Although not many Americans understand the inner workings of the Federal Reserve (FED) Thomas Woods, the author of Meltdown points out, “3 out of 4 of them want it to be audited–simply for the common sense reasoning of ‘why wouldn’t we want it audited?'”
The FED controls the money supply for the entire nation. It also manipulates interest rates through the buying and selling of bonds and by directly setting the Federal Overnight Funds Rate, the rate at which it charges private banks to borrow money from it in order to meet reserve requirements and respond to consumer withdrawals.
But what does the FED really do with all of the money that it is control of? It’s certainly not any conspiracy theory to consider that, for instance, the FED may be working in conjunction with the CIA in order to manipulate the global political scene in the interests of the United States. What if the FED is investing hundreds of billions of dollars in major Wall Street banks in order to manipulate their stock prices? Whether or not the FED is doing anything “wrong”, the American taxpayers have the right to want it to be as transparent as other major financial institutions.
Yet, there is very little transparency about the Federal Reserve. Nobody outside of the FED really knows what the FED is doing with monetary policy at any given time. Some say that that Bill HR 1207, a.k.a. Ron Paul’s Audit the FED Bill, is not sensible because the FED is already audited. But…is it?
If the FED is already audited, why then the near total lack of transparency? Why is every Federal Reserve officer, including Chairman Ben Bernanke, ranting and raving that this bill, if passed into law, would compromise America’s financial security? Why is Treasury Secretary Tim Geithner siding with them on this?
As Thomas Woods says, “People don’t act this way unless they’ve got something to hide. They just don’t.”
Can it be a good sign that those who are in total control of our money supply are hiding whatever it is that they do? If the FED were already being audited, why isn’t Bernanke’s protest against HR 1207 simply that it would be redundant overkill? Why does President Obama, who believes himself to be the President of Change, completely side with Geithner in not wanting this bill to be passed? There is nothing changed or different about this secrecy from above in our government, whereby those who think they know what’s best for us haughtily try to save us from ourselves.
HR 1207 is seen as so important that every Republican in the House of Representatives, as well as the majority of Democrats, wants to sign it into law. When we have such bipartisan agreement under this current, typically divisive liberal government, it can only be a sign that something of extreme importance is being discussed.
Watch the Nabers Group interview with author Thomas Woods here http://www.youtube.com/watch?v=xJR9CPZt6eE.
ABOUT JEFF NABERS:
Jeff Nabers is a nationally recognized educator, speaker, and consultant specializing in the topic of personal finance and self-directed wealth management.