Fed Chairman Ben Bernanke Fears Economic Collapse If the Fed is Audited

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Fed Chairman Ben Bernanke Fears Economic Collapse If the Fed is Audited

During a 4-hour grilling by Congress, Federal Reserve chairman Ben Bernanke made a significant statement that could be perceived in two ways – either as an alarming and veiled threat of Fed-perpetrated financial terrorism, or a prediction that exposure of Fed accounting will culminate in its legal termination. He was questioned by Rep. Duncan on Thursday about his response to the fact that a majority of Representatives (to date, 242 out of 435) are co-sponsoring Ron Paul’s H.R. 1207 bill to audit the Federal Reserve banks.

“Do you think it would cause problems for the Fed or for the economy if that legislation was to pass?”

“My concern about the legislation is that if the GAO (Government Accountability Office) is auditing not only the operational aspects of the programs and the details of the programs but is making judgments about our policy decisions, that it would effectively be a takeover of monetary policy by the Congress and a repudiation of the independence of the Federal Reserve which would be highly destructive to the stability of the financial system, the Dollar and our national economic situation.”

First, I would ask, “Dr. Bernanke, what stability? This nation’s financial system has historically proven to be very un-stable for The People for the 96 years that the Fed has had control of the helm.” The only true stability of the system has been in the growth of wealth held by the banks.

Second, the chairman clarifies once and for all beyond doubt that the Fed is “independent” of the United States government, and that this independence can be repudiated (meaning annulled, abolished). Congress has the power to take back to itself the control of monetary policy for the nation. With Congress in control, at least their policy-making would be free of the private interests of central bank stockholders.

Third, why would a mere audit be construed by the bankers as a takeover? Every other corporation and entire industries are audited, yet they do not consider audits a takeover. The only time a business might fear being taken over due to an audit, would be if they were found to be fraudulent; in which case they would more likely be shut down.

Fourth, why exactly would an audit of the Fed be destructive, unless there were questionable, improper, fraudulent or damning accounting practices, or anti-American policy-making practices? And why was the federal reserve banking system set up to prevent full-disclosure audits in the first place?

United States families have long been struggling to make ends meet, and paying more and more taxes on goods and on income regardless of the technological advances making production more efficient which should afford people more leisure time and a greater ability to build savings; yet the opposite has happened in our nation. Both parents must work, and even that is not enough sometimes. Yet banks have grown to amass billions of dollars in wealth with which to recklessly speculate, while the nation has gone into debt in the trillions of dollars. What is your logical conclusion here? The nation goes into debt, while the banks amass that lost wealth? You must see that the nation’s wealth has been somehow transferred to the bankers. An audit of the Fed central banking system will show just how this was done. Amschel Rothschild said in the early years of his family’s banking empire “Give me the control of a nation’s money and I care not who makes its laws.” President Andrew Jackson said of the central bankers “You are a den of vipers and thieves; I intend to rout you out and by the eternal God I WILL rout you out!” He did, and paid off the national debt, the last time it ever was.

There is no place in the patriot’s life for the attitude of “Ignorance is bliss” regarding the financial policies made for the nation by the people working for the Fed banks. Whatever policies the for-profit Fed has constructed, the policies and profits are not for the taxpayers, they are not for The People of the nation; otherwise we would all be much more wealthy than we are in this, the greatest of nations, today. We would all have savings, we could all afford to be charitable, we could all afford to invest- based on promising companies, not on speculative, casino-type betting on bubbles controlled by powerful banks- if the Fed were not charging interest to the government for the money that the government alone constitutionally has the power to create. The Fed’s system of banking has, however, ensured that our children and grandchildren will be born into paying a share of the debt owed. That is certainly not the ‘better life’ that American Taxpayers work for for their children. Since the government Of The People has the power to create interest-bearing Treasury Bonds, it can create its own non-interest bearing legal tender. Abraham Lincoln’s administration did it, refusing to pay the 24% to 36% interest the central bankers told him they’d charge. Lincoln needed the money to fund the war to keep the states together. Powerful banking interests from England and France had funded those countries’ militaries to back both sides of the North and South. France was poised on the Mexican border, England was poised on the Canadian border. And the United States was fighting for more than tariff law reform- whether they realized it or not- Lincoln’s top priority, as can be seen from his writings, was to preserve the Union. Otherwise, England and France would split the country in two and divide the resources, population and wealth between them. The European central bankers intended to capitalize on the new and prosperous United States. Lincoln’s printing of Greenbacks – non-interest bearing legal tender and fully Constitutional- saved this union; and the Czar’s Russian navy parked on our East and West coasts helped keep England and France at bay while we sorted things out in our Civil War. The Czar at that time was also one of the few leaders who resisted the central bankers’ dominance, and he didn’t want the new United States divided up to add to the English and French agendas, and he admired Lincoln’s outsmarting the central bankers. (Yes, our schools really need to detach themselves from the dumbed-down educational policies largely formed by the Rockefeller foundations.)

Bernanke is afraid that it will be discovered in an audit that the policies for the nation’s money are actually shaped for the benefit of the for-profit owners of the Fed – policies which have certainly worked to ensure the fortunes of the banks at the expense of the nation itself. Is this not treason? Bernanke and every central banker has good cause to be afraid of an audit. The central bankers will no doubt attempt money manipulations and, as always, claim it is not their policy at fault. They do it without fear of audit, why stop when their books are to be examined? It would be protective for the nation if, when an audit IS begun, that the investment banks and firms which have revolving doors for personnel between them and the Fed, have their funds frozen, so they would not be able to throw the economy into chaos.

It is not coincidence that the income tax act was passed together with the Federal Reserve Act; the bankers who authored the federal reserve act saw that their newfound power to charge interest on conjured money loaned to the government would need The People’s money to pay that interest. They have been siphoning the wealth of the American taxpayer in a steady stream for 96 years. The 12 federal reserve banks are owned by their member banks. The member banks are owned by their private owners and stockholders- who require profits above all. Repeal of the Glass-Steagall Act, which forbids banks to co-mingle investment banking with customer service banking was lobbied for by the biggest banks on Wall Street. The Act had been passed to protect depositors (working families) from unscrupulous risk-taking with customers’ money by investment banking. Investment banking is strictly speculative buying and selling of rated assets, betting on markets transactions in derivatives, for the purpose of hopefully making money from speculation for stockholders. The basic legality of ‘conflict of interest’ makes one wonder why and how the big banks were able to get this Act repealed. It is exposure of unquestionable fraud, that any banks or investment firms which lost money in the recent financial meltdown, lost the money for The People. The Peoples’ money should never have been legally permitted to be speculated with by bankers.

Bernanke implies that any attempt to restore monetary policy powers constitutionally granted to the Congress would be seen as a “takeover” (by the bankers of the Fed) and the result would be destructive to the stability of the financial system. Destructive to what financial system exactly? To the monopoly system we’ve had for 96 years which has effectively funneled the wealth of The People into the hands of a few bankers? To the system we’ve had which has perpetrated booms and busts which enable banks to acquire businesses and property for pennies on the dollar? Destructive to the financial system which has built up an unpayable national debt by charging interest to the government for money created out of thin air? And why would audit and discovery necessarily be destructive to the nation’s financial stability? (If you call this stability) Real stability would return, if the interest-charging Fed and its private for-profit policies were eliminated, and the United States would return to printing its own money which charges no interest. The United States can create interest-bearing Treasury bonds to sell for the money it needs; it needs therefore only to create the interest-free money itself, eliminating the ever-growing national debt to the Fed.

"If the Nation can issue a dollar bond it can issue a dollar bill. The element that makes the bond good makes the bill good also. The difference between the bond and the bill is that the bond lets the money broker collect twice the amount of the bond and an additional 20%. Whereas the currency, the honest sort provided by the Constitution pays nobody but those who contribute in some useful way. It is absurd to say our Country can issue bonds and cannot issue currency. Both are promises to pay, but one fattens the usurer and the other helps the People." -Thomas Edison