By Dave

March 31, 2008 9:18 AM | Link to this

We need another Andrew Jackson in a hurry to kill the central bank.

Short of that, enjoy the new Central Planning Committee comrade.

Welcome to Fascism 2.0 {Fascism Lite] Corporate governance, All the wealth concentration benefits of communism, none of those pesky social programs.

Woohoo!

By Copyleft

March 31, 2008 10:03 AM | Link to this

Mr. Barr is right. The Fed should be more directly accountable to, and controlled by, the public.

We need electoral input on the regulation of finance and commerce.

By georgiaboy

March 31, 2008 10:40 AM | Link to this

Actually The Fed was intended to be a de facto central bank from its highly secretive inception and “sold” to Congress and ultimately the American people as something else entirely. See http://www.bigeye.com/griffin.htm

Here’s an excerpt: “So when it came time to transplant this concept to America these seven men on Jekyll Island knew very well that they were creating a central bank; that was the reason that Paul Warburg was so valuable because he was the man with the intense knowledge, the detailed technical knowledge of how central banks operate. But they had a problem. How could they conceal that from the American people because Congress was already on record as saying they did not want a central bank in America. I don’t think they knew what that phrase really meant, but they knew that Europe had them, whatever they were, and we didn’t want any. They said in America if we’re going to have banking reform we don’t want what they do over in Europe, we want something that is unique for America and its principles and economy.

The problem before these men on Jekyll Island is what to call the central bank so that nobody would know it was a central bank. And they theorized over this and this was their strategy: they said first let’s give it a name and we’ll add the word “Federal” to it to make it sound like it’s government. Then we’ll add the word “Reserve” to make it seem like there are reserves somewhere, like it was a banking concept. We’ll add the word “System,” a very important word even though it may seem obscure now because remember in those days the concern was the concentration of financial power in New York so they had to sell the idea of a system of regional banks which would diffuse that power all over the nation. First they talked about ten regions and then they said that wasn’t enough, twelve regions, we’ll have twelve banks. And we’ll build big buildings out there in all of those regions so the local yokels can go and look at the building and say “golly we’ve got one of those out here.” Diffusion of power away from New York; you can go and touch the building. The word “System” was very important.

When you look at it you realize that what they created there was not federal, there are no reserves, it’s not a system at all in the sense of diffusion of power and these Federal Reserve banks aren’t even banks. On all four words we’re dealing with appearances of the fourth kind. It was brilliant strategy.”

By Alex Hamilton

March 31, 2008 10:41 AM | Link to this

Hey Dave, does that mean George Washington was a fascist?

By Lee

March 31, 2008 10:58 AM | Link to this

I’m curious as to who determined that Bear Sterns was too big to fail? After all, what is the line between those too big to fail, and those who are not? Should other big investment houses that are too big to fail be split into smaller pieces so this won’t happen again? If so, who determines which houses are too big, and which ones are too small, and which ones are just right?

By Red

March 31, 2008 12:01 PM | Link to this

Today the Bush Administration (using the term Administration very loosely) announced sweeping changes to the US financial regulatory system. It is scary when Bush changes anything, because most changes that his bunch make centralizes more power in the hands of the Feds. It is even more scary that an Administration, which has mostly ignored the financial crisis that we are in, would make sweeping changes this quickly. I doubt they have been well thought out and studied.

By hegelian

March 31, 2008 1:01 PM | Link to this

Setup by slight-of-hand trickery and voted on prior to Christmas break way back long ago when most reps were gone on holiday… Never been a full acounting… Privately held—- the Congressed has outsourced its legal obligation—-

The Constitution stipulates that, “No state shall … coin money, … or make anything but gold and silver coin a tender in payment of debts …” (Article I, section 10). NOW, neither gold or silver backs up anything—- The DOLLAR is paper money, FIAT currency. NO PAPER has ever survived!!!! The dollar is no more money than a “gallon” is milk— it is truly supposed to be only a measure of, but not the actual money. YOU people need to WAKE UP!! Until a legion of reps goto DC and demand control of our institutions again— this place will decay further and be only a shadow of its former glory.

NEWSFLASH!!!!—- the Fed was supposed to prevent panics, and smooth out the wild ebbs and flows of money/credit—and you knwo what happened about a decade after the supposed “Solution”??? The GREAT depression!!! HELLO!!!!??!!!

By rebel_4ever

March 31, 2008 1:35 PM | Link to this

Most of the general public do not understand what is going on here. They do not understand the the “federal reserve” is unconstitutional and controlled in anyway by our government. Essentially Bush/Paulson are handing the keys of the country over to a private, secret, wealthy group of bankers (mostly foreigners). The “federal reserve” has created every boom/bust cycle since its inception and now we are going to allow them to run the whole show. If they pass this legislation, this could possibly be the final nail…Oh well… All good things come to an end at some time.

By Duke

March 31, 2008 2:51 PM | Link to this

The money of the United States should be issued directly by the Treasury. Coining of money is a sovereign power of government- a power which, like national defense, cannot properly be delegated.

Presently, all our money is debt. In the beginning, the government issues a bond to the Fed. The Fed writes a check to the government. Money is created out of nothing, backed by debt. That bond in the Fed vault is a “reserve”. Backed by that “reserve”, the Fed can create many times that amount of money in additional debt. All banks create money out of nothing, backed by debt. When I borrow money, the banker creates an account entry. That is the only way money can be created and introduced into circulation. When the Treasury prints dollars, they do not become money until a bank uses them as reserves for debt. Every dollar in circulation still pays interest to some bank. We cannot repay the debt, because that would extinguish the money supply.

But don’t worry. Sam Nunn will solve the problem with a new North American currency. I predict it will be named “the Amero”.

By Crazy Diamond

March 31, 2008 4:14 PM | Link to this

Why doesn’t Bob Barr make a list of people / institutions that run the country that we did not elect. It is a long one.

By Steve

April 1, 2008 7:39 AM | Link to this

.

That’s It?

Just Two Paragraphs?

Come On Bob … You’re leaving me hangin’ … .

By Fernao de Magalhaes

April 1, 2008 8:27 AM | Link to this

Actually Mr. Barr: The Federal Reserve is a “Central Bank” as modeled after the Central Banks of Europe. The conference to plan its organization occurred in Jekyll Island, GA, (your state), in the early part of the 20th century. The heads of the large New York Banks and one individual from the Rothschilds Bank attended to set up its organization. Woodrow Wilson signed the Federal Reserve Act and afterward admitted he destroyed the US unwittingly.

By DaDude

April 1, 2008 9:08 AM | Link to this

This country was founded because of an tax on tea. It started a rebellion. It’s time we had another one.

By Nurse Ratchet

April 1, 2008 10:00 AM | Link to this

We should rename this blog the nut house. I can’t believe nobody’s mentioned the Trilateral Commission. Or UFOs. Maybe we can get Oliver Stone to do a movie on this.

By Howard

April 1, 2008 10:01 AM | Link to this

Sir…you are right on this one. How can such an important organization have leaders not elected and accountable to anyone?? These men are a nation to their own. Even to this day, former Fed Reserve chairman Alan Greenspan acts as if he is a god with his press releases and speeches. Remember…when the Fed Chairman speaks, everyone listens in the stock market and banks. So why shouldn’t someone with this much power and influence be held up for elections…just like Congress and the President? Remember how Greenspan started the demise ofthe hosuing market a few years ago? Things were going great until he opened his patrician big mouth and voiced concerns about inflation developing as a result of the housing boom…and then what did the man do? Raised interest rates!! He also started popping off in speeches how the housing bubble was due for a letdown, etc. And that was the end of that!! The Fed banks theory about the economy is this: If the economy ain’t broke, mess with it anyway! We’re a law to ourselves…the plebians don’t know any better!

By Longrifle

April 1, 2008 10:54 AM | Link to this

One of the major selling points behind establishing the “Fed” was that it would be used to help control inflation. Since 1913, the US dollar has lost 96% of its purchasing power. Another example of government “success”. Google Liberty Dollar.

By Somebody's Watching Me

April 1, 2008 1:08 PM | Link to this

We’re entering the final stages of N.W.O!

By shane

April 1, 2008 1:39 PM | Link to this

stock up on water, canned goods, and ammunition. It’s about to get REAL ugly out there in the good ol’ U.S. of A.

Unfortunately, people won’t change until it becomes intolerable to live (which we are still pretty far off from). We don’t need a “housing correction” so much as we need a “democracy correction”

Is it time to start the revolution yet?

And yes, you can call me a nutjob all you want. But don’t bother coming to my bunker and beg for food/water/shelter when the real sh*t starts hitting the fan. You’re all doomed.

By Frank

April 1, 2008 3:09 PM | Link to this

Shane I’m sorry but you ARE a wacko. Have fun living in your bunker all by yourself. You need to come out in the daylight more often. Take your girl out to the movies. Go to a restaurant; actually use the restaurant’s utensils instead of your plastic picnic spoons. We wouldn’t want you to use forks, you might hurt yourself or someone else.

By Timus

April 1, 2008 4:06 PM | Link to this

Wrong!! It’s the exact opposite. The reason we have peaks and valley’s is because the markets run wild and irrational exuberance comes into play EVERY TIME. Greed trumps common sense EVERY TIME which leads to real estate bubbles and stock market bubbles. Then when the idiots in our free market have totally trashed the economy we expect the Fed to step in and save us when they had no way of controlling the train wreck in the first place. Wouldn’t it be smarter to have to have the Fed be proactive instead of reactive? I think so. I know all of you free market types would disagree but the millions of Americans who become the pawns of Wall Street, Real Estate investors and Big Oil would agree as well.

By Michael

April 1, 2008 4:13 PM | Link to this

This is the tri-lateral commission. He who controls the money wins! the rest of us can go fish.

By conhed

April 1, 2008 4:49 PM | Link to this

Who is John Galt?

By Jeffrey

April 1, 2008 4:55 PM | Link to this

No, the Fed does not need to be held accountable to the public. There are too many knee-jerk reactions by politicians in order to appease the general public. We need a board that is able to keep the long-term goals for the economy in mind without having to worry about reelection. If you want to blame someone for the current banking crisis, blame the FDIC, OCC, and other bank regulators for overlooking mortgage brokers and commercial banks concentration in residential real estate and ‘creative underwriting’.

By Tom Jefferson

April 1, 2008 5:04 PM | Link to this

Timus,

We are not a free market economy. We are a managed trade economy. Please check out the 5th plank of the communist manifesto! The Fed is killing this country!

http://www.libertyzone.com/Communist-Manifesto-Planks.html

By tony

April 1, 2008 5:13 PM | Link to this

After reading some of the comments I cannot wait for the movie to come out. As far as conspiracy theory this is at the top of the heap. Take the time to read how the Federal Reserve is structured and see that it is a lot of hooey the comments regarding their creation and ambition to control the money supply. I am not in favor of giving more power than what they already have to the government, but the problems that we have today are the result of changes that were made without thinking about possible consequences. The lending industry at all levels need to be supervised because when left to their own whims, a bunch of then think of “new ways” that result in an instant gratification to some and a disaster to all. The real solution to the sub-prime problem is do no nothing, let the ones who took the risks suffer and the problem will not be repeated. Let the government bail them out and it will happen again. The blame is wide spread from lenders that were placing a sign that said “defraud me please” to analyst that did not really analyzed anything to money sources who believed everything, to government that complained about mortgages not given to people who did not qualify to stupid borrowers.

By SCY

April 1, 2008 5:54 PM | Link to this

The last thing we need is another Andrew Jackson, his backward policies vis-a-vis the bank caused an economic depression lasting the rest of the decade…