I don't see what's wrong with giving a BUSINESS the power to control how much our money is worth, or how much money they make in return on Interest from the money that BUSINESS prints for us! Seems like a very reasonable, and good idea... if you live in a mental institution.

Congressman Wright Patman attempted to investigate the Federal Reserve. He introduced a bill which would have authorized a full and independent audit of the System by the General Accounting Office. Patman claimed that the audit was essential to give the public's elected representatives complete and accurate information on the internal operations of the System, SINCE THEY HAD NOT BEEN AUDITED SINCE THEIR INCEPTION IN 1913.

Patman was frankly astonished by the opposition to his bill. He wrote: "Although I had anticipated that officials of the Federal Reserve System would vigorously oppose my bill, I am frankly amazed by the massive lobbying campaign now underway, to prevent enactment of the measure. This itself is further proof, if any is needed, that a thorough and independent audit...is an absolute necessity in the public interest."

Wright Patman (1893-1976) was a DEMOCRATIC representative from Texas, who served in the U.S. Congress from 1929 to his death on March 7, 1976. He was chairman of the House of Representatives Committee on Banking and Currency for 40 years. For 20 of those years, he introduced legislation to repeal the Federal Reserve Banking Act of 1913.

I applaud Congressman Paul's attempts at righting an injustice we have suffered in this country for 96 years.

It's about time someone audited these thieves. Do you know they only print the principle money that they loan. When you pay the interest up front it is impossible to pay the principle off without borrowing more money. When the government takes money from the Federal Reserve they give them bonds for collateral. Then they print more money using the bonds as an asset. They then lend this money out to the various banks. Don't you think it is reasonable for the taxpayer, when they have to bail the banks out of bad loans, to have the amount we owe the Federal Reserve reduced by the amount of the taxpayer bailout? It would be as if I borrowed $1000 from someone, gave them an IOU, then lost the money on a bad investment, then made them lend me $1000 to pay them back to find out that I now owe them $2000.

Federal Reserve is not a branch of the government. It is a private group of bankers.

Things are getting way out of hand with our gov't. They are not listening. We have got to MAKE them hear us! Any suggestions? I write my congressmen almost daily and I get an automated response email or letter. I'm sick of this! Is anyone else as tired as I am? It seems that others are speaking out as well with no response. Our gov't officials are supposed to work for us! I am attending a 'TEA Party' on April 15th but who's to say that will work? I think we need a revolt! If everyone in America stopped paying taxes would they listen? I think they would have to! We could all claim married and 9 and then refuse to pay. I don't think that is unAmerican. I think it is revolution in its greatest, loudest form! What do you all think???? They can't arrest the entire nation! Can they?

I hope this passes but i know it never will.The federal reserve (world elite bankers) won't stop until they own everything even the air you breathe ..oh wait thats coming next with a carbon tax....wake up America!get rid of the fed !

Why shouldn't we be able to audit them? It is our money that is being used and allocated for this bailout and the Fed are printing money for the United States of America. There should be a way to check how OUR money is being used as well as a check system of the printing of money. If it is a truely transparent agenda we seek for thi administration this would definitely fall in with items that would need to be transparent. If we are not allowed to see an audit then maybe we should remove the right they have of being used by the United states as our money printers. We can legally print our own money as a nation. I believe that Lincoln did at one time didn't he? This is just being fair to the people in my opinion.

Audit them! And that's all I have to say about that!

Congressman Patman did score a "small victory," however. The Congress passed his bill but attached an amendment that will limit the audit to administrative expenditures only, presumably the expense accounts of the executives of the System, the numbers of pencils purchased per employee, etc., hardly what Patman had in mind.

Later Congressman Patman, Chairman of the House Banking Committee, was removed from his Chairmanship after the elections of 1974, because, as one Congressman voting to remove him told one of his constituents, Patman was "too old."

Or maybe "too smart!"
-Ralph Epperson

This is long overdue. Lets hold this monopoly accountable!

Just because it's a conspiracy theory doesn't make it incorrect, only a theory. Theories are ideas that have not quite been proven fact. True, some conspiracy theories are loopy, but any conspiracy theory serves a purpose: They are representations of the lack of trust one has for a government. For example, 9/11 was a conspiracy. The question of who conspired is what's up in the air. Some people believe it was conspired by the government. Others, like myself, believe the conspirators were foreigners who were upset with our "World Police" mentality.

What is a reality, is that the fed is without check. They can do whatever they please, as a separate branch of government, without adhering to the checks and balances system that the three branches are supposed to adhere to.

Sounds like a great idea to me, audit them, then begin dismantling them.

Forget Obama, YOU are my President, Dr. Paul!

These smug son of a guns need to get audited. They're the reason 700 Billion dollars was stolen for this BS bailout. I'd love to tell Greenspan and co. to stick it.

It's time to expose who gets the money and expose JP Morgans credit derivatives once and for all.

oops - replied to the wrong thread, sorry.

Looks as though a sleeping giant has woken up (The American Public)Hear us Roar! I can say one good thing about Obama he has got the Public at large watchdogging what is going on in Washington! Are our Representatives listening?? Cause we are watching you!

where was this legislation for the past 8 years?

somewhere in Bush's tea-bag I guess...

The public school system is part of the Matrix, they'll never teach anything that even approaches this topic. For this form of government to continue and thrive it needs an ignorant public.

If you hinder the feds effectiveness you can certainly expect the average standard of living in America to be significantly lower. That will ultimately be a long term good thing but be prepared for immediate and large scale social implications.

Really, folks, this is one of the top bills. No coverage on the news at all. This is above Card Check, yet gets much less press. It is time to get this audit done.

I am in no way a huge Ron Paul supporter (I like some of the things he does, but most of them I oppose), but I see no harm from this bill. Auditing should be a common practice in the U.S., especially in regards to a powerful force like the Federal Reserve.

It is interesting to note that, only one day after Kennedy's assassination, all the United States notes which Kennedy had issued were called out of circulation. Was this through an executive order of the newly-installed president, Lyndon B. Johnson? Or was he one of their instruments? At any rate, all of the money President Kennedy had created was destroyed. And not a word was said to the American people.

President Kennedy was not afraid to "buck the system", for he understood how the Federal Reserve System was being used to destroy the United States. As a just and honorable man, he could not tolerate such a system, for it smelled corruption from A to Z. Certainly he must have known about the Greenbacks which Abraham Lincoln created when he was in office.

On June 4th, 1963, President Kennedy signed a presidential document, called Executive Order 11110, which further amended Executive order 10289 of September 19th, 1951. This gave Kennedy, as President of the United States, legal clearance to create his own money to run the country, money that would belong to the people, an interest and debt-free money. He had printed United States Notes, completely ignoring the Federal Reserve Notes from the private banks of the Federal Reserve.

In 1972, the United States Treasury Department was asked to compute the amount of interest that would have been paid if that 400 million dollars would have been borrowed at interest instead of being issued by Abraham Lincoln. They did some computations, and a few weeks later, the United States Treasury Department said the United States Government saved 4 billion dollars in interest because Lincoln had created his own money. So you can about imagine how much the Government has paid and how much we owe solely on the basis of interest

"The London Times" printed the following:

"if that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in th history of the civilized governments of the world. The brains and the wealth of all countries will go to North America. That government must be destroyed, or it will destroy every monarchy on the globe."

The Bankers obviously understood. The only thing, I repeat, the only thing that is a threat to their power is sovereign governments printing interest-free and debt-free paper money. They know it would break the power of the international Bankers.

Eventually President Lincoln was advised to get Congress to pass a law authorizing the printing of full legal tender Treasury notes to pay for the War effort. Lincoln recognized the great benefits of this issue. At one point hi wrote:

"... (we) gave the people of this Republic the greatest blessing they have ever had - their own paper money to pay their own debts..."

The Treasury notes were printed with green ink on the back, so the people called them "Greenbacks".

Here's the 3 hours of today's (9/25/09) financial services committee hearing on this bill thanks to C-Span: http://tinyurl.com/yb95etr

It's worse than that, and more simple: the fact of the matter is that the Fed charges interest on top of the principle borrowed. Concurrently, the principle is equal to the amount of money in the system, as the government requests money, and uses Treasury Bonds as collateral to collect it(as you mentioned). The Fed (and all banks in the Federal Reserve System) only keep an average of 90% of these deposits on hold, and then loan the rest out again to other borrowers, in effect inflating the currency by creating new money out of thin air, simply because there is a demand for the newly created funds. So, as debt is directly equal to the amount of money in the system, if we were to pay off the principle alone, not including interest, there would be no money in the system. So how does one pay off the interest? You don't, because you can't. The dollar is debt, and it can never be paid off so long as there is a bank making our money.

What I want to know is... Who are the 25 people that voted no and are opposed to this?
What kind of fool could you be to be opposed to this bill?