Exclusive Interview: Congressman Alan Grayson Talks Fed Transparency

[poncho]

In May, a cool and collected Congressman Alan Grayson questioned the Federal Reserve Inspector General about the trillions of dollars lent and spent by the Federal Reserve. Inspector General Elizabeth Coleman said she had no idea where the money went. Two months later, Congressman Grayson asked Federal Reserve Chairman Ben Bernanke the same questions.

Here is the exact exchange:

Grayson: “So who got the money?”

Bernanke: “Financial institutions in Europe and other countries.”

Grayson: “Which ones?”

Bernanke: “I don’t know.”

Grayson: “Half a trillion dollars and you don’t know who got the money?”

As you can see, like Congressman Ron Paul, Congressman Grayson is one of the rare voices asking the most important questions on behalf of the US Taxpayers. Most importantly, Congressman Grayson understands the Fed’s secretive transfer of wealth from taxpayers to private interests as “The story of the millennium.”

If this sounds like the stuff of conspiracies, simply look at any chart of the US dollar and you can see it has lost over 95% of it’s value since the Federal Reserve was created in 1913.

<snip>

Just a few weeks ago, while Chairman Bernanke was testifying to Congress, we examined the Fed balance sheet and P&L statement only to find what looked like the Fed handing over half a trillion dollars to foreigners. This was very surprising! When I asked Chairman Bernanke if this was true, he said, “Yes.” When I asked him who got the money, he said, “Fourteen foreign Central Banks.” And when I asked to who did they give the money, he said, “I don’t know.” “I don’t know” is not good enough when you’re talking about $500 billion. That’s $1700 for every man, woman, and child in this country

<snip>

Congressman Grayson: They are performing a truly remarkable, surreptitious transfer of wealth from public to private hands. They are taking their ability to print money and shore up failed banks. They are simply stuffing money into the pockets of private interests.​

In the case of the half a trillion dollars, they stuffed the money into foreign private pockets.

In the case of another $230 billion, it has been tracked as a secret bailout to Citicorp in the US. The fact is the Federal Reserve continuously puts all of us on the hook for decisions they make to play favorites with private interests to the tune of trillions of dollars

SOURCE

 

[Revmitchell]

Grayson is a hardcore liberal do not let this fool you

 

[Twizzler]

The book, THE CREATURE FROM JEKYLL ISLAND by G. Edward Griffin will absolutely give you nightmares about the Federal Reserve and US Economics. The American people are willingly letting this happen because of crumbs that these players sweep off of their table to us. The only problem is that we are selling the souls of our children's children to partake of these crumbs. Liberal education coupled with the Federal Reserve and big government is taking us exactly where the socialists want us to go.

Remember! Socialism does make use of capitalism and it's funny to watch how things play out, especially with disbursements by the Gov't, socialism asserts that the distribution should take place according to the amount of individuals' production efforts, while communism asserts that distribution among the population should be according to needs.

So... which are we heading towards? A solid free-market society (capitalism), socialism or communism?

I'd argue that it's VERY hard to argue that we're heading towards a free-market with the Fed and big gov't growing the way it is. It's just that NOW the power's that be are PATIENT rather than trying to force everyone into communism by strong-arming them.

EVERY fiat currency in history... has FAILED! Why should ours be any different?

 

[billwald]

>EVERY fiat currency in history... has FAILED

Every currency in history has failed. The British Pound has lasted longer than most.

 

[Twizzler]

>EVERY fiat currency in history... has FAILED

Every currency in history has failed. The British Pound has lasted longer than most.

Wrong, wrong, wrong, wrong! My point still stands... every FIAT currency in history has FAILED... not every currency. Gold and Silver coins from civilizations long gone are STILL of value even though the people who made them are gone.

The pound, like all other fiat currency is DOOMED to failure. There is just no way any kind of fiat currency can last forever.

Look at this article from 2008... http://www.guardian.co.uk/politics/2008/dec/10/bank-of-england-deflation Doesn't that scare you nearly to death?

Wow.

 

[poncho]

Grayson is a hardcore liberal do not let this fool you

He doesn't fool me anymore than those fake conservative republicans who've just lately jumped on the audit the Fed bandwagon because it costs them nothing now.

"At the beginning of a great national change, the patriot is a scarce man: scorned, ridiculed and forgotten. When his cause succeeds, however, all men will join him, for then it costs nothing to be a patriot." Mark Twain

 

[Twizzler]

He doesn't fool me anymore than those fake conservative republicans who've just lately jumped on the audit the Fed bandwagon because it costs them nothing now.

"At the beginning of a great national change, the patriot is a scarce man: scorned, ridiculed and forgotten. When his cause succeeds, however, all men will join him, for then it costs nothing to be a patriot." Mark Twain

The difference between being a patriot and a traitor is merely dates.

 

[alatide]

Wrong, wrong, wrong, wrong! My point still stands... every FIAT currency in history has FAILED... not every currency. Gold and Silver coins from civilizations long gone are STILL of value even though the people who made them are gone.

The pound, like all other fiat currency is DOOMED to failure. There is just no way any kind of fiat currency can last forever.

Look at this article from 2008... http://www.guardian.co.uk/politics/2008/dec/10/bank-of-england-deflation Doesn't that scare you nearly to death?

Wow.

We've had problems ever since Nixon took us off the gold standard in 1971 and brought down the Bretton Woods agreement.
----------------------------------------------------------

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states.

Preparing to rebuild the international economic system as World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference. The delegates deliberated upon and signed the Bretton Woods Agreements during the first three weeks of July 1944.

Setting up a system of rules, institutions, and procedures to regulate the international monetary system, the planners at Bretton Woods established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement.

The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold and the ability of the IMF to bridge temporary imbalances of payments. In the face of increasing financial strain, the system collapsed in 1971, after the United States unilaterally terminated convertibility of the dollars to gold. This action caused considerable financial stress in the world economy and created the unique situation whereby the United States dollar became the "reserve currency" for the states which had signed the agreement.

 

[Twizzler]

We've had problems ever since Nixon took us off the gold standard in 1971 and brought down the Bretton Woods agreement.
----------------------------------------------------------

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states.

Preparing to rebuild the international economic system as World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference. The delegates deliberated upon and signed the Bretton Woods Agreements during the first three weeks of July 1944.

Setting up a system of rules, institutions, and procedures to regulate the international monetary system, the planners at Bretton Woods established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group. These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement.

The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold and the ability of the IMF to bridge temporary imbalances of payments. In the face of increasing financial strain, the system collapsed in 1971, after the United States unilaterally terminated convertibility of the dollars to gold. This action caused considerable financial stress in the world economy and created the unique situation whereby the United States dollar became the "reserve currency" for the states which had signed the agreement.

Blatant plagarism, please cite your sources when you copy/paste. http://en.wikipedia.org/wiki/Bretton_Woods_system

Your editorial about having problems since 1971 is possibly one of the only things you've said on this board that I partially agree with, Alatide. I do agree that taking us off of the gold-standard was horribly wrong, but it was either do that or let the current fiat system become horribly mired in mud because of lack of gold. It goes back MUCH farther than 1971... 58 years to be exact... to 1913, when the World Bank and Federal Reserve was conceived. Now -there's- an abortion I would have fully supported!

Nixon was forced to choose between the lesser of two evils and he chose, what at the time seemed like the lesser for HIS generation, not ours. They should have just bit the bullet back in 1971 rather than putting off the problem to the next generations.

 

[poncho]

The difference between being a patriot and a traitor is merely dates.

At this date and time, a patriot loves his country, it's people and it's constitution. A traitor loves supranational government and it's self appointed beaurocratic elites.