by PJ Grube | May 11th, 2010
Today the Senate approved a watered down Sanders (I-VT) Amendment attached to the Restoring American Financial Stability Act of 2010 S.3217. It permits the Government Accountability Office (GAO) to audit financial records of the Federal Reserve since September 2008.
September 2008? Are you kidding? This is so insignificant a time period that it doesn’t even address the period of financial crisis the Senate bill intends to deal with. Its like looking at the title card next to a work of art in a gallery with out looking at the master piece or reading only the cover of an outrages novel.
The Federal Reserve bank has never been audited. Thats right, never been audited. We have never looked to see what the Bank has done. And this legislation continues that tradition. This legislation makes every ‘Aye’ Senators culpable by refusing to examine the books. That is like one of us saying we don’t want to balance our checkbook.
Federal Reserve Building
Two trillion was lent out to private individuals and banks in the last few years. That money is created (just a ledger entry) by the Federal Reserve Bank and loaned at 0% with no public record.
The borrowers could just buy t-bills and make 4% on the two trillion dollars (= $80 billion) from nothing.
It was argued from the banks inception, by its proponents, that the Federal Reserve Bank would never become a Central Bank. The central bank model has long been debated in the United States Congress, in both houses. In the central banks various American incarnations it has the dubious distinction of holding the reins of every financial crisis faced by this nation. There have been periods of stability in this country but not under the central banking system. These banking systems have a rich history. As examples just checkout John Law (economist) or the Mississippi Bubble or the book ‘Secrets of the Federal Reserve’ by Eustace Mullins. The Banks current Charter goes back to secret meetings held at ‘Jekyll Island’ in Georgia.
Jekyll Island Club, Georga
The Federal Reserve Bank, a misnomer, it is owned privately by major corporate banking interests and the banks boards filled with directors hand picked by the private banking industry, with only a few exceptions.
Secure in their secrecy, with this legislation, the ‘old boys’ network will continue its long history of financial manipulations and covert activities. The bag-men are super corporate structures that have no nationality and no allegiance to anything accept their supremacy.
Colonial Era Horton House, Jekyll Island
Of course, this is just another reality reference to material that has been relegated to conspiracy theorists and wackos. Sadly, the reading of history in general is not a popular subject of our populace today. And those given position to govern choose the ruling class rather than the mass. And of course, if there really was a problem with our financial system and the trillionaires that own it, they would deal with it… Right?
© 2010 Fresh Ground News™
