On Thursday, Congressman Paul questioned economist and professor Allan Meltzer and economist James Galbraith concerning transparency at the Federal Reserve.
Posted 07/10/09 2:50 PM TechPatriot Boynton Beach, FL
What's this? Economists agreeing with Dr Paul about transparency and talking about the Constitution? The world is upside down!
Seriously though, despite the subject of this post I don't know if Meltzer was trying to keep up Fed secrecy. Though clearly he is an economist who thinks the Fed serves a valid purpose since he mentioned its mandate of keeping high employment and low inflation.
But Galbraith certainly seems like someone who is on our side.
It is good to see things continuing in a positive direction in regards to a Fed audit.
Posted 07/10/09 3:08 PM BruceKoerber Cedar Rapids, IA
Money and Ethics
Friday, July 10, 2009
'Independence' = Secrecy As Evidenced By Federal Reserve Treaties!
'Independence' from a whole slew is mentioned but one of the ones mentioned was the bankers! OK, how do we know if there is independence? If no one can examine what the central bank is doing how do we know that the big banks are not just running the show, or if there is not some sort of 'unConstitutional coup' behind the whole thing?
We are supposed to take the word of the likes of Paulson, Bernanke, and Geithner! Ask liars and thieves if you want answers!
Indeed, 'independence' is unquestionably being used as a code word for secrecy.
I liked the specificity of the questions directed to James Galbraith. In an effort of the unConstitutional coup to find 'experts' to speak up for 'independence' they thought it would be a good idea to have someone who could use the word 'Constitution' during their testimony. Those who have such a reputation would tend to have ethics (even if relative) and so they would find it very, very difficult to lie under oath. The specificity of Congressman Paul's questions weakened rather than strengthened the 'secrecy' of 'independence' which is being sought by the unConstitutional coup.
They want secrecy ('independence') because otherwise their economic terrorism will become common knowledge!
lol one of them said that congress should focus on outcomes rather than process... Well based on the outcomes since the fed was created I'd say they have failed miserably and should be disbanded forthwith!
This has a familiar ring to it much like working in an I.T. shop with change control.
The Fed guy is the software developer that's used to having his way writing software(creating money) and deploying it into a production environment(the economy) whenever he feels like it then suddenly having a change control committee (Congress) come in and put the reins on him, taking away his admin rights in production and giving those rights to someone else and only allowing him rights to verify that the software got installed. This pisses off the developer(the Fed) because he's used to getting his way and he tries to convince management that he needs full access. Eventually he gives up and quits because the change control committee refuses to give him back his full admin privileges. Meanwhile, the users (American taxpayers) have noticed that since he fell under change control management, they have seen less and less problems from the software throughout the day because it stabilized and became more dependable. After he quit, they hardly ever had any down time because the software stopped throwing errors from all of the daily "fixin" that was going on and they became more productive..
This is an excellent exchange between Ron Paul and the Fed economists. I used the quote "government unto itself" in a letter I sent to Senators Bill Nelson and Mel Martinez (see letter below). Our Senators must be convinced of the inevitability of (S.604)transparency legislation coming up for a vote in the Senate in the near future and it is in their favor to get on the band wagon now and co-sponsor S. 604.
Dear Senator
I am contacting you once again requesting that you cosponsor S.604, which will allow for an unrestricted audit of the Federal Reserve. The Federal Reserve has become part of a government unto itself. The awesome monetary power of the Federal Reserve surpasses that of the US Treasury. As you know the Federal Reserve prints and disperses trillions of dollars without requiring the consent of the Congress. The Congress does not know the amount, the recipients or the purpose of those trillions of dollars. The one thing Congress and the American people do know is that the dollar is being devalued because of the Fed printing money out of thin air. Another thing the American people know is that this practice cannot continue for much longer. The end result will be the collapse of the dollar.
The way audits are performed on the Federal Reserve are akin to the way weapons inspections were carried out in Iraq. Current law mandates that the Federal Reserve be given notice beforehand of an audit to be carried out and prevents the auditors from reviewing the following key areas:
(1) Transactions for or with a foreign central bank, government of a foreign country, or non private international financing organization;
(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
(3) Transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)â?"(3) of this subsection.
This is like Saddam telling weapons inspectors to "come back tomorrow" or "don't go in that room".
The usual argument against auditing the Federal Reserve is that in doing so, the Federal Reserve will become politicized, which is undesirable. I would argue that with it's close ties to the Treasury and Wall Street that it already is politicized, perhaps just not along the traditional Democrat/Republican lines.
The Federal Reserve set the stage for the economic mess we find ourselves in and yet we are trusting them to clean it up without so much as having oversight on what they are up to. Obviously the Federal Reserve is worried about the prospect of an audit seeing that they have recently hired the lobbyist that formerly represented Enron.
If the Federal Reserve is to be entrusted with loaning and guaranteeing loans of literally trillions of dollars of my money and my children's and grandchildren's money, I only think it reasonable that we know what they are doing with it once and for all. If the Fed is acting as the Treasury for a shadow government, so be it. The Congress and the American people have every right to know the facts regardless.
The House version of S.604, H.R. 1207, already has 256 cosponsors. In the Senate, 8 Senators have already cosponsored this bill which was introduced by Senator Sanders.
I feel more passionately about this than any other single piece of legislation in the Senate and I strongly encourage you to cosponsor this bill.
Thank you,
Charles F. Wilson
Note: Most of the credit for the letter goes to "nelsonwinters"
We have Galbraith and Meltzer offering the following testimony in response to the Gentleman-from-Texas' questions:
1. Congress has a Constitutionasl right to information on all Fed operations
2. The Fed's legal mandate is to maximize employment and minimize inflation(full employment with price stability) and it is failing at achieving its mandate.
3. Independence means protection from pressure from Congress, the President, the banks, and other special interest groups.
4. Congress should focus on outcomes versus process
Conclusion: exposing the Fed's processes to the people via Congressional review, acting under the authority of the U.S. Constitution, will show that the Fed is not interested in living up to its mandate.
Posted 07/12/09 1:29 PM BruceKoerber Cedar Rapids, IA
Money and Ethics
Sunday, July 12, 2009
"Independence' Of The Monetary System Requires The Gold Standard!
It is indeed essential to have a monetary system that is independent of the political machinations of the ego-driven interventionists. To claim that 'independence' is vital on the one hand but then to espouse the use of a fiat currency under the control of a central bank on the other hand is a perfect example of the use of 'half-truths' by the propagandists for the unConstitutional coup.
If 'independence' was the true objective then instead of selective secrecy there would be a return to the gold standard. That is precisely one of the chief merits of the gold standard. Since no degree of alchemy can create gold from baser metals the supply of gold is unalterable by all the ego-driven who want to enrich themselves by political means. Is this not what it truly means to be independent?
Let's be straight. The Federal Reserve is the counterfeiting operation that is financing the unConstitutional coup. They do not want a monetary system that is 'independent' of their political control so they oppose the gold standard. Their half-truth propaganda about 'independence' means secrecy (regarding their shenanigans) from the Congress and from the people of the United States.
The gold standard is the quickest, and most economical, and the most just way to achieve independence. All other suggestions about 'independence' of the monetary system come from the forked tongue of the lustful ego-driven.
Yoda is portrayed as a powerful Jedi Master in the Star Wars universe. Series creator George Lucas originally wished Yoda to follow his other characters in having a full name: Minch Yoda, but instead opted to have many details of the character's life history remain unknown. Yoda's race has never been stated in any media, canonical or otherwise, and he is merely stated to be of a "species unknown" by the Star Wars Databank. Yoda often speaks in Object Subject.
Verb word order.
Early in the development of Episode IV, Lucas included a species called the Whills, a mysterious, omnipresent race who were to take the story-teller perspective. It has been postulated by fans that Yoda, and characters Yaddle and Vandar Tokare are Whills; recently, there has been passing reference to a Shaman of the Order of the Whills in the novelization of Star Wars Episode III: Revenge of the Sith, confirming their continued canonical existence in the Star Wars universe. However, Lucas has firmly denied that Yoda's species is in fact that of the Whills. In fact, very little is reported of Yoda's life before the events of Star Wars.
Episode I: The Phantom Menace.
The films and Expanded Universe reveal that he had trained several Jedi, including Count Dooku, who is identified in Star Wars Episode II as Yoda's old Padawan Learner; Mace Windu; Obi-Wan Kenobi (partially, before Qui-Gon Jinn takes over as Obi-Wan's master); Ki-Adi-Mundi, Kit Fisto and eventually Luke Skywalker. (During the animated series Star Wars: Clone Wars, set between Attack of the Clones and Revenge of the Sith, he mentions that he trained another one of the leaders on the Jedi Council, Master Oppo Rancisis.) In the Star Wars prequel, it is shown that he instructs all younglings in the Jedi Temple before they are assigned to a master. This was displayed in a scene in
Attack Of the Clones.
The Phantom Menace:
In the films' timeline, Yoda first appears in Star Wars Episode I: The Phantom Menace, in which Qui-Gon (Liam Neeson) brings the young Anakin Skywalker (Jake Lloyd) to the Jedi Council. Qui-Gon claims that the boy is the "Chosen One" who will bring balance to the Force, and requests to train him once Obi-Wan (Ewan McGregor) has completed the trials necessary to become a Jedi Knight. Yoda senses great fear in the boy, and tells him, "Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering," unknowingly foreshadowing his turn to the dark side years later. Yoda plays a key role in that the council's initial decision to deny the request; he believes that Anakin is clearly affected by his years as a slave, and that he still clings too tightly to the memory of his mother to be trained safely. Thus, Yoda believes Anakin's future is cloudy.
After Qui-Gon's death at the hands of Darth Maul (Ray Park), however, the Jedi Council rescinds their previous decision and permits Obi-Wan to train Anakin, despite Yoda's misgivings.
Attack of the Clones:
In Star Wars Episode II: Attack of the Clones, set 10 years after The Phantom Menace, Yoda is one of the many Jedi who are concerned about the emergence of the Separatists, a group of systems rebelling against the Republic. After the second attempted assassination of Senator Padmé Amidala (Natalie Portman), Chancellor Palpatine "suggests" that she be put under the protection of Obi-Wan; who was training Anakin Skywalker (now played by Hayden Christensen).
Yoda later leads an army of Jedi and clone troopers in the film's climactic battle scene. He helps rescue Obi-Wan, Anakin and Padmé from execution at the hands of the Separatists. At the climax of the battle, Yoda duels with Separatist leader and Sith Lord Count Dooku (Christopher Lee), his former Jedi apprentice. This confrontation ends with Dooku making his escape by threatening Yoda's injured comrades, Anakin and Obi-Wan. Although seemingly frail, the ancient Yoda demonstrates agility and mastery of lightsaber combat and acrobatics through the Force.
The argument is made that the FED needs it's secrecy to avoid politicizing monetary policy, does anyone believe that the FED is not politically influenced now? There are only a few possibilities here: Either the FED is completely ineffective, they are completely influenced, or they are generational crooks stealing the worlds money. The FED might be all three and either one of the reasons should be enough to end the reign.
Funny watching Meltzer stumble over the word transparency, then give that fake little laugh. "Who's not for transparency?," he asked. Uh, all of you (except wonderful Ron Paul).
Throughout most of the video I seemed to notice Ron to be abit figity. His hands can hardly stay still. Now Ron knows what he's doing and is a very good politician. Makes me wonder why he is so nervous? Maybe its just anxiety or maybe he's just abit overwhelmed by the majority that sits before him. A majority that combs his every word to use against him and ridicule him. Or maybe he's received government threats to be silent. And since he has chosen to still be quite vocal, it may be a bit unsettling for him.
"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty."
—Thomas Jefferson
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