Is It Time to Audit the Fed?

IMHO - YES!!!!

What most people don't understand, or even realize, is the fact that the USA's currency is based on nothing, not gold, not silver, not even lead. It is what is known as "fiat currency". What that basicly means is that the Federal Reserve System can create as much money as it wants & not have anything to back it up.

I 1st became concerned about how our monetary system operated back in the 90s when I discoverd how more money was created. It wasn't based on finding more gold or silver, it was based on what I could only describe as a Ponzi scheme that makes Madoff's recent scam seem like child's play.

Here is how it works. (simplified for understanding) Bank A has gotten $10 million from the Fed. At this point the money supply is considered to be $10 million.

Bank A lends out the maximum amount allowed $9 million. This is now deposited in Bank B. They money supply is now considered to be $19 million.

Bank B lends out $8 million. It is deposited in Bank C thus upping the money supply to $27 million. Do you get that? $17 million dollars was just created out of nothing. In reality there is still only $10 million.

1 of the reason's I liked Ron Paul was his understanding of how our monetary system should work under the Constitution. & the way the Fed is operating isn't it.

Another fact that people don't realize is the Fed operates as a quasi-public system. Technically it is a government entity, but it acts like a privately owned corporation that doesn't have to tell anything it doesn't want to.

Fortunately, people on both sides of the aisle in Congress are getting fed up & calling for more openness & accountability. Especially in the light of the Fed's recent refusal to account for TWO TRILLION DOLLARS in taxpayer-backed loans!

Ron Paul has introduced his Audit-the-Fed Bill in Congress. Campaign for Liberty has a petition drive to let Congress know of the grassroots support for shedding light on what goes on behind closed doors. You can sign the petition here. (Note: Fair warning, they also provide you with an opportunity to donate, but your signature on the petition is not contingent on that. They ask for the donation only after you have signed.)

This is not a left or right, liberal, conservation, libertarian, moderate issue. This is an issue about the future of our country. & while I think our underlying problems are related to the sell out to the "culture of death" by abandoning our Judeo-Christian foundation the Constitution is based on, that doesn't mean we ignore problems like this.

Ultimately, unless we return to our foundations, even this won't matter. But it can send a huge message that we want to get back to our roots.