The Federal Reserve, the most secretive agency of the federal government, has apparently made a huge profit during the loan crisis of the past 2 years. 

From Reuters:

LONDON (Reuters) – The Federal Reserve has made $14 billion in profits on loans made in the last two years, The Financial Times reported on Monday, citing officials close to the matter.

The U.S. central bank also earned about $19 billion from interest and fees charged to institutions that tapped liquidity facilities during the global financial crisis, the report said.

The question I have for the Fed is, how about giving that money back?

They took Trillion’s of the taxpayers dollars to fix this “crisis” and now is the time for them to either give it back, or use it to pay down the national debt. 

The time is critical now for the Federal Reserve to be audited. Look up H.R. 1207, the bill to audit the fed, and urge your Representatives to support this legislation.

http://www.conservativeforchange.com/2009/08/federal-reserve-made-14-billion-on.html

The real number of unemployed in the United States is far more than the federal government’s official count and the recovery could be long and tenuous, a Federal Reserve official told the Chattanooga, Tennessee, Area Chamber of Commerce last week in a speech that received some media attention.

“If one considers the people who would like a job but have stopped looking — so-called discouraged workers — and those who are working fewer hours than they want, the unemployment rate would move from the official 9.4 percent to 16 percent,” explained the President and CEO of the Federal Reserve Bank of Atlanta, Dennis Lockhart.

As reported by the AFP in an article entitled “Real US unemployment rate at 16 pct: Fed official,” Lockhart noted that neither category is considered by the U.S. labor department in its monthly unemployment estimates. He also noted that the number of people working part-time due to the economic situation has increased more in the current crisis than at any time since the Bureau of Labor Statistics started tracking the information.

He warned of a long period of high joblessness that could not be “stimulated” away with more government spending and said some of the jobs that were lost may never come back.

“My forecast for a slow recovery implies a protracted period of high unemployment,” he continued. “If my prognosis for the broad economy is correct, the pace of job restoration and growth through the medium term will be frustratingly slow.”

Source: Fed Official Admits 16% Unemployment

The Lyme Induced Autism Foundation (LIA) has joined with other leading health organizations to call on medical practitioners to prescribe diets free from all genetically modified organisms (GMOs), and urged individuals, especially those with autism, Lyme disease, and associated conditions, to avoid eating genetically modified (GM) foods. The LIA Foundation recognizes the unique health dangers posed by GMOs, especially for populations suffering from autism, Lyme disease, and other chronic disorders, and they have concluded, “There is an urgent need for independent research to evaluate the role that GM foods play in contributing to the prevalence or severity of autism, Lyme disease, and related conditions.”

The LIA Foundation calls for: 
• A moratorium on all genetically modified foods 
• Research to evaluate the role of GM foods on autism, Lyme disease, and related conditions 
• Physician and patient advocacy groups to advise patients on the role of GM foods in disease processes
• Health practitioners to distribute non-GMO educational materials (www.nonGMOGuide.com)

http://www.examiner.com/x-5148-LA-Environmental-Health-Examiner~y2009m8d31-Food-Prescription-The-Lyme-Induced-Autism-Foundation-prescribes-100-NonGMO-diet

Order Ron Paul’s Latest Book, End The Fed, Now!

In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve.

Most people think of the Fed as an indispensable institution without which the country’s economy could not properly function. But in END THE FED, Ron Pauldraws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional. It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless.

What most people don’t realize is that the Fed — created by the Morgans and Rockefellers at a private club off the coast of Georgia — is actually working against their own personal interests. Congressman Paul’s urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America’s economic policy for future generations.

http://www.ronpaul.com/2009-08-31/end-the-fed-by-ron-paul/

“We will subject them to a complete audit,” Frank said, explaining that he has been working with Paul, a Texas Republican, on the bill and expects it to pass as part of a broader financial regulatory overhaul in October.

Frank said he and Paul are working to make sure the audit does not appear as if it would influence policy.

“We don’t want to have the audit appear as if it is influencing monetary policy, because that would be inflationary,” Frank said.

He said the audit would make public a list of what the Federal Reserve “buys and sells” but that such information would be released several months after the fact, so as not to affect the markets.

Paul tried to push a similar bill back in 1983, but it died. He suggested earlier in the year that the renewed concern about excessive federal spending and loose monetary policy is driving the wave of support to his proposal this time around.

“I think it’s the financial crisis obviously that’s drawing so much attention to it, and people want to know more about the Federal Reserve,” Paul told FOXNews.com, warning about the consequences of continuing to give the body more authority. “If they give them a lot more power and there’s no more transparency, that’ll be a disaster. ”

http://www.foxnews.com/politics/2009/08/30/frank-says-house-likely-approve-audit-federal-reserve/

Some House members who have previously backed a single-payer healthcare reform bill say they will not vote for a similar measure when it hits the floor this fall.

Of the 12 serving House members who co-sponsored Rep. John Conyers’s (D-Mich.) single-payer bill (H.R. 676) in the last Congress but not in this Congress, four have indicated they will vote no on a single-payer bill to be offered by Rep. Anthony Weiner (D-N.Y.).

The four members are Reps. Joe Baca (D-Calif.), Eddie Bernice Johnson (D-Texas), David Scott (D-Ga.), and Charles Rangel (D-N.Y.).

“It’s a whole new ballgame,” said Baca spokesman Mike Trujillo. “[Baca] supports a public option and not a single-payer system at this time.”

In an interview with The Hill, Scott said, “I support a public option. It’s an excellent compromise and the best vehicle to garner enough votes to pass….Single-payer isn’t going to get the votes. A public option is the best shot we have to lower costs and provide coverage to most Americans.”

Johnson adopted a similar tone in a statement to The Hill: “I have supported legislation like H.R. 676 in the past, but this year I support America’s Affordable Health Choices Act because it has a much better chance of becoming law.”

http://www.thehill.com/homenews/house/56785-dems-backtrack-on-single-payer-bill

http://www.auditthefed.com/

The Federal Reserve, the unelected central bank of the U.S., enjoys a monopoly over the flow of our nation’s money and credit but has never been completely transparent and accountable to Congress since its creation in 1913.

Over its nearly 100 year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar while Congress has kept its hands off and its eyes closed.  Since 1913, the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy.

During the current economic crisis, Congress, the Treasury, and the Fed have put us on the hook for over $12 trillion in bailouts and loans.  This is in addition to our almost $12 trillion national debt.  When testifying before Congress, Fed Chairman Ben Bernanke has refused to disclose which institutions have received trillions of dollars in these bailouts and loans or to give our representatives details about what deals are being made with foreign banks.

Although the Fed is currently audited by outside agencies, these audits are not thorough and do not include monetary policy decisions or agreements with foreign central banks and governments.

The crucial issue of Federal Reserve transparency requires an analysis of 31 USC 714, the section of US Code which establishes that the Federal Reserve may be audited by the Government Accountability Office (GAO), but which simultaneously severely restricts what the GAO may in fact audit. Essentially, the GAO is only allowed to audit check-processing, currency storage and shipments, and some regulatory and bank examination functions, etc. The most important matters, which directly affect the strength of the dollar and the health of the financial system, are immune from oversight.

An Open Letter to the
US House of Representatives

Whereas: Congress, the Federal Reserve, and the U.S. Treasury have put the American taxpayer on the hook for over $12 trillion in bailouts and loans; and

Whereas: Federal Reserve Chairman Ben Bernanke recently refused to tell Congress who has received trillions in these funds from the Federal Reserve; and

Whereas: Allowing the Fed to operate our nation’s monetary system in almost complete secrecy leads to abuse, inflation, and a lower quality of life for every American; and

Whereas: HR 1207, the Federal Reserve Transparency Act, and S 604, the Federal Reserve Sunshine Act, would require a full audit of the Fed for the first time in its history and would provide answers to the American people about how our money is being spent;

Therefore: It’s time to hold the Federal Reserve accountable to Congress and the American People. I urge you to do everything in your power to pass the Audit the Fed bill!

CLEVELAND–Congressman Dennis Kucinich says “America has lost a great champion for health care, working people and education,” with the passing of Senator Edward Kennedy.

Kucinich shared some personal remembrances.

He first met Senator Kennedy in the mid 1970′s. Then Councilman Dennis Kucinich was a patient in St. Alexis Hospital. Kennedy and other senators were touring local hospitals and wound up spending time with him.

Kucinich has recently experienced the death of two brothers and a sister.

He remembers one of the first calls of condolence on the death of his brother Perry came from Senator Kennedy.

http://www.wkyc.com/news/local/news_article.aspx?storyid=120469&catid=3

With yesterday’s ruling by U.S. District Court Judge Loretta Preska that ordered the Federal Reserve to hand over records regarding the lending of taxpayer money to various financial institution, there’s renewed interest in keeping the federal government accountable for their financial practices—especially when it comes to bailouts and monetary policy.

There are currently two pieces of legislation in Congress, HR 1207, which has 282 co-sponsors (101 of which are Democrats) and S 604 which has 23 co-sponsors that would bring new accountability to the Federal Reserve. Notable co-sponsors include Bernie Sanders (I-VT), Russ Feingold (D-WI) and Jim DeMint (R-SC).

The legislation, titled the “Federal Reserve Transparency Act of 2009” would allow the Comptroller General of the United States to do a financial audit of the Federal Reserve. After the audit is complete, the Comptroller General would be required to report his or her findings to Congress.

Although the Federal Reserve is not technically a government agency, it’s a staple of the United States’ current economic system and was created through congressional legislation. A recent survey from Rasmussen reports found that a super-majority of Americans think that it might be time to take a second look as to whether or not the Federal Reserve should continue to operate without accountability.

The survey found that 75% of Americans now support an audit of the nation’s central bank, and only 9% of Americans opposed an audit.

http://www.americanbankingnews.com/2009/08/26/three-out-of-four-americans-support-a-federal-reserve-audit/