As the Super Committee failed to agree on a measly $1 trillion in budget cuts, Bloomberg recently reported yet another secret bank bailout totaling $7.7 trillion courtesy of the private Federal Reserve bank. This disclosure is in addition to the first-ever Congressional audit of the Fed that revealed a startling $16 trillion in secret bailouts.
This brings the grand total of previously unknown theft to $23.7 trillion which, interestingly enough, is the exact figure Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program, estimated in July 2009.
As Americans are being told that they need to tighten their belts and that Congress must do the same or the country will fall into economic ruin, these private bank bailouts, nearly double the size of the national debt, are handed out without any benefit to the public.
Indeed, it is of great detriment to the public who bear the brunt of the inflationary and tax burdens, as well as reduced public benefits forced by the failed Super Committee. Furthermore, it has been recently disclosed that the people's FDIC will now backstop some $75 trillion in derivatives at Bank of America alone. And just today, they threw in a fresh new bailout of Europe that is just another temporary fix. When will the people tire of bailing out a clearly broken monetary system?
The blatant raping of the American people couldn't be more obvious. The once-fringe Tea Party activists who were spawned from their anger over a meager $700 billion TARP bailout have now seemingly swelled into what appears to be a global "Occupy" movement. Regardless of their political differences, they both agree that the system of perpetual bailouts on the backs of Americans must end.
Perhaps the only two genuine public servants left in Congress are Ron Paul (R-TX) and Dennis Kucinich (D-OH); Paul being the early inspiration for the Tea Party, and Kucinich an early sympathizer with the Occupiers. Together they have clearly identified the Federal Reserve System as the disease, and have both proposed pragmatic solutions to cure the ills of the hijacked economy.
Before detailing their exact proposals, many people claim that the Federal Reserve System has a 100-year charter that will expire in 2013. However, the original Federal Reserve Act only allowed for a 20-year charter until the law was changed in 1927 (6 years before the Fed was up for renewal) to allow perpetual renewal of federal corporations where charters could only be "dissolved by Act of Congress or until forfeiture of franchise for violation of law." (Source)
Regardless, given the increased rate of awareness of the Federal Reserve's private, secretive, monopolistic, and destructive structure over the economy, their days are likely numbered. Perhaps that is the reason for the mass looting they, and their international member banks, are rapidly engaged in. In other words, they're raiding the last crumbs of the cookie jar before Daddy comes to punish them.
Ron Paul, a leading proponent for "Ending the Fed" has put forward legislation to legalize competing currencies, which he believes is the first step toward breaking the monopolistic control over currency by the Fed. As with most of Paul's legislation, it is undoing laws instead of writing them. The Free Competition in Currency Act (HR 1098) will essentially do three things: 1) repeal legal tender laws to remove the monopoly control of the Federal Reserve, 2) legalize private mints to issue coins to be controlled by anti-fraud and anti-counterfeit laws, and, 3) remove taxes from precious metal coins to ensure fair competition among new currencies.
Below Paul introduces the bill and explains its importance on the House floor in 2009:
Ron Paul is an advocate for returning to Constitutional money made of, or backed by, precious metals. Equally angry and aware of the heart of economic problems, Dennis Kucinich has introduced the NEED Act which will dissolve the Fed into the Treasury and return the power to issue currency back to Congress as outlined in the Constitution.
Kucinich explains why his bill is important in a recent video:
Although Kucinich's legislation doesn't call for currency to be backed by gold or other precious metals -- and public trust for Geithner and the U.S. government's handling of the economy are at all-time lows -- seizing control from the Fed seems like a necessary early step to effectively transfer to something new.
As explained by author and documentary filmmaker, Bill Still, the Treasury still handles the coinage of U.S. currency and issues this money free of interest. This means that, technically, the entire U.S. debt could be erased by debt-free coins minted by the treasury. Crisis averted, prosperity for all.
Yet, these are just the early steps for getting the monetary system back on track. Perhaps the most acceptable longer term solution is what John F. Kennedy attempted to do with Executive Order 11110 which gave the Treasury the power to issue silver certificates to be backed by, and redeemable in, silver. This concept is the ideal blend of both Paul and Kucinich's ideas, and the most Constitutional way to handle modern money.
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