The Sovereign Society, Friday, June 26, 2009
One Underdog’s Bid to Stop the World’s Most Active Central Bank and Put America Back on the Path…
As far as finance and business goes, at least one rule generally holds true…
And this rule makes your job as an investor, entrepreneur or analyst ten times easier. The rule? If you can’t explain a particular investment or innovation to an eleven-year-old, then something shady is going on.
Credit Default Swaps, Securitization, GSEs, CDOs…all of these things were considered “financial wizardry” back in the bubble days. Now they’ve been exposed as little more than Wall Street’s version of three-card Monte.
But the card sharks behind these scams – not the individual investment banks on the frontline, but the huckster who put his seal of approval on these street side swindlings…the guy whose rate-setting mandates created the environment for these bubble shenanigans…that yahoo is still at large, and no one in the government really seems to care.
No one; that is, except for a rogue Texan. A man who won’t settle for anything less than the America he was promised in the constitution…
The Doctor is In
Most of us grew familiar with Ron Paul in late 2007 and early ’08. He campaigned on a platform of smaller government; specifically by means of eradicating the Fed and the Internal Revenue Service…a platform that turned out to be just a few months early.
But our Resident Offshore Expert – Former Congressman Bob Bauman – knew Ron from their days together in the House. As you might expect, Bob says the soft-spoken doctor is a kind man…one who definitely “talks the talk” in addition to walking the walk.
And beyond that, Ron’s surely no average politician.
No, he actually serves a practical purpose within his community…imagine that. He’s a doctor. An obstetrician, which has proven to be a bit of a roadblock for his less useful competition…
“I had real difficulty down in Brazoria County, where he practiced, because he'd delivered half the babies in the county. There were only two obstetricians in the county, and the other one was his partner.”
That was a competitor – Gammage – talking about one of Paul’s first campaigns that came in the wake of the Watergate scandal. It should’ve been a pushover for the Democrats. In hindsight, Gammage realized that he underestimated the grass roots pull that Ron Paul had amongst his constituents.
Since then, Ron’s been an established fringe voice in Congress. His message, steeped in fiscal common sense and Austrian school economics, has grown more popular over the years, culminating in his run at the 2008 primaries.
But Ron was still too much of a dark horse.
And the Republican Party couldn’t decide whether they wanted the guy from New York that cheated on his wife…or the guy from Arizona that got engaged to his current wife while married to his previous wife. Decisions, decisions.
Either way, the mainstream just wasn’t intelligent enough to understand and appreciate Paul’s message. But as always, he stayed the course; picking his own personal war with the Federal Reserve while trillions in bailouts flowed forth.
Audit The Fed!
His bill started as something of a flash in the pan.
Building off the momentum of his national campaign, Ron introduced HR 1207, a bill to audit the Federal Reserve. (Check out the video to the right for details)
At first, most people took this as another PR stunt from the dark horse of the Republican party. After all, if Bloomberg was already being stonewalled on their suit to find out where those $2 trillion in mysterious loans went…how could someone like Ron Paul actually bring down the curtain of secrecy? Most blew it off as an impossible feat.
But – being the man he is – Ron didn’t give up…
He schlepped the bill around Capitol Hill…and as concern grew over the Fed’s wildly inflationary money-printing policies, he started finding more and more supporters.
After several months of campaigning, of viral videos and Internet blog posts, the once dismissed “cooky doc from Texas” has become a force to be reckoned with.
His “Audit the Fed” bill now has over 240 co-sponsors, or roughly 55% of the House of Representatives, and its steadily gathering positive momentum in the press.
Now granted, he needs a lot more votes to push the bill through with a filibuster-proof majority. And the senate is – quite literally – a whole different barrel of monkeys.
But CNBC’s pundits covered the subject yesterday, and the general consensus was that Bernanke would have to at least “make a deal” with Dr. Paul on oversight of the Fed. I smiled at hearing that; knowing that the doctor drives a hard bargain, and he won’t compromise his ideals for a few sessions of Bernanke-blathering.
Neither Federal Nor a Reserve
As for the Fed passing the special test above, their website claims that the Federal Reserve is an, “independent entity within the government, having both public purposes and private aspects.” Try explaining that to an eleven-year-old.
But you don’t even need that special test to know the Federal Reserve is a shady institution…
These guys have loaned out trillions of government (as in yours and my) money to a host of undisclosed recipients. They bullied Bank of America into buying up Merrill Lynch – with Treasury Secretary Hank Paulson using such colorful language as “the turd in the punchbowl,” to describe BofA’s hesitation on closing the deal.
And that’s just the start of it.
From an Inspector General that attests to knowing nothing about nothing to a host of special initiatives that propped up bubble-era compensation levels, it’s become abundantly clear that “gangster capitalism” rules the U.S. And the beating heart of the U.S.’s gangster capitalism is none other than the Federal Reserve.
But nobody cares. The herd is complacent. Why? Decades of fattening. A lifetime of bubbles and trillions in promises of future payouts have lead most right-minded Americans to count their eggs before they’re hatched. Which is a shame, because when the day of reckoning comes, complacence will be punished as guilt.
Good luck Ron.
Hit this website to get your representative’s contact information, and join the fight to restore the American government to its rightful size and power.
Yours in Personal Sovereignty,
Matthew Collins, A-Letter Editor
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