This page has been archived and commenting is disabled.
Ron Paul Before The Cato Institute On Bringing Transparency To The Federal Reserve
A one hour program in which Ron Paul provides the basics of the Federal Reserve and why it is high time transparency was introduced to this most critical of institutions. Must watch.
A ten minute segment is provided below:
Here are the separate segments:
- Introduction
- Interest in the Federal Reserve in the 1970's
- Bill to open the books at the Fed
- Willfully blind regulatory agencies
- The Fed is answerable to Congress
- Should Fed lend money to the private sector?
- Ron Paul's response
- The Fed plays many roles
- Q1: The chance for Congressman Paul's bill
- Q2: More challenges to Fed Chairman and Treasury Secretary
- Q3: Safety concerns
- Q4: Why bailouts helped
- Q5: Open up currency competition
- Q6: Fed Audit will lower confidence
- Q7: Money created out of thin air
The full program can be seen on Fora TV's website.
- 7213 reads
- Printer-friendly version
- Send to friend
- advertisements -


www.RevokeTheFed.com
March 2008
WHEREAS, Article I, Section 8 of the Constitution of the United States of America authorizes Congress "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures";
WHEREAS, on December 13th, 1913 the US Congress enacted the Federal Reserve System;
WHEREAS, the Federal Reserve System is considered an independent agency within the federal government, with oversight of Congress and containing appointed public officials on its board of directors;
WHEREAS, the Federal Reserve System Controls the Federal Reserve Note, the official currency of the great nation of the United States of America;
WHEREAS, there may be controversies regarding the legality and constitutionality of the Federal Reserve System, it is recognized that the said system has operated continuously as the central banking system of the United States since the inception of the Federal Reserve Act of 1913;
WHEREAS, the Constitution of the United States of America granted Congress the authority to create the current Federal Reserve System, it also does grant Congress the authority to modify or revoke the Federal Reserve System;
WHEREAS, the actions of the Fedreral Reserve System represent the credit and currency of the United Stated of America to the citizens of this great nation and to the world;
WHEREAS, the Federal Reserve System, acting independently within the federal government allowed, supported, and even promoted parasitical and non-productive uses of the money and credit of the United States of America;
WHEREAS, the United States and likely the entire world's financial system is undergoing massive de-leveraging of the said parasitical and non-productive uses of the credit and money of the United States of America (as well as other nations' currencies);
WHEREAS, the US dollar, the "Federal Reserve Note" is declining in value due to these parasitical activites, as well as potentially other causes;
WHEREAS, it is recognized that the citizens of the United States and other nations did willingly participate at some level in the creation and propogation of said parasitical activities;
WHEREAS, it is also recognized that the United States of America, a sovereign nation, has the legal, moral, and God given authority to take actions to benefit its citizens and to protect its good name, credit and money in times of difficulty;
WHEREAS, it is recognized that the current time is such a time of great difficulty;
WHEREAS, it is recognized the parasitical financial institutions and their activities are at odds with citizens of the United States of America and the good credit and money thereof;
WHEREAS, the current indications are that the Federal Reserve System is acting to preserve the financial system currently flooded with the parasitical activities;
WHEREAS, the current indications are that the neither the Federal Reserve System, nor the Congress of the United States, nor the people of the United States have access to the books of the institutions being preserved by the Federal Reserve, and therefor the degree of inter-connectivity and risk associated with the institutions and other entities cannot be determined;
WHEREAS, the Federal Reserve System is accepting non-performing assets as collateral for credit with ultimate taxpayer responibility to entities not under its legislative mandate;
IT MUST BE CONCLUDED, that the Federal Reserve System is not acting to the benefit of the people of the United States of America, its credit, money, and good name;
WHEREAS, it is recognized that the political will and capability of the government of the United States of America may not be up to the task of prosecuting this proclamation ; It is also recognized that this may be the only hope for the continued survival of the United States of America as the great nation as it has historically existed.
NOW THEREFORE, it is PROCLAIMED by those supporting this Proclamation that the Congress of the United States of America FULLY NATIONALIZE the Federal Reserve System, and take full control of the credit and money of our great nation; The Congress must take whatever action necessary to seperate out, sequester, disown, or otherwise neutralize the effect of the parasitical financial activities which led to the current crisis; The Congress of the United States of America must reorganize, replace, or terminate the Federal Reserve System as appropriate; or otherwise devise a system for creation of the national currency.
IT IS FURTHER PROCLAIMED, that the Congress of the United States of America in cooperation with the Executive of the United States of America contact allied nations and any other nation willing to participate in the overhaul of the failing and parastical financial sytem currently in operation and create new treaties and alliances as necessary to create a sane and productive system of finance with the express goal of supporting a productive national, and by extension and through voluntary cooperation, world economy;
FURTHERMORE, it is PROCLAIMED that it should be the goal of such an international effort to maintain fair international trading practices allowing for protection in national interest of labor, resources, and productive capabilities;
WHEREAS, it is recognized that such a move on the part of the United States of America may result in the necessity of an isolationist policy IF the other developed nations do not follow our lead; If such occurs, so be it.
SO HELP US GOD!
The problem frankly, is that Congress doesn't know 'how' to nationalize the Federal Reserve. And even uf they did, they'd appoint a handful of bankers to run it, and we'd have accomplished nothing. We must have a total and devastating collapse first. It's the only way.
"WHEREAS, it is recognized that the political will and capability of the government of the United States of America may not be up to the task of prosecuting this proclamation ; It is also recognized that this may be the only hope for the continued survival of the United States of America as the great nation as it has historically existed."
;)
I think Ron needs to know the difference between spammers and bloggers.
Also didn't know the Fed hired Enron's lobbyist to block the transparency bill, hmmm.
early in the game and tied of course to Rubin and Summers in her past
from JHU.edu
http://webapps.jhu.edu/jhuniverse/information_about_hopkins/about_jhu/pr...
Oh, I actually do remember this but in the grand scheme it seemed soo predictable so I forgot it.
Thanks for the link if not the terseness.
Catch up on now old news bond dude.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZjQKyLci1AM
Insert above response here, sorry.
Ron Paul is an arrogant, racist pig and anything he says is said through his racist prism.
It's like taking Lyndon Larouche or Louis Farrakhan seriously.
you're ignorant.
is that you ben?
I don't think he will succeed. It is simple, they will tell the congress,that by doing that we might be delivering the knockout punch to the market. I truly belive(and not just suspect)that the amount of the debt swap with banks is a lot more than what the fed shows in those fancy charts that zh publish here. I think it is beyond the 1.5 trillion they calim...............
Look, what we really need is HR833 (The Federal Reserve Abolition Act, but HR1207 serves to purpose of at least putting some pressure in the Fed, if nothnig more.
Is ZH "re-marketing" Cato-Institute-Events ? I.e. peddling two month old Cato-Events (June 24, 2009) which are "freely" (i.e. WITHOUT advertising) available from the horses mouth (http://www.cato.org/event.php?eventid=6279) via a "Fora TV" WITH advertising ?
"Re-marketing"? They are providing a filter for important information. As none of us have time to read Cato.org, Judicialwatch.org, the Fed's website, etc. trying to find stuff like this. Anonymous #44920 go back to work fetching Timmy's coffee.
How is it that HR1207 has not already come up for a vote? Just by counting the sponsors the bill has enough votes for passage. Is this a Pelosi/Frank holdup while they cover their asses? help me understand the delay here.
i think 290 co-sponsor clinches a vote against veto, there are 280ish cosponsors ATM
They should let Obama veto it. Or dare him to.
In fact, O might even twist some arms so that they get 290, because then it'll be out of his hands.
barney frank has it holed up along with
his other hole.....it will never
see the light of day unless it reaches 290....
unfortunately, that is right. it will die an unceremoneous death in committee.
Is the information less valid due to the inherent one sided views of the institute itself? This question always sits in my mind when CATO is involved. I have an inherent distrust of think tanks.
Too much thinking, not enough tanks:
http://www.youtube.com/watch?v=tW_QgDXL65U
Exactly - think tanks that want to limit govt are wayyy too powerful... and the govt doesn't have enough power - right???
to any jackson hole readers ( durden, check IP's pls):
if the fed is legit, why is counterfeiting illegal?
the fed can come behind after i spend my bills and mop it up to whatevs levels they want and the effect on the economy is the same. my consumption will support the industry just as well. i can think of a few industries right now...
why should the fed decide who gets the money FIRST? until they answer this question the bill is a GO.
I don't understand all this fuss. Why don't people just stamp "Trade Secrets" on thier tax return and send it in. What's good for the FED has to be good for the citizens of the FED.
I hope someone has the guts to do that, and then appeal all the way to the supreme court! Only thins is that you would have to have deep pockets to carry that one out. Do you think Ron Paul et al would sponsor such a test case?
Because we are slaves to the FED through enforcement of the IRS, not the other way around.
Why is it so hard to things that are obviouly right for the nation as in shedding light on the 'Fed.' Is the majority so blinded and ignorant to the leeches that are slowly sucking the nation dry at the expense of the people who built it with their very own hands (middle class).
Goat Riders In The Sky
http://www.youtube.com/watch?v=gWTjjm-Gg3c&feature=related
I'm all for the audit, but it's possible that if the Fed was audited then we'd find out things that maybe were best not known for the dollar's sake and the country's sake. Me thinks that's what's behind all the stonewalling of the bill.
On the other hand, what kind of information do you think we can get from an organization that wants to be secretive? Remember how Enron shredded documents to cover up their tracks or how Nixon recorded over sensitive tapes? It's tough and even impossible to get valid information from an uncooperative party. If the Fed has "off the books" transactions, do you think those would ever be revealed in an audit?
If they're doing things you best not know about, then the long term consequences will be far worse than if we shed light now. Kicking the can down the road only works when there's still road left...
Before its' over they'll be naming this sitcom 'Fed and the Rentenmarks'.
http://anonymousmonetarist.blogspot.com/2009/08/feds-dead-baby-feds-dead.html
That's just scary.... got my cash sitting pretty on the sideline.... w/ a couple of puts ready to be placed..
They breathe profits; they eat the interest on money. If they don't get it, they die the way you die without air, without side-meat. [referring to the banks]
The Grapes of Wrath
Chapter 5
The bank is something more than men, I tell you. It's the monster. Men made it, but they can't control it.
The Grapes of Wrath
Chapter 5
It ain't that big. The whole United States ain't that big. It ain't that big. It ain't big enough. There ain't room enough for you an' me, for your kind an' my kind, for rich and poor together all in one country, for thieves and honest men. For hunger and fat.
The Grapes of Wrath
Chapter 12
I like Ron Paul but I dislike the CATO institute.
Here in DC, the CATO institute are well known as a bunch of arrogant hipsters. (Reason magazine, etc).
You must not know any Cato Institute folks or really don't know DC very well -- after 5PM. The Reason folks are hipsters; the Cato folks ain't. And since when does being arrogant make you wrong?
Really gotta agree with the previous poster. While Reason does often quote selected papers by CATO, they are very VERY different crowds.
My impression is that they're Ayn Randian ideologues parading themselves as academics. (Assembling facts to support a bias, rather than looking for truth.)
"Assembling facts to support a bias, rather than looking for truth." - isnt that the entire town of DC in a nutshell? isn't that the entire two party system in a nutshell, with the sheeple trying to convince themselves that they dont regret thier vote?
Happy (belated) birthday Dr. Paul!
Must be great to grow old with that tax money funded health care keeping you going.
Damn hypocrite.
Evil hates truth.
Not only does your comment not relate to the topic, it makes absolutely no sense.
That might work with the average online reader, ZH'rs are much smarter than that.
So you might want to post your propaganda on the NY Post.
Truth doesn't hate evil, it feels sorry for it and for your weakness.
Wealth can buy everything but a reputation and strong character.
Though his comment was completely off topic, it's true. We pay for Ron Paul's national healthcare. ALL the Congress that is fighting so hard to deny us a national healthcare system have free comprehensive national healthcare... and much better than anything we can get with private insurance.
Since he is actually a doctor and seems pretty healthy, he probably does not need it.
It is true that he has healthcare (not national) as a member of congress, but he had nothing to do with it - it's just a perk of being in congress - like Air Force One. Anybody could try to run for congress for the benefit package, or apply for a job with a company that has good medical insurance.
Your comment is wrong in so many ways, I am not sure where to start. Your statement that all of congress is "denying" us national health care is also wrong - it appears you actually want the government to control life & death decisions, if that is the case you can join people like Nancy Pelosi and many others on the left in congress (not All - some in congress support or oppose this plan). It is a double standard that some in congress wanted to mandate a public health care system that was not as good as their own coverage (they are proposed to be exempted).
Living forever is not a right. Prevention, eating right, and exercising is a responsibility.
You could also say you want to be a millionaire, and congress is denying us our right to being a millionaire - but it doesn't make it a right, it's just a want.
Additionally, he does not participate in the lucrative pension program although he could, and although he may have access to congressional health benefits (not through his own efforts) I think the criticisms being waged against him are fallacious.
The one individual that I see actually trying to do some good for citizens and country and there's all this hash criticism.
Agreed, when asked who is the most honest person in Congress - John McCain replied "Ron Paul".
I get the sense people hate him because he can't be bought - for that he is very dangerous to them. He has a sign on his desk that says "Don't steal, the Government hates competition".
We are in Gotham, and this is a fight of good versus evil - a spiritual one. I see Ron Paul as a Batman like comic book hero.
Wow just wow. You are just getting your ass pawned by rhetorik.
quoting 45128: "Damn hypocrite." thanks for the fyi... none of us had any idea that politicians were hypocrites. we now see the light.
although EVERY politician is a hypocrite to some extent, Ron Paul is probably the worst example of this.
Care to back that up? I'm eager to see some evidence Ron Paul is the worst example of being hypocritical. I shall wait with bated breath.
SO it seems US became a kingdom in 1913 with the FED and IRS tax collector. The king is not any one person, more accurately a distributed kingdom, between big business and banks.
that is essentially correct...a very powerful
elite gained formal control over america's
economy and much of its official government
in 1913....the usa is ruled by an invisible
oligarchy although some names are well known....
the fed is either the fourth branch of government
or the first among equals....
Paul is Congress's biggest hypocrite on spending and it's biggest fraud. When he quotes Article 1, Section 8, he intentionally ignores the last paragraph: "To make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this Constitution in the government of the United States, or in any department or officer thereof." That's why the Fed as a Federal Agency has withstood numerous court challenges and why Congress doesn't have to deliver the mail itself, or why there is a Bureau of Minting. He's an idiot.
Secondly, the Fed is already audited - they are available on their websites for those not too lazy to look. This is about giving Paul's bud's - Pelosi and Reed - more power over the money supply. If you loved the bailouts, cash for clunkers and other payoffs to their contsitutent groups, then support the biggest porker of them all - Paul, in his hijacking of an independent policy making board governing money supply.
" That's why the Fed as a Federal Agency... "
this statement, not only discredits you, and your " knowledge ", but also defines you as either a troll or simply a moron ( i hate ad hominen,but i don think there really is another term to describe you ). we love a good dicussion here, but stupidity; fortunately is not a part of it. go back to yahoo boards, or CNN forums or stuff like that; you are way over your head here ( apparently )
You can't be that stupid... look at the White House chart of Agencies, look in the Blue Pages under "Federal Government", look at the GAO audits (which by law can only audit agencies), look at all the court cases (Lewis vs. the THE UNITED STATES)....
Technically it is quasi-governmental, having private 'members' but members with no control to buy or sell the stock, change dividends, replace executive mangement, merge with other companies, change lines of business etc... Their 'membership' is required by law - if federally chartered and if they are state chartered, they must join to access the discount window.
Before you presume to lecture someone, at least a modicum of knowledge would be helpfu.
LOL; yes; cite me governmental sources and GAO as a valid argumentation point; what next you gonna quote POTC as a historical source; common man; give us some credit here; the only proof of Fed's policies i need is the inflation measure 1913-present day; general monetary policy; they behaviour when it comes to 9 trillion dollars which is unaccounted for... do i really need to go further; if you want to be apologetic; this is definitely the wrong place; again go to Yahoo Boards; OR actually try to LEARN how the FED was chartered and WHO has what percentage of stock in all 12 branches. Then, just for the sake of history, go LEARN about the 1st American Central Bank, then go LEARN about 2nd American Central bank, then read Executive Order 11100 and THEN go read about the events that took place 7 months and 22 days after it was signed, then go call IRS and ask them to SHOW you the LAW which states that you have to pay your income tax; after that; read about FDR and the New Deal. I mean, im not your teacher and have no intention to educate you about the history of your COUNTRY. Do it yourself, i could not care less; but at least, give me some sources i can believe in; not BS you THINK has merritts.
That is a damn disgrace. Foreignors can kick the crap out the american lying rhetorik machine.
You really do believe all the propaganda don't you?? You're the kinda guy that makes me wish I was in sales.
First of all, the first American Central Bank - WAS a private bank, and didn't have control over the money supply - each state chartered it's own banks and had it's own currencies - was a mess economically.
The % of stock in the Fed - how stupid. You really don't know the facts do you. First of all, if you're referring to that bad piece of fiction - Jekyll Island - no individual has ever owned stock. Secondly, the banks don't control the amount of their membership deposit, it is specified in the FRA.
As far as EO 11100 - you can't even do the smallest bit of research into the facts. Kennedy was STRENGTHENING the Fed by signing that EO. Since you can't research, or simply won't, here are the facts:
http://www.geocities.com/CapitolHill/Senate/3616/flaherty9.html
Read it, I'll await your apology.
In addition, you've not explained how the US Government and the US Courts can consider the Fed an Agency and you don't.
Maybe you could name one (JUST ONE) recognized Constitutional Attorney who holds your opinion. Maybe he could bring suit on that or the IRS matter...
There's a reason why there are no Constitutional experts sharing your view, just poorly researched propaganda blogs written by idiots who can't think for themselves.
he Federal Reserve Banks opened for business in November 1914. Congress created Federal Reserve notes to provide the nation with an elastic supply of currency. The notes were to be issued to Federal Reserve Banks for subsequent transmittal to banking institutions in accordance with the needs of the public
My point is; GAO has never conducted an audit of the FED ( maybe its balance sheet, but not it off-balance sheet operations ), second of all the issue is the issuance of the currency from a private entity. I mean it is you country, not mine, but stop trolling the site with apologetic and moronic comments. If you want to be a dog, be a dog and lick the bones they throw you, but if you wanna be a man, and be considered to have balls, eliminate all noise and start thinking for yourself.
And please, do not quote me any governmental sources; i can easily quote USSR official papers and the would not tell you anything about the horrors of communism. You, and the likes of you act like dogs who beg and defend their master, even though he beats them from the day they were born. There are others out there, who bite.
The thing is; USA has amounted 60 trillion of debt from 1913; it has debased the currency by 98%, eliminated ALL manufacturing and manufacturing jobs ( only 9 % left ); excepted FIAT, and taxed its people to death to fund its existence. That's all i need to know; and those facts are my guide; you can continue to quote congressional fairy-tales and official propaganda; i have said what i had to say; and this i will not respond to your post simply because i do not have any interest in either auditing the FED, abolishing it or something else; you do.
What "off-balance sheet operations"??? It wasn't till the past year they acquired them - at the request/order of the Treasury....
How many companies do you know get audited every month???
US -debt?? Are you seriously blaming that on the fed?? The US debt started UNDER LINCOLN - when we were on the gold standard. DUH.
And you went silent on the Fed conspiracy crap - now you "don't care about it." Priceless.
As far as 'inflation' - we had inflation and devaluation on the gold standard as well. What we didn't have was the prosperity. Back in 1911 - you're favorite year, a man would work for 50 cents to a dollar a day - to buy a new custom suit it would take him 3 to 6 months labor to pay for it. NOW, thanks in no small measure to the Fed and the ability of entreprenurs to access capital at reasonable cost, the average American worker has to work a week or two weeks to pay for that same suit (now $1500.) Yes, that's inflation, but leaving it at that ignores the huge gains in productivity and prosperity.
We could all go back to working for $0.10 a day.... would that make you happy? Would you care then??
If the FED is so wonderful and valuable then why do wars break out and people start dying when you try to get rid of them. Are they like some sort of psychotic goose that lays golden eggs that is going to be your benevolant benefactor or kill you for you own good. What's up with that? What was the war of 1812 about. Why was Kennedy shot, why was Lincoln shot?
You know when you have to make arguements about why people should like you or appreciate you then it kind of shows that you might be approaching relationships in a manipulative fashion.
Are you on drugs??
Seriously, Kennedy and Lincoln had nothing to do with banking, 1812 an issue was commerce/banking, but many wars are fought over wealth/commerce.
And those who know the most about the Fed, the economist, support it overwhelmingly. Wonder why???
Rothschild owns the Economist along with the Fed and other central banks.
Kennedy and Lincoln tried to have nothing to do with private central banking. After issuing their own national debt (not through the fed), which as a nation we should be able to do, they were both executed. Their replacements quickly reversed their policy and continued purchasing debt through a private central bank.
For Judge, sorry the jury rules with the people. The fed is a cartel of private banks, the same banks that were just bailed out with our tax dollars. The federal (not government) reserve (no reserves) was named to disguise the owners, and the federal reserve act was actually written by the bankers under the guise of reforming banking. It was rushed into a vote when most in Congress had left on recess. Judge, you must be the Enron lobbyist/PR person the fed just hired.
Most everything you said is demonstrably false. First of all, I was talking about all 'economists' - the profession, not the publication.
Secondly, Lincoln issued debt 7 years before he was assasinated. The Fed wasn't even in existance. Your history sucks. Secondly, the Fed has NEVER issued it's own debt, only issues debt (is the distributor) for the Treasury - as THE government agency for banking. it has the relationships and the distribution channels already in place. It refunds all the proceeds to the Treasury. Kennedy's assassination also had nothing to do with debt, there is zero linkage.
Third - the fed is not a cartel, it doesn't control who enters banking in the US, it only sets minimum standards for those who are members. State chartered banks, credit unions, S&L's need not have anything to do with the Fed if they don't want. You need to take a basic econ and banking course to understand some of the terms you're using. And quit going to the crappy propaganda sites for info. They lie.
Next, the Fed Reserve Act wasn't "rushed" when Congress was in recess and passed by a signifigant margin. Again, your history sucks. Here's a link with the facts:
http://www.geocities.com/CapitolHill/Senate/3616/flaherty2.html
The more you know, the more you'll understand. Knowledge is not your enemy....
I can't help but to snicker when you say "here are the facts" and then link to a geocities site. Just classic
There ya go. Overwhelming support. Overwhelming love no opposition. I tell ya. It's funny how you are sitting in a comment section on a blog argueing with people that you've overwhelmed. You seem to be short selling a commodity you don't possess. Much like you have done with that 700 billion dollar bailout. It's easy to put the tax payers on the hook. Harder to make them pay up. But since this is all so overwhelming the tax revolts that are coming will just be what? Slight fluctuations in overwhelmingness.
With all this overwhelmingness you must feel really secure. The only thing overwhelming about the FEd is slavish devotion to strategies and principles that will never work. But that gets us into the crazy portion of the FED. Good thing there's cycles to everything. Even the largest stupidity eventually reaches a conclusion that it can't dig itself out of.
Never work?? You don't get out much do you??
Guess the last 50 years of the most prosperous era in the world's history just kinda blew right past you....
Wow everyone supports you and you made an entire nation prosperous (homeless and minimum wage need not apply). Yep you are FED alright. Selling things you don't own taking credit for things you don't do. All your accomplishments are belong to us. All your failures are belong to you. It's all in the "fault" lines. Let's get seismic bitch.
http://www.youtube.com/watch?v=yfKaMPrT2WE
Don't worry. A little time on the island will make you appreciate the continental breakfast all the more.
So Tori Amos is your source for Fed info??
No wonder you're so screwed.
If you can't discuss the facts rationally, don't waste the bandwidth. I've posted links to the audits, the history of the FRA vote, details on Kennedy's EO - which was to STRENGTHEN the Fed's position, not weaken it - exposed every fallacy put forth by the moonbats.
I can explain it to you, but I can't comprehend it for you. The truth is there, whether you refuse to see it or not.
Sounds like there are a more than a few "moonbats" out there who find the fed's disclosure to be lacking. Is Judge Preska a "moonbat"? Perhaps it is time for you, judge, to do so 'comprehending'.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a7CC61ZsieV4
Are you crediting the Fed with this prosperous era? I'd say the most prosperous era happened DESPITE the government manipulation of interest rates, money supply, and "regulation". These manipulations do nothing but distort the proper pricing mechanisms of the free market.
To think the Fed and Treasury are filled with minds that are smarter than the millions of participants that make up various markets is sheer ignorance, and to believe you can do it yourself is just hubris.
an agency withstanding court challenges is a bit
of a non-sequiteur when the constitutionally
mandated money specification of gold has been
abrogated. without an intact constitution all
court defenses are void and empty.
one of the larger problems with the fed is that
it taxes without representation. the creation
of money ad infinitum is a tax and a transfer of wealth of
mammoth proportions. the money supply is the source
of wealth, prosperity, and freedom. its manipulation
by private bankers is not in the interest of
the people of the united states especially when
its operations and activities debase currency which in turn favors certain groups over others.
If we look at prices during the period of the gold standard and compare them with the fiat currency standard we notice an immense difference in price level stability. The most important point is that this represents a preservation of wealth. Fiat currencies manipulate value with an attachment of debt which subtly and perniciously transfers wealth from the have-nots to the haves.
To say that productivity and prosperity have increased during the reign of the fed is spurious at best. The late 19th century witnessed an enormous advance in living standards, technology, and progress. Prosperity has occurred under the gold standard as much as it has occurred under the fiat-debt standard. The amount of gold needed to buy that hypothetical suit of yours is the same as in 1900 as in 2009 as in 100 AD. I cannot imagine anyone but an ideologue who would suggest that the fed is the font of our technical and economic progress.
The fed is no more an independent policy making body than the soviet politburo was an open transparent public policy making board. The fact that the fed is spending millions to retain and hire a high powered lobby group to thwart an audit – the enron people – is strong evidence that those audits you speak about are less than thorough and light on substance.
The yelling and squealing suggests bones in the closet such as gold market manipulation, discovery of the London gold pool, capital market manipulations, and other gruesome findings from a private banking cartel.
The fed has broken its charter on numerous occasions including the initiation of open market operations which the 1913 legislation specifically forbad. I suspect that a string of illegal activities lurks beneath the surface of the fed’s polished public persona.
Any organization managing the people’s money should be open to the harshest sunlight. The fed has become the fourth branch of government which answers to no one – including CONgress.
The fed has enabled the fighting and protraction of wars which the government could not otherwise fund and as such is a crime against humanity.
Wow... first of all, you need to re-read the Constitution. Gold is not mandated - if you think so, then find a Constitutional law class and take it, or learn to read.
Secondly, the 'creation of money' is not a tax. We also had inflation and devaluation while on the Gold standard, so by your defination, those would be wrong also. Secondly, you - as others - ignore productivity gains and expansion of property ownership - which is made possible by a growing money supply but not a fixed supply. Hence your ability to have more leisure time and more wealth than your grandparents is directly attritributable to the money expansion. If that's a tax then.... give me more.
The Fed is as independent as the Judiciary, or was set up with that goal in mind. But of course, instead of encouraging more independence, paul encourages more political interference. Is that what you want also?? You want Pelosi in charge of the money supply??
Must be....
The fed 'enabled...wars' - how stupid.
Also, CATO doesn't support Paul on this, they just often have varied speakers on different topics. Most economists don't support Paul on much of anything... they actually know better.
This is history repeating itself.
Amazing how quickly you all forget.