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| Time | Text |
|---|---|
| Today is the six month anniversary of his inauguration and his announcement to kill the TPP, to renegotiate NAFTA and GATT, to kill the carbon tax, to control our borders, and he's delivered in a royal flush. | |
| But the headlines from CNN and the New York Times, the Washington Post, MSNBC, ABC, NBC, CBS is... | |
| Trump doesn't get one piece of major legislation through. | |
| Trump's a failure. | |
| Trump's in shambles. | |
| Trump's under criminal investigation. | |
| And yes, he hasn't gotten any major legislation, meaning tax cuts or Obamacare repeal through, but a lot of other stuff that is actually major, has gotten through, massive regulations cut, and he's gotten so much done via the executive branch because they were unconstitutionally doing Most of their globalist agenda threw it. | |
| He was able to turn that back on him and kill it. | |
| And then watch the economy go from sputtering and faltering and stalling, roaring back. | |
| So I regard the Federal Reserve as one of the most transparent central banks in the world. | |
| That's a statement. | |
| What do you fear? | |
| About the audit. | |
| Give me a real-time example. | |
| It's about transparency. | |
| It's about knowing what your government does. | |
| The Constitution gives the power to Congress to mint and coin money. | |
| We sort of transferred that power to the Federal Reserve in 1913. But I think we ought to know what they're doing. | |
| The dollar's lost 96% of its purchasing power. | |
| What does that mean? | |
| Your prices have gone up every year. | |
| What was once worth a dollar, you know, now takes $24 to buy what was once worth a dollar. | |
| And that's the result of policies made at the Federal Reserve. | |
| Absolutely. | |
| They print up the money. | |
| But it's sort of a codependency. | |
| And this is a dirty little secret. | |
| You need to have a Federal Reserve if you're going to have a $20 trillion debt. | |
| Why? | |
| They buy your debt. | |
| But they buy your debt by printing up money. | |
| So you can't have an enormous debt if you don't have a Federal Reserve printing up the money. | |
| No, give me an example, not a general swipe of review. | |
| Just say, take for example this. | |
| If somebody said this, it would be horrible. | |
| It would be end of the world for the Fed. | |
| Give me an example like that. | |
| So I would envision a situation where the GAO, at the request of members of Congress, might come in and say, at our meeting a week ago, they've taken the transcripts and reviewed what we said. | |
| They believe that the decision we made was the wrong one at that particular meeting. | |
| And I would say that's an extreme interference and politicization of our ability to make independent monetary policy. | |
| It's true that the Government Accountability Office performs a limited financial audit of parts of the Federal Reserve, but this audit is perfunctory due to the limits placed on the GAO by Congress. | |
| The U.S. Code makes several critical exceptions to the Fed's audit protocol of its most crucial activities. | |
| Number one, GAO is prohibited from examining Fed transactions or agreements with foreign governments and foreign banks. | |
| Number two, GAO is prohibited from examining all Fed actions on monetary policy matters. | |
| Number three, GAO is prohibited from auditing transactions made at the discretion of the Federal Open Market Committee. | |
| And four, GAO cannot examine any discussion or communication among or between anyone who works at the Fed about any of the activities in the first three areas. | |
| When these restrictions were originally added to the... | |
| In the 1970s, GAO testified, GAO themselves testified, that they, quote, could not see how they could satisfactorily audit the Federal Reserve System without the authority to examine the largest single category of financial transactions and assets that it has, unquote. | |
| And now the Federal Reserve announces huge increases coming in the next few months to the previous increases of the amount of money you have to pay to borrow. | |
| And as the interest increases, it's a wet blanket trying to stop the American system that empires have been trying to stop for 242 years. | |
| This is an amazing time to be alive. | |
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