A force of one: the Federal Reserve ~ By Chuck Norris

By Chuck Norris Posted: July 13, 2009 1:00 am Eastern © 2009 I agree with Judge Andrew Napolitano, who said last week, "We know more about the CIA than we do about the Federal Reserve." The Federal Reserve is the Freemasonry of government agencies. It is a virtual secret society unto themselves – a group of unelected brokers who hold the value of our dollar in the palms of their hands. This one agency, with its power to raise and lower interest rates, has exercised more control over the economy than other government body. So with that type of single-handed power, why should we be surprised when the U.S. Senate blocked a bill last week to audit the Federal Reserve? Tis true! Rep. Ron Paul and more than half of the House cosponsored the Federal Reserve Transparency Act, HR 1207, which they hope to have hearings on soon. On the Senate side, however, Sens. Jim DeMint, Mike Crapo and David Vitter cosponsored S 604, companion legislation introduced by Bernie Sanders. But it was stopped cold before even being introduced on the floor on "procedural grounds." Could it really be a mere coincidence that the bill to audit the Federal Reserve was refused from even being introduced and that this agency remains the "quick convenience store-house of money" for the Obama administration's borrowing and bailout monies? Again, as Judge Napolitano said, "The Obama administration not only doesn't want the Federal Reserve audited, it now wants to put the power to regulate all financial institutions – banks, insurance companies, brokerage houses – into the hands of this super secret bank. What are they afraid we might see if we get a chance to look at their books?" As if there are not enough signs of the Fed's inadequacy, two expert economists on the Federal Reserve specifically warned Congress last Thursday not to expand the power of the Fed to oversee and monitor public financial structures. Allan H. Meltzer, professor of economics at Carnegie-Mellon University and one of the central bank's most prominent historians, having written a three-volume reference work on it, conveyed a series of U.S. financial collapses over the last three decades in which the Fed had either failed to take preventive action or made things worse. And the White House and majority on Capitol Hill want to give the Federal Reserve more power and autonomy? Have they finally lost their minds? So why does this federal agency need a complete auditing? It's very simple. Because America is in the worst economic situation since the Great Depression, the value of the dollar is tanking on the world market and the Federal Reserve wields the greatest power to control it with virtually no accountability – let alone that the American people and even Congress have virtually no knowledge of what those inside are doing day to day. On Dec. 23, 1913, President Woodrow Wilson signed the Federal Reserve Act, creating a seven-member board of governors (appointed by the president and approved by Congress) and 12 regional banks. From thereafter, banks continued lending money to the public, but the Fed controlled the flow of money via fluctuating interest rates and the tides of credit and money supply and demand. (This was the gravest governmental mistake in 1913. A close second was the ratification of the 16th Amendment to the Constitution, which mandated income taxes as national law.) [CONTINUE READING]