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Is The Fed About To Hit The Fan?

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Interesting times, my friends, we live in them without a doubt. Congressman Ron Paul’s “Audit The Fed” bill ( H.R. 1207: The Federal Reserve Transparency Act) reached enough congressional support last week to go forward out of committee and onto the floor of the house. It now has 222 co-sponsors. An audit of the Fed would be done by the General Accounting Office, and would greatly increase the amount of information the Fed is required to disclose. It would be unprecedented. (It might uncover why $134.5 Billion dollars of Government bonds were seized at the Italian/Swiss border when 2 (possibly) Japanese men tried to smuggle them into Switzerland.)

“Audit The Fed” has long been a rallying cry for fiscal conservatives, libertarians, independents, conspiracy theorists and, lately, even liberals. The central bank’s ability to operate in secret, without accountability to the American people, could finally come to an end. What kind of ammo does Ron Paul have? From what I’m hearing, it is EXPLOSIVE stuff. So explosive that Congress is rumored to be in a dither, and is quickly choosing up sides.

Zerohedge ran a story Friday that took some major guts. If true, the entire Federal Reserve has seriously broken the law…and the stuff is seriously hitting the fan.

…We were greatly troubled when we learned recently on good authority that Federal representatives may have opened multiple undisclosed-type accounts with none other than State Street Global Advisors over the past few months. All of these accounts are allegedly handled by one single trader, who is cocooned and isolated from interaction with other partners…

Karl Denniger reminds us in his Market Ticker that:

See, The Federal Reserve is explicitly not permitted to buy anything that doesn’t have the full faith and credit of The US Federal Government behind it. It is that fact (found in Sections 13 and 14 of The Act) that has led me to repeatedly rant about The Fed’s purchase of Fannie and Freddie paper – distinctly outrageous acts, given the plain language of the law. (Note that purchase of Ginnie Mae securities, which are fully guaranteed with full faith and credit, would be fine. Note also that Ginnie Mae didn’t get in trouble fiscally either. Hmmmm….)

….if this is true and is proved, the risk of capital flight (out of U.S. markets) is extremely high. Do you want to participate in a market that is “rigged” like this by The Fed, operating with essentially limitless liquidity to game the markets any time they’d like in violation of the law?

Those of us who watch the markets have not been fooled by all of the “3:30 rallies” that have pumped up stocks after they’ve been down all day. Especially on Fridays. Would you want to play blackjack with an opponent who held unlimited numbers of kings and aces? If our “free markets” aren’t truly free, we have a horrible problem that could give us a permanent black eye.

The Fed has operated without accountability and with impunity since it’s inception. A REAL audit is the least that is owed to the American people, as it is we who are quickly becoming slaves to the indebtedness it continues to create.

I have a fear, however. Barack Obama has never met a crisis he didn’t love. Should Ben Bernanke, Hank Paulson, Neil Kashkari and the gang be found guilty of criminal acts, and our markets exposed as being rigged, Barry may use the crisis as justification to end any semblance of capitalism left in this country. He has his foot in the door of America’s public companies now, and you can be sure he is just getting started with the fascist power-grab.

2010 and 2012 will be, in my opinion, our last changes to pull our country back from the abyss of a central-government with total control of our society. Wake up your family. Wake up your friends and neighbors, wake up strangers. The stakes could not be higher.

Yesterday, the contrast between America and Iran was stunning. Iranians were rioting over a stolen election. Americans were rioting over the Lakers’ win.

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Rep. Michelle Bachmann: We Now Have A Gangster Government

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Rep. Michelle Bachmann (R-MN) always seems to ignite passions on both sides of the aisle, and here’s another reason why. She’s not afraid to call ’em as she sees ’em, and what she sees is massive corruption. Once again, she’s right. Gangsta boyz Bernanke and Geithner have felt her wrath in the past…she isn’t buying what they’re selling. It looks like there’s a lot more where that came from. Say what you will, but the lady has some serious backbone.

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2 Japanese Detained In Italy; Concealed $134.5 BILLION Of U.S. Government Bonds In Briefcase

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6/15/08: UPDATE- Glenn Beck becomes the first person on U.S. televised media to discuss this story. Props to Glenn…he obviously got my email…and finally read it.

Not a peep yet from U.S. mainstream media, but Italian authorities have detained 2 Japanese nationals who were attempting to cross into Switzerland with $134.5 BILLION in U.S. Government Bonds… hidden in a false-bottomed briefcase. This is HUGE news. PDF of the Italian Government’s news release is here, with more pictures.

The Italian financial authorities haven’t yet determined whether the bonds are real or fake, but if they are genuine, the attempt to take them into Switzerland would be the largest financial smuggling operation in history; if they are fake, the matter would still be astonishing… because the quality of the counterfeit work is so good that the fake bonds are reportedly indistinguishable from real ones.

The bonds include 249 US Federal Reserve bonds worth US$ 500 million each, plus ten Kennedy bonds and other US government securities worth a billion dollars each. Bonds are rarely issued in certificate (paper) form any more…an electronic account entry of the asset is the norm. It’s safer, for one thing. Unless you are trying to launder some money.

For most of their history after World War II, Treasury notes have been issued with denominations never rising above a high of $1 million. Yet, from 1955 to 1969, the Treasury issued Treasury notes with the added denominations of $100 million and $500 million. Some of the seized bonds, especially the Kennedys, may be what are called “bearer bonds” that are “negotiable”, basically like cash. Whomever has possession of a bearer-bond can claim ownership. Widespread fraud and theft dangers caused the securities industry to cease issuing bearer-bonds many years ago.

To use paper bond certificates of any kind would cause scrutiny by a reputable financial institution today, especially if said bonds were bearer-bonds. It’s very likely that real or counterfeit, these bonds were headed for a black-market transaction. So who is trying to rip off, skate off with, or launder $134 Billion Dollars? That’s half of a freaking TARP. Two Japanese men in their 50’s? Only governments would have such a pile.

If the certificates are real, Italy just won the lottery… their money laundering laws inflict a 40% penalty for failure to declare instruments and cash in excess of $10,000 Euros, which means they’d score a windfall of around $40 billion dollars.

Want to get REALLY conspiratorial? On March 30th, the Wall Street Journal said thisnotice the number in bold.

Treasury Has $134.5 Billion Left in TARP MARCH 30, 2009

The Treasury Department said it has about $134.5 billion left in its financial-rescue fund, giving the Obama administration a cushion as it implements expensive programs aimed at unlocking credit markets and boosting ailing industries. The figure means that about 81% of the $700 billion in the Troubled Asset Relief Program, or TARP, has been committed. It also means that the Obama administration may not have to go to Congress to request additional funds, at least until well into the year. Many lawmakers who criticized the administration’s bank-rescue efforts have vowed to oppose any requests for more money for …

And interestingly, from Reuters, is this:

“U.S. TIC data show that during the 12 months ending January 2007, Japanese investors bought just $18.2 billion in Treasury coupons, or approximately $1.5 billion a month, a sharp contrast from the 12 months ending January 2005 when Japanese investors purchased $134.5 billion of U.S. government debt, McCarthy noted.”

Something stinks, so keep your eye on this one. The amount involved is MASSIVE, the city where they were seized is a financial gateway to Switzerland, and you’d have to have giant balls to try and fake out the Swiss with counterfeits in this way. Not that you could. Pressure is mounting in Congress for an (unprecedented) audit of the Federal Reserve. Our government obviously knows about this catch by the Italians…but it seems they, and our media, don’t want you to.

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Superczars

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Obama has now appointed more “Czars” than ever existed in the entire 300-year Romanov rule of Russia. My count is up to 21, but there may be more flying under the radar that I’ve missed. These aren’t just people Barry wants to hang around so he can bounce ideas off of them. They have enormous power, and no accountability to anyone but The One. We didn’t vote them in, we can’t vote them out. Congress didn’t approve them. The Supreme Court didn’t rule on them. They lord over their respective fiefdoms making policy and picking favorites. Most aren’t even experts in the sectors they oversee.

The “car czar” is eliminating decades-old, profitable GM dealerships…while retaining suspiciously Obama-friendly ones. The “lucky” who get to stay must sign gag orders binding them from discussing their new deals with anyone. Secured creditors of GM and Chrysler have received the shaft, while unions and the government have scored big. The GM dealers will be working for a new chairman, Ed Whitacre, who admitted today he “knows nothing about cars.” You just can’t make this stuff up.

We’re awaiting an announcement of Kenneth Feinberg as his new “Pay Czar”- a “special master” who will oversee company compensation. He’ll start with the portions of our economy already under our dictator’s control- the banks and the autos, but Obama’s roped the SEC into the mix…paving the way for sweeping pay-control of all companies who DARE to be public. And if you think compensation will be the extent of the power-grab, I refer you to the history of the Romanovs.

We have an energy czar, a drug czar, a health care czar and a terrorism czar. A bank bailout czar? Herb Allison. Energy czar? Carol Browner. There’s a U.S. border czar, an urban czar, a regulatory czar, a stimulus accountability czar, an Iran czar, a Middle East czar, and a czar for both Afghanistan and Pakistan. We have a freaking “Great Lakes Czar.” As Neil Cavuto points out, you reach the point of lunacy when you have a czar in charge of suckerfish.

Obama has almost as many czars as he has Cabinet posts, which means he has essentially doubled the size of his own piece of government. Naming czars is a slick way to avoid those pesky hearings that tend to shed light on tax-cheaters. Of course, Obama himself is the “Czars’ Czar”; the ultimate controller of all power.

Some in Congress are alarmed by all of this- they don’t much like being neutered. But can they, or we, DO anything about this mess? Should we care? The first Russian czar was Ivan the Terrible. Chew THAT over for a few.

Obama is a Red-Diaper Baby- raised by Communists, surrounded and assisted by them his entire life. Don’t take these facts lightly, or we’ll all be going to camp together. Our hope of revolution begins now, and our first major battle is next year. Best get ready to rumble.

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“Saved Or Created”: Obama’s Made-Up Economics

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Good news, all- apparently our Dear Leader has already managed to “save or create” 150,000 jobs! Is there no end to his magical powers? If you’re a member of the mainstream media, the answer seems to be “no”, as they’ve already taken this bit of “news” and regurgitated it ad nauseum.

During the campaign, Obama’s mantra of “saving or creating” jobs (the number of which trended down as the economy worsened) went largely unchallenged as a measurable feat. 3.5-4 million was the amount Barry eventually settled on, using voodoo unemployment expectations he pulled out of his, er, hat. Problem is, no one – not the Department of Labor, nor the Treasury, or even the Bureau of Labor Statistics measures “jobs saved.”

The New York Times declares that “Mr. Obama’s jobs claims are “based on macroeconomic estimates, not an actual counting of jobs.” As if an “actual counting of jobs” were an arcane exercise not applicable to this administration. Bush would have been eaten for breakfast, lunch and dinner if he tried to sell this snake-oil… the Wall Street Journal points out it is:

Nice work if you can get away with it.

And get away with it he has. However dubious it may be as an economic measure, as a political formula “save or create” allows the president to invoke numbers that convey an illusion of precision. Harvard economist and former Bush economic adviser Greg Mankiw calls it a “non-measurable metric.” And on his blog, he acknowledges the political attraction.

“The expression ‘create or save,’ which has been used regularly by the President and his economic team, is an act of political genius,” writes Mr. Mankiw. “You can measure how many jobs are created between two points in time. But there is no way to measure how many jobs are saved. Even if things get much, much worse, the President can say that there would have been 4 million fewer jobs without the stimulus.”

Mr. Obama’s comments yesterday are a perfect illustration of just such a claim. In the months since Congress approved the stimulus, our economy has lost nearly 1.6 million jobs and unemployment has hit 9.4%. Invoke the magic words, however, and — presto! — you have the president claiming he has “saved or created” 150,000 jobs. It all makes for a much nicer spin, and helps you forget this is the same team that only a few months ago promised us that passing the stimulus would prevent unemployment from rising over 8%.

Obama will continue to skate with this crap until the press and Congress find a backbone to challenge him. Meanwhile, government can crank out nonsense jobs that last only as long as the borrowed money that pays for them, along with nonsense statistics to justify them. No matter how much you polish a turd… it is still, always, a turd.

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Daniel Hannan Goes All Dr. Seuss On Gordon Brown

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Conservatives in the European Parliament won sweeping victories this weekend; folks put their votes where their recent advice to the U.S. has been…namely that Socialism ISN’T a lovely bowl of strawberries and cream, but is rather a moldy old plate of haggis even Marmaduke wouldn’t touch. Or: “Don’t do what we did. It doesn’t work.”

Ever-clever and oh-so-sensible MEP Daniel Hannan took the opportunity last night to tell beleaguered Prime Minister Gordon Brown to hit the road– in a way that even kids can understand. I love this guy. May we please have one, Mr. Steele? Please?

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Video: Obama’s Speech To The Muslim World

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Here is Barack Obama’s much heralded speech to the muslim world from Cairo this morning. He invokes the “Holy Koran” three times, and mentions the Bible once, much later in the speech. His apology tour continues, and he took some more pot-shots at the Bush Administration, and threw our intelligence agencies and our military under the bus. He compared the Holocaust to Israel’s struggle with the Palestinians. Now he has been awarded the Saudi kingdom’s highest order…one usually reserved for kings.

Obama met with members of Egypt’s Islamist opposition movement, the Muslim Brotherhood, earlier this year, according to a report in Thursday editions of the Egyptian daily newspaper Almasry Alyoum. The newspaper reported that Obama met the group’s members, who reside in the U.S. and Europe, in Washington two months ago.

According to the report, the members requested that news of the meeting not be publicized. The Muslim Brotherhood is considered a Sunni-dominated fundamentalist Islamic organization that has spawned numerous factions across the Arab world that have engaged in terrorist activity, including the Palestinian rejectionist group Hamas.

It is also the main opposition bloc to Egyptian President Hosni Mubarak, whose regime is viewed favorably in the West due to its adherence to the thirty-year-old peace treaty between Israel and Egypt. Members of the brotherhood were in the audience. Obama reiterated his claim that Iran has a right to “peaceful nuclear power.” Ahmadinejad must be laughing his little head off.

The transcript of his speech, “A New Beginning”, is here.

See to it that no one takes you captive through hollow and deceptive philosophy, which depends on human tradition and the basic principles of this world rather than on Christ. Colossians 2:7-9

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Right Sightings

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U.S. Court Says Second Amendment Doesn’t Apply To Individuals: Bloomberg

P.M. Gordon Brown Is About To Go Down: BBC

Israelis Protest Obama- “No You Can’t!” :
JPost

Obama Says U.S. Is One Of The Largest Muslim Nations:
WND

Ahmadinejad AGAIN says “The Holocaust Is The Greatest Deception”:
Reuters

Where Is Our Country’s Gold?
Numismaster

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Obama Justice Department Decision Will Allow Non-Citizens to Register to Vote in Georgia

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Get the duct-tape so you can wrap up your head before you read any further. You’re gonna need it when your head explodes in outrage. The U.S. Department of Justice issued a decision today which bars Georgia from continuing it’s voter verification process. Score a big one for Attorney General Eric Holder, ACORN and the rest of the Obama administration…they’ll be receiving lots and lots of new voter registrants now, and they don’t have to be U.S. citizens!
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Georgia Secretary of State Karen Handel issued this press release and statement following the D.O.J.’s denial of pre-clearance of Georgia’s voter verification process.

Atlanta – “The decision by the U.S. Department of Justice (DOJ) to deny preclearance of Georgia’s already implemented citizenship verification process shows a shocking disregard for the integrity of our elections. With this decision, DOJ has now barred Georgia from continuing the citizenship verification program that DOJ lawyers helped to craft. DOJ’s decision also nullifies the orders of two federal courts directing Georgia to implement the procedure for the 2008 general election. The decision comes seven months after Georgia requested an expedited review of the preclearance submission.

“DOJ has thrown open the door for activist organizations such as ACORN to register non-citizens to vote in Georgia’s elections, and the state has no ability to verify an applicant’s citizenship status or whether the individual even exists. DOJ completely disregarded Georgia’s obvious and direct interest in preventing non-citizens from voting, instead siding with the ACLU and MALDEF. Clearly, politics took priority over common sense and good public policy.

“This process is critical to protecting the integrity of our elections. We have evidence that non-citizens have voted in past Georgia elections and that more than 2,100 individuals have attempted to register, yet still have questions regarding their citizenship. Further, the Inspector General’s office is investigating more than 30 cases of non-citizens casting ballots in Georgia elections, including the case of a Henry County non-citizen who registered to vote and cast ballots in 2004 and 2006.

“It is important to underscore that not a single person has come forward to say he or she could not vote because of the verification process. Further, while DOJ argues that the process is somehow discriminatory, the historic voter turnout among Hispanic and African-American voters in the 2008 general elections clearly says otherwise.

“This decision provides a specific example of the inherently illogical and unfair nature of Section 5 of the Voting Rights Act. It is a sad day for the rights of our state and for the integrity of our elections. I remain committed to continuing the fight for citizenship verification. In the coming days, I will consider every option available to the state, including the possibility of legal action.”

Background:

As required by law and ordered by federal courts in October 2008, the eligibility of new applicants to register and vote is checked against the Georgia Department of Driver Services (DDS) and Social Security Administration databases to ensure that individuals registering to vote report similar information. If information in these databases does not match information reported on the voter registration form, the applicant is asked to clarify the information. Additionally, if the applicant previously reported to DDS that he or she is not a U.S. citizen, that person is asked by a registrar to provide proof of citizenship.

Prior to the November 2008 General Election, Secretary Handel sent letters to 4,771 voter registration applicants whose records at DDS indicated they were not U.S. citizens, asking them to provide documentation of their citizenship. As of March 2009, 2,148 of these applicants still have chosen not to resolve the question about their U.S. citizenship.

In the November 2008 General Election, county election officials reported that 599 individuals cast a challenged ballot because the voter had previously indicated to DDS that he or she was not a United States citizen and had not resolved their status with county officials at the time of the election. Of those, 369 ballots were accepted because the voter provided documentation of their citizenship after the election; and 230 were rejected because the individual chose not to confirm his or her citizenship status.

On October 10, 2008, activist organizations including the Mexican-American Legal Defense and Education Fund (MALDEF) and the American Civil Liberties Union (ACLU) filed a lawsuit to attempt to prevent Georgia from verifying the eligibility of applicants to register and vote in the November General Election, including whether those individuals were citizens of the United States.

On October 16, 2008, U.S. District Court Judge Jack Camp denied the motion by MALDEF and ACLU; directed the State to continue the verification process; and acknowledged the State’s requirements to verify information under the Help America Vote Act. In his order, Judge Camp stated:

HAVA requires that Defendant Handel match information in the statewide voter registration database with information from the Georgia DDS and the SSA databases “to the extent necessary to enable each such official to verify the accuracy of the information provided on the applications for voter registration.”

Judge Camp also stated:

Since the possibility of fraudulent and inaccurate voting could significantly injure and diminish the public’s respect and confidence in the electoral process, the State’s ability to maintain reliable voter lists is paramount to a temporary and minor inconvenience to a few individuals.

On October 27, 2008, a U.S. District Court three-judge panel again directed the State to continue its voter registration verification process and challenge ballot procedures through the November General Election.

The 2008 elections were the largest in Georgia’s history, featuring record turnout among minority voters with the citizenship verification program in place.

You know, if Obama’s mouth is moving, he’s lying. Transparency promises? Lies. No ACORN involvement in the upcoming census? Lies. Middle-class tax cuts? Lies. I could go on and on, but it would be too damn depressing. I do hope the duct tape kept your head from exploding. You’d be wise to keep a roll within arms reach.

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Pro-Lifers Decry Murder Of Dr. George Tiller; Left Calls Them Terrorists

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The murder yesterday of late-term abortionist Dr. George Tiller has been unanimously decried by all major pro-life organizations. Pro-life means pro-life, no matter whose life it is. I despised Dr. Tiller’s work: aborting very late term, viable babies for a fee of around $5,000. He aborted over 60,000 of these babies. Dr. Tiller’s right to life, however, is just as important as the rights of all human beings. All major pro-life organizations have unanimously decried his murder, but the left is seemingly gleeful- it has fueled their labeling of pro-lifers as TERRORISTS.

Princeton University professor Robert P. George is correct: “Whoever murdered George Tiller has done a gravely wicked thing. The evil of this action is in no way diminished by the blood George Tiller had on his own hands. No private individual had the right to execute judgment against him. We are a nation of laws. Lawless violence breeds only more lawless violence.”


Because of some nutbag, Janet Napolitano now has more fodder for her “right-wing terrorist list”. If it were Dick Cheney who had been gunned down, lefties would be celebrating in the streets. To them, some lives are more equal than others. Pro-lifers, however, support justice for Dr. Tiller…and hope his killer is prosecuted to the fullest extent of the law. This stance will be drowned out by the drumbeat of the left, who now have another arrow in their quiver thanks to some looney-tune. We must be very vocal to mitigate the damage he has done to those of us who believe in EVERYONE’S right to life.

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