Congressman says investigating private Federal Reserve would reveal where missing TARP funds went
Paul Joseph Watson
Thursday, July 9, 2009
Congressman Ron Paul has vowed that he will not be stopped in his effort to audit the Federal Reserve, as he slammed Senate authorities for blocking the bill earlier this week.
Appearing on Fox News’ Freedom Watch with Judge Napolitano Paul referred to Senate authorities blocking Jim DeMint’s attempt  to attach the legislation, which already has 250 co-sponsors in the House, as a provision to a spending bill as a “facade”.
The amendment was blocked by Senate authorities on Monday after they claimed that it violated rules for provisions attached to spending bills.
“Technicalities are always ignored for things they want – this means they don’t want it and this is their organized effort now to stop us, but we’re not going to be stopped, it’s just going to energize everybody at the grass roots,” said the Congressman.
Paul said that it made no sense to give the Fed more power when they had already created the bubble that led to the economic collapse in the first place. The Obama administration’s new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy, will give the Fed the authority to “regulate” and shut down any company  whose activity it believes could threaten the economy and the markets.
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Asked what the powers that be were afraid of should the Fed be audited, Paul listed a number of issues that would be brought to light with increased transparency.
“I think the biggest thing is the cronyism, who got the benefits, who really got some of these Federal Reserve funds as well as TARP funds, and I don’t think they want people to know about it,” said Paul, adding, “I’d like to know what they’re doing internationally, what kind of agreements they have with international banks, with other governments, and also what they do in the gold market – how they manipulate the value of the dollar by manipulating gold prices.”
As we have previously highlighted, the Fed has refused to disclose where trillions in bailout funds have gone despite a lawsuit filed by Bloomberg.
Paul explained that nobody knows exactly what would be uncovered but that was the whole point of having an audit in the first place.
The Congressman concluded that the Washington elite would do everything in their power to dig their heels in and prevent the bill from passing, because it represents the first major step in abolishing the Federal Reserve altogether.
“When we discover what’s really going on, I think the American people are going to demand the next step, they’re going to demand honest money – it’s happened many times in history,” added Paul.
Watch the clip below.