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Ron Paul: "The Fed Is Part Of The Plunge Protection Team"

Tyler Durden's picture




 

The most financially astute person in Washington, Ron Paul, highlights the two major accomplishments of the Administration so far:

  • Destroying all confidence in the market economy.
  • Creating money out of thin air.

Aside from that Obama, and the Fed Chairman, have done a swell job.

Lastly, a very honest Paul tells CNBC he is "not sure if he could stand them for two hours." You are certainly not unique in that regard Congressman.

 

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Fri, 11/13/2009 - 11:21 | 129675 Screwball
Screwball's picture

Ron Paul could be a good interview, if someone other than CNBC were asking the questions.  Here was a good opportunity, and as usual, they shit down their leg.  Kernan and Liesman failed miserably.  Why not let Santelli ask the  questons to Paul?

I know, I know.

Fri, 11/13/2009 - 23:20 | 130421 Anonymous
Anonymous's picture

Team Tyler needs to hire a faceman for this joint. Not one of the fucking clowns or Ms.Clownette but a faceman with a little credibility.

Have the faceman conduct interviews with guests like this.

One well orchestrated interview with a guest like this would be the equivalent of 10000 Darpas.

Alas, cockroaches hate the sunlight.

Fri, 11/13/2009 - 11:25 | 129680 Cognitive Dissonance
Cognitive Dissonance's picture

Poor Ron Paul, speaking truth to power when most everyone in America (including the average Joe who is deep captured by his 401(k), IRA and public or private pension) would rather believe the lies if only things would get back to "normal".

He doesn't stand a chance but I give him high marks for trying on a daily basis to tell everyone the emperor has no clothes.

"In order to maintain our way of living, we must tell lies to each other and especially to ourselves." - Derrick Jensen

 

Fri, 11/13/2009 - 11:28 | 129683 Agent Orange
Agent Orange's picture

I WILL be donating to this guy's next election campaign.  He is going to be called a visionary when this is all said and done.

Fri, 11/13/2009 - 11:38 | 129701 koaj
koaj's picture

you can start for the 2010 campaigns of peter schiff and rand paul for senate

Fri, 11/13/2009 - 11:41 | 129705 JohnKing
JohnKing's picture

+10

Schiff and Rand Paul should be the first volley. Send money, it will be the best investment you can make.

 

Fri, 11/13/2009 - 11:57 | 129729 Handle with care
Handle with care's picture

Ron Paul's campaign raised the largest amount of money of any campaign in the Republican Primaries and was excluded from the Fox televised primary debate the same month.  Even though they had 15 or so people there, some of whom were nobodies who hadn't even raised enough to pay Ron Paul's telephone bill for donation thankyou calls.

 

If that didn't convince you that democracy in America is a sham and that the only choice voter's are given is between corporate oligarchy selected candidates, what will?

Fri, 11/13/2009 - 12:15 | 129771 JohnKing
JohnKing's picture

Yes, a total travesty in the Presidential primaries.

Fri, 11/13/2009 - 12:18 | 129775 chumbawamba
chumbawamba's picture

I think they'll get it when they're forced to start paying tribute to politicians and bankers.

I am Chumbawamba.

Fri, 11/13/2009 - 20:34 | 130330 Arthor Bearing
Arthor Bearing's picture

Didn't you hear about the taxpayers' bailouts of the banks?

Fri, 11/13/2009 - 12:23 | 129783 naiverealist
naiverealist's picture

In addition, I think it was Mark Twain who said that " if voting was really all that meaningful, they wouldn't let us do it."

 

'Nuff said.

Fri, 11/13/2009 - 12:05 | 129751 koaj
koaj's picture

i would google up adam kokesh if you're interested in supporting more "liberty" candidates

Fri, 11/13/2009 - 12:22 | 129781 chumbawamba
chumbawamba's picture

We will not obey, mother fuckers.

I am Chumbawamba.

Fri, 11/13/2009 - 12:28 | 129790 Argonaught
Argonaught's picture

Also Jake Towne in Pennsylvania

Fri, 11/13/2009 - 12:25 | 129785 Anonymous
Anonymous's picture

maybe you should first define money.the fed reserve credits in your account may be used as a medium of exchange,but do not meet the second requirement of money which is a store of value.the diebold voting machines method of addition is a trade secret.1+1 does not equal 2 in quantum vote counting.you are in a dream land if you think it matters what button you push or how many bills(FEDERAL RESERVE NOTES)you mail to these corporate traitors.

Fri, 11/13/2009 - 12:07 | 129754 Anonymous
Anonymous's picture

schiff is a schill.he refuses to comment on the multiple billions sitting in the conneticut coffers.and he wants to represent the state in the senate.wasn t grandpa at that memorable meeting at jekyll island? paul also refuses to comment on the massive portfolio held by texas or the federal gov.SEE CAFR's of any state or fed gov and come to terms with your brain on MSG

Fri, 11/13/2009 - 14:46 | 129956 faustian bargain
faustian bargain's picture

uh, no. his grandpa was NOT at jekyll island. do a little research.

Fri, 11/13/2009 - 11:57 | 129734 Anonymous
Anonymous's picture

What a solider! If we get 13% unemployment there will be no need for anything other than a forensic audit of the pieces. The TBTF's should in Denninger's words detonate at 11%. That's why GS is pumping REIT's and now stimulus.

Fri, 11/13/2009 - 12:12 | 129765 WaterWings
WaterWings's picture

If there is ANY chance Mr. Paul's election is close I will take a week off of work and stand at a major intersection in Galveston with signs, fliers, etc.

MREs and a tent for a liberty-lovin' week. 

This guy is a national treasure. It would be the least I can do.

(But personally I think that scooter running against him doesn't have a chance.)

Fri, 11/13/2009 - 12:17 | 129774 JohnKing
JohnKing's picture

These things are all about the money, voting, canvassing, etc. has some value but elections are mainly a commodity bought and sold by special interests. We need to compete in that market place and buy our own elections, and vote of course.

Fri, 11/13/2009 - 12:28 | 129788 chumbawamba
chumbawamba's picture

Yeah, forget about doing away with a rotten and corrupt system.  Let's just learn to love it and play along.  We'll be compromising our principles in no time and enjoy every minute of it!

I am Chumbawamba.

Fri, 11/13/2009 - 12:30 | 129795 JohnKing
JohnKing's picture

It's corrupt because the citizens have been lax in their duty to be citizens. If the creepy critters are buying elections, we need to step up and compete, buy our own. Money talks, that will never change, it's the voice behind it that can.

Fri, 11/13/2009 - 12:12 | 129766 Anonymous
Anonymous's picture

ron paul is a traitor.he refuses to comment on the tens of trillions of assets the UNITED STATES INC. is sitting on He works for the HOUSE OF REPRESENTATIVES INC. not the people of texas.check dun and bradstreet

Fri, 11/13/2009 - 14:48 | 129960 faustian bargain
faustian bargain's picture

wow.

Sun, 11/15/2009 - 00:59 | 131046 Anonymous
Anonymous's picture

apologies faust,was his great grandpa at jekyll island?Whether in blood or ideals the resemblance exists.Taxes only account for 1/3 of government income.The other 2/3's appear from the magic money hole.Ron Paul never brings up the foreign shareholders of the FEDERAL RESERVE.Perhaps that is a more pressing national security issue than doing an audit.With only 1% of the pre 1913 purchasing power remaining,it is time to prep you for a more sudden devaluation.The fractions can go infinitley smaller,but so can the profit margins.It was designed to expire,and may not reach the century mark.Ron Paul still goes on the top ten list for anti central bankster.And yes Brando he strikes fear in all who here him speak.Andrew Jackson also made the top ten anti central bankster list for his views on Constitutional money(no state shall use anything but gold and silver in the payment of debt),though we usually do not mention uncle Andrew because of his sword work against the men of red color.If he had used the sword against the bankers we would have benefited greater.Paul may be defending the Constitution but he is not upholding it.His participation in an un-Constitutional legal tender system should have been apparent that first week on the hill.It has been many years since then. CAFR1.com

Fri, 11/13/2009 - 15:29 | 130026 Apocalypse Now
Apocalypse Now's picture

Most ridiculous comment, shill troll - Clearly you are threatened by him and the honesty he represents so the best you can do is try to smear him.

There are individuals with character, and characters - you are a character.  Andrew Jackson had something to say about you and your ilk-

You are a nest of vipers and thieves, and by the grace of the almighty God, I will root you out!

Fri, 11/13/2009 - 20:52 | 130349 Anonymous
Anonymous's picture

Do you have the link? My searches cannot find either example. I think you are right. I saw a John Harris video describing how the UK and the Parlament are corporations.

Sun, 11/15/2009 - 01:08 | 131052 Anonymous
Anonymous's picture

Its Dun and Bradstreet also see CAFR1.com

Fri, 11/13/2009 - 11:29 | 129686 Anonymous
Anonymous's picture

don't just blame it on obama and ben. give bush his due as a massive screw up (same as his father). what would a republicna administration be doing differently: nothing. i am a republican.

Fri, 11/13/2009 - 12:18 | 129776 Anonymous
Anonymous's picture

I agree to a point, i.e. Bush could have reigned in Paulson, Greenspan and Bernanke. But one major difference......they recognized the fraud at Fannie and Freddie and pursued changes only to be stopped in their tracks by Dodd and Frank.

Fri, 11/13/2009 - 12:28 | 129789 Takingbets
Takingbets's picture

I have long ago discovered that both parties are one in the same, they are both crooked bastards looking out for their own interests.

All we have left is to seek out individuals who are by their actions trying to right the wrong.

All this finger pointing does is keep everyone distracted from the real issues going on behind the scenes.

So please stop with the whose at fault arguments, because all of them be it Democrate or Republican are the ones at fault and we were the stupid ones that elected them by letting ourselves be distracted with this senseless back and forth bickering!

Fri, 11/13/2009 - 15:20 | 130015 Anonymous
Anonymous's picture

And while we're on the subject, Clinton gutted Glass-Steagall does he not deserve some credit? The only party you can pin this on is the Republicrats.

Fri, 11/13/2009 - 11:30 | 129687 Overpowered By Funk
Overpowered By Funk's picture

It's apparent that noted Fed lover and shill Liesman treats Ron Paul like the crazy old uncle who lives upstairs and thinks the Japs are about to invade at any moment. However, I was disappointed in Kernan I thought he would take this opportunity to ask some good questions, and instead he came off  like a snarky no-it-all condecending and patronizing. Save your breath Ron, CNBC is hopeless.

Fri, 11/13/2009 - 11:42 | 129708 Anonymous
Anonymous's picture

"Should people fear losing their money so we can have bank runs like in the 30s?" YES! He totally missed that one. Banks MUST LIVE IN MORTAL FEAR of depositors withdrawing their money. It's the only thing that keeps them responsible fiduciaries of depositors money. Otherwise they lever themselves up 30:1 and throw the money to the wind. "Creating confidence in banks" (the charter of the FDIC) is the worst possible thing you can do when the banks do not deserve your confidence.

Fri, 11/13/2009 - 14:52 | 129965 faustian bargain
faustian bargain's picture

+1. End the Fed, end the FDIC.

Mon, 11/16/2009 - 01:51 | 131528 Anonymous
Anonymous's picture

You know, I am gaining a little faith in Sheila Bair. I thought she was a shill at first but she is being pretty damned tough.

Fri, 11/13/2009 - 11:51 | 129721 AR
AR's picture

In 1998, one of our pricipals was in a wedding with Peter Fisher, the then head of the NY Fed.  He asked Peter if the PPT actually existed and was active in markets? Fisher's answer: YES. The PPT has been active since Greenspan became head of the Fed. Government manipulates all aspects of our lives, as well as other governments. Why would anyone then think the government is not intimately involved in manipulating our markets today?  There are...

Fri, 11/13/2009 - 11:58 | 129736 Fibozachi
Fibozachi's picture

Completely agree that they are and do AR, BUT, it is not like they operate in a vaccuum and they do NOT control the market, they only massage the living crap out of it.  Why do ES volume spikes happen? Not bc some "large buyer" steps in, please, orders are triggered either by finger of frequency due to the same trendline break, the same volume filter ratio so forth and so on.  Not directed at you AR, just puffing hot air aimlessly; and thanks for your advice earlier as well.  Shoot an email my way if you'd like to chat.

Fri, 11/13/2009 - 12:32 | 129797 Anonymous
Anonymous's picture

...and how much would you pay or what would that be worth to a participant in the markets? What would the quid pro quo be?

how would the favors be disbursed? how do you count the ways? its endless

Fri, 11/13/2009 - 12:02 | 129742 Anonymous
Anonymous's picture

I hate mornings. I read that as:

... Plunge *Protraction* Team...

Fri, 11/13/2009 - 12:10 | 129759 A Man without Q...
A Man without Qualities's picture

I only see this guy Liesman on this site, as I never watch CNBC otherwise, but he strikes me as one of those guys who, with a few beers inside him can tell you exactly what is wrong with the world and exactly what needs to be done.  Put him in the studio, however, and all that bravado easily slips away.

I suspect the reason they think Ron Paul is crazy is because he cannot be bought, for any price and they think that anybody who will not name their price to toe the line, must be crazy.

Fri, 11/13/2009 - 12:26 | 129786 Handle with care
Handle with care's picture

Great insight on their feelings on Ron Paul.  It must make them even more convinved that he's mentally unbalanced that he's not already a billionaire in the Ross Perot mould.

 

"He's not already a billionaire and he wont be bought for any amount of money?  The man must be some kind of lunatic!"

Fri, 11/13/2009 - 14:31 | 129938 Anonymous
Anonymous's picture

Liesman and his ilk are a big part of what is wrong with the world. Can't stand to watch that shit.

Fri, 11/13/2009 - 15:33 | 130032 Cow
Cow's picture

Ron Paul stayed calm with the stupid questions.

Steve Liesman is Mr. Hyperbole.  "So, you want everyone in the US to be in a soup line?"

Liesman's usual technique is to scream louder than the next guy.  He's a miserable human.

Fri, 11/13/2009 - 12:29 | 129792 phaesed
phaesed's picture

That's hilarious that he said he didn't know if he could stand them, lolol.

Fri, 11/13/2009 - 12:32 | 129796 Anonymous
Anonymous's picture

tyler(spreadsheet)durden.take a look at Manhattans CAFR and explain to your readers why they are sitting on a trillion dollars of assets.are you and the buds making some good dough by managing these illicit funds for the thugs?

Fri, 11/13/2009 - 12:57 | 129815 Mark Beck
Mark Beck's picture

The FED is part of the Plunge Protection Team, this is a serious accusation because by extension it includes the Federal Reserves member banks. Does Paul really have proof? working with a FED informant perhaps?

Maybe a new application of RICO applied to private FED member banks. Through discovery request access to all of the NY FEDs books. Uncover Bond interest rate and futures manipulation.

Fri, 11/13/2009 - 13:46 | 129881 BennyBoy
BennyBoy's picture

Of course the FED is part of the PPT, it's not new news.

All the PD's are too, which means foreign banks. And of course these foreign banks also own shares of the US FED.

Back to studying how Japan successfully overcame deflation by QE.

BB

Sun, 11/15/2009 - 02:24 | 131067 agrotera
agrotera's picture

Mark Beck,

Below is the Executive Order that created the President's Working group in 1987 aka "Plung Protection Team".  Unfortunately for us, so many things have been "legalized" by the privately held federal reserves agents ( most of our legislators) that legal cover is everywhere...until we the people use our vote to protect our interests instead of the interests of the owners of the federal reserve, this country we think of as our own, is not really ours, we are just here serving this self serving master.  See Section 1 #2:

Executive Order 12631--Working Group on Financial Markets

Source: The provisions of Executive Order 12631 of Mar. 18, 1988, appear at 53 FR 9421, 3 CFR, 1988 Comp., p. 559, unless otherwise noted.

By virtue of the authority vested in me as President by the Constitution and laws of the United States of America, and in order to establish a Working Group on Financial Markets, it is hereby ordered as follows:

Section 1. Establishment. (a) There is hereby established a Working Group on Financial Markets (Working Group). The Working Group shall be composed of:

(1) the Secretary of the Treasury, or his designee;

(2) the Chairman of the Board of Governors of the Federal Reserve System, or his designee;

(3) the Chairman of the Securities and Exchange Commission, or his designee; and

(4) the Chairman of the Commodity Futures Trading Commission, or her designee.

(b) The Secretary of the Treasury, or his designee, shall be the Chairman of the Working Group.

Sec. 2. Purposes and Functions. (a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation's financial markets and maintaining investor confidence, the Working Group shall identify and consider:

(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and

(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.

(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.

(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.

Sec. 3. Administration. (a) The heads of Executive departments, agencies, and independent instrumentalities shall, to the extent permitted by law, provide the Working Group such information as it may require for the purpose of carrying out this Order.
(b) Members of the Working Group shall serve without additional compensation for their work on the Working Group.
(c) To the extent permitted by law and subject to the availability of funds therefore, the Department of the Treasury shall provide the Working Group with such administrative and support services as may be necessary for the performance of its functions.


Source: http://www.archives.gov/federal-register/codification/executive-order/12...

Fri, 11/13/2009 - 13:07 | 129829 Anonymous
Anonymous's picture

wait...the people on Zero Hedge are now against fractional reserve banking? Are you people fuckin nuts?

Free market philosophy has now degraded back to a barter economy... This is too rich.

Fri, 11/13/2009 - 15:01 | 129978 faustian bargain
faustian bargain's picture

barter? that's a non sequitur.

Fri, 11/13/2009 - 19:19 | 130271 iconoclast63
iconoclast63's picture

Are you serious? Are you really saying that not allowing banks to create credit would return us to a primitive, barter economy? Can McDonalds create hamburgers out of thin air? Can Toyota make Camrys out of thin air? Then why should banks be allowed to create their product, credit, which they sell at a profit, interest, out of thin air?

The argument can be made that allowing fractional reserve adds a profit motive to the system, sure, but at what cost? Never ending debt bubbles, misallocation of capital and boom and bust economies. The slow but steady aggregation of all of the wealth into the hands of a few institutions who must then be bailed out by the taxpayers under threat of total collapse and chaos.

Fractional reserve banking IS the problem and institutions created to protect and safeguard the practice (The FED) are the naturally enemies of free enterprise and economic stability.

The libertarian idea that banks should be able to create money provided that people are willing to use it has some merit, but in the end the result will be same. A society saddled by the burden of virtually unrepayable debt.

As far as alternatives, there are many ways to skin this cat and this is precisely what they should be talking about in Congress. The fiat, fractional reserve system has failed and should abandoned and a new system with a debt-free, truly neutral system of currency should replace it. Until such time as we enact these reforms it can be honestly stated that true capitalism has never been attempted by the human race.

 

 

Fri, 11/13/2009 - 19:58 | 130306 Apocalypse Now
Apocalypse Now's picture

We need a system that is not prone to being manipulated by out of control bankers and politicians.  We need a system that is disciplined and increases money (in whatever form) for the growth of the economy and population growth. 

Fractional reserve banking could work IF government and banks restrained themselves - perhaps it is a question of the fraction - make your choice - it could be 10% to 90% for a multiple of something of value in reserve.  Original greenbacks were currency that actually paid interest (like circulating bonds) and the holder owned it, not the banks.

We have had a problem in this country of giving your money to the banks and having joint ownership - even when it's yours, it's theirs, they'll give you nothing for interest and use your money to lever up 40 to 1?  You could also revalue the price of gold and/or silver and/or intellectual property and then ensure that governments could only issue as much money supply as a multiple of the # of gold ounces they have in reserve.

Fri, 11/13/2009 - 20:57 | 130355 iconoclast63
iconoclast63's picture

There are plenty of proposals out there. Ellen Brown suggests that having state banks, like North Dakota, with the power to create credit then return the interest to the state coffers, or even issue interest free loans, would be a viable option. The good folks at the American Monetary Institute propose nationalizing the FED and issuing debt-free currency to be spent into the economy in public works projects. Ron Paul speaks of allowing other currencies to compete with the FED notes, like the Liberty Dollar for example.

The most important goal of any of these ideas is that the banking system no longer should be in a position to exact interest revenue simply because they can create credit. At least not with the government enforced monopoly they enjoy today. If fractional reserve banking persists it should be subjected to free market forces, meaning these credits they create may or may not be accepted by those who are asked to recieve them in payment. That, in and of itself, would remove most of the reckless specualtion and greed which plagues the system today.

 

Fri, 11/13/2009 - 13:43 | 129873 ghostfaceinvestah
ghostfaceinvestah's picture

CNBC is useless, I can't stand 2 minutes, I can't even watch this video.

Fri, 11/13/2009 - 13:45 | 129875 crzyhun
crzyhun's picture

I watched the interview. Sad. RP was ok doing a good job nailing the Fed. When he said the PPT, I about dropped my teeth. HE had a lot of good to say, just that he did rattle on. What was irksome, was not having a ready answer for the Liemans question of what to do. Here was a goldeen opp for a home run....more like a fly out.

Until someone has an answer to that simple question, please no more analysis. We all know the issues....

Fri, 11/13/2009 - 14:26 | 129936 Anonymous
Anonymous's picture

Frustrating to see him rattle on as he tends to do.

Frustrating as well to see Steve LIESman and to hear his voice. Makes me want to kill myself.

Fri, 11/13/2009 - 16:02 | 130055 Anonymous
Anonymous's picture

Is Liesman the idiot bald dude?

Fri, 11/13/2009 - 19:43 | 130292 Anonymous
Anonymous's picture

Ron Paul did really well in this interview. He made a lotta points in the short time frame he was allowed--you have to listen carefully and shift gears fast to get it all. Liesman couldn't really knock him off his game. If Ron Paul goes on Squawk Box for two hours, especially if Santelli gets to do a lot of the interview, it will be a media event. Please let zerohedge advertise and publish it widely if we learn the date he'll be on.

Fri, 11/13/2009 - 22:44 | 130413 Anonymous
Anonymous's picture

Fed up with Liesman, Dolbermann, and all the other fatuous media-dinkuses? Sick of hearing Obama's same-old teleprompted B.S. day after day - the 'we can all agree that...' and 'no one would dispute that....' Ready to puke on account of the smug manner in which the talking heads - the Courics, Lauers, Williams and the rest - spin the 'news'?

Trash your TV, cut the cable, save $1500/year. Try it. You'll like it. Keep a good stereo, a box radio, and an internet connection (preferably the neighbor's signal).

Cable TV is sick. I hated the monopolistic bastards and their crap product. Don't miss it at all.

Fri, 11/13/2009 - 22:50 | 130415 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Fed up with Liesman, Dolbermann, and all the other fatuous media-dinkuses? Sick of hearing Obama's same-old teleprompted B.S. day after day - the 'we can all agree that...' and 'no one would dispute that....' Ready to puke on account of the smug manner in which the talking heads - the Courics, Lauers, Williams and the rest - spin the 'news'?

Trash your TV, cut the cable (I used a tin snip), save $1500/year. Try it. You'll like it. Keep a good stereo, a box radio, and an internet connection (preferably the neighbor's signal).

Cable TV is sick. I hated the monopolistic bastards and their crap product. Don't miss it at all.

Sat, 11/14/2009 - 01:16 | 130459 RockyRacoon
RockyRacoon's picture

What we did not see in the CNBC clip was the comment-fest after Dr. Paul's session was over.  They seemed like they had just been newly exposed to his ideas.  Where have these folks been for the last few years when Dr. Paul has been getting better press than CNBC?  The commentators have no clue.   You won't be seeing the good Doctor in the early morning session!  He would rip their preconceived notions of a "free market" to shreds.

Sat, 11/14/2009 - 03:30 | 130499 agrotera
agrotera's picture

It was really astonishing yet refreshing to see how genuinely interested Joe K seemed about having two hours with Dr. Paul...if he actually did the show, that would be two hours truth!!!  Maybe Joe is just ignorant and not a robot?

Sat, 11/14/2009 - 12:28 | 130635 Cognitive Dissonance
Cognitive Dissonance's picture

There is ignorant, intentionally ignorant and then just plain stupid. Robot equates to intentionally ignorant of the worse kind.

Sat, 11/14/2009 - 20:35 | 130911 Anonymous
Anonymous's picture

And you CD? Tell us more about you. What other acronym does CD stand for?

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