Rand Paul Rages "The Fed Is Crippling America"
Authored by Senator Rand Paul and Mark Spitznagel, originally posted at Time.com,
The country deserves to understand the extent of its balance sheet
On Jan. 12, Congress is scheduled to vote on the “Audit the Fed” legislation (H.R. 24/S. 264), which, if passed, would bring to an end to the Federal Reserve’s unchecked—and even arguably unconstitutional—power in the financial markets and the economy.
We aren’t the first to be wary of the powers of central banks. Founding Father Thomas Jefferson viewed the powers of central banks as being contrary to the protections of the Constitution. As Jefferson wrote:
“I sincerely believe that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
In a similar vein, the great Austrian economist Ludwig von Mises also recognized that limiting government power in the realm of money was a matter of liberty, not merely economics. Mises explained that
“the idea of sound money … was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights.”
How far we have come as a country that these words from Jefferson and Mises sound so foreign today. Perhaps we have all been blinded by the credit and equity bubbles that surround us. But what better wake-up call to rally support for legislation that would shine a bright light on the government institution that today has created these bubbles, subsidizes small subsets of the population (thus amplifying wealth inequality), and enables endless government debt?
The Fed was intended to be an apolitical body, a concession to placate the naysayers. But today, the Fed isn’t even shy about entering the political fray: witness Federal Reserve Chair Janet Yellen’s income inequality speech riddled with Democratic talking points during the 2014 elections.
The Fed is, indeed, a political, oligarchic force, and a key part of what looks and functions like a banking cartel. During the 2007-08 financial crisis, the Fed’s true nature was clear to anyone paying attention. As the Treasury began bailing out the investment banks from the consequences of their profligate risk-taking (and in some cases fraudulent schemes), the Fed moved in tandem, further purchasing the underwater assets of these institutions, as well as actually paying interest to the commercial banks (hemorrhaging from risky loans) for reserves they kept parked at the Fed.
To be sure, Fed officials came up with opaque jargon to describe such operations, but the stark reality is that the Fed was treating risky assets as good collateral, and in the fall of 2008 began literally paying banks to not make loans to their customers.
Even today, the recent policy announcement has doubled the rate of this massive implicit taxpayer subsidy to the banks - what they call “interest on reserves.” In the textbook rate-hike case, the Fed sells off assets (or slows the rate of purchases) in order to reduce the supply of reserves. Then, the equilibrium price of borrowing reserves (i.e., fed funds rate) rises. In contrast, now and for the foreseeable future, as indicated by the Fed’s guidance statements, the Fed is raising rates by increasing interest on reserves.
As of Dec. 17, the Fed is paying 50 basis points on both required and excess reserves. So the Fed, itself, is increasing how much it will pay to “borrow” reserves from the commercial banks. Given the estimated $2.6 trillion in excess reserves, at 50 basis points that means the Fed will be paying commercial banks some $13 billion in annual income. Right now, the Fed is paying the same on required and excess reserves, though that in principle could differ.
As the Fed keeps raising interest rates through this same mechanism, the amount paid to commercial banks will only mushroom. You can forgive analysts for not discussing this; it was not even mentioned in the Fed’s Dec. 16 announcement.
As the Fed pays commercial bankers more in interest payments, there is dollar-for-dollar less for the Treasury; in other words, for a given level of federal expenditures, the deficit is that much higher. Therefore, the U.S. taxpayer is subsidizing commercial banks to not make loans to their customers—or rather bribing them to charge their customers higher interest rates on loans. And, the U.S. taxpayer is going deeper into debt to provide this bank subsidy.
This is but one aspect of the farce that is today’s Fed policy. In addition, we actually don’t know the full extent of or the precise recipients of the Fed’s asset purchases and bailouts as its balance sheet exploded from about $900 billion in August 2008 to almost $4.5 trillion today.
Now, the Fed has painted itself into a corner. It can’t sell off its bloated balance sheet for fear of crashing the mortgage-backed securities market—and, indirectly, real estate—and it can’t sell off its treasury holdings because that would push up treasury yields and increase the servicing cost of U.S. debt. This is partly the reason the Fed has chosen to raise rates by paying bankers more.
If treasury yields rise, then the market value of existing treasury securities goes down. The Fed currently holds about $2.5 trillion (all maturities) of treasuries. At the same time, the Fed’s capital is at most $67 billion or so. Given that the Fed is levered to the hilt, if treasury yields go up too much, Fed is bankrupt in an accounting sense.
Most dangerous of all, global credit and equity markets have been manipulated by central bank policies to levels that are unsustainable and highly crash-prone.
Clearly, the country needs to understand fully the extent of the Fed’s balance sheet: what it holds and from whom it was acquired, as well as all of the Fed’s other activities and conceivably even more dangerous shenanigans afoot.
We can’t really know what we don’t know until we look. We owe it to the “swindled futurity” of the next generation to take a long, hard look through a full and independent audit of the Fed.
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But what they didn't do, and it was a monstrous error, was provide for what they all knew was the case. That greed and men are best friends, always. So one by one, each supposedly indepdent institution has been subjugated and the Constitution has been overturned without so much as a wimper from the SC. THat is how bad it is. It's the worst I have ever seen.
We just need on amendment to fix it all.
Each year to total wealth of each and all will be tallied. Those in the top .01% will be executed. This includes foundations and corporations and everyone employeed and benefitting financially from them.
Corps are people and people can be corpses.
I think their biggest mistake was failing to write it in clear enough language and repeating themselves in a variety of ways so that there is no doubt to the intentions. They should have stated things like....
YOU WILL NEVER INFRINGE ON THE PEOPLES RIGHT TO BARE ARMS... YOU WILL NEVER INFRINGE ON THE TYPE OF ARMS THAT AMERICANS CAN BARE... YOU WILL NOT TELL A MAN WHERE HE CAN BARE ARMS... SUFFICIENT BULLETS AND ARMS OF ALL VARIETIES IN THE .GOVS POSSESSION MUST BE KEPT ACCESSIBLE TO THE PEOPLE AT ALL TIMES...CITIZENS WILL HAVE ACCESS TO ALL NEW TECHNOLOGIES, IF ARMS ARE CONSIDERED TOO DANGEROUS FOR THE POPULATION THAN THEY ARE TOO DANGEROUS FOR .GOV... etc.
YOU WILL NOT ALLOW A GANG OF ZIONIST PIG BANKERS TO CONTROL THE US CURRENCY... YOU WILL NOT ALLOW CARTELS OF ZIONIST PIGS TO CREATE A FIAT CURRENCY....YOU WILL STAY VIGILANT AND ON THE LOOKOUT FOR BANKERS TO UPSURP YOUR .GOV AT ALL TIMES...etc
System sending a message
Coincidence
The vote is tomorrow and today the lead Sponsor was voted out of the grown-up Presidential debates.
is the irs apolitcal?!?
Yeah sure Rand what ever.. Maybe you should try getting Israeli cock out of your mouth first and maybe someone might believe you actually mean it.
I distinctly heard him say he would cut all foreign aid, all in order to get debt under control. When asked about Israel, he still said all.
That's just it......"cut" does not mean "cease and desist altogether". And given Rand has shown he is a political animal, by "cut", he probably means "reduce the level of next year's increase".
He has bowed at the AIPAC altar if memory serves, something his father never did.
Seems Ron's homeschooling is working
You're kidding right? Did Ron school him on how to backstab your flesh and blood and support Romney?
Pretty sure that was after Romney won the nomination.
How soon you forget:
CNN's Wolf Blitzer just interviewed Rand Paul and gave him the opportunity to comment on the fact that the Republican National Committee failed to announce from the podium the votes Ron Paul received during the nomination roll call.
Blitzer called the RNC move as small, disrespectful, and unfair. Rand failed to answer the question and comment on the RNC disrespect. Instead, Rand did the politician thing and answered a different question about what was in the platform.
Blitzer went on to say it was disrespectful that the RNC failed to give his father a speaking spot. He tried to get comment from Rand, but Rand did the political thing and not back up Blitzer on his comment but went into a monologue on how much better Romney-Ryan was then Obama-Biden.
Rand sounded like a bought and paid for tool of the establishment, putting the establishment ahead of his father, even though Blitzer was giving Rand every opportunity to support his father against RNC and its clear bias against Ron Paul.
That is called pitching papa under the bus.
https://www.corbettreport.com/federalreserve/
these elitist are lost in an information world.... Randy apples not supose to fall to far from the tree grow a pair and take the gloves off... Cruse is dangerous Goldman puppet and Trump well don't trust him but as you know Dad won Iowa, Massachusetts delegates, probably NH.... Been hard working on delegates and the Rove Romney Bush Clinton PNAC crime syndicate is having a hard time on both DNC/RNC time....
Grow a pair Randy
The assignment was Destroy America financially. And it has been accomplished. Grow a pair like JFK? We cannot protect our heroes. We deserve this.
We don't need to wait for politicians to stand up to these asswipes, the PEOPLE should stand up UNITED until they fall. Unfortunately, for every 1 person awake, we have abouat 1000 that is not. And, there lies the problem. "Federal what?"
In all of human history, has there ever been even one instance in which a corrupt oligarchy or government has ever given up power because they 'realized the errors of their ways'? I don't think so. But if anybody knows of such a thing I would like to hear about it.
Go Rand.
America will catch up to you eventually.
Sure hound dog extra Katch-up on their corn-dog, maybe!
Auditing the FED will bring the Great Ponzi crashing down . . . and we can't have that now . . can we?
There is only one answer. The only answer. The answer is KILL THE ROTHSCHILD and their agents. Every fucking one of them. (Sorry boys, you take way more than you give and threaten the survival of our civilization. You must die).
Hmm. Not sure I agree with you. Stop them yes. Restrain them yes. Remove them from any access to power, yes.
Here's the problem with the Rothschilds. They own the world. It is said, conservatively, that the value of their fortune is 500 Trillion dollars. That is enough wealth to pay off every debt in the world, for every government and every human being 5 times over. How exactly does one go about 'limiting' the power of such an entity when they can easily buy anything they want or need, including governments?
Ignoring thme won't work either. They will persist because they truly believe they are God's chosen people and they should rule the world, in whatever form that may take.
So, I have no answer for you.
$500 Trillion? Hmmm, can't find that in wikipedia
It isn't in Wikipedia, that's correct, but there are numerous other 'sites' that make the claim. I don't know how believable or trustworthy they are and I'm not even sure they still have that kind of wealth, but one thing is fairly verifiable, that by the mid 1800's they did control the world. There are historical quotes and comments from well known people living at that time, but again, whether it was myth or truth is anybody's guess. I wold bet one thing is true. They most likely have the largest stash of gold in the world and most likely own all the central banks. Here are some ideas on what I think needs to be done.
1. We need a Global peace treaty for all nations, that would include the destrution of all offensive weapons.
2. We need for every single world government to agree to the levy of a one time, 25% tax on the wealth, not income of any individual who has assets in excess of say 1 billion, or even 10 billion. The proceeds from that tax would be used to redeem the debt issued by governments around the world. Payments would be made in gold and silver and we would need to return to an asset based, gold and silver monetary system again, destroying the double entry booking system that Mayer Rothschild created. Every government would issue it'sown currency, free of debt. Once the debts were discharged, central banks would be abolished
3. Each country would be allowed to maintain a well equipped citizen militia, such as they have in Sweden or Findland, or for instance the National Guard in the US.
4. Banks could only be owned by the citizens of each country. Much like credit unions. A certain amount of deposits would give them a share and each owner/depositor would have the right to vote on bank policy.
5. We would need some mechanism for ensuring the enforcement of national constitutions and harsh penalties for any individual or organization that tried to overthrow it without an assembly of states/regions voiting on it first.
6. Short sales, margin, derivatives and any other exotic financial instruments would be banned. Banks would operate only on the premise of 100% capitalization.
7. Each country would contribute peace keepers to a global policing force to protect trade from theft and piracy.
8. No commerce treaties would be allowed that contained any provision overriding the supremacy of national governments
9. The concept of user pays/polluters pay would be re-established and rigourously enforced with a requirement for substantial up front fund to be held in escrow for accidents and disasters to which the companies held responsibility
10.Lenders would be responsbile for evaluating the credit worthiness of their clients and would never be bailed out by any government. Capital interest rates would be tiered but in no case would the total effective interest rate be allowed to be in excess of 7%.
11. No individual or corporation or holding company could own more than 5% of any media company.
12. Public education through university for those that qualified would be free with an agreement to serve 3 years in the militia upon graduation.
13. Quality health care would be provided to all citizens, however, for those with the financial means, a reasonable per use premium would be levied.
14. Food, shelter, health care, safety of the person would be a guaranteed right and a priority for each government.
15. Some mechanism for enforcing these structures around the world would be required, perhaps through a significant deposit into a reserve fund that could be used to provide the items in the abscence of government action. If the funds became depleted because of non-compliance, an apolitical, ad-hoc enforcement team would remove the offending government, bring them up on charges, try them and if convicted they would be imprisoned in a suitable facility.
16. None of these acts/provisons could be overturned except with the agreement of 70% of the plurality of countries in the world.
Etc.
So...World Government? And you are making the rules?
Wow. Ever thought about a career in politics? You'd fit right in.
No, no, no. Not world 'government', world agreements. I don't believe in anarchy. Such an arrangement requires educated, mindfull people and they don't exist in any appreciable numbers right now. Each country in the world has their own societal problems. Chinese are greedy and rebellious. Europeans are more educated but tend to think of themselves as superior. Americans are by and large stupid and have done nothing to improve their situation. Canadians are lackadaisical. Africans are tribal. Limited government yes. Local government yes. But you need some measure of a frameworkd for different groups to resolve disputes otherwise when group A in Nebraska doesn't agree with group B in Oklahoma, out come the guns. That is what you want to get away from. Co-operaion across regions, co-operation across continents, maximum diversity, maximum education, and a strong apprenticship regime, in other words a system that is self supporting to the greatest extent possible and a focus on the health of the society rather than the wealth of a few individuals. Look at the way Switzerland organizes itself into Cantons. By and large they have no politicians. Every year, local assemblies are held to detail and vote on issues pertinent to the locale. Then, what is approved becomes law. Look at Denmark and it's hisotry. Look at Norwy and it's history. Look at Greece and it's history. They are all have excellent examples of good ways in which socieities can be organized, cohesive and prosperous. The one thing that has always been missing in any society from Egypt to Rome to the Easter Islands to the US is some mechanism by which no one person, or no one groupl can become so rich and powerfull that they end up controlling the entire group. To me that is the key.
There is no answer. The time to fight this war was probably 200 years ago. We lost long since.
It is never too late as long as we have enough food. When food becomes scarce, it will be too late. I'd say buddy up with N. Korea, Iran and Cuba is the obvious answer. They are the last countries still standing who have resisted the banking cartel.
https://www.youtube.com/watch?v=icBp41jbuMo
The Rothschilds explained in 3 min
No central banks:
Cuba
N. Korea
Iran
The Jewish people have been placed on the alter and sacrified when the masses become unruly, and that apparently is not obvious to even them. Perhaps it is the Jewish people who hold the answer to the dilemma. In any event, bribe money seems to work for them and it may be the answer for us. If you really believe you can buy a pallet of gold to get you through what is coming our way, you are truly naive. The federal confiscated gold before and it will again. Why would it not? I've purchased PM, the paper trail is there and making this product illegal to trade, sell or buy (punishable by some ungodly measure, 10 years of hard labor for every family member at the address) will accompany their next larceny.
Yes I believe you might be correct and in other posts I tried to lay out the difference between Zionists (Rothchilds) and Hebrews, who follow the Old Testament. The Zionist are in the ascendancy and they despise the peaceful Hebrews as weak and easily sacrificed. And if what I read here is any indication, it is no wonder. A lot of misinfromed and ignorant people want to lump them all together.
However, consider this. RIght now, the are only 65 million Jewish people left in the world. If their philosophy and ways of organizing their society, their religion was any good I put it to you that there would be a lot more than 65 milliion of them and they wouldn't be constantly under threat of imprisionment or expulsion as they have been since time immemorial.
But the fact is that most people, Arabs, Asians, Europeans, Slavs reject the philosophy of the Jewish people, they reject the way they do business, they reject their claim to be God's chosen people and they reject their interference in state activity.
. . . b b b but bunny , there's been a Duke on this board since inception!
It is highly probable this site is owned by the Federal reserve aka Rothschild banking cartel. Controlling the opposition to swiftly troubleshoot areas not considered when The Protocols were written would benefit from the creation of a THOSE BASTARDS web site. There is not a person in their right mind, with the available information we have, who would support the bankers.
This structure has been in place for centuries and every time there is a financial cycle on the down side, a world war erupts and all the men of 20-40 are sent to die or be maimed into a mere memory of the person they were before going into combat. As well, considering the focused oppression including toxins put into water, SSRI prescriptions written to, oh just about everybody, for 3 decades, the air quality with skies where no flight paths should be filled with cloudy exhaust no one seems to notice, the outsourcing of industry, 93 million idle workers, the 43 million on welfare, the disabled living on govt subsidies...I would go one step further and say these wars are specifically designed to do just that. And every soldier who is dying in the field at this moment have had a target painted on his/her back by their own captains. After reading of the most devastating events that have happened, explosions, failures of machinery/equipment, and the catastrophic collateral damage over the last 100 years, I do not see any one event which has occurred without an orchestrated effort to make money and kill young people, take over resources and move internationally recognized borders.
The banking cartel called Rothschild should be dressed in filthy overalls, with a few missing teeth and dust covered unmanagement hair...as we saw in Deliverance (genetic deficiencies). The only thing holding this family in power is their secret club of loyal bands of thieves who will kill and be killed. Morally corrupt and beyond repair. These people are obviously nuts and they are dangerous. Do you really think running a bank is this fucking hard? The Wall Street crowd are little more than glorified thieves who extort and murder their way to the top and recede when the natives get restless, over and over again. It's just ridiculous that we as a civilization have put up with this family since...oh...Jesus Christ himself.
Deliverance
Dueling Banjos - https://www.youtube.com/watch?v=1tqxzWdKKu8
Winner....
If push ever comes to shove they'll claim that it's an issue of national security, as, if it's exposed it's game. fucking. over.
And not just for the US
if you show how the fed - supports the growing debt of .gov,giving any congressman and senator and president unlimited funding for .gov - why would .gov ever audit the FED? that's why they never will, or will limit it's scope to non important areas.
Ron is right, anyone with above room temp IQ, could see the scam after 2008.
The FED will only die when we get a leader who is a patriot..all we have now is traitors like merkel is to germany.
Why do so many fools think leadership is they answer? The road to hell...
Because ultimately somebody has to lead or you just have a bunch o fheadless chickens running around.
Good for Rand Paul.
All you pesky Rand Paul bashers forgot to include the part where Rand has now virtually no skin in the election game, and therefore no political gain by attacking the Fed.
There is your Honesty, which you should embrace.
There is your Principle, which if you deny, you should then just crawl under the couch and whimper.
Audit the Exchange Stabilization Fund.
We need more of this Rand.
Audit the Mafia.
That way you will be able to see whether or not it is a criminal organization.
Potato, patado, mafia, fed screw with either one you will be dead.
The mafia actually has honor. The Fed has none. That's the difference.
Why sin't Trump coming out swinging at the Fed? Fuckin pussy! Because, with the unFederal Reserve and their agents over his head, he won't be able to do shit. Last I heard, he wanted to make Icahn the Treasury Secretary.
Audit the Media
https://www.youtube.com/watch?v=yM4Tb9mkqToHirosomitsu Agatsuma Yuu (very cool tune)
https://en.wikipedia.org/wiki/Japanese_destroyer_Y%C5%ABdachi_%281936%29 Yuudachi
"History: The Shiratsuyu-class destroyers were modified versions of the Hatsuharu class, and were designed to accompany the Japanese main striking force and to conduct both day and night torpedo attacks against the United States Navy as it advanced across the Pacific Ocean, according to Japanese naval strategic projections.[3] Despite being one of the most powerful classes of destroyers in the world at the time of their completion, none survived the Pacific War.[4] Y?dachi, built at the Sasebo Naval Arsenal was laid down on 16 October 1934, launched on 21 June 1936 and commissioned on 7 January 1937.[5]"
The Main Stream Media (Yes You Anderson!) is lying to us. We are being given the wrong information. Information is being withheld. Anderson Cooper took the place on the Watch Tower and while under his observation, corruption, money moving in the wrong direction and lives of solid citizens desctroyed because of Anderson Cooper's decision to stay silent. Collaborating with the enemy has never been more evident than on the evening news in every living room in the USA.
The next generation.....s will just have to learn to want less and live off of less. The raping and pilering of the planet so everyone can have two houses filled with junk, 3 cars, a boat, a camper a motorcyle...or two, a snowmobile...or two, hot rods, planes, and all that other useless shit, is over.
If everyone on this planet was getting everything they wanted, the air would be to polluted to breath and the water to polluted to touch.
Never mind the piles of junk covering every square mile of land and ocean.
It's the feds job to keep that shit under control so the next generation.....s will at least be able to drink the water.
If everyone on this planet was getting everything they wanted, the air would be to polluted to breath and the water to polluted to touch.
Would be?
Check out China lately?
#9..you live on sunshine and good deeds no doubt. never wear animal products and eat vegan as well..can't do without the blood coffee stolen from the peasants of columbia, i bet.
China has allowed the US industrial complex to enter it's country and operate with low standards if any at all. Cheap labor and ability to dispose toxic byproducts and waste is a wet dream for industrials (obsessive compulsive workaholics or offspring of same). India is another example of herds of people forced to stay within boundaries due to inability to cover the cost of moving to a better region. Archaic or poorly designed infrastructures surrounded by 100s of millions of elbow-room-only crowds in place today, when advances have literally made humans unnessary liabilities to The Wallets, is surely by design. Crowded kennels result in kennel cough, spread of contagious germs. And that may be a wet dream for the ruling parties of this mismanaged nations which stood by while reproduction went unchecked. There is not enough to go around. Sick people who would otherwise by ~tough~ under normal circumstances, will surrender, lay down and die when the going gets tough. Energy to function is exhausted in an individual with ongoing exposure to hostile environment when left with a compromised health status. A video on Youtube explaining "the pollution in China is intentional" has been banned in China.
With sound money, you won't be in debt to your eyeballs and buying every crappy iGadget that comes around. The plastic money would dissapear and yes, we would consume less.
Ayn Rand, who for a few years now has become somewhat of a rallying point for the mindless and indoctrinated, had it exactly backwards. The middle and lower classes are not the parasites, the oligarchs are the parasites. They live off the body politic, they control the banks, the capital, the means of production, the land, the politicians, the armed forces and the police. Ayn Rand wasn't anybody that 'pulled herself up by her bootstraps'. She was born into the oligarchy. Her family was Russian nobility. And the fact that she describes the people who fought wars for her, died for her, starved for her, as parasites, describes the problem exactly. Ayn died penniless and alone in a run down second story walk up in Toronto, Canada. A fitting end to a twisted and bitter bitch who never learned anything.
The 'oligarchs' live a very privileged life. They need do nothing more than ensure good governance and proper allocation of resources. When they fail to do that, in Russia, France, England and America and elsewhere, the results were not good for them. It would be one thing if they still understood their place in the world, but they don't. All they care about now is growing their pile of money, however they can do it, whether it involves screwing workers out of pensions (Arch Coal), screwing governments out of taxes or invading foreign countries to steal their gold and resources. This generation of 'oligarchs', across the world has failed. And they have failed big time. They no longer deserve their positions and I imagine that market forces will take care of them i.e. the Noble group, Glencore and a host of other poorly run, highly leveraged worthless entities whose sole purpose is to skim the profits and leave nothing of value behind.
They are more persistent than a bad migraine. Teddy Roosevelt tried to cut them up in the first part of the twentieth centry but not 5 years after his term ended, they had managed to sublimate Washington, create the Federal Reserve on a lie, and proceed to continue to dominate the world for the next 100 years, until of course it all fell apart in 2008 due to their amazing hubris. Even after it fell apart they STILL demanded that the people save them, through the massive interventions of the Fed. And they STILL screw the population at each and every opportunity. Check out Peabody Coal and Arch Coal and the relationship beween Bill Koch and his brothers. It is absolutely typical. They have put all the employees into a 'bad' company that just yesterday declared bankruptcy. In bankruptcy, many of the workers will lose most or all of their pensions and health care. It is not only amoral it is flat out robbery.
This is not how the world needs to operate. If the 'oligarchs' believe for one minute that they are unique, and special and everybody else is 'expendable', the we have a problem, that is in the process of becoming their problem.
I was pulling for Rand, but he honestly needs to man the fuck up and quit being such a pussy ass bitch. For example, the hell with "auditing" the criminal ass Fed, How about stringing the bastards ( and Yellin' too) up from ropes and hang their criminal asses from the east lawn of the Whitehouse for high treason against the US. Even the Occupy Wall St. A liberals would be behind Rand on that one. Rand want to grandstand on obscure points that most people could care less about.
At this point I think Rand prefers his midnight chats with the Senate security guards as he delivers another midnight filibuster that most people never hear. MAN UP RAND !
The Fed is a corporation. USA is incorporated. The States are all incorporated as are the cities and towns. The shitizens are not even shareholders.
Once you understand that, then you see why things are the way they are. The towns, cities, States and USA corp all extract money. They do not produce anything.