Saturday June 20, 2009, 2:31 pm

June 20, 2009
 
Dear Friend of Liberty,
 
This week, the Obama administration unveiled another scheme to give more power to an already out of control Federal Reserve under the guise of regulatory "reform." (The 85 page "plan" can be read in its entirety here.)
 
This Fed power grab will do nothing to help our economy or enable us to take control back from banksters and Wall Street insiders.  Instead, their proposal will address our economic crisis by creating more rules, regulations, and government agencies.  And of course, the plan is to spend more money we don't have to implement this bureaucratic nightmare.
 
The Federal Reserve, currently taking hits from all sides, receives a substantial increase in powers from this proposal.  Yes, you read that right.  In the midst of the unprecedented squandering of TRILLIONS of taxpayer dollars, the Fed is going to get MORE power, unless you and I stop this scheme.
 
According to The Wall Street Journal:
 

The proposal, if passed into law, would represent one of the biggest changes ever in the Fed's role. The central bank would win power to monitor risks across the financial system, and sweeping authority to examine any firm that could threaten financial stability, even if the Fed wouldn't normally supervise the institution. The nation's biggest and most interconnected firms would be subject to heightened oversight by the central bank....

 
Read the rest (which also has an Audit the Fed mention) here.
 
In another WSJ article, we find that:
 

The Fed emerges from the plan with the power to oversee from top to bottom almost any financial company in the country, including the firms' foreign affiliates....

 
So any financial firm, even if it doesn't actually own an insured depository institution, would be subject to regulation by the Federal Reserve.
 
The same institution that fueled the housing bubble and made our current economic crisis possible is now the one who gets to decide who poses a risk to the economy!
 
The idea that the Fed's power would be increased right now is absurd.
 
Thanks to the efforts of Ron Paul and Campaign for Liberty supporters, well over half of the House of Representatives is now on record supporting a thorough audit of the Federal Reserve.
 
So why would Congress even consider granting the Fed new powers?
 
As you may have seen, recorded testimony from the Fed's Inspector General shows she has NO IDEA how our money is being spent there and NO IDEA what is really going on -- or at least won't say.
 
And the central bank is under so much fire that it has to hire a lobbyist to defend itself on Capitol Hill.
 
You might assume that the Fed would be in retreat. Or at least that the Obama administration wouldn't even THINK about granting them new powers right now.
 
Think again.  Politics trumps logic once more.
 
Despite all the promises of "change" that were so easy to make during the primary season, the Obama administration is practicing business as usual.
 
Like previous administrations, its ideas involve centralizing power among a few under the guise of "streamlining" the process. Instead of achieving accountability, this plan will further empower the Fed and their allies on Wall Street and in international banks.
 
It all goes to show that our work to Audit the Fed is only beginning.
 
While the support we have so far achieved is historic, you and I are taking on more than just our nation's central bank.
 
We are challenging a long-held, firmly entrenched mindset that begins and ends any conversation by asking how the federal government can increase its power.
 
So today, let's do two things:
 
1. Urge your Congressman and Senators to support H.R. 1207/S. 604, Ron Paul's Audit the Fed bill, to pull back the curtain and expose the out of control Fed once and for all.   If your Congressman or Senator is already a cosponsor, urge him or her to do everything in their power to ensure this vital bill comes to a vote in the near future.
 
2.  Insist your Congressman and Senators resist granting any new power to the Fed by rejecting the Obama administration's new financial regulatory scheme.
 
Thank you for all your work on behalf of the cause of freedom. In the face of growing threats to everything our movement stands for, your support enables Campaign for Liberty to champion the principles that made this nation great.
 
 
In Liberty,

John F. Tate
 
President
 
P.S.  Your action today is vital to both the continued momentum on passing Ron Paul's Audit the Fed bill, AND to fight back against a new scheme from the Obama administration released this week to grant MORE power to the Fed.
 
Please act quickly, and contact Congress today! Visit our States page and click on your state to get contact information for your Congressman and Senators!
 

Saturday June 20, 2009, 3:04 pm
See this http://thehill.com/images/stories/news/2009/june/white%20paper.pdf

Saturday June 20, 2009, 3:11 pm
Hello C they fixed the glitch in the phonelines so I am internet on again 4 a bit-this is very important this awareness thanx hon 4 what U do noted and signed my name to the mail that went to my Congress person only to dicover that he is already on board- I was surprised since he and I rarely agree KUDOS Sister

Saturday June 20, 2009, 3:22 pm
Read thoroughly and noted. :)

Saturday June 20, 2009, 3:24 pm
yes read and noted

Saturday June 20, 2009, 3:25 pm

Thanks to all . . .

(and always good to have your support for liberty)

Saturday June 20, 2009, 3:38 pm
The more our government tries to fix things, the worse they make it. Not surprising, but what a disappointment. Thanks for the heads up, C!

Saturday June 20, 2009, 3:54 pm
Noted, and thanx. Can't take action as a Canadian even though US financial matters impact us.......well you get the drift. I just hope good judgment will guide their decision on this one.

Saturday June 20, 2009, 4:31 pm
Very noted and thank you Carole.

Saturday June 20, 2009, 4:59 pm
Noted Carole, thanks.

Saturday June 20, 2009, 6:14 pm
The first and only rule for money is diversification. This is insane.

Saturday June 20, 2009, 6:18 pm
Mine wasn't but he knows about it now. The heck with this crap!!! Enough already dictatorship is very close indeed. And this does not surprise me at all.

Saturday June 20, 2009, 6:57 pm
Carole, if you had any thoughts that Obama was going to make positive changes, you can forget it. This really proves that he is just a puppet for "deep government". Unfortunately, trying to believe otherwise is futile. Where will this end? This gives deep government in other countries even more confidence to advance further down that deep slippery slope. It never ceases to amaze me, how a private , unelected banking company can be allowed to have absolute financial power over "the" country, that is the champion of democracy.....and it is getting MUCH worse ever day.Your perception of democracy is only that, a "perception, it is not a fact in reality when you look at this closely.....one signature from a puppet President, and your rights cease to exist at all....battle hardened troops ready to assist law enforcement agencies with TROUBLEMAKERS!!!?? In other words citizens wanting to act as if they have God given rights and freedoms in a free world.

Saturday June 20, 2009, 6:57 pm
NOTED. THanks C! We signed the petition a few weeks ago. Anyone who has NOT seen The Obama Deception, MUST get it, see it and pass it on. It says it all!!! I've been a lifelong democrat who is no longer proud of it.......

According to this video: http://www.youtube.com/watch?v=kqPg-mc1CIQ&feature=related the Fed will be completely gone soon? I don't know that it's true, but I know Benjamin Fulford and Leo Zagami have been activists and speaking out for a long time..............Since this video is actually them speaking, it can't be said it's just a rumor that's been started..........

Saturday June 20, 2009, 7:12 pm

Ken, I appreciate your astuteness. Yes, Obama is just another puppet -- but, I take no pleasure in seeing the brief bubble of hope some had being popped. I would have gladly admitted I was wrong if "change" had really come.

But, for the record, I was not one of those naively believing that Obama was the "new Messiah." (In fact, I am one of the hosts of the group "NO in November.")

Be that as it may, we must all face reality.

Saturday June 20, 2009, 8:28 pm
Just another "business" that BHO and crew want to micromanage. They think they can just bully their way into anything they wish....I am encouraged to see Americans waking up to what it happening. BHO did indeed talk a good talk and many people believed him....like with most politicians. Thank you, Carole, for posting this article !!

Sunday June 21, 2009, 6:34 am
Noted!
Luv it!
Thank you!

Sunday June 21, 2009, 8:02 am
Thanks for posting this Carole! Sadly noted. It's unfortunate that not enough Americans are waking up to the fact that Obama is just like all the other politicans who went before him...only looking out for himself, his own family and wanting to get his own agenda passed and the hell with the American public and what they want.

Sunday June 21, 2009, 11:27 am
Obviously, he has learned from JFK's efforts at making TRUE change in the corrupt system that an 'revolution'' eventually devolves into..

Sadly....

Sunday June 21, 2009, 6:26 pm
Carole thanks for this report.

Financial systems neither know nor care if the laws to which they are subjected are made by Republicans, Democrats, etc. All they need to know is what those laws are, plus how likely those laws are to be enforced.

One of the marvellous features of American society is its ability to innovate; its financial system exemplifies that feature par excellence.

Most laws are a bit behind the times, and do not always include provisions necessary to legislate/regulate for such innovations.

Recently the international financial system has been disrupted by the malfunction of an innovation called the sub-prime mortgage and its associated securities which spread all over our planet.

Some results of that malfunction have been:-

Of the planet's top 20 safest banks, not one is from the USA;

Some of the planet's worst bankrupties;

Severe reductions in credit availability to customers who both need and can afford it;

A loss of confidence all round about many nations' pactical safety.

As a result many nations have made temporary laws to cope with the crisis,
and are in the process of making more far reaching laws for the future. Obama's regulatory plan is one such example.

If that plan is regarded as some kind of political deal it will have less chance of promoting appropriate ground rules for the the country's financial future which are so necessary.

I believe that this package is a step in the right direction. While I agree that the USA has many laws on many things, including finance, these financial laws were not strong enough or not enorced strongly enough to prevent the current crisis.

Unless and until there are more laws with teeth that expidite necessary trust busting, and appropriate capital adequacy ratios, those laws which are passed may not get the job done. That is important because the international financial system cannot cope with another such disaster in the short term, so let us see this financial package debated on its financial, not its political merits.

Sunday June 21, 2009, 8:15 pm
When we're talking about the Fed we're talking about the richest people in the world that control not only our one major party made of democrates and republicans, but also the World Bank, the IMF and either interacting or overseen by the CFR. AS all of us know one of the Rothschilds said, 'I don't care who controls the country, let me control the money and I'll control the world'. And at the present time that is what is happening.

Monday June 22, 2009, 5:51 pm
Robert K

You are on the ball; the problem for the USA at the moment is that it does not control the money!

Wednesday June 24, 2009, 2:21 pm
I can´t agree more Robert K.

Wednesday June 24, 2009, 6:00 pm
makes me sick...thanks for the info.