Politics

Will Trump audit the Fed or side with the bankers?

President Trump is very close to fulfilling one of his campaign promises. If he does, it will be an historical victory for the average American citizen…

The Federal Reserve is officially in control of the nation’s gold supply. So, the big question is this: is all the gold still actually there, like the Fed’s books insist that it is?

The more important question is not whether the gold is there, necessarily, but whether other entities have claims against it. Sure, the gold may be in the vault. But it is supposed to all be legally owned by the Fed. The question is whether any funny business has been going on behind the Fed’s veil of secrecy. Has it lent out its gold to private companies to make a profit on it (called gold leasing), without registering these transactions in its books?

In a tweet in February of 2016, Trump said that “It is so important to audit the Federal Reserve.” He was criticizing Ted Cruz missing the vote on such a bill. Long blocked by the Democrats, which is ironic since they are usually the party who is against the protection of special interest industries, the bill may actually find its way to Trump’s desk.

TRUMP THE NEW RON PAUL?

By signing the bill, Trump could fulfill one of Ron Paul’s legacies: auditing the Federal Reserve. In 2012, Ron Paul introduced a bill to do just that, called the Federal Reserve Transparency Act of 2012. Now, the new bill, introduced in 2017, just passed a key hurdle in its way to the President’s desk:

A long sought after action by Libertarians is one step closer to becoming a reality, as Rep. Thomas Massie’s (R-KYwhen ) Federal Reserve Transparency Act of 2017 (H.R. 24) is one step closer to being passed by the House.

The bill soared through The House Committee on Oversight and Government Reform after it was passed by voice vote with just around 30 minutes of debate. Libertarians and Republicans have been very supportive of such bills in the past, including the Federal Reserve Transparency Act of 2012 – a creation of then Texas congressman Ron Paul – which was overwhelmingly passed in the House with a bipartisan vote.

While Ron Paul’s 2012 bill stalled and died due to Democrat control of both the Senate and the White House, the 2017 bill has no such hurdles in front of it. In fact, Trump has expressed his support for auditing the fed when Kentucky Senator Rand Paul – son of Ron Paul – introduced companion legislation to Massie’s bill in the Senate in the form of S. 16 at the start of the year.

The concern is over Trump’s integrity. After inviting a former Goldman Sachs bigshot into his administration to be Secretary of the Treasury, Trump may change his mind.

BANKER’S INFLUENCE ON TRUMP’S POLICY

The Federal Reserve acts in the best interests of the biggest banks. That’s what it was designed to do. The story of its formation is now legendary. It began with a secret train ride to Jekyll Island in 1910 by representatives of JP Morgan, Rockefeller, and Kuhn-Loeb, who were the biggest banks in the world. They secluded themselves and drafted the bill that would become the Federal Reserve Act of 1913. And then it was signed into law by Woodrow Wilson.

With a big banker now in Trump’s cabinet, will he feel the pressure to put a stop to this intrusion into the most secret organization in the world? We’ll find out soon enough.

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