Hearing to Audit the Federal Reserve Being Held Tomorrow.

H.R. 1207 is the bill, (text can be read here), to audit the Federal Reserve bank. It was the brain child of Congressman Ron Paul and is scheduled for a full hearing on 9/25/09 at 9:00 am by the House Financial Services Committee. The “Fed” and fiat monetary policy is  said to be the source of the United States current economic crisis by individuals who favor the Austrian School of economics. 

The Federal Reserve has been described before in the past by economists such a Murray Sabrin as having “a legal monopoly on counterfeiting.” Where as if you and I were to print dollars and put them into circulation – we’d be arrested, the Fed on the other hand prints dollars and receives praise. Having the ability to fluctuate the money supply at its own duress has proven disastrous. The Federal Reserves  wonton printing of money has lead to 300% inflation since its birth in 1913. Inflation is why the dollar you place in the bank today only has the buying power of 95 cents tomorrow.The Fed makes sets its own “allowance”, without the permission or without advisement from the Congress. In an eight month period alone it had increased its balance sheets by $1 trillion dollars with absolutely no trace of public documentation as to where that money went or how it was spent. In fact, we the people haven’t any idea what the Fed has been doing with our money because the Fed can only be audited when it gives the Congress permission to. 

 How could such an awesome power, the creation of wealth or better yet, the ability to devalue wealth be given to any entity?

The goal of H.R. 1207 is not only to establish transparency within the federal banking system but to also end it in its entirety. The bill has received 290 cosponsors from both parties and an audit of the Fed is supported by a whopping 75% of the American public.  

 Tomorrow’s hearing will be streamed live, you can click here to watch.