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Rand Paul Reintroduces Audit The Fed Bill, DeMint And Vitter Co-Sponsors

Tyler Durden's picture





 

If there is one thing that the one-time GAO audit of the Fed disclosed, is how woefully insufficient the extremely superficial data discovery was. Another thing uncovered was just how needed this disclosure was: it provided extended material into how the Fed subsidizes banks (both domestic and international) on an ongoing basis, not to mention substantial number crunching for the blogosphere. Either way, if Bernanke was hoping that the Frank-Dodd bill would take care of the Fed opacity, pardon, transparency issue in perpetuity, he may be disappointed: Ron's son, Rand, has just announced he is introducing legislation to, well, Audit The Fed, precisely along the lines of what his father did previously and generated massive support from everyone in Congress. Once again Ben Bernanke is about to become a major thorn on the side of the political puppetry.

WASHINGTON, D.C. – Today, Senator Rand Paul introduced legislation allowing for a full audit of the Federal Reserve. This legislation is a Senate version of similar legislation long-championed by and introduced this session in the House of Representatives by his father, Congressman Ron Paul of Texas. Co-sponsoring the “Federal Reserve Transparency Act of 2011” (S. 202), are Senators Jim DeMint of South Carolina and David Vitter of Louisiana.

“We must take a critical look at the Fed’s monetary policy decisions, discount window operations, and a host of other things, with a real audit – and not just pay lip-service to the idea of an audit,” Sen. Paul said today. “At a time when we're seeing great volatility in small Euro-zone economies like Greece, Portugal, and Ireland, it is more crucial than ever that we have real transparency at our own central bank.“

The bill will eliminate the current audit restrictions placed on the Government Accountability Office (GAO) and mandate a complete audit of the Federal Reserve to be completed by a firm deadline, finally delivering answers to the American people about how their money is being spent by Washington.

 


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Wed, 01/26/2011 - 18:25 | Link to Comment Xedus129
Xedus129's picture

Lets count the tungsten!

Wed, 01/26/2011 - 18:30 | Link to Comment Turd Ferguson
Turd Ferguson's picture

There you go! How about an "Audit Fort Knox" bill, instead?

At any rate, if anyone is wondering how things are working out in the bottom-calling business, feel free to click here:

http://tfmetalsreport.blogspot.com/2011/01/feeling-good-louis.html

Wed, 01/26/2011 - 18:37 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

Bottom calling ... ? Minyanville ~

 

A call came in this morning from Shawn Hackett, founder and CEO of Hackett Financial Advisors, a Boynton Beach, Florida money management firm with a specific focus on agricultural commodities.

“Why is Cargill selling Mosaic (MOS)?" Hackett asked. “They know more about ag than anyone else in the world -- why would they be cashing out of the fertilizer business when everyone else is falling all over themselves to get in, with people talking about food shortages and riots going on?”

Cargill, which is the largest privately held company in the United States and competes directly alongside agribusiness behemoth Archer Daniels Midland (ADM), is unloading its $20 billion-plus stake in Mosaic -- the world's leading producer and marketer of concentrated phosphate and potash -- to reportedly free up money for the family-owned business’ charitable trusts without raising cash through an IPO and going public.

But why would Cargill, which according to its website, has “75 businesses organized around five major segments: Agriculture Services, Food Ingredients and Applications, Origination and Processing, Risk Management and Financial, and Industrial,” choose Mosaic as the one asset to shed?
 

“I don’t know exactly what’s going on inside other peoples’ heads, but this is certainly an interesting ‘tell,’” Hackett says. “There are so many other things they could be selling, so are they making a call that we’re at the top of the fertilizer cycle? The market is so bullish. Cargill’s not. Why would they give up all these ‘billions and billions of dollars in future value?’ It pays to pay attention to the kinds of companies who are really profitable again and again.”

Others agree.

“Cargill is smart money,” Malcolm Polley, president of Stewart Capital Advisors LLC, told Bloomberg news. “If they are getting out of Mosaic, maybe it’s a good time to hedge your bets probably in the whole sector.” 

Further, Mosaic CEO James Prokopanko and CFO Lawrence Stranghoener may sell what they described in a Tuesday regulatory filing as a “modest” number of MOS shares. What makes this noteworthy? Neither Prokopanko or Stranghoener have sold any of their Mosaic shares since the company was formed in 2004. 

Delving deeper, Hackett points out that Goldman Sachs (GS) has pared down their risk exposure to commodities to levels not seen since 2004.
 

“Q4 2010, Goldman had the lowest risk exposure to the overall commodity marketthey’ve had since Q1 2004,” he says. “What are they seeing that no one else seems to be? When you have two entities like Cargill and Goldman taking risk off the table, it may be a pretty telling macro call that there may be some trouble ahead.”

Matt McCormick, a banking analyst at Bahl & Gaynor, gave Reuters a similar perspective.

"I think Goldman is consciously making smaller bets on commodities," he said. "Any time you go back to a low of 2004, you are clearly making a substantial call." 

Equally substantial is the fact that Morgan Stanley (MS) and JPMorgan (JPM) have made similar moves that bear a closer look.

Morgan Stanley’s commodities “Value at Risk” in Q4 2010 was down roughly 20% for the quarter and JPMorgan’s VaR was flat -- but, as Reuters reports, “down more than two-thirds from its 2008 peak.”

“These numbers came despite a 28.7% jump in commodity prices over the two last quarters combined, as measured by the Reuters-Jefferies CRB index,” the news service reported. “The last time the CRB rose as much for two consecutive quarters was when it climbed 29% in 2008 and 34.5% 1973.”

While these questions are nothing more than questions at the moment, the prudent investor may well be served by filing them away for further thought.

“It doesn’t mean that it’s all over for commodities tomorrow,” Hackett says. “However, we may find out three or six months from now that we really should have been listening to this.”

Wed, 01/26/2011 - 18:52 | Link to Comment bingaling
bingaling's picture

Gov't is coming to control food is what it means and their prices - Speculators in commodities will be made the enemy of the people by the MSM and blamed for high prices  . Commodity exchange lockdown bitchez! or maybe there will be some major "population " declining event in the near future ?

Wed, 01/26/2011 - 21:10 | Link to Comment gloomboomdoom
gloomboomdoom's picture

The FED will sell securities back into the market... bearish for Coms

11100 is a good bottom

Wed, 01/26/2011 - 22:18 | Link to Comment earnyermoney
earnyermoney's picture

government controll will lead to rationing of a very limited selection of agricultural end products. Lots of empty shelves in your local grocery store. I would consider mass starvation a major population declining event.

Thu, 01/27/2011 - 02:24 | Link to Comment The Navigator
The Navigator's picture

+$2Quadrillion

Most or all right on all points.

Wed, 01/26/2011 - 19:20 | Link to Comment ColonelCooper
ColonelCooper's picture

Seriously dude....  Do you ever have an original thought?  Ever?  I mean sometimes a paste job is helpful, relevant (yours usually are at least), or interesting,,, but Shit!!  Start your own blog for Christssakes if you want to put up Dickensesque volumes on every single thread.  OR actually write some shit yourself.

Just sayin. 

Wed, 01/26/2011 - 21:56 | Link to Comment zaknick
zaknick's picture

Why do you read ZH? If you don't think that the insiders passing up on a juicy run-up in any market is a good indication of what they have in store for our bankster Matrix and an excellent piece of survival intel, then what the hell are you readiing ZH for? Comic relief??

Wed, 01/26/2011 - 19:47 | Link to Comment Mark McGoldrick
Mark McGoldrick's picture

There is a 300 year supply of fertilizer at current consumption rates.  

Why would the chart of Potash look like this:

http://finviz.com/quote.ashx?t=POT&ty=c&ta=0&p=m

Why would the chart of Mosaic look like this:

http://finviz.com/quote.ashx?t=mos&ty=c&ta=0&p=m

Why would the chart of corn look like this:

http://finviz.com/futures_charts.ashx?t=ZC&p=w1

Why does the chart of wheat look like this:

http://finviz.com/futures_charts.ashx?t=ZW&p=w1

Why does the chart of oil look like this (mere months before the world economy collapses):

http://finviz.com/futures_charts.ashx?t=CL&p=w1

While food inflation is real, it is not because Bernanke is dumping digital money into reserve accounts. The absurdity of those charts begin in 2006/07/08, BEFORE anyone had ever heard of quantitative easing, and BEFORE an extra trillion lie dormant in reserve accounts. 

Here's your answer as to why food commodity prices are/were skyrocketing, why it might be coming to an end and why Cargill is trimming exposure: 

http://www.businessweek.com/news/2011-01-23/agriculture-ministers-seek-e...

Don't look at Bernanke.  Look at the sharks at GSCI.  Welcome to Wallagio, the Wall Street casino that fucks up the whole world. 

 

Wed, 01/26/2011 - 20:22 | Link to Comment hardcleareye
hardcleareye's picture

It's interesting that you should post those charts.  I have been pondering over them for the last several months trying to understand the "dynamics" of them.  Food production is extremely energy dependent, hence a rise in oil triggers a rise in food. 

Perhaps if there was a "serious" global depression, this would trigger a significant reduction in global oil demand, the price per barrel oil would fall, the rest of the commodities would follow?

Wed, 01/26/2011 - 22:03 | Link to Comment pslater
pslater's picture

So, I'm curious, doesn't the oil chart look like a massive, multi year head and shoulders pattern?  Given the nature of oil as a completely irreplaceable energy source and, if not peak oil at least peak cheap oil, the future population growth mentioned above would seem to make oil the ultimate BTFD asset.

I'm trying to envision a world situation that takes oil down to say $40/bbl again and the only thing that keeps popping up is armageddon.

Wed, 01/26/2011 - 22:14 | Link to Comment earnyermoney
earnyermoney's picture

Yes, your an evil speculator if you fail to follow the asset allocation directives of the fascist overlords.

Thu, 01/27/2011 - 05:09 | Link to Comment OddFieldIsStrong
OddFieldIsStrong's picture

"There is a 300 year supply of fertilizer at current consumption rates. "

Do you have the source for this bit of info? Thanks. 

Wed, 01/26/2011 - 19:57 | Link to Comment hardcleareye
hardcleareye's picture

++  Thanks enjoyed the read and following up on this.

Wed, 01/26/2011 - 20:07 | Link to Comment DocLogo
DocLogo's picture

I thought we were at peak phosphate. That's weird.

Wed, 01/26/2011 - 22:04 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Junk. Stay on topic...or better yet, quit posting this garbage.

Wed, 01/26/2011 - 22:35 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

Bay of swine -

 

If you could put your perma- bull pom~poms down for a second could you point out the worthless info in said piece ???? A powerhouse getting out of the ag trade in 2011 .... Hmmmmmmm.

O.k. you can go back now and start pumping the bubble ...

Wed, 01/26/2011 - 18:25 | Link to Comment cxl9
cxl9's picture

Is he starting his car by remote control these days?

 

Wed, 01/26/2011 - 19:14 | Link to Comment XitSam
XitSam's picture

Don't count your conspiracy theories before they're hatched.

Wed, 01/26/2011 - 18:26 | Link to Comment TruthInSunshine
TruthInSunshine's picture

They can't do this.

The Federal Reserve is a "private bank," with private shareholders, whose business model is essentially loaning money to governments, so that the taxpayers can pay interest on more and more accumulated debt.

Who does this Rand Paul person think he is? What is this 'Congress' thing all about?

Wed, 01/26/2011 - 23:43 | Link to Comment Rick64
Rick64's picture

 Nothing a major flash crash can't solve.

Thu, 01/27/2011 - 02:10 | Link to Comment hugolp
hugolp's picture

The Board of Governors of the Federal Reserve (Bernanke and the rest of the gang) is a Federal Government agency. They can indeed audit it.

The local Feds are a mix of private and government entities, but they dont decide monetary policy, just implement the decisions the FOMC takes.

So yes, they can audit the Fed.

Thu, 01/27/2011 - 02:20 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I was being sarcastic.

 

p.s. - The Federal Reserve has claimed contrary things as to whether they are a 'public' or 'private' entity in the past, depending on whether it suited their needs.

For example, when Bloomberg Financial News sued The Federal Reserve, under the Freedom of Information Act, to compel them to release data on how much money they expended, to whom, and for what assets (and on what dates), The Fed initially fought the suit claiming they were exempt from the statutory requirements of FOIA as they were a 'private, non-governmental' entity.

Thu, 01/27/2011 - 07:34 | Link to Comment zhandax
zhandax's picture

The biggest difference in the Federal Reserve and Federal Express is the president doesn't get to introduce the new chairman of Federal Express.  Up until this century, the president appointed the fed chairman but now the president simply introduces wall street's choice.  As mentioned immediately above, whether the fed admits as much depends on their immediate spin needs. 

More importantly, the fed has a charter from the Federal Government and that charter can be revoked at the will of Congress.  More than likely, a lot of congressmen need to have this fact pointed out to them.  I would wager that half of congress thinks the fed is a government agency.

Wed, 01/26/2011 - 18:26 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Vaarrroooooommm!

Wed, 01/26/2011 - 18:33 | Link to Comment plocequ1
plocequ1's picture

Arthur Jensen will soon be calling Rand Paul into his Val Halla office for a lecture about the primal forces of nature

Wed, 01/26/2011 - 18:26 | Link to Comment Timmay
Timmay's picture

Wall Street, DC and the FED are married.

 

Pretty messy divorce coming up.....

Wed, 01/26/2011 - 23:15 | Link to Comment fleur de lis
fleur de lis's picture

one hopes...

Wed, 01/26/2011 - 18:28 | Link to Comment Rogerwilco
Rogerwilco's picture

Audit away, Bernanke is the only man standing between us and tanks in the streets, zombies roaming the night, Obama starving to death. Smell the glove and submit.

Thu, 01/27/2011 - 07:37 | Link to Comment zhandax
zhandax's picture

Starve an obummer supporter.  Hide his food stamps under his work boots.

Wed, 01/26/2011 - 18:28 | Link to Comment faustian bargain
faustian bargain's picture

Ron Paul intro'd the house version today also, HR459.

Wed, 01/26/2011 - 18:31 | Link to Comment TruthInSunshine
TruthInSunshine's picture

"Permit me to issue and control the money of the nation and I care not who makes its laws."

-- Mayer Amschel Rothschild

 

Just sayin'.

 

Bitches.

Wed, 01/26/2011 - 18:43 | Link to Comment topcallingtroll
topcallingtroll's picture

I see that quote all the time but never evidence of attribution. It may be the doomers version of the protocols of zion. I would love to see the original source attribution. Anybody got it?

Wed, 01/26/2011 - 20:01 | Link to Comment New_Meat
New_Meat's picture

Google the whole phrase and it comes up in many places.  But it was apparently stated in like 1812, and Al Gore hadn't gotten the Internet up and running back then.  Go figure.

- Ned

Wed, 01/26/2011 - 20:17 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

Al Gore?  Same guy who started global warming?

 

Wed, 01/26/2011 - 21:23 | Link to Comment New_Meat
New_Meat's picture

started? no.  Profit? Voila!

Wed, 01/26/2011 - 23:43 | Link to Comment fleur de lis
fleur de lis's picture

The "Permit me..." quotation is attributable to AM Rothschild, the 18th century patriarchal street rat who perfected the art of tying government taxes to wars and the like, leaving the ordinary citizens with the burden of repayment with huge and crushing interest, leaving them(R) with massive profits. AMR spawned five sons who set up shop in the capitals of Europe, continuing the proud family tradition of bloodshed.

Nathan was based in London, took control of the BoE, and was the contact for the young nation of America. In 1811 the 20year central bank charter expired and Congress actually followed laws and the Constitution and refused to renew.   

At this affrond, street rat Nathan said, "Teach those impudent Americans a lesson. Bring them back to colonial status." Thus began the War of 1812.  He had more control of the Brits than the King himself. After tens of thousands of British, American, and possibly Hessian deaths, Congress relented and granted the Rothschilds their filthy charter.

Twenty years later it was Andrew Jackson's turn, who fought them tooth and nail, and eventually Woodrow-the-pushover-Wilson.

We are currently stuck with these parasites in the form of the Federal Tapeworm Reserve.

Wed, 01/26/2011 - 21:57 | Link to Comment Jerome Lester H...
Jerome Lester Horwitz's picture

I'm quite certain that the quote can be found in "The Rise Of The House Of Rothschild" By Count Egon Caesar Corti. It's been about 18 years since I read it but I am sure that it can be found in that book as I remember being familiar with that quote before I even owned a computer and that book is where I would have read it.

Wed, 01/26/2011 - 22:46 | Link to Comment Cathartes Aura
Cathartes Aura's picture
Quote by: Mayer Amschel Rothschild
[Mayer Amschel Bauer] (1744 -1812), Godfather of the Rothschild Banking Cartel of Europe
Source: in 'The Creature from Jekyll Island' (American Opinion Publishing), p. 218

http://quotes.liberty-tree.ca/quote/mayer_amschel_rothschild_quote_8bed

you're welcome.

Thu, 01/27/2011 - 00:59 | Link to Comment Almost Solvent
Almost Solvent's picture

The devil first had to convince the world he did not exist.

The quote's authenticity is not important, its message is!

Thu, 01/27/2011 - 01:01 | Link to Comment Almost Solvent
Almost Solvent's picture

x2

Wed, 01/26/2011 - 18:31 | Link to Comment rubearish10
rubearish10's picture

Don't worry, they'll settle at get wrist slapped.

Someone display some believable truth as to how the cover-up can be so easily disclosed. Not a chance...not this way. TPTB know clealry what's at stake (as so often mentioned by TD and friends), this is not the Black Swan style event needed to win back our good ole' US of A.

Wed, 01/26/2011 - 18:31 | Link to Comment buzzsaw99
buzzsaw99's picture

There's nothing to audit. No records are kept. One man, named Sackfreeze runs the printing press and drives the truck on deliveries.

Wed, 01/26/2011 - 18:31 | Link to Comment CPL
CPL's picture

Not holding my breath on this accomplishing anything.

//grabbing a beer, sitting on the deck chair and watching the city burn in the distance.

Wed, 01/26/2011 - 19:22 | Link to Comment ColonelCooper
ColonelCooper's picture

Wake me up if it actually gets to the floor for a vote before it gets its nuts cut off.

Wed, 01/26/2011 - 18:33 | Link to Comment Atlas Shrugging
Atlas Shrugging's picture

And this also - "Rand Paul proposes $500 billion in federal budget cuts" - http://www.fox41.com/story/13911626/rand-paul-proposes-500-billion-in-federal-budget-cuts

 

This man is on a Crusade and is going to be fun to watch until ....

Wed, 01/26/2011 - 18:41 | Link to Comment Screwball
Screwball's picture

500 billion is chump change.

Wed, 01/26/2011 - 18:47 | Link to Comment TruthInSunshine
TruthInSunshine's picture

It's a start.

Wed, 01/26/2011 - 19:31 | Link to Comment scatterbrains
scatterbrains's picture

it's time for the CIA to call up one of their mind controlled retards and bust a cap in his ass.

Wed, 01/26/2011 - 19:34 | Link to Comment VegasBD
VegasBD's picture

not really

Wed, 01/26/2011 - 19:23 | Link to Comment jeffca
jeffca's picture

Cut food stamps and you will have instant riots....think Tunisia, Cairo!

Wed, 01/26/2011 - 18:33 | Link to Comment ceedub
ceedub's picture

This in no way makes up for the unbelievable amounts of stupid contained within this man.

 

I am embarassed to be represented by him.

Wed, 01/26/2011 - 18:36 | Link to Comment TruthInSunshine
TruthInSunshine's picture

So, you're saying you'd prefer a representative who makes no protest at your anal raping, rather than at least some protest?

Wed, 01/26/2011 - 18:38 | Link to Comment lunaticfringe
lunaticfringe's picture

He'd rather be wooed by an intelligent man. I am not embarrassed- let me carry the load for you ceedub.

Wed, 01/26/2011 - 18:43 | Link to Comment Sean7k
Sean7k's picture

I'm not. McConnell yes, but Rand is off to a nice start. I say we give him his lead.

Wed, 01/26/2011 - 18:44 | Link to Comment tmosley
tmosley's picture

Hurrr, I hate wepubwicans.

Wed, 01/26/2011 - 19:24 | Link to Comment ColonelCooper
ColonelCooper's picture

Junked for being an embarrassment.

Wed, 01/26/2011 - 19:52 | Link to Comment Shell Game
Shell Game's picture

Because he opposes YourPTB?  An othewise brilliant argument..

Wed, 01/26/2011 - 19:55 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

You're just mad because you lost the eight oclock time slot on MSNBC. 

Thu, 01/27/2011 - 00:11 | Link to Comment GrouchoNotKarl
GrouchoNotKarl's picture

I don't like to make ad hominems, but in your case: You're a fucking idiot.

Thu, 01/27/2011 - 02:42 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Make mine junk number 42.

At least the Pauls are trying to make America a more transparent and free country.

.gov!  Leave me alone!

Wed, 01/26/2011 - 18:34 | Link to Comment Arthur Vandelay
Arthur Vandelay's picture

This would be so huge if they could get it through this time.  Not counting on it but I would love to see the look on Obama's face when it gets to his desk.

Wed, 01/26/2011 - 19:02 | Link to Comment thepigman
thepigman's picture

Obama will ask Immelt what to do:

"Jeff...what should I do now? HM...MMM."

Wed, 01/26/2011 - 19:26 | Link to Comment ColonelCooper
ColonelCooper's picture

I'm sorry, are those hummer noises?  Who's the dumpster?

Wed, 01/26/2011 - 18:36 | Link to Comment lunaticfringe
lunaticfringe's picture

I think this has a chance of gaining serious traction. If we can ever rip that curtain off these bastages, all hell is gonna break loose.

We will see Mortimer holding one FRN. The most highly levered note of all time.

Wed, 01/26/2011 - 18:36 | Link to Comment Rainman
Rainman's picture

Shoot, at traditional Beltway speed that Fed audit would take 2-3 years. By that time the Barry and Ben show will have closed up and moved on.

Wed, 01/26/2011 - 18:38 | Link to Comment lunaticfringe
lunaticfringe's picture

What's not to like?

Wed, 01/26/2011 - 18:44 | Link to Comment TruthInSunshine
TruthInSunshine's picture

By then, The Bernank will have fled to Tunisia, with 57 pieces of luggage holding 1.5 tons of gold (or tungsten).

Maybe they should revoke The Ben Bernank's passport.

Wed, 01/26/2011 - 18:39 | Link to Comment topcallingtroll
topcallingtroll's picture

Dont get your hopes up. Better to resign yourself now to the warm embrace of cynicism and.despair.

Wed, 01/26/2011 - 18:40 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

Waste of time, now that the CIA can use the Fed as a WMD.

It's a national security issue.

Wed, 01/26/2011 - 18:42 | Link to Comment Monkey Craig
Monkey Craig's picture

what's the over/under on these guys getting shot by a lone, disturbed gunman?

Wed, 01/26/2011 - 18:45 | Link to Comment Sean7k
Sean7k's picture

Heck, nowadays, what's the over/under on any of us being shot by a lone gunman?

Wed, 01/26/2011 - 18:46 | Link to Comment topcallingtroll
topcallingtroll's picture

Shooting is so 20th century. A focused electrical beam could put your heart into asystole or v fib at a distance. Even i could invent one with a good engineer. So I am sure the.government already has the heart attack raygun

Wed, 01/26/2011 - 18:47 | Link to Comment thedrickster
thedrickster's picture

Brainwashed by the baggers of course....oh.....wait.

Wed, 01/26/2011 - 18:50 | Link to Comment thepigman
thepigman's picture

Heck...we'll probably find out the fed's

Caribbean sub own 75% of the junkers

in the Russell 2000.

Wed, 01/26/2011 - 18:54 | Link to Comment Pants McPants
Pants McPants's picture

I think calls for Rand being off'd by TPTB are a bit premature.  They have to at least smear him for his courage to stand up against the Civil Rights (snicker) Act first.

There was no shortage of hatred for Rand when that tidbit was exposed...especially on the lib side.

Wed, 01/26/2011 - 19:18 | Link to Comment Salinger
Salinger's picture

interesting thing is that the progressives have as much disdain for the fed as the tea party (strange bedfellows)

Wed, 01/26/2011 - 19:22 | Link to Comment Pants McPants
Pants McPants's picture

Interesting.  The overwhelming majority of my friends identify themselves as progressives.  I'm not sure they know the Fed exists, let alone hold it in contempt.

Wed, 01/26/2011 - 19:25 | Link to Comment Salinger
Salinger's picture

I'm thinking HuffPo crowd and writers like Matt Taibbi

Wed, 01/26/2011 - 18:59 | Link to Comment gpsnodgrass@cox.net
gpsnodgrass@cox.net's picture

Interpretations please:

http://www.halfpasthuman.com/badfood.html

physical gold, bitchez?

Wed, 01/26/2011 - 22:15 | Link to Comment Buzz Wired
Buzz Wired's picture

The paper gold & silver markets (primarily GLD & SLV) are decoupling and will implode when the sheeple realize its all a fractional reserve ponzi scheme. Physical will explode at the same time, the house of cards comes tumbling down and all hell breaks loose. Or maybe not.

Wed, 01/26/2011 - 19:08 | Link to Comment herman55
herman55's picture

As to Cargill selling off Mosaic....the reason is this: the price of wheat without the ethanol fraud goes to $4.15 and corn to $3.65. The demand for fertilizer will drop by half. The effect of the ethanol scam is now being played out in one of our very best long term customers homeland....Egypt. The ethanol program is economically a joke, morally horrific and ethically unsustainable.

Wed, 01/26/2011 - 19:13 | Link to Comment flow5
flow5's picture

Sometimes our legislators are listening. 

Wed, 01/26/2011 - 19:15 | Link to Comment Salinger
Salinger's picture

there was an interview today on Bloomterd TV with Jim Grant - it was among the best interviews I have seen of late but for whatever reason has not yet been put on their site as a video clip - Fortunately I have a audio recording of it, which I will upload if it does not appear on Bloomterd/clipsyndicate.

 

He totally ripped the fed

Wed, 01/26/2011 - 19:24 | Link to Comment JR
JR's picture

Thanks!!

Wed, 01/26/2011 - 19:16 | Link to Comment Everybodys All ...
Everybodys All American's picture

Nearly no chance this passes and if it does do you really believe we will see what is truly on their balnce sheet.

Wed, 01/26/2011 - 19:16 | Link to Comment Everybodys All ...
Everybodys All American's picture

Nearly no chance this passes and if it does do you really believe we will see what is truly on their balnce sheet.

Wed, 01/26/2011 - 19:22 | Link to Comment JR
JR's picture

The most important immediate advantage is to see which senators will be on board, with their comments—how it’s handled in committee, and its use in political campaigns against opponents in the next election cycle, especially against Democrats as there are more up for election.

Probably it’s never going to get out of committee as the Democrats control the committee and don’t want to vote on it; but you can force the committee members to take a stand and it can be used against the Dems in the general election if they keep it from coming to the floor.

We’ll see. But one thing it proves, representatives of the people are heading to DC and it’s not just going to be, as Clinton called all adverse political scandals, another nine day wonder to be abandoned.by the politicos.

Wed, 01/26/2011 - 19:22 | Link to Comment David99
David99's picture

FED has bought every joker, nothing much is expected from the Circus

Wed, 01/26/2011 - 19:31 | Link to Comment NOTW777
NOTW777's picture

use NEIL BAROFSKY

Wed, 01/26/2011 - 19:46 | Link to Comment bb5
bb5's picture

I wonder if the average citizen will ever wake up?

Wed, 01/26/2011 - 19:57 | Link to Comment gloomboomdoom
gloomboomdoom's picture

Dr. Doom is never wrong! Drop your pants and get long!

20% correction in gold (pop)

http://www.youtube.com/watch?v=UyMPLiizIzg&feature=fvw

2008 = CRASH

Wed, 01/26/2011 - 19:53 | Link to Comment sweaty7
sweaty7's picture

Wonder if when the audit is complete they'll hold a big news conference and give us all the juicy details? if so, I hope they don't schedule while Jersey Shore is on. ;)

Wed, 01/26/2011 - 23:21 | Link to Comment JR
JR's picture

I went out to dinner tonight, sweaty, and shared your quip with the guys, and we all had a good laugh. And, by the way, it kinda makes you wonder just what planet the junkers live on, doesn't it? 

Thu, 01/27/2011 - 13:04 | Link to Comment sweaty7
sweaty7's picture

Glad i added some laughter to your dinner. These days, we have to laugh to keep from crying!

Wed, 01/26/2011 - 20:40 | Link to Comment Kina
Kina's picture

WikkiLeaks got leaked all the files of the Fed. An A4 page with Bernanke's name at the top with some doodles, and his practice signature a dozen times.

Wed, 01/26/2011 - 21:18 | Link to Comment gloomboomdoom
gloomboomdoom's picture

He probably reads Zerohege... I am pretty confident the FED reads this site (no I cannot prove it).

You really think Ben runs the world from the mountain top?

They really don't think about these issues too deeply... overall the economy is doing better.

Ben already is on record predicting the next "event"... sure he could mop up liquidity, but really?

I know college age kids... they love online banking and Chase widgets. That is their new Gold Standard

Wed, 01/26/2011 - 21:09 | Link to Comment OMG
OMG's picture

Exspose Bem's bazooka I don't think so! Not something I want to see.

Wed, 01/26/2011 - 21:25 | Link to Comment Joe Sixpack
Joe Sixpack's picture
Proclamation on the Federal Reserve System of the United States of America

 

www.RevokeTheFed.com

 

March 2008

WHEREAS, Article I, Section 8 of the Constitution of the United States of America authorizes Congress "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures";

WHEREAS, on December 23rd, 1913 the US Congress enacted the Federal Reserve System;

WHEREAS, the Federal Reserve System is considered an independent agency within the federal government, with oversight of Congress and containing appointed public officials on its board of directors;

WHEREAS, the Federal Reserve System Controls the Federal Reserve Note, the official currency of the great nation of the United States of America;

WHEREAS, there may be controversies regarding the legality and constitutionality of the Federal Reserve System, it is recognized that the said system has operated continuously as the central banking system of the United States since the inception of the Federal Reserve Act of 1913;

WHEREAS, the Constitution of the United States of America granted Congress the authority to create the current Federal Reserve System, it also does grant Congress the authority to modify or revoke the Federal Reserve System;

WHEREAS, the actions of the Fedreral Reserve System represent the credit and currency of the United Stated of America to the citizens of this great nation and to the world;

WHEREAS, the Federal Reserve System, acting independently within the federal government allowed, supported, and even promoted parasitical and non-productive uses of the money and credit of the United States of America;

WHEREAS, the United States and likely the entire world's financial system is undergoing massive de-leveraging of the said parasitical and non-productive uses of the credit and money of the United States of America (as well as other nations' currencies);

WHEREAS, the US dollar, the "Federal Reserve Note" is declining in value due to these parasitical activites, as well as potentially other causes;

WHEREAS, it is recognized that the citizens of the United States and other nations did willingly participate at some level in the creation and propogation of said parasitical activities;

WHEREAS, it is also recognized that the United States of America, a sovereign nation, has the legal, moral, and God given authority to take actions to benefit its citizens and to protect its good name, credit and money in times of difficulty;

WHEREAS, it is recognized that the current time is such a time of great difficulty;

WHEREAS, it is recognized the parasitical financial institutions and their activities are at odds with citizens of the United States of America and the good credit and money thereof;

WHEREAS, the current indications are that the Federal Reserve System is acting to preserve the financial system currently flooded with the parasitical activities;

WHEREAS, the current indications are that the neither the Federal Reserve System, nor the Congress of the United States, nor the people of the United States have access to the books of the institutions being preserved by the Federal Reserve, and therefor the degree of inter-connectivity and risk associated with the institutions and other entities cannot be determined;

WHEREAS, the Federal Reserve System is accepting non-performing assets as collateral for credit with ultimate taxpayer responibility to entities not under its legislative mandate;

IT MUST BE CONCLUDED, that the Federal Reserve System is not acting to the benefit of the people of the United States of America, its credit, money, and good name;

WHEREAS, it is recognized that the political will and capability of the government of the United States of America may not be up to the task of prosecuting this proclamation ; It is also recognized that this may be the only hope for the continued survival of the United States of America as the great nation as it has historically existed.

NOW THEREFORE, it is PROCLAIMED by those supporting this Proclamation that the Congress of the United States of America FULLY NATIONALIZE the Federal Reserve System, and take full control of the credit and money of our great nation; The Congress must take whatever action necessary to seperate out, sequester, disown, or otherwise neutralize the effect of the parasitical financial activities which led to the current crisis; The Congress of the United States of America must reorganize, replace, or terminate the Federal Reserve System as appropriate; or otherwise devise a system for creation of the national currency.

IT IS FURTHER PROCLAIMED, that the Congress of the United States of America in cooperation with the Executive of the United States of America contact allied nations and any other nation willing to participate in the overhaul of the failing and parastical financial sytem currently in operation and create new treaties and alliances as necessary to create a sane and productive system of finance with the express goal of supporting a productive national, and by extension and through voluntary cooperation, world economy;

FURTHERMORE, it is PROCLAIMED that it should be the goal of such an international effort to maintain fair international trading practices allowing for protection in national interest of labor, resources, and productive capabilities;

WHEREAS, it is recognized that such a move on the part of the United States of America may result in the necessity of an isolationist policy IF the other developed nations do not follow our lead; If such occurs, so be it.

SO HELP US GOD!

Wed, 01/26/2011 - 21:44 | Link to Comment gwar5
gwar5's picture

We should be able to audit the Fed anytime we want since the Fed now has authority to monitor every single transaction of every single American through the new "Consumer Protection Agency"

.

Wed, 01/26/2011 - 22:44 | Link to Comment RoRoTrader
RoRoTrader's picture

Sort of like bringing a Bick lighter to an Iceberg fight

Wed, 01/26/2011 - 23:01 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I am contemplative tonight, and I got around to thinking about why it isn't very straightfoward to explain to Americans how illogical an entity The Federal Reserve System really is, and why so many more politicians have not exploited this fact for what could be incredibly successful leverage while campaigning or when in office.

It's isn't very complicated to explain the incredible corruption of The Federal Reserve to even the average American. The explanation would go something along these lines:

Why do we have a private bank that is free to increase or decrease the American Money Supply whenever it so chooses, with none of the members of this private bank being elected, and why is it that this private bank is able to loan money to our government, which is supposed to be able to issue its own currency, and then charge American Citizens interest on the loans? Why is there even a need for an intermediary, let alone a private bank intermediary, to do this?

 

 

Wed, 01/26/2011 - 23:32 | Link to Comment ebworthen
ebworthen's picture

Homer Simpson would say "Do they have free donuts?".

I agree with you, but the sad truth is that a majority of aMeriKans don't have the ability to see beyond the glass onion that tells them to "Consume" or "Breed".

Thu, 01/27/2011 - 01:08 | Link to Comment Almost Solvent
Almost Solvent's picture

Or pick Benjamin outta lineup

Thu, 01/27/2011 - 09:19 | Link to Comment GreenSideUp
GreenSideUp's picture

I have no scientific evidence either way but I have spent the past several years trying to enlighten any and everyone who will listen and I've been pleasantly surprised seeing the light bulb of understanding come on (followed by the question, "what can we do about it?").    

I've been involved in a couple of Audit the Fed petition drives; people are eager to sign and converse about the Fed.  

The toughest nuts to crack: those with formal economics skooling followed by those who truly believe the government is good, honest and benevolent. 

Thu, 01/27/2011 - 01:33 | Link to Comment Reese Bobby
Reese Bobby's picture

I think you need to link it back to the average person's day-to-day:

Why should a PRIVATE bank that reports to the GLOBAL banking system that OWNS your public servants print/treat the money you slave for like it has no value, just to enrich the GLOBAL banking douche-bags who hate you.  Then cite Andrew Jackson, Thomas Jefferson & Dwight Eisenhower.  It is NOT COMPLICATED.

 

WTF?

Wed, 01/26/2011 - 23:09 | Link to Comment fleur de lis
fleur de lis's picture

one hopes...

Wed, 01/26/2011 - 23:52 | Link to Comment JW n FL
JW n FL's picture

Pink Elephant in the room... (I am a troll for saying it, sure?)

 

The people, not us... the majority of citizens dont care... thusly it will never happen... and nothing will come of it...

 

you may now junk me to infinity and beyond becuase the broader populace is fucking stupid and I am telling the truth!

Thu, 01/27/2011 - 09:53 | Link to Comment Thunder Dome
Thunder Dome's picture

The ignorant public is the problem.  Not the corrupt individuals who exploit it.

Wed, 01/26/2011 - 23:57 | Link to Comment Ima anal sphincter
Ima anal sphincter's picture

When one is in power. One will do whatever is necessary to stay in power. Until the time that power is taken from them. When is that date?

Thu, 01/27/2011 - 00:12 | Link to Comment JW n FL
JW n FL's picture

the victors right history... i said it that way for a reason...

Thu, 01/27/2011 - 00:42 | Link to Comment Ima anal sphincter
Ima anal sphincter's picture

The bankers have been writing history for a long, long time. The people have been wronged. I personally would like to get my "pen" out and start a new book; written the right way.

Thu, 01/27/2011 - 01:14 | Link to Comment JW n FL
JW n FL's picture

I will type for you, all you have to do is speak slowly becuase I am a shitty speeler.

Thu, 01/27/2011 - 01:18 | Link to Comment Ima anal sphincter
Ima anal sphincter's picture

Good one....I'll leave it at that.

Thu, 01/27/2011 - 02:12 | Link to Comment JW n FL
JW n FL's picture

I am serious... I am with anyone who wants to change anything or everything.. I am not joking.

Wed, 01/26/2011 - 23:59 | Link to Comment JustACitizen
JustACitizen's picture

Somehow - I just have a hard time believing that Congress is going to get all tough on the Fed. Think about it - these guys haven't prosecuted any of the Wall St. criminals - for anything. And now you think that they are going to take on the "holiest of the holy" doing god's work?

Thu, 01/27/2011 - 01:37 | Link to Comment Reese Bobby
Reese Bobby's picture

CLARITY:

The "rape of the middle class" needs to be presented in terms the average person lives every day:

Why should a PRIVATE bank that reports only to the GLOBAL banking system that OWNS your public servants print/treat the money you slave for like it has no value, just to enrich the GLOBAL banking douche-bags who hate you.  Then cite Andrew Jackson, Thomas Jefferson & Dwight Eisenhower.  It is NOT COMPLICATED.

Thu, 01/27/2011 - 01:58 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Then cite Andrew Jackson, Thomas Jefferson & Dwight Eisenhower.

Don't forget George Washington, Abraham Lincoln, James Garfield & John F. Kennedy, all adamantly opposed to a central bank, especially a private one, and with 3 out of the 4 being assassinated (in addition to Andrew Jackson's attempted assassination).

*There is historical debate about JFK's position, but none regarding the others cited above.

Thu, 01/27/2011 - 02:30 | Link to Comment Reese Bobby
Reese Bobby's picture

Yes.  A thoughtful comment.  And the Kennedy connection is not common knowledge outside of ZH.  Godless people will kill for money; they always have.  It may not matter in the BIG picture but it is irritating nonetheless.  I wonder how the "killers" deal with TWO Rand's?  Can they be bought for some price?  Can you kill two?  Interesting dynamic.

 

The willingness to kill has always been generally interesting to me.  Once you are willing to kill people your earthly opotunities expand a lot.  But obviously it is the worst trade a person could make based on my beliefs.

 

FYI: The best way to be attacked on ZH is to admit to being a Christian.  Also, "Interesting."  A total mystery how this Country lost its way...

Thu, 01/27/2011 - 03:08 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

OK, Let's see re junks on Christians.  I will check this thread tomorrow as soon as I can.

The Bearing is a Christian!  Although, arguably a bad one, because he does not go to Church on Sundays.  Ah, well, the Bearing is FAR from even near-perfect...

Ron & Rand Paul...  I hope that that these two can be part of the transformation of America to a freer and stronger country, based on our original values of freedom, small government and LEAVE ME ALONE so I can make my family more secure.

Even in its degraded condition, the USA is still the best hope for leading the world to some resemblance of liberty...

But, as we cannot predict the future, PLEASE look out for yourselves and your families first in these scary times.

Best of luck and choose wisely!

DCRB

Thu, 01/27/2011 - 03:50 | Link to Comment JW n FL
JW n FL's picture
by Reese Bobby
on Thu, 01/27/2011 - 01:30
#908656

FYI: The best way to be attacked on ZH is to admit to being a Christian.  Also, "Interesting."  A total mystery how this Country lost its way...

 

*********************************************************************************

you are no christian.. you are an abortion freak, hell fire the end is near...

I am a Catholic, did you know that the Catholics killed more wanna be Christians than Musilums during the Crusades?

You do now.

as for your dumbass question, why the country has lost its way?

the country filled with idiot Jesus Freaks like you, was busy painten up some anti-abortion signs talkin bout hell fire and such.. voting like the preacher told ya... instead of using the brain God gave ya.

Next, part of the answer to your super fucking idiotic question is... this country has turned the cheek to many fucking times.. thusly we get shit on every where by everyone... fuck you hippy Jesus freak, your dumbass is the fucking problem.

Eat a dick Jesus freak, hell fire that!

Thu, 01/27/2011 - 04:04 | Link to Comment JW n FL
JW n FL's picture

and the mormons... Jesus stopped off in Vegas (or where ever) and said bitchez for every body! BULLSHIT!!

the dumbass people of wallmart, politicaly correct, wanna be fucking hellfire crowd jas destroyed this country.

Stupid people should not breed!

Thu, 01/27/2011 - 04:10 | Link to Comment JW n FL
JW n FL's picture

acts will make you right with God.. not words, not anti-abortion signs... ACTS!!

 

http://www.youtube.com/watch?v=rJDLZRv1otE

Thu, 01/27/2011 - 12:11 | Link to Comment Reese Bobby
Reese Bobby's picture

I hope you find peace with God.  I am by definition a sinner and failed Christian.  The world made sense to me once I understood that.  I will say a prayer for you, and you can't stop me!

Thu, 01/27/2011 - 13:41 | Link to Comment JW n FL
JW n FL's picture

I pray at least once a day for everyone in the world, except myself...

so Thanks...

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