To let citizens know how their hard-earned tax dollars are being used, the Contra Costa Libertarian Party (LPCCC) is urging all local Congresspersons to support HR 1207, a bill that would audit the activities of the Federal Reserve Board. The bill, sponsored by Rep. Ronald Paul (R-TX) currently has 261 cosponsors
To date, local Congresspersons George Miller and Jerry McNerney have not said whether or not they will support HR1207. The two legislators are both Democrats.
The Federal Reserve (the Fed) is planning to buy $2 trillion worth of United States debt. The debt stems from the current $2 trillion annual deficit engineered by the Obama Administration and the Democratically-controlled Congress.
The LPCCC believes that there must be Congressional oversight of this massive purchase of American debt. To generate the $2 trillion, the Fed plans to order the printing of $2 trillion worth of American dollars. By law, the Fed has the power to print money.
Once $2 trillion worth of printed dollars start to circulate in the American economy, LPCCC believes that the result will be massive inflation. LPCCC chairman, Cory Nott, says that American inflation rates could reach 30% annually by mid-2010. Thus, what costs $100 in today’s money might cost $130 by June 2010, according to Nott.
The American government tried to get China, Japan, and Saudi Arabia to buy the $2 trillion worth of debt. However, these countries refused, arguing that holding American dollars would mean the holding of a worthless paper 12 months from now.
httpv://www.youtube.com/watch?v=hlmXUiEgNO8
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See clip below and this link to more info on Bernanke
http://online.wsj.com/article/SB124812675913666485.html
httpv://www.youtube.com/watch?v=-mnYmMaB2AA
YES — abolish the unconstitutional Fed altogether!
Counterfeiting hurts us — “legal” or not.
Honest money is what we need: it served the USA well until 1913 when the “Federal Reserve System” banking cartel was authorized. Honest politicians (there are a few) would also be a refreshing improvement.
Right on, Contra Costa Libertarians! The Federal Reserve is clearly out of control an in danger of totally destroying the dollar and wrecking the U.S. economy. Congress needs to get a handle on how much money they are creating and where it is going, at the very least!
Members who have supported HR 1207 should next be urged to support HR 2755, the bill to abolish the unconstitutional Fed altogether.
It’s good to see that my friends from the Libertarian Party are backing this piece of legislation too. There is strength in numbers and Chairman Nott has it right.
I believe that H.R.1207 has 272 co-sponsors now. Every Republican in the House of Representatives has signed on as a co-sponsor and the campanion bill in the Senate (S.604) is also starting to pick-up support. It’s very encouraging to see this take place.