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Ron Paul On Bringing Transparency To The Federal Reserve

Tyler Durden's picture




 

In this oldie but a goodie, Ron Paul hammers home the point of why the Federal Reserve needs to finally be accountable and transparent, despite the desires of Barney Frank, Wall Street, Ben Bernanke and all the current failed system's apparatchicks who will stop at nothing to perpetuate the broken status quo. For regular readers none of this should be news. For everyone else, this 1 hour program is a must watch. Clip courtesy of Fora TV and the Cato Institute.

 

Full 1+ hour clip here.

Or independent chapters:

 

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Sun, 01/10/2010 - 19:34 | 189394 Crab Cake
Crab Cake's picture

The easiest way to bring transparency to the Fed, from one side of the building to the other, is to burn it down.

Fed = Ponzi

Sun, 01/10/2010 - 20:59 | 189436 Gordon_Gekko
Gordon_Gekko's picture

Bingo, my friend. And somehow I think ending the Federal Reserve will also end "terrorism" (and the majority of wars that are being allegedly fought against it) in the world as well.

Fiat money = unlimited wars.

Fed = the most corrupt and evil institution in human history

Yes, Evil has a face and it is the Federal Reserve.

Sun, 01/10/2010 - 23:01 | 189520 Anonymous
Anonymous's picture

all you GS conspiracy buffs,
check out WallStOnion.blogspot.com

the proof is in "The Partnership"

Sun, 01/10/2010 - 23:15 | 189527 dark pools of soros
dark pools of soros's picture

its almost worth having a military coup as long as they get rid of the Fed - but who's to say congress wont just start the printing press up themselves?

Mon, 01/11/2010 - 00:10 | 189568 Anonymous
Anonymous's picture

What military coup?

Our military is just as compromised as our politicians.

They don't call it the Military Industrial Complex for giggles and grins.

Maybe your ordinary grunt fighting and dying in the Vampire Squids illegal wars is a devoted Constitutional Republican.

But the top brass is on board with all of Squidbert's evil machinations.

All hail the Squid!

Mon, 01/11/2010 - 02:17 | 189656 Anonymous
Anonymous's picture

Dark pools of soros = anti-semite/racist. Remember the funny "how many Jews can you fit in a Volkswagen" joke you so eloquently relayed on George Washington's piece about creating terrorists? You know, the one about a bunch of jews in the "ashtray"?

Want to re-tell it for everyone? Or do you want to make an apology?

Tyler and Marla, go back and look at this posters comments as described. Junk him and let him come slither back under another name.

Hey, little man, you wanna say sorry?

Mon, 01/11/2010 - 01:46 | 189636 MarketTruth
MarketTruth's picture

The REAL fraud of the Central Banksters

www.youtube.com/watch?v=hEZfMruLMSI

Mon, 01/11/2010 - 09:42 | 189784 gossamer
gossamer's picture

I agree, Peter Joseph's content regarding the Federal Reserve in his production "Zeitgeist" is outstanding. 

"The Money Masters" by Bill Still is available on Google video and IMO is the most detailed explanation of the history of money. The Federal Reserve is our fourth central bank.  The first 3 were killed, the fourth needs to go as well.  

G. Edward Griffin's "The Creature From Jekyll Island" is also a must read.

 

 

Mon, 01/11/2010 - 11:52 | 189900 Anonymous
Anonymous's picture

The Zeitgeist movie was made using all or if not most of Jordan Maxwell's research...especially that part about explaining religion and the greatest story ever told.

Sun, 01/10/2010 - 19:59 | 189402 tom a taxpayer
tom a taxpayer's picture

 

Another way to get transparency at the Fed is to investigate and prosecute the holy hell out of the Fed.

For example, the Towns Congressional Investigation into the AIG cover-up at the NY Fed, if done seriously, could led to prosecutions. The really explosive potential of a  Congressional Investigation goes way beyond Geithner to any and all those Fed Reserve people who made the cover-up decisions and executed the cover-up. As Tyler Durden points out in today's post "Cursive Geithner to Hell", an 800 pound-person-of-interest in the investigation should be Goldman Sachs Board member Stephen Friedman who was Chairman of the Federal Reserve Bank of New York at the same time. 

"When N.Y. Fed Chairman Stephen Friedman bought stock in the company that he once headed, and where he still serves as a director, he was already in violation of Federal Reserve policy and was hoping for a waiver to permit him to hold his existing multi-million-dollar stock stash and to remain on the Goldman board. The waiver was requested last October by Timothy Geithner, then the president of the N.Y. Fed and now Treasury secretary. Yet, without having received that waiver, Friedman went ahead in December and purchased 37,300 additional shares. With shares he added in January, after the waiver was granted, he ended up with 98,600 shares in Goldman Sachs, worth a total of $13,330,720 at the close of trading on Monday. Friedman was in violation of the Fed's policy because, thanks in part to the urging of Geithner and the N.Y. Fed, Goldman Sachs was allowed to become a bank holding company, making it eligible for government bailout funds (an option that Geithner had denied to Goldman rival Lehman Brothers)."

http://www.huffingtonpost.com/robert-scheer/cashing-in-on-government_b_1...

 

Another 800 pound-person-of-interest in the investigation of Fed's AIG cover-up should be William Dudley, NY Fed President, and Geithner accomplice at NY Fed.  Geithner argued that Friedman needed to remain chairman of the N.Y. Fed board to find a suitable replacement for Geithner as he moved on to be secretary of the Treasury. Geithner and Friedman insured that William Dudley, former Goldman Sachs executive, got Geithner's job of NY Fed President. Stephen "no conflict of interest" Friedman was chairman of the search committee, and Geithner lobbied the NY Fed to appoint Dudley-do-right-by-Goldman-Sachs as NY Fed President. Friedman chose a fellow former Goldman Sachs exec for the job.

So, the Towns and Frank Congressional Investigation into Fed's AIG cover-up has the potential to blow the lid off the wide ranging criminal activity at the NY Fed. The object here is not just to bring Geithner to justice, the object is to follow the money and crimes and bring the entire criminal enterprise of Wall Street and the Fed to justice. Shock-and Awe mass trials and long prison sentences are a way to clean out the current rat's nest at the Fed. The next best thing to abolishing the Fed is to prosecute the NY Fed and the rest of the Fed criminal enterprise.

 

Sun, 01/10/2010 - 20:19 | 189413 Crab Cake
Crab Cake's picture

"Shock-and Awe mass trials and long prison sentences are a way to clean out the current rat's nest at the Fed. The next best thing to abolishing the Fed is to prosecute the NY Fed and the rest of the Fed criminal enterprise."

You are still deluded if you believe either of these possibilities are in any way probable.  The government, and the jurisprudence system along with it, has been captured by interests other than those of the citizens of this country. 

Sun, 01/10/2010 - 20:05 | 189407 RoastingBankers
RoastingBankers's picture

waterboard them

Sun, 01/10/2010 - 21:02 | 189442 Gordon_Gekko
Gordon_Gekko's picture

Then set the dogs on 'em.

Sun, 01/10/2010 - 20:06 | 189408 Argos
Argos's picture

Oh, crap.  Gold just opened up in Asia and went vertical.  I was hoping for  a leg down to buy more.

Sun, 01/10/2010 - 20:20 | 189414 SilverIsKing
SilverIsKing's picture

When you look back a year or more from now, you'll realize that this has all been a big leg down.  I don't let $15-$20/oz get in my way because I'm thinking long term.

Sun, 01/10/2010 - 20:12 | 189411 Anonymous
Anonymous's picture

Our Federal Reserve Bank could actually be a good thing. Now, before everyone hammer pounds me hear me out.

My main problem with the Fed is that they aren't accountable to anyone. There needs to be some way that the Fed can be held accountable by the people. I'm not sure the best way to do this, but there needs to be something set in place where when Ben screws up we can at least spank him (or something, anything) It's a little ridiculous when he can screw up our entire country and he is not held responsible...in fact he doesn't even have to answer questions from Congress, and if he does it is only because he chooses to and he will only answer how he feels like answering. That is just absurd.

The second problem I have is the transparency issue. They need to let us know what they are doing, who they are bailing, and to what tune. This is our money. I would not let someone into my home and manage my finances in total darkness. I want to know where my money is going.

However, I can't imagine what disaster we would be facing if Nancy Pelosi and Barney Frank were up there handling our monetary system either. I think the Fed is actually the best system we could have if they were i. held accountable for what they do, and ii. were transparent in what they did. If those two issues could be addressed I would be more open to accepting the Fed in managing our monetary system.

Sun, 01/10/2010 - 22:15 | 189481 Busy-Body
Busy-Body's picture

Read "The Creature from Jekyll Island" (older book - can't remember author) and "Web of Debt" (newer book; author Ellen Brown) and then get back to me on your opinion to retain the Fed in a more honest and "transparent" form.......

Mon, 01/11/2010 - 09:34 | 189775 slovester
slovester's picture

The author is G. Edward Griffin and there is a video presentation by him at this URL on the book if you would prefer to watch rather than read:

http://www.thepanicnews.com/2009/12/14/the-creature-from-jekyll-island-starring-g-edward-griffin/

it is in 12 parts of 7-10 minutes each and very enlightening.

Sun, 01/10/2010 - 20:32 | 189421 buzzsaw99
buzzsaw99's picture

The fed needs to be, oh, what's that word, oh yeah, dead.

Sun, 01/10/2010 - 20:33 | 189422 Segestan
Segestan's picture

What a sham... it's not only the Fed Bank , but the whole Federal system that needs honest transparent policies. The Fed is just a part of the system not THE system. More distraction to hide the real culprits.

Sun, 01/10/2010 - 21:01 | 189439 Anonymous
Anonymous's picture

The FED is as federal as Federal Express

Sun, 01/10/2010 - 21:01 | 189441 Anonymous
Anonymous's picture

Jim Rickards...the 3rd vector..gold=$

In this interview Jim discusses the the LTCM crisis, the US Dollar and devaluation, gold, central bank gold purchases, misallocation of capital, bank leverage and the dangers we face in the future, the reality of the US situation and comparisons to the Great Depression, the IMF, one world currency, Alan Greenspan, Ben Bernanke and much more.

http://tinyurl.com/y9dyvrk

Sun, 01/10/2010 - 21:20 | 189449 no cnbc cretin
no cnbc cretin's picture

Ron is not the answer. He's part of the problem. Sorry...

Sun, 01/10/2010 - 21:45 | 189460 Ivanovich
Ivanovich's picture

Care to support your point of view with...oh I don't know, FACTS or something?  Yeah, that might lend credulity.

Sun, 01/10/2010 - 21:31 | 189453 Anonymous
Anonymous's picture

Ron Paul's Golden Rule
Alexandra Zendrian,

The Federal Reserve should answer to the government and dollars should be good as gold.

http://www.forbes.com/2010/01/07/gold-standard-fed-audit-intelligent-inv...

Watch a Highlight of Dr. Ron Paul's Interview with Steve Forbes

Sun, 01/10/2010 - 21:44 | 189459 SWRichmond
SWRichmond's picture

OT:

PIMCO wants BoJ to go "All-In"

http://www.bloomberg.com/apps/news?pid=20601087&sid=abBMVlgwWYC8&pos=3

Jan. 11 (Bloomberg) -- Pacific Investment Management Co., which runs the world’s biggest bond fund, said the Bank of Japan may need to consider selling yen or buying long-term government bonds in “unlimited amounts” to combat deflation.

“An ‘all-in’ reflationary policy is what is needed.”

Was there ever any doubt?

Sun, 01/10/2010 - 21:53 | 189465 Jay
Jay's picture

Thanks for the video link, Tyler. I had not seen it before. Of particular interest to me was Ron Paul's answer to question 5 which asked how he would back out of the emergency bailout and spending programs initiated by Congress and the Fed. Paul replied that he would open up currency competition and allow Americans to use gold and silver as legal tender. He said that the Federal Reserve notes would ultimately depreciate to worthlessness and then there would already be an alternative in place.

 

What a beautiful, market-oriented, approach to solving this difficult problem. Props to Congressman Paul, once again!

Sun, 01/10/2010 - 23:24 | 189532 dark pools of soros
dark pools of soros's picture

the good thing about that is you wont have to be sitting on a ton of gold; just have to have value to trade for gold/silver.  of course anyone sitting on a ton of cash is screwed

 

would be interesting how the credit cards or other debt try to transfer over your debt to gold - their lobby would be working overtime

Mon, 01/11/2010 - 02:19 | 189659 Anonymous
Anonymous's picture

Soros the "jokeman". And Racist.

Sun, 01/10/2010 - 22:10 | 189473 Dockerman
Dockerman's picture

TRUTH AND KNOWLEDGE ABOUT THE GLOBAL FINANCIAL CRISIS (GFC)

Ladies and Gentlemen all

I draw your attention to the exceptional efforts of a real USA / global patriot in Cate Long - in her attempts to bring truth and informed knowledge about the global financial crisis (GFC) to US and other Sovereign nation consumers - informative research data is being gathered daily from all politically empowered agencies and responsible(?) media outlets around the globe and uploaded to the following www sites:

http://freerisk.org/wiki/index.php/Main_Page
http://freerisk.org/wiki/index.php/Special:Allpages
http://freerisk.org/wiki/index.php/Lobby
http://shopyield.com/
http://lawmaking.wordpress.com/

I LOVED THIS HONEST STATEMENT RECENTLY FOUND ON A US BLOG SITE
"If a politician can be elected only when (s)he has enough money (i.e. millions of dollars, and for a president hundreds of millions) to run a campaign, then the resulting policies will be dictated by those who donate that money. And since one dollar equals one vote, the grandma from Main Street who ate mac and cheese for a week to donate $10 to Obama has no say, while a financial institution that gave $10 million does.

All political parties partake of the exact same largesse, so claiming that one is to blame and the other is not, is in itself utter nonsense. The system itself is broken. And you can't fix it with a bit more openness here or a few published emails there. You can only fix it by separating politics and business (e.g. "church & state") by taking a big old axe and cruelly cutting clear through the umbilical chords so carefully and profitably attended to on K and Wall Street. Anything else is mere make-believe!. Nobody in Washington really seeks the truth behind all this. Everybody seeks a story that merely makes them look good for their voters".

Cheers - may be of interest and of value to you and your many address book friends and / or contacts?

Lewis Louthean
9/53 Thompson Road
North Fremantle WA 6159
Australia
Friend, colleague and research assistant a.k.a. "gopher data gatherer" to Cate Long in her ethical objectives

 

Sun, 01/10/2010 - 22:11 | 189474 Cursive
Cursive's picture

I invite everyone to consider that debt-money is the problem, not fiat money.

Sun, 01/10/2010 - 22:19 | 189478 phaesed
phaesed's picture

That would require thought independent of the headlines and the masses Cursive. Don't expect that from Americans. This website proves that groupthink is as powerful as ever, even for those seeking to escape the predominant misconceptions. When people don't understand and refuse to spend the time to understand, they'll quickly adopt the viewpoint of someone else who has a majority of the same opinions without truly understanding the differences.

 

Additionally what you're speaking of is called Chartalism or Circuitism, which focuses on the difference between exogenous and endogenous currency bases. Look it up on wikipedia for more resources.

Sun, 01/10/2010 - 22:29 | 189496 Ned Zeppelin
Ned Zeppelin's picture

Earth to phased, do you read me?

Sun, 01/10/2010 - 22:48 | 189511 Cursive
Cursive's picture

@phaesed

It is important for everyone to understand that private bankers do not have a monopoly on money.  Money can be and has been issued without the aid of private bankers.  The U.S. Treasury issued "Greenbacks" during the Civil War.  If the people, through the U.S. Treasury, controlled the money supply instead of the banking oligarchs, we would have a truer democracy.  As it is now, we cede control of our lives to the private bankers.  It doesn't matter if money is commodity based or fiat, either can be manipulated.  Better that the money supply be controlled directly by an arm of the USG than unelected, private interests.  In any event, the citizens must be mindful of the money supply.

Mon, 01/11/2010 - 02:14 | 189627 saturno_v
saturno_v's picture

Please stop with this Chartalism (or should we better say "Charlatanism") nonsense.

It makes me laugh when I read one of the nuggets of wisdom from the proponents: "If a country doesn't run a fiscal deficit the economy would run out of money"...did Canada ever run out of money??

For every sentence in the Charlatanism theory there is an average of 3 contradictions and 6 idiocies...

By the way, FYI in historical periods when fiat money was not based on debt (and printed directly from the government), inflation went ballistic very rapidly...I cannot even imagine giving the printing press directly to congress...we would be down and done in a couple of months. The intermediation of a CB at least slows the process a bit introducing some (increasingly weak) restraint.

Mon, 01/11/2010 - 10:41 | 189838 Cursive
Cursive's picture

The intermediation of a CB at least slows the process a bit introducing some (increasingly weak) restraint.

Not at lot of credibility to this statement given the last roughly 100 years of the FBR's stewardship of the money supply.  BTW, I'd be in favor of allowing more than one currency (including gold or silver!), but the USG could require the government's currency for all tax payment.  Care to give specifics about the historical periods when fiat money was not based on debt?

Mon, 01/11/2010 - 10:57 | 189853 saturno_v
saturno_v's picture

"Care to give specifics about the historical periods when fiat money was not based on debt?"

 

French Assignats or Continentals just to name a couple (counterfeiting in these two particular cases helped a lot too).

The Greenback was very quickly affected by chronic inflation till the Specie Payment Resumption Act of 1874.

Chinese periods of hyperinflation were the authorities just printed currency.

In all the terminal episodes of hyperinflation the government just print currency regardless of debt...Zimbabwe, Bolivia, Weimar Repubblic, Jugoslavia, etc... 

"Not at lot of credibility to this statement given the last roughly 100 years of the FBR's stewardship of the money supply. "

 

At least we still did not end like Zimbabwe (yet). However, do not get me wrong, I'm not defending the system at all.

Sun, 01/10/2010 - 22:11 | 189475 mthomas
mthomas's picture

Ron Paul is one of the only politiciansin recent memory that I consider to be a true American hero  (I'm sure there are a few others, I just can't think of em right now) .  He's one of the only politicians who respects the Constitution and everything good that it stood for.  And I think that he is only going to continue to gain in popularity as things get worse for the economy.  

 

I particularly like how is he in favor of a gold standard and/or at least against the concept of fiat currencies.  And I also saw in the weekend WSJ that another well respected economist, Judy Shelton, criticized Bernanke on several things he said recently, and also suggested the idea of gold-backed Treasury notes.  This is a good summary of Shelton's argument, as well as some other interesting info on gold:  http://www.goldalert.com/stories/Gold-Price-Rallies-39-Gold-Backed-Treasuries-Next

Sun, 01/10/2010 - 23:37 | 189544 Anonymous
Anonymous's picture

i encourage everyone to read the latest 3 part missive by martin armstrong. it discusses "the club" at length,and much of it sounds very credible.

Mon, 01/11/2010 - 00:57 | 189605 bruiserND
bruiserND's picture

INCEST;

 BE A GOOD FAMILY MEMBER AND DON'T SPEAK UP.

Why hasn't Congress held formal investigations on Credit Default Swaps , toxic Mortgage Backed Securities , Collateralized Debt Obligations 's and the irreparable systemic destruction they did to America ?    takeitbackday.org/ I posed the above question to Congressman Denny Rehberg (R) Montana in a public forum in Billings , Mt. this past Saturday night Jan 9,2010. His response;"Speaker Pelosi won't let us talk about that"
Mon, 01/11/2010 - 03:35 | 189690 Rick64
Rick64's picture

We need a 10-20 million person rally/march on D.C.. A million won't do it anymore. We should be prepared to do it every month if need be. We have to force these politicians to start representing us or get the fuck out. Whether you are Democrat or Republican should be irrelevant, we should unite . Imagine the impact this would have on the morale of the people. Central Banks should not be able to control money supply in any country and especially in the U.S..

Mon, 01/11/2010 - 02:03 | 189649 Anonymous
Anonymous's picture

No one has ever satisfactorily answered this question for me: what exactly is not transparent about the Fed? The assets in its balance sheet is public information--just google it or go to the Fed's website.

The only outcome of auditing the Fed will be more politicians involved in the process of adjusting interest rates, which will inevitably lead to low interest rates FOREVER.

Bottom line: If you want to create rampant inflation and massive asset price bubbles repetitively throughout the next decade and beyond, the best way to do it is to have Congress audit the Fed.

Mon, 01/11/2010 - 02:04 | 189650 Anonymous
Anonymous's picture

No one has ever satisfactorily answered this question for me: what exactly is not transparent about the Fed? The assets in its balance sheet is public information--just google it or go to the Fed's website.

The only outcome of auditing the Fed will be more politicians involved in the process of adjusting interest rates, which will inevitably lead to low interest rates FOREVER.

Bottom line: If you want to create rampant inflation and massive asset price bubbles repetitively throughout the next decade and beyond, the best way to do it is to have Congress audit the Fed.

Mon, 01/11/2010 - 03:35 | 189691 Anonymous
Anonymous's picture

Why don't we nationalize the Fed and stop paying interest to the Fed to create our money but keep the structure in place?

Tue, 01/12/2010 - 09:55 | 190956 Anonymous
Anonymous's picture

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