Watch this first: http://www.youtube.com/watch?v=n0NYBTkE1yQ
I believe this clip speaks for itself. However, I also believe it is worth highlighting the following:
1) Most importantly, the private bank which oversees our banking system and much of the economy handed out half a trillion dollars to foreign countries, without anyone in Congress ever voting on it or even being apprised of it (until this hearing, and only after Rep Grayson had the wherewithal to ask). If we are interpreting the Constitution even remotely in the spirit of its text, then this is an outright violation of the Constitution.
2) So that might beg the response, "but the provision to do so is in the Federal Reserve Act, which amended the Constitution, so therefore it's ok." This is flawed logic to say the absolute least. If the Fed Reserve Act indeed makes this allowable, then shouldn't we repeal the Act? Why would any American citizen want a law that allows its central bank to give away billions of dollars to foreign banks (thus obligating future generations to the resulting debt burden)? Has any citizen witnessed a resultant economic benefit from this action? Also note that the Act was drafted by six bankers and one senator 99 years ago (in 1910). I have an inkling that the bankers wrote the Act to reflect their interests, not yours or mine. Just a hunch.
3) Rep Grayson probably deserves our support for questioning Bernanke in this fashion. Of course, to be thorough, his entire record on this subject should be scrutinized (which I have not done).
4) Rep Grayson is small proof that, once in a while, Congressmen actually read the relevant documents upon which they are making legislative and oversight decisions.
5) Bernanke does not appear to be confident in his knowledge of the legal authorities and Fed Reserve Act provisions affecting his chairmanship. But who needs to be when you can essentially commit the larceny of 300 million people and not be held accountable for it.
6) The Chairman of the Congressional committee (Barney Frank) sounds eager to end this line of questioning as Grayson's time limit expires.
7) It will be interesting to see how this kind of revelation affects the Audit the Fed bill (HR 1207) that Congressman Ron Paul initiated in February of this year. You can track the bill's progress here: http://www.govtrack.us/congress/bill.xpd?bill=h111-1207
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I saw that video just a few days back. The thing about it is that this wasn't a giveaway, it was simply a currency exchange. Bernanke gave foreign banks $500,000,000,000 in USD, but got $500,000,000,000 worth of foreign currency in return. He didn't do a good job in making that point in the video. So in essence, this will be profitable for the FED if the dollar loses value vs the currencies we received in return!
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