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President And Congress Grovel Before The Fed by Chuck Baldwin

Posted by soldierservant on May 21, 2009

This column is archived at

According to Bloomberg News (Monday, February 9, 2009), "The stimulus
package the U.S. Congress is completing would raise the government’s
commitment to solving the financial crisis to $9.7 trillion, enough to pay
off more than 90 percent of the nation’s home mortgages.

"The Federal Reserve, Treasury Department and Federal Deposit Insurance
Corporation have lent or spent almost $3 trillion over the past two years
and pledged up to $5.7 trillion more. The Senate is to vote this week on an
economic-stimulus measure of at least $780 billion. It would need to be
reconciled with an $819 billion plan the House approved last month.

"Only the stimulus bill to be approved this week, the $700 billion Troubled
Asset Relief Program passed four months ago and $168 billion in tax cuts and
rebates enacted in 2008 have been voted on by lawmakers. The remaining $8
trillion is in lending programs and guarantees, almost all under the Fed and

"’We’ve seen money go out the back door of this government unlike any time
in the history of our country,’ Senator Byron Dorgan, a North Dakota
Democrat, said on the Senate floor Feb. 3. ‘Nobody knows what went out of
the Federal Reserve Board, to whom and for what purpose. How much from the
FDIC? How much from TARP? When? Why?’"

Senator Dorgan is exactly right. No one oversees the Fed. The Fed is held
accountable to absolutely nobody. But Senator Dorgan (as with everyone else
in Congress) has no one to blame but himself. Ever since the Marxist, E.
Mandell House, convinced President Woodrow Wilson to create the Federal
Reserve in 1913, the Congress of the United States has had virtually nothing
to do with the way our fiscal policies are managed. The Fed (which is not
even a government agency, but rather a private corporation consisting of
mostly foreign bankers) dictates America’s financial policies.

The reality of just how our civil magistrates have come to grovel before the
Fed was revealed in a column written recently by Cal Thomas. Mind you, Cal
was not trying to castigate President Bush in his column. Just the opposite:
his column was full of praise and adulation for the former President. In
recounting his last interview with President George W. Bush, however, Cal
unwittingly revealed the almost limitless power that the Fed wields over
even the President of the United States.

Here is what Cal wrote: "Bush defends himself against a charge by a member
of the Republican National Committee that he has behaved like a ‘socialist’
because of his massive bailout spending. He [Bush] says he still believes in
less government spending, but when Henry Paulson, secretary of the U.S.
Treasury, and Ben Bernanke, chairman of the Federal Reserve, tell him that
if he doesn’t act, the result will be worse that the Great Depression, ‘you
can sit there and say to yourself, "well, I’m going to stick to principle
and hope for the best, or I’m going to take the actions necessary to prevent
the worst."’"

In other words, when the Fed says, "Jump!" the President asks, "How high?"
And, with the exception of Congressman Ron Paul of Texas (and maybe one or
two others), the same is true for members of the House and Senate.

In other words, ladies and gentlemen, America is being run by a private
banking cartel, the majority of whom are not even citizens of these United

Ever since the Fed was created in 1913, America has been subjected to
recession after recession, not to mention one Great Depression. Some are
even predicting that the United States is now actually entering a second
Great Depression. Please understand this: the Federal Reserve has
manipulated every bit of this financial crisis for the express purpose of
enriching the international bankers on the backs (and bankruptcies) of the
American taxpayers. And what does our illustrious Congress do? They continue
to give billions and even trillions of taxpayer dollars to the very same
group of gangsters who created and perpetuate this financial fraud. And, as
with Congress, Presidents from both major parties likewise promote and
defend this chicanery.

Yet, the U.S. Constitution, in Article. I. Section. 8. Paragraph. 5.,
clearly gives Congress the authority "To coin Money, regulate the Value
thereof, and of foreign Coin, and fix the Standard of Weights and Measures."

This constitutional requirement makes two obvious demands: 1) only the
elected Congress, not some private foreign (or even domestic) banking
interest, has the power to make monetary policy, 2) U.S. currency must be
hard currency, i.e. gold and silver. Paper money–known as the Federal
Reserve Notes–is not even legal tender under the U.S. Constitution.

In truth, the Federal Reserve Act of 1913 is itself unconstitutional. In
simple terms, the Act did not amend or expunge Article. I. Section. 8.
Paragraph. 5. of the Constitution; it merely ignored it. (And Congresses and
Presidents have been ignoring the Constitution ever since.)

In fact, Article. I. Section. 10. Paragraph 1. of the U.S. Constitution
specifically states, "No State shall . . . coin Money; emit Bills of Credit;
make any Thing but gold and silver Coin a Tender in Payment of Debts."

Can anyone not see that the Federal Reserve is an illegitimate system? I
will even go so far as to say that the Federal Reserve should be regarded as
a corrupt, criminal system! If I were President, not only would I do
everything in my power to oppose any and all financial bailouts to these
international banksters, I would instruct the Justice Department to pursue
criminal charges of fraud, corruption, manipulation, and outright thievery
against the Fed. Instead of padding their fat assets in a million-dollar
penthouse, they should be serving most of the rest of their lives in the Big

In the meantime, Congressman Ron Paul has again introduced a bill in the
House of Representatives to terminate the Federal Reserve. It is H.R. 833:
To abolish the Board of Governors of the Federal Reserve System and the
Federal reserve banks. The Bill was introduced on February 3 and, to date,
has no cosponsors. That’s right. No cosponsors.

Until the American people demand that their elected members of Congress live
up to their duties and responsibilities under the Constitution, they will
continue to have their pockets picked clean by these corrupt banksters in
New York City (and London) and their contemptible facilitators in
Washington, D.C. Passing Dr. Paul’s bill would be a great place to start.

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