Ron Paul, Head Of Monetary Policy Subcommittee: "Yes I Would End The Fed"

Tyler Durden's picture

In what is increasingly shaping up to be a showdown of epic proportions, the brand new chair of the Monetary Policy Subcommittee, Ron Paul, whose sole purpose in life for the past 20 years has been putting the Federal Reserve out to pasture, and returning to the gold standard, will soon spar with none other, than his, and every middle-class American's nemesis, the Chairman. And it could soon get even messier. In an interview with Fortune magazine's Nin-Hai Tseng, not only does the Texas doctor make it all too clear that he once again has presidential ambitions, but when asked whether he wants to end the Fed, gives the following brilliant reply: "Well, I don't expect to. The Fed's going to end itself when they destroy the system. So yes I would end the Fed but I would do it gradually and have a transition." Good luck Ron. However, there will be no gradual transition. If anything, it will be protracted, very much involuntary, and quite likely violent, as it would mark the end of a century-long scheme to transfer countless ounces (no pun intended) of tangible wealth to the ruling oligarchy in exchange for worthless and infinitely dilutable linen.

Some of the other choice soundbites:

Will you run for president in 2012? “Sure, there's always a chance. Probably depends on my mood come next January or February. I have not made up my mind. I have a lot of people supporters who are very anxious for me to do it. Right now I'm totally undecided.”

Do you want to end the Fed? “Well, I don't expect to. The Fed's going to end itself when they destroy the system. So yes I would end the Fed but I would do it gradually and have a transition.”

But some would consider ending the Fed is a bit extreme, don't you think? “No, I think printing money is extreme and crazy. I think the obscenity is allowing the Federal Reserve to print $3.3 trillion and we don't even know where it went. That to me is what's so extreme. And that's what the American people are waking up to. Government is extremely out of control. That is what I think everybody agrees on in the Tea Party movement.”

Do you really think America could adopt the gold standard? How can this practically happen? “Look at how many people have money in exchange-traded funds for gold. Billions and billions of dollars. I've always considered myself being on the gold standard.”

More from Fortune:

The erstwhile presidential candidate and soon to be head of Congressional oversight of the Federal Reserve talks gold, jobs and the presidency with Fortune.

If there's anything to be said about U.S. Congressman Ron Paul, he
sure is persistent. And lately, that inner flame that's helped him gain
the reputation for sometimes being the "G.O.P. loner" appears to be
paying off.

The soft-spoken obstetrician has represented the 14th
District of Texas on and off since 1977, spending much of his political
career arguing that the Federal Reserve is evil for America and far too
secretive. He doesn't see why there's so much faith in paper money,
including the U.S. dollar. If Paul had it his way, there'd be a return
to the gold standard. He even laid out his case in his book, End the Fed.

What's more, Paul is a big believer in Austrian economic thought –
the idea that government has no role in regulating the economy. And for
years, he's supported keeping Congress from any action not explicitly
authorized in the Constitution, or that he sees as wasteful spending,
including – as a recent New York Times article highlighted – on issues as ceremonial as honoring Mother Teresa with the Congressional Gold Medal.

No doubt Paul's views fall outside the mainstream. At times, his
thoughts are arguably off-putting and easy to brush off as extremist
political rhetoric. Even Libertarians don't always see eye-to-eye with
the Texas politico.

Lately though Paul's views are garnering the attention that he and
supporters have long been waiting for. Earlier this month, Paul was
picked to head the House subcommittee on domestic monetary policy. That
means he will help oversee the body he's opposed to -- the Federal
Reserve -- as well as currency and the dollar's value.

If anything, it appears the timing somehow worked out for beliefs
that Paul has held for decades. The congressman's backing has grown
considerably with the rise of the Tea Party, whose frustrations with
government bailouts of big banks and corporations following the
financial crisis seem to fall in line with Paul's views.

I caught up with Paul this week to talk about his new role, the Fed,
how the world could possibly return to the gold standard and the 2012
presidential election. The following is a lightly edited transcript of
our talk.

What are the Federal Reserve's shortcomings?

They're doing a job that's impossible to do. So it's not a single
person's fault. It's not just former Chairman Alan Greenspan or just
current Chairman Ben Bernanke. It's the assumption that anybody knows
what interest rates should be, or the assumption that they know what
money supply should be, or the assumption that they can have stable
prices or the assumption that they could deal with unemployment.

Do you think we're better off without a Central Bank?

Sure, it's better off that we don't have depressions and inflations
and financial chaos and the problems that we face. We of course wouldn't
have this backdoor financing of big government fighting wars overseas
and getting people to depend on the welfare state. None of that can
happen without a Federal Reserve.

What do you think of the Fed's latest move to start pumping
$600 billion into the economy in hopes to boost the recovery through
huge purchases of long-term bonds?

I think it's terrible. They got us into trouble because there was too
much quantitative easing. I mean it was a continuous inflation and
artificially low interest rates that Bernanke gave us – he gave us all
the bubbles so you can't solve all the problems of quantitative easing
with more of it. So we had one, we're on number two. But actually we had
it under Bernanke. They didn't call it that but it was essentially the
same thing – massive monetary inflation with interest rates way lower
than the market.

So what do you think the economy would look like without the Fed?

We'd probably have a much healthier economy – it wouldn't be so
fragile. Nobody would be worrying about currency exchange rates and
people wouldn't be in and out of currencies and spending all their
energy doing what they're doing. Also, we wouldn't have a situation
where the Fed creates money and hands it out for free and let's the
banks make billions of dollars. And the poor people who are retired and
have CDs get nothing and because of the downturn in the cycle, which the
Fed creates, people lose their jobs and lose their houses. You wouldn't
have any of that.

This was all very clearly predicted by Austrian economic theory and
it's come about and it's very disturbing to the Fed because they're
going to have to recognize that their theories are completely wrong and
they're not about to do that gracefully.

As chairman of the House subcommittee on domestic monetary
policy, which among other things oversees the Federal Reserve, you've
mentioned you will renew your push for a full audit of the Fed. What do
you hope this will do?

It would tell us who the beneficiaries are.  They've released
recently some information but they really didn't tell us exactly about
everything and where the money has gone and what kind of collateral they
have. The people in this country deserve to know who are the
beneficiaries and their budget and what they hand out is bigger than the
Congress, which is pretty amazing. They're off budget. They're not
responsible to anybody.

Who do you think the beneficiaries are?

We don't know exactly but obviously banks and big corporations and foreign central banks and foreign governments.

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Stock-Paper-Silver's picture

Hindenburg Omen Bitchez?

Stock-Paper-Silver's picture

Somebody modified Wikipedia early this morning, looks like first occurance confirmed, thank you very much!

rumblefish's picture

God bless Ron Paul!

Cleanclog's picture

Go Ron.  Really . . . do it . . . make it public . . . hold it up so the rest of Congress GETS it and so does the country.  

DoChenRollingBearing's picture

Ron Paul, our last hope?

If not, at least we get some fireworks.

WaterWings's picture

...waiting for CrocketA et al to spin Dr. Paul's image.

Trolls can also be very subtle...

Dr. Paul supports true Patriots, not compromised, intl "whistleblowers", a la Assange.

Dr. Paul does not endorse Wikileaks:

jeff montanye's picture

sounds to me like he endorses, perhaps not every twist and turn (possible sellout to israel), but the general idea of releasing embarrassing confidential u.s. info to undercut the war on terrorism/endless war/american empire that much of wikileaks' work does.  he calls them, and whistleblowers generally (references earlier people, possibly ellsberg) heroes.

barkingbill's picture

waterwings your video shows exactly that Ron Paul thinks the Wikileaks whistleblower is a hero who doesnt deserve to be locked up. listen to it yourself. 


stop with the nonsense. assange has done great stuff. ron paul, paul craig roberts etc...have noticed. maybe you should too. 



WaterWings's picture

Pfc Bradley Manning is not a Wikileaks whistleblower. He is a Patriot whistleblower.

Green Leader's picture

Ron Paul looks to me like controlled opposition, not a true leader.

A true leader would be taking matters in his hands, assuming the responsibility. Ron Paul has not.

WaterWings's picture

What are you talking about? Have you not seen a single Republican debate including Paul in the last decade?

Be more specific, troll.

Green Leader's picture

He's part of the problem, just like I was when I co-founded a green party back in 1995.

Go call troll your own mother, jerk-off.

WaterWings's picture

Specificity is a requirement around here. That way we don't have an 'echo chamber'.



Even some fucking anecdotes?

Hopefully we can get something better than this bullshit:



Green Leader's picture

Are you a moderator? No?

I don't have to spoon feed your mind. Think outside the box. Mine is way beyond the "left vs right paradigm".

As a matter of fact, to show how boxed up your mind is:

The avatar's green & red is a hibiscus flower. The hummingbird is the most revered warrior in Arawak mythology. Hummingbirds attack eagles and ground them (no pun intended).

WaterWings's picture

BTW, you avatar is like a watermelon.

"Green on the outside, Marxist on the inside."

blindfaith's picture

would you two KIDS, take it outside.

If you can not show some intelligent respectful reply to each other, why on earth would you think any of us would want to read your other words?  This gutter crap is what underminds any reply by anyone.

Credibility lost is not easily regained.

WaterWings's picture

Take your useless post back over to HuffPo. This is Fight Club and you are a pansy-ass.

jeff montanye's picture

taking matters in his own hands?  not like chairing a congressional subcommittee to oppose the errors of the fed before running for president?  what?  like assassinating the supreme court and dynamiting the eccles building after having slipped the isotope to obama, biden, nancy, john and the cabinet?  that kind of direct action?  sounds like troll to me.

Green Leader's picture

The solution cannot be political. Therefore Ron Paul is part of the problem.

I used to work with an agronomist that had been heavily involved in politics and higly experienced.  He became like a personal coach and taught me most of what I know. His words always stressed how changing things could not be achieved through political means.

Right now what's going on with USA is a spiritual judgement. The country has exported war and exploitation worldwide and it's payback time. The people of the USA will be oppressed and enslaved for the deeds of their country.

A Nanny Moose's picture

When the pupil is ready, the teacher will appear.

Dr. Paul is a teacher and statesman. He is not a politician. Even still; As long as we continue to believe that somebody else, especially somebody elected by the collective, will solve our problems, we get what we deserve, and deserve what we get.

High Plains Drifter's picture

The gold standard is a non sequitor. The same people who run the FED also own most of the gold and the means of production of it.  Ron Paul know this. I know I am going to hate myself for saying this and perhaps I have never said it before, but, imho, we need a couple of years of anarchy while we do the TCB thing. (taking care of business)

Shameful's picture

Even if they have a lot of gold it still puts a cap on the wealth transfer. Means that they would have to kick up gold to buy assets, and their gold is limited. What we have now is them kicking up dollars for assets, and dollars are nearly unlimited.

Also will point out Paul supports competing currencies so people would be free to choose. IF one wanted to support some wacky fiat system that would be their choice.

As to what will happen it will be a nightmare police state or total breakdown into a civil war. There is no fixing the current system. Paul can't fix anything because the system is broken. But what he can do is draw attention to the crimes, and maybe they won't get pulled again.

High Plains Drifter's picture

Agreed. There is no fix for the system. It is over. We have flown too close to the sun for too long.

I think everyone should listen very closely to this man and what he has to say.

Never mind the priestly garb, pay extremely close attention to what is being said. This is what Ron Paul is up against. This is what many people up there, that perhaps want to do the right thing, are up against.

Zionist control of the levers of power.

WaterWings's picture

I ask anyone to refute the claims in the video posted above. That's one helluva beard and opinion. And I request a refutation...

WaterWings's picture

Tyler, considering all the other "stuff" you post as primo shit, why don't you emphasize this? Is their a ZH official position concerning Dr. Paul that we dont' know about? I would love to read it.

jeff montanye's picture

excellent but unanswered question waterwings.  

marla certainly has a soft spot for the zionist entity but it does explain a lot of u.s. policy both seen and unseen.  

by the way, the guy with the crosses, beard and serious teeth makes some good, perhaps a bit overstated, points.  for instance senate judiciary and foreign relations (first i found) are chaired (for a few moments more) by those irish names he (toothy) seems to long for, leahy and kerry.   but what the heck, pelosi and cheney aren't jews but israel/likud has many weaker defenders who are. even israel has many jewish citizens who oppose its policies. ironically israel's msm presents the controversy in far fuller detail than does the u.s. msm 

many jews in public life are zionists.  a good number are not (naomi klein, glenn greenwald).  many christians in public life are zionists (bush, obama).  some are not (ron paul).  ditto for non believers and, probably, muslims, etc.  associating zionism with jewishness (like toothy does) is, imo, counterproductive because it is imprecise and racist (or religionist, whatever).  they ain't all bad and we ain't all good.

Treason Season's picture

Giving the raving anti-semtic James Kunstler a platform here doesn't help ZH credibility either. 

Teddy Turner's picture

Open your eyes.  There is something very wrong with the situation.  And for a supposed minority group they hold many important positions within our government, which generously gives to the most controversial state in the world.

trav7777's picture

Helen Thomas got blasted by the ADL for being an anti-semite merely for IDENTIFYING those in control.

It is INARGUABLE looking at the executive in the major studios, film and television, as well that of the major newspapers that they are run by jews.

The Federal Reserve Board at the top of the banking system is nearly unanimously jews.

So, Helen Thomas stated the truth...was THAT her sin?  No.  It was in IDENTIFYING the ethnicity of those who have the control.  Even identifying this clan who incidentally behave like a clan, have their own clan religion, interlocking clan affiliations, etc., is verboten.  The realization after the 40s was not that this clan domination of parasitical industries for clan benefit was the problem, the problem was that the clan could be identified.  The solution is to utterly FORBID anyone's pointing out the monoethnicity of the levers.

WaterWings's picture


the levers...


What else can explain...

jeff montanye's picture

there is a damn lot to what you say but it is less and less true because of:

1. the increasing secularization and loosening of ties to israel (and here i mean its policies under leaders like begin, sharon, netanyahu but not rabin - see what he got) by younger jews and even older ones as the contradictions become more obvious. and

2. the equally important capture of the non-jewish, in many cases virulently christianist, policy makers, especially in the u.s., by the zionist/likud camp.

imo it also impedes the persuasiveness of the argument to lump all jews together.  puts off many jews and non jews who might buy the argument otherwise.  and do you mean that film is a "parasitical" industry?  that seems unfortunate language and an odd conclusion.  is food processing parasitical on agriculture?  and didn't the nazis (sorry godwin) infamously call the jews parasites? 

helen thomas was treated shamefully and the u.s. media is damned for their heinous servility to the israel lobby, etc.

A Nanny Moose's picture

Re #2. Religious pyramid. Ask any Christian neo-con, why we should b0mb Iran, and why generally we are in the M.E., and have been for the last 60ish years.

Treason Season's picture

Get your terms right Trav


Ashkenazi = Race


Jews  =  Religion

Teddy Turner's picture

could it really be a coincidence that the word "nazi" and Ashkenazi are so close?

blindfaith's picture

if you are going by last names as an indicator, what do you do with name like Eisenhower, Roosevelt, Truman?

If you focus on names not deeds, you will blind yourself to truths.

trav7777's picture

the treasury can dissolve the Fed and repatriate the gold by force.

WaterWings's picture

That would be lovely.

Send me a box of chocolates and I'll forget about it.

tamboo's picture

lol ron ends the fed at the precise second it

has completed it's mission. anarchy is a great cover

for more genocide of goyim cattle.


Oh regional Indian's picture

Bingo Green Leader, Words just don't cut it anymore.

What has he done? Nuttin.


schoolsout's picture

What has he done?


obviously you haven't noticed the heightened awareness in a good number of US Citizens, have you?  You can thank Ron Paul (mainly, his most recent campaign) for that.  I know he brought me into this circle.

Open your fucking eyes...

Oh regional Indian's picture

I feel you and feel for you schoolsout.

Of course more people know because DR. Ron has been on the pulpit on this issue for a while now.

Can't you see, in this time of wikileaks, that this too is part of the plan. If not him, soem other bogeyman "truth"teller would have sufficed.

My eyes  don't fuck and they are open thank you very much.


WaterWings's picture

Rum or opium I cannot guess. Return when you can construct sentences that enlighten.

jeff montanye's picture

paul may be part of the "plan".  

after obama's change you can believe in i have a harder time believing.  

however he certainly has a much longer, more consistent record than b.o. and a far, far more detailed policy prescription.  also, like one's spouse, he's here.  like woody allen, he showed up.  he has gotten the top vote at the conservative conference recently and he has a little bully pulpit in the house.  

i am more interested in what he would do as president than in any other candidate so far, including nader and kucinich, probably because he looks like he could conceivably get elected if nominated.  although i liked ike and goldwater -- i was eight and fifteen -- i have never voted for a republican president [libertarian 1980].  i would vote for paul.

The Ponz's picture

This is the truth.  Through Ron Paul's 2008 campaign, found Peter Schiff and Austrian economics.  Have been better and better prepared for what's coming ever since.

Aaaaeeeyyy!  Thank you Ron Paul.





Green Leader's picture


The Zero Hedge sheeple believe in him.

My 37 junks (so far) speak for themselves.

A true leader would have taken matters in his own hands, not mouth.


There is no political solution
To our troubled evolution
Have no faith in constitution
There is no bloody revolution

We are spirits in the material world
Are spirits in the material world
Are spirits in the material world
Are spirits in the material world

Our so-called leaders speak
With words they try to jail you
The subjugate the meek
But it's the rhetoric of failure
We are spirits in the material world
Are spirits in the material world
Are spirits in the material world
Are spirits in the material world

Where does the answer lie?
Living from day to day
If it's something we can't buy
There must be another way

We are spirits in the material world
Are spirits in the material world
Are spirits in the material world
Are spirits in the material world



A Nanny Moose's picture

"A true leader would have taken matters in his own hands, not mouth."

An indication that you are just another sheep, and must be led....sunshine. Easy to criticize isn't it? I don't see you protesting on the Washington Mall in the middle of the week, or generally withdrawing consent from the looters.

Patience grasshopper. How does that saying go on starting revolutions? Sling your rifle over you shoulder, and step outside. If you see than nobody else has done the same, then it is not time. A solo revolution is just another word for suicide.

Green Leader's picture

Ah! Another USA-centric person.

What makes you believe my residence is in the 50 states or DC? Is it because I am writing in English?

Yesterday I went to a farmer's market and found some Xanthosoma nigrium tubers, with vibrant  magenta colored buds, evidently grown in a place sheltered from chemtrails. I took two, one in each hand, for my seed vault.

I take matters in my hands.