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The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle and causes one financial bubble after another. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar.For the past 30 years, Congressman Ron Paul has worked tirelessly to bring much-needed transparency and accountability to the secretive bank. And in 2009 his unfaltering dedication showed astonishing results: HR 1207, the bill to audit the Federal Reserve, swept the country and made the central bankers shudder at their desks. The bill passed as an amendment both in the House Financial Services Committee and in the House itself.But the usurpers of America’s future didn’t take it lying down. They weren’t about to allow their secrets to be exposed and their magic money machine to be put under close scrutiny. They worked frantically behind the scenes to quietly derail all efforts to open up the Federal Reserve to an independent audit.A handful of Fed-loving U.S. senators led by Chris Dodd rewrote the Senate version of the Financial Reform Bill to strip out Ron Paul’s Audit the Fed amendment and actually expand the Fed’s power over banks, lending and money. As Alan Grayson pointed out here, and Ron Paul commented on here, the Dodd bill completely eliminated legislation to audit the Federal Reserve, which already passed in the House.Sen. Bernie Sanders (I-Vt.) introduced an amendment on the floor effectively adding the Grayson-Paul language to the Senate bill, but later changed his amendment under pressure by the Federal Reserve and the Obama administration. The altered Sanders amendment passed the Senate on May 11, 2010 by a unanimous 96-0 vote.Sen. Vitter reintroduced an amendment with the original Audit the Fed language. The Senate rejected the amendment on May 11, 2010 by a 37-62 vote.The House and Senate went to the conference committee which attempted to reconcile the differences between the two bills (and their amendments). Unfortunately, Ron Paul’s tough language ended up not being included in the final bill.On June 30, 2010, the GOP introduced Ron Paul’s Audit the Fed bill as a motion to recommit, which was the last chance to alter the financial regulation bill. Audit the Fed failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed.The GOP had offered the Fed audit as the minority’s last chance to alter the financial regulation bill. The bill does have an watered-down audit provision in the conference report, but it is limited to loans made by the Fed during the height of the economic crisis. Ron Paul’s bill would have allowed a total examination of the Fed’s books.How they voted [...]THE END? Not yet! Audit the Fed will be back in 2011.
HR 1207’s identical companion bill in the Senate is known as S 604, the Federal Reserve Sunshine Act, sponsored by Sen. Bernie Sanders.
Some infos on the role of the Federal Reserve and the audit vote:[youtube:15a0ant8]http://www.youtube.com/watch?v=KlDXVnLEWaE[/youtube:15a0ant8]<!-- m -->You are not allowed to view links. Register or Login<!-- m -->[youtube:15a0ant8]http://www.youtube.com/watch?v=kcAZmTTH1QM[/youtube:15a0ant8]<!-- m -->You are not allowed to view links. Register or Login<!-- m -->Quote (selected)The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle and causes one financial bubble after another. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar.For the past 30 years, Congressman Ron Paul has worked tirelessly to bring much-needed transparency and accountability to the secretive bank. And in 2009 his unfaltering dedication showed astonishing results: HR 1207, the bill to audit the Federal Reserve, swept the country and made the central bankers shudder at their desks. The bill passed as an amendment both in the House Financial Services Committee and in the House itself.But the usurpers of America’s future didn’t take it lying down. They weren’t about to allow their secrets to be exposed and their magic money machine to be put under close scrutiny. They worked frantically behind the scenes to quietly derail all efforts to open up the Federal Reserve to an independent audit.A handful of Fed-loving U.S. senators led by Chris Dodd rewrote the Senate version of the Financial Reform Bill to strip out Ron Paul’s Audit the Fed amendment and actually expand the Fed’s power over banks, lending and money. As Alan Grayson pointed out here, and Ron Paul commented on here, the Dodd bill completely eliminated legislation to audit the Federal Reserve, which already passed in the House.Sen. Bernie Sanders (I-Vt.) introduced an amendment on the floor effectively adding the Grayson-Paul language to the Senate bill, but later changed his amendment under pressure by the Federal Reserve and the Obama administration. The altered Sanders amendment passed the Senate on May 11, 2010 by a unanimous 96-0 vote.Sen. Vitter reintroduced an amendment with the original Audit the Fed language. The Senate rejected the amendment on May 11, 2010 by a 37-62 vote.The House and Senate went to the conference committee which attempted to reconcile the differences between the two bills (and their amendments). Unfortunately, Ron Paul’s tough language ended up not being included in the final bill.On June 30, 2010, the GOP introduced Ron Paul’s Audit the Fed bill as a motion to recommit, which was the last chance to alter the financial regulation bill. Audit the Fed failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed.The GOP had offered the Fed audit as the minority’s last chance to alter the financial regulation bill. The bill does have an watered-down audit provision in the conference report, but it is limited to loans made by the Fed during the height of the economic crisis. Ron Paul’s bill would have allowed a total examination of the Fed’s books.How they voted [...]THE END? Not yet! Audit the Fed will be back in 2011.You are not allowed to view links. Register or LoginThe link gives the original audit bill as well.For U.S. citizens, the link gives details what you could do to promote an audit of the FedRes.Quote (selected)HR 1207’s identical companion bill in the Senate is known as S 604, the Federal Reserve Sunshine Act, sponsored by Sen. Bernie Sanders.
Rebekah Brooks in line for £3.5m pay out as News International slaps gagging orders on chief executives (apart from that inquiry on Tuesday)Dowler's lawyer say tycoon appeared 'humbled, shaken and sincere' Company releases full page adverts in newspapers to say sorry James Murdoch under pressure over 'hush money' payments to victimsFormer NI CEO Les Hinton quits as head of News Corp-owned Dow Jones Emerges Andy Coulson stayed at Chequers after he resigned Rebekah Brooks twice visited David Cameron at Chequers last yearMurdoch could lose control of Fox TV over breach of U.S. bribery lawsBy James ChapmanLast updated at 2:06 PM on 16th July 2011Comments (204) Videos Add to My Stories Share Apology: Rupert Murdoch leaves the hotel after meeting with the family of Milly Dowler. Their lawyer later revealed he had apologised for the conduct of reportersFormer News International chief executive Rebekah Brooks was given a seven-figure severance package after resigning, it has emerged.Senior colleagues have estimated the pay off, handed out five days after the final edition of the News of the World she used to edit, to be around £3.5million.The final editor of the paper, Colin Myler, is believed to be in line for a £2million pay-off and two of the company's senior lawyers - Jon Chapman and Tom Crone - will both get around £1.5million, the Independent reported.Les Hinton, chief executive of Dow Jones which publishes the Wall Street Journal, also resigned last night and is likely to receive a hefty sum.The financial settlements will include gagging orders to stop executives discussing company matters outside of any public inquiries or criminal proceedings.It comes as a humbled Rupert Murdoch said he had let his late father down last night as he issued a face-to-face apology to the family of murdered schoolgirl Milly Dowler over the phone hacking scandal. He said he was ‘appalled’ to learn that his media empire had apparently tapped into Milly’s voicemails, suggesting it had failed to live up to the standards set by legendary war reporter and newspaper proprietor Sir Keith Murdoch.The Dowlers’ lawyer Mark Lewis said 80-year-old Mr Murdoch had appeared ‘humbled, shaken and sincere’.‘This was something that had hit him on a personal level. He apologised many times and held his head in his hands,’ Mr Lewis said. ‘He said this was not the standard set by his father.’ The astonishing scenes came as Mr Murdoch, one of the world’s most powerful businessmen, went into reverse gear over the controversy that has paralysed politics, the media and the police. Full-scale apology: The text of Rupert Murdoch's advertisement which appears as a full page advert in today's national newspapers Listening: The family of Milly Dowler, from left to right her mother Sally, sister Gemma and father Bob listen to their solicitor after the meeting Resigned: Rebekah Brooks, chief executive of News International in London, and Les Hinton, chief executive of Dow Jones & Co in New York, have both resigned in the wake of the phone hacking scandalWith the scandal increasingly threatening the tycoon’s global interests:News International’s chief executive Rebekah Brooks finally quit after Mr Murdoch’s daughter Elisabeth allegedly blamed her for having ‘f*****’ the family firm. In a statement unprecedented in recent corporate history, the tycoon today apologises for ‘serious wrongdoing’. Pressure grew on his son James Murdoch, chairman of News Corporation, over ‘hush money’ payments he approved to phone hacking victims. One of Mr Murdoch’s most trusted lieutenants, Les Hinton, resigned as chief executive of Dow Jones, which publishes the Wall Street Journal and is owned by News Corp. David Cameron faced fresh questions over his judgement as it emerged he hosted ex-News of the World editor Andy Coulson at Chequers after he resigned as Downing Street’s media chief. Rupert Murdoch today met the family of murdered schoolgirl Milly Dowler in a London hotel as he stepped up his efforts to stem the damage caused by the phone-hacking scandalYesterday saw the downfall of Mrs Brooks, the most powerful woman in British newspapers, apparently after Elisabeth Murdoch, a fellow member of the so-called ‘Chipping Norton set’ with PR man husband Matthew Freud, turned on her.Mr Murdoch had spent days fighting to save the flame-haired 43-year-old, who was editor of the News of the World when Milly Dowler’s phone is alleged to have been hacked.He even closed the Sunday tabloid, Britain’s biggest-selling newspaper, rather than letting go of the woman he is said to have regarded as ‘another daughter’.Elisabeth Murdoch is also said to be deeply dismayed by her brother James’s handling of the scandal, according to News International sources.Just yesterday morning, Mr Murdoch was striking a belligerent tone, insisting his newspapers and firms had made only ‘minor mistakes’ in their handling of allegations of phone hacking and police bribery.But then, in a volte face most observers had long thought inevitable, he agreed to accept Mrs Brooks’s resignation amid signs that his international interests, not just those in Britain, were being damaged.And today, the mogul strikes a dramatically different tone in an unprecedented public apology published in several British newspapers, including the Daily Mail. The now-defunct News of the World, he says, was in the business of holding others to account but had ‘failed when it came to itself’. ‘We are sorry for the serious wrongdoing that occurred,’ he adds. More...How Rebekah Brooks became Rupert's 'daughter'... and how Elisabeth Murdoch came to resent it Actor Jude Law sues The Sun over 'phone hacking' Murdoch's U.S. empire begins to 'explode and unravel' as long-time lieutenant Les Hinton resigns Andy Coulson stayed at Chequers with Cameron AFTER resigning ‘We are deeply sorry for the hurt suffered by the individuals affected. We regret not acting faster to sort things out. I realise that simply apologising is not enough.’Mr Murdoch promises to resolve the crisis and ‘make amends for the damage’ – a hint that he may be considering large donations to charity. Announcing her departure, Mrs Brooks said: ‘My desire to remain on the bridge has made me a focal point of the debate.Read more: You are not allowed to view links. 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[glow=red:36027kne]PS....Thanks Souza for bringing this up again.....This is no co-incidence. I have no doubt that MJ was targeted , but what I wonder is, how the News of the World got the information that Michael has 6mths to live? And then he died in 6mths....Thoughts please.. maybe his phone was tapped as well, and he was overheard saying he was going to DIE in 6mths......[/glow:36027kne]
