The Federal Reserve, it's mere seven member Board, and the President of the United States have, for 100 years, enjoyed the power to manipulate the economy as they so choose. The situation has become so dire as to recognize the complete collapse of the Dollar itself as an inherent possibility, something recognized even abroad, with multiple countries calling for a new, universal currency at the recent G20 conference. The basic tenents of our society: Capitalism, Liberty, and ultimately our Freedom depend on our ability to show each other a mutual respect through our transactions. As the Fed continues to manipulate our money, it continues to call into question the true value of our money. When we can no longer properly understand the value of a Dollar, we can no longer determine in what way we should trade with each other, in what way we should respect each other.When I wrote that summation to my look at the history of the Federal Reserve, the bill that spawned that post, HR 1207, the Federal Reserve Transparency Act, had just been introduced by Ron Paul into Congress, and had been referred to the House Committee on Financial Services, disturbingly enough headed by Barney Frank. At the time, the bill had gained 91 cosponsors, and I wrote of a grassroots effort to garner further support for the bill.
The time has come to bring the Fed out of the shadows and into the light. The time has come to bring the true free market back to the forefront of our economy. The time has come that We the People begin again to forge a new history.
Less than two months later, the official count of cosponsors sits at 190, with an unofficial count topping 200 representatives!
The truly grassroots movement to drag the Federal Reserve forth from the darkness in which it resides has been largely bolstered by members of Campaign for Liberty and Young Americans for Liberty and are highlighted by stories just like that of this man from Iowa, who, along with others, managed to convince his representative, a Democrat, to cosponsor the bill. As it stands now, all but three Republican members of the HCFS are cosponsors to the bill, along with several Democrats. On the whole, nearly half of the members sitting on the committee are cosponsors to the bill.
It is little, if any wonder then, that a report has trickled along from Congress that Ben Bernanke, the Chairman of the Federal Reserve, is "worried about an audit of the money supply." The man finds himself in a position to be the first man to answer for the consequences of his actions in a role that has had to answer to no one in 100 years. Not only that, he finds himself having to answer to the collective will of the American People.