Separation of US Treasury and Federal Reserve Begins

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H.R. 24 ‘Audit the Fed’ Bill Passes in House

By JC Collins

With all of the other economic and geopolitical events which are taking place this week we can now add the passage of the Audit the Fed bill in Congress.  The bill was overwhelmingly passed with a margin of 333 to 92.

Congressman Ron Broun issued the following statement:

“Today’s passage of the Audit the Fed bill brings us one step closer towards bringing much-needed transparency to our nation’s monetary policy. For the past 100 years, the Federal Reserve, a quasi-government agency, has acted under a veil of secrecy – controlling our monetary policy and thus, our economy. While in recent years, the Fed has been granted a greater role in overseeing the regulation of our financial system, current law specifically prohibits audits of the Federal Reserve’s deliberations, decisions, or actions on monetary policy. This lack of accountability and transparency has led to grievous consequences – and it must end.

“I applaud my colleagues, Republicans and Democrats alike, for their support of this vital bill, and I commend my good friend and former colleague Dr. Ron Paul for his leadership on this important issue. I strongly encourage Senate Majority Leader Harry Reid to recall his past support for this legislation – which he stated as recently as 2010 – and to bring this bill before the Senate for a vote, so we may deliver the transparency and government accountability the American people need and deserve.”

The full bill can be read here.

Now that we are on the verge of the economic transition to the multilateral system it is only prudent for the US Government and Treasury to begin distancing itself from the Federal Reserve and start implementing the blame game.

Those who have been following my site since January will recognize the obvious pattern at play here.  Congress has held up the passage of the legislation required to enact the 2010 IMF Code of Reforms which will restructure the Executive Board of the International Monetary Fund, allowing for the US Fed dollar to be removed as the primary reserve currency of the world and the SDR super-sovereign currency to be implemented in the role.

Another aspect of the 2010 Reforms will be to allow for the addition of the Chinese renminbi to the SDR basket value.  The renminbi is quickly internationalizing and the Shanghai Gold Exchange is a major component of that process.

We are witnessing dramatic changes taking place this year and the hits keep coming.  We can hardly go half a day now without another big economic or geopolitical story breaking.  – JC

Read the following story, also from today:

IMF Warns of Risks from Excessive Financial Market Bets

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