To the editor:

The United States continues to be in economic decline. It started with Nixon, accelerated with Carter and has reached crisis proportions under President Obama. Examples of decline and stagnation are widespread. For instance, reduced personal and household incomes have been dropping for ten years. For instance, official national unemployment rate is at recession levels. The latest number of new filings for unemployment is again on the upswing. To make matters worse, the official rate understates the actual number of people unemployed. The real rate is likely 1 to 2 times greater than the official rate.

Florida’s official rate is 14 percent. Here in Cape Coral the reduction of jobs is so bad that individuals and families have been forced to emigrate. What has happened to these lost people? Who could be next?

Shuttered businesses, downsized businesses, lowered individual and family incomes, layoffs, and lack of employment opportunities indicate real personal tragedies have and continue to be occurring on a widespread basis around the country. It has taken decades of decisions, planning and actions to bring us to the current reality.

We are suffering as too many people have placed excessive faith in the abilities in federal government politicians and bureaucrats to make decisions. Faith has lead to complacency and status quo thinking. It has also allowed activities of the federal government and the Federal Reserve to be even less transparent and accountable to the people.

The people need accurate information to make informed voting and lobbying decisions. This process depends on the receipt of complete and factual information which includes audits.

One area needing transparency is the Federal Reserve Bank and the US Treasury. They create money out of thin air which is borrowed by Congress to facilitate spending money in excess of tax revenue. This money plus interest must be paid back by taxpayers. The Fed also is allowed to increase the money supply and give it to the banks at nearly free rates. The banks in turn lend the money with interest charges to the people. The Fed is also involved in giving money to foreign banks. Excessive printing of money leads to inflating the price of goods and services while reducing the value of income and savings.

It also leads to gifts of money to be given to special interests.

The current real estate bubble and economic recession were sparked by excessive printing of money and debt. The liquidity bubble fostered the real estate boom and subsequent bust. The recession is also the result of poor long- term strategies and actions, including the free trade policies. In either event, the Federal Reserve is at the heart of the problem.

The Congress is also at the heart of the problem. Although it created the Fed nearly 96 years ago it has never asked for or received a real audit. And, the Fed provides less information to the public than five years ago. Today dollars are printed and the Fed does not even tell us how many!

The current economic situation of decline is serious and tragic. Real facts from the Federal Reserve are needed to base future action. The people agree. The latest Ramussen telephone poll indicates that 79 percent of the people think that the Fed must be audited. Representative Ron Paul of Texas also agrees. Today his audit the Fed effort and bill has substantial support in the House. He needs individuals and local councilmen and legislators to contact their federal representatives and insist that the Ron Paul Audit the Fed Bill get passed. We need the information.

James Arft

Cape Coral