• 64°

Federal Reserve Bank cause of current and past economic woe

Dear editor,

Regarding our current financial crisis, it does absolutely no good to attack President Obama. He’s only been president for 100 days. It can be argued that he’s not doing what it takes to reverse the negative financial trend, but the argument that he is somehow singularly to blame for our plight is so peripheral as to be practically irrelevant. The truth is that every president since Woodrow Wilson is responsible for this crisis. The reason? None of them were brave enough to attack the Federal Reserve Bank. Putting pressure on Obama to end the Federal Reserve Bank, or FED, would be far more productive than attacking him.

Let’s examine the Federal Reserve System. For starters, the Federal Reserve Bank is not truly federal; it is governed by a privately owned banking system. Since its inception, the Federal Reserve has operated without sufficient transparency or accountability to the American people. In fact, current law specifically excludes the Fed from audit or real congressional oversight. No government agency has such an utter lack of sunshine.

The Federal Reserve has created and dispersed trillions of dollars in response to our current financial crisis. Americans across the nation, regardless of their opinion of the TARP program, want to know where that money has gone and exactly how much has been spent.

It’s interesting to note that our country has had similar banking cartels before. In the early 1800s, President Andrew Jackson destroyed the 2nd attempt at such a bank. Jackson declared war on the “National” bank, telling them, “Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out!”

Our country is in dire economic straights. This is becoming more and more apparent to the point of being completely undeniable. Three years ago, when economists and politicians, such as Dr. Ron Paul, predicted a stock market and monetary dive if intervention by the Federal Reserve System was not limited, many people ignored them. They also ignored Dr. Paul when, in 1984 while speaking over at Auburn University’s Mises Institute, he predicted the stock market crash of 1987. It’s now impossible to ignore the fact that businesses are closing, jobs are disappearing, and those with jobs are being cut back to part time.

A bill has been introduced in Congress to allow for more transparency regarding the actions of the Federal Reserve Bank System. A broad coalition of Representatives has joined in supporting our right to transparency at the Fed. For example, Rep. Tom Price (GA), head of the conservative Republican Study Committee, and Rep. Lynn Woolsey (CA), former head of the liberal Progressive Caucus, have both cosponsored the bill. Americans from all over the political spectrum are demanding an audit of the Federal Reserve. And with good reason!

I urge everyone to read and support House Resolution 1207. (It can be found at this web address

http://thomas.loc.gov/cgi-bin/bdquery/D?d111:17:./temp/~bdtR0N::|/bss/d111query.html|) Over 100 U.S. Congressman (currently 112) have thrown their support behind the bill in the form of co-sponsorship. Again, they are Democrats and Republicans. The intentions of anyone not supporting more transparency for those who control our economy should be questioned. If the President chooses not to support such legislation, his motives should then be truly questioned.

Best Regards,

Tony Andrews, Jr.

Selma, AL