Monday, June 15, 2009
The people are demanding that the Fed be audited, and then closed. In fact, so many people have demanded that their Congress members audit the Fed, that a majority of Congressional representatives have signed on to Ron Paul's bill to audit the Fed.
In response, what is the Obama administration doing?
Endorsing an audit? Saying that the Fed should be shut down?
Nope. As the Wall Street Journal reports:
President Barack Obama is expected Wednesday to propose the most sweeping reorganization of financial-market supervision since the 1930s, a revamp that would touch almost every corner of banking from how mortgages are underwritten to the way exotic financial instruments are traded.
At the center of the plan, which administration officials are referring to as a "white paper," is a move to remake powers of the Federal Reserve to oversee the biggest financial players, give the government the power to unwind and break up systemically important companies -- much like the Federal Deposit Insurance Corp. does with failed banks
Is it wise to give the Fed more powers?
Judge for yourself:
- This is the Fed that won't tell Congress or the American people where the trillions of dollars in bailout money are going
- This is the Fed that states that its 12 member banks are private - not governmental - institutions, owned by private banks:
The New York Fed and other regional banks maintain they are separate institutions, owned by their member banks, and not subject to federal restrictions.
- This is the Fed that caused the Great Depression according to Bernanke himself
- This is the Fed that largely caused the current financial crisis
- This is the Fed that creates new "money" out of thin air, and then charges massive amounts in interest to the federal government, impoverishing the nation and stealing its natural wealth
It is not an exaggeration to say that - while we want government of the people, by the people and for the people - we're getting government of the banks, by the banks and for the banks.