-- Posted Thursday, 30 July 2009 | Digg This Article | | Source: GoldSeek.com

Please first take the time to watch this great and easy to understand video regarding the extremely corrupt nature of the Federal Reserve:

The fact that this was aired on the mainstream news media is very encouraging.  One can only hope that enough Americans will wake up to this reality and support the efforts now in Congress (led by Ron Paul), to expose the Fed for what they really represent. 

If more citizens could only grasp these simple truths we may even have a chance to abolish this Fedzilla monster.  There is nothing in my opinion that could be done that would have a greater immediate impact on the well being of America than ridding ourselves of this evil disgrace of an organization that was perpetrated on the American people back in 1913. 

So much of what divides America could be solved more easily if the Federal Reserve was abolished and sound money principles were once again practiced in the United States.

All Americans should be supporting the efforts in Congress to audit the Fed and halt their ability to gain even more power and control that they are seeking right now.  If the Fed were truly audited, their fraud would be exposed for all Americans to see.

Please send this video link to as many people you know that may be willing to listen and learn.

Ron Paul has long opposed the power held by the Federal Reserve and its ability to manipulate the nation's economy and over the years has launched multiple proposals to get rid of the quasi-governmental agency, without significant support.  What a terrible shame!

But in light of the economic collapse in the United States – the government takeover of the banking industry, the government's demands for various auto industry bankruptcies, and the government's appointment of a "pay czar" – the time for exposing the FED may have finally arrived.

When the bill had garnered the support of 218 members of the 435-member U.S. House it technically had the support of the majority, even though the process of holding hearings and having committee review still provides for open doors for failure.

This is why it is so critical that Americans call their Congressmen in support of this bill.

Question:  But Greg, what exactly does the bill say?

Answer:  HR 1207 amends US Code, Chapter 31 to allow congress, through the Government Accountability Office, to audit the Federal Reserve and to make their conclusions known to congress and the American People.

America is fundamentally built on a system of checks-and-balances; our Constitution allows citizens to have access to their government, ensuring openness and honesty in its dealings.

HR 1207 allows our elected officials to open the books of the Federal Reserve and ensure that our central bank is operating in an honest and open manner.

Quite simply, this bill would remove the veil of secrecy that the Fed currently operates behind, and would allow Congress to audit them and make public what exactly they are doing with their limitless power and access to our nation's supply of money.

Of course once the books were opened the level of fraud would be so severe that the American people would become outraged (you would hope), and take it one step farther in abolishing this organization.  But the powers that be are very crafty and will do anything to prevent Ron Paul’s bill from moving forward.  This is something we the people can do to support what is just and true. Enough people who are armed with the truth can accomplish anything if they so desire, but they have to act.

A spokeswoman for Paul said that procedurally the best way to assure the success of the bill is to have hearings and earn committee approval, even though all parliamentary procedures are being reviewed.

Paul's ultimate goals have not changed over the years; he's been concerned with the Fed’s impacts on the nation's economy. Paul explained his advocacy for the H.R. 1207 audit in the U.S. House recently when he said the following in italics.

"To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have.  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."

The bill calls for the comptroller general of the United States to audit the private Federal Reserve and report to Congress before the end of 2010.

The Constitution, Paul said, gives Congress, not the private Federal Reserve, "the authority to coin money and regulate the value of the currency."

"Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy.”

"How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation," he said.

Paul called oversight of the Fed "long overdue."

Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations," he continued.

"The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government – established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight?"

Ron Paul’s brother (Wayne) also chimed in on the issue at a recent protest of the Federal Reserve at the Dallas branch of the Fed.  Click below to watch:

Paul's bill would also make the Federal Reserve's funding facilities, including the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility subject to congressional oversight.

This should explain why Ben Bernanke is now threatening an economic collapse if HR 1207 is actually passed. They always use the fear card to push their agenda forward, just like they did last fall with the bailouts.

The passage of this bill would shed light on how many companies the Fed has lent money to and how much...it would also reveal that the US economy is on much shakier ground than most suspect and show the American people what’s in the bag!

An audit would also determine how much money creation has been going on. The M3 money supply data which allowed the public to see this number stopped being released by the Fed in 2006...You should have no questions in your mind as to why the Fed did this back in 2006 after all that has happened in the last 18 months.

“Helicopter Ben Bernanke recently said that if the Government Accounting Office / Congress interfered in the process and made judgments about the soundness of those policies, then the Government Accounting Office / Congress would effectively be in control of monetary policy, not the Fed.”

Well, all I can say to that is “hallelujah” since according to the Constitution, CONGRESS IS EFFECTIVELY IN CONTROL OF MONETARY POLICY, NOT THE FED! 

U.S. Constitution - Article 1 Section 8

The Congress shall have the power….. To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures…

This is just another shameful example of how we have abandoned the Constitution by allowing a central bank to be created in the first place.  The Founding Fathers were rolling over in their graves in 1913 when we allowed this despicable situation to control the issuance of money in our country.  The time is now to end this insanity!

Please contact your Congressmen in support of this bill.  Without plenty of support from the American people, the powers that be most likely will be able to side-step and eliminate this threat to their power and control of our wealth.  This is a unique opportunity to stand up and let your voice be heard and bring about one of the real and significant changes that we desperately need now in America.

Greg McCoach

July 28, 2009

Greg McCoach is a student of history and entrepreneur, who has successfully started and run several businesses over the past 27 years. For the last 12 of these years he has been involved with the precious metals industry as a bullion dealer, investor, and newsletter writer.

Greg is the editor of “The Mining Speculator” a newsletter devoted to discovering high potential junior mining stocks.  His years of business experience and extensive personal contacts in the mining industry have provided unique insights that have generated an impressive track record for The Mining Speculator since its inception in 2000.

Greg is also President and CEO of AmeriGold.com, a bullion dealer that helps investors diversify their portfolios with hard assets. He is considered an expert on issues relating to the gold market and appears regularly on national radio and television talk shows in both the U.S. and Canada, including CNBC, FOX, BLOOMBERG, and BNN.

You can reach Greg via email at amerigold@msn.com or greg@miningspeculator.com

-- Posted Thursday, 30 July 2009 | Digg This Article

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