Audit the Fed!

Jack Hunter | Takimag | July 17, 2009

While Bush and McCain were “abandoning free-market principles to save the free-market system” by signing off on an $800 billion, the Republican establishment still treated the truly free-market Ron Paul as some sort of crazy, irrelevant money crank.

It’s amazing the difference a year makes.

As of this writing, every single Republican in the House and over 60 Democrats have co-sponsored Paul’s H.R. 1207 Federal Reserve Transparency Act, which calls for an audit of the Federal Reserve. Given the current economic crisis, it turns out that many legislators are eager to see just how the Fed is able to print new money out of thin air. In the 1980’s, Paul introduced similar legislation with virtually no help from his fellow Republicans. In 2009, the entire party has lined up behind Ron Paul.

Jim Rogers: Abolish The IMF & World Bank

Paul Joseph Watson | Prison Planet.com | Monday, February 16, 2009

In an interview with Sir David Frost on Al Jazeera television, veteran investor Jim Rogers pinned the blame for the economic crisis squarely at the feet of the Federal Reserve, and said that the World Bank and the IMF should be abolished, not given more power, if a recovery is to be made.

Rogers strongly slammed Obama’s stimulus package, pointing out that more good money was being thrown after bad, and that the bailouts were only making things worse. The veteran investor said that the U.S. was following the same disastrous policies as Japan in propping up companies that should be allowed to fail, and that the same consequences would be reaped as much as 20 years into the future.

“The way the system is supposed to work, when times like this come, the solid people, the competent people, take over the assets from the incompetent people and then you start over again from a sound base, this is what South Korea did, this is what Russia did, and they did fine. What they’re doing this time is they’re taking the assets away from the competent people and giving them to the incompetent people and saying now you compete with the competent people with their assets and their money – it’s terrible economics and it’s not going to work, it hasn’t worked before and it’s not going to work this time,” said Rogers.

Rogers said that price had to be paid for 15 years of excess, but that the crisis could have been overcome in two or three years had zombie companies and banks been allowed to go to the wall.

Web of Debt

EXPLODING THE MYTHS ABOUT MONEY

Our money system is not what we have been led to believe. The creation of money has been “privatized,” or taken over by a private money cartel. Except for coins, all of our money is now created as loans advanced by private banking institutions — including the private Federal Reserve. Banks create the principal but not the interest to service their loans. To find the interest, new loans must continually be taken out, expanding the money supply, inflating prices — and robbing you of the value of your money.

Not only is virtually the entire money supply created privately by banks, but a mere handful of very big banks is responsible for a massive investment scheme known as “derivatives,” which now tallies in at hundreds of trillions of dollars. The banking system has been contrived so that these big banks always get bailed out by the taxpayers from their risky ventures, but the scheme has reached its mathematical limits. There isn’t enough money in the entire global economy to bail out the banks from a massive derivatives default today. When the investors realize that the “insurance” against catastrophe that they have purchased in the form of derivatives is worthless, they are liable to jump ship and bring the whole shaky edifice crashing down.

Web of Debt unravels the deceptions in our money scheme and presents a crystal clear picture of the financial abyss towards which we are heading. Then it explores a workable alternative, one that was tested in colonial America and is grounded in the best of American economic thought, including the writings of Benjamin Franklin, Thomas Jefferson and Abraham Lincoln. If you care about financial security, your own or the nation’s, you should read this book.

Chapter 1

Chapter 22

Chapter 37

Foreword

Introduction

Table of Contents