“Federal Reserve chairman Ben Bernanke unleashed an alarming veiled threat of financial terrorism when he was questioned by Rep. Duncan on Thursday about his response to the fact that a majority of Congress (is) co-sponsoring Ron Pauls H.R. 1207 bill to audit the Federal Reserve.
Bernanke clearly regarded the bills intent as hostile to the institution he represents:
“My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions (it) would effectively be a takeover of policy by the Congress and a repudiation of the Federal Reserve (which) would be highly destructive to the stability of the financial system, the Dollar and our national economic situation.”
The brunt of Bernankes statement is as crystal clear as a threat from a common street thug -- back off from the Fed, or the economy gets it.
The chairman clearly implies that any attempt to restore monetary powers constitutionally granted to the Congress would be seen as a takeover and that the defensive and repudiated Fed would respond destructively.
Of course Congress’ constitutional power over money is enumerated in Article I, Section 8 of the U.S. Constitution:
“The Congress shall have power To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;” “
Bernanke Threatens Economic Collapse If Fed Audited
It is thus understandable that a large majority of the Members of the U.S. House of Representatives has signed on to a Bill (H.R. H.R. 1207) to audit the private for-profit U.S. Federal Reserve.
That is because, whether all the signatories are fully aware of it or not, Fed Policies and actions are The Primary Cause of the Economic and Financial Crises from which we suffer today, as we show below and elsewhere.
Indeed, there is clear and convincing evidence that the Fed leads a Cartel of key Central Bankers and favored Mega-Financial Institutions in an ongoing Regime of Overt and Covert Manipulation of the Precious Metals Equities, Strategic Commodities and other Markets, as we also demonstrate below.
*We encourage those who doubt the scope and power of Intervention by a Fed-led Cartel of Key Central Bankers and favored financial institutions to read Deepcaster’s December, 2008 Letter containing a summary overview of Overt and Covert Intervention entitled “A Strategy for Profiting from the Cartel’s Dark Interventions & Evolving Techniques” and Deepcaster’s July, 2008 Letter entitled “Market Intervention, Data Manipulation - - Increasing Risks, The Cartel End Game, and Latest Forecast” at
http://www.deepcaster.com. Also consider the substantial evidence collected by the Gold AntiTrust Action Committee at
http://www.gata.org for information on precious metals price manipulation. Virtually all of the evidence for Intervention has been gleaned from publicly available records. Deepcaster’s profitable recommendations displayed at
http://www.deepcaster.com have been facilitated by attention to these “Interventionals.”
“Essential to maximizing profits and to avoiding losses is to recognize that the Fed-led Cartel manages two complementary Interventional Regimes - - one quite public, and the other dark one, at least as powerful, covert. Thus, a critical key to profit and loss is tracking the Dark Interventions as best one can, as well as the public ones.”
This July, 2009 Letter is the ninth in a series of Deepcaster's work originally entitled "Juiced Numbers". It provides an Overview of Market Intervention and Data Manipulation. It analyzes the recent Releases from (and actions of) the BIS (Bank for International Settlements – The Central Banker’s Bank), BLS (Bureau of Labor Statistics) and The U.S. Federal Reserve, as well as Highlights of recent Interventions culminating in the Fall, 2008 financial crises and accompanying Takedown of Gold and Silver, the early 2009 Interventions, and The Cartel* “End Game.”
http://www.marketoracle.co.uk/Article11948.html