount window operations, funding
facilities, open market operations and agreements with foreign
central banks and governments.
"Believe me, the people in Washington, the
people at the Fed and the establishment are very very much aware
of this grassroots effort." The Congressman tells viewers
on his Campaign
for Liberty website.
"The big guns are coming out now. They are
trying to line up the establishment economists and other business
people to warn people about the great danger of the American
people finding out who is benefiting from the behind the doors
activities of the Federal Reserve."
"It seems like the consensus is now from
the establishment and from the Federal Reserve is that they
will concede to some of our requests, but they don't want monetary
policy looked at in any way whatsoever."
"If they are getting public money, the American
people deserve to know who is getting it and why," Paul
says referring to the Fed's refusal to disclose where trillions
in bailout funds has gone.
"The idea that private companies deserve
to be kept totally secret and at the same time get big loans
and special privileges from the Federal Reserve, which is outside
the realm of what the Congress does, I don't agree with that."
The Congressman states.
"They can claim a hundred or so pseudo economists
claim that we shouldn't know anything about the Fed, but to
tell you the truth, I believe there are millions and millions
of Americans who absolutely demand that we know what's going
on with the Fed. I think all Americans would demand it if they
knew exactly what is going on and what has been going on, and
how powerful the Fed is." Paul comments.
Watch the full update below:
(Article continues below)
If passed, HR1207 will ensure that the Fed make public the
destination of the trillions in taxpayer “loans”
that have been simply handed over to private banks without oversight.
Bernanke will be seated before Congress and forced to provide
meaningful answers to important questions instead of worming
his way out of them, citing "extraordinary circumstances"
and the like, as we have seen him do over and over for the past
The bill, if it becomes law, will expose how the Fed has consistently
engaged the inflation of the currency for the gain of a few
elite international bankers, further exposing how this kind
of criminal action has directly led to financial crises and
recessions for decades.