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Issue Analysis

    What's $16 Trillion Amongst Friends

    07/22/2011

    Bernanke burning money What has the government done to our money?  Well just about everything imaginable. It has inflated, deflated, and has even taken our money.  However, how would you feel if you learned that the government bailed out foreign financial institutions, without a single vote taking place in any chamber of the Congress?  What if I told you that this occurred even without the blessing of the president?  Some may begin to think this is some kind of deranged conspiracy theory, but unfortunately this has actually happened.

    Yes, our beloved Ben Bernanke and the printing presses at the Federal Reserve have been hard at work and as a result of their labor they have given $16 trillion in emergency loans to foreign financial institutions.  Now some maybe asking themselves how does this affect me?  When the Federal Reserve creates money and distributes it through the economy, inflation is a direct result.  Inflation occurs when there is an increase of the money supply, which also reduces the overall worth of our money.  As an end result the prices of goods and services increase, yet the value of the money one has saved is reduced.  In essence your money is being stolen right out from underneath you, and there is nothing that can be done about it.

    Those who favor the Fed often praise it for its independence from Congress, but this begs the question does this independence go against everything our country was founded on? Our government was established on the principle that the people have the power and that we elect those from amongst the people to represent us in congress.  Yet isn’t it interesting that the fed acts completely on its own and have fought efforts imposed by Congress to audit them.  One can see why they fight so hard for during this first ever audit we have learned what the Fed has done to our money.

    However, there has been one Congressman who has spoken out on this issue for over thirty years.  Congressman, and now presidential candidate, Ron Paul has warned us of the evils of the Federal Reserve.  Congressman Paul has been called many named for his outspoken criticisms of the Fed but this audit only confirms everything the good congressman has been warning the public about.  This blatant and out right assault on our currency should serve as a reminder that we must pressure congress to enact more audits and place further restrictions on the Fed.