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April 27, 2009

Audit the Fed!

Quote of the Day: “With the monetary system we have now, the careful saving of a lifetime can be wiped out in an eyeblink.” — Larry Parks Executive Director, Foundation for the Advancement of Monetary Education (FAME)

Subject: NEW CAMPAIGN! Audit the Fed!

Congressman Ron Paul wants to audit the Federal Reserve. His bill to do this (HR 1207) already has 55 listed co-sponsors, and Congressman Paul’s website says the list will soon be up to 90. Bernie Sanders has introduced a similar bill in the Senate (S. 604).

Today we’re joining with End The FED and the Campaign for Liberty to give this legislation a big push. First, send your reps a message supporting this bill, and then follow up with a phone call. Here’s what I wrote in my message to Congress . . .

“I support H.R. 1207, the Federal Reserve Transparency Act of 2009, and S. 604, the Federal Reserve Sunshine Act of 2009. Please pass legislation requiring an audit of the Fed.

“Inflation is the cruelest tax of all, hitting the poor and those on fixed incomes the hardest. The bankers and the government benefit from this regressive tax that eats away at our ability to save.

“Our government is supposed to be based on the principle of ‘taxation WITH representation.’

“And yet, the Fed’s decision-making process is secret, using confidential information. Their minutes of these secret meetings aren’t due until three weeks after decisions are announced, and transcripts of meetings don’t become available until five years later.

“In addition, aside from the Chair, Fed board members serve the longest terms of any federal bureaucrat (14 years), and they can’t be fired for political reasons.

“And most offensive of all, the Comptroller General, head of the Government Accountability Office, is legally prohibited from auditing the Fed’s Open Market operations, and several other important Fed activities.

“Those are the facts…

“To make matters still worse, I’ve watched the Banking Committee interview Mr. Bernanke on TV. There’s no evidence that most of the committee members have a clue what to ask him.

“A real and thorough audit by competent experts is needed, and the results need to be made PUBLIC.”

Please tell your representatives to co-sponsor the House and Senate “Audit the Fed” bills. If you’ve used our Educate the Powerful System before, do the following . . .

* Go to the DownsizeDC.org home page
* Log-in using the log-in button at the right of the navigation bar near the top of the page
* Scroll down and click on the link for campaign number 31. Audit the Fed! (We recommend you follow these steps, but in case you need it, here’s the direct link) 
* Scroll down to the form at the bottom of the page and send your message

If you’re sending your very FIRST message to Congress using our system, click on this link, scroll down to the form, fill it out, and send your message.  
 
Use your personal comments to share the money supply numbers from above. Point out how this is what caused the housing boom and the bust that followed. Cut and paste from this message, if you want.

We also URGE you to FOLLOW UP your message with PHONE CALLS to your House Rep. and your two Senators. They may tell you they’ve co-sponsored the bill already. If so, thank them. If not, urge them to do so.

Ask your friends to join you by forwarding them this message, and Digg this message on our blog so more people will see it. 

Thank you for being a part of the growing Downsize DC Army.

Jim Babka
President
DownsizeDC.org, Inc.

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