Dear Congressman,
Unfortunately, Americans today would prefer to discuss the latest reality television show rather than the pressing issues facing our nation. When the average person is engaged in a conversation about politics they care nothing about, they suggest “Write your representative.” This seems to be the most appropriate channel to communicate my concerns as a voter, so I hope my breath is not wasted here.
The Federal Reserve was enacted and protected with the promises of: financial stability, maximum employment and stable prices. This central bank has been around for almost 100 years, and considering our country’s current economical state, you would think that they would have some explaining to do. Yet somehow, it doesn’t. Through money creation, the Federal Reserve has devalued our currency by more than 95%. And through the monetization of debt, our government has more financial obligations than are possible to fulfill. I am troubled that our paper money is backed by the promise of a bankrupt government. This ocean of debt was only achievable with the Federal Reserve’s hidden tax of inflation.
This organization has oversight from no third party and from no government. Only recently, was the first ever audit of the Fed, and it was conducted by the GAO Government Accountability Office. This was only a limited audit and the results are appalling. What is worse is this information hardly made the national news. The Fed was caught, on the books, giving away 16 TRILLION dollars in 0% loans from 2007 to 2010 to banks and corporations. Every time the Fed creates money out of thin air, it steals wealth from the currency you and I are working for. Our government owes billions just in interest on balances it can never realistically repay. What happens to the people when the government defaults? If the Fed keeps devaluing our currency and the government keeps spending money it doesn’t have, the turmoil seen in Europe will be in our streets in the near future.
Do not kick the can. Your action, or inaction, today, affects America’s future. As my representative, I depend on you to work for my best interests. Please do so, and bring attention to these issues.
I have attached an article from Forbes on the GAO audit for your reference
Thank you
****Attached Article:
"""The Fed's $16 Trillion Bailouts Under-reported
The media’s inscrutable brush-off of the Government Accounting Office’s recently released audit of the Federal Reserve has raised many questions about the Fed’s goings-on since the financial crisis began in 2008.
The audit of the Fed’s emergency lending programs was scarcely reported by mainstream media – albeit the results are undoubtedly newsworthy. It is the first audit of the Fed in United States history since its beginnings in 1913. The findings verify that over $16 trillion was allocated to corporations and banks internationally, purportedly for “financial assistance” during and after the 2008 fiscal crisis.
Sen. Bernie Sanders (I-VT) amended the Wall Street Reform law to audit the Fed, pushing the GAO to step in and take a look around. Upon hearing the announcement that the first-ever audit would take place in July, the media was bowled over and nearly every broadcast network and newspaper covered the story. However, the audit’s findings were almost completely overlooked, even with a number as high as $16 trillion staring all of us in the face.
Sanders press release, dated July 21st, stated:
“No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president.”
The report serves as a clear testimony of the Fed’s emergency action plan to bailout foreign corporations and banks in a time of crisis, but the GAO reportdoes not berate the Fed; rather, it provides a lucid explanation of where the money was allocated and why.
According to The Washington Post, “The GAO report did not condemn the Fed’s actions, it simply illuminated them. The GAO also recommended that the Fed make clearer and more rigorous its policies for hiring independent contractors to manage investment programs.”
A wider investigation of the Fed is due on October 18th, which will provide more thorough details. The GAO report said that the Fed issued “conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.” The audit will inspect the “conflicts of interest” and the inner-workings of the Fed’s emergency-lending programs.
For Sanders, one thing is clear: “The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street.”""""
