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Ron Paul, Head Of Monetary Policy Subcommittee: "Yes I Would End The Fed"
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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...Do you want to end the Fed? “Well, I don't expect to.
...So yes I would end the Fed but I would do it gradually and have a transition."
Surely he was prepared for exactly that softest of balls...typical metaphysics response. Nothing there to hold in my hand.
@caconhma - "I don't trust him. I think he is phony."
On what evidence do you base that assertion?
Ron's got his work cut out for him. And he knows it. Did you see his comment today? He understands it will take him years to eliminate the Fed, but he's convinced that the Fed's actions will destroy it from within.
Readers here should be aware that there is some history for this, but we will need leadership that goes beyond one House Member who is only a Subcommittee Chairman. The last time the banksters really were challenged it took Teddy Roosevelt...Seen anyone with Teddy's balls around New York or Washington? I haven't.
"On June 4th 1963 President John F. Kennedy (the 35th President of the United States 1961 – 1963) signs Executive Order 11110 which returned to the U.S. government the power to issue currency, without having to go through the Federal Reserve . Six months later on November 22nd, president Kennedy is assassinated because he wanted to print American money for the American people, instead of printing it for the benefit of the greedy money hoarding International cartel who controls the Federal Reserve. The Executive Order 11110, is cancelled by President Lyndon Baines Johnson (the 36th President of the United States 1963 to 1969) on Air Force One from Dallas to Washington, the same day as President Kennedy was assassinated." google Who owns RBA
good luck Ron.I have met the man. And campaigned for him, twice.
While a great deal of skepticism re politicians is certainly justified these days, I encourage skptics to get informed about Dr. Paul. I believe 15 minutes spent flipping through any biography of him, and a similar amount of time spent spent vainly looking for differences in what he Says, and what he Does, will show you that this man is Not your typical modern politician. There may have been a time when true statesmen roamed the capitol in vast herds, but now, he is sui generus . He is, as one poster above says, the right man for the right job.
Godspeed, Dr. Paul!
Over the long haul, the "mild manner" displayed by Ron Paul has had some advantages. However, if he manages to get elected as president, he will need to become as aggressive as hell to make any difference.
For RonPaul to be elected would be a ONE TIME, ONE SHOT chance to reset the USSA back to "America".
If the entire change is not made during his time in office, it would never, ever happen.
That's why something I just said a few minutes ago as a joke is actually quite appropriate... that is, energy-laden, butt-kicking Max Keiser as his running mate! What a concept!
+++++
Dr. Paul can't be summed up in soundbytes. There is depth to his thinking.
He may be mild mannered but check out some old videos of him eating The Bernanke for lunch. The Bernanke squirms in his chair like a 7 year old school girl with a full bladder.
As soon as I hear Ron Paul agree to pay my electric bill, he's got my vote. Who's on board?
President Moonbat pays mortgages and gas, unemployment. Ask him for he dough. Snark noted.
I love Ron Paul. He shits more courage than the rest of those spineless bastards on the hill.
We don't need a fucking gold standard. What we need are strict controls on the QUANTITY of currency. That is why people continually default to the gold standard as a de facto control mechanism for quantities. The greenback was a very efficient fiat currency.
All boom and bust cycles occur with flood of cheap credit and money supply. Only the Fed can pull that shit. They are doing it now. And we will pay for it.
The bankers won't need the FED soon as the IMF is going to take that role soon enough.
the real enemy is the fractional reserve sucking system and exponential debt slavery. Killing the Fed a good start, but creating a gold standard would not necessarily prevent the ‘gold fractional reserve beast’ arising from the ooze. Sovereign issue of asset based “greenbacks” makes way more sense.
Yeah, hyperinflationary currencies are the solution! (facepalm)
the greenback was hyperinflationary.....? Please educate and get back (finger/navel) Perhaps this about sovereign money and the American Monetary Act:
http://www.youtube.com/watch?v=iONSua-cvkE&feature=player_embedded
or this six part teaching series:
http://video.google.com/videoplay?docid=3468056684550176104&hl=en#
here's the limey version
http://www.simondixon.org
all excellent
http://silver.bullionvault.com/#telegraph
"Buy silver here at BullionVault, and you will own part of a large silver bullion bar, assayed and guaranteed to be at least 99.9% fine silver.""
- interesting...
The omens are indeed out in force tonight:murmurs out of Slovakia about leaving the Euro Zone, Rome riots and Berlusconi's tenure hanging by a thread (and today's vote under investigation), global CPIs coming in hot, NZ and Australia data looking distinctly burst-bubble, Japan Tanken tankin', China rate indecision, US bonds selling off hard and spooking a stock rally, Fed urging everyone to 'stay the course'......
I got it: how it's 'all going to end': lil Belgium will be the white hot nucleus of global malaise. As the country descends into political paralysis and under pressure to finance debt, hyperinflationary policy sets in. Big Euro powers want to step in to calm markets, but germanic countries back a Flemish government, while France and UK back the Walloons. And voila! A perfect Euro-storm of polarizing forces come back from the dead. US and Russia take opposite sides. Send in the clowns.
Just curious... in what way is NZ data looking distinctly "burst-bubble"? What does that mean?
I'm wondering about that too, seems like one of the only sane places left on Earth. Last time I was over there, the big news story was whether folic acid should be added to bread. No imperialism, state-building, borderline facism, etc. It also is one of the most geographically diverse areas on Earth when compared to its size.
Living in Queenstown for the rest of my life? Definitely wouldn't have a problem with that one!
Dr. Paul reminds me that there is still hope. There is at least one person in congress who knows how to make things better.
Unfortunately, he speaks too intelligently to relate to 90%+ of the voting masses.
I gave many times during his last run and I would gladly give many more times if he decided to run again. It's a shame that his son isn't a spitting image of his father, too many imperialistic motives with Rand. Although a Paul/Paul ticket would be interesting(not even sure if you can do that).
Yes, it is very sad that RandPaul != RonPaul.
I don't think Rand is a good VP candidate at all, and it raises the question of nepotism. We do NOT need any more "royal families" or anything even faintly resembling such.
Judge Napolitano is a good choice, or perhaps Peter Schiff, or how about MaxKeiser? Hahahahaha... now that would be an odd couple I could enjoy to laugh at.
It's Ron Paul vs. Establishment Republicans - the old guard.
Who will win?
Are Establishment Republicans appeasing grassroot Republican activists, by appearing to cave in to their demands to seat Ron Paul in a figurehead position on finance, while deviously plotting the ways and means to strip Dr. Paul of any real power?
Is Ron Paul about to unleash a brilliant playbook, to defeat such tactics by the Establishment?
Inquiring minds want to know.
Cornwallis was a genius at both politics and military tactics. Don't let anyone tell you he was 'outsmarted' by ragtag American Rebel forces.
Cornwallis lost the war because he put the Colonists into a position where they had nothing to lose, freeing them to fight on through much adversity and despite the tactical and equipment superiority of the British Military of the time (Kentucky long rifles notwithstanding).
To win the war over the very vile Central Bank will take gritty resolve and complete and absolute dedication to see the task through; a perfectly crafted, incredibly brilliant battle plan is less important, and street smarts and good politicking may be more important tactically.
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A monetary expert that doesn't get a lot of press is Andrew Gause. He advocates taking control of the Fed but doing it as a military operation. In other words, quickly. It would probably require simultaneous nationalization of key TBTF banks. But, since these very institutions exert their own controls over the military it would take a miracle to pull it off. Something tells me Obama is not up to the task...
Dr Paul, is a unique pol..from the posts pro and con here..
As a hard right conservative his plans to down size the military and our over seas bases did bother me ..but as this "war on Terror" drags on and on with this Frankenstein Dept of Homeland Sec..I now think he is very on target.
His long held" end the fed" stand is very admirable and let's face it ..he was ahead of most of us here on ZH on this.
The limiting of Fed Gov function to what is in the Constitution which he supports is a policy that would have kept us a solvent nation..I think we all agree.
Vote for Dr Paul if he runs ..you bet.
the Jews & Isreal is a red herring and a waste of time on ZH.
If he could enact any one of this long held positions that would be epic change in DC.
Nice knowing you Ron! 2011 will not end well for Ron Paul at the rate he's challenging the Fed.
Tyler, there are a couple of points you might consider highlighting in posts like this:
* "the gold standard" - there is more than one way to implement a gold/hard money system. Ron is not advocating a return to the 1944-1971 Bretton Woods gold standard. I think a lot of articles that discuss Ron Paul and "the gold standard" would be doing Ron and honest discourse a favor if they said "a gold standard".
* Ron *does* have a plan for a gradual transition. Whether enough people wake up and start pressuring their Reps and Senators to support Ron's H.R. 4248 "Free Competition in Currency Act" ( http://www.govtrack.us/congress/bill.xpd?bill=h111-4248 ) or not is a different question. http://www.lewrockwell.com/paul/paul619.html
Well, I don't expect to. The Fed's going to end itself when they destroy the system
Man, I am loving this guy more and more each day....I love this quote...it's perfect. As someone like him and the rest of us against the Fed, dont make us lift a finger SHIT FIRE...THEY WILL DO IT THEMSELVES.
No doubt.
He was on cnbc yesterday as well..
http://www.fundmymutualfund.com/2010/12/video-cnbc-ron-paul-v-ben-bernan...
A pure gold standard is very important.
But what is even more important is totally eliminating fractional reserve banking, and fractional reserve practices of all kinds. Why? Because a gold standard with fractional reserve practices is virtually identical to the current fiat, fake, fraud, fiction, fantasy system.
If fractional reserve banking remains, banks can create astronomical quantities of so-called "gold receipts" out of thin air at zero expense. And by passing these fiat pieces of toilet paper through the banking system multiple times can lead to unlimited creation of fiat paper, whether those pieces of paper are called "gold receipts" or not.
I wish RonPaul all the success. This could be interesting, if the FederalReserve does not have him killed (which I suspect they will, eventually).
"Because a gold standard with fractional reserve practices is virtually identical to the current fiat, fake, fraud, fiction, fantasy system."
+1 Perfectly correct.
Given the choice between living in a free but poor country on a honest gold standard and a Fourth Reich Police State that clings to fascism and crooked paper money I'd easily choose the former. Those are our choices. We can at least rebuild with gold. The other path is a life sentence in poverty prison with no privilages.
interview of ron paul on bloomberg including what he believes he can realistically achieve vs what he would like to achieve
http://www.bloomberg.com/video/65179806/
quote : ..... not really.....
Ron Paul isn't going to accomplish anything meaningful. Great soundbites for his audience (me), but no action whatsoever.
Ron Paul is the dog that caught the bus.....now what?!