> Frank, you are probably right about the audit not yielding any real
> information. The auditor would inevitably be an insider who would be
> "encouraged" not to find anything.
> The reason, I think Bernanke is right when he says the US financial
> system would collapse if the Fed is truly audited. The question is
> should it be allowed to collapse so a better system can be built from
> the rubble or do we see how long status quo will keep the USA in
> On Jul 31, 7:02 am, FrankB <frankborke314...@gmail.com> wrote:
> > Fractional, even if the FED audit bill goes through what do you think
> > the chances are that we will get the real information. These boys are
> > experts on cooking the books but Trillions might be hard to hide. IMHO
> > we will never get the complete picture or even come close to finding
> > out who the shareholders are in the FED.
> > On Jul 31, 5:53 am, fractional <fractionalend...@gmail.com> wrote:
> > > from an article: politicallore.com/writers/shaun-booth/75-of-americans-
> > > agree-with-ron-paul-audit-the-federal-reserve/1113
> > > Politicallore.com - 75% of Americans agree with Ron Paul: Audit the
> > > Federal Reserve
> > > Post Date: July 31st, 2009
> > > Submitted By: Shaun Booth
> > > Filed Under: Economy • Featured • Politics • Shaun Booth
> > > According to a recent poll by Rasmussen 3 out of 4 Americans, from
> > > across the spectrum of age, race, political affiliation and income,
> > > agree with Ron Paul and the 279 cosponsors of his bill (H.R. 1207) in
> > > the House of Representatives that the Federal Reserve should open its
> > > books to an independent audit.
> > > This is yet another indication that the topic of the Federal Reserve
> > > is being pushed to the forefront of the United States awareness.
> > > It was only a short time ago that Ron Paul would write legislation to
> > > abolish the Federal Reserve and it would be completely ignored if not
> > > scoffed at in Congress.
> > > But since his surprisingly successful Presidential run, which scored a
> > > major victory in educating a large percentage of young people on the
> > > intricacies of the Federal Reserve System, fractional reserve banking
> > > and monetary policy, his fellow Congressmen have no choice but to sit
> > > up, take notice and sign on to his bill.
> > > In a speech on the House floor yesterday, Ron Paul pointed to the fear
> > > that is becoming apparent in both the Federal Reserve System
> > > leadership as well as the leadership in Congress. He turned the old
> > > argument that is often used on the American people to pass legislation
> > > such as the Patriot Act and in defense of carrying out wiretapping…etc
> > > against the Federal Reserve. The argument that states that if you have
> > > nothing to hide you should have nothing to worry about.
> > > On Jul 31, 8:02 pm, Hoang <hoang.l.t...@gmail.com> wrote:
> > > > it's a cover up.... i dont think anyone really forgot thing easily
> > > > when money is involved.
> > > > On Jul 30, 9:55 pm, fractional <fractionalend...@gmail.com> wrote:
> > > > > From cut and paste the URL - americanfreepress.net/html/
> > > > > fed_chairman_187.html
> > > > > Ben Bernanke, the head of the privately owned and controlled Federal
> > > > > Reserve, cannot remember to which foreign banks the Fed has loaned a
> > > > > half trillion dollars. His lack of memory can be understood, given
> > > > > that the Fed has loaned or guaranteed trillions of U.S. dollars to
> > > > > banks around the world since the U.S. economy took a turn for the
> > > > > worse in the summer of 2008. Still, it was quite an embarrassment for
> > > > > the country’s top banker, who, during a three-hour grilling on July 21
> > > > > before the House Committee on Financial Services, admitted he did not
> > > > > know the recipients of foreign liquidity swaps—loans to foreign
> > > > > financial entities—that amounted to some
> > > > > $550 billion.
> > > > > Shortly after news broke of Bernanke on the hot seat, video of his
> > > > > testimony spread like wildfire on the Internet with hundreds of
> > > > > thousands of viewers around the world watching the chief banker
> > > > > stutter and squirm. Here is the relevant portion of the official
> > > > > transcript relating the exchange between Bernanke and Rep. Alan
> > > > > Grayson (D-Fla.), who is also a sponsor of Rep. Ron Paul’s landmark
> > > > > “Audit the Fed” legislation (H.R. 1207).
> > > > > Grayson: “What’s that [the $553 billion amount]?”
> > > > > Bernanke: “Those are swaps that were done with foreign central banks.
> > > > > Many foreign banks are short dollars. . . .”
> > > > > banner_newsletter
> > > > > Grayson: “So who got the money?”
> > > > > Bernanke: “Financial institutions in Europe and other countries.”
> > > > > Grayson: “Which ones?”
> > > > > Bernanke: “I don’t know.”
> > > > > Grayson: “Half a trillion dollars, and you don’t know who got the
> > > > > money?”
> > > > > Grayson was following up on earlier testimony by Bernanke, who said
> > > > > that loans to foreign banks had increased from $24 billion at the end
> > > > > of 2007 to $553 billion at the end of 2008. That is a 2,300 percent
> > > > > increase in one year for anyone doing the math.
> > > > > Grayson and Bernanke were debating complicated global financial
> > > > > transactions known as foreign liquidity swaps, whereupon the Federal
> > > > > Reserve gives U.S. dollars to foreign financial entities, usually
> > > > > foreign central banks. In return for dollars, the foreign institutions
> > > > > usually hold an equivalent amount of their own currencies in accounts
> > > > > for the Fed.
> > > > > Officially, the Federal Reserve states, “When the foreign central bank
> > > > > lends the dollars it obtained by drawing on its swap line to
> > > > > institutions in its jurisdiction, the dollars are transferred from the
> > > > > foreign central bank’s account at the Federal Reserve to the account
> > > > > of the bank that the borrowing institution uses to clear its dollar
> > > > > transactions.”
> > > > > Translated from banker-speak, the U.S. dollars, in a nutshell, are
> > > > > going to back unstipulated loans in countries around the world.- Hide quoted text -
> > - Show quoted text -- Hide quoted text -
> - Show quoted text -