• Gold Money
    05/03/2016 - 11:35
    Crude oil time-spreads have completely dislocated from inventories. Historically, such dislocations have proved to be short lived. We expect that either spot prices will sell-off again or the back...

Prepared Testimony By Fed's General Counsel To Be Used In Today's Ron Paul Hearing

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 06/01/2011 - 14:18 | 1329646 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Ron Paul = Wet lettuce

... until i see evidence of otherwise.

Wed, 06/01/2011 - 14:32 | 1329674 swissaustrian
swissaustrian's picture

Take a look at his voting record:

http://www.votesmart.org/summary.php?can_id=296

Wed, 06/01/2011 - 15:53 | 1329982 JW n FL
JW n FL's picture

this is the link but there is nothing there.. for me.. http://www.c-spanvideo.org/program/299832-1

Wed, 06/01/2011 - 15:52 | 1329991 JW n FL
JW n FL's picture

these guys had some video.. but no sound was working.. everything in the world is on cspan... shuttle landing bullshit.. what the fuck ever! when it comes to the FED nothing is working on accident! Oops!

 

http://www.ronpaulforums.com/showthread.php?296157-6-1-2pm-Ron-Paul´s-hearing-on-quot-FED-Lending-Disclosure-FOIA-Dodd-Frank-the-Data-Dump-quot/page3

 

this country is filed with idiots! you dumb fucks deserve what you are going to get!

Wed, 06/01/2011 - 14:31 | 1329676 NidStyles
NidStyles's picture

You = Ignorant, or just not informed. Try watching CSPAN sometime.

Wed, 06/01/2011 - 14:41 | 1329685 plocequ1
plocequ1's picture

Exactly. He tells us what the issues are and my response is, " AND.... NOW WHAT?????????????"   Look, I know we are screwed. I don't need Ron Paul to confirm it.

Wed, 06/01/2011 - 14:45 | 1329712 zeek
zeek's picture

...that's funny... I thought the words 'end the Fed' pretty much says it all...

Wed, 06/01/2011 - 14:49 | 1329737 plocequ1
plocequ1's picture

Anyone can say words. Its like say no to drugs. Sounds nice, but thats about it

Wed, 06/01/2011 - 15:21 | 1329848 Raynja
Raynja's picture

1 vs 534, i wonder how its gonna turn out.

on the otherside of it is he knows his vote won't count .... no i dont want any drugs, oh you bought them, ya i guess i'll do some

Wed, 06/01/2011 - 14:46 | 1329715 Bolweevil
Bolweevil's picture

One leaf of wet lettuce has more nutritional value than all the stuffed shirts on Capitol Hill combined. Maybe if he had some help? You can continue to curse the darkness if you please.  (Great avatar)

Wed, 06/01/2011 - 14:51 | 1329735 Robot Traders Mom
Robot Traders Mom's picture

Yeah dude. We don't need anymore fucking trolls on ZH. Go back to the Huff Po and spout your bullshit.

Wed, 06/01/2011 - 15:00 | 1329761 plocequ1
plocequ1's picture

Man, Thats cruel. They delete anything they dont want to hear over there. ZH gives meaning to the words open forum. God bless Tyler

Wed, 06/01/2011 - 16:20 | 1330126 Plata con Carne
Plata con Carne's picture

Only in the past few weeks has Dr. Ron Paul...

1. Publically accused the President of the United States of engaging in an illegal (and impeachable) act in the form of flagrant abuses of the War Powers Act.
2. Openly declared the Chairman of the Federal Reserve Bank a Counterfeiter and vowed to destroy the (all-powerful) FRB "System".
3. Acknowledged the Pentagon as a wasteful and corrupt Federal entity.
4. Brought into question the legitimacy of the CIA.
-AND-
5. Stated (what everyone already knew) that the ME wars were for Corporate control of oil dollars.

No other politician, candidate is talking about these issues or taking action like Ron and Rand.

Wed, 06/01/2011 - 19:24 | 1330763 I Stand Alone
I Stand Alone's picture

This Friend speaks my mind! The only other option is to engage in the war of attrition.

Wed, 06/01/2011 - 19:37 | 1330805 downwiththebanks
downwiththebanks's picture

Ron "John Birch Society" Paul isn't doing ANY action.

It's all jaw-flapping, designed to get ZeroHedgers to VOTE GOP, baby!!

Wed, 06/01/2011 - 19:43 | 1330830 downwiththebanks
downwiththebanks's picture

Ron "John Birch Society" Paul's role is to keep ZeroHedge loyalists giving time, money, and attention to the 2 Party System.

That's why people get so pissy whenever ANYONE says ANYTHING, however true, about the geriatric, impotent, impish little Bircher.

Wed, 06/01/2011 - 22:08 | 1331208 Transformer
Transformer's picture

Wow, that's a new one.  I thought I had heard every possible way to slice and dice RP, but you take the cake.

Wed, 06/01/2011 - 14:18 | 1329647 TruthInSunshine
TruthInSunshine's picture

Bernanke will ensure there's a discount window, though they'll change the name and employ stealth measures and diversion to keep it as hush hush as possible (think about the 80 billion Bernankincide loaned out at .001% interest that we just found out about).

Maybe they'll call it the Federal Reserve Glory Hole.

Wed, 06/01/2011 - 15:04 | 1329777 Urban Redneck
Urban Redneck's picture

All banking can be reduced to spread arithmetic.  This has been the case for thousands of years.  The $80 billion at .001% is a rather scrawny tree in a large forest.  The problem is the trillions at 0% or negative.

Wed, 06/01/2011 - 14:19 | 1329648 I_ate_the_crow
I_ate_the_crow's picture

The Federal Reserve has worked and will continue to work with the Congress to ensure that our operations promote the highest standards of accountability, stewardship, and policy effectiveness, consistent with meeting our statutory responsibilities. We appreciate the opportunity to describe the Federal Reserve’s efforts on this important subject and are happy to answer any questions you may have.

I'm surprised whoever wrote this paragraph didn't spontaneously combust into flames.

Wed, 06/01/2011 - 14:33 | 1329672 cougar_w
cougar_w's picture

An earlier draft:

The Federal Reserve has mislead the Congress to ensure that our secrecy promote the highest levels of opacity, obfuscation and misdirection, consistent with protecting the interests of member banks. We appreciate the opportunity to extend and continue the Federal Reserve’s efforts on this important subject and are happy to utterly fail to honestly answer any questions you may have. Oh and fuck you.

Wed, 06/01/2011 - 14:40 | 1329702 Zymurguy
Zymurguy's picture

Hillarious!!!  Now I just have to clean up the half chewed apple I spit out all over my keyboard.

Wed, 06/01/2011 - 14:42 | 1329713 carbonmutant
carbonmutant's picture

 Said or unsaid this certainly the attitude they bring to the table.

Wed, 06/01/2011 - 14:55 | 1329756 cougar_w
cougar_w's picture

Though I'm pretty sure that "Oh and fuck you" really was in an earlier draft. They are just very very careful about editing it out at the very last minute, after much discussion, which goes something like the following:

"We just cannot leave the oh and fuck you in there I feel. It's not time to tell them to actually fuck off, gentlemen."

"Oh come now, surely we've been hinting at it long enough. That they can actually just fuck off."

"No sorry, while our man Obama is in office we'll just have to play it close to the vest."

"Well it seems dishonest to think they should fuck off and not actually, well you know, tell them all to fuck off."

"Indeed it is, and contrary to our normal position in such matters, but this is more about politics than actual banking."

"Very well. But after 2012?"

"Oh yes, after 2012 we absolutely tell them to fucking fuck the fuck off."

Wed, 06/01/2011 - 15:01 | 1329779 cahadjis
cahadjis's picture

Chewed apples all over the place here too! :)

Wed, 06/01/2011 - 22:10 | 1331210 Transformer
Transformer's picture

What do you think they mean by that?

Wed, 06/01/2011 - 15:17 | 1329829 NotApplicable
NotApplicable's picture

Hilarious.

Though I'd say their conclusion in the final draft is just a more polished form of "fuck off."

Wed, 06/01/2011 - 15:32 | 1329897 cougar_w
cougar_w's picture

Quite right. "Happy to answer your questions" is what you say when you have no intention of any kind to answer any questions, and you will thwart any attempt at answering even the most trivial question that can be imagined, and thinking about the question session and what an utter sham it will become makes you very, very happy.

Wed, 06/01/2011 - 15:23 | 1329857 tarsubil
tarsubil's picture

It's funny because it's true.

Wed, 06/01/2011 - 22:18 | 1331232 TruthInSunshine
TruthInSunshine's picture
by cougar_w
on Wed, 06/01/2011 - 14:33
#1329672

 

An earlier draft:

The Federal Reserve has mislead the Congress to ensure that our secrecy promote the highest levels of opacity, obfuscation and misdirection, consistent with protecting the interests of member banks. We appreciate the opportunity to extend and continue the Federal Reserve’s efforts on this important subject and are happy to utterly fail to honestly answer any questions you may have. Oh and fuck you.

 

Bravo, Cougar. You did it.

You effectively, efficiently and accurately conveyed their real attitude and intent. And even though they'd never actually write what you did, it's absolutely how they convey their feelings about the peons in Congress (who literally gave away the printing press to the Lizardians who pull the strings of the Federal Reserve 'Bank'), peon POTUS and the ultimate peons and pawns, in their minds, to wit, the American People. This is how they begin to speak out loud when discussing such matters over drinks, after the 3rd or 4th round.

I'd give a lot to be able to get access to the inner communications of the Federal Reserve Members and their Bosses, but there's no doubt they're so arrogant (and why not?) that they literally have contempt at the whole idea or notion that they even have to appear to be and pretend to be responsive to Congressional Hearings and the like.

Wed, 06/01/2011 - 14:19 | 1329650 Xibalba
Xibalba's picture

"Disclosure and Integrity of the Federal Reserve’s Financial Statements" - Where?  

Wed, 06/01/2011 - 14:24 | 1329651 Duuude
Duuude's picture

 

OMFG

 

I was gonna highlight parts for Chuck and Rod and tha stink got to be too much....

 

 

 

 

 

Wed, 06/01/2011 - 14:27 | 1329652 MarketTruth
MarketTruth's picture

Neither stream is working as of this moment:

ADDED: Hearing delayed until 3pm.

http://www.c-spanvideo.org/program/299832-1

http://financialserv.edgeboss.net/wmedia-live/financialserv/16489/300_fi...

Wed, 06/01/2011 - 14:22 | 1329654 Mercury
Mercury's picture

Fed to Paul et al:  You can't handle the truth!!

Wed, 06/01/2011 - 14:23 | 1329655 iinthesky
iinthesky's picture

Where's the goddamn video? Figures CSPAN wouldnt carry it.. they feel talking about the shuttle landing is more important. The house web site is also broken mysteriously. Oh... duh.. TD just said its delayed till three.

Wed, 06/01/2011 - 14:23 | 1329656 Dr. Acula
Dr. Acula's picture

"Experience has shown that banks’ unwillingness to use the discount window can result in more volatile short-term interest rates and reduced financial market liquidity that, in turn, can contribute to declining asset prices and reduced lending to consumers and small businesses"

Is this a bad thing? Is it immutable interest rates, infinite prices, and infinite lending that is desired?

This statement is clearly a bunch of mealymouthed B.S.

Wed, 06/01/2011 - 14:28 | 1329665 razorthin
razorthin's picture

"Experience has shown that banks’ unwillingness to use the discount window can result in more volatile short-term interest rates and reduced financial market liquidity that, in turn, can contribute to declining asset prices and reduced lending to consumers and small businesses"

Yeah, the desired effect.  LOL!  These coxxokkers don't even realize the concept of "lending" at interest is the crux of the problem.

Wed, 06/01/2011 - 15:27 | 1329722 Dr. Acula
Dr. Acula's picture

> the concept of "lending" at interest is the crux of the problem

Not at all. Lending at interest is completely normal and healthy. As a Distinguished Scholar of the Ludwig von Mises institute, Ron Paul surely knows this.

Click here to learn more about interest: http://mises.org/humanaction/chap19sec2.asp

"the abolition of payment of interest to the owners of capital, would result in capital consumption. The capitalists would consume their capital goods and their capital precisely because there is originary interest and present want-satisfaction is preferred to later satisfaction....Therefore there cannot be any question of abolishing interest by any institutions, laws, or devices of bank manipulation. He who wants to "abolish" interest will have to induce people to value an apple available in a hundred years no less than a present apple. What can be abolished by laws and decrees is merely the right of the capitalists to receive interest. But such decrees would bring about capital consumption and would very soon throw mankind back into the original state of natural poverty." - Ludwig von Mises

Wed, 06/01/2011 - 15:08 | 1329797 NotApplicable
NotApplicable's picture

No, as Dr. Acula (or Mises) says, interest is the cost of time. The problem you likely mean to state is the concept of "lending" something that doesn't exist. That is what allows the compounding interest to transfer wealth on such a massive scale. They get risk free interest streams, while we get less purchasing power as a result of the monetary inflation, both of which undermine the financial system.

If lending had to involve real money, then the interest rate would rise and fall as peoples' time preferences influenced its demand, and the amount of loans outstanding at any time would be limited to the size of the money supply. As it stands now though, there are little to no restrictions to how much debt the fed create/buy.

If interest rates were abolished, then the only loans you can obtain will be from political orgs with connections to the Treasury (or none at all). Do you not think it better to pay a reasonable rate on a car loan, rather than not be able to get to work? or are you somehow being exploited?

Wed, 06/01/2011 - 14:24 | 1329662 MiningJunkie
MiningJunkie's picture

Ron Paul is a jewel. He is the Hank Reardon (Atlas Shrugged) of American politics. Gold will print $1,600 before Independence Day.

Wed, 06/01/2011 - 14:37 | 1329690 NidStyles
NidStyles's picture

Not with Silver holding it back.

Wed, 06/01/2011 - 19:40 | 1330820 downwiththebanks
downwiththebanks's picture

Vote GOP!

Wed, 06/01/2011 - 14:32 | 1329679 ebworthen
ebworthen's picture

 

"We have an addiction to debt and excess liquidity problem but we don't want you to know what addicts (who just robbed your Parents, Grandparents, and Children while the cops looked the other way) are hitting the drive up window where the heroin is sold - or which addicts are outpatients at the methadone clinic.

BTW - you might be able to find your families stolen posessions at the Pension/Mutual Fund Pawn Shops, and yes - you will have to buy them back."

 

Wed, 06/01/2011 - 14:43 | 1329703 baseball13
baseball13's picture

"but you can only buy them back with gold or silver..."

Wed, 06/01/2011 - 14:33 | 1329686 Lord Koos
Lord Koos's picture

"...could impair the ability of the Federal Reserve to provide the liquidity needed to ensure the smooth working of the financial system.

Yes because the economy has been so, ah smooth the last few years.

Wed, 06/01/2011 - 15:07 | 1329809 buzzsaw99
buzzsaw99's picture

"...could impair the ability of the Federal Reserve to provide the liquidity needed to ensure the smooth working of the bank bonus system."

fixed it

Wed, 06/01/2011 - 14:33 | 1329691 Zymurguy
Zymurguy's picture

If I were Ron Paul, I'd have these prepared statements ready to rebuke the Fed's prepared statements:

"If institutions believe that publication of their use of Federal Reserve lending facilities will impair public confidence in the institution, then institutions might become more responsible in their actions and the Fed' might become less brazen with the abuse of our currency."

"Also, that crap about not being willing to lend???  Hello!  Bueller?  They HAVEN'T been lending.  So your argument has no basis in reality."

Although I doubt Ron would use a Ferris Bueller's Day Off quote, but that'd be kewl if he did.

Wed, 06/01/2011 - 14:34 | 1329692 Cdad
Cdad's picture

The Federal Reserve has worked and will continue to work with the Congress to ensure that our operations promote the highest standards of accountability, stewardship, and policy effectiveness, consistent with meeting our statutory responsibilities.

Does the fed include lending money to Libyan banks part of its stewardship or responsibility?

How about buying T bills at ridiculous prices and padding the pockets of criminal syndicate Wall Street bankers...and providing them with cash to buy Netflix shares every day?

How about preserving the criminally corrupt bankers at Freddie and Fannie?

How about supporting the US housing market?  That's been working so swell.  

Wasn't it the Fed's responsibility to police the mortgage market and reign in the insanely bad underwriting done to promote CDO crimes?

Does the Fed specifically believe that destroying the US dollar so as to allow profligate DC politicians the opportunity to pay less for their spending is part of its responsibility?

Isn't it simply time for the Fed to consider it primary responsibility just now to shutter the doors and windows at all of its facilities as an admission of its failure in all of its presumed responsibilities?


Wed, 06/01/2011 - 14:42 | 1329709 Dr. Richard Head
Dr. Richard Head's picture

Logic schmogic.  Don't you know the shining light on the hill is Congress mooning us?

Wed, 06/01/2011 - 15:09 | 1329815 NotApplicable
NotApplicable's picture

Dat Ass!

Do NOT follow this link or you will be banned from the site!