Arkady's Thoughts

Today the house finance committee passed what will surely be a historic amendment 43-26.  This a very straight forward amendment, allow the Federal Reserve to be audited without question.  One would think that such a simple request should pass without objection, right?  After all, why would we want a highly political organization such as the Federal Reserve possibly hide anything from the American Public?   Congress created the Fed and Congress can destroy the Fed (technically speaking).  Examine who voted to maintain the status quo and against auditing the engine of inflation, credit and virtually every single recession including the Great Depression.  You may not understand this yet, but the Fed absolutely and without question created the Great Depression and while FDR exacerbated the situation - without a central bank injecting credit the economic collapse of 1929-1932 would not have happened.  We are now on the brink of exactly the same collapse or a Japanese style multi-decade mal

Wow, tempers are flying high in Washington DC as demonstrated by this exchange.  Tim 'TurboTax' Geithner almost evokes a bit of sympathy as he is barraged by a relentless attack by Brady. Before you feel too bad, Geithner's answer amounts to "This is all Bush's fault".  Yet Geithner was the president of the NY Fed and the NY Fed being the most powerful of the Fed's member bank is entirely complicit in the monumental monetary expansion undertaken by the Federal Reserve in the last 20 years. Geithner may try to save face by suggesting that the 700 billion TARP saved us from a financial collapse, except that a financial collapse is precisely what we need.  Banks that have given too much credit and too many loans via artificially engineered interest rates set by the Federal Reserve have not only ruined the businesses and lives of those people to whom they lent money to, but also destroyed their balance sheets.  Therefore bailing out an institution that has

From the Financial Services Committee, the debate can be seen live from their website . Currently the discussion is between the Paul-Grayson ammendment versus the corrupt Mel Watt amendment. Regardless of your political affiliation and regardless of how much knowledge you have of financial and economic details of our country - this is crucial! "The Mel Watt amendment will obliterate everything HR 1207 is trying to do and in fact the Watt amendment will make the situation worse" - Ron Paul Unlike proposals that target the Fed’s 13(3) facilities, the Paul/Grayson amendment opens up the entire $2 trillion Federal Reserve balance sheet to a GAO audit. The Fed’s recent purchases of nearly $800 billion in mortgage-backed securities (MBS) have occurred under the MBS Purchase Program, authorized under section 14(b) of the Federal Reserve Act. This program, which is expect

If you care about the direction of this country and are "fed up" (pun intended) with what is happening with the US Dollar, inflation and corruption then support the following Congressmen in their fight against the Fed.  As you may know, Ron Paul's audit the bill fed has ran into a massive roadblock, by the name of Mel Watt (North Carolina 12th) who is PURPOSELY trying to protect the federal reserve for audit in order to support his biggest donors.  This guy is epitome of everything wrong with Congress and special interests. As a reminder, Mr. Watt's biggest donors are: Bank of America ,Wachovia Corp, American Express, American Bankers Assn .  Do you suppose Mr. Watts is representing the American people or the banksters who without the Fed would not even exist anymore.   Ron Paul's bill, HR 1207 , currently has a 99% approval rating from opencongress.org and a whopping 310 co-sponsors.  This should not be in committee at all, but instead should go to the House