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European Central Bank.

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  • 13-06-2009 1:59pm
    #1
    SeanW
    Registered Users Posts: 8,845 ✭✭✭


    I've been reading a lot from Ron Paul's website www.campaignforliberty.com about the Federal Reserve Bank. It seems this is a private organisation controlling monetary policy, it operates more secretly than the CIA with no governmental oversight whatsoever, is used as an accounting trick by Congress to monetise spending and debt (i.e. printing dollars to pay bills), having the power to print as much money as it wants and give it to whomever it wants for any reason under any terms (thus corruption is possible), and has now hired an ex-Enron lobbyist to derail up Mr. Pauls widely popular proposed legislation, H.R. 1207, which seeks to audit the Federal Reserve.
    Which is why when Timothy Geithner or one of that crowd went to China and assured the students he was speaking to that "your dollar assets are safe" the audience responded with laughter.

    Sounds like a nasty bag of goods, but it got me thinking - how does the ECB operate? Is its operations audited in Brussels? We know that they cause monetary inflation too, since we have monetary inflation as well, but do we know what they do with the Euros they create, either through printing or through changing computer entries in bank accounts?


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