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Federal Reserve Transparency - Audit the Fed

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1st Session


H. R. 1207


To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.




February 26, 2009


Mr. PAUL (for himself, Mr. KAGEN, Mrs. BACHMANN, Mr. BARTLETT, Mr. JONES, Mr. REHBERG, Mr. POSEY, Mr. BROUN of Georgia, Mr. POE of Texas, Mr. BURTON of Indiana, Mr. ABERCROMBIE, and Ms. WOOLSEY) introduced the following bill; which was referred to the Committee on Financial Services





To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.


Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,




This Act may be cited as the 'Federal Reserve Transparency Act of 2009'.




( a ) In General- Subsection (B) of section 714 of title 31, United States Code, is amended by striking all after 'shall audit an agency' and inserting a period.


( b ) Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:


( e ) Audit and Report of the Federal Reserve System-


( 1 ) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (B) shall be completed before the end of 2010.


( 2 ) REPORT-


( A ) REQUIRED- A report on the audit referred to in paragraph ( 1 ) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.


( B ) CONTENTS- The report under subparagraph ( A ) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.'.

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Guest Free Man

Is it interesting that Stephen Friedman, who was chairman of the Federal Reserve Bank of New York and a director of Goldman Sachs Group Inc., bought Goldman shares in December and January.


Goldman Sachs late last year received quick Fed approval to become a bank holding company. During that time, Friedman sat on Goldman's board and had a large holding in the company, a violation of Fed policy, the Journal reported.


Goldman Sachs was a top contributor to the Obama campaign.


May 7, 2009




Suite 38N06

New York, NY 10022




Mr. Wiliam C. Dudley


Federal Reserve Bank of New York

33 Libert Street

New York, NY 10045


Dear Bill:

By copy of this letter to Chairman Bernanke, I hereby resign as a Class C Director and Chairman of the Board of the Federal Reserve Bank of New York, effective immediately. Last Fall, after Goldman Sachs Group, Inc. became a bank holding company, I agreed to remain on the Board, pursuant to the waiver authority of the Board of Governors of the Federal Reserve System, to provide continuity durng a time of financial market instability. Today, although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper. The Federal Reserve System has important work to do and does not need this distraction.


Please convey my appreciation and respect to my fellow Directors and the Reserve Bank staff for their cooperation and their service. It has been a pleasure to work with you, your predecessor, and our distinguished Board, as well as the dedicated, hard-working men and women of the New York Fed. The New York Fed plays an extraordinary and vital role in restoring stability to the financial system durng this very critical period, and it has been an honor to be part of the institution's effort. I also am grateful to Chairman Bernanke and the other Members and staff of the Board of Governors for their advice and support in connection with the search for a new Chief Executive Officer for the New York Fed.


Yours very truly,


Stephen Friedman



cc: The Honorable Ben S. Bernaneke


Federal Reserve Board of Govemors

Federal Reserve System


Slate states it all



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Guest Fed Up

An amendment based on Congressman Ron Paul’s House bill to audit the Federal Reserves was blocked by the Senate this week on procedural grounds.


Speaking on the Senate floor, Republican Senator Jim DeMint and supporter of an audit said, "allowing the Fed to operate our nation's monetary system in almost complete secrecy leads to abuse, inflation and a lower quality of life."


Charles Ortel, managing director with Newport Value Partners, an independent research firm, agrees. "Transparency is the key to any market," he says, noting the Fed doesn't mark-to-market its assets, much of it now consisting of the worst toxic debt Wall Street had to offer.


In truth, the Fed doesn't work in complete secrecy - they do release a weekly update which details the size and type of assets on its balance sheet. According to the latest report, the Fed’s balance sheet shrunk to $1.989 trillion, falling below $2 trillion for the first time since March.


And Bernanke backers are inclined to say, give the Fed a break. Those supporters including, Warren Buffett, claim the Fed’s action saved the U.S. from an even greater economic catastrophe.


But Ortel isn’t buying it: "We are well into a major crisis of confidence... those with major league exposure to the dollar and U.S. companies are quietly reducing that exposure," he claims.


If one looks at recent U.S. Treasury auctions, appetite for U.S. debt remains relatively strong. But Ortel says the smart money has little confidence in the future of the U.S. and is instead buying gold and other hard assets.

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Guest Advil

Richard Fisher, president of the Dallas Federal Reserve Bank, said: "Senior officials of the Chinese government grilled me about whether or not we are going to monetise the actions of our legislature."


Mr Fisher, the Fed's leading hawk, was a fierce opponent of the original decision to buy Treasury debt, fearing that it would lead to a blurring of the line between fiscal and monetary policy – and could all too easily degenerate into Argentine-style financing of uncontrolled spending.


The Oxford-educated Mr Fisher, an outspoken free-marketer and believer in the Schumpeterian process of "creative destruction", has been running a fervent campaign to alert Americans to the "very big hole" in unfunded pension and health-care liabilities built up by a careless political class over the years.


"We at the Dallas Fed believe the total is over $99 trillion," he said in February.


"This situation is of your own creation. When you berate your representatives or senators or presidents for the mess we are in, you are really berating yourself. You elect them," he said.


His warning comes amid growing fears that America could lose its AAA sovereign rating.

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Guest Salsbury

The Fed has printed trillions of dollars and given it away to politically connected banks and corporations. We deserve to know what the Fed is doing with the country's money. Watch Rep Alan Grayson shred the ineffectual fed auditor.


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Guest Salsbury
The Fed has printed trillions of dollars and given it away to politically connected banks and corporations. We deserve to know what the Fed is doing with the country's money. Watch Rep Alan Grayson shred the ineffectual fed auditor.



At 2:39 Federal Reserve Inspector General Elizabeth Coleman stated "we do not have jurisdiction to go out and directly audit reserve bank activity specificaly". Then Rep. Alan Grayson cited the Inspector General act that states that it is her responsibility to conduct and supervise audits and investigations relating to the programs and operations of your agency, and she said "thats correct". She states that the Inspector General does not have the jurisdiction to audit Federal Reserve. Rep. Grayson states that the Inspector General Act gives the Inspector General the jurisdiction to audit the Federal Reserve.


The Board of Governors’ Office of Inspector General (OIG) functions in accordance with the Inspector General Act of 1978, as amended. In addition to retaining an independent auditor each year to audit the Board’s financial statements, the OIG plans and conducts audits, reviews, and investigations relating to the Board’s programs and operations and its delegated functions at the Federal Reserve Banks. The OIG also reviews existing and proposed legislation and regulations for their impact on the economy and efficiency of the Board’s programs and operations. It recommends policies, and it supervises and conducts activities to promote economy and efficiency and to prevent and detect waste, fraud, and abuse in Board and Board-delegated programs and operations, as well as in activities administered or financed by the Board. The OIG keeps the Congress and the Chairman of the Board of Governors fully informed about serious abuses and deficiencies and about the status of any corrective actions.


Ms. Coleman joined the Federal Reserve Board's OIG in 1989 as a senior auditor. She was promoted to program manager in 1999 and to senior program manager in 2001. She was appointed to the official staff in 2004, as the Assistant Inspector General for Communications and Quality Assurance. Over the last eight years, Ms. Coleman has worked closely with the Executive Council on Integrity and Efficiency, a professional organization of about thirty statutory Inspectors General who are appointed by their agency heads in certain designated federal entities, including the Board.

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Here is an interesting article written by the Washington Post




Federal Reserve and Treasury Department officials make the major decisions, but the New York Fed executes them.


The information gathered there provides crucial insights into the financial world for top policymakers. But the bank is so close to Wall Street -- physically, culturally and intellectually -- that some economic experts worry that the New York Fed puts the interests of the financial industry ahead of those of ordinary Americans.


"The New York Fed sticks out as being not just very, very close to Wall Street, but to the most powerful people on Wall Street," said Simon Johnson, an economist at MIT.

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Guest Noureddine

The US Fed is unlike a traditional central bank. Its main mandate was reformulated in 1946 under the full-employment act. It became possibly the only central bank in the world with a mandate to achieve full-employment and price stability.


1907 financial crisis, established the Fed in 1913. The objective was to stabilize monetary policy and to prevent monetary crises that had taken place in the past when money supply had been uncontrolled and depended on the ability and willingness of banks to create money and provide credit. Notably, the banking system had experienced credit booms followed by credit contractions and waives of bank failures and long-lasting economic recessions and mass unemployment.


Ironically, the worst financial crisis and economic depression occurred only a few years following the Fed’s creation. At that time the Fed had failed its mandate for controlling money and credit creation and had instead instituted low interest rates that triggered speculation, massive purchase of gold by foreign central banks, and over-expansion of credit. The stock market crash and the collapse of the credit boom precipitated the Great Depression.

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Guest LAW_*

On Wednesday a highlight of Federal Reserve Chairman Ben Bernanke’s testimony in front of the House Financial Services Committee was the five minutes he endured relentless questioning from Florida Democratic Congressman Alan Grayson. Grayson refused to allow Bernanke to avoid the question of why $500 billion had gone to foreign central banks instead of remaining in the United States. In the end Bernanke did not have any logical answers for Grayson.


A clip of this back-and-forth is the 4th most “favorite” news video on YouTube today (with more than 30,000 views in 24 hours). It has sparked numerous blog posts and thousands of public comments about the Federal Reserve’s authority to lend hundreds of billions to foreigners without consulting a single elected official. The clip is located on Congressman Grayson’s YouTube page here:




Among the highlights:


* At 1:30, Chairman Bernanke can’t say which foreign entities got the money.

* At 3:19, Bernanke says that the 20% rise in the dollar which took place at the same time as the Federal Reserve lent out $500B to foreign central banks was just a “coincidence.”

* At 3:45, Bernanke and Grayson discuss whether there is a Constitutional basis for the Federal Reserve lending a half a trillion dollars to foreigners.


Congressman Grayson said, “According to the Federal Reserve’s own figures, Federal Reserve loans to foreign banks jumped from nothing in September to $550,000,000,000 at the end of 2008. These loans were authorized only by the members of the Federal Open Market Committee, a group of twelve bankers at the Federal Reserve whose deliberations are shielded from public view for five years.


“This amount is ten times the size of the entire State Department budget. Publicly elected lawmakers proposed and debated over 100 amendments to the State department budget. That’s how democracy is supposed to work -- not through secret deliberations in which 12 unelected bankers trample on Congress’s Constitutional authority to appropriate funds, approve treaties, and coin money.


“I find it hard to believe that the power to hand over the half-a-trillion dollars to foreigners was part of Congressional intent in 1913 when the Federal Reserve Act was written. If the Federal Reserve can lend a half a trillion without consulting a single elected official, it is time for a review of the central bank’s ‘swap line’ authority.”


That moment was a microcosm of something larger that is taking place in the House of Representatives as a result of HR 1207. Alan Grayson was the first Democrat who cosigned House Resolution 1207, Ron Paul’s bill to audit the Federal Reserve. Since Grayson cosponsored the bill over 90 of his fellow Democrats have followed.

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Guest LAW_*



About the FOMC


The term "monetary policy" refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.


The Federal Reserve controls the three tools of monetary policy--open market operations, the discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.


Changes in the federal funds rate trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit, and, ultimately, a range of economic variables, including employment, output, and prices of goods and services.


Structure of the FOMC

The Federal Open Market Committee (FOMC) consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee's assessment of the economy and policy options.


The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.


For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve System and chapter 2 of Purposes & Functions of the Federal Reserve System.


2009 Members of the FOMC




Ben S. Bernanke, Board of Governors, Chairman

William C. Dudley, New York, Vice Chairman

Elizabeth A. Duke, Board of Governors

Charles L. Evans, Chicago

Donald L. Kohn, Board of Governors

Jeffrey M. Lacker, Richmond

Dennis P. Lockhart, Atlanta

Daniel K. Tarullo, Board of Governors

Kevin M. Warsh, Board of Governors

Janet L. Yellen, San Francisco

Alternate Members

James B. Bullard, St. Louis

Thomas M. Hoenig, Kansas City

Sandra Pianalto, Cleveland

Eric S. Rosengren, Boston

Christine M. Cumming, First Vice President, New York

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Guest Fedup

At a time when Americans are discouraged about the direction of the country and hesitant about the scope of President Barack Obama's federal budget plans, the U.S. Centers for Disease Control and Prevention, NASA, and the FBI earn credit for a job well done from a majority of Americans. The 61% who say the CDC is doing an excellent or good job can be contrasted with the 30% who say this of the Federal Reserve Board, making the latter the worst reviewed of nine agencies and departments rated in the July 10-12 Gallup Poll.





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Guest Columbia



Article 1, Section 8 of the Constitution states that Congress shall have the power to coin (create) money and regulate the value thereof. Today however, the FED, which is a privately owned company, controls and profits by printing money through the Treasury, and regulating its value.


The FED began with approximately 300 people or banks that became owners (stockholders purchasing stock at $100 per share – the stock is not publicly traded) in the Federal Reserve Banking System. They make up an international banking cartel of wealth beyond comparison (Reference 1, 14). The FED banking system collects billions of dollars (Reference 8, 17) in interest annually and distributes the profits to its shareholders. The Congress illegally gave the FED the right to print money (through the Treasury) at no interest to the FED. The FED creates money from nothing, and loans it back to us through banks, and charges interest on our currency. The FED also buys Government debt with money printed on a printing press and charges U.S. taxpayers interest. Many Congressmen and Presidents say this is fraud (Reference 1,2,3,5,17).


Who actually owns the Federal Reserve Central Banks? The ownership of the 12 Central banks, a very well kept secret, has been revealed:


Rothschild Bank of London


Warburg Bank of Hamburg


Rothschild Bank of Berlin


Lazard Brothers of Paris


Kuhn Loeb Bank of New York


Israel Moses Seif Banks of Italy


Goldman, Sachs of New York


Warburg Bank of Amsterdam


Chase Manhattan Bank of New York


(Reference 14, P. 13, Reference 12, P. 152)


These bankers are connected to London Banking Houses which ultimately control the FED. When England lost the Revolutionary War with America (our forefathers were fighting their own government), they planned to control us by controlling our banking system, the printing of our money, and our debt (Reference 4, 22).


The individuals listed below owned banks which in turn owned shares in the FED. The banks listed below have significant control over the New York FED District, which controls the other 11 FED Districts. These banks also are partly foreign owned and control the New York FED District Bank. (Reference 22)


First National Bank of New York


James Stillman National City Bank, New York


Mary W. Harnman


National Bank of Commerce, New York


A.D. Jiullard


Hanover National Bank, New York


Jacob Schiff


Chase National Bank, New York


Thomas F. Ryan


Paul Warburg


William Rockefeller


Levi P. Morton


M.T. Pyne


George F. Baker


Percy Pyne


Mrs. G.F. St. George


J.W. Sterling


Katherine St. George


H.P. Davidson


J.P. Morgan (Equitable Life/Mutual Life)


Edith Brevour T. Baker


(Reference 4 for above, Reference 22 has details, P. 92, 93, 96, 179)

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Guest Blanch

Anyone catch the 11:00 am Diane Rehm show?


National Public Radio (NPR)

The Diane Rehm Show

Wednesday August 5, 2009

David Wessel: "In Fed We Trust"


David Wessel, economics editor, The Wall Street Journal; author "In Fed We Trust." David Wessel is Pulitzer-Prize-winning journalist describes the players and politics behind the Federal Reserve's efforts to rescue the U.S. economy.


For more information call 1-800-433-8850

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Guest 88.5 Loyal Listener

Alan Greenspan did not control the regulatory of home mortgages or lecture the banks. Sophisticated people with sophisticated software. We are on a very rough road for a couple of years. The Federal Reserve is now the fourth branch of government. Only one institution has the power to print money. The President can fire nuclear missiles, but cannot get money. The Fed was hoping to sell Lehman Brothers to Barclay. The British government stopped Barclay. First the Federal Reserve stated that Lehman did not have collateral. So the Fed stated that they did not have power to lend. Yet the Federal Reserve saved A.I.G. They could have saved Lehman and the economy would not have been as bad.


Bear Sterns was the catalyst. The Federal tried to sell it to Barclay. They eventually sold J.P. Morgan Chase. The Fed subsidized the sell for 30 Billion dollars. They broke the rules and manipulated the market with taxpayer dollars. It is now the Federal Reserves job is stop inflation. The treasury is now selling inflation adjusted (protected) Treasury saving bonds. Federal Reserve board is government managed, but not accountable by Congress. The actual banks are commercial.


The Chairman of the New York Federal Bank was working with Goldman Sachs. Steve Freedman purchased shares of Goldman Sachs before they became a Financial Bank. Goldman Sachs has a unfair advantage. They are crony capitalist.


A.I.G. also owed Goldman Sachs 13 billion. The Federal Reserve has the power to take over banks, but not financial institutions. Both former President Bush and President Obama pushed giving the Federal Reserve more power, so this will not happen again.


Economies work better without political tampering. The Fed chair thinks that H.R. 1207 is a bad idea. Alexander Hamilton was for a Central Bank, but Jefferson was against it. There was a famous debate between the two founders. The problem is there is a financial innovation arms race. Goldman Sachs is able to purchase stocks and commodities before the public purchase them. People in finance always cheat and the press is forced to catch them. High frequency trading takes advantage of trading before you can.


The Federal Reserve, Fannie Mae, and Freddie Mac get special privileges that other private institutions do not.


Sheila Bear was outspoken about the risks going on in the Mortgage Crisis.


They only way we can get out of this mess is that we start exporting goods. The government cannot keep propping us up.

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On May 07 2009 ,Friedman quit the New York Fed and resigned from chairman after Goldman-Sachs purchases controversy.


According to Wall Street Journal on May 8 2009, Wall Street Journal Mr. Friedman bought Goldman shares in December 2008 and January 2009, giving Mr. Friedman a $3 million paper gain in May 2009 after stock rally.


The Federal Reserve Bank of New York announced today that Stephen Friedman, chairman of the board of directors of the New York Fed, has informed William C. Dudley, president and chief executive officer of the New York Fed, and the Board of Governors of his decision to resign effective immediately. Consistent with the Federal Reserve Act, Denis M. Hughes, deputy chair of the board, will exercise the powers and duties of the chair.


“My colleagues and I appreciate Steve’s vital service to the Bank during this time of great economic stress,” said Mr. Hughes. “We value his contributions and I know the Bank’s leadership acknowledges his unique perspectives on the economy and his financial market expertise. We all join in thanking him for his service and leadership.” Mr. Hughes added, “This is a remarkable organization at the center of helping the nation through the most difficult economic period since the 1930s. I have watched as the people of the Fed managed the unprecedented financial storms with creativity, energy and integrity.”


Thomas C. Baxter, Jr., executive vice president and general counsel, said, “There is no doubt that 2008 was one of the most challenging years in the New York Fed’s history. We were fortunate to have Steve as our chairman during that time, especially in view of Mr. Geithner’s decision to accept President Obama’s nomination to become Secretary of the Treasury. When the President announced his decision to nominate now-Secretary Geithner on November 24, 2008, Steve immediately stepped into action and formed a search committee of the New York Fed’s board of directors. During the committee’s often intense deliberations over the next two months, I was privileged to observe closely Steve’s dedication, professionalism and work ethic. He was extraordinary. And, with respect to Steve’s purchases of Goldman shares in December of 2008 and January of 2009, which have been the object of some attention lately, it is my view that these purchases did not violate any Federal Reserve statute, rule or policy. I enjoyed working with Steve, and will miss his contributions in the boardroom.”


“I would like to thank Steve Friedman and his fellow directors on the New York Fed’s board for their service,” said Donald L. Kohn, vice chairman of the Board of Governors of the Federal Reserve System. “I particularly appreciate the very rigorous process Steve established to select the new president of the New York Fed.”

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Guest A Fixed Game

N M Rothschild & Sons (more commonly known simply as Rothschild) is the investment bank company of the Rothschild family. It was founded in the City of London in 1811 and is now a global firm with over 40 offices around the world. The firm acts as a financial adviser to some of the most important companies, largest governments, and wealthiest families in the world.


The Rothschild family do own and control the Federal Reserve by their control of a majority of the Fed district banks. It has been estimated by Austrian economists that the Rothschild family owns and/or controls wealth to the tune of between $100,000 and $500,000 TRILLION. It is established historical fact that the Rothschilds were billionaires in the mid-1800s - it was estimated even then that they controlled at least half of the world's wealth. You see, when you understand the fundamental point about how money is created (basically out of thin air by privately-owned Central Banks), you soon realize that they can create any amount they want, when they want, to buy anything and anyone they want.


Who controls the food supply controls the people; who controls energy can control whole continents; who controls money controls the world. - Henry Kissinger

Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of a pen they will create enough money to buy it back again. However, take away from them the power to create money, and all the great fortunes like mine will disappear, and they OUGHT to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money. - Sir Josiah Stamp, former Director of the Bank of England.


We are grateful to the Washington Post, the NY Times, Time Magazine, and other great publications whose directors have attended our meetings and respected their promises of discretion for almost 40 years. It would have been impossible for us to develop our plan for the world if we had been subjected to the lights of publicity during those years. But now the world is more sophisticated and prepared to march towards world government. The supra national sovereignty of an intellectual elite and world bankers is surely preferable to the national auto-determination practiced in past centuries. - David Rockefeller.
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Guest Fixed Up

Meet one of the Federal Reserve owners:


Baron David de Rothschild


Year of birth:



Current occupation:

De Beers Group Chairman - Rothschild


De Beers and the various companies within the De Beers Family of Companies engage in exploration for diamonds, diamond mining, diamond trading and industrial diamond manufacture.


Other directorships:

Compagnie Financière Martin Maurel, La Compagnie Financière Saint-Honoré, De Beers sa Board, Board of Casino, Euris SA, N M Rothschild & Sons Limited, Supervisory Board of Paris Orléans, Rothschild Bank AG, Zurich, Rothschild & Cie Banque, Rothschilds Continuation Holdings AG



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Guest Fixed Up

Meet David Rothschild's connection to the gold market.


Nicky Oppenheimer is Chairman of the De Beers Group and as such Chairman of De Beers sa, De Beers Consolidated Mines and De Beers Centenary AG. He is also a non-executive director of Anglo American plc.


He was educated at Harrow School and Christ Church, Oxford, where he read Politics, Philosophy and Economics.


He joined the Anglo American Corporation in 1968 as the Personal Assistant to the Chairman, and worked subsequently in the Gold and Diamond Divisions of the Corporation. He spent eighteen months in the London office of De Beers before returning to Johannesburg in 1975 to join the Gold Division.


He was appointed a director of Anglo American Corporation in 1974 and a director of De Beers in 1978. In 1981 he was appointed a member of the Executive Committee of the board of Anglo American Corporation and became Deputy Chairman in 1983. He subsequently resigned as Deputy Chairman in 2001 but remains a non-executive director of the Anglo American board.


In 1984 he was appointed Deputy Chairman of the then Central Selling Organisation (now Diamond Trading Company) in London and Deputy Chairman of De Beers Consolidated Mines in 1985. He was appointed Chairman of the Diamond Trading Company in 1985.


In 1990 he was appointed Deputy Chairman of the newly formed Swiss based company, De Beers Centenary AG. Nicky Oppenheimer became Chairman of the De Beers Group on 1 January 1998.


In 2003, a Doctorate in Technology, honoris causa was bestowed upon him by the Technikon Witwatersrand in South Africa. He is the first recipient of such an honorary doctorate by the Technikon to a person in the public and private sector.


In 2004 he received the Presidential Order of Honor from His Excellency the President of the Republic of Botswana, Mr. Festus Gontebanye Mogae.



Year of birth:




MA (Oxon)


Date of appointment to DBsa board:



Current occupation:

Chairman – De Beers Group of Companies


Other directorships:

DBCM Holdings (Pty) Limited (Chairman), Anglo American Corporation of South Africa Ltd, Anglo American plc, Centhold International Limited, DB Investments (Chairman), De Beers Consolidated Mines Ltd (Chairman), Debswana Diamond Co (Pty) Ltd, The Diamond Trading Co Ltd (UK), E Oppenheimer & Son Group Holdings Ltd (Joint Chair), Namdeb Diamond Corporation (Pty) Ltd (Chairman)



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Guest Fixed Up

Someone needs to see the Rothschild connection to this company.


Gold Fields Limited is one of the world’s largest unhedged producers of gold with attributable production of 3,64 million ounces per annum from eight operating mines in South Africa, Ghana and Australia. A ninth mine, Cerro Corona Gold/Copper mine in Peru, commenced production in August 2008 at an initial rate of approximately 375,000 gold equivalent ounces per annum. The company has total attributable ore reserves of 83 million ounces and mineral resources of 251 million ounces. Gold Fields is listed on JSE Limited (primary listing), the New York Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX), the New Euronext in Brussels (NYX) and Swiss Exchange (SWX).



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Guest Purplexed

USA, Nevada,

Crescent Valley, Eureka County

CMQ Resources Nevada Alliance





Country: United states

Phone: +1 (303) 796-8683

Regional manager: Nate Brewer

Region: North America

Fax: +1 (303) 796-8293

e-mail: nate.brewer@gfexpl.com




Gold Fields Exploration, Inc.

6400 S. Fiddlers Green Circle

Suite 1620

Englewood, C0 80111



Gold Fields Limited (Gold Fields) (NYSE, JSE, DIFX: GFI) today published its Resources and Reserves Statement, as at 30 June 2008.


Gold Fields CEO, Nick Holland said: “Gold Fields’ 83moz reserve base remains one of the strongest in the industry and provides Gold Fields with a robust base from which to pursue its aggressive growth strategy. Central to this growth strategy is the 251moz of resources which represents significant organic growth potential at each of our existing mines.”


Net of the 5.7moz of depletion over the last 18 months – the sale of the Choco 10 Gold Mine in Venezuela and the Essakane Project in Burkina Faso; and inclusive of copper and platinum as gold equivalent ounces:


* Gold Fields’ total attributable precious metal Resources have remained flat at 251moz from 252moz as at December 31 2006 (4% increase in resources after depletion)

* Gold Fields’ total attributable precious metal Reserves have decreased by 12% to 83moz from 94moz as at December 31 2006 (4% decrease in reserves after depletion)


The Reserves were calculated using approximate historical three-year average commodity prices as required by the United States Securities and Exchange Commission (SEC) guidelines (US$650/oz in Ghana and Peru, ZAR150,000/kg in South Africa, and A$750/oz in Australia). The copper price used for the reserve calculation is US$1.75/lb.


However, if the Reserves are calculated using gold prices which approximate the spot price of gold (around US$810/oz), Gold Fields’ Reserves are robust at approximately 91moz. At these prices, which are significantly higher than the SEC’s mandated three-year trading average, the leverage inherent in Gold Fields’ resource base is apparent.


The gold prices used to calculate Resources represent upside potential of US$ 23%, A$ 23% and ZAR 20% above the reserve prices which is more aligned with recent spot prices, and reflect the very significant upside potential in the Gold Fields ore bodies. The copper price used for the resource calculation is US$2.10/lb which reflects the same 20% delta between the gold resource and reserve prices.


Resources are reported inclusive of Reserves, geotechnical support and stability pillars.


The Group’s Resource and Reserve statement has been reviewed by the Gold Fields Board and has been audited and approved by leading independent global mining consultancies. The statement is SAMREC and Industry Guide 7 (SEC) compliant and the process followed in producing the declaration is in alignment with the guiding principles of the Sarbanes-Oxley Code (SOX). Industry specific statutory codes (SAMREC Code, NI 43-101, JORC, etc.) are not superseded by the SOX directives, and consequently the Gold Fields Competent Persons Reports integrate the requirements of the various reporting codes and present compliant documentation for public reporting.


The pillar and remnant mining review commissioned in April 2008 as part of Gold Fields’ commitment to safety has now been completed. As a result of the review, 600,000oz of reserves in pillar and remnant areas at Driefontein have been removed, constituting 3% of the total reserves over the life of that mine. At Kloof, 5% of the total reserves over the life of the mine have been removed, amounting to 500,000oz.


Inclusive of the pillar mining impact, production at Driefontein is projected to be 6,400kg during Q1F2009, stabilising at 6,800kg during Q2F2009 and beyond. Production at Kloof is projected to be 3,900kg during Q1 and Q2F2009, stabilising at approximately 6,000kg in Q3F2009 and beyond. This is line with previous guidance provided on 1 August 2008.

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I get what you are discussing here. I now see clearly that those that control the money markets also control the commodity markets. It is all fixed.


We can only hope that King Rothschild will be merciful to his world subjects.


The money powers prey on the nation in times of peace and conspire against it in times of adversity. The banking powers are more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. They denounce as public enemies all who question their methods or throw light upon their crimes.


I have two great enemies, the Southern Army in front of me, and the bankers in the rear. Of the two, the one at my rear is my greatest foe. As a most undesirable consequence of the war, corporations have been enthroned, and an era of corruption in high places will follow. The money power will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed. - Abraham Lincoln

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Guest NullClothing

"Zeitgeist - The Movie" is a three part film. The film, unedited, is two hours long. The video you are currently watching is part three of three of the film; "The Federal Reserve".


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On July 9, with reference to proposals for an audit of the Fed, Prof. James Galbraith gave testimony, in which he went through the history of some of the constitutional questions involved. And he pointed out that the constitutionality of the Fed was actually challenged by the chairman of the House Financial Services Committee in the 1970s, Congressman Henry Reuss [D-Wisc.].


The issue that Reuss posed back then, was whether the voting status of the Federal Reserve bank presidents on the Federal Open Market Committee, violated the appointment clause of the Constitution....


Nevertheless, it was Professor Galbraith's opinion, that Reuss was right on the merits, that the FOMC is a constitutional anomaly, whose voting members are not duly constituted officers of the U.S., as the Constitution requires.


Now, during the past year, this same Fed has flooded the streets of America with money, distributing trillions of dollars to banks, financial markets, and commercial interests, all supposedly in an attempt to revive the credit system and get the economy going. As a result, the awesome authority that this strange institution has, has suddenly become visible to many ordinary Americans, for the very first time.


People, and in some cases even politicians, are shocked, confused, and angered by what they see. And they're starting to ask some questions, for which they're not getting satisfactory answers. Like: Where did the Fed get all the money it's handing out? Answer: Basically, they printed it, out of thin air.


Question: Who told the Fed governors they could to this? Answer: Nobody. Not Congress or the President. The Fed alone, among government agencies, does not submit its budget to Congress for authorization and appropriation. It raises its own money, and sets its own priorities.


Going through this, we concluded that this might be a good time to dismantle the Fed....

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Guest Lyndon LaRouche

First of all, I think we're going to have to recognize that the Federal Reserve System is, by any appropriate approach, bankrupt. It is a private corporation, which was created, unfortunately, by the U.S. government, in a certain manner of speaking, under Woodrow Wilson. It is bankrupt. Who is going to pay those debts? All this money issued, is a debt. All this utterance is a debt. Who is supposed to pay? Who contracted to pay that debt?


I know that the Federal Reserve system is bankrupt. It covers up for its bankruptcy by printing money. This reminds me of Germany in 1923, doesn't it? Therefore, look, the point is, the United States has to have the guts to declare the Federal Reserve System bankrupt. That's the way to get at it. It is bankrupt, and let it prove that it has assets, to cover this utterance. If not, we put it into bankruptcy.


What we do is, we simply get rid of it by bankruptcy. Just take it off the books. It's bankrupt; it took itself off the books, by going bankrupt. Easiest way of skinning that cat.


Now, then what we're going to have to do is, we're going to have to develop the Third National Bank of the United States. And what we will do with that, is essentially assigned to the Treasury, but it's not an extension of the Treasury otherwise. It has a relationship to the Treasury, by being authorized, but a Third National Bank, exactly as Hamilton prescribed for the first National Bank. And we will take a little carefully guarded barbed-wire, etc., thing, down in the basement of the Third National Bank, and inside will be the remains the Federal Reserve System. Held in captivity for purposes of audit only.


And that's the way to get rid of it. Because we have to manage, you see, we have to manage the relationship which the Federal Reserve System has established with the chartered banks of the states, and the national banks. We have to rescue those.


Now, we're going to do that, how? By a Glass-Steagall kind of clean-up act, of all these banks. We're going to have to create credit to keep these banks, many of which are bankrupt, but are essential to communities, functioning. We're going to have to use these banks, saving them, as a way of generating the distribution of credit, to maintain an economic recovery.


Now, we have then this private-public relationship, and how do we deal with that? Also with international accounts. We deal with that through a National Bank. So we use the National Bank as a facility to promote things.


What we also need are projects conceived in the form of the Tennessee Valley Authority. Now, that's an ideal thing, because it had a primary purpose, but it also had a lot of other things that went with it, to fulfill its primary purpose. So, what we need is a national transportation development, under some name, which essentially takes care of this railroad-maglev system, and takes care, as the Tennessee Valley Authority did, of all the things that are auxiliary to that system.


For example, I had conceptions back in my old consulting days, back in the 1950s, on the reorganization of the Pennsylvania and New York Central Railroads-they were going to be merged in a crazy way, and I got all heated up over that thing, and wanted to merge them in a way which would take part of the old B&O system, and the whole area in Jersey, and realize we have a problem of getting transportation from the New York area, to Chicago, overnight. And the problem was, the train could do it much more effectively and cheaply, but you had to sort the thing out. The classification management problem was great.


So, I wanted to pick up the auxiliary services to make sure-because we could organize efficiently, through warehousing and other devices in, say, the northern Jersey area, which was a pivot then.


Remember, New York City's problem was the fact that it was deindustrialized. New York City died because it did not have the revenues to carry itself, in its operation, because it was deindustrialized. So, if we reindustrialize the area-and we don't have to have smoke all over the place, we don't have to have filth all over the place, we can use now new, modern technology, like nuclear technology-and we can take the New York area and keep the people who are industrially skilled in that, industries in that, instead of having just plain poor people, working through garbage barrels; we have something that functions.


Well, we need a transportation system which will assist that. And we have to recognize the reason that you couldn't get to Chicago, from New York, was because of this handling problem. So, if you dealt with that problem, you could then easily get from Chicago to New York, and New York to Chicago, more cheaply by rail, improved rail, than you could by truck. The truck thing was a menace. And a long-haul truck is a waste of time. You drive people more and more cheaply, they die at the wheel, or whatever-it's crazy, the trucking system. It's insane!


We need a national transportation system, which is oriented to an agro-industrial mission. We need to get a situation nationally, so that we don't have super-industries.


Look, in this area, for example, people commute into the Washington area for two hours, two hours and a half, each way, under [impossible] traffic conditions. This is insane! Because we concentrated employment in such a way, as to create this condition. Under normal conditions in the United States, in the 20th Century, your commuting time to and from work was about 15 minutes, at most, half an hour. We now have two hours, two and a half hours, in this area, and similar things in other areas.


The effect of that on family life, is monstrous, particularly when you have two members, adult members of the household, maintaining a family with children-what the hell is the result of having a two and a half hours transport each way, every day? Are you human?


We destroyed the entire development of the western United States. We concentrated everything in a few areas. We congested them with automobile traffic, instead of efficient mass transportation systems. We should have decentralized. We shouldn't have built such big, giant, oversized corporations; we should have built smaller units, distributed in various parts of the country, in the rational way we used to approach this.


So, we need a national development program, which is based on this function of transportation, which means also building the water system, the NAWAPA [North American Water and Power Alliance] water system, and other things, because we have a real problem with water supplies in the western states. We're going to have a food supply problem. We're destroying agriculture. We're destroying the industrial-agricultural relationship, with globalization, and other kinds of insanity.


So, what we need for this period, is national mission orientations, of the type that Roosevelt used, and Henry Wallace used. We know, those kind of approaches, to take the infrastructure development of the nation, thinking of it as a living economy, and thinking about it as a place where people live, and work, and have homes, and have schools, and have medical facilities. And think of that, and say, we need a national transportation reorganization plan, for the United States.


We have a vast territory, relatively speaking, and we should just go back and develop it. And the way to start with your transportation grid, knowing where you're going, and the transportation grid is coupled with your water problem, the water-management problem, both for traffic and for water management. And building up the aquifers in areas where they're being destroyed. And taking advantage of that. Forestation, instead of greening. A tree is worth much more than grass! Up to 10% of the solar radiation used by a tree is incorporated in the tree. The grass? One or two percent. So you want to have more trees. You want to have a reforestation program for areas. You want a development territory. All of this comes under the question of transportation. And we need probably a national transportation project, like a national space program, or an international space program. And these kinds of programs will drive us, as long as we have a future orientation, in the direction we want to go in.


We have to think about two generations from now. You young guys: What are your grandchildren going to look like? What kind of life are they going to have? Who's going to get to Mars first? Who's going to be able to get back?

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