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Forget auditing the Fed… Let’s abolish it!

February 25, 2015

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128 Comments

    I am GLAD she is saying it is PRIVATE…………..MAYBE, the general public will wake up and see THEY ARE SIMPLY BANKSTERS………………….

      DEREGULATION OF MONEY…………….Christ, they tried that in the 1800’s when each bank could print their own money or currency………….and would be accepted by the locals…., the problem being that once , that local currency was not recognize , it was discounted.

    Feb 25, 2015 25:21 AM

    JONN KENNEDY tried to get RID of the FED and you SAW what happened to him………….THEY got him in a CROSSFIRE………..this is a CRIMINAL ORGANIZATION, hell bent on controlling the MASSES………and NOW that THEY are OUT of GOLD they will never ALLOW any AUDIT or any kind of ABOLISHMENT without people DISAPPEARING.

    bb
    Feb 25, 2015 25:30 AM

    I wonder how long it will take for the tipping point in the number of people required to change anything will take.
    Personally I think they lock the whole continent down first.

    I still would like to hear an interview with the guys getting close to using gold as currency.
    Probly wont happen I guess.

      Feb 25, 2015 25:32 AM

      I’ve discussed many times using gold as currency – privately. Many already do. To use it as the basis for a national currency, though, is more of a problem, and defeats the purpose of that kind of money anyhow IMO

    bb
    Feb 25, 2015 25:31 AM

    Chris, interest free money? Your siding with Bill Still.

      Feb 25, 2015 25:34 AM

      Can’t say I am familiar w/ Bill Still…but where the public money is concerned, yes, interest free.

      It’s a different matter how private sector treats things.

      As I’ve said before, I’ll have to talk Big Al one of these days into an extended discussion of this subject!

    Feb 25, 2015 25:32 AM

    Great interview. The problem is if we abolish the Fed we will have to live within our means again…something the government and society has no intention of doing. We are not a nation of builders and innovators like we were 50+ years ago. Free trade/outsourcing broke the chain of knowledge and skills. How many young adults know how to mend clothes, grow food, due rudimentary plumbing/ electrical work, build furniture, etc? Very few. People want to return to the glory days of the U.S. but no one is asking themselves if our young adults who will lead in the future have the skills to make that transition possible. We do have some talented youngsters out there but not enough in my opinion.

      Feb 25, 2015 25:39 AM

      BTW, I have nothing against the younger generations. I think they are fine kids but misguided. Their elders (be it parents, educators, politicians, etc) have let them down tremendously.

        Feb 25, 2015 25:09 AM

        Not sure that we ever let our daughters down, Chris.

        Regarding your comment about living within our means, I happen to agree.

          Feb 25, 2015 25:14 AM

          I should have phrased that differently. There are parents who have done an excellent job raising their children but others have dropped the ball. Regarding educators and politicians… they’ve let down the younger generation. Politicians have sold them to the cheapest bidder and educators (not all of them but enough of them) blindly follow and teach what the government tells them to… common core is a good example.

            Feb 25, 2015 25:49 AM

            Western society demanded better standards of living and cheaper goods and the only way to give it to them was to start employing less costly labour in poorer regions of the world. Business understood that implicitly and delivered in spades where governments allowed trade restrictions and barriers to fall. The casualty was jobs when it went to far. Basically I am saying we got what we asked for and only considered the consequences later. So how would you feel if flat screens suddenly jumped in price to several thousand dollars or a washer / dryer set was triple what you pay now? How about no more discount clothes and shoes? How about we all go back to the bargaining table and try to return the good old days of smokey factories and desperate environmental pollution levels that the industrializing countries live with?

            Feb 25, 2015 25:50 AM

            Nobody got sold to the cheapest bidder in other words.

            Feb 25, 2015 25:01 PM

            Birdman, the US had a good standard of living before free trade. When I was growing up only my old man worked. My mother stayed at home and raised three kids. We had two car, house, vacation house. And my father wasn’t some big shot; he was a mechanic. How many families these days can get by with only one bread winner? Very few.

            Regarding your pollution comment. I remember my grandfather telling me that if there wasn’t any smoke lingering up in the air it meant that the town didn’t have any work and you shouldn’t stop…just continue to the next town. Funny how things have changed.

            Feb 25, 2015 25:13 PM

            Yup, that’s the price we paid for cheaper consumption goods on the one hand and excessive salary demands from union workers on the other. Something had to break and what broke was the resolve of business to stay in America and deliver on both ends at the same time. And the market (shareholders) demanded action. That’s us by the way….the Boomers who got everything we ever wanted. Just look how earnings soared and our pensions fattened as a result. Its a wonder any factories remain at all.

      Feb 25, 2015 25:57 AM

      “Living within our means” is only a problem for the criminal class and the lazy. Necessity is the mother of invention.

    bb
    Feb 25, 2015 25:34 AM

    Well, as alternitives I just posted 2 people are working on, any chance we can get an interview for updates from either of them?

    Feb 25, 2015 25:34 AM

    Chris:
    Excellent comments and really a different outcome than I had expected. The only caveat I could add about the audit effort is that I assume the true nature of the US gold supply could become certain. Is it there; is it not; How much do we have and where is it! I guess I believe their fear of being audited is that the truth will come out that much of the physical gold is not there and likely has been replaced by leases, etc. that are no better than the paper they are written on.

      Feb 25, 2015 25:41 AM

      Not directed at you personally, Silverdollar…

      Not that I think that there might not have been anything nefarious over time…but…what gold the Fed/Treasury has or does not have has absolutely nothing to do with what the Fed is doing, or the “value” of the US $

      Does anyone actually believe that–if we awoke tomorrow morning and learned that the “conspiracy theorists” are right and there’s no gold left in Fort Knox or at the NY Fed–anyone other than those on this blog would give a rat’s ass? All Janet Yellen would have to do is repeat her mantra over being slow to raise interest rates. Stocks would go up. Bond yields would fall further. And nobody would care.

      All this same stuff was discussed when I was a kid. Nixon ended the gold standard and convertibility/redeemability. He let Arthur Burns loose, who for a while trashed the dollar. That was supposed to be the end of the world; certainly, the end of the dollar and the U.S. Today, the dollar is still the chief reserve currency, the stock market is 25 times higher, etc. And the same criminal b$#*&%^s who got us into this and “stole” America’s gold, guess what?? They still run things.

        Feb 25, 2015 25:52 AM

        🙂

        Feb 25, 2015 25:24 PM

        Thanks for your comments and no, I don’t take anything you said personally. Sometime when you have time, I’d like you to talk about what might really wake up the public and eventually cause a ‘reset’ that could get us back to honest money.

      Feb 25, 2015 25:58 AM

      In other words, worrying about what the Fed did with all that gold is about as useful as auditing them.

        Feb 25, 2015 25:14 PM

        Yup. I agree with that. An audit is pointless. Whose idea is it anyway? Please don’t say Ron Paul….I hate that guy.

          bb
          Feb 25, 2015 25:01 PM

          You hate Ron Paul Bird?? That’s got to be treasonous.

            Feb 25, 2015 25:43 PM

            Sorry about that. Hate is too strong a word. I just cannot stand his constant complaining and his ideas about gold are……whacko.

            bb
            Feb 25, 2015 25:49 PM

            lol, there are few people that think he is “wacko”.
            I think he is “right on” with his understanding of Liberty,
            But, the people have decided for security, so..they got neither, oh well.

            bb
            Feb 25, 2015 25:58 PM

            Actually, on another blog I visit one fellow told me Liberty is irrelevant.

    Feb 25, 2015 25:35 AM

    Kudos Chris Temple!
    People are waking up,admittedly slowly,but it is happening.
    The plutocracy will meet its demise.

    Feb 25, 2015 25:56 AM

    End the Fed? I’m all for it. Fugetabotit!

    Feb 25, 2015 25:08 AM

    I agree with everything Chris had to say except that interest-free money controlled by government would be an improvement. It doesn’t matter what central authority has the power to create money out of thin air, it is still theft and the power to steal will always be abused. Until the people reject theft 100% of the time, the cycle will not be broken.
    No matter who creates the paper, it is still just a promise, or, as Thomas Jefferson said, ““Paper is Poverty. It is only the ghost of money, and not money itself.”

    Feb 25, 2015 25:25 AM

    You cannot allow government to create money since they are just going to print, print and print. FED even not independent but at least their are something to it. If there is no independent central bank to manage money, the only choice is hard money, period. People are evil by birth.

      Feb 25, 2015 25:10 AM

      All people, Lawrence?

        Feb 25, 2015 25:38 AM

        Kind of funny. Of course I disagree. Lawrence, have you ever seen wild dogs eat? They are merciless with one another. It is a strong survives culture. The sick are excluded due to weakness and eventually perish. Don’t you find it odd that people share food? This is a trait of all cultures everywhere. Total strangers will offer food to those who are hungry. Even prisoners are fed as are the elderly, infirm and orphaned.

        That does not indicate evil to me but rather a universal compassion that really defies reason. Why should anyone share scarce resources with strangers? Can you answer that?

          Feb 25, 2015 25:07 PM

          God is love and He made man in his image. At the Fall, that image was marred but not annihilated. Even you, Bird, though you are loath to admit it, are an image bearer. Life does not come from the dead. Yet, here you are. Where did you come from? Can you answer THAT?

            Feb 25, 2015 25:18 PM

            I don’t believe people are inherently evil. Misguided and emotional perhaps. Sometimes they follow the few despots and paranoids who have terrible ideas. But the vast majority I have known were pretty good at the core.

            Not saying there are no bad apples. I have met a couple of those too. Creepy man!

            Feb 25, 2015 25:30 PM

            Bird says, “I don’t believe people are evil.” God says, “[T]here is no one who does good, not even one.” Jesus says, “If you, then, though you are evil, know how to give good gifts to your children, how much more will your Father in heaven give good gifts to those who ask him!”

          BDC
          Feb 25, 2015 25:36 PM

          That reminds me of the mean barnyard dog that would
          incessently bully the other dogs, and many of the farm
          animals too. It was a tyrant, and all of them trembled
          with fear every time it was near.

          One morning as the farmer left for town he sideswiped
          the dog while distracted by a fog which had just rolled
          in and, not noticing, continued on his way.

          In an instant, the dazed and weakened monster was set
          upon by the other dogs and ripped to shreds in a flash!

            Feb 25, 2015 25:50 PM

            An unlikely ending. In the real world the big dog gets a state funeral and his family pensioned and pampered for life. The sheep dogs that typically cower in fear go back to grumbling and fearing and making no real progress because not only did they resent the superiority of the big dog but they cannot stand to be with one another either! Such is real life.

            BDC
            Feb 25, 2015 25:46 PM

            lol … too often true!

        Feb 25, 2015 25:29 PM

        It is observation not hard rule. Most people are selfish and opportunists. You can call it sin and not much of evil. However, the guys how seek power are mostly evil. For them to maintain power, they will take advantage the sin of most people and atually make most people suffer.

          Feb 25, 2015 25:29 PM

          Who not how.

    cmc
    Feb 25, 2015 25:45 AM

    The idea is not to “babysit”, but to expose. Only when people see what the Fed is doing can people be motivated to abolish it.

    Feb 25, 2015 25:53 AM

    Why are the branches of government separate? Why do we insist that there be a division between church and state? Why is the system designed so the Judiciary is independent? What do you think happens when politicians have direct control over the power to print money?

    Abolishing the Fed is a terrible idea. I would be completely opposed to that.

      Feb 25, 2015 25:30 PM

      It’s a fallen world, men are fallen. That is why branches are separate, to preserve freedom, to check the excesses, to decentralize power. As someone once said, “If men were angels, we wouldn’t need government.”

      You haven’t defined church, but it isn’t possible to separate religion and state because it isn’t possible to separate religion and man. Man is a worshiper; that is his nature; it won’t do to deny it. The law is religion codified. Read the Humanist Manifesto. THAT is the religion of the wicked controlling our government.

      The judiciary is not independent. See article 3, section 2 of the U.S. Constitution.

      Politicians are men, the same kind of fallen creatures running the Fed. Besides, the Fed would have no power unless it had been given to it from above. The Fed intends to print money for evil, but God intends it for good, to teach men the difference between truth and falsehood. Gold and silver are true, today’s dollar is false, the tool of evil men, the god of the ignorant and foolish.

        Feb 25, 2015 25:55 PM

        I am pretty sure I know what happens when a politician gets to push the print button on the printing press!

        Feb 25, 2015 25:22 PM

        Wayne…Well said.

      Feb 25, 2015 25:20 PM

      “WHAT” !!!!!Have you lost the plot ?….Or are you one of them ?…..Shame on you Bird if you think a small group have the right to control the lives & future of untold millions of people.

        Feb 25, 2015 25:28 PM

        Tony are you nuts? You want to hand the keys of the money printing machines over to a bunch of guys who got elected on platforms like how much sugar belongs in a Pepsi or why we need to send men to the Moon again! Get real. You might hate the Fed but I guarantee the alternative is far worse.

          Feb 25, 2015 25:23 PM

          Printing money is stealing, stealing is murder, therefore, he who advocates printing money is a murderer.

            Feb 25, 2015 25:40 PM

            Well then maybe that’s why the executioner gets to wear a black hood and why we never really know his identity for certain.

            ISIS …..is most likely part of the PLOT………OF ….1871 US OF A………..

    Feb 25, 2015 25:55 AM

    Abolish the fed of course, but even that ain’t enough. We need to repudiate all of our national debt held by the banksters. Then we need to pull an Iceland Revolution by arresting the traitorous banksters who turned us into debt slaves, give them a fair trial, and then put them behind bars. Then we need to remove all the bankster whores holding offices in DC who allowed this Rothschild banking cabal to rule over and destroy us.

      Feb 25, 2015 25:12 AM

      Probably right Vigilante, but not going to happen!

      Feb 25, 2015 25:23 PM

      BV…..DITTO.

    cmc
    Feb 25, 2015 25:56 AM

    The power to coin money and declare the value thereof was given to the Congress from the beginning.

      Feb 25, 2015 25:12 AM

      Interesting point, cmc!

      Feb 25, 2015 25:32 PM

      Coin DOES NOT EQUAL print.

        Feb 25, 2015 25:40 PM

        Correct. The dollar was defined as 371.25 grains (.7734375 troy ounces) of pure silver.

          Feb 25, 2015 25:56 PM

          That has been revoked. Get over it already.

            Feb 25, 2015 25:03 PM

            Where is it revoked? I think the process of exchanging paper back to gold is suspended not revoked. Can you give me the US law saying it is revoked? It is news to me.

            If government does it illegally, it is a problem of the government not the law? Poeple should demand the law to be restored. Do politician swear they will be loyal to constitution before they enter their office?

            Feb 25, 2015 25:26 PM

            BIRD…..Just who’s side are you on ?.

            Feb 25, 2015 25:38 PM

            Excuse me Lawrence. Apples and Oranges. Revoked or suspended. It matters not what you call it but rather that what was, is no more and will not be returning. A dollar is NOT .7734 grains of pure silver anymore.

            For your information (and since you may be out of date), slavery in the US is now illegal. Abortion clinics are permitted to operate in most states. Marijuana is now a product that can be traded by public companies. And Velcro is what allows old folks with arthritis to put on their own shoes without assistance!

            Everything that was inconceivable before is now a reality. Dollars are purely fiat and unbacked except by the taxing power of the state and the will and forcefulness of their sponsor governments.

            Come on people….lets enjoy some progress please!

            Feb 25, 2015 25:39 PM

            I am on the side of common sense and reality Tony. I don’t live in a money fiction.

            Feb 25, 2015 25:09 PM

            Bird, you atittute is very strange. You seems to be siding with the elites who are on the opposite side of people here. Every legal act becoming illegal or illegal becoming legal is through laws, which inlude termination of slavery and legalization of marijuana. Revoking of dollar equivalent in grain of silver is not among them.

            When you are representing the oppressor to the general public, you cannot resent the fact that you are attacked becuase most people here if not all are on your opposite side.

            Feb 25, 2015 25:12 PM

            Siding with ones oppressor is not common sense. Everyone should think for their own class.

            Feb 25, 2015 25:10 PM

            Lawrence, its you who makes no sense. Let me ask you who do you think will be in charge of the creation of currency (paper and electronic money) if the Fed is abolished?

            A few people here have advocated it is the right of “we the people” which is another way of saying their elected government and administration. Interest can be done away with the US can be set free of the buildup of debt that is at the heart of our current system.

            So the physical creation of cash while it might fall to the Mint to actually create, would in fact be overseen by the Treasury. And who is the Treasury accountable to? Elected politicians of course. It means that money creation would come much more directly into the realm and grip of those who desire money most to achieve political purposes.

            I don’t really think that is a good idea. Do you? We have a system now where Monetary policy levers are distinct and separate from the Fiscal powers of elected officials. And one of the reasons is that governments are profligate spenders who often enough drive a nation into bankruptcy.

            Why did JP Morgan have to lend 100 billion in gold to the Treasury for example? Because the government was sober where its use of money was concerned? I don’t think so. Look at what wars do to the financial resources of a country.

            You see Lawrence when you abolish the Fed what you will ultimately get instead is private banks that create the wealth of the nation and manage the money supply but with their own motives at heart. Those interests will be even more at odds with the public good.

            There was a day not long ago when most money was physically printed and the money supply was expanded through private banking alone. Look at old Canadian Banknotes as a perfect example of how corporate money was ginned into existence. The names and logos of the sponsoring institutions are embossed right on the notes even if a government charter was needed before you were authorized to print.

            So there are our three basic models of making money. Banks can do it for profit, the Treasury can do it on behalf of the government or a third body can be in charge which is neither wholly autonomous nor is it beholden to either elected officials or the demands of private shareholders such as bank interests.

            I will take option three.

            Would you prefer Goldman Sachs or JP Morgan as the banks in charge of minting money? Or would you maybe prefer that Barrack Obama could dictate money creation through a few phone calls from the Oval Office?

            Just think about this for a few seconds.

            Feb 26, 2015 26:34 AM

            Bird, since you seems to have unlimited time and I don’t, I will just get to the root of the problem. Look at the number of posts, you must spend most of your time writing in this blog. Apparently you want to convey your messages to the general public here. In order to convince people, you have to make sure you are more or less with the same political stand like others. I haven’t been here too long but I noticed you have opposite views with me all the time and argue with other people with heated debates. That is why I asked you a question –“ what do you think about Ron Paul”. You said that you cannot stand him as you said on the above post more clearly that you hate him. So I realized that your ideas represent the banking elite. Your interest is opposite to the others who are mostly hard asset investors who by choice anti-establishment. So I said the difference is your political stand not investment. In politics one side will never be able to convince the other side, which is why we have so many revolutions. If you want to convey your message to others you should not insult their hero like Ron Paul. You can say that you like him but you have some different opinions. Otherwise it is non-starter. I believe most people here like Ron Paul including all the hosts because Ron represents the interest of general public who is ruled and victimized by the banking elites. You can ask Al his opinion about Ron if you dare.

            As for the choices , you have given all the bad ones, I won’t choose any one. What I am against the most is for the government to print money as I said in one of the posts in this thread. The money should not be printed. It should be given by the nature or God.

            Feb 26, 2015 26:42 AM

            Money should be given by God?…..uh hunh…..I see.

            Since you veered into the crazy world and left me behind maybe you can enlighten me about how physical money would be printed if it was all left up to God. Basically Lawrence you have no idea how the financial system functions, why governments borrow, who lends and their reasons for doing so etc etc etc. Would you also reject taxes then and perhaps you subscribe to the idea interest is a bad thing?

            Just curious but are you an anarchist or Libertarian like others here profess?

            Feb 26, 2015 26:46 AM

            By the way, you are barking up the wrong tree with this whole Ron Paul thing. A thousand people who come here hold a thousand different political views. Why should you care what one person thinks that is in opposition to the herd?

        cmc
        Feb 25, 2015 25:14 PM

        Agreed.

          Feb 25, 2015 25:13 PM

          Thank you.

      Feb 25, 2015 25:25 PM

      cmc….Yes to congress…..Not to a private bunch of gangsters.

        Feb 25, 2015 25:17 PM

        I have to tell you, I really love the idea of Apple getting behind mobile money. I think it is entirely possible we get corporate money again but in this case it will be where the shareholders of the company number in the millions. Its really pretty Democratic don’t you think? The people themselves will profit through dividends and capital appreciation but the benefits of the new electronic currencies will accrue to everyone who uses them.

          Feb 26, 2015 26:49 AM

          Bingo. Amazon is also talking about their own money, etc. This democratization of money is an idea whose time has come again.

          Communities have their own currencies too in dozens of places. Greece’s countryside is full of them, too – one way in which the locals have been able to insulate themselves from the euro storm.

            Feb 26, 2015 26:33 AM

            It’s a brave new world Chris….where everything old is new again. By the way those Greek barter style currencies are fascinating how they took off with the use of the internet to power them up and match buyers and sellers. You could , in theory anyway, participate even from across the ocean in North America. Not that you would but the approaches are novel. The key to all of course is that you have something to trade! So those thirty something kids with BA’s living in Mom’s basement would still have a hard time fitting in. You need real skills or be in possession of goods and production others needs. Maybe they will all learn to cut hair Greek style!

    Feb 25, 2015 25:09 PM

    Temple,

    Great discussion about the fed.

    The problem with handing monetary policy to congress right now is that there is no one in congress with any honor or integrity. All of them voted them selves the right to do insider trading. So basically all of them are thieves. And judging from how they can’t even get a budget done for several years running, or balance their own personal check books. How and the hell can they be trusted?

    The simple fix is hand all of them their walking papers. Elect people that can be trusted that actually have a good track record in finance and character. The people with finance experience and moral character background are Not in the US congress currently.

    A great start would be to repeal the act of 1871, which many of you know nothing about, nor care to, which is ” why the madness Will Continue “!

      Feb 25, 2015 25:51 PM

      Elect people that can be trusted that actually have a good track record in finance and character.

      Those people, if they even exist, would be unelectable. Hoping for better masters will not set us free.

        Feb 25, 2015 25:14 PM

        Ebolan,

        So what’s your plan?

        Feb 25, 2015 25:40 PM

        Very true…a former national leader once said that “The idea that leadership can be born of universal suffrage cannot be too strongly repudiated.”

        Feb 25, 2015 25:28 PM

        Ebolan…..CORRECT>

          Feb 25, 2015 25:00 PM

          Correct?? So uh.. What do you folks do? Butch and do nothing??
          Makes sense

            Feb 25, 2015 25:18 PM

            Ha!

      Feb 25, 2015 25:57 PM

      Agree with your act of 1871 comment. You’re spot on with that.
      Charster, have you read a book called “Lincoln Uber Alles: Dictatorship Comes to America” by John Avery Emison? Pick it up of you can….it’s an eye opener.

      Feb 25, 2015 25:37 PM
        Feb 25, 2015 25:08 PM

        Thanks for the link, Rev!

        Everyone should check that out.

          Feb 25, 2015 25:31 PM

          Yeah sure, that link is about enlightening as a sack of nails.

        Feb 25, 2015 25:31 PM

        Andrew…..Funny it takes an outsider to show the Yanks what they should know.

    Feb 25, 2015 25:49 PM

    Looks like Walter Jones is going to have a tough time again. The neocons and the rest of the War Party and MIC will throw everything at him.

    http://atr.rollcall.com/walter-jones-taylor-griffin-primary-2016/

    And all this warmongering and the rest of the ruinous deficit spending would not be possible without the criminal Federal Reserve.

      Feb 25, 2015 25:04 PM

      It is why I suspect that US is in a decline and speed is picking up.

    Feb 25, 2015 25:31 PM

    You have some very capable leaders in The US, I mean the ones with business experience who know how to make a buck and run a real company. But the electorate is much like here give us bread and circuses, and if there is corruption that too is okay. DT

      Feb 25, 2015 25:40 PM

      Bread and circuses in Canada? Nah, Canadians are smart. Hell, they think $1.5 million shack is a good investment./ sarc

        Feb 25, 2015 25:55 PM

        Canada used to be “Miss Goody Two Shoes” not anymore!

      Feb 25, 2015 25:08 PM

      DT,
      The reality is that they pay their way into a deeper thievery!
      That’s reality! That’s who they are! That’s what they do!

        Feb 25, 2015 25:10 PM

        When we abolish the act of 1871, they” go away!

    Feb 25, 2015 25:31 PM

    Mr. Von Nothaus attempt at an alternative currency didn’t go well.

    CHRIS T……thanks for the INFO …………….ACT OF 1871………

    Feb 25, 2015 25:15 PM

    This is likely the closest you’ll ever see Trey Gowdy to shedding a tear.

    “Rep. Gowdy Fights Back Tears as He Dresses Down IRS Official Responsible for Lavish Conferences”
    https://www.youtube.com/watch?v=5dFpam0IMbc

    bj
    Feb 25, 2015 25:08 PM

    Auditing the Fed is the diagnosis that defines the sickness, the extent of the cancer. Once average idiot on the street the contagion, the masses will cry out to quarantine it and put it out of its misery before it completely destroys all that is good and proper.

    Equally important is to reinstate Glass Steagall, which was repealed by a Republican Congress and signed into law by the Clinton Dynasty..

    Thus Al, the ‘alternative’ is to reinstate Glass Steagall–and abolish the Fed. Dare I add break up Goldman Sachs into tiny pieces , which to all appearances is the epicenter of international organized crime. THy’re too big to fail; and worse, too big to jail. GS and the Fed are what happens when organized crime is legitimized via a corrupt body politic.

    Feb 25, 2015 25:13 PM

    Ok, so abolishing the Fed sounds good but who thinks that is in the cards?

    The point of an audit isn’t an “audit” per se, but is all about TRANSPARENCY!

    If you want to build support for the eventual abolition of the Fed, start by making their atrocities transparent and widely known. Without transparency there will be no accountability whatsoever.

    Feb 26, 2015 26:31 AM

    I came across a really interesting piece from John Rubino at Dollarcollapse blog today that has a chart offering some food for thought. The chart is an estimation of short term / long term rates going all the way back to the first known records of interest. The data is based on information provided by the Bank of England. I will link it in the post following this one.

    John states “It turns out that interest rates, both long and short-term, are lower than they’ve EVER been. Not lower than in this cycle, or post-war or in the past century, but ever, going back to the earliest days of markets”

    That is a fairly stunning conclusion and just proves what I have been saying in many past postings. Namely that the Federal Reserve has very little control over the rate setting that we read about each and every day.

    In fact, it would not matter a whit who was actually in charge because the trend cycle has been in motion since the beginnings of recorded history thus excluding the Federal Reserve as the culprit so many accuse it of being.

    So probably we can all stop blaming them. There is obviously something much larger at work here that we need to focus on and try to understand. Read the article for an idea of where the data came from that the Bank of England used to arrive at its findings.

    Here’s a chart of interest rates since 3000 BC — Business Insider — Myles Udland
    http://www.businessinsider.com/interest-rates-since-3000-bc-2015-2

    Feb 26, 2015 26:21 AM

    OK, so now you have seen the chart. I want to dissect it just a little. You technical folks can get out your rulers and draw an ascending line across the two peaks on the chart that are both present in the 1900’s.

    Do you see what I see?

    Lowest Interest Rates EVER — by John Rubino on February 24, 2015
    http://dollarcollapse.com/interest-rates-2/lowest-interest-rates-ever/

      Feb 26, 2015 26:58 AM

      Basically, sometime in the next 25 to 30 years we will see another interest rate peak but the next one will dwarf what was seen at the heights of 1981. A higher high will be made. It should really be spectacular. Something in the range of 30% plus rates that only leave it to our imaginations as to how high inflation would be to get to those numbers. And it will also mean that the dollar has been substantially debased in terms of gold (although that’s still a long wait for a big precious metals payoff!). So I guess this is where the rubber meets the road. Rates won’t go to 30 overnight though. It will be a long grinding process that relentlessly takes us up there step by agonizing step. And we won’t be able to say we did not see it coming. But is that the end of the dollar as we know it? Maybe…..it sure won’t buy what it does today that’s for sure. So buying power will get the life squeezed out of it even as the cost of money rockets higher. Ouch. So much for the days of American tourism abroad. And naturally this also implies stock prices could be many fold higher than they are today while assets like homes that are rate sensitive get the last of their oxygen squeezed out of them as Boomers try unloading family homes onto a much smaller and poorer tailwind demographic. But we already know that is coming. Were we ever so sure that explosive inflation might really be a reality that starts appearing within the coming decade?

    Feb 26, 2015 26:07 AM

    I could swear….our future is written in the ten year rate chart. If only we could learn to really read it properly. All we need to know for the big picture is encoded on its cycles and embedded in its rhythm. Everything else falls into place once the cost of money is understood.

    Feb 26, 2015 26:25 AM

    While I respect Chris a lot, I believe he is wrong on this issue. If we ever hope to end the fed we must first shed some light on the evil institution that it is. That is exactly what Rand Paul is hoping to accomplish with his push for an audit.

      Feb 26, 2015 26:44 AM

      He is? What is he looking for? That an auditor might go in and start copying pages and pages of internal documents or something? Maybe I don’t understand what this is all about. The Fed already presents an audit annually.

        Feb 26, 2015 26:10 AM

        Bird, I agree. I think it’s safe to say that you don’t know what this is all about.

          Feb 26, 2015 26:34 AM

          Do you? Maybe fill us all in. What is an audit meant to accomplish?

          Feb 26, 2015 26:48 AM

          Tick….tick…tick….tick….

          I figured you didn’t know. 😉

            Feb 26, 2015 26:43 AM

            Yeah sure, BM. Since you’re the only one that needs “filling in,” I think I’ll leave the effort to someone else.

      ANY suggestion of ending the Fed…….would be to understand the ACT OF 1871….

        TURN THE LIGHT BULB ON………………..

          Feb 26, 2015 26:48 AM

          Waste of time Jerry. You are spinning you wheels on that one.

            do not waste my time BIRD…………..go and read ROMAN 13…..and the US CONSTITUTION AND BILL OF RIGHTS……..

            Feb 26, 2015 26:23 PM

            Why should I read Romans? Give me a hint before I burn up more of my time with you.

      thanks………Joe………….for the input……….j………

        Feb 26, 2015 26:23 AM

        You’re welcome. I simply think we can’t end the fed without several other steps first.

    I guess since the US OF A…………is a corporation and the PRESIDENT OBAMA, is the president of the corporation ……OBama does not need to be a BORN IN AMERICA, TO BE legal …..

    CONGRESS………is not Congress of old…………….they are merely servants of US OF A, CORPORATION…………..

    Feb 26, 2015 26:11 AM

    Exactly.