President and Congress Grovel Before the Fed
According to Bloomberg News (Monday, February 9, 2009), “The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.
“The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged up to $5.7 trillion more. The Senate is to vote this week on an economic-stimulus measure of at least $780 billion. It would need to be reconciled with an $819 billion plan the House approved last month.
“Only the stimulus bill to be approved this week, the $700 billion Troubled Asset Relief Program passed four months ago and $168 billion in tax cuts and rebates enacted in 2008 have been voted on by lawmakers. The remaining $8 trillion is in lending programs and guarantees, almost all under the Fed and FDIC. RECIPIENTS’ NAMES HAVE NOT BEEN DISCLOSED. [Emphasis added]
“‘We’ve seen money go out the back door of this government unlike any time in the history of our country,’ Senator Byron Dorgan, a North Dakota Democrat, said on the Senate floor Feb. 3. ‘Nobody knows what went out of the Federal Reserve Board, to whom, and for what purpose. How much from the FDIC? How much from TARP? When? Why?’”
Senator Dorgan is exactly right. No one oversees the Fed. The Fed is held accountable to absolutely nobody. But Senator Dorgan (as with everyone else in Congress) has no one to blame but himself. Ever since the Marxist E. Mandell House convinced President Woodrow Wilson to create the Federal Reserve in 1913, the Congress of the United States has had virtually nothing to do with the way our fiscal policies are managed. The Fed (which is not even a government agency, but rather a quasi-private corporation consisting of mostly bankers) dictates America’s financial policies.
The reality of just how our civil magistrates have come to grovel before the Fed was revealed in a column written recently by Cal Thomas. Mind you, Cal was not trying to castigate President Bush in his column. Just the opposite: his column was full of praise and adulation for the former President. In recounting his last interview with President George W. Bush, however, Cal unwittingly revealed the almost limitless power that the Fed wields over even the President of the United States.
Here is what Cal wrote: “Bush defends himself against a charge by a member of the Republican National Committee that he has behaved like a ’socialist’ because of his massive bailout spending. He [Bush] says he still believes in less government spending, but when Henry Paulson, secretary of the U.S. Treasury, and Ben Bernanke, chairman of the Federal Reserve, tell him that if he doesn’t act, the result will be worse that the Great Depression, “you can sit there and say to yourself, ‘well, I’m going to stick to principle and hope for the best, or I’m going to take the actions necessary to prevent the worst.’’”
In other words, when the Fed says, “Jump!” the President asks, “How high?” And, with the exception of Congressman Ron Paul of Texas (and maybe one or two others), the same is true for members of the House and Senate.
In other words, ladies and gentlemen, America is being run by a private banking cartel.
Ever since the Fed was created in 1913, America has been subjected to recession after recession, not to mention one Great Depression. Some are even predicting that the United States is now actually entering a second Great Depression. Please understand this: the Federal Reserve has manipulated every bit of this financial crisis for the express purpose of enriching bankers on the backs (and bankruptcies) of the American taxpayers. And what does our illustrious Congress do? They continue to give billions and even trillions of taxpayer dollars to the very same group of gangsters who created and perpetuate this financial fraud. And, as with Congress, Presidents from both major parties likewise promote and defend this chicanery.
Yet, the U.S. Constitution, in Article. I. Section. 8. Paragraph. 5., clearly gives Congress the authority “To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.”
This constitutional requirement makes two obvious demands: 1) only the elected Congress, not some banking interest, has the power to make monetary policy, 2) U.S. currency must be hard currency, i.e. gold and silver. Paper money–known as the Federal Reserve Notes–is not even legal tender under the U.S. Constitution.
In truth, the Federal Reserve Act of 1913 is itself unconstitutional. In simple terms, the Act did not amend or expunge Article. I. Section. 8. Paragraph. 5. of the Constitution; it merely ignored it. (And Congresses and Presidents have been ignoring the Constitution ever since.)
In fact, Article. I. Section. 10. Paragraph 1. of the U.S. Constitution specifically states, “No State shall . . . coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts.”
Can anyone not see that the Federal Reserve is an illegitimate system? I will even go so far as to say that the Federal Reserve should be regarded as a corrupt, criminal system! If I were President, not only would I do everything in my power to oppose any and all financial bailouts to these international banksters, I would instruct the Justice Department to pursue criminal charges of fraud, corruption, manipulation, and outright thievery against the Fed. Instead of padding their fat assets in a million-dollar penthouse, they should be serving most of the rest of their lives in the Big House.
In the meantime, Congressman Ron Paul has again introduced a bill in the House of Representatives to terminate the Federal Reserve. It is H.R. 833: To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks. The Bill was introduced on February 3 and, to date, has no cosponsors. That’s right. No cosponsors.
Until the American people demand that their elected members of Congress live up to their duties and responsibilities under the Constitution, they will continue to have their pockets picked clean by these corrupt banksters in New York City (and London) and their contemptible facilitators in Washington, D.C. Passing Dr. Paul’s bill would be a great place to start.
Dr. Chuck Baldwin’s radio talk show, “Chuck Baldwin Live,” is heard 36 times a week on 5 different radio stations in the Pensacola, Florida area.
Dr. Baldwin was also the Constitution Party’s 2008 Presidential candidate.
Learn about Mr. Stolyarov's novel, Eden against the Colossus, here.