News & Analysis
Congressman Grayson Demands Fed Accountability
Rep. Alan Grayson, D-Fla. (pictured left), is upset that Congress is in the dark about much of the Federal Reserve's activity. He notes that he asked Fed Chairman Ben Bernanke what happened to $500 billion that the Fed extended in swaps to foreign countries, Grayson writes on the Naked Capitalism Web site. Bernanke's response: He didn't know. The $500 billion lent out should have been discussed by Congress, Grayson says. "That is how democracy is supposed to work – not through secret deliberations" of 12 unelected bankers, the members of the Federal Reserve. ... That's the point. The Constitution grants to Congress power over the currency and power over the public purse strings for a reason, because we are accountable to ordinary citizens through the ballot box. The Federal Open Market Committee isn't." – MoneyNews
Dominant Social Theme: A reasonable request: Make the Fed accountable.
Free-Market Analysis: More than almost anyone else, recently, Alan Grayson has put Federal Reserve Chairman Ben Bernanke on the hot seat during Congressional hearings. And Grayson has grilled other Fed personnel as well, most notably Inspector General Elizabeth Coleman – a Youtube performance that has now garnered over two million views and several thousand comments.
What Grayson evidently wants as a result of all his grilling, is a Fed that is more accountable to Congress. He seems to believe that if Congress understood and Okayed what the Fed had in mind, then the monetary system would work better, or at least along constitutional lines. Good for Grayson. But now let us turn to a colleague of his and a "fellow traveler."
Former Republican presidential candidate Ron Paul (R-Tex) is one of the most fiercely literate people in the world when it comes to free-market economics. He understands, probably much more than Grayson, that congressional supervision of the Federal Reserve is probably not the answer. Ron Paul believes that central banking doesn't work no matter who is in charge of it.
What Ron Paul understands is that the Federal Reserve, one way or another, basically fixes the amount and price of money in circulation. Right now it and other central banks can do so unrestrained by any ratio to money metals. It is difficult to see how reporting to Congress will change things substantially. Whether the Federal Reserve fixes prices on its own or under the authority of Congress, it will still be fixing prices. And price fixing never works. It distorts the market, resulting in scarcity or a queue.
Now that might sound a little odd, given that central banks always overproduce money. But is borrowing easy these days? Or does there seem to be a scarcity of money. The bust is actually the flip side of the boom. But both are destructive in their own ways. The job of central banks is often said to be one of taking away the punch bowl. Much better if they would not offer it in the first place. Here's some more from the article excerpted above:
Washington Post blogger Ezra Klein points out that the financial crisis may have been solved better by Bernanke's dictatorship than congressional involvement. By design, the Fed is independent, its leader appointed by the President and not the Congress or voters. Nevertheless, and despite evidence that Bernanke kept the global economy from imploding as the credit crisis struck, most Americans disapprove of his performance. A Gallup poll conducted in mid-July found that only 30 percent rated the Fed as doing an "excellent/good" job, the lowest of nine government agencies, including the IRS.
Is a Bernanke monetary dictatorship the solution? We don't think so. The idea of exercising better control over the Fed inevitably leads back to arguments over how central banks ought to be positioned. Some say European central banks that are more closely controlled by their governments work better while others say that the European central bank is better off because it has maintained a level of independence. In truth, these arguments over how central banks ought to be run beg the question. The question is whether the institution of central banking works at all. And it doesn't. Ron Paul has the right idea. Central banking ought to be abolished.
Conclusion: Grayson has done America a favor by being aggressive with his questions about central banking. That those who run America's central bank will not divulge where up to US$10 trillion in loans, swaps, etc. have gone is disconcerting to say the least. American politics tends to focus on occasion on millions or billions in funding and earmarks. Such amounts of money are cause for months of wrangling. Yet the Fed disposes of trillions without so much as a public conversation until after the fact. It is all very strange. Such a system is simply not defensible. A market-based gold and silver monetary system is the actual answer. We believe, sooner or later, given the level of monetary disarray, such a solution shall be taken seriously.
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Posted by Earl Conroy BSc,DC,ND, New Zealand on 08/04/09 09:16 AM
I read with interest my daily Daily Bell newsletter. I'm not a dedicated investor, in fact, I'm not an investor at all. I'm one of those ... alternative medicine people. I read with more than avid interest the article on alternative med, as ....
"Americans spent $33.9 billion out-of-pocket on complementary and alternative medicine (CAM) in 2007 alone, U.S. health officials report."
CAM includes medical practices and products, such as herbal supplements, meditation, chiropractic and acupuncture, which are not part of conventional medicine. "The bottom line is that Americans spend a lot of money on CAM products, classes or materials or practitioner visits."
It's interesting that Americans, like folks in many "civilized" countries, tend to look for remedies/services to cure their health problems. They have a tendency to fear orthodox medicine due to its expense, invasiveness, mutilation, dependency on dangerous to lethal drugs, surgical interventions and a kill mentality ranging from antibiotics to radiation and chemotherapy.
Many if not most of these folks, are overweight [some grossly], tend to buy their food in super markets or restaurants, eat the greatest majority of their food cooked or nuked or processed, at best, and tons of fast foods which have little to negative food value to somewhat lethal effects, drink chlorinated and or fluoridated water, jillions of gallons of soft drinks/cokes, energy drinks, coffee, alcohol, use pesticide drenched fruits, veges, meat, hormone laden meats, dairy equally drenched in hormones, pesticides, drugs and terror.
The consumption of 'illegal' drugs is rampant. the use of 'legal' drugs is overwhelming. The public assumes that cholesterol causes heart disease and takes statins to reduce cholesterol, which is actually a repair substance and one of the most vital liver repair nutrients and an essential pre-cursor to most hormones.
Stress is largely engineered into distress very effectively by the "war on terror,' which is manufactured to maintain the stress levels to further decimate the adrenal function of many folks.
Then we have an equally manufactured depression to accompany chem trails and mandated vaccinations that is creating an army of brain damaged children, servicemen and citizens.
Since medicine cannot possibly cope with the physiological effects of this avalanche of toxins, stresses and burgeoning EMF pollution, people are hoping against hope that..."alternative medicine" may have a few magic pills to relieve their bodies of tons of toxins, stresses, demoralization and degeneration.
Herbs and vitamins, minerals, neutraceuticals, bio-identical hormones, even enzymes and green powders are either synthetic, radiated, or processed and usually therefore ... harmful. In isolated instances where folks are willing to look at their whole life style, environment, emotional and spiritual values there is some element of hope.
For those who live the 'standard American way' and look for a magic pill in alternative medicine,' its as much a phantom or apparition as orthodoxy. But at least it doesn't carry the expense, mutilation, overt poisoning or cell destruction inherent in orthodoxy.
Just as an aside, I wonder if the fortunate peasants who live in the remote Swiss villages look to orthodox or alternative medicine to "treat" themselves or whether they have learned to honor and energize their own inherent immunity in the same manner as they have addressed their "old ways" of living ...
Reply from The Daily Bell
Very interesting perspective. Thanks for writing. It still seems to us that an alternative way of approaching medicine is to be recommended, or at least investigated.
Posted by Tom Sheridan on 08/03/09 04:17 PM
I have been fascinated by the variety of conspiracy theories that have been put forth on the internet. And I sincerely doubt the mainstream media's interpretation of recent political and economic events.
My reasons for this range from the mainstream media's self interest in discussing issues in a fashionable (popular) way, or delivering information to an audience lacking intelligence, or lack of intelligent reporters, or that the press may have an alternative agenda, such as promoting socialism in America. Whatever.
And I look for alternative views. (This is one reason I have chosen to be on the Daily Bell email list.) I don't always agree with those alternative views, but do enjoy considering them. Some of them border on conspiracy theory or are outright conspiracy theories and can be quite compelling, if not entertaining, at least!
As a pseudo-scientist (doctor) I have been trained that the simplist explanation of any fully unknown process (disease or otherwise) is usually the most accurate. And therefore I tend to discount conspiracy theory as an unlikely (though not impossible) explanation of any, not fully understood, event.
By definition, conspiracy theory requires the addition of a step (or steps) in any explanation of the unknown. Thus by Occam's razor, until the unknown becomes known, one must assume a conspiracy does not exist.
In the 7/31 D.B. edition (I think), someone wrote, "There are in fact, alternative explanations for the plethora of "conspiracy kooks" now manifesting themselves. But we don't believe such explanations. It is the technology itself that is giving rise to these movements and there will be more and more of them, if history is our guide. And we think it is."
I think I agree with this statement but would like the editors at the Daily Bell to tell me what the author meant by this, or even better, expound on the ideas alluded to in this statement.
Does it mean the "kooks" are being discounted by mainstream media, and that in the opinion of the DB, they are not kooks, but folks with an accurate grip on reality?
Did the DB mean to suggest there will be more people with a sound grasp of reality discussing their views on-line.
The term "alternative" is confusing here in the DB, to me, as well. The sentence might have been clearer if that word was removed altogether. Are there explanations and then also "alternative" explanations? If so, what are the explanations vs. the "alternative explanations", in your opinion?
I recently saw an scientific article described in the context of mainstream media explaining paranoia as an evolutionarily derived characteristic of humans. It went something like this: paranoid individuals tended to outlive (outbreed) complacent individuals in the time of predators, because they were less likely to get eaten. (Seems reasonable.)
And this might be an explanation, or is it an "alternative explanation" for "conspiracy kooks"?
And finally, why does history as a "guide" lead you to believe that there will be more movements of "kookiness"?
What other historical event(s) are you alluding to, so coyly? Since the D.B. explanation was that the internet is the reason, did the other parts of history in which this happened (and is acting as a guide), experience a similar boom in information sharing? How so and what happened as a result of these new movements of kookiness?
Looking forward to the answers to these questions and to your next edition of the D.B.
Reply from The Daily Bell
Thanks for writing. We have addressed this issue (one way or another) on numerous occasions.
1. It is the Internet that has provided the platform for the growing number of conspiracy theories - explanations for important sociopolitical events and memes that run counter to the explanations provided by the government/media/military complex.
2. The Daily Bell covers many of these dominant social themes as a regular part of its brief: the environment, global warming, peak oil, etc. The most important and easily disproved meme is central banking. Central banking is out and out price-fixing and cannot therefore be considered valuable except to a small group of individuals who are directly involved. This group of financiers pumped up to something like US$8 trillion directly into the American economy inside of a year, recently, and Lord knows how much in Britain and Europe. People, finding out about this sort of leverage on the Internet, are not to be blamed if they become skeptical of the larger sociopolitical regime. If a small group of unelected people can print as much money as they want, then what else is going on? That's the thought process, and it undermines government credibility on a number of fronts.
3. This happened in the past with the advent of the Gutenberg press. People began reading original copies of the Bible, saw they'd been lied to and began to distrust the authority church and royal families propagating such lies. Over a period of 100 years, the Reformation was spawned, and British, French and American revolutions convulsed the Western world. It is our hope that the upcoming information revolution will be more peaceable than the one spawned by the Gutenberg press.
You may read more about these issues and about dominant social themes and memes at
Click to view link
Posted by Marko on 08/03/09 01:01 PM
Gentlemen:
The company I work for produces what you would call a "Rife" machine. I use quotes because no one has been able to exactly duplicate the results Royal R Rife had in the 30' and 40's, and all of these machines, including ours, are just attempts to copy what Rife accomplished using frequencies.
The most simple explanation I can think of to explain why the technology works is to see what Ella Fitzgerald did in 1971 on that commercial for Memorex: she held a specific note while singing, and her voice pitch exactly matched the pitch (frequency) of the wine glass: it absorbed the frequency and started to oscillate beyond its ability to stretch. The result? It shattered.
Rife demonstrated that basically the same thing happens with microbes, each having its own specific electronic vibrational rate. He demonstrated this hundreds of times in his lab.
However, we have noted a distinct difference between digital output and analog output machines (Rife used analog output). Ours is analog, which is achieved by running the frequencies through vacuum tubes, not just through digital sound boards. The differences in the wave patterns between digital and analog is extreme, and can easily be seen on a spectrum analyzer.
We do not have a website, as such websites draw the ire and fire of the FDA and other agencies. However, a researcher, using our machine exclusively, the Pulsar, has posted his research on this site: Click to view link
While you will not see the machine mentioned by name there, and nothing is offered for sale either, you can look at video's showing before and after results of the following:
1. in a darkfield microscope, killing a paramecium in 30 seconds to 1.5 minutes with one specific frequency using our analog frequency generator. (that was done in 2003. Our new software accomplishes this in 1 second now).
2. clips of human blood, before and after, using the Pulsar: showing a white blood cell being stimulated; showing fibrin dissipating from the blood; showing fungal and bacterial forms reduced to lifeless forms; showing coagulated red cells properly dispersed.
In all but the white blood cell clip, the changes took place within 15 minutes after using the Pulsar. The white blood cell change took 24 hours. And while these changes are not permanent with one use, the effect is dramatic and, as your article says, you can ask people what kinds of long term results they have experienced.
While Royal Rife primarily focused on killing microbes and parasites, this new research indicates that the proper frequencies can do much more than just kill microbes.
Of course, many of those who have our machine call me back to tell me what happened, some even sharing x-rays and medical reports. However, I can only speak freely if inquirers agree in advance that our conversation will be strictly private, and not shared with any third parties, especially any attorneys, judges, or investigative agents/agencies.
At the moment, our researcher is so careful to not trigger govt retaliation, he does not even have an email contact address on the website. I am trying to persuade him to consider putting one up.
Marko (not my real name)
Reply from The Daily Bell
Thanks for the update, Marko, and the interesting info. Did not fully understand the intensity of the paranoia.
Click to view link
Posted by Kaydell Bowles on 08/03/09 12:18 PM
Thanks for letting me know what is not in the State run Media. Let me quote a person Garet Garrett who wrote the "Peoples Pottage" about and during the FDR's New Deal.
"So long as a government has the power over a people that is provided by an irredeenable currency, all efforts to stop a government disposed to lead a people into socialism tend to be and probably will be futile.
Reply from The Daily Bell
Garrett was part of what they used to call the remnant. It is a remnant no more.
Posted by Jim Kluttz on 08/03/09 12:12 PM
"Americans spend billions on alternative medicine"
Thank you for your article. I am 69 years old and depend upon vitamins, minerals, etc. to keep me healthy and avoid so-called doctors like the plague. Western medicine can only survive by using the force of government to deny alternatives to its citizens, and those same governments are now bankrupt in part because of such denial. One of my greatest sources of stress is the continued attempts by various interest groups to legislate away my ability to find the supplements I use for my personal health. Thank you again.
Reply from The Daily Bell
Thanks for the kind words. Good luck to you.
Posted by Billl C. on 08/03/09 12:05 PM
My MD prescribed a statin for me that produced one of the worst nights of my life. Never did he mention the merits of taking CoQ10 in conjunction with the statin. It is my understanding that one of the drug companies had planned to introduce a statin that included CoQ10 but was persuaded to drop the effort because the appropriate advertising strategy would alert statin users to the dangerous side-effects of their drug.
I have also learned (through internet research that has become a standard part of my health protection) that a large study has shown that people my age live longer, on balance, when they have cholesterol levels above the range typically deemed worthy of treatment by doctors.
Through supplements, I have shrunk my prostate, improved my liver chemistry, and maintained great blood chemistry (including those cholesterol levels that my doc deems unhealthy). Some make the case that the FDA has killed more Americans than any war....a claim that seems plausible to me even if unprovable.
Reply from The Daily Bell
The cholesterol issue is especially perplexing. Supplements can be very important as one ages.
Posted by William Chapman on 08/03/09 11:44 AM
Thank you for your excellent articles - I look forward daily to the Bell and have made referrals to numerous friends, family and clients.
Reply from The Daily Bell
Thanks for reading.
Posted by Henry on 08/03/09 10:29 AM
I agree 100% with your health care analysis. Much of the alternative view comes from Chinese medicine which has been successful for 3000 years. Acupuncture locations on the skin have been found to have lower electrical resistance - on the other hand Prozac has about 80% of its effectiveness due to Placebo effect and took like 10 trials to get 4 mildly effective results - then it is portrayed as the cure all and Billions are made - and the side effects create more problems= more $$$ for the drug companies.
Reply from The Daily Bell
The Internet is has not been kind to Big Pharma.
Posted by Working Man on 08/03/09 07:05 AM
There is a reason to spend money on alternative medicines. They work, and with fewer side effects.
Reply from The Daily Bell
Many might agree with you.
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Posted by Wayne on 08/03/09 02:05 AM
Congressman Grayson demands Fed accountability. Interesting, but too late to be useful. There is no money, other than this Monopoly Money that the Central Banks create. Without the tax system, this entire scam would have failed. This scrip attains it's value through the simple device of being legal tender for all debts, public or private.
Nixon finished the real dollar when he ended the Gold standard by failing to redeem this Funny Money for Gold back in the 1970's. But what's incredible here is that people continue to surrender their labor, and their goods, for this Funny Money. Write it off to life in an a Looney Bin! This Con is so obvious that it makes extreme religious mystics look like clinical scientists.
But most people think religious mystics are nuts! Go figure!
Reply from The Daily Bell
You may have figured it out.

















