Friday, June 19, 2009
Federal Reserve Transparency Act...almost there
Most people don't know what the Federal Reserve is, does, or even its history. In fact, some folks have never even heard of it.
It is the semi-private/public entity that controls our money system. It can print money, control interest rates, and essentially dictate the economy of the the country. It was put into place to prevent recessions, depressions, and panics. Yet since its creation in 1913 we have had nothing but an up and down economy with the Great Depression, numerous recessions, and near collapse this past year. All the while maintaining a staggering and climbing inflation rate over these 90+ years. They haven't done a very good job.
And during this latest panic, it started printing money like crazy. They bailed out banks, auto companies, insurance companies, and institutions all over the world. In fact, there is over 2 trillion dollars missing that they refuse to divulge the whereabouts. The business magazine, Bloomberg has even tried to sue them over it, demanding the public know where the money went. They haven't had any luck:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY
The Congress can't even find out where the money went or to whom. You see, this institution has no oversight, and yet controls the entire system of money. They can print at will, and give it to whoever they want.
So, a bill was recently introduced in Congress called HR1207 Federal Reserve Transparency Act. It would allow for the Federal Reserve to finally be audited to find out what they are doing with the United States money. So far the bill has huge support. It already has 237 co-sponsors in the House. If it can get 290 co-sponsors, there is no way Obama or anyone could veto it.
I encourage everyone to support this bill. It is very important that the people finally find out who these guys are and who they are giving our money to.
HR1207
http://www.govtrack.us/congress/bill.xpd?bill=h111-1207
posted by Bryan Engram # 8:31 PM 
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