In 1995 Senator Harry Reid delivered a speech to Congress in which he unequivocally supported legislation that would force the Fed to be open and transparent about their activities.
I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve. It’s taxpayers’ money that’s being used there, but we don’t do that.
…But even though there is no entity in the world that controls our lives more than the Federal Reserve System his speeches go unnoticed. People just don’t care, it seems, about the Federal Reserve. Maybe because it’s a subject that’s not very interesting. It’s not pornography. It’s not murder…
But we don’t talk enough about the Federal Reserve and the impact it has on our lives.
Harry Reid – January 23, 1995
(Starting around 0:40)
Oh, how things change after a couple decades of politicking and lobby money:
At around 40 seconds into this lengthy diatribe, everyone’s favorite Las Vegan utters the most two-faced hypocritical words that he could possible have uttered: ”I think we should audit the Federal Reserve”. Between Harry Reid’s recent vehement anti-Paul behavior and the whip-order that Democrats received on Ron Paul’s bill yesterday, this is stunning. While the sell-out nature of this kind of politician does not surprise us, we thought it prudent for all US citizens to understand the true nature of the political class that decides an increasing amount of our day to day lives.
Yesterday’s whip order…
Subject: WHIP ALERT – DEMOCRATS ARE URGED TO VOTE NO ON H.R. 459 – FEDERAL RESERVE TRANSPARENCY ACT
This week, the House is expected to consider H.R. 459 – Federal Reserve Transparency Act. This bill directs the GAO to complete an audit of the monetary policy deliberations, actions, and related matters taken by the Federal Reserve System before the end of 2012, followed by a detailed report to Congress. Most significantly, the bill would repeal existing restrictions on the GAO’s authority to perform audits of Federal Reserve monetary policy activities.
Like all other major central banks around the world, the Federal Reserve is an independent central bank, and its monetary policy actions are not subject to approval by the Administration or Congress. While Congress has set out the policy goals the Federal Reserve is to pursue – maximum employment and price stability – the ability of the Federal Reserve to pursue monetary policy independent of political influence is critical to its ability to fulfill its dual mandate.
Moreover, Congress already conducts regular and robust oversight of the Federal Reserve and actually expanded GAO’s audit authority two years ago in the Dodd-Frank Wall Street Reform and Consumer Protection Act. It expanded the types of audits GAO may conduct of the Federal Reserve, as well as the data that must be disclosed to the public. The Federal Reserve’s financial accounts have long been subject to audit both by the GAO and an outside, independent audit firm.
This bill impedes the independence of this critical institution. In order for the Federal Reserve to do its job effectively, it should not be subject to short-term political pressures. The experience during debate on the debt ceiling last summer should demonstrate to the American public that House Republicans cannot be allowed to hold our economy or our critical economic institutions hostage in order to further their extreme agenda.
DEMOCRATS ARE URGED TO VOTE NO ON H.R. 459.
Indeed, probably the most hypocritical man in the world…
Harry Reid. I cannot, for the life of me, think of anyone less suited to serve in the US Congress. This is why idiots should not be allowed to vote. When they do, they always vote for other idiots.
HEY,I was talking to an air force guy up in the springs,and I asked him if all these politicans were really going to be in the underground at DIA with them and he said sure they are.I was kind of surprised till he said but not up in the top levels with us,he said we have a special place for them,they were promised to the ALIEN reptiles down in the lower levels,theres 12×12 cyclone pens built for them and their families,he told me they were going to be food for the aliens who live there,and they terrorize their food to get the hormons going, then they eat them alive.JUST part of GODS plan for EVIL people I guess,ever wonder where the children kiddnaped by C.P.S.end up, well now you know,your government has a deal with these aliens,and you thought they were honorable people didn’t you?????????
The Federal Reserve is the central bank of the United States. It has many tasks, but essentially, it controls the supply of U.S. currency in the market.
One would think an entity of this magnitude would be handled by no one but the government, however, the Federal Reserve is not owned by the government.
According to Federal Reserve.gov, it is an independent entity operating under the authority of Congress but not subject to it.
Sounds pretty good until you dig a little deeper.
Federal Reserve stock is owned by private banks, which are not allowed to sell the stock, but which pay dividends of 6 percent a year.
When the government needs money, it goes to the Fed. These banks decide whether or not to lend the money to the government at interest, which it will eventually have to pay back to the non-profit Fed.
The Fed may not profit, but the banks that hold stock do. Where else would the 6 percent come from?
Banks profit from loans, especially when those loans aren’t paid off in time and interest begins to compound.
Thus, the deeper the country gets into debt, the more money somebody will eventually make. Unless we go bankrupt or
China invades.
One would think the task of controlling the money supply would be delegated to the government. The Treasury makes the money, shouldn’t it look after it too?
The whole history behind the founding of Fed is screwed up.
The Federal Reserve Act was written on the private island of J.P. Morgan by a bunch of rich banking patriarchs.
I can’t imagine a more sinister movie scene than scheming bankers with their tuxedos, top hats and monocles writing legislation giving them the power to control the money supply of the whole country.
It’s Looney Tunes without the anvil. Tom caught Jerry and ate the crap out of him in the first episode.
These bankers then backed Woodrow Wilson in the upcoming election, who won and signed the Federal Reserve Act into law.
Bankers are controlling the money supply, lending the money the government prints back to itself and eventually profiting off of returned loans.
The Wall Street bailout would have happened regardless of who was president at the time. The banks loaned themselves the money through the medium of the federal government, which is also known as money laundering.
Yes, money laundering, like the mafia. The Federal Reserve is nothing more than a cartel, a system controlled entirely by a few very wealthy banks.
The only candidate who showed any interest in ending the Fed was Ron Paul, who would likely get a substantial amount of both Republican and Democrat votes if he stood a frozen turd’s chance in Hell of winning.
Most Americans are rational — 60 percent of the time, they are rational every time — and rational people realize the current system of controlling the U.S. dollar is in need of a serious face lift.
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Harry Reid. I cannot, for the life of me, think of anyone less suited to serve in the US Congress. This is why idiots should not be allowed to vote. When they do, they always vote for other idiots.
HEY,I was talking to an air force guy up in the springs,and I asked him if all these politicans were really going to be in the underground at DIA with them and he said sure they are.I was kind of surprised till he said but not up in the top levels with us,he said we have a special place for them,they were promised to the ALIEN reptiles down in the lower levels,theres 12×12 cyclone pens built for them and their families,he told me they were going to be food for the aliens who live there,and they terrorize their food to get the hormons going, then they eat them alive.JUST part of GODS plan for EVIL people I guess,ever wonder where the children kiddnaped by C.P.S.end up, well now you know,your government has a deal with these aliens,and you thought they were honorable people didn’t you?????????
SO just keep voting these scum into office maybe the day will come when you can be invited to dinner too……….
The Federal Reserve is the central bank of the United States. It has many tasks, but essentially, it controls the supply of U.S. currency in the market.
One would think an entity of this magnitude would be handled by no one but the government, however, the Federal Reserve is not owned by the government.
According to Federal Reserve.gov, it is an independent entity operating under the authority of Congress but not subject to it.
Sounds pretty good until you dig a little deeper.
Federal Reserve stock is owned by private banks, which are not allowed to sell the stock, but which pay dividends of 6 percent a year.
When the government needs money, it goes to the Fed. These banks decide whether or not to lend the money to the government at interest, which it will eventually have to pay back to the non-profit Fed.
The Fed may not profit, but the banks that hold stock do. Where else would the 6 percent come from?
Banks profit from loans, especially when those loans aren’t paid off in time and interest begins to compound.
Thus, the deeper the country gets into debt, the more money somebody will eventually make. Unless we go bankrupt or
China invades.
One would think the task of controlling the money supply would be delegated to the government. The Treasury makes the money, shouldn’t it look after it too?
The whole history behind the founding of Fed is screwed up.
The Federal Reserve Act was written on the private island of J.P. Morgan by a bunch of rich banking patriarchs.
I can’t imagine a more sinister movie scene than scheming bankers with their tuxedos, top hats and monocles writing legislation giving them the power to control the money supply of the whole country.
It’s Looney Tunes without the anvil. Tom caught Jerry and ate the crap out of him in the first episode.
These bankers then backed Woodrow Wilson in the upcoming election, who won and signed the Federal Reserve Act into law.
Bankers are controlling the money supply, lending the money the government prints back to itself and eventually profiting off of returned loans.
The Wall Street bailout would have happened regardless of who was president at the time. The banks loaned themselves the money through the medium of the federal government, which is also known as money laundering.
Yes, money laundering, like the mafia. The Federal Reserve is nothing more than a cartel, a system controlled entirely by a few very wealthy banks.
The only candidate who showed any interest in ending the Fed was Ron Paul, who would likely get a substantial amount of both Republican and Democrat votes if he stood a frozen turd’s chance in Hell of winning.
Most Americans are rational — 60 percent of the time, they are rational every time — and rational people realize the current system of controlling the U.S. dollar is in need of a serious face lift.