The Fed’s Secret Money and the Media Cover-Up
By Greg Hunter’s USAWatchdog.com
HR 1207 is a bill, first sponsored by Congressman Ron Paul in the U.S. House of Representatives, that will audit the Federal Reserve. The Federal Reseve has never been audited in it’s 96 year history. Contrary to popular belief, the Fed is not an arm of the U.S. Government but a subcontractor for monetary policy. It is the Fed that also produces the money in your pocket, thus the term Federal Reserve Note. The Bill, as of September 16, has 289 co-sponsors in Congress. If the Bill is signed into law, the Fed will be forced to open its books and show how clandestine policy decisions are made. Some of the questions Congress wants answered are: Why did the Fed give foreign banks 500 billion dollars during the financial meltdown last year? What are the names of the all the banks, both foreign and domestic that got bailed out, and how much money did each bank get? Why was AIG bailed out and not Lehman Brothers? The Fed has spent or committed trillions of dollars; where did the money go? These are just a few of the secrets the Fed is keeping from American taxpayers. H.R. 1207 will receive a hearing in the House Committee on Financial Services towards the end of September. Representative Alan Grayson of Florida’s 8th Congressional District has been a staunch advocate of the Bill. Listen as Rep. Grayson announces the hearing on H.R. 1207, also known as The Federal Reserve Transparency Act of 2009.
I also have some questions for the mainstream media. Why is a story with trillions of dollars in secret bailout money not being covered? As a former investigative correspondent for both ABC and CNN, I know what makes a good legitimate story that will hold up to scrutiny. This is a very big legitimate story with profound implications for every American!
Just last month, the Fed lost a Freedom of Information Act lawsuit in Federal Court: “Aug. 25 (Bloomberg) — The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of InformationAct lawsuit….The judge said the central bank “improperly withheld agency records” by “conducting an inadequate search” after Bloomberg News reporters filed a request under the information act. She gave the Fed five days to turn over documents it told the reporters it located, including 231 pages of reports, and said it must look for more at the Federal Reserve Bank of New York, which runs most of the loan programs…Banks are worried that the disclosure of borrowers’ identities by the Fed, the lender of last resort, would cause customers to empty their bank accounts in a run on the bank, said Scott Talbott, vice president of governmental affairs at the Washington-based Financial Services Roundtable, a lobbying group.” (click here for the full story)
The Fed has indicated it plans to appeal the case and has until the end of September to do so. Meanwhile, the biggest story in the financial history of the country is being ignored by the press. Maybe this is part of the reason the news media’s credibility rating sank to a new all time low in a recent Pew Research Center poll.
Those of you who are not furious are not informed. We are being economically raped by people who already have far more than they need. “The last act of a colonial government is to loot the treasury.”
I bookmarked this site and will catch up on the archives tomorrow.
A media watchdog is very necessary.
The following example demonstrates that interest on money is unsustainable and leads to crisis:
If someone brought a 1/10 oz gold coin to the bank in the year 1 AD, and the money remained there until the year 2000 AD, collecting a yearly interest of 4%, the amount of gold in the account would have been 3.6 * 10^31 kilograms of gold. This is 1.9 * 10^27 cubic metres of gold weighing 317 times the complete mass of the Earth.
It is possible to abolish usury, which is the charging of interest on money. It is possible to create a financial system that is far more efficient. It has already been tried out and it worked very well.
Americans today find themselves in the midst of the largest transfer of wealth ever perpetrated on a people! For those with eyes to see and minds to think, think about this: as the velocity of this newly created fiat currency increases and in spite of declining asset values we Americans will have a front row seat from which to watch all dollar denominated assets devalue by perhaps as much as 90%. This will include not only the federal reserve note itself but all securities which are denominated by it. People must protect themselves and their families. There are few options but the most obvious and perhaps the easiest is to convert whatever asset you can to gold and or silver. These cannot be devalued by the printing of money and will never be worthless unlike so many 401-K accounts.
Thank You Greg, hold their feet to the fire!
Great article! The sooner the Fed is dismantled, the better the whole world will be!
Will the audit tell us the current facts about the amount of gold held by the U.S. and where it is? (Not just Fort Knox) Ricardo
I sincerely agree with you that the Federal Reserve has not served the American People whatsoever while they happily delivered enormous wealth from Main Street to the Wall Street banksters.
The Federal Reserve should no longer be referred to as the Federal Reserve for the simple reason that except for toxic assets, their only reserves (holdings) is their access to the UStaxpayer. The name change ought to reflect their true method of operation.
Therefore they should henceforth be known as Federal Quantitive Easer (FQE) or, at the very least Federal Debt Moneytizer (FDM).
It’s possible that the FED will be allowed to disintegrate,then we’ll be firmly within the grasp of the globalist FED’s(UN/IMF group).
While those in the US are celebrating the demise of the FED,we’ll go from the fire to the frying pan into the control of a bigger,more powerful dictating body that will encumber us with even more rules and taxes.
Don’t be fooled into thinking that this nation will ever return to a constitutional republic that controls the issuance of its currency-not without a bloody civil war and alot of brave,educated men(which is dubious).
As so many public school educated people, you and most other Americans lack the knowledge to understand the history of money and the motives of the bankers.
Until you and the other Americans devote yourselves to becoming educated in this matter of money, banking and the Federal Reserve, you and your grandchildren will be dancing to their tune the rest of your days wondering why you must work 3 jobs to be able to eat.
When the Federal Reserve Act was passed years ago, one man who truly understood what had happened was Henry Ford. One of his famous quotes was:
Famous Henry Ford Quote
“It is well enough that people of the nation do not understand
our banking and monetary system, for if they did,
I believe there would be a revolution before tomorrow morning.”
So unless and until all of you financial “writers” stop asking such questions as “Who did the Fed give money to, why and when?”
And start demanding answers to “Where does the Constitution authorize Congress to delegate the power to COIN money and delegate this authority to a for-profit entity?” The bankers and their bought and paid for politicians will continue to control your lives and you will forever be handing over more and more of your blood sweat and tears for their profit.
You can start educating yourself at
The Fed is a bankster monopoly criminal fraud ponzi scheme operation, which should have already been RICO’d. It criminally manipulates the markets to make trillions for its big banker owners and its Wall Street supporter crooks. It should be totally ABOLISHED, just as President Andrew Jackson abolished the cental bank in the 1840’s, and Benanke and Greenspan and the other bankster gangsters MUST BE sent to Federal prison for 30 years each. Also include Paul Volker, the former chief crook, and now Obama’s, for David Rockefeller and Chase Bank, and THAT Trilateral Commission criminal gang which is, and HAS BEEN for decades, running this country by controlling credit creation and interest rates to make money for themselves and to retain power—in direct violation of the US Constitution and any semblence of democracy or a republic, which the Constitution guarantees to us, the people, that we must have now restored to us, not that bankster oligopoly of crooks in near-total control of us all through their century-long financial/political dictatorship.
Nice, Mr Hunter.
Thanks a lot. Can’t wait until the audit starts up.
The Constitution empowers only the Congress to mint money. Consequently, only the Congress should be blamed for the hash that their experiments in debt financing of the National Budget coupled with the implicit theft inherent in a “controlled” inflation of the money supply, and the resulting rising level of prices, have made of our political discourse. United States Politics have become exercises in DEFERRING the COSTS of present consumption onto future generations. When that theft fails, there is an attempt to DISPLACE the Costs onto less powerful Classes by invidious Government Policies. Eventually, such rapacity leads to a Universal DEFAULT on honest DEBTS and the impoverishment of all but our most predatory Citizens. I believe that we are too far down that spiral to retreat. There is too much animosity among the People. The abolition by the Congress, acting through the Federal Reserve System, of Money as a Store Of Value has contributed mightily to the impending catastrophe.
The Fed, in the first place, represents an abdication by congress of one of its delineated roles. What’s new?
Politicians were in on naming the present central bank the “Federal Reserve” to fool the average citizen into believing that the Fed was actually a federal entity, instead of the private enterprise it is. Politicians lied to the public in order to abdicate their true responsibility and allow them more time to pursue reelection interests, as opposed to the interests of their constituents. What’s new?
An entity, the Fed, charged with “protecting” the money supply has inflated the same said money supply to the point that today’s dollar is worth somewhere south of 5 Cents in 1913 dollar terms, even as the Fed has stated all along it is an “inflation fighter”. In essence, the Fed is a political creation that acts just as a politician does: it lies about what it is up to, does the exact opposite of what it says it is doing and points the finger at others when exposed. What’s new?
In the end, there will be NO AUDIT OF THE FED. Forget about that. There is too much power concentrated in too few hands to let the honey pot of the corruption money train be terminated. Even if an audit takes place, what do you think the outcome will be? Bear in mind as you consider the response that we are dealing with an unconstitutional creation of congress, born due to abdication by Congress and used to finance all manner of unconstitutional activity by same said Congress and Federal Govt in order to buy power and votes for the elite among us to remain elite. Even if there is an audit, WILL YOU BELIEVE THE RESULTS? Again, bear in mind who will be doing the auditing and the pressure they will be under.
The only reform that will take place in America will the the reform our true masters – the holders of our immense and unserviceable debt – dictate that our leaders put in place.
in the end these crooks will get their just deserts. The guys at the fed are acting like out of control criminals. they don’t want us to know where the money went because it will spark so much outrage they will all be jailed(with perhaps excecutions)so of course they are going to do what it takes to hide the fact they are criminals.Lets hope the bill passes because if it does not there will be a violent revolution because the will of the people is being usurped by goldman sach and various wall street banks for their profit and the country’s all 300million peoples impoverishment. The fed is a virus we need to cut it of at its source. AUDIT THE FED.
Look…..anybody with sense enough to tie up they’re shoes know this crap has been going on forever and it won’t stop with any investigation….we the sheeple are getting sheared in plane view of the entire world without even a baaaaaaa.
The ‘real’ story here isn’t so much the chicanery going on in & out of the Federal Reserve. It is the depth of corruption between the political elite and our financial system as a whole.
Americans have not yet realized (but they will, in short order), how a nation’s financial prudence is linked to its Liberty and Freedom.
We take (what’s left anyway) of our Constitutionally-guaranteed freedoms for granted, because we’ve not known anything else. And this is where Authoritarianism finds its entry point.
We have mistakenly assumed that financial markets and our everyday lives exist in two separate universes.
Financial prudence and integrity are inextricably tied to sound governmental policy – more importantly, the policy of government staying the Hell out of the free market!
In short, what it means is this:
When corruption permeates the fiscal ‘fabric’ of a nation, it creates a vacuum. Like fire (credit to our Founding Father, George Washington), Government stands ready to swoop in and take charge. Worse yet, the corrupted populace (“When the people find they can vote themselves largesse from the public coffers…”), stand willing – BEGGING for that same government to step in and ‘Do Something’…
We are there.
Greg, Please help keep the attention on this matter, & on the Federal Reserve gangsters in general, the media will not, (make that, probably can not), as their bosses are all firmly under the thumbs of the crooks that have taken control of our country. The internet & people like you, may be the last hope for real news, left on this planet. The Fed has gotten where they are now by staying behind the scenes, and we must keep them out front, where we can all see what they are up to. Thank you, keep up the good work! Chuck.
Your article and the questions poised are worthy of MSM coverage, but there is none. H.R. 1207 is the most important bill ever introduced in Congress yet it also receives very little attention as does Congressman Ron Paul. Something is very wrong, and your story underscores this disparity, which illustrates why the MSM will cease to exist very soon.
Thank you Greg for getting the message out of scru-tinizing the Fed… before the American people are even more.
If you want to know whats really going on, read “Lightning Over The Treasury Building” by John Elsom and “The Creature From Jekyll Island” by G Edward Griffin
This article very accurately describes “the biggest financial story being ignored by the media”.Since bringing transparncy to this creature called the FED may be the last chance for saving ths country; What can we the people do to effectively get the media’s attenton to react?
The truth is the truth. Can’t figure why you would edit it out?
Dear Mr. Hunter,
I do hope that is a sincere reply and that you DO set yourself apart from your peers.
Nice, but please give up. The fraud has been ongoing for a long, long time. The media will not cover this. The American people may wake up, but they are powerless to stop it. It’s best to focus on your eternal destination—that you have control over.
Only efforts like yours can force change. The American public feels powerless and that is the real reason for the protests not racism as the mainstream media seems to always imply. The closeness of GE to the government should be examined as they control a good chunk of the media mitigating the “watchdog” effect. I feel that Bloomberg is a biased news outlet but I wrote them congratulating them on persuing the FED. I applaud Grayson as a true representative of the people and hope Paul’s bill is passed ,lets hope they also audit our National legacy , our gold bullion.
If you haven’t gone to this site, please do!
THE GREATEST SCAM IN HISTORY.MTR
Mr. Chenoweth backs this up with facts except for the
Lincoln (&) Kennedy assassination’s. Not to many people
I have met know of this web-site much more even under-
standing the “Federal Reserve”!
Please pass this on to all you know if you agree its
Most sincerely, Tory Dowsett
An interesting posting today concerning media ownership/control at the ZeroHedge website:
AUDIT the fed will not solve anything because the evidence is being destroyed or was destroyed many years ago. This country needs revolution, and the remove of every single politicians in power. We need to leave the parties affiliation in the trash, and put The United States of America First and political parties never. The last real president was Kennedy because he had an attack of conscience. He tried to sign an order to abolish the FED, but they killed him, and our parents and grandparents believed the Koo laid of a nobody decided to killed him.
..don’t mess with the fed…you might end up dead !
With all due respect for your efforts, Mr. Hunter, they still and always will only amount to your being a latter-day King Canute.
There is no hope in the world of ever climbing back up that slippery slope down which the United States now hurtles. The best, most useful thing you and all other well-wishers can do is help hasten the process of final destruction.
The faster the present United States implodes and disintegrates, the sooner the rebuilding process can begin. You just can’t fix “broken beyond repair”, and it is an exercise in futility to attempt to do so.
The Fed was set up and has operated in secrecy. It would still operate that way had it not been for all the bank bailouts which caused an awareness of how our systen works which should have been taught in schools. I don’t have much hope that the folks from the Fed will let this actually happen. I hope I am wrong. Bill S.
This is a hopeful sign that the socialists and the Wall Street fascists are starting to lose ground…
Now if we can the audit law passed the revelations should spark conservative activism…
My theory is that lot of this hidden maneuvering is centered on achieving global government in our time. Of course this global government is not intended to be based on a Democratic or Republic type model.
The defiance of American majority opinion by officials already demonstrates the latter.
PS: At least there still appears to be judges that have integrity, believe in the Consitution, and havent been corrupted by the Socilaists…
Write or call your congressman tell him to suport HR 1207
Wise up and buy you some metals if have any investment capital left and get out of the market or you will be eating dog food.
A great reference book on the FED is: Creature From Jekyll Island by G.Edward Griffin. Available from Amazon.com, http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986212/ref=sr_1
i agree that this totaly corrupt and useless instituition called the fed should be dismantled. but i also have another problem. by doing so can we really trust our totally corrupt and gangater goverement also,with our money. since they all refuse to obey the constitution that they swore an oath too. by that i mean that our money is supposed to be gold and silver. actually silver is supposed to be our real money that the people have used.
i can only surmise that the only way to make sure that we have a truly representative form of goverement that obeys our constitution to the letter, is to hang all the present members ( with a few exceptions )( includes the judicary as well )so that the next bunch of so called elected representative’s will get the point.
but i sadly degress, that this will never happened because the majority of americans love there gilded cages. and with the dramitic influx of foreigners into this country who have nothing in common with our political and social history, and will take what ever meager handout the goverement promises that we are ripped off for.
the only change i see comeing is total disentagration of our country along racial and ideological lines.
what do these foreigners, a.k.a. illegal and legal immigrents really understand about the culture that was once truly an american idea, that the rest of the world never knew. no all they understand is come to america by hook or crook and have our goverement paid for by taxpayers all the largess that they can accomidate. to have there votes.
and as far as we being so called imigrants ourselves. that over whelming majority of imigrants to this country up until roosevelt turned it upside down, was mainly europian, irish, scottish, and british.that was what made the american idea. not these others as i have stated never shared in our political and social history that made this nation the greatest in history.
O little grasshoppers, do ye not remember the “news blackout” after 9-11 and how it continues to hide the worst case of insider trading in history (read “Crossing the Rubicon” by Ruppert…if you can find it!). Yes, little ones, huge Put options were placed on (insurance co.s for) the WTC, American Airlines, & others involved in our country’s worst domestic tragedy. But worst of all is that people in hi places RT HERE FOREKNEW, BANKED & PROFITED ON IT!!! Thus, know that re our “powers-that-be”, are essentially DEVILS. So i truly hope you all know how to PRAY!
First-Thanks Greg for watching out for us!! Second-It has been a long time coming for us to wake up!Lets see now how those guys get out of this one.They probably have buddies that will help.But hey, its not like we can’t throw another tea party, right?My thought tho is,how else they gonna justify going to a digital monetary system anyways?Right?
I’m not an advocate for the Federal Reserve, but honestly how many of us would trust the Congress to print $?
ending the fed will solve nothing, for its too late, and chances are even if it is audited, do you really think they will have a totally independent audit, or that these political whores, will let the public know about the real juicey stuff that comes to light, i dont think so. in the end all we will get is a dog and pony show to show the public how how much ( a.k.a little actually ) they care about us. then they will all go home patting them selves on the back for being great patriots, while at the same time under the pretense of national security ( by that i mean social upheaval from the truth being discovered )will keep secret the real truth as to what the fed has been up to all these decades.
not only the fed, but more importantly our crooked elected polticians who either new what was going or didnt care to know what was going on, or were to stupid and cowardly to act as to what has been happening.
no! gentleman, this audit the fed, the public will never hear the real truth or the full story, because it would destroy washington and the goverement as to there shenigans being made fully public.
In reference to the posted “The Federal Reserve should no longer be referred to as the Federal Reserve for the simple reason that except for toxic assets, their only reserves (holdings) is their access to the UStaxpayer. The name change ought to reflect their true method of operation.
Therefore they should henceforth be known as Federal Quantitive Easer (FQE) or, at the very least Federal Debt Moneytizer (FDM).”
How about the Federal Usury Capitalist Kleptocracy Usurping the People!
Great article Greg:
The FED needs to get exposed, they are the biggest PONZI scheme in history. Regarding AIG and Lehman, well let’s just ask Paulson, he hated Lehman while running Goldman. he also had warrants in GS that he couldn’t touch until he stepped down as treasury secretary. Go figure. Bloomberg has won the case against the FED to show what banks got how much TARP money but the FED refuses. A Judge has ordered that this information be disclosed but the FED has replealed. Who do these guys think they are? What are they hiding? Once the market crashes again and it will , it’s only a matter of time the FED will be caught between a rock and a hard place. They will risk political annihilation, legislative suicide and an audit which will be followed by a cry from the public for it’s termination when everyone finds out how thoroughly we have been screwed. The FEDS options are few at this point. Just bogus delay tactics.
Economical and political damage to USA stems from indifferent electorate that for many years elected corrupt people into main governing bodies of this country. The corruption cancer is spread beyond conventional cure. Just witness how effectively Ron Paul’s presidential complain was inoculated by powerful.
At least when our Canadian prime minister accepts bribe, he is forced to pay taxes on it. It still puzzles me how little average American taxpayer protests against being rubbed, lied, misinformed, cheated. My conclusion is it all indifference on their part or more?
I love what this country was founded on and what it is supposed to be. Unfortunately, that has been proven to be no longer a valid bit of knowledge to operate on. I would love to open another business or bring one of my new ideas to market, but I first must decide where to do so. I am deeply saddened to find that I no longer have enough faith or trust in our government to feel safe doing it here. Its hard to do business without trust, and as our government lies, grabs for power, and destroys value, why on earth would I seek to do more business here? I could rely solely on faith and ‘hope’ it gets better, but while ‘hope’ may be an admirable thing to have, in business it is not a viable strategy. I will not march in protest and be shouted down as a racist, I will simply march away. Good luck and god bless.
The media is owned by the same people who own the Fed, ergo, they do not cover this developing event. Standard Oil was supplying editorials to over 300 newspapers well over a century ago. No wonder Rocky’s nephew wants to shut down the Internet!
Greg- I don’t disagree with you, but someone also needs to oversee Congress.
That don’t trust congress with money thing is a ruse. You can’t trust THIS congress with money because it is in bed with the banking industry. By the system putting so much power in the hands of so few the government gets to more or less do whatever it wants. Voting indivdual members out doesn’t work because only candidates who play ball have good chances of getting in to replace whoever we throw out. If you get rid of fed and put issuance of currency under congress control then the people effectively have regained control over the money.
Whatever congress is able to throw the fed out would implicitly be trustworthy enough to issue the currency. If the currency is exactly like colonial scrip then it’s simply based on population and having enough circulating currency to achieve the level of business being done which wasn’t much back then as people were self sufficient. In fact the US has been without a central bank and private money issuance for extremely long periods of time. After Andrew Jackson threw the bank out the economy was so good and the money so stable that it made americas huge growth possible before the central bankers got enough power back to try again. If congress was not able to do this then america would still be just a few states huddled off on the eastern seaboard.
You can’t trust congress because it’s not OUR congress it’s the banks congress. Without the bank it becomes OUR congress again. So S. Walker you’re arguement really doesn’t jive with historical realities.
You lost me, buddy. I mean, I suppose I get what youre saying. I get where by youre coming from. But you just appear to have forgotten that you will discover folks around who can see this issue for what it really is and may not agree with you. You appear to alienate a entire bunch of folks who could possibly have been completely fans of your respective blog site.
The back room deals are what put this economy in the toliet.