Posted on 02/24/2010 7:23:32 AM PST by Denriddy
The Federal Reserve is unconstitutional and must be abolished, returning the powers it has usurped to the Legislative Branch where those powers irrevocably were granted by the People of the United States. ...Any argument that the Federal Reserve was created under the "necessary and proper" clause is absurd. The entire bleat of the Federal Reserve against being audited is to preserve its "independence" in monetary policy! That is a blatant admission that it is a law unto itself, a sovereign that has usurped control of, stolen, the entire wealth of this nation.
(Excerpt) Read more at kumarforcongress.net ...
The Federal Reserve was created by legislative act in an excercise of legislative power. Their is nothing unconstitutional about the legislature creating the federal reserve.
The Federal Reserve and it’s components are all audited by independent audit organizations, most if not all by Deloitte Touche. Audit reports of each of the 9 federal reserve banks are available online.
In addition there is an inspector general that performs internal audits.
Congress exempted the Federal Reserve from congressional audits to protect their activities from being political footballs, especially during times of crisis. But that they are not subject to congressional audits, does not mean that they are not subject to audits. They are subject to both internal and external audits.
We should all be! The Fed needs to be abolished and the sooner the better.
The Federal Reserve was created by legislative act in an excercise of legislative power. Their is nothing unconstitutional about the legislature creating the federal reserve.
True. The Fed, Fannie, Freddie and a host of other legal entities were and can be created by Congress.
The Federal Reserve and it’s components are all audited by independent audit organizations, most if not all by Deloitte Touche. Audit reports of each of the 9 federal reserve banks are available online.
The Fed is audited in accordance with generally accepted accounting principles (GAAP). This is simply a process of validating stated asset values, correctly measuring outstanding liabilities, and calculating revenues & expenses to determine any increase/decrease in equity.
As we have seen with the suspension of mark-to-market, accounting rules determine the full extent of stated financial values; it's nothing more than complete manipulation.
In addition there is an inspector general that performs internal audits.
Again, merely an exercise in assessing stated financial values, with a little internal control thrown in. (To guard against embezzlement, fraud, etc.)
Congress exempted the Federal Reserve from congressional audits to protect their activities from being political footballs, especially during times of crisis. But that they are not subject to congressional audits, does not mean that they are not subject to audits. They are subject to both internal and external audits.
The Fed Reserve Act was written by bankers. It is critical for the proper function of central banks to operate in secrecy, because if the secret of how the money credit system really operates ever got out, there would a revolution.
The Congressional audit is a proposal to audit the Fed in conjunction with stated Constitutional provisions. It is not a financial audit; rather, it is a LEGAL audit.
Your attempt at throwing up various red herrings to misdirect the average FR reader is a pale imitation of the truly professional methods used to manipulate and control the public through mass media.
It's why the bankers fund department chairs & the faux Noble prize in economics in order to achieve the illusion of 'expertise' from various purveyors like Stiglitz & Krugman.
However, with all this being said, we don't really need to audit the Fed. We need to END the Fed, which, at the rate things are going, is going to occur fairly shortly. The entire game of rolling forward un-payable principal+debt, generation after generation, is nearing the end of its grand super-cycle.
Each time it appeared to run out of steam in the past, there was always some other growth function to save the day. Whether it was 'discovering' a brand new continent, exploiting fossil fuels (first coal, then oil), or engaging a huge country (China) to produce trinkets for pennies, this time the gig really is up.
Without cap n' trade or some other artificial mechanism in which to depreciate the currency and re-inflate fake asset values, this whole mofo is coming down.
DannyTN: “The Federal Reserve was created by legislative act in an excercise of legislative power. Their is nothing unconstitutional about the legislature creating the federal reserve.”
Codswollop. Saying it’s so doesn’t make it so. There is everything unconstitutional about the legislature handing over to a private corporation enumerated powers that were vested “completely, permanently, and inalienably” in the ELECTED representatives. That’s the entire point of the Constitution itself, and the legislature was not granted the power in the Constitution to give away their granted power off to unelected bankers.
The reductio ad absurdum of your logic is that Congress has the right to hand over their law-making powers to private corporations. (Oh, wait: they have.)
Name the major court cases that have challenged the Constitutionality of the Federal Reserve.
Something like that. But the curve in recent years is off. The problem is (1) what measures the value of a $1, year by year, and (2) the value of a $1 spent out of pocket is considerably different than the value a $1 among of a few million aggregated in some big transaction. That is, the value of a single dollar of money in circulation is non-linear by size of aggregate in use.
We see the same kind of thing in chemistry. A solid of millions of of atoms only has a few atoms at the active chemical surface. Every single molecule in a gas is chemically active. In an economy parts are solid-like — solids of differing sizes, and parts are gases, and I guess parts are liquids, although analogies strain by over-extension or can easily be misunderstood by those not willing or not able to use them well.
Economies have a fractal nature wrt monies. The fractal characteristic of our economy has radically changed from the days of the gold standard.
The Federal Reserve is un-Constitutional, so I say. Prove me wrong by settled court case example!
Yeah, so what? Nearly 100 years of mild inflation does that.
Do you know what the currency looked like prior from 1800 to 1913? It was like a yoyo. We had deflationary depressions every 20 years. In fact if you put $100 into a basket of goods, that same basket of goods would only sell for about $58, because of the deflation that had occurred. That's not good either. In fact, deflation is thought to cause depressions.
Mild inflation however, is good for the economy. It encourages people to invest their money, rather than just hoard it under their mattress.
I think nobody filed a lawsuit, because it's obvious to most of us that Congress does in fact have authority to delegate responsibility.
If you don't believe that why don't you file a lawsuit then and see how far you get? Why doesn't Ron Paul?
Here is a synopses of the major court cases that have dealt with "delegation of powers". Generally the courts have ruled that they can delegate, they just can't delegate heir authority to the other branches. I don't know how comprehensive this is, it's the first one I googled.
You can learn about how the money credit system really operates in any MacroEconomics course. Most people who go to college take one and understand it. And despite that, there has been no revolution.
What??? Cap n' trade is not going to depreciate the currency, it's going to inflate it like crazy, because it's going to drive energy prices through the roof and energy is one of the four key inputs into the economy.
Do more research, that’s not even a half-baked answer.
You could nationalize the Fed and it wouldn't matter. The US is bankrupt, and there's nothing that can fix it (not that anyone in the Federal government is even trying).
Sovereign default isn't just for funny foreign countries any longer.
LOL! This guy is an idiot.
I believe the onus is on you. You're the one making the claim that it is unconstitutional because congress can't delegate their powers, yet apparently nobody in 100 years has seen fit to challenge the Federal Reserve on those grounds.
The mere idea of our elected officials running printing presses to make currency instead of enacting laws is ludicrous. Of course they can delegate.
LOL! And this guy is running as a republican. I sure hope he doesn't survive the primary. TN doesn't need a loon like this representing us.
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