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Editor’s Note: A reader
gave CNO at heads-up on this item… a brief search of the Internet led
to dozens of links about trillions of dollars (up to $9 trillion) “that
can’t be found” by the Federal Reserve. Did you hear about it on the
news? We didn’t. Feel better now?
Examiner
Federal Reserve
Inspector General hedges on trillions missing in Congressional hearing
May 23rd, 2009
Is the Federal Reserve bringing US and world economies down? (AP Photo)
The Inspector General of the Federal Reserve in the video below
acknowledges that trillions of dollars cannot be accounted for. The
astonishing five-minute clip is taken from a Congressional hearing
where Federal Reserve Inspector General Elizabeth Coleman is questioned
by Congressman Alan Grayson of Florida on May 6th about huge amounts of
money for which the Federal Reserve is responsible.
The Inspector General avoids answering almost every question asked by
the Congressman. In fact, she appears in this video clip to know less
about the finances of the Federal Reserve than Congressman Grayson.
Among the many important questions raised, Grayson requests information
on the Bloomberg report that many trillion of dollars in credit have
been extended by the Federal Reserve. When the Inspector General avoids
answering, Grayson states, “If you’re not responsible for investigating
that, who is?” Once again, she avoids the question stating, “We’ve not
gotten to a specific level of detail to really be in a position to
respond to your question.”
At another point, Coleman answers a further question with, “We are not
in a position to say whether there are losses.” Yet if the Inspector
General of the Federal Reserve cannot account for trillions of dollars
extended, who can? Grayson holds his composure very well throughout the
questioning. He concludes, “I have to tell you honestly, I am shocked
to find out that nobody at the Federal Reserve, including the Inspector
General, is keeping track of [the unaccounted for trillions].”
Watch this highly revealing five-minute video clip at the link below.
Because of severe problems like those revealed in this video,
Representative Ron Paul of Texas is sponsoring a bill to audit the
Federal Reserve. HR 1207, The Federal Reserve Transparency Act, would
force the Reserve to be accountable to the public. Congressman Ron Paul
already has 179 co-sponsors of the bill, and that number is growing.
Check the list of Congress members co-sponsoring the bill at this link.
If your representative is not on the list, please contact them and
encourage them to sign on. You’ll find lots more excellent information
on this bill at a link available below.
What most people don’t realize is that the Federal Reserve is neither
fully federal, nor a true reserve. In fact the Reserve is owned by its
member banks and not by the government. Yet it issues money for the
U.S. government (look at the top of any dollar bill), and then charges
the government interest on this money it lends. Its creation in 1913
was widely opposed by the public and many key politicians. For more
powerfully revealing information on this, see the well researched
article available at a link available below.
For other highly enlightening information on this critical topic, read
the letter Congressman Grayson has written to his Congressional
colleagues asking them to bring accountability to the Federal Reserve
at this link. If you care about what is happening to our national and
global economy, these links are required reading.
A box at the link below provides several ideas on what you can do to
help make the Federal Reserve accountable and expose all that is going
on behind the scenes. We also invite you to comment below and let us
know what you think. Should the Federal Reserve be accountable to
Congress and the public, and should it be owned by the wealthiest
bankers in the country?
Fred Burks served as personal language interpreter to Clinton, Bush,
Cheney, Gore, and other top dignitaries in secret meetings. As part of
an international network of researchers and news analysts, Fred obtains
and disseminates key, reliable information about powerful, yet
little-known forces which shape our world. For more, see articles and
links in the right column of this page.
Read the article with links and video clips at Examiner
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