Audit the Fed?


A popular movement in many conservative circles is the idea of auditing the Federal Reserve as a way to bring public attention on the harmful institution. This plausible argument has had ill luck in Congress whenever the occasion arrives that a congressman introduces a bill for this purpose. Most politicians are afraid to mess with the gigantic monetary establishment.

Auditing the Federal Reserve would undoubtedly reveal corruption, waste, and fraud, at least to a minor degree, that violates current laws on Fed policies. But the most blatant fraud of all is actually protected by current laws: the bankers who are in control of the Fed are enabled to have a worldwide monopoly—at the common man’s expense. The fiat money called Federal Reserve Notes, a fraud in itself, is wholly in the hands of of the international bankers and monetary scientists, and they manipulate it from many angles to their own advantage. They engage in inflation through fractional reserve banking, which means loaning out money they haven’t even printed (it is debt-created money; if the debt is paid off, the money supply decreases). And this fraud is actually legal!

So while the audit would not accomplish a lot for conservatives, and may even put people back to sleep, who are satisfied that the Fed is obeying the law, the audit might actually do some harm for our country.

For example, if an Audit the Fed bill were really to make it through Congress by some stroke of luck, the actual audit would likely take years and years to conduct, and then, in the words of G. Edward Griffin in his masterpiece The Creature from Jekyll Island,

“By the time fourteen volumes of testimony, charts, tables, and exhibits finally appear, the public would be intimidated and fatigued.”

And in the meantime, conservatives would feel that the Fed was being taken care of, and that Congress was doing their job. Constituents would be deceived in this matter.

What really needs to be done is something much more radical, something that involves real action: the entire Federal Reserve System needs to be completely abolished. Since its inception in 1913 with the Federal Reserve Act, the Fed has manipulated the economy, inflated the money supply, and loaned vast amounts of money both to our own government as well as many foreign despotic regimes whose experiments in socialism/totalitarianism have utterly failed—all at the American taxpayer’s expense, of course. Inflation is a relatively safe way to steal from the average American’s pocketbook undetected, for as John Maynard Keynes said about debauching currency, “…not one man in a million is able to diagnose [it].”

And that is what the fraudulent banking elites depend upon in order to continue the economic manipulation and vast power they currently enjoy: the ignorance and apathy of the American public, who, by and large, are too focused on things of little-to-no real importance.

If sufficient numbers of Americans can be educated and informed—woken up—and organized into an educational army dedicated to restoring obedience to the U.S. Constitution, then it is not too late for the monetary powers-that-be, who wield considerable wealth and power, to be dethroned and their power stripped from them.

In the 1830’s war over the abolishing or preserving of the national bank, Nicholas Biddle, head of the Second National Bank of the United States, in his political battle with Andrew Jackson, whose second presidential campaign focus was to abolish the national bank, boasted, “All other banks and all the merchants may break, but the Bank of the Untied States shall not break.”

Jackson’s stalwart reply to the public was, “Bank and no Jackson, or no bank and Jackson!”

In spite of Biddle’s deliberate causing of economic turmoil by decreasing the money supply in order to frighten the public into thinking the Bank necessary, Jackson and the anti-national bankers (Thomas Jefferson’s political heirs) eventually won out, and the Second National Bank of the United States ended, and the national debt was entirely paid off. The nation also went back to the gold standard, which created true economic stability and prosperity, after the harmful effects of the national bank had worn off.

It can be done today, too! The banking cartel’s legal monopoly can be dismantled and the Federal Reserve System can be abolished. It will take hard work educating ourselves and our circles of influence on free market economics and the giant fraud called the Federal Reserve; and as in Jackson’s day, the bank will fight like crazy to stay in existence, perhaps including planned chaos in their strategy, which will affect the whole nation. But if we are to return to the free market and sound money, with no legally protected cartels, then it is necessary, not that we simply audit the Fed, but end the Fed!

For more information:

Read Griffin’s The Creature from Jekyll Island – A Second Look at the Federal Reserve, available here This excellent book reads like a detective novel, believe it or not. The most interesting book about money or the Federal Reserve you are likely to find anywhere. This 608 page book gives you the background story on money, the people behind the creation of the Federal Reserve, seven reasons why the Fed should be abolished, the history of the national banks in our nation before the Federal Reserve came along, what we can do about it, and much more. A fascinating, educational read written in easy-to-understand language, not bankers’ jargon. I will never look at banks the same again.


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