In Theory TV

On Dr. Ron Paul’s House web site he posted the following in an article entitled “On Transparency of the Fed” On February 23rd, 2009:

This week the Federal Reserve responded to the American people’s increased concerns over our monetary policy by presenting new initiatives aimed at enhancing the Fed’s transparency and accountability. As someone who has called for more openness from the Fed for over 30 years, I was pleased to see the Fed acknowledge the legitimacy of this need.

The Federal Reserve controls the flow of money and credit in our economy because Congress has abdicated its responsibility over the nation’s currency. This process therefore occurs centrally, and almost completely outside the system of checks and balances. Because of legal tender laws, people are left with no real choice, except to build their lives and futures around this monopoly currency, vulnerable to powerful central bankers. The Founding Fathers intended only gold and silver to be used as currency, however, inch by inch over the decades, this country has backed away from this important restraint. Our money today has no link whatsoever to gold or silver. For many reasons, this is extremely dangerous, and has a lot to do with the boom and bust cycles that have resulted in the crisis in which we find ourselves today.

The Fed is now pledging to reveal to the public more about its economic predictions, and calls this greater transparency. This is little more than window-dressing, at best, utterly useless at worst. Many analysts, especially those familiar with the Austrian school of economics, saw the current economic crisis coming years ago when the Federal Reserve was still telling the American people their policies were as good as gold. So while it might be nice to know what fantasy-infused outlook the Fed has on the economy, I am much more interested in what they are doing as a result of their faulty, haphazard interpretation of data. For instance, what arrangements do they have with other foreign central banks? What the Fed does on that front could very well affect or undermine foreign policy, or even contribute to starting a war.

We also need to know the source and destination of funds provided through the Fed’s emergency funding facilities. Information such as this will provide a more accurate and complete picture of the true cost of these endless bailouts and spending packages, and could very likely affect the decisions being made in Congress. But with so much of the Fed’s business cloaked in secrecy, these latest initiatives will not even scratch the surface of the Fed’s opaque operations. People are demanding answers and explanations for our economic malaise, and we should settle for nothing less than the whole truth on monetary policy.

The first step is to pass legislation I will soon introduce requiring an audit of the Federal Reserve so we can at least get an accurate picture of what is happening with our money. If this audit reveals what I suspect, and Congress has finally had enough, they can also pass my legislation to abolish the Federal Reserve and put control of the economy’s lifeblood, the currency, back where it Constitutionally belongs. If Congress refuses to do these two things, the very least they could do is repeal legal tender laws and allow people to choose a different currency in which to operate. If the Fed refuses to open its books to an audit, and Congress refuses to demand this, the people should not be subject to the whims of this secretive and incompetent organization.

HR 1207 (Federal Reserve Transparency Act of 2009) was introduced by Dr. Ron Paul on February 26, 2009. This would be the first audit of the “Fed” since it was created in 1913.

I contacted my Representative, Congresswoman Betsey Markey (D-CO 4th) local office in Fort Collins and asked if the congresswoman supported the bill and if she would be a co-sponsor. On March 17th I received a voicemail from her office stating that she would not be taking a stance on HR 1207 unless it clears the House Financial Services committee.

Listen to the voice mail from her office by clicking the play button.

Call or write your representative today and ask them to support and co-sponsor the bill. If you live in Colorado’s 4 Congressional District, here is Rep. Betsey Markey’s contact information:

Washington, DC Office
Betsy Markey 1229 Longworth HOB
Washington, D.C. 20515
Phone: (202) 225-4676
Fax: (202) 225-5870

Northern Regional Office
Betsy Markey 123 N. College Avenue, Ste 220
Fort Collins, CO 80524
Phone: (970) 221-7110
Fax: (970) 221-7240

Central Regional Office
Betsy Markey 822 7th St #9
Greeley, CO 80631
Phone:
Fax:

Southeast Regional Office
Betsy Markey 301 S. 5th St
Lamar, CO
Phone: 81052
Fax:

Website: http://betsymarkey.house.gov

Related posts:

1. Larimer County Republican Executive Board Passes Resolution to Support H.R. 1207 “The Federal Reserve Transparency Act of 2009”. The Board STRONGLY URGES Congresswoman Betsy Markey in Colorado’s Fourth Congressional District to support H.R. 1207. Press Release FOR IMMEDIATE RELEASE APRIL 29, 2009 Whereas, we, as Members of the Larimer County Republican Executive Board applaud...
2. Colorado Congressional District 4 Representative Betsey Markey cosponsors Ron Paul’s “Audit the Fed” bill HR 1207 Colorado Representative Betsey Markey representing the 4th Congressional District becomes the 244th cosponsor of Ron Paul’s HR 1207 Audit the...
3. Email from Rep. Betsey Markey on whether she supports HR 1207: Vague and does not say she will cosponsor nor vote for the Audit the Fed Bill ——————————————— UPDATE: Colorado Representative Betsey Markey representing the 4th Congressional District becomes the 244th cosponsor of Ron Paul’s HR 1207...