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Ron Paul: Establishment Can No Longer Ignore Calls To Audit The Fed

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Congressman says Washington elite are watching grassroots efforts very closely

Steve Watson
Tuesday, July 21, 2009

Texas Congressman Ron Paul has recorded a video update on the ongoing effort to audit the Federal Reserve, assuring supporters that the establishment in Washington is paying very close attention.

As Paul states in the video, 272 members of the House, 95 of them Democrats, now support HR 1207, Ron Paul’s “audit the Fed” bill.

In addition, 13 members of the Senate, 2 of which are Democrats, have pledged support for S 604 The Federal Reserve Sunshine act, the companion bill in the Senate.

“I think it is going to be impossible for them just to ignore everything we have done and just walk away, something will be done,” Paul comments. “The big question is will we be able to get something worth while?”

“It makes me think about what happened in the 1970s, the last time there was a major economic crisis there was an effort to go after the Fed. In 1978 there was the law passed that said the Fed could be audited, except for… and they put in all those provisions that we’re planning to repeal.” The Congressman said, in reference to the current restrictions on auditing the Fed’s discount window operations, funding facilities, open market operations and agreements with foreign central banks and governments.

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“Believe me, the people in Washington, the people at the Fed and the establishment are very very much aware of this grassroots effort.” The Congressman tells viewers on his Campaign for Liberty website.

“The big guns are coming out now. They are trying to line up the establishment economists and other business people to warn people about the great danger of the American people finding out who is benefiting from the behind the doors activities of the Federal Reserve.”

“It seems like the consensus is now from the establishment and from the Federal Reserve is that they will concede to some of our requests, but they don’t want monetary policy looked at in any way whatsoever.”

“If they are getting public money, the American people deserve to know who is getting it and why,” Paul says referring to the Fed’s refusal to disclose where trillions in bailout funds has gone.

“The idea that private companies deserve to be kept totally secret and at the same time get big loans and special privileges from the Federal Reserve, which is outside the realm of what the Congress does, I don’t agree with that.” The Congressman states.

“They can claim a hundred or so pseudo economists claim that we shouldn’t know anything about the Fed, but to tell you the truth, I believe there are millions and millions of Americans who absolutely demand that we know what’s going on with the Fed. I think all Americans would demand it if they knew exactly what is going on and what has been going on, and how powerful the Fed is.” Paul comments.

Watch the full update below:


(Article continues below)

If passed, HR1207 will ensure that the Fed make public the destination of the trillions in taxpayer “loans” that have been simply handed over to private banks without oversight.

Bernanke will be seated before Congress and forced to provide meaningful answers to important questions instead of worming his way out of them, citing “extraordinary circumstances” and the like, as we have seen him do over and over for the past year.

The bill, if it becomes law, will expose how the Fed has consistently engaged the inflation of the currency for the gain of a few elite international bankers, further exposing how this kind of criminal action has directly led to financial crises and recessions for decades.

It may also stave off moves to hand the Fed even more regulatory powers at the direct request of the banker lobbyists primarily responsible for the crisis.

An audit would set the stage for the end of fraudulent fractional reserve banking and a return of honest money and fiscal policies.

This article was posted: Tuesday, July 21, 2009 at 9:53 am

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