ON CAPITOL HILL Plan to audit Fed steamrolls ahead

House co-sponsors now total 179, companion bill

begins Senate trek Posted:

May 25, 20098:08 pm Eastern
© 2009 WorldNetDaily
U.S. Rep. Ron Paul, R-Texas, long has opposed the power held by the Federal Reserve and its ability to manipulate the nation's economy and over the years has launched proposals to get rid of the quasi-governmental agency, without significant support. But his current plan, H.R. 1207, the Federal Reserve Transparency Act of 2009 to demand an audit of the organization, is quickly gaining steam. As of today, the proposal had collected a bipartisan coalition of 179 members of Congress who have signed on as co-sponsors. Not that Paul's ultimate goals have changed significantly."To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have," he wrote in a new Straight Talk commentary. "They have been given the power to create money, by the trillions, and to give it to their friends, under any terms they wish, with little or no meaningful oversight or accountability." He's even said Congress should "reassert its constitutional authority over monetary policy." ( read more at )

Financial fix? Abolish the Fed, says congressman Paul:

Constitution requires coin based on gold, silver

Posted:

February 21, 20098:35 pm Eastern
By Bob Unruh© 2009 WorldNetDaily
In just recent weeks, the federal government has designated billions of tax dollars for bank bailouts, including vast quantities to quasi-government agencies that helped create the economic crisis; billions more for automakers, and billions more for homeowners who default on their loans, so where will it end? Republican Rep. Ron Paul of Texas says he has at least part of the answer: abolish the Federal Reserve. The congressman, a candidate for the 2008 Republican presidential nomination, once again has introduced a bill that would get rid of the private organization that sets interest rates and establishes monetary priorities. "Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy," Paul said in a statement at the time the proposal was introduced. "The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency," Paul said. "The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy."
You've never needed to understand money like you need to understand it now! "Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free" unravels the deception of the Federal Reserve and presents a crystal clear picture of the financial abyss towards which we are heading. ( read more at )

Federal obligations exceed world GDP Does $65.5

trillion terrify anyone yet?

Posted: February 13, 200911:35 pm Eastern
By Jerome R. Corsi© 2009 WorldNetDaily
As the Obama administration pushes through Congress its $800 billion deficit-spending economic stimulus plan, the American public is largely unaware that the true deficit of the federal government already is measured in trillions of dollars, and in fact its $65.5 trillion in total obligations exceeds the gross domestic product of the world. The total U.S. obligations, including Social Security and Medicare benefits to be paid in the future, effectively have placed the U.S. government in bankruptcy, even before new continuing social welfare obligation embedded in the massive spending plan are taken into account. The real 2008 federal budget deficit was $5.1 trillion, not the $455 billion previously reported by the Congressional Budget Office, according to the "2008 Financial Report of the United States Government" as released by the U.S. Department of Treasury. The difference between the $455 billion "official" budget deficit numbers and the $5.1 trillion budget deficit cited by "2008 Financial Report of the United States Government" is that the official budget deficit is calculated on a cash basis, where all tax receipts, including Social Security tax receipts, are used to pay government liabilities as they occur. (read more at )