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Saturday, July 28, 2012

Gary North on the House Passing Audit the Fed

Gary North has some very interesting insights on Audit the Fed.

Barney Frank, who did his best to keep a similar (gutted) bill from passing in 2010, said that nobody expects this bill to become law.

Why not? Simple. The big banks run this country. and Frank knows it. The Federal Reserve is government agency only at the top: the Board of Governors. The 12 regional banks are owned by local banks. But Frank never mentioned this.

He and Paul are both retiring at the end of this Congress.

Rand Paul has introduced the same bill in the Senate. He says that the Senate is less likely to pass the bill.

Then Obama will have to sign it in order for it to become law.

Will Obama sign a bill that undermines his bosses? Obama, the big bank bailout guy? Not likely.

Bernanke was kicked in the teeth by this. He actively opposed it.

The FED is now a hot topic. It has not been since 1914. The opposition to the FED among voters is greater than ever before.

Reason: Ron Paul. Ron Paul brought the FED to the attention of millions of voters.

Why is this bill a threat? Bernanke never admits the truth: a full audit would require a full audit of the gold which the FED holds on behalf of the U.S. government.

What if it isn’t there? What if ownership has been transferred to other central banks?

The FED would lose credibility overnight. “It sold the nation’s gold!”

The FED will never again gain the anonymity that it had before 2008. Ron Paul has demanded that the government audit the FED, not the hand-picked private auditors who are not allowed to audit the gold.

The days of wine and roses are over for the FED.
Read the rest here
The Tea Party Economist 

Judy Morris,
Blogger, THL
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