Just as the GAO has no authority to audit a private corporation, I don’t see where it would have any authority to audit the Federal Reserve system.

From my understanding of things, Federal Reserve notes are, for all practical purposes, private currency, that is, bankers currency. Federal Reserve notes are only national in name: 31 U.S.C. § 5103, 12 U.S.C. § 411.

The only national currency left is coinage (trivial monetary amount) and US Notes, but US Notes are no longer being printed and there’s very few, if any, left in circulation.

Look up the 1878 Greenback Law. It was repealed in the 1990s.

Those making the decisions refuse to answer. Those providing oversight know nothing.

We should commend Grayson for trying to build bipartisan, Democratic support for this bill. We need more people in Congress like him.

Yes, Ron Paul created the bill. That is not what is important. The only way to get this bill to pass is if Democrats start supporting it.

Transparency was an important part of the Democratic platform. HR 1207 is an incredible opportunity for congressmen — whether Republican or Democrat — to make good on that pledge. People should do more to help their rep. realize this.

From Art. I Sec. 7 of the US Constitution:

“All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills”

and from Art. I Sec. 8:

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States…

To borrow money on the credit of the United States…

To coin Money, regulate the Value thereof, and of foreign Coin…”

It is not only undemocratic but unconstitutional as well. Indeed looking at what the Constitution says about money, you can see why it has been argued that the whole concept of a Fed is unconstitutional.

Nevertheless, the current Fed policies seem particularly egregious violations since they so blatantly do an end run around the Congress’ power of the purse.

have experienced that kind of ‘blank slate’ naiveté at such a ‘green shoot’ age. That

first-hand experience at naiveté has really helped me to anticipate why so many folks today

willingly consume the ‘green shoot’ fertilizer shoveled out by Timmie & Bennie, as well as

by the TV talking necks. cool site: http://kl.am/jP7

First, Audit the Fed. It helps to have it get through first.

Second, when it is completely clear that the Fed is a cancer and should be excised, we end it.

On a more serious note, if we really wanted an independent “bank”, we would create rules paralleling that of the judiciary (which doesn’t always act properly, but is removed from the common pressures).

The problem with most if not all of these things is that we require angels, or the closest humans can come to angels to run them. And instead of trying to find and conscript a Mother Theresa, we leave it up to a democratic election, which properly reflects and represents the corruption of the people.

I have heard that some are having problems with executing the petition at the site given. Be advised that you can go to http://www.campaignforliberty.com/, which is Ron Paul’s PAC site, and sign the petition there also.

Skippy…I’ve just elbowed a few thousand people via my Internet community affiliations…put the kettle on and get stuck into it, this is a real opportunity to act and not blather on about it.