posted on Jul, 22 2011 @ 10:09 PM
Originally posted by Gutterpus
Bernie Sanders along with Ron Paul have done something we've all been waiting for - an audit of the fed. I searched for this and didn't find it, so
hopefully I'm not duplicating something.
It appears the Fed has given away trillions of dollars to foreign banks and corporations. So, what’s new? Except now, the cat is getting out of
This should cause some uncomfortable stirring among the elite. But of course we probably won't hear about it anywhere except for sites like ATS.
I haven’t read the whole 266 page report, and I really don’t have the brains to understand all of its implications, but I can’t imagine this is
good news for Wallstreet.
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in
secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen.
Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a
result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest
financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the
rich and rugged, you're-on-your-own individualism for everyone else."
edit on 21-7-2011 by Gutterpus because: (no reason given)
edit on 21-7-2011 by Gutterpus because: (no
I beg to differ that this is "top-to-bottom" audit of the Fed as stated in the quoted text from Rep Sander's website.
Ron Paul's quest to audit the Fed. has a lengthy legislative history.
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
A handful of Fed-loving U.S. senators led by Chris Dodd rewrote the Senate version of the Financial Reform Bill to strip out Ron Paul’s Audit
the Fed amendment and actually expand the Fed’s power over banks, lending and money. As Alan Grayson pointed out here, and Ron Paul commented on
here, the Dodd bill completely eliminated legislation to audit the Federal Reserve, which already passed in the House.
Sen. Bernie Sanders (I-Vt.) introduced an amendment on the floor effectively adding the Grayson-Paul language to the Senate bill, but later
changed his amendment under pressure by the Federal Reserve and the Obama administration. The altered Sanders amendment passed the Senate on May 11,
2010 by a unanimous 96-0 vote.
So, basically succumbing to pressure from the banks and a good deal of lobbying money, they took the teeth out of it.
On May 6, 2010 Bernie Sanders sold out to the bankers by modifying his amendment to the extent that it would allow the Fed to keep many of its
activities secret. On May 11, 2010 the Sanders amendment passed the Senate by a unanimous 96-0 vote.
And, basically the report that has been released is a result of that legislation. While yielding several important revelations, it is certainly NOT a
full audit of the Federal Reserve!
But, true to his character, Dr. Paul has not given up. He has reintroduced a bil to audit the Federal Reserve with the Federal Reserve Transparency
Act (HR 459 & S 202).
This year, Audit the Fed is back with a vengeance. Reintroduced on 01/26/2011 as HR 459, Ron Paul’s bill to audit the Federal Reserve now has
162 co-sponsors, and the numbers keep growing! HR 459′s companion bill in the Senate, S 202, has already attracted 6 co-sponsors.
Visit the link if you would like to read the bill (short and simple) or see if your rep is a co-sponsor.
Just wanted to give y'all a heads up