Skip to comments.Ron Paul vows renewed Fed audit push next year
Posted on 11/06/2010 6:17:06 PM PDT by Bokababe
"I think they're way too independent. They just shouldn't have this power," Paul, a longtime Fed critic, said in an interview with Reuters. "Up until recently it has been modest but now it's totally out of control."
(Excerpt) Read more at reuters.com ...
Econ Freedom Ping!
Hope we make it long enough to Audit them! Then hold them accountable!
just push for an explicit simple inflation targeting policy and we wouldn’t have these problems.
RP has been warning people about the Federal Reserve for years, just as he warned about the crash before it happened. Only since the housing crash have people begun really listening to him — although you’ll still even see people here treat him like he is a nut.
The Chair of the House Committee on Finance and Technology is the perfect place for Ron Paul to shine, because he has a sound grasp of economics. That’s why some even within the GOP will not want him there.
The House Committee on Finance and Technology
Big government and huge debt levels could not exist with out the Federal Reserve. Our problems will not be fixed as long as they are in power.
The entity known as the UNITED STATES cannot ‘audit’ the Federal Reserve.
The Federal Reserve is a privately owned consortium of bankers, who are not even US citizens.
The Federal Reserve holds bankruptcy receivership of the United States.
THEY OWN US, not the other way around.
Someone needs to dress down Helicopter Ben for debauching our currency.
As long as Ron Paul’s attacks against the Fed doesn’t do to the economy what Andrew Jackson’s ending the National Bank did to the US in the 1830s (cause a depression), we should be okay.
We can repeal the 1913 Federal Reserve act
As long as he acts the way he does on foreign policy he is never going to be embraced here. He IS a nut and that is putting it kindly on that matter.
This specific issue just happens to be the one issue he’s suited for. I’d like to see him get the job. It’d be fascinating to watch.
The US is bankrupt. It cannot repay its debts. When that becomes clear, and the public moves from denial to anger, they will seek any justification or excuse to disavow the debt. Such will not be hard to find:
Most Federal spending since the 1930s has been Unconstitutional. Progressive (non-uniform) tax rates are Unconstitutional. Fiat money is Unconstitutionalthe Constitution forbids anything other than gold and silver coins being used as “Tender in Payment of Debt.”
So the US could simply revert to the Gold standard, issue a new gold-backed currency, repay its bond holders using the old currency (which the government disavowed as redeemable for gold or anything else back in 1972,) and inform any who object to that it’s their own fault for lending money to an illegitimate government borrowing and spending in violation of its own Constitution, using a currency prohibited as being used as legal tender by that same Constitution.
It won’t be long before this end-game becomes obvious to everyone. It’s the only way out. When that happens, the bond market will stop lending any funds whatsoever to the US government, and progressive socialism will die.
We have 20 percent unemployment today. 40 million Americans are on food stamps. By those measures we are in a depression now.
True. I remember also, when we went into Afghanistan, Bush demanded that the Taliban turn over Bin Laden, to which the locals said, "that silly. The Taliban doesnt order Bin Laden to do anything. Its the other way around!"
He needs to stay with Economics and leave foreign policy alone.
Ron paul is a sage on this iSsue.
No STATE may make any thing other than gold and silver coin legal tender.
The Congress may emit bills of credit, and, in 1913, they delegated that power to the Federal Reserve.
That delegation is of course unconstitutional, but the power itself DOES exist.
“The entity known as the UNITED STATES cannot audit the Federal Reserve. The Federal Reserve is a privately owned consortium of bankers, who are not even US citizens. The Federal Reserve holds bankruptcy receivership of the United States. THEY OWN US, not the other way around.”
Somewhat true, But we are headed for a major breakdown and a push for a global currency. So i’ts time to cut the fed and congress to adhere to the Constitution and start a new currency (US) per the Constitution. Article 1 section 8:
“To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;”
Yes, we have a major finical breakdown coming so what better time to reset to the right thing?
Who has the guns?
They have one, it’s called the Taylor rule.
Paul is up for chair of the House Subcommittee for Domestic Monetary Policy and Technology, a subdivision of the House Financial Services Committee.
Outlaw the fed and get those books.That will find them some jail time.
“Just watch the powers that be try to block Ron Paul from the Chair of the Committee.”
He should hire some bodyguards, like yesterday.
Congress is granted the power to "Coin Money," but that's not at all the same as the power to make anything legal tender. And printing Federal Reserve notes (instruments of credit, by definition of the term "note") is not at all the same thing as "coining money" (money, by 18th century definition, is totally and absolutely distinct from debt or any debt instrument.)
Federal Reserve Notes have no Constitutional authorization to be used as legal tender. They are not "coined money," and are not gold or silver. And that ends the argument—as will become the accepted understanding as events proceed as they inevitably will.
This should be proposed and debated just for the attention it will gain..
The power structure of both partys will do anything to quash it..
Paul is right on.The Fed has stepped into the political arena and ought to be held accountable.
True enough...but how many tanks can they field?
they wont die easy. They intend to fight for their right to steal and destroy.
But it IS borrowing money on the credit of the United States, is it not? That IS an enumerated power of Congress, is it not?
Since Federal Reserve Notes are not Constitutionally “money,” and since Congress coins no money now, and hasn’t since 1913, and since no State has made any gold or silver coins legal tender, no Constitutionally-valid money exists to be borrowed on the credit of the United States.
The introduction of Central Banks and fiat currency has allowed for the monetization of non-material capital and fueled the economic growth that the world has seen in the last 100 years. To go back to “Wealth of Nations”, the very wealth which Smith was speaking of was the untapped human capital nations already possessed, not gold or some other arbitrary metal.
Ron Paul is an advocate of a system which is unproven and theoretical (sound familiar?) It's a system which allows for no mitigation of risk and limits credit, credit which spurs innovation.
Freepers who support Paul would do well to research Murray Rothbard and the Austrian School.
>The entity known as the UNITED STATES cannot audit the Federal Reserve.
>The Federal Reserve is a privately owned consortium of bankers, who are not even US citizens.
>The Federal Reserve holds bankruptcy receivership of the United States.
>THEY OWN US, not the other way around.
There once was a King who colonies did own,
responsibility and care to them were not shown.
The people people to Tyranny were quite subjected,
and to injustice heap’d upon injustice they objected.
When one day, they the King’s men tried to disarm;
they fought back and raised an Alarm against that harm!
Because the Freemen would not their Rights surrender
they appealed to the God of Heaven: Establisher and King-Ender.
When all was finally done, `twas their Freedom which was won.
“They have one, its called the Taylor rule.”
I’m talking about a legislated policy rule. If there was one, this QE2 would be illegal.
The Austrian school categorically rejects any empirical attempt to confirm or deny its conclusions. I don’t understand how any conservative could be in favor of such an approach.
“He needs to stay with Economics and leave foreign policy alone. “
He needs to stay with ob/gyn and shrimp farmers and leave both monetary and foreign policy alone.
So this RINO thinks the FED should not be independent of political pressure? That would a great thing when a Dim is president, IF YOU WANT MONETARY POLICY LIKE SAY BRAZIL? BTW, who is president now?
Auditing the FED which to some extent was passed as part of the Dodd-Frank Act is quite different than independence.
Yet another anti-Ron Paul rant.
Now now. Notice that I didn’t say he should leave fiscal policy alone :)
A stimulus to fraud; How the feds' gravy train was robbed (giveaway rife w/ fraud and abuse)
By STEPHEN B. MEISTER, NY POST
Vast giveaway: Obama, Reid and Pelosi worked to pass bills that invited millions of dollars in fraud and abuse. On top of everything else, it turns out the stimulus was an invitation to tax fraud: J. Russell George, the Treasury's inspector general for tax administration, just reported that he'd identified more than 125,000 individuals who got $111.4 million in undeserved tax-credit refunds, thanks to the 2009 Recovery Act. George shows that the burden of processing these vast giveaways overwhelmed even the IRS's 100,000 employees and contractors, operating on a budget exceeding $12 billion this year.
We already knew that the stimulus failed to produce the miracles that President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid had promised -- the unemployment numbers alone are proof of that. Much of the cash went to the states, to roll back welfare reform and to allow states to avoid cutting their spending. Now George's audit of the IRS's handling of the 16 new or increased "refundable" tax credits has exposed yet another mess:
* 10,581 people got $65.6 million in Homebuyer Credits they didn't qualify for. * 109,665 individuals got $29.7 million in Making Work Pay and Government Retiree credits they didn't qualify for. * 5,345 people wrongly received $15.6 million in Plug-in Vehicle credits. * 171 got $453,220 in erroneous Nonbusiness Energy Property credits. * 2,933 received more than $95.8 million in excessive Qualified Motor Vehicle Tax deductions.
Democrats rushed the massive "stimulus" package through Congress within a month of Obama's taking office. More than one in every three dollars of "stimulus" -- $252 billion worth -- took the form of "refundable tax credits" (many to "taxpayers" who paid no taxes). --SNIP--
more conniving below
WASHINGTON Recovery.gov promised transparency on how the government spends every dollar of stimulus money, but there's $162 million the website doesn't disclose. Recipients of 352 federal stimulus contracts, grants and loans have failed to report how they spent the money, the status of their projects or how many jobs were funded, according to the Office of Management and Budget (OMB). Despite orders from the White House to crack down, enforcement is spotty.
The reports are important because they provide the most detailed disclosures of government spending, and are the keystone of government transparency efforts. Last Friday, the beginning of a new fiscal year, OMB expanded the use of recipient reporting, requiring it for the first time on non-stimulus spending. OMB controller Danny Werfel said those 352 are less than 1% of the more than 88,000 stimulus projects required to report a big improvement over a year ago, when reporting started and about 8% of recipients didn't file. But as compliance goes up, repeat offenders stand out.
As of the last report, 32 recipients have missed two consecutive quarterly reports and eight have missed three. They account for $7.4 million in awards. "Once you get to a second instance, you're sensing more of a pattern," Werfel said. "It's no longer a miscue or disconnect." In May, then-OMB director Peter Orszag instructed agencies to take action against repeat offenders within 20 days. That action could include investigations for fraud and suspensions from all future federal contracts. It's unclear whether that's happening. Werfel would not release OMB enforcement reports.
But a USA TODAY review of debarment actions companies excluded from receiving federal contracts found only one non-reporting recipient suspended. That company, International Trading CCT LLC of Livonia, Mich., wasn't suspended by the U.S. Department of Agriculture, which gave it $442,096 in stimulus money to rent equipment in Huron-Manistee National Forests in Michigan.
It was the Defense Logistics Agency that suspended the company, accusing it of delivering substandard construction materials for Bagram Air Force Base in Afghanistan and then forging documents to cover it up. The company owes the Defense Department $305,256, according to an agency memo. The company's phone is disconnected.
A USA TODAY analysis of missing reports shows the Department of Agriculture has the biggest problem: 100 recipients receiving $103 million have failed to submit reports. Agriculture spokeswoman Stephanie Chan said 98% of recipients have reported. For those who haven't, the department "has worked aggressively on a case-by-case basis to achieve compliance." One recipient, a Fort Morgan, Colo., ranch that received $56,286 for irrigation improvements and has missed three quarterly reporting deadlines, has received little more than form letters.
Ranches Inc. has received three reminder letters from USDA's Natural Resources Conservation Service, according to documents obtained under the Freedom of Information Act. Earl Devaney, chairman of the agency that runs Recovery.gov, told Congress last year he supports even harsher penalties for not reporting something Congress didn't do in the Recovery Act. "Even if criminal penalties are not practical, the fact that some would willfully not file is distressing and must be addressed," he said.
Awards not yet reported: Recipients of more than $162 million in federal stimulus spending haven't reported to the government what they've done with the money. Table at web site.
ABC NEWS, Nov 18, 2009----Stimulus grants: Why Was The White House Website Riddled With Errors?
Officials tell ABC News so far, they found 700 mistaken Congressional districts out of more than 130,000 stimulus grants. On Monday night, ABC reported on errors found on the website set up by the White House to track the number of jobs created or saved by the economic stimulus program. The website was riddled with reports of jobs in places that didn't even exist. That report prompted anger on Capitol Hill, and defensiveness at the White House. On Tuesday night's broadcast, ABC's Chief Congressional Correspondent Jon Karl took another look at the stimulus confusion (link)
LINK---Jon Karl: White House Vows to Correct Stimulus Reports Officials Tell ABC News So Far, They Found 700 Mistaken Congressional Districts Out of More Than 130,000 Stimulus Grants
ABC NEWS' JONATHAN KARL, Chief Congressional Correspondent, REPORTS, Nov. 17, 2009
When it comes to stimulus spending, could the wheels of government bureaucracy be grinding too quickly for once? Responding to more inaccuracies discovered in the reporting of spending and job creation from the administration's economic stimulus plan, the top White House official charged with overseeing the program vowed today to go through the reports with a fine-toothed comb and to correct the mistakes.
The promise came after ABC News found that Recovery.gov, the government Web site created to track the expenditures, had many job creation and stimulus spending figures that were attributed to congressional districts that do not exist, or that were incorrectly identified.
"The first time out, we knew there were going to be problems," said Edward DeSeve, special advisor to the president on the stimulus bill. "We don't think there are a lot of them. There are less than 1 percent in terms of the recent concern about congressional districts of the overall reports. And we've got a good commitment from the recovery board to work with us to fix them."
Officials tell ABC News, so far, they have found 700 mistakenly credited congressional districts out of more than 130,000 stimulus grants. The White House's Web site claims that more than 640,000 jobs have already been saved and created by the " $787 billion stimulus program. The reports used to come up with that number are riddled with errors.
In addition to the jobs in non-existent congressional districts reported Monday by ABC News, in real congressional districts, there are also problems, lots of them.
Moore's Shoes in Campbellsville, Ky., claims nine jobs were created from an $890 grant for nine pairs of work boots for the Army Corps of Engineers. Head Start of Augusta, Ga., claimed 317 jobs with a $790,000 grant, but it was really just a one-time raise to its 317 employees.
Chris Whitley is a fiscal officer for Central Savannah River Area Economic Opportunity Authority, which administers the Head Start program in Augusta. He says it was the administration's stimulus help line that advised them to claim 317 jobs. "It wasn't illegal, immoral or unethical. And they told me to do it, so I did it," said Whitley.
The mistakes have prompted anger on Capitol Hill. Rep. David Obey, D-Wis., the powerful chairman of the House Appropriations Committee, was outraged that one sewer project in his district was listed as creating 100 jobs. The real number is five. When asked what he thought when he saw the mistakes in his district, Obey said, "I wanted to strangle somebody."
Obey is demanding the administration fix the mistakes. "Fix the problem, the blessed problem, so that we're getting accurate information. I don't care what people's bureaucratic niceties are, or how hard it is to do it. I mean, they've got to fix the problem, so the American people can understand what the realities are.
$6.4 Billion Stimulus Goes to Phantom Districts
watchdog.org | November, 2009 | staff
FR Posted August 09, 2010 by bronxville
...Just how big is the stimulus package? Well for one, it has doubled the size of the House of Representatives, according to recovery.gov, which says that funds were distributed to 440 congressional districts that do not exist.
According to data retrieved from recovery.gov, nearly $6.4 billion was used to create or save just under 30,000 jobs in these phantom congressional districtsalmost $225,000 per job. The web site operates on an $84 million budget and is tasked with monitoring the distribution of the $787 billion stimulus package passed by Congresswhich, for the record, counts 435 membersin early 2009...
The US Treasury entry must be seen in this context. COS Rahm Emanuel took control of the US Treasury when he crept into our WH.
Behind The Real Size of the Wall Street Bailout (more like $14 trillion)
Mother Jones | Dec. 21, 2009 / FR Posted January 04, 2010 by E. Pluribus Unum
A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street.
The price tag for the Wall Street bailout is often put at $700 billionthe size of the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside money to bail out financial firms and inject money into the markets. To get a sense of the size of the real $14 trillion bailout, see our chart here. Below, a guide to the pieces of the puzzle:
Treasury Department bailout programs (controlled by Rahm Emanuel)
Money Market Mutual Fund: In September 2008, the Treasury announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokeragesas much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury has made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid. Government-sponsored enterprise (GSE) stock purchase: The Treasury has bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets." GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion [PDF].
--SNIP--- long read
Federal Reserve bailout programs
Commercial Paper Funding Facility: With the support from the Treasury, the Fed established the CPFF in October 2008 to increase the availability of short-term debt (commercial paper) funding. Up to $1.8 trillion [PDF] was earmarked for the program.
Mortgage-backed securities purchase: In 2009, the Fed earmarked up to $1.25 trillion to buy investments based on home loans.
Term Asset-Backed Securities Loan Facility: TALF provides financing to investors who are buying asset-backed securities. In February 2009, the Fed and Treasury announced an expansion of the program to generate up to $1 trillion in new lending.
Foreign Central Bank Currency Liquidity Swaps: The Fed has provided $755 billion [PDF] for currency liquidity swaps with foreign central banks.
--SNIP--- long read
DID GANGSTER GOVERNMENT SCAM TRILLIONS USING THE MADOFF MO? Ponzi Madoff created a supersecret labyrinth of interrelated international funds, institutions and financial entities of almost unparalleled complexity and breadth......with assets and businesses in multiple places overseas that hid thievery, money launderering and tax evasion. "Professor" Obama surrounded himself with Wall Street shrewdies---like Chief Shrewdie Rahmn Emanuel. Wall Street knows how to make money disappear faster than a cream puff at a Weight Watcher weigh-in. Imagine the wasted trillions...... tick tock, tick tock.....
Ron Paul being charged to investigate(audit) the federal reserve will bring the progressive republicans out from under their rocks..
Because the Keynesian system we currently have is working out so well?/s
The Austrian School is NOT "untested", nor "theoretical" --it is the economic system that we functioned under until the creation of the Federal Reserve in 1913. Commodity (gold) backed currency, banks only lending the money they had on account, non-interference in the market, were the elements of the economy we had until the bankers and government figured out that they could rig the game in their favor by embracing Keynesianism.
No man is a free man if his economic worth is only subject to the whims & will of a State-run banking cartel that artificially manipulates its value to suit its and government's needs. That is common sense.
Look at what's happening right now -- "quantitative easing" -- which will deliberately create inflation. What will that do? Not only will it reduce the value of the dollars in your pocket, it will also up taxes without actually "raising taxes". Not only will everything cost more and increase prices, but even if someone manages to keep up and get ahead of inflation, they'll be bumped into higher tax brackets, paying more to Uncle Sam. The threshold for "the rich" will get lower and make more people a target for tax increases, as the poor get poorer.
Keynesianism is a scam, and always has been a scam. It didn't surprise me when I read that John Maynard Keynes was actually a pedophile rapist who took joy in destroying the values of thrift and savings of Christian America!
Is my memory correct in that President Kennedy had millions of Fed gov. monies printed and intended to have these used in place of Fed Reserve notes for business and trade? At the time it seems I was wondering if that had any play in his assassination. I’ve always believed that President Kennedy was above all his other traits an avid patriot
I’ve heard that too, but have no idea whether it’s true. The fact that it seems plausible is all that really matters, at this point.
Yeah, this "RINO" -- who predicted the crash way back in 2006 while all the other Republicans were singing the praises of the Bubble. Why would anyone him overseeing monetary policy?/s
RP makes his intentions pretty clear here in this video with Cavuto for anyone who doesn't want to jump to assumptions.
And BTW, we wouldn't have even gotten that much of a Fed audit if it weren't for Ron Paul.
Feet to the fire....
B U M P