Ron Paul Gets Hearing On Fed Audit 9:00 AM Friday 9/25!

Originally posted by double_frick

auditing the FED is for the greater good no matter what occurs because of it

i couldn't agree more with that statement.

I whole heartedly agree!

Here's an excerpt from by blog on this subject -

Hold onto your hats and tie down your dog - there's a hurricane blowing through town!

China, Russia and everyone else who isn't part of the dollar dependent 'Western-Bloc' are 'loving the smell of napalm in the morning' as they stoke the fire under the U.S. financial system.

www.telegraph.co.uk...

The Chinese are leading the way at changing the pecking order in terms of global financial power. In typical far-eastern style, they have copied something the west invented, and made it far more effective. Being attentive students of the American financial machine, the Chinese government and financial sector have learnt how to play the U.S. at its' own game. By buying up enough of the U.S Dollar, they have effectively seized control of the U.S. money supply.

The Chinese now have $2 Trillion liquid USD sitting in their foreign currency reserve. This essentially means that they have direct control over the liquidity of the Dollar, and can manipulate it according to their whim. If they want to lower the value of the Dollar, they release some of the reserve. To raise it, they buy more for their reserve. To quote an annoying Meerkat - "Simples".

This begs the question - Why can the US banks and central bank not fight back?

The Chinese have timed this perfectly. The massive defaults and 'writing-off' of huge debts has meant that there is very little 'good' money floating around in the U.S. financial system. The corrupt Federal Reserve has had to 'print' more Dollars to shore-up the shortfall that was created when the bubble burst.

The Chinese reserve, 'liquid' in it's nature was untainted by the huge debt spiral created by the credit crunch. Therefore, the Chinese and other countries with large Dollar reserves found themselves in a position of power over the U.S. economic machine - they had lots of safe, disposable cash - the Americans didn't. This is a vast generalisation, but in a nutshell - the model works. The Federal Reserve is still playing catch-up, and it will be sometime before the equilibrium between reserves held overseas, and internal reserves returns - if at all.

That last point makes things interesting. What happens if the Dollar DOESN'T recover? What currency would be adopted as the 'world currency' then? What does this mean for the U.S?

My prediction is this. The USD is NOT going to recover. The Chinese, Russians and others have spotted the opportunity to finally remove the Americans from their seat of economic power. There have been a raft of recent media reports about the new 'Eastern-Bloc' looking to divest themselves of the USD. Due to 'confidence' issues. This is true and makes sense of course, but it also means the USD will remain consistently low in value, as no-one wants to buy a currency that is only going to de-value. The Federal Reserve, the issuing authority behind the Dollar, and a PRIVATE BANK, cannot stop this, for the first time in a long time, they have been out-maneuvred.

(At this point, we have to bear in mind - it is not the governments who are in ultimate control, it is the people who control the banks and central banks. The bankers, can quite literally, buy and sell people and nations. Keep this in mind when thinking about handing over control of a world currency to bankers.)

The biggest and best weapons in the Federal Reserves' arsenal, the IMF and the World Bank, are both underwritten by the Federal Reserve and the Dollar. How do the Chinese and Russians etc plan to remove U.S. control from these global (American made and imposed) institutions? Easy - play the Americans at their own game again. Invent a new currency and impose it on everyone, and keep control of it.

(Blog post continued....)

At a recent G8 conference, President Medvedev of Russia revealed a freshly minted Global Currency Coin as an example. Now, in the link at the top of the page, a Chinese and Russian backed 'authoritative economic body' has for the first time backed their plan of a single global currency, independent of any particular nations economic, domestic or moral inclinations. The Global Single Currency has arrived.

Two questions remain - who is going to have overriding influence over the control of this single currency? This will be a vicious struggle, as to juxtapose a quote from the film 'Dune' with this situation - "Whoever controls the world currency, controls the world."

The second question is - what will happen to the U.S? And US in the UK?

Our standards of living vastly outweigh our economic power - is this when the long predicted economic realistion and balancing of the 'playing-field' will take place? Both U.S. and UK governments fear this, and fear the riots, revolutions and sectarianism that will result.

Our nations are lazy, fat, and resting on our conquered / stolen laurels. I think it's time to get real.

The Para.

We have a financial collapse from hell coming very soon, a new virus release by WHO, and a very sick evil crowd runing the show. October and it will (probably) be visiably OVER.

reply to post by Parallex


Very good post. Possibly the nukes will start flying and any stored supplies will (most likely) evaporate along with you and I. One sick a** planet and their is no backing up form this day forward. Enjoy what you can while theirs still is (maybe) an it-see, bit-see little time left. Excuse spellingt please.....burp.

Originally posted by gaslaugh123
We have a financial collapse from hell coming very soon,.

I agree! And there is no way in hell you can get out of it either. About 59 trillion dollars in Dept and rising. Maybe the Bible is right after all. No one will trade with a nation that has nothing but dept and imaginary printed credit to offer.

Oh yeah it sure is a interesting time we are living in. The next thing to happen is that the Federal Reserve pack up and leave. The owners are not even Americans. But Europeans.

[edit on 27.06.08 by spy66]

Originally posted by Hx3_1963
reply to post by burntheships

 

Well something is in the cards...

Basil II & III is set to start Oct 1st...

[edit on 9/21/2009 by Hx3_1963]

I need to point out two things:

1) There is no governance called Basel III, it's actually called Basel II, Pillar 3.

I say this as I spent time looking for Basel III (as people keep calling it) only to find that that it does not exist. Here is more on the Basel II Accord

en.wikipedia.org...

2) That said, there is no law/directive/regulation that I've been able to find that states Basel II, Pillar 3 will be enacted within the U.S. on 9/30/2009.

A number of people keep pointing to this as the implement date but I've found not evidence to support this. If you can point to some documentation, that would be great.

I'm not saying the U.S. won't move in that direction, I've simply been unable to find docs stating it will take place this month.

Be well.

THE INFERIOR COMPLEX AND THE CRIMINAL MIND-WE NEED TO CREAT A NEW PARTY CALLED THE CONSTITUTIONAL PARTY NO BS JUST OUR RIGHTS WITHIN THE LAW THE CORPORATIONS AND MONEYLOVERS HAVE CREATED THE MESS AND THE BALL NEEDS TO BE CLOSED FOR GOOD BEFORE THEY CAN DO ANY MORE HARM TO THE U. S. OF A . FROM THE LOWLY INFERIOR COMPLEXED TO THE HIGHEST ARROGANT CROOKS WE NEED TO BEGIN TO DISMANTLE THE MATRIX OF CRIME AND MONEY AND BEGIN TO DO LIVE BY OUR CONSTITUTIONAL LAW BECAUSE IF WE DID WE WOULD HAVE WHAT WE DESERVE AND NOT WHAT CAN BE TAKEN BECAUSE OF AN ENTITLEMENT MENTALITY FROM EVERY PART OF AMERICA WE ALL HAVE OUR OWN PART TO DO

[edit on 21-9-2009 by FREEBIRD09]

I hope you guys do realize that neither China nor Russia nor anyone else would ever purposefully cause the collapse of the US market because that is economic suicide for both countries.

Lets take China for example, lets say the dollar devaluates massively, that leaves many Americans with much less buying power, and thus they will buy much less Chinese goods. Since the Chinese are so dependent on the US to buy their products, many businesses in China will go bust causing a depression there.

Lets take Russia, if both the US's and China's aggregate demand collapses because of the collapse of the US's markets which causes the collapse of China's markets (see above) then oil will plummet in price since the US and China are the biggest buyers of oil, causing Russia's economic system to collapse due to dependence on oil.

With Russia, China, and the US markets collapsing they will drag the rest of the world off the cliff with them, creating a global depression that would be difficult if not impossible to escape. So no, I don't think China and Russia, for all their rhetoric, will purposefully collapse the US's market and thus the world market.

But I guess the FED just said NO! they will not let the Audit go thru...

www.bloomberg.com...

and there is a post in these forums:

www.abovetopsecret.com...

I just found this and thought it would be pertinent here.

The institution which creates and oversees America's currency wants to keep a "low profile," according to a published report on Monday, and may willing to dodge the U.S. Treasury in order to do so. According to Bloomberg News, the Federal Reserve Bank will not submit to a voluntary public study of its internal structure and methods of governance, as it was requested to do so by Treasury Secretary Timothy Geithner. Geithner is the former New York Federal Reserve Bank chairman. The review he requested is part of President Barack Obama's financial regulatory reforms, which he proposed in mid-June. Part of those reforms would have studied the Fed's "ability to accomplish its existing and proposed functions" -- a proposal the bank's board of governors appears to have flatly rejected.

Flatly rejected. WOW!! I say this to each and every one of you. DO THIS!!

Flatly reject that which you don't care to do/abide by/pay for.... DO IT!

Is it anarchy or breakdown? Maybe, but, by GOD, if they can do this why can't we???

Originally posted by 2kni3
My gut feeling tells me that the powers that be are letting this happen by design .

I agree with you 2kni3, something is in the works and I may have deduced part of it. Ron Paul for years have been saying stuff about getting rid of the FED and/or auditing the FED, etc. etc.. In essence he has become a joke in the congress. But now they are giving him his day, for what? I mean both Bush and Obama and whatever cohorts in both houses was able to dump trillions to the wallstreet banks and overseas without so much as a thank you but they can't get this little grass root thing stopped? The presidents know from the get go who controls the economy once they get into office, so they usually go along (even the members of congress and the senate). All it would take is for the leaders of the house and senate to go to the their people and say no to signing a petition to auditing the fed and it's done.

This is being done because the jig is up and they need a straw man to take the fall. The strawman will be the hated FED, and the Fed will be reborn but under a different name into another institution. The govt. can't keep the markets (not economy but markets) from staying at the highs they are at unless they print more money. That is one reason why the stock market is doing so well but unemployment continue to go up and foreclosures continue to rise. The real brick and mortar economy is not getting any better and the wallstreet shell game is an illusion to sucker new money into the process. I've heard things about the Sept. 30th deadline for the end of the year reporting from banks. Also about regional bank holidays this fall etc. etc.. Heck Irwin financial (i know people who had accounts at the bank in Kentucky and Indiana went down Friday after the markets closed and reopened as another named bank.

Have any of you heard of the old saying monkey sees monkey do. Well lets look at the banks just like that. If the big banks where taking risks and demanding that more loans be made because they were going to securtize the risks, why wouldn't the small to medium regional banks get into the same business of making risky loans to benefit them first. I believe that there are a ton of banks that took just as much risks if not more in order to make money. They saw the big ones making money and they probably thought we could make money also, why else would so many banks be failing and still are waiting to fail. We are in the first stages of the Depression part II and the govt. is doing everything it can to keep the consequences of their leadership and direction from impacting the american public. Here's something, why is it that it's okay for govt. officials like the president (Bush and others) to say keep spending to keep this economy going (even the pundits in finance say the same thing). That goes against much of what I was brought up and instructed in school, where your supposed to be a good saver.

And for the person who posted about the 134 Billion dollars of treasury bonds that where attempted at smuggling to switzerland from Italy, was never explained and the news story didn't really make it into the MSM and if it did soon dropped off the radar. First they said they where real and Italy was happy (because they get to keep a large percentage), then it came back without the US going to see saying they where fake and after the Americans and Japanese talked to the Italians they let them go. If they where fake why let them go, I would want them held until they told me how and who made them. They where in 500 million dollar increments which if your a forger would be alot easier at 500,000 dollar increments. They would even fact check Geitner if he came in with that amount of bonds for money. And why sneak in, it was reported that they where with the japanese govt.. Wouldn't it have been easier to fly into Switzerland and sell them then, somethings fishy.

reply to post by tk1967
Guess we need to look into this a tad more, but, I found this...

The Recession has Technically Ended, Is Bernanke Joking?
www.marketoracle.co.uk...

~
September 30th is the date all banks worldwide must become Basel II and Basel III compliant. Those who do not will not be allowed to trade outside of their borders with any bank, nor within their borders with a Basel II or III bank. US banks have massive derivative exposure “off balance sheet”, thus they won’t qualify under Basel III. If pursued the world will find out that the US banking system is bankrupt. The world knows the Fed is the lender of last resort and its problems are beyond repair, so is it any wonder gold has broken out to new highs. This is a monumental event and if it has to be adhered too all hell will brake loose in October.

And I know what yer speaking of...Basel II Pillar 3...just didn't communicate it well at that moment in time... ...so...Basel II Pillar 3 is the cause of the crash last fall???

The Implementation of Basel II: Some Issues for Cross-Border Banking
www.federalreserve.gov...

~
It was a difficult decision for the Basel Supervisors' Committee to delay by one year, to 2008, the start date for implementation of the advanced approach while retaining the 2007 target for the other approaches. The delay reflected the realities that many banks that will be applying the advanced approach needed more time and that the requirements in the United States for public comment and review made it impossible for final U.S. rules to be promulgated before 2006. Thus, the earlier start for the other approaches, along with the imposition of the 95 percent of Basel I capital floor for that first year, 2007, seemed to all concerned to be a reasonable compromise, more practical than trying to hold to the original schedule for all banks or delaying the start date for approaches not permitted in the United States.

Under the circumstances, consistent with our agreement to have a single, worldwide start date for the advanced approach, the U.S. authorities do not see any opportunity for implementation of the advanced approach in the United States before 2008, regardless of any individual bank's ability and readiness to do so.

And here's a post by HimWhoHathAnEar...

www.abovetopsecret.com...

And for all you number geeks...

usdebtclock.org

[edit on 9/21/2009 by Hx3_1963]

reply to post by burntheships


hhhmmm got to wonder if this could be the impetus for the next crash...??

i love how the dow follows job loss trends...job losses go up...the market goes up...

its a miracle!...lol

Originally posted by Hx3_1963
reply to post by tk1967

 

Guess we need to look into this a tad more, but, I found this...

[edit on 9/21/2009 by Hx3_1963]

Thanks for the reply!

If the banks in the EU have been able to manage the Basel II (all three pillars) and they have not fallen, why can't the US?

I don't mean to ask that in a nonchalante manner, but it would seem reasonable to follow their actions in order to prevent a downfall. Wouldn't it?

That said, if all US banks MUST be Basel II compliant by 10/1 (or on 9/30) then I suspect there would be significant issues within the financial world (collapse, run on the banks, institutions going under, people out of funds) but I'm still having an issue with the whole concept simply because we lack any solid proof that the drop dead date is 9/30.

Yes, the Market Oracle site has a very good article and a lot of data showing how the recession is over but the lack of an document (governmental in the US or EU) makes me question what is really going on, ya know?

There is the aspect that one can say "They want to keep us in the dark" but I don't know that such a HUGE event could be hidden. Of the people I know in the financial world none are saying 9/30 is a huge date, but they are aware of the Basel II regulations.

Thanks again for the input. Please don't take me as playing a doubting thomas, I'm just trying to find as much info as possible to draw the best conclusion I can.

I just hope 9/30 isn't the date as, if it is, the next slide is on the way...

I surprised that the bill has gotten this far I think it's a minor miracle that it has gotten this far in the House. I don't expect it getting passed the Senate if they don't just make this disappear.

We may get an audit but we won't get any answers, at least not truthful ones anyway. The only reason we're even getting an audit is because the powers that be want to feed us some garbage lies that we'll believe from an audit.

I guess we'll see...

S&F

reply to post by threekings


In a catastrophic failure of the monetary system of the US, and subsequently the US Dollar, "cashing out" is only smart if these persons are taking their proceeds and then investing them into another currency which may have greater influence/stability in the aftermath. I suppose that's a wait-and-see game on both fronts there (the system failure and the investitures of those cashing out).

As to this bill being brought to the floor finally, it does seem a little suspect to me. I believe in a large amount of what Ron Paul has to say, and even wrote him in on the vote this past round, but can't help but think it is more than Congressional Rage™ that fuels this amount of peer support for his proposal. Keep in mind we have a "serious healthcare debate" going on for a few new bills in the House, but John Dingell Jr. has been introducing a bill for national health insurance at the beginning of every Congressional session since 1955. A bill his father initially introduced 12 years before. It has been 2/3 of a century marking attempts to get this Bill to the floor, so my skepticism kicks in when Dr. Paul's bill makes it to the floor given the current economic situation and the high probability of something devastating coming about because of it.

It seems an almost perfectly ripe time to introduce a new system and currency with hemispherical, or even global, reach. That potential change, and the "universal healthcare" issue seem to be two prongs of a massive attack to get the national ID system in place.

On a personal note, thanks everyone for your contribution(s) to this site. It's my first post, but I've been reading for a while.

reply to post by burntheships


BTS, even if an audit happens can't we imagine that they'd have "cooked the books"? Would there be evidence? If there was, would it be purposefully misleading?

reply to post by 2kni3


They , TPTB also have the 'World Bank' so it's best to root out all the pockets of 'individuality' from other banking corporations, the Fed IMO was a step to what they wanted to accomplish, but after the fiasco of the bailouts , the people are fed up with the fed so why not sacrifice a dying donkey to appease the masses and step up with a 'new saviour' with the the World Bank, the people will welcome them with open arms. Hence the arms are outstretched to recieve the shackles.

The Fed should be held accountable, and to be honest I work for a Bank in the UK and if we mess up then the figure heads get the chop, thats what I envisage will happen, they'll sacrifice a few bodies but the real culprits will remain hidden and start all over again under a new guise.

TPTB are losing IMO and are so trying to scoop the loot before they flee,.
Expect the Fed's records to be deleted, missing, omited or otherwise unobtainable for the people to see.

Only time will tell .

[edit on 22/9/09 by DataWraith]