The Tenth Amendment Revisited

by J. Rick Normand

To Preserve Our Freedom a Lawful National Rebellion Has Begun!

Sedona, AZ  – Months ago I wrote a column about the nature of the Federal Reserve. In the first paragraph I said “I’ve regularly heard educated Americans say…’What’s the worry with all this money our government owes? We just owe it to ourselves!’ WRONG! This common misconception is rooted in the mistaken idea that the United States Federal Reserve Bank (commonly known as ‘the FED’), and its twelve regional subsidiary banks, are part of the U.S. government. They are not!”

The U.S. Constitution does NOT authorize any non-governmental entity to have power over its economy and currency, period! Yet, the FED can enter into agreements with foreign central banks and governments since there are no federal enforcement powers over the FED. In the last few weeks many of you have read that Chairman Bernanke of the FED, in Congressional testimony, refused to identify where he had transferred the trillions of US taxpayer dollars used in all the bank bailouts. Meanwhile, about three weeks ago, Rep. Alan Grayson asked the Federal Reserve Inspector General, Elizabeth Coleman, to identify to whom were paid the trillions of dollars lent or spent by the Federal Reserve for bailouts. Incredibly, she responded that the IG does not know and is not tracking where this money is. This is typical of the Federal Reserve! In fact, a huge and incontrovertible school of economic thought argues that every problem we have had in our economy since before the Great Depression can be directly traced to Federal Reserve policy. Consequently, Rep. Ron Paul has introduced House Resolution 1207, known as the Federal Reserve Transparency Act of 2009, which would order the GAO to audit the FED, then abolish the FED and move their assets and functions to the Department of the Treasury. This could be the most important legislation ever submitted due to the financial conditions in America at this time.