Filipinos Must Support An Audit Of The Federal Reserve
Posted by Dan on November 8, 2009 in Constitution, End The Fed, Filipinos, Globalization, Monetary Policy, Obama
The economic crisis has brought into the public vernacular a host of new terms and clichés: central liquidity swaps, bailouts, recovery plan, spend out of debt, stimulus package, too big to fail, and more. Reading most local newspapers and attending various Hawaii conferences on the economy, one would be led to believe that somehow, our economy will go back to normal and unemployment will fall. In February 2009, the White House projected that 15,000 new jobs would be created in Hawaii and some 3.4 million jobs would be created for the United States as a result of the lauded stimulus package which spent billions on big government projects across the nation. Much to our surprise, Hawaii has lost an estimated 17,000 jobs this year alone, and some 2.7 million jobs have been lost across the United States. The stimulus package is not working. But why?
I would encourage fellow Hawaii Filipinos to direct their attention to the U.S. Federal Reserve. Over the last thirteen years, the Fed doubled cash currency and reserves. On the other hand, immediately after the collapse of Lehman Brothers, in the span of just 112 days, the Fed doubled the reserves yet again, accelerating the rate of bank reserve expansion by a factor of 45 to 1. The dollar, in short, is rapidly being devalued by the Fed’s monetary policy.
A devalued dollar means terrible problems for Filipinos. Not only does this destroy our purchasing and investing power, but the fall of the dollar is being anxiously sought by the United Nations and the International Monetary Fund as a pretext for creating a central world bank and a new universal reserve currency based on IMF SDRs, or Special Drawing Rights. When the new reserve currency and central world bank is created, someone who has $100,000 dollars in the bank could be no better off than someone who has $10 in the bank as the nations of the world dump the dollar in favor of the new currency. Forget the Great Depression; when the dollar falls, we will be in the Greatest Depression. This is completely unacceptable.
Many Filipinos came to America because they sought the freedom that earning wages in dollars would bring. But now, the Fed’s policies are bringing to no effect what we have come here for. We must not allow this to happen. I encourage Filipinos to demand an audit of the Federal Reserve that we may hit the brakes on the total annihilation of our economy. There is nothing “Federal” about the Federal Reserve – it is a public-private partnership between private banks and the U.S. Government, and at present, the Federal Reserve Act of 1913 has created a regime where even the Central Intelligence Agency has more transparency on what it does with taxpayer money than what the Fed does with the dollar. In truth, the Fed serves to provide 100% profit for the investments of its incorporated private banks and no loss whatsoever, because any losses are simply absorbed by you and me, the taxpayers – as proven by the bailouts which followed the derivatives crisis. Not once in its entire history has the Fed ever been audited, nor have its actions ever been brought to public review. This is a travesty and it is the greatest threat to our freedom that we face.
Filipino freedom is tied to finances. Without control of our finances, we have no freedom, no matter who is in office, no matter what party rules, no matter what race populates the positions of leadership. Until we audit the Fed and take back monetary power from the Fed, we will be on a collision course for a future where the division between have and have nots is extreme and our hard work is rewarded with tyranny and tears. Jose Rizal said, “There can be no tyranny where there are no slaves.” Filipinos, arise!
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This article originally appeared in the Nov. 7th edition of the Hawaii Filipino Chronicle.
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