(Why to) Audit the Federal Reserve
By Christopher R Rice
“It is not the function of our Government to keep the citizen from falling into error; it is the function of the citizen to keep the Government from falling into error.” in American Communication Association v. Douds, 339 U.S. 382, 442
Politically, America suffers from a thoroughgoing default of the government on its responsibility to maintain a sound and honest monetary and banking order. Zero interest rates reward excessive unnecessary borrowing and immorally penalize saving.
It was Goldman Sachs who helped precipitate the meltdown, planned the bailout (for themselves and their peers). And, at the same time Goldman Sachs was selling mortgage-backed securities to its clients, they were buying credit default swaps -- actively betting against the exotic sub-prime securities they were selling their clients! This is why the establishment media is HATED so much. They're all fluff until their threatened.
The Federal Reserve is criminal. Printing over $5 Trillion in phony money and laundering it in the Stock Market is more than a crime. Might be nice to conduct an audit of the U.S. and see what has happened in the last few decades.
End the Federal Reserve. We should not pay interest on Our money. America is currently 19.7 TRILLION dollars in debt, do you know where that money is "owed" 2.2 trillion to China, 9.8 billion to Japan, 800 million to the United Kingdom. And the rest, you've guessed it "the federal reserve."
The Federal Reserve Bank is not a branch of the Federal Government -- it's a privately owned, for-profit corporation, which was founded by the so-called "robber baron generation." You can put the word "federal" in any corporate name, like Federal Express. On the day of the stock market crash in 1929, one of the founders, Paul Warburg, took the visiting Winston Churchill to the gallery of the Exchange in NYC and showed him the pandemonium on the trading floor. He said, "I caused this --with a 24 hour margin call. The Federal Reserve Bank now owns America."
The Fed's policies have done nothing more than to make the rich and the banks richer. Solving a borrowing and spending problem (a big one) by encouraging more spending and borrowing is complete stupidity. They have dug the hole deeper and deeper and the price we will have to pay will be higher and higher. The real solution to the problem has always been with congress who, under Obama, have completely failed the American voter by doing absolutely nothing but watch the Fed.
The U.S. was the largest creditor in the world. Now the debt is in the trillions of dollars. Trillions of dollars transferred from the worlds richest and most powerful country. This is a form of destructive economic management at a level of graft and corruption that has NO parallel. There’s nothing comparable to that in history.
It’s not the result of mysterious global forces, or technology, or China, or structural problems concerning the skills and education of our workforce. Rather, it is the direct result of policy choices made by Democrats and Republicans alike.
The bailouts resurrected high finance and the inequality it inevitably spawns. Instead of putting our foot back on the neck of finance, we’re talking about slashing social programs. Rather than dramatically increasing taxes on the super-rich through a wealth tax, we’re debating how to slash Social Security and Medicare benefits.
The U.S. policy (includes tax policy, financial deregulation, trade policy, anti-labor policy, and much more.) for the past 30 years has been aggressively dedicated to shifting income share away from the poor and middle class and into the pockets of the already rich.
From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to complacency; From complacency to apathy; From apathy to dependence; From dependence back into bondage. One thing is certain, no matter what there's no shortage for Wall Street Bonuses!
As Citizens for Tax Justice and USPIRG reported, 280 large and profitable corporations contributed $216 million to Congressional campaigns over four election cycles and got nearly a quarter of a trillion dollars in tax breaks.
That’s a terrific investment for them – a return of more than a thousand to one – but it’s a bad deal for the American people.
The official, or “statutory,” corporate tax rate is 35 percent. But the actual rate paid by American corporations is only 12 percent, less than that paid by many middle-class Americans.
The 10 most profitable U.S. companies paid an average federal tax rate of just 9 percent last year. The group includes heavyweights Exxon Mobil, Apple, Microsoft, JPMorgan Chase and General Electric. We've allowed our country to be taken from us, for the benefit of the few and the total decimation of the vast many.
The 1% own most of the wealth and each year they own more. And many Americans view the poor as being poor because they didn't work hard enough or weren't smart enough to not be poor. Our tax system gives the rich an unfair advantage in not paying their fair share of taxes and corporations often pay NO TAX.
Soon the rich will literally own everything. They already own our politicians and our political system. The rich have forced us into debt while shipping our jobs overseas. Now we have an emerging police state and a federal government that is completely out-of-control.
It doesn't matter if you're a conservative or a progressive or anything else. Unless we put aside our differences and start fighting back, the American dream will be dead.
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