The desire for change is not enough. As people of good conscience, we must get involved and unite in defending the liberties that we hold dear. We must act.
President Barack Obama has proposed making the Fed the chief U.S. systemic risk regulator to prevent a recurrence of a financial crisis last year which tipped the country into the longest recession since the Great Depression.
On Thursday of last week, the Federal Reserve’s vice chairman, Donald Kohn, threatened to jack up interest rates if Congress continues to expose “some of the U.S. central bank’s most sensitive decisions to political scrutiny,” Reuters reported. “Any substantial erosion of the Federal Reserve’s monetary independence likely would lead to higher long-term interest rates as investors begin to fear future inflation,” Kohn told a House of Representatives Financial Services subcommittee.
Kohn’s threat came as Ron Paul’s bill to audit the Federal Reserve (HR 1207) has picked up 256 (currently at 260) co-sponsors — more than 60% of the House of Representatives. HR 1207’s companion bill in the Senate, S 604, has already attracted 9 co-sponsors. Kohn and his boss Ben Bernanke are obviously very concerned over the prospect that the American people may soon have a look at their books.
Please Help spread the word, in support of HR1207, Publish all articles sent you pertaining to HR1207 and S 604. The Public has a right to know whats really going on. This letter is taken in part from various pages on the net and is not entirely my own work...
I for one feel very strongly that we need to audit the Fed, and I know there are others in NW Nevada who feel the same way. Please help us stay informed by printing regular updates on this issue as it develops.
Your paper could make all the difference in NW Nevada. Thank you for your help in this matter.
I like the analogy of killing the Snake by taking the head, if this were an Anaconda I'd be right in there too. Probably getting in someone elses way, Stabbing and slashing. Glad to help, wish there were more I could do right now!!!
This is a revised version of Stephen Vincent's letter to the Los Angeles Times. Thanks.
To the Editor,
There is a very important piece of legislation which is gaining rapid support in Washington on the crest of a wave of grassroots activism. I am referring to HR 1207 and S.604, the bills to Audit the Federal Reserve Bank. These bills currently enjoy the co-sponsorship of 60% of the Representatives in the House and 9% of Senators, as well as the support of a gowing number of concerned Americans.
Clearly, the time has passed when the nation will continue to tolerate the printing and management of its money supply in the hands of a private group of unelected and unaccountable central bankers. Our recent financial and economic crisis is a direct result of the fallacious assumption that private, supposedly non-partisan interests in control of the public money supply will foster the national good. Increasingly, the public and their elected representatives are questioning that assumption and looking towards a fundamental change in the nation's monetary policy.
The Constitution of the United States does not allow for a central bank with the power to print and coin money, let alone dictate monetary policy by managing interest rates, inflation and selling debt on the international market. Congress was given this power (Article 1; Section 8; Paragraph 237) and should they choose to forfeit that responsibility, then it remains in the hands of the states, or the people (Article 10). It can be said that he who holds the debt holds the power; we cannot be too careful to whom we allow this debt to be given, whether China, et.al. or a private entity owned by foreign interests.
While legislators are quite likely to pass "The Federal Reserve Transparency Act of 2009" to force an audit and, for the first time, accountability at the Fed, the Bank - with the Obama administration's help - is attempting to delegate vast new powers to itself. The proposal to make the Fed the "Systemic Risk Regulator" must be opposed. In fact, no such risk regulator is needed since it is the imbalances fostered by government and central bank intervention into the market that causes moral hazard and systemic risk. The suggestion that the Bank - which is itself the greatest systemic risk through its engineering of massive, unsustainable debt and inflation of the money supply - should be the dictatorial uber regulator of risk throughout the economy is absurd at best and catastrophically dangerous at worst.
The Union Leader needs to bring this debate to its readers through increased coverage of these bills and the underlying issues involved. Readers should write letters and make phone calls to their Congressmen and Senators and urge passage of HR 1207 and S.604 and ecourage them to vote a firm NO to any new Fed powers.