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Economist With Financial Services Committee For Eleven Years, Assisting With Oversight Of The Fed, Supports Ron Paul's Questions
Today, Ron Paul accused the Federal Reserve of having a hand in nefarious plots such as Watergate and arming Saddam Hussein.
A 1992 article
in the Los Angeles Times reports that the Fed had only a minor,
indirect role in providing loans to Saddam (it was mainly the
Department of Agriculture which made the loans, with backing from the
State and Treasury Departments). The Times article also appears to say
that most of the government officials involved thought that Saddam
would use the loans for humanitarian purposes, and paints the Fed as
the most reluctant of the involved agencies.
However, in 2008, the University of Texas published a book by Robert
D. Auerbach - an economist with the U.S. House of Representatives
Financial Services Committee for eleven years, assisting with oversight
of the Federal Reserve, and subsequently Professor of Public Affairs at
the Lyndon B. Johnson School of Public Affairs at the University of
Texas at Austin - which seems to support Paul's questions.
In Deception and Abuse at the Fed, Auerbach claims:
Major instances of Fed mismanagement and abuse of power that were exposed by [House Financial Services Committee Chairman/Ranking Member Henry] Gonzalez, including:
- Blocking
Congress and the public from holding powerful Fed officials accountable
by falsely declaring—for 17 years—it had no transcripts of its meetings;- Manipulating the stock and bond markets in 1994 under cover of a preemptive strike against inflation;
- Allowing
$5.5 billion to be sent to Saddam Hussein from a small Atlanta branch
of a foreign bank—the result of faulty bank examination practices by
the Fed;- Stonewalling Congressional investigations and misleading the Washington Post about the $6,300 found on the Watergate burglars.
You can read details of Auerbach's allegations about Iraq here, and about Watergate here.
Moreover, a 1982 article from the Miluawakee Sentinel alleges:
Police who searched the room the Watergate burglars used
found $4,200 in $100 dollar bills, all numbered in sequence. [Senator] Proxmire
asked the Federal Reserve Board where the money came from. As he
explained in a letter to the late Rep. Wright Patman (D-Tex.), chairman
of the House Banking Committee: “I got the biggest run-around [from the
Federal Reserve] in years. They ducked, misled, lied, and gave me the
idiot treatment."
I
don't yet have an opinion as to what this means, whether Auerbach has
his facts right, or whether his allegations - if true - really amount
to proving that the Fed had a major role in arming Saddam or
stonewalling Congressional investigators about Watergate.
»
I still say the Patriot Act allows the police to break into the Fed and search all their records without a warrant and without letting the Fed know they were there. Isn't this the way to conduct an audit, and isn't Constitutional law wonderful?
You know you’re in trouble when the government has to break into its own files.
It is amazing the silliness posted here about Iraq . There is no sense of proportion or even knowledge what was Iraq, what drove Saddam regime and simple things like its military culture. And how USA reacted to that: it was the first country to put in check the dual use equipemnt and it wasn't even earlier because Commerce could block Pentagon efforts.
As always Ron Paul once more shows is limitations when he wanders outside economic side and is driven by talking points someone whispers at his hear.
Censorship is selective, depending on who’s doing the censoring. The point is, with censorship you can’t trust to have truth. I still believe Andrei’s comments were removed inadvertently. Andrei’s posts were not the only ones to be removed—so was the guy’s I answered at #244310 who said the economy was on the way to recovery and Bernanke was right on and Paul was “nutty.” Why would ZH remove that comment?
I agree that deliberate trolls must be contained or the intent of a site is compromised. After all, as Ronald Reagan would say, Zero Hedge paid for this mike. But as to Andrei, I agree with Voltaire, “I disapprove of what you say, but I will defend to the death your right to say it ...” If the average guy can’t be heard, well, we’ve already had a pattern of this--it’s called the United States government. No one can trust what it says, or its figures, or its streamed media… so who knows? The little guy"s answer was the Internet. Now, Obama Information Czar Sunstein says that must be policed.
As to counting the number of a poster’s comments, I remember in past discussions when Cheeky or, say, Minnesota Nice would dominate in dicusssions that piqued their interests. No one counted their posts. So what’s up now? Is this the way censorship works? But I still won’t believe it, not with ZH.
"This was the 'maiden' voyage of the greatest ship ever built. The 'unsinkable' campaign assured passengers of comfortable safety. Many Irish, French and Italian Catholics were on board. Protestants from Belfast were also encouraged to immigrate to the United States on the Titanic. These were 'expendable' people; for the most part. But, the real reason for the ship's destruction was a game between the super rich whereby Guggenheim-Strauss-Astor could be eliminated. 'They had to be destroyed by a means so preposterous that no one would suspect they were murdered, and no one would suspect the Jesuits.'"
http://www.world-mysteries.com/doug_titanic1.htm
Free Speech is a process whereby all opinions can be heard and the arguments for each can be weighed by individuals who may or may not agree with the speaker. While one may not agree, each person should at least make the attempt to listen twice as much as they speak since they have two ears and only one mouth.
The consumate spin artists know what buttons to push to get an emotional response, understand the art of illusion and misdirection and seek to belabor points which have little to do with the discussion at hand.
Evil loves darkness, it cannot stand the light of day, thus the need to audit the FED at the earliest opportunity. These are institutions dealing with PUBLIC money and should be open to review. Anyone who has been out on their own understand accountability and the consequences of not having it. They may not admit to it, but they understand it. Don't do the crime, if you can't do the time.
I usually avoid posting because there aren't many folks worth listening to. Not objective, name calling. Lots of folks who have way too much time living in their parents basement.
If you can't deal with objective data, don't post.
Andrei, your multiple posts prove you are a wanker. Just say what you have to say and move on. this isn't your personal forum, and hence it was appropriate for you to have content removed regardless.
It's a shame the content of zero hedge is so good, but the posters leave something to be desired. I used to post on their material on seeking alpha. On that site the commentary form the audience is worth reading. This site has become the domain of trolls. It isn't just Andrei either.
Usually, Ron Paul's supporters are very friendly to freedom of speech. Freedom of speech for them means sputting anything conform to their vision of the world. As long as people walk that line, it is all okay and censorship does not exist. If you are out, well, they consider that means of communication are theirs to order.
The police officer is gone fishing. I used to think that torture was motivated by the demand of getting a suspect tell what he is expected to do. Trying to get a suspect to self confess what the police officer has no evidence of.
The example shows how some people are tight to some ideas.
Ron Paul 2012!
Ron Paul 2012!
Ron Paul is Spartacus.
I am Spartacus.
Andrei Vyshinsky should not be allowed to pollute the comments with 16 useless comments. He is not influencing anyone or adding any value and apparently is starved for attention. Most likely driving a bright red or yellow vehicle with many bumper stickers. A.V. is clearly anti-semitic, a bigot, a misogynist, and is homophobic. Clearly a troll along with a few others I have noticed like Master Bates.
This blog would be much better if we could individually decide to ignore certain commenters since a big part of the blog is reading the comments. Some are a big waste of time and energy, and that is why certain individuals/agencies are posting to litter the blog and create noise to prevent others with busy lives from reading through and picking up nuggets of truth.
+ 10
"...should not be allowed to pollute the comments..."
you can't really mean that, (can you?) let's get a thicker skin, folks.
interestingly, some of the more irritating posts and responses help me to better justify and articulate my own positions - both in agreement *and* disagreement.
to be sure, it's the periodic stretches from my comfort zone that keep me coming back. a bit masochistic, i suppose.
i also think some folks like to throw a bit of sand in the gears in here, just to get the locals riled... e.g. picking on the gold-bugs, etc. not sure it's quite the same as a troll. more leprechaun-ish
lastly, to me, GW (article author) is a little bit 'out there' on some of his posts/assertions, but i believe it is the various extremes that help identify the core, and it's always interesting.
if we're gonna clip comments, perhaps each 'flag as junk' could lighten the font until it's white. i think that'd be pretty cool, and I could select it if I really wanted to read it. Marla?
Agreed, some people need to pull up their big girl panties and treat the online forum like any other public forum. If you're an idiot people will ignore you and poke you in the eyes.
Andrei, if you don't like it, one can always start your own blog. You can obviously write, and your premises are articulate and passionate. Let folks come to you instead of assuming that you or your ideas are more valuable or deserving more volume from the rest.
Disclaimer, I've had numerous posts removed -- probably for my own good..
It's all academic. RP will not get the Republicrat nomination. If he goes 3rd Party, Oblambo wins. So what. Actually, if my sense of Z-day for the economy is accurate - mid 2012 - there won't be a 2012 election. Maybe Paul will be President of, I dunno, something like Republic of Texarkanaho.
I really must object. I've had a number of my posts on this topic deleted. No bad or threatening language was used, they just cease to exist. Is this the meaning of Libertarianism, that criticism of Ron Paul is greeted with censorship? I'll have an answer please.
i agree with you, you useless troll. all of our responses to your inane comments now don't make sense.
Libertarianism means that you can entertain all of the mindless, idiotic notions you like Andrei, only thing is you cannot force me to live by them... that is the difference between Libertarianism and the Marxism or whatever ideology you keep trying to spout here.
how about either start trying to participate like a man, and state your opinion and then why you disagree with whatever, or go troll somewhere else you sack of shit.
Oh no, you make absolute sense, you Nazi pig. You make the same kind of sense the SA did when it beat up Jews and torched their synagogues on the streets of Berlin in the 1930s. Instead of brass knuckles and iron pipes you hit the junk button, you noxious coward. Who in the hell are you to force yourself and your phony ideological vision on me or anyone else in this way. You name yourself well, filth: mouse. And a mouse you are. Bend over, feel around, take your weaselly little hatreds and stick 'em where the moon don't shine.
Looks like He's gone?
I guess the Road Runner Hour must be on CN?
sorry if you got your feelings hurt there, buddy, but what do you expect? you come in here with the sole purpose of attacking libertarianism and Ron Paul and when asked for your reasons, all we get are more snarky comments. both Waterwings and I have asked you previously for your position and got nothing back but more insults. so who is the coward here? you know my position, what's yours? until you have the nads to lay it out there, you will continue to be treated like a troll.
by the way, a mouser is a cat, not a mouse. libertarianism is nearly ideologically opposite of Nazism. i never use the junk button, i reply to comments i don't like. and the only one doing any hating in here is you.
"sorry if you got your feelings hurt there, buddy, but what do you expect? you come in here with the sole purpose of attacking libertarianism and Ron Paul and when asked for your reasons, all we get are more snarky comments. both Waterwings and I have asked you previously for your position and got nothing back but more insults."
And whose feeling were they that you were saying got hurt here, Nazi? Did I manage somehow to offend your exquisitely delicate "libertarian" sensibilities? It would seem that in your adolescent self-absorption you're under the impression that people have some presumed responsibility toward you simply because you'd like to engage them in discussion. And then, after they've ignored you, having gathered that you're really just a rather puny rabbit intellectually, you
then seek to beat up on them using the one device that remains to you, the junk button. There's the cowardice, gauleither. Someone dings you emotionally by reducing your life philosophy to the pile of garbage that it is, and you club together with other low life to bannish them. I've never once used the junk button here. Have always felt that everyone's entitled to an opinion. But not you, you're so insecure in your beliefs that the mere existence of a opposing point of view makes you want to destroy it. And those, little mouse, are the instincts of brownshirt. Do the world a favor: Draw a tub of hot water and go off in search of a razor blade.
nice straw man attack, is that the best you got?
I agree Andrei. If this is what taking on board an ombudsman means at ZH, if this is what a few junk flags means, censorship, then ZH is doomed. It makes a mockery out of free speech and discussion. Deletion of unpopular or controversial material or of new ideas outside the Big Brother box means all can be censored by a junker planted by Obama’s Information Czar Cass Sunstein or anyone who merely wants to manage thought, truth, or criticism of the Establishment.
Those who can’t stand the heat of debate need to stay out of the kitchen. I chose to believe ZH is having a technical problem or that it is being deliberately sabotaged in an aim to weaken this great website because it is making a difference.
That said, I have noticed that most of the contributor posts have either been removed or lost since yesterday, and that there is trouble in posting today--such as running all the text together. Surely, someone on ZH will post a reply.
JR,
Thank you for your thoughful reply, JR. I'm infuriated by this development. If I don't get some kind of reasonable explanation and soon, I'm out of here. This site is just as well consigned to the libertarian Nazis to whom it appeals and who have just given us the most exquisite taste of the substance of their beliefs. This is not my first experience with libertarian intolerance, JR, it is about the third. Seemingly, the typical libertarian response to criticism in the final analysis is totalitarian. Wishing you well personally in any case. You'll understand, I hope, my choosing an environment for myself where people feel less threatened by the free exchange of ideas. This place is toxic and frightening.
Whaaaaaaaa. I feel so dirty.
If enough people "junk" your post it is deleted by the system. There is no nefarious plot here - if people thought it was crap, it was pushed out.
The dollar is surging upward. Hahahahahahahha.. I think I know whom they are going to commit. If I were you I’d keep an eye on my back for the white coat guys.
Bernanke says, ”We didn’t do it and you can’t look at the books,” and you call Ron Paul nutty.
By the way, it’s time the American people had a statesman instead of a politician.
Hey Andrei, are you related to that fuc@ing criminal who worked for Stalin?
Although I've found that RP can sometimes not be as composed as one would like, his point is always relevant, even if the presentation is lacking.
Point being, he wouldn't bring it up if he didn't know something about it, regardless of how nebuluous the presentation was.
And the idea that Bernanke said that after 10 years we know everything is horse pucky. Show it to me you boob.
That legislation needs to be passed, what's the frickin holdup?
You mean "audit" the Fed? House lawyers may want it, but Senate plutocrats...never. And if they actually did so, it would become known where the Missing Four Trillion went: ZOG central. Can't be having that. Besides which the attendant uproar might bring the whole house of cards down now, instead of in a year or two.
The longer the debate goes on the more time they have to cover their tracks and destroy evidence.
This is no different than any other "white collar" fraud. It just happens to be the biggest and longest running one in history.
I think ZH needs to fix their posting system.
Once someone's post is deleted, the responses should be deleted as well. The negative responses to this post are actually responses to deleted post and now appear out of context.
The Saddam link is interesting, because it involves GHWBush, who was very tight with the Iraqi leader, until the Kuwait invasion (which many suggest was prompted by a US intelligence leak which promised Saddam, that the US would do nothing) Remember the Iran/Iraq war was started when a CIA operative fed Hussein false information that Iran would collapse very quickly, the war lasted ten years.) Bush took office in 88, and later pardoned key Iran/Contra figures which is where the Federal Reserve comes into play. As Greenspan said, Bush I was the most meddlesome President he served under. Iran/COntra dovetails with the s&L crisis, and operatives used the system to loot various institutions, which were then made whole by the taxpayers.(think about that for a minute). Its entirely likely that Neil Bush was helping out Poppi when he was prosecuted for the Silverado gambit.
Now Paul is from Texas, and the Bushes are not especially well loved down there, as Ross Perot demonstrated. He could be grinding that axe, and certainly Iran/Contra was the greatest political scandal to never to be prosecuted. Fast forward to Bush II, the phony financial crisis in 2008, and the most corrupt regime in the modern era. Jr was the Manchurian President by some accounts, have you seen that movie? The Manchurian Candidate.
Obama has sometimes intimated (according to private sources) that he might not live out his entire term, but that he wanted to try. But to backdate the situation, why did Pelosi and the Democrats take impeachment off the table? These days you can smell the fear, and when they were at the height of their arrogance, it was nothing really for Hank Paulson to privately threaten members of Congress with martial law if they failed to bail out his old organization, Goldman Sachs.
News flash someone scuttled the Titanic, it didn't sink because of some iceberg. Now with the ship at the bottom of the ocean, and the cabin boy at the helm, and Goldman Sachs running the country, and the Bushes, always loyal global capitalists, Prescott signed WTO for the Nazis, you have to think something is really wrong with this picture. Paul may have found a way into the closet where the skeletons are buried, while Obama blows the ships horn, move forward people, nothing to see here.
The real question in addition is how much of Madoffs funds went to AIPAC? And was Madoff brought down when it was no longer possible to continue that arrangement, even though Pelosi was neutralized, and had to turn out her friend Jane Harmon who sat on the Intelligence Committee because of alleged involvement with that lobby.
Good stuff. So is the Manchurian Candidate. It's as if these folks realize that because what they do is so bizzare and evil, people will never be able to accept it as truth.
Well when powerful people get screwed they always get even. Eventually. Maybe now is their time.
(I am a mere peon watching the show - I have no idea what's actually going on, but I think I've seen this show before - well maybe it was stage play, but still.)
The Bushes aren't well loved in Texas? I thought it was God -> Bush -> Jesus -> You down there.
^THIS. +++
thank you sir for taking the time to write that out - it's just what I (we) need, a chunk o' truth in the endless spin cycles. THIS is why I love ZeroHedge!
read the Franklin Coverup, by John Van Camp. I suspect that the political attack dogs went after the Blue Dogs in 2000, and they put Gary Condit away on trumped on charges, he was later exonerated .The strategy of going after moderates instead of more liberal members is interesting, but it makes sense, widen the partisan divide and attempt to exploit the differences.
Hey, you're guilty until proven innocent these days, so I applaud Paul for shooting at the hip... and hitting the target... even if he missed.
Those who understand body language and tone need to compare Bernanke's reaction to George Bush's reaction to populas questions when the Iraqi fallout had begun. There is obvious tension in the body language and the voice. Bernanke was bothered by what Ron Paul was saying. The question is: why?
While the reporting of the exchange does seem "bizarre," the Congress would have been better served if the Fed chairman had simply addressed the facts. Professor Bob Auerbach of the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin (and an economist at the House Financial Services Committee for eleven years assisting in oversight of the Federal Reserve) brought these issues to light in a book published by a university press:
source: http://www.huffingtonpost.com/j-bradley-jansen/bizarre-bernanke_b_475230...
+10
Um. Uh. Didn't Geo. say at the top of the post. . . uh. nevermind. he's on a roll.
Wow - great catch!
Edit: Goldmember gets the hat tip. It was his tip which led to the revised post.
Kudos, Goldmember.
I'm going back to Robo's post.
Are there some nice "charts" today? :)
Trainer "knocked out" at California's Sea World !! Did Blackstone not buy out Sea World recently ? Did they (BX) introduce any new austerity measures ???
They need to stop trying to feel up the Fed and just defenestrate it instead.
Has anyone asked Rand to comment on this?