Comments on: The Fed: Audit or Abolish? http://www.rlc.org/the-fed-audit-or-abolish/ The Conscience of the Republican Party Fri, 26 Apr 2013 21:19:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Paul Revere http://www.rlc.org/the-fed-audit-or-abolish/comment-page-1/#comment-1392 Paul Revere Mon, 13 Jul 2009 21:00:25 +0000 http://www.rlc.org/?p=932#comment-1392 The Fed will do anything to stop an audit, unfortunately we cannot afford to be stopped we have nothing to lose, we need our country and home back and Auditting the Fed is a good place to start! It is simple, really — the larger the debt, the richer and more powerful the international bankers become. The Federal Reserve is their front organization and it runs roughshod over Congress. The passage of HR 1207 is not certain and it faces an even more strenuous uphill battle in the Senate. It is, at this point, our only practical hope of auditing the Fed, revealing its numerous crimes, exposing its mega-grand theft scams, and delivering Donald Kohn, his boss Bernanke, and the minions of the international banksters to justice. SEND A LETTER, TELEPHONE OR VISIT YOUR CONGRESSMAN AND SENATORS INSTANTLY: http://www.campaignforliberty.com/campaigns/hr1207home.php The Fed will do anything to stop an audit, unfortunately we cannot afford to be stopped we have nothing to lose, we need our country and home back and Auditting the Fed is a good place to start!
It is simple, really — the larger the debt, the richer and more powerful the international bankers become. The Federal Reserve is their front organization and it runs roughshod over Congress.

The passage of HR 1207 is not certain and it faces an even more strenuous uphill battle in the Senate. It is, at this point, our only practical hope of auditing the Fed, revealing its numerous crimes, exposing its mega-grand theft scams, and delivering Donald Kohn, his boss Bernanke, and the minions of the international banksters to justice.

SEND A LETTER, TELEPHONE OR VISIT YOUR CONGRESSMAN AND SENATORS INSTANTLY: http://www.campaignforliberty.com/campaigns/hr1207home.php

]]> By: RDCushing http://www.rlc.org/the-fed-audit-or-abolish/comment-page-1/#comment-1328 RDCushing Wed, 24 Jun 2009 23:14:20 +0000 http://www.rlc.org/?p=932#comment-1328 If the Fed is abolished, who says that Congress must take over the money supply management? (Although, that is the likely thing to happen and even allowing Congress to audit the Fed sets forth the danger that they will then undertake to "manage it" as well. That would make the process even MORE politically dangerous than it is now in the absence of a commodity standard measure of value.) However, private banks could be granted permission to coin money and produce money substitutes (currency) based on any commodity or commodities of value (e.g., gold, silver, precious stones, copper, wheat). Competition for "value" amongst the currencies provided by the private banks would automatically "regulate" the currency markets. (I.e., banks would want to see their currencies used, and the way to see their currencies used would be to assure that businesses that accepted their currencies felt high levels of confidence as to the redeemable value of the currencies upon demand.) This is all possible and there are even credit card companies that have worked how to use credit cards for business when traded against commodities (like gold). If the Fed is abolished, who says that Congress must take over the money supply management? (Although, that is the likely thing to happen and even allowing Congress to audit the Fed sets forth the danger that they will then undertake to “manage it” as well. That would make the process even MORE politically dangerous than it is now in the absence of a commodity standard measure of value.)

However, private banks could be granted permission to coin money and produce money substitutes (currency) based on any commodity or commodities of value (e.g., gold, silver, precious stones, copper, wheat). Competition for “value” amongst the currencies provided by the private banks would automatically “regulate” the currency markets. (I.e., banks would want to see their currencies used, and the way to see their currencies used would be to assure that businesses that accepted their currencies felt high levels of confidence as to the redeemable value of the currencies upon demand.)

This is all possible and there are even credit card companies that have worked how to use credit cards for business when traded against commodities (like gold).

]]> By: Dave Nalle http://www.rlc.org/the-fed-audit-or-abolish/comment-page-1/#comment-1321 Dave Nalle Tue, 23 Jun 2009 16:30:28 +0000 http://www.rlc.org/?p=932#comment-1321 In your cries of "fraud" over the Fed I think you're overlooking a couple of key points. The first is that the "implied" limitations on the government power to "coin" money are nothing but implications. They are not explicitly spelled out in the Constitution and historically they have been overlooked more than they have been observed. The constitutional argument against paper money is fundamentally weak and there's no constitutional basis at all for going after the Fed or a national bank which operates more or less privately and outside of the direct control of government. In fact, many of the founders and framers of the constitution supported the ideas of an independent national bank and didn't see that as a conflict with the constitution. Second, you're overlooking the valid argument of the monetarists that money can derive real value from something other than gold and silver. The idea of the "full faith and credit" of the government does have a real and concrete value, so long as the money supply is managed responsibly and there is a direct and consistent relationship between the money supply and the GDP of the nation. So long as the government is stable and the money supply is strictly regulated, basing the value of the dollar on the GDP ought to be as good as gold and maybe better. But the reason an audit makes sense is that no matter what the mechanism under which the money supply is valued, none of it is any good if there are not rules and procedures which the governing body follows. If there are no limits on what thye can do and no rules on how they operate and how they set the value of the currency, then the currency is vulnerable to mismanagement and manipulation. That kind of abuse of the system is what an audit ought to reveal, thus establishing a basis for setting rules of operation and standards for the management of the currency. The Fed as a concept isn't the problem, but how it is run can be. Dave In your cries of “fraud” over the Fed I think you’re overlooking a couple of key
points.

The first is that the “implied” limitations on the government power to “coin”
money are nothing but implications. They are not explicitly spelled out in the
Constitution and historically they have been overlooked more than they have been
observed. The constitutional argument against paper money is fundamentally weak
and there’s no constitutional basis at all for going after the Fed or a national
bank which operates more or less privately and outside of the direct control of
government. In fact, many of the founders and framers of the constitution
supported the ideas of an independent national bank and didn’t see that as a
conflict with the constitution.

Second, you’re overlooking the valid argument of the monetarists that money can
derive real value from something other than gold and silver. The idea of the
“full faith and credit” of the government does have a real and concrete value,
so long as the money supply is managed responsibly and there is a direct and
consistent relationship between the money supply and the GDP of the nation. So
long as the government is stable and the money supply is strictly regulated,
basing the value of the dollar on the GDP ought to be as good as gold and maybe
better.

But the reason an audit makes sense is that no matter what the mechanism under
which the money supply is valued, none of it is any good if there are not rules
and procedures which the governing body follows. If there are no limits on what
thye can do and no rules on how they operate and how they set the value of the
currency, then the currency is vulnerable to mismanagement and manipulation.
That kind of abuse of the system is what an audit ought to reveal, thus
establishing a basis for setting rules of operation and standards for the
management of the currency. The Fed as a concept isn’t the problem, but how it
is run can be.

Dave

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