The latest C4L national email, written by Director of Legislation Tim Shoemaker, goes into detail about the recent GAO one-time Fed audit (which revealed over $16 trillion of lending in less than three years) and recommends several steps Campaign for Liberty members can take to continue pressuring Congress for the thorough audit contained in the Audit the Fed legislation (H.R. 459, S. 202).
With America's attention fixated on what's happening in Washington concerning the debt crisis, I wanted to make sure you knew that the Government Accountability Office (GAO) has released the results of its one-time, limited audit of the Federal Reserve System.
The revelations are sickening – so-called "money" tossed around like confetti to banksters, foreign banks, and favored corporations.
Before I go into detail about their findings, let me first thank you for all your efforts in support of a thorough audit of our nation's central bank. This isn't the full audit Ron Paul and Campaign for Liberty continue to push, but it is a first peek behind Ben Bernanke's curtain of secrecy.
This audit only happened because of our historic grassroots Audit the Fed movement.
Of course, Audit the Fed was always about achieving a complete, thorough audit. Audit the Fed was stymied at the last minute in the Senate last year, but the limited, one-time audit our efforts guaranteed has revealed a number of reasons for why we must not give up on a full audit.
Sixteen Trillion reasons, actually.
We have now learned that the Federal Reserve lent $16 trillion to both domestic and overseas financial institutions during the height of the financial crisis!
Let me rephrase that while the number sinks in - $16,000,000,000,000.
In less than three years.
From Dec. 1, 2007 – July 21, 2010, the Federal Reserve "created reserves in the banking system" (Bernanke slang for printing money) that exceeded not only the entire U.S. GDP for a year, but also the entire U.S. national debt that's accumulated over the past 224 years!
More than $3 trillion dollars were lent to overseas financial institutions in numerous countries, including in the U.K., Germany, and France.
In addition, we learned just how much the big banks who contributed heavily to the crisis were rewarded - including nearly $8 trillion to banks like Citigroup, Morgan Stanley, Merill Lynch, and Bank of America.
In February 2009, Campaign for Liberty made Audit the Fed our top legislative priority for the 111th Congress.
At the time, most Americans didn't even know what the Federal Reserve was.
But thanks to an unprecedented level of grassroots pressure generated by C4L members like you across the country, we were able to pry open just a portion of the Fed's books for the first time in history!
And we gained the support of over 70% of the American people for Audit the Fed.
Now, the case has never been clearer for why a complete audit is needed, and our resolve to achieve our goal has never been stronger.
That's why Campaign for Liberty is planning to turn on the pressure for Audit the Fed like never before.
We will especially focus our efforts on the U.S. Senate, where only 7 legislators have cosponsored Senator Rand Paul's S. 202.
But to carry out this program, and alert millions of more Americans to our fight, we need your help.
First, if you haven't yet done so, please sign the petition at AudittheFed.com right away. Then, please send it to your family and friends so they can learn more about this key issue.
Second, while your representative and senators are back home on their August recess, schedule a meeting or stop in at a town hall and make sure to urge them respectfully to cosponsor the Audit the Fed bills, H.R. 459 and S. 202, if they have not already cosponsored.
If they have signed on, urge them to do everything in their power to achieve a standalone, up or down roll call vote in their chamber of Congress.
We're up against one of the most secretive, powerful institutions in Washington, which can create money out of thin air to finance its operations. Ben Bernanke, Barack Obama, and their bankster allies seem determined to never again let Americans know what the Fed does.
Well, it's up to you and me to blow a hole in their secret projects and let loose the outrage of Americans feeling the pinch of out-of-control spending, skyrocketing gas prices, and an economy stuck in failure.
C4L can only take as much action as your continued support allows, and we thank you for all you have helped us accomplish so far.
This limited, one-time glimpse into the Fed's activities was only possible because of your tireless efforts.
Now is the time to double down on the pressure.
Campaign for Liberty will continue to use our nationwide grassroots network to educate millions of Americans about sound money and the need for transparency at our nation's secretive central bank.
With your continued assistance, we will generate millions of petitions and phone calls to Congress pushing for the passage of Audit the Fed (officially "The Federal Reserve Transparency Act" in Congress), H.R. 459 and S. 202.