Ron Paul Discusses The Gutting Of The "Audit The Fed" Bill, Provides Observations On Collateral And Systemic Dangers
Again, the simple truth boils down to the concept of collateral, or more specificall, lack thereof:
"Pretending [$8 trillion worth of collateral] is worth $2 trillion or even less doesn't solve our problems, it just delays the agony. It would be like in medicine somebody had cancer, and we treated him with aspirin saying you don't want the truth and give him real treatment. You have to know the truth and you have to have the real treatment... They are doing everything that caused the bubble before to try to reinflate the bubble but believe me thay are not going to be able to do it this time."
Unfortunately Ron Paul's cause is for now doomed as the Goldman - Fed - Administration power arrow has the adminsitration at its "rightful" place in the bottom. Who is first and second is not even that relevant, although can likely guess the distribution.
And an observation from Ratigan on why the swap market is kept off exchanges based on banker imput: "because if we bring it into the public, we would have to post collateral, and we don't have any collateral."
The next risk flaring episode is lurking so close, just off in the shadows... We need just one failed auction, and when interest rates explode, the entire $1 quadrillion IR derivatives house of cards will collapse and take everything away with it. America has bet its future on the goodwill of China and the Fed's proxies: the Primary Dealers. If it does get to the point where Audit The Fed bill actually does get implemented in its non-abridged form, look for some fireworks in the IR world, courtesy of none other than Ben Bernanke. Would Uncle Ben be willing to wipe out the financial system as we know it as a final self-defense measure? Why, of course he would.
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(6 votes)
on Thu, 11/05/2009 - 21:51
#121733
Our forefathers warned of the power of bankers.
on Thu, 11/05/2009 - 22:07
#121753
Ben Franklin
Andrew Jackson
Abraham Lincoln
James Garfield
John F Kennedy
on Fri, 11/06/2009 - 07:56
#122009
very well said, nice work..
on Fri, 11/06/2009 - 09:48
#122167
Ron Paul or maybe Rand Paul 2012 will the one to kill the 3rd Bank
on Thu, 11/05/2009 - 22:17
#121760
The fed will be hammered for 4 days straight. Bank failing this weekend will be funny.
on Thu, 11/05/2009 - 22:40
#121781
Have you heard the over/under on this week's bank failures?
I am thinking 5 would be a good number to start the wagering.
on Fri, 11/06/2009 - 14:03
#122599
However many are officially closed. All it takes is one screwup by one of the POMO dealers and it's all over midweek.
on Thu, 11/05/2009 - 22:43
#121783
I hate the MSM!
on Thu, 11/05/2009 - 22:45
#121785
I did just email Watt again and will continue to email/call everyone of the Democrats on that list...I figure it can't hurt. A resurgance from the electorate might not be a bad thing following so closely on this weeks elections...
on Thu, 11/05/2009 - 23:37
#121833
Great work...
on Thu, 11/05/2009 - 23:36
#121832
Man, we are soooo 'effed. The Doom meter=9
on Thu, 11/05/2009 - 23:44
#121841
Ron Paul makes me horny.
I am Chumbawamba.
on Fri, 11/06/2009 - 02:07
#121927
Wait... wasn't Herbert Hoover a laissez-faire type president? Or was that a lie taught to me in school?
on Fri, 11/06/2009 - 12:21
#122382
...the second thing you said.
on Fri, 11/06/2009 - 03:46
#121964
Put a fork in it, she is done. America has already been successfully gutted by her enemies within. It is far easier to defeat a country from within than to go to war. The real question everyone on ZeroHedge should be asking themselves is just who is America's enemies. If you answered those who control the worldwide central banking cartel you are on he right track, yet there are more.... The compliant sheeple are watching their country being gutted and yet sit back and do nothing.
OMG, American Idol is starting and the bucket of KFC just arrived, gtg.
on Fri, 11/06/2009 - 08:21
#122029
I despise banksters & their political pets.
on Fri, 11/06/2009 - 08:23
#122031
Will, I'm off to watch Dylan Ratigan on MSNBC...haven't really yet...see how their archives are...Dylan was on of the reasons I watched Fast money, when Fast money was good...Fast money was never good...nobody cares...Thanks Tyler, I care...nobody cares...tmif...ummm...milfs
on Fri, 11/06/2009 - 08:43
#122054
I disagree with the analogy to cancer treatment above.
Some will and some won't want the truth, and overwhelmingly I'd venture that the vast majority do not want to know it and therefore avoid confronting it, like they have most their lives, avoiding the consequences of their lives.
Nobody I know wants to know about the depth of this thing. They don't know the names of the main perps anywhere near the way the few on this and others boards do.
Most continue to live narrow lives and seem to be moving about in a 'quiet desperation' that it will turn out all right.
I'm through with trying to reach them, howver subtly and busy trying to capitalize on their ignorance.
on Fri, 11/06/2009 - 08:43
#122055
I disagree with the analogy to cancer treatment above.
Some will and some won't want the truth, and overwhelmingly I'd venture that the vast majority do not want to know it and therefore avoid confronting it, like they have most their lives, avoiding the consequences of their lives.
Nobody I know wants to know about the depth of this thing. They don't know the names of the main perps anywhere near the way the few on this and others boards do.
Most continue to live narrow lives and seem to be moving about in a 'quiet desperation' that it will turn out all right.
I'm through with trying to reach them, howver subtly and busy trying to capitalize on their ignorance.
on Fri, 11/06/2009 - 09:56
#122182
Zero Hedgers...This is all still misplaced. I like Ron Paul, but he played this poorly. He's been around a while and should have known better. Attempting something like this on the House side is tricky and requires someone with legis skill and the ability to build coalitions.
What about Senator Kaufman?
Kaufman might be more successful in that he has already taken an aggressive position on financial service issues; he can use the Senate rules to advance the issue; and has already said he will not seek re-election. Therefore, he can't be attacked for politicizing the idea.
on Fri, 11/06/2009 - 10:44
#122241
The panic defense by the opposition is nonsense. They are saying that the exposure of the truth would collapse things because everyone would know about the bullshit, but if they know that the audit would uncover this shit, then the market knows it is there anyway and would already have taken it into account.
on Fri, 11/06/2009 - 12:49
#122435
You are still "efficient market" fan ?
That BS being long discredited.
Get over- for your own good.
on Fri, 11/06/2009 - 12:44
#122420
— And for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our Lives, our Fortunes, and our sacred Honor. -- In Congress, July 4, 1776 The unanimous Declaration of the thirteen united States of America
Until each of us are willing to unanimously declare the same and suffer the same consequences for so doing then we may rely heavily on the forewarnings of our fathers and embrace our certain destruction with a hearty jubilee.
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