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Ron Paul To Hold Hearing On CPI Lies And Fed Inflation Creation; Jim Grant To Tesify

Tyler Durden's picture




 

This will be fun:

Congressman
Ron Paul, Chairman of the Domestic Monetary Policy and Technology
subcommittee, announced that the subcommittee will hold a hearing to
examine the relationship between monetary policy and rising prices (with
a particular focus on food and energy prices).

 The hearing is scheduled for Thursday, March 17th at 10:00 AM, in room 2128 of the Rayburn House office building.

 

It is
unconscionable that published government statistics mislead Americans
regarding the true rate of price inflation, which is much higher than
commonly-reported CPI numbers
,” Paul stated. “It is also unconscionable
that Federal Reserve Bank officials continue to deny the effects of
their monetary expansion on consumer prices.  Inflation, properly understood, is a monetary phenomenon.  The
price inflation Americans suffer today is largely the direct result of
relentless monetary expansion by the Federal Reserve over the past
decade.  Our witnesses will explore how current
monetary policy, including QE2, directly impacts the standard of living
of Americans in ways that are not reflected in official government
data
.”

 

Congressman
Walter Jones, vice chairman of the subcommittee, stated, “The Fed has
attempted to convince the public that its money printing campaign is
necessary to stimulate America’s economic recovery.  Instead
of recovery, the real effect of the Fed’s money printing has been
monetization of America’s exploding fiscal deficits, devaluation of the
dollar, and creation of inflation in asset prices across the board.  As
a result, working people in places like Eastern North Carolina are
being squeezed at the gas pump and the grocery store as they struggle to
make ends meet in a world in which their salaries have no chance of
keeping up with Mr. Bernanke’s printing presses.”

 

Scheduled to testify are:

 

Prof. Joseph Salerno, Chair of the Economics Graduate Program at Pace University

James Grant, Noted commentator and publisher of Grant’s Interest Rate Observer

Lewis Lehrman, Author, investment banker a

 

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Fri, 03/11/2011 - 16:52 | 1042006 NOTW777
NOTW777's picture

great theatre

Fri, 03/11/2011 - 17:19 | 1042116 Eally Ucked
Eally Ucked's picture

just the safety vent

Fri, 03/11/2011 - 17:21 | 1042129 NOTW777
NOTW777's picture

just like the euro - can they do 13925 AH?

Fri, 03/11/2011 - 19:44 | 1042699 Michael
Michael's picture

The Federal Reserve Corporation is the root cause of all our war and monetary problems throughout history.

Fri, 03/11/2011 - 21:53 | 1043070 Freddie
Freddie's picture

The owners of the Fed were also making very good money off the Civil War they were involved in.

Sat, 03/12/2011 - 16:06 | 1044903 Zero Govt
Zero Govt's picture

let the fireworks begin ....makes a change from 3 years of sweeping everything under the rug and pretending "We Can Handle This.... All is Well"

Fri, 03/11/2011 - 19:56 | 1042758 mophead
mophead's picture

The is precisely why they activated the HAARP weapon system. They can easily end QE now. Repeat after me (marching):

"WE DON'T NEED NO STINKIN' Q-EEEE -- HAARP IS WHAT YOU NEED"

"HAARP IS WHAT YOU NEED"

"WE DON'T NEED NO STINKIN' Q-EEEE -- HAARP IS WHAT YOU NEED"

"HAARP IS WHAT YOU NEED"

Fri, 03/11/2011 - 20:08 | 1042801 Confuchius
Confuchius's picture

Now you know why there are so many dead fish & dead birds around the world, all with internal organ damage.

Fri, 03/11/2011 - 20:12 | 1042817 mophead
mophead's picture

song (countryish, bum, buh-bum, buh-bum)....

verse:

we're trying to inflate, it's another retake

the bernake's in a corner, while (sentor) Paul's enraged

the QE they say, it's a gotta go

can't wait for the next thing to blow

chorus:

they say we're in a fix...

just a runnin' out of tricks

oh lord, what to do?

please give us all a clue

(pause, deep country voice)

try HAARP -- it's a better tool...

bum, buh-bum, buh-bum

Sat, 03/12/2011 - 03:43 | 1043615 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

If a fellow wanted some information or documentation on the potentials and mechanics of HAARP, where might he click?

(link shit that proves HAARP conspiracy here)

PS: I believe it already. What a nightmare.

Fri, 03/11/2011 - 23:14 | 1043212 johngaltfla
johngaltfla's picture

Nah. This news belongs on:

 

www.zerohedge.xxx

 

This is like great sex between this story and the BoA bomb to be dropped tonight. I need a cig.....

Sat, 03/12/2011 - 19:33 | 1045209 VodkaInKrakow
VodkaInKrakow's picture

Let us hope this is not another Assange case of BofA B.S.

Sat, 03/12/2011 - 19:30 | 1045207 VodkaInKrakow
VodkaInKrakow's picture

Even a fool like Paul can be useful. Ah, the consequences of one's own actions can be used to bring about some good. Still, though, Ron Paul as some good ideas.

Fri, 03/11/2011 - 16:54 | 1042011 AldoHux_IV
AldoHux_IV's picture

Wish I could be there.

Fri, 03/11/2011 - 16:54 | 1042014 citta vritti
citta vritti's picture

cake will be served

Fri, 03/11/2011 - 17:13 | 1042094 alien-IQ
alien-IQ's picture

and green beer...it is after all St. Patricks day.

Fri, 03/11/2011 - 17:59 | 1042293 THE DORK OF CORK
THE DORK OF CORK's picture

I'm waiting for the crock of gold speech to mask the crock of shit in the corner.

Sat, 03/12/2011 - 18:12 | 1045087 bigkahuna
bigkahuna's picture

...and the pot of gold that was at the other end of that rainbow is actually a pot of sh!t.

Mon, 03/14/2011 - 17:03 | 1052039 bbaez
bbaez's picture

classic

Fri, 03/11/2011 - 16:54 | 1042016 lieto
lieto's picture

Ron Paul and Jim Grant!

Two of my favorite people.

Where is John Williams?

He is the best on this topic.

Go get em guys!

Fri, 03/11/2011 - 17:04 | 1042055 ghostfaceinvestah
ghostfaceinvestah's picture

John Williams, plus whoever runs that MIT million price project, or whatever it is called.

Fri, 03/11/2011 - 17:28 | 1042164 Cash_is_Trash
Cash_is_Trash's picture

Give 'em the Austrian School of Economics shaft Salerno, good luck to you.

 

Fri, 03/11/2011 - 17:40 | 1042203 strannick
strannick's picture

Dont forget Salerno. Great Von Mises commentator

Sat, 03/12/2011 - 03:32 | 1043606 Rick64
Rick64's picture

 William Black would be a good addition.

Fri, 03/11/2011 - 16:55 | 1042021 kornholio
kornholio's picture

sad part is the owners dont give a shit

Fri, 03/11/2011 - 18:45 | 1042415 JonNadler
JonNadler's picture

how about a no-fly zone over the JP Morgue building so the Bernank can't drop any money from his helicopter.

 

Of course that would end my career

Fri, 03/11/2011 - 18:56 | 1042493 cosmictrainwreck
cosmictrainwreck's picture

Jon, Jon, Jon....what're we gonna do with you? But - per usual - you're Jonny-on-the-spot with that one. lol

Fri, 03/11/2011 - 19:16 | 1042589 ms1408
ms1408's picture

That's true Mr.Nadler, you wouldn't be able to talk shit about PMs all day without the JP Morgue making your predictions come (somewhat) true.

Fri, 03/11/2011 - 16:56 | 1042028 Wynn
Wynn's picture

OT - Nate reports that Martin Armstrong has been released from prison

http://economicedge.blogspot.com/2011/03/martin-armstrong-released-from-...

Fri, 03/11/2011 - 17:19 | 1042123 nevadan
nevadan's picture

wow

Fri, 03/11/2011 - 17:28 | 1042165 gmrpeabody
gmrpeabody's picture

+100

Fri, 03/11/2011 - 17:34 | 1042184 Miss Expectations
Miss Expectations's picture

Great news.  Hope he is safe.  Would like to see him here at ZeroHedge.

Fri, 03/11/2011 - 17:46 | 1042229 Ancona
Ancona's picture

That would be awesome!!! That man is one of the most salient and intelligent guys I have read.......ever. Even from Prison, where he has close to zero access to media, he has accurately analyzed the machinations of banks, the government and geopolitical events with amazing prescience and clarity.

Godspeed Martin Armstrong, and I hope to see you an the idiot box, refuting the lies and inconsistencies of the bubbleheaded idiots who currently deliver our nightly newstainment.

Fri, 03/11/2011 - 23:21 | 1043226 KickIce
KickIce's picture

Sonya Sotamayor helped put him away, wonder what he thinks about her being named to the Supremes.

Sat, 03/12/2011 - 06:16 | 1043628 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

I saw a Sotomayor reference above this one. This is the second I've seen.

How about Kagan? Harvard material. Harvard Corporation material. We all know Fat Larry, but so much other trash has come out of Harvard including W, Poppy Bush (I know he graduated Yale in 3 years right after ww2 but I mean CIA Poppy Bush is intimately involved in the corruption of the Harvard corp), Enron and so many other Davos / CFR trash. Harvard is fake. Harvard is as legitimate as AIG.

I wonder if one could literally incriminate all of the judges in conspiracy? Hmmmmmm. I haven't even mentioned ones appointed by Republican Presidents.

(open invite to anyone to link shit that proves most, any, or all Justices are corrupt)

Fri, 03/11/2011 - 17:46 | 1042235 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1000 Miss E!

Fri, 03/11/2011 - 17:59 | 1042299 Bastiat
Bastiat's picture

Imagine what he'll be producing with a staff, computers and references (net, library)! 

Fri, 03/11/2011 - 18:49 | 1042471 PhD
PhD's picture

Dont get your hopes up. He probably loves big brother now.......

Fri, 03/11/2011 - 18:54 | 1042487 Confused
Confused's picture

Doubtful, but I'm sure he is looking over his shoulder. 

 

This is nice to hear. Certainly wish him well. 

Fri, 03/11/2011 - 21:41 | 1043054 PhD
PhD's picture

Indeed. Good news are far to rare these days, glad to hear he is out

Fri, 03/11/2011 - 23:55 | 1043305 TheGoodDoctor
TheGoodDoctor's picture

Wow that is awesome. And whomever said they would like to see him here I am sure Tyler will post his stuff. Kind of amazed really that he hadn't posted some of his prison stuff. Eager to hear what MA has to say, if the First Amendment still applies to him.

Fri, 03/11/2011 - 16:57 | 1042033 High Plains Drifter
High Plains Drifter's picture

As Jackie the Jokeman used to say to Andrew Dice Clay........

 

Ah, ah ah ah ah ah AAAHHHHHHHH !!!!!!!!!!!!!!!!!!!!!!

Fri, 03/11/2011 - 16:59 | 1042034 Ferg .
Ferg .'s picture

Very much looking forward to the conclusions from that hearing .

Fri, 03/11/2011 - 16:58 | 1042035 bunkermeatheadp...
bunkermeatheadprogeny's picture

Ron Paul = Morphius or Oracle?

Fri, 03/11/2011 - 17:07 | 1042066 Dr. Engali
Dr. Engali's picture

Definitely Morphius. He has been trying to wake people up for a long time.

Fri, 03/11/2011 - 17:30 | 1042172 Cash_is_Trash
Cash_is_Trash's picture

But you have to find him.

Just like you find Faber, Schiff, Rothbard, Mises.

We live in a prison, a prison for your wallet.

Fri, 03/11/2011 - 18:33 | 1042405 alangreedspank
alangreedspank's picture

 

I'm relieved to finally see these names written in the comments of ZH's posts amongst all the statist, unionist "Unions are the lifeblood of the middle class!!" talk.

 

Fri, 03/11/2011 - 18:58 | 1042502 Confused
Confused's picture

You just haven't been reading the comments here long enough then. Fear not, you'll see them mentioned more. 

Fri, 03/11/2011 - 20:35 | 1042878 downwiththebanks
downwiththebanks's picture

Some people make a serious, complete analysis of the banker-gangsters.

And then there are the fake critics who stand shoulder-to-shoulder with those very same banker-gangsters in the assault on bus drivers and librarians.

Fri, 03/11/2011 - 17:01 | 1042042 ZyklonMBS
ZyklonMBS's picture

 

Fri, 03/11/2011 - 17:01 | 1042047 unwashedmass
unwashedmass's picture

well, excuse me, but...i mean, the point of all of this is to ensure that the masters -- JPM, GS, and BofA -- stay solvent, create multigenerational wealth for the management, and ...basically rape the peasantry blind, deaf, and dumb...

didn't ron get the memo?

Fri, 03/11/2011 - 17:21 | 1042136 Cow
Cow's picture

Arthur: I am your king!
Woman: Well I didn't vote for you!
Arthur: You don't vote for kings.
Woman: Well how'd you become king then?

Fri, 03/11/2011 - 18:17 | 1042357 The Disappointed
The Disappointed's picture

Maybe a watery tart throwing cutlery about is a valid political system, after all. Couldn't produce worse results than ours.

And don't forget that Arthur gets taken away by the police at the end of Holy Grail.

Fri, 03/11/2011 - 17:03 | 1042053 Misean
Misean's picture

Salerno, huh? That'll be a hoot. Sooo, no Keynsian pin heads? The NYT and our information guardians will be quite upset. Expect the hearings to get no airtime while the TeeeVeeee readers trot out lunatics like Krugman to straw man things.

Well, at least it will get into the congang record.

Fri, 03/11/2011 - 17:05 | 1042058 Lets_Eat_Ben
Lets_Eat_Ben's picture

If Ron Paul turns out to be a "distraction" i will be fresh out of heroes...

Fri, 03/11/2011 - 20:40 | 1042890 downwiththebanks
downwiththebanks's picture

What's the over/under on the number of questions ZeroHedge's geriatric Bircher gets in this time after slobbering all over his microphone?

I say 2.

Fri, 03/11/2011 - 17:06 | 1042060 John Law Lives
John Law Lives's picture

It sure is amazing that the US markets can go up on a day like today:

http://www.bloomberg.com/markets/stocks/world-indexes/

Japan market down big. China market down big.  European markets down.  News of massive quake and destruction in Japan (the 3rd largest national economy in the world).  Ongoing chaos in MENA.

 ... and the US markets do a low volume meltup.

No manipulation here.  All is well.  BTFD.

goddam The Ben Bernank.

Fri, 03/11/2011 - 17:14 | 1042103 jesse livermoore
jesse livermoore's picture

THE AMAZING PART IS THERE WAS NO POMO TODAY  wink wink

Fri, 03/11/2011 - 17:16 | 1042110 NOTW777
NOTW777's picture

well someone propped up the euro and dropped the buck

Fri, 03/11/2011 - 17:30 | 1042177 gmrpeabody
gmrpeabody's picture

Yen explains the buck.

Fri, 03/11/2011 - 18:06 | 1042331 NOTW777
NOTW777's picture

not all of it

Sat, 03/12/2011 - 21:12 | 1042383 Wascally Wabbit
Wascally Wabbit's picture

But US equities fell prior to this week's 10- and 30- year T auctions.  Maybe Bernanke & Co is transferring the air bubble from equities to Treasuries.  If equities markets are down, wouldn't funds go into US Treasuries? At least that was my theory for this past week.

FOMC results out Tuesday...Monday, DC's TPINO (tea party in name only) caucus turns up the rhetoric over cutting a measly $100 billion from Obamacare. The Fed wants massive deficits and has to prove bond markets can handle it. So, will equities continue downward to push bond prices up? 

Fri, 03/11/2011 - 22:57 | 1042826 Orly
Orly's picture

Stocks are up because now we get to rebuild Japan.

C'mon, guys.  You seriously have to brush up on your DoubleSpeak here.

Fri, 03/11/2011 - 23:24 | 1043241 KickIce
KickIce's picture

Good thing our politicians are so intelligent and keep a rainy day fund for just such an occasion.

Fri, 03/11/2011 - 17:07 | 1042067 equity_momo
equity_momo's picture

Cool , more people talking.    Any idea when we will see people doing?

Fri, 03/11/2011 - 17:32 | 1042181 gmrpeabody
gmrpeabody's picture

+1

Fri, 03/11/2011 - 18:11 | 1042341 Dr. Porkchop
Dr. Porkchop's picture

You'll hear large calibre gunfire and see a lot of smoke when it does. Probably sometime in 2013 when the soup and bread lines run out of food.

Fri, 03/11/2011 - 18:43 | 1042443 alangreedspank
alangreedspank's picture

 

Like what ? Political action ? Give me a break, this is a war of ideas

ZH, Ron Paul is doing a great job @ spreading an information that can help people reaching rational conclusions.

 

Fri, 03/11/2011 - 20:43 | 1042900 downwiththebanks
downwiththebanks's picture

Ron 'John Birch Society' Paul is doing a great job of diverting attention from a serious political attack on the two-party system.

He's the Republican Kucinich.

Sat, 03/12/2011 - 04:23 | 1043650 plocequ1
plocequ1's picture

No. This is nothing but a show just to get us sheeple informed to whats going on. Nothing more. Nothing will be done. Most of these so called  hearings usually have 4 or less people in the chamber to make it look like there is actual shit going on.

Fri, 03/11/2011 - 17:07 | 1042069 alien-IQ
alien-IQ's picture

expect that day to be full of news stories about "triumph in the face of tragedy in Japan" and lots and lots of Charlie Sheen.

Fri, 03/11/2011 - 17:09 | 1042080 High Plains Drifter
High Plains Drifter's picture

Charlie is going on the road with the torpedoes of truth show........

Fri, 03/11/2011 - 17:09 | 1042070 monopoly
monopoly's picture

Jim Grant to testify. Oh,that I have to watch. That should be good. Will the Bernank be there. lol

Fri, 03/11/2011 - 17:09 | 1042071 RemiG2010
RemiG2010's picture

Bring it on!

Fri, 03/11/2011 - 17:09 | 1042072 Josh Randall
Josh Randall's picture

Like a good Prosecutor laying the groundwork for the masses for the eventual overthrow

Fri, 03/11/2011 - 17:54 | 1042272 zaknick
zaknick's picture

Or politico CYA

Last hearing Dr Paul was a bit of a letdown. If I had Shalom Bernank in front of me I would have done a lot more damage.

Fri, 03/11/2011 - 17:09 | 1042075 RemiG2010
RemiG2010's picture

Bring it on!

Fri, 03/11/2011 - 17:08 | 1042078 monopoly
monopoly's picture

Jim Grant to testify. Oh,that I have to watch. That should be good. Will the Bernank be there. lol

Fri, 03/11/2011 - 17:18 | 1042112 NOTW777
NOTW777's picture

timmy and ben should be sitting up front 

Fri, 03/11/2011 - 17:09 | 1042082 LeBalance
LeBalance's picture

Please folks, the conversation has already been conducted.  This is a re-run.

Go back to ancient history.  Go back to Louis McFadden.

After four poisoning attempts, he was assassinated.

This kabuki is the damage venting system enacted by the Fed's masters to capture your interest.

Hamster wheel gooes round and round, round and round, round and round.

And that dang hamster seems still to be entertained.

Fri, 03/11/2011 - 17:15 | 1042104 EscapeKey
EscapeKey's picture


Go back to ancient history.  Go back to Louis McFadden.

After four poisoning attempts, he was assassinated.

See, this is why I love this site. This is the first I ever heard of this, but it's opened a new avenue of internet sleuthing.

Fri, 03/11/2011 - 17:18 | 1042118 alien-IQ
alien-IQ's picture

If you haven't seen this, I'd recommend downloading it and watching it...it's, at the very least, incredibly thought provoking.

http://www.youtube.com/watch?v=guXirzknYYE

Fri, 03/11/2011 - 17:22 | 1042143 EscapeKey
EscapeKey's picture

Hmm, I haven't. I've watched "Zeitgeist - moving forward", which is all about a centrally planned government, "using computers to calculate needs". Exactly how this isn't communism is beyond me.

Because of that, I've resisted watching the original. I guess I should give it a chance.

Fri, 03/11/2011 - 17:26 | 1042160 baby_BLYTHE
baby_BLYTHE's picture

^^^ BINGO! +100000x

You are exactly correct.

I smelled the rot on that "movement" right out of the gates.

Absolutely, Neo-Communist laced with eugenics.

I'll stick with the Constitution, even if no one cares about it anymore

 

Fri, 03/11/2011 - 17:36 | 1042196 gmrpeabody
gmrpeabody's picture

+++

Sat, 03/12/2011 - 06:18 | 1043638 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

I thought the original Zeitgeist was communism before I ever saw it, just from reading the Wikipedia page.

It's probably worth watching (all of the series) once but it's probably not good taking it for gospel.

Just watching it and starting thinking in different terms than we're programmed to think by capitalist media is good enough.

Fri, 03/11/2011 - 17:52 | 1042256 alien-IQ
alien-IQ's picture

the original focuses on the constitution in part three and it is strongly in support of the values and ideas within it and takes particular aim at how it has been, especially in recent times, totally subverted.

As far as the "neo-communist" remark...that sounds a lot like what we have going now doesn't it? although it might be more appropriately called neo-fascist....but nevertheless...it sure ain't a free market democracy what we have now is it?

Fri, 03/11/2011 - 20:44 | 1042907 downwiththebanks
downwiththebanks's picture

Hooray for the Slaveholders constitution!

Fri, 03/11/2011 - 23:48 | 1043293 KickIce
KickIce's picture

We need to build a wall to keep people from leaving.

Fri, 03/11/2011 - 17:45 | 1042220 alien-IQ
alien-IQ's picture

I wasn't particularly fond of "Moving Forward". "Addendum" was pretty good...but the original was, in my opinion, extraordinary. It's much wider in scope than the others and far more thought provoking.

It does, however, seem to illicit violent reactions from deeply religious people...which was not an issue for me.

Fri, 03/11/2011 - 17:49 | 1042240 EscapeKey
EscapeKey's picture

I personally don't mind religion, people should be allowed to believe in what they want to, but I have a major issue with movies (Moving Forward) which attempt to hide their true agenda, and brainwash you into trivial acceptance (which it does for the first 30-45 minutes).

Fri, 03/11/2011 - 17:56 | 1042279 alien-IQ
alien-IQ's picture

all art has an agenda. all art has an opinion. at least all good art does.

art is not a policy that is imposed upon you. it is an idea you can either take or leave or use to arrive at your own idea. you are forced to do nothing.

"the function of art is to remind people that there is more to life than simply getting through the daily grind"

carlos santana

Fri, 03/11/2011 - 18:05 | 1042313 EscapeKey
EscapeKey's picture

That's not my point. If I say to you that I vote Republican, and then give you some republican propaganda, I'm not deliberately trying to mislead you. If I, however, declare myself to be "independent", only then to push republican propaganda, THAT I have a serious problem with.

ZMF positions itself as if it's got an answer to all the ills of society, but completely fails to inform you the "solutions" have been tried time and time again, and never worked. THAT is deliberate intellectual dishonesty (or complete idiocy, pick one).

Fri, 03/11/2011 - 18:12 | 1042348 alien-IQ
alien-IQ's picture

it's a film. it's just a film. in 2012 they say the world will end on 12/21/12...but we know...it's just a movie. do you think Roland Emmrich will receive hate mail on 12/22/12?

it's a film. it's about provoking thought not providing answers.

Fri, 03/11/2011 - 20:15 | 1042819 Wascally Wabbit
Wascally Wabbit's picture

"all art has an agenda."

that's brilliant. One of my art historian professors told me that all art is propaganda. It was an ancient art history class. Not much has changed. 

Fri, 03/11/2011 - 17:58 | 1042296 zaknick
zaknick's picture

If you hadn't heard of senator McFadden, look up Murray Rothbard.

Fri, 03/11/2011 - 18:00 | 1042306 EscapeKey
EscapeKey's picture

Oh, I know Rothbard. Got all his books. Haven't yet had time to read them all, but "Mystery of Banking" and "The Great Depression" are absolute classics.

Fri, 03/11/2011 - 18:19 | 1042368 koaj
koaj's picture

check out jerome daly as well an the judge who ruled in his favor

 

http://www.dailypaul.com/87184/jerome-daly-the-man-who-humbled-the-feder...

 

 

Fri, 03/11/2011 - 18:48 | 1042464 Wascally Wabbit
Wascally Wabbit's picture

Wow, I'm impressed.

Mystery of Banking is phenomenal and comes in handy for teaching statists the problem is not w/ the Fed's semi-private ownership structure. Public ownership makes central banking just as dangerous. It's fractional reserve banking that's the problem; the Fed removes the free market's natural limitations on fractional reserve banking which causes price distortions and inflation and later deflation.

PDF @ Mises: http://mises.org/books/mysteryofbanking.pdf

Fri, 03/11/2011 - 19:03 | 1042526 Confused
Confused's picture

For the record, you can download all of this lectures on itunes. 

Fri, 03/11/2011 - 20:09 | 1042807 Wascally Wabbit
Wascally Wabbit's picture

Thanks, didn't know that. 

Fri, 03/11/2011 - 18:40 | 1042433 gabeh73
gabeh73's picture

Yes the intitial Zeitgeist was to build credibility before they try to judo all the supporters over into supporting eco-communism. It is a promotion as "The Daily Bell" calls it.

 

HG Wells "The Open Conspiracy" is a pretty good read.

 

If your reading about Mcfadden, check out Lindbergh too...they kidnapped his baby and called him a anti-semite...while granddaddy bush and the Warburgs were funding Hitler. 

 

 

Fri, 03/11/2011 - 17:39 | 1042195 samsara
samsara's picture

Snippet:

---

Rep. McFadden continued, "Every effort has been made by the Federal  Reserve Board to conceal its power but the truth is the Federal Reserve  Board has USURPED THE GOVERNMENT OF THE UNITED STATES.  IT CONTROLS EVERYTHING  HERE AND IT CONTROLS ALL OUR FOREIGN RELATIONS. IT MAKES AND BREAKS GOVERNMENTS  AT WILL. 

 No man and no body of men is more entrenched in power than the  arrogant credit monopoly which operates the Federal Reserve Board and the  Federal Reserve banks. These evil-doers have robbed this  country of more  than enough money to pay the national debt. What the Government has permitted   the Federal Reserve Board to steal from the people should now be restored to the  people." -----                                                                                      From               The Federal Reserve is PRIVATELY OWNED          by Thomas D. Schauf
http://centre.telemanage.ca/links.nsf/articles/BCC271ABCF5F6136852568E000613B47
Fri, 03/11/2011 - 17:52 | 1042263 UP4Liberty
UP4Liberty's picture

Always loved Louis T. Mcfadden's speech on the floor of Congress about the Fed - nice post...

Fri, 03/11/2011 - 20:47 | 1042922 downwiththebanks
downwiththebanks's picture

And what do you know?  The guy supported Hitler!

Sat, 03/12/2011 - 05:29 | 1043727 Rick64
Rick64's picture

Le Balance

 You are right history just keeps repeating. Listen to Charles Lindbergh's speech about FDR and the way we were manipulated into WWII, its eerily reminiscent of Bush's Iraq war and the war on terror.

http://www.youtube.com/watch?v=9RvLL--vSsA

Fri, 03/11/2011 - 17:11 | 1042091 silvertrain
silvertrain's picture

Dr. William Black and Jim Rickards should also be called...

Fri, 03/11/2011 - 17:41 | 1042092 baby_BLYTHE
baby_BLYTHE's picture

Do Ron and Rand have security detail at their condo in DC?

We need a money bomb!

Protect Dr. Paul!

Fri, 03/11/2011 - 17:13 | 1042093 John Law Lives
John Law Lives's picture

I wonder if the MSM will give this any attention at all.

Fri, 03/11/2011 - 17:14 | 1042105 Misean
Misean's picture

It will be completely ignored.

Fri, 03/11/2011 - 17:19 | 1042124 cossack55
cossack55's picture

The Judge on Faux News will probably cover.  He seems to be the only one on the whole shiity network who has any credibility.

Fri, 03/11/2011 - 17:45 | 1042226 baby_BLYTHE
baby_BLYTHE's picture

What about Eric Bowling?

He talks about all that glitters (Gold).

He said $2,000 on Fox and Friends (My dad had it on in the morning when I was home for a weekend from school).

Fri, 03/11/2011 - 17:57 | 1042287 ronin12
ronin12's picture

Nah, Bowling is just another Faux News talking head incapable of an original thought.

 

Fri, 03/11/2011 - 17:14 | 1042102 Cdad
Cdad's picture

About time!  We all know that what is going on at Bernanke's Fed is nothing less than the greatest economic heist in the history of the world.  Despite constant attacks on Average Joe here on ZH, I think he knows this, as well.

Nothing in this country can heal, improve, recover...without first dealing with this corrupt banking system.  And so why not just go right to the head of it, the Fed?  Once those POMO funds are cut, the rest of the criminal syndicate known as Wall Street will automatically purge itself.

Beautiful in its simplicity. 

Good luck, Congressman Paul.

P.S.

Helluva day today, Tyler.  Nice work!

 

Fri, 03/11/2011 - 18:07 | 1042327 zaknick
zaknick's picture

Don't think so. They'll nukular false flag your asses and Farenheit 451 here we come!

You gotta cut off the heads; Shalom Bernank is just hired help.

Fri, 03/11/2011 - 19:21 | 1042609 cosmictrainwreck
cosmictrainwreck's picture

I've always said to everybody on Zh that trashes BB, all I can feel is pity the poor bastard... does what he's told (or else wife & kids might be "missing"); that's why he chokes up - battles with conscience. Now, to your point... how do puppet-masters get taken out?

Fri, 03/11/2011 - 17:17 | 1042107 vote_libertaria...
vote_libertarian_party's picture

It sounds like he is trying to pressure Ben to stop the QE crazy train.  But if Ben wants to go further who is to stop him?

 

When inflation ramps up further in the months ahead will Congress look at inflation now as a bigger danger than a stock and bond collapse tomorrow because of QE withdrawal?

Fri, 03/11/2011 - 17:21 | 1042127 baby_BLYTHE
baby_BLYTHE's picture

No one can stop him.

Greenspan is on record saying as such!

http://www.youtube.com/watch?v=3QkmLnNEvdU

The FEDERAL RESERVE CORPORATION harvests the meat off the bones of hardworking Americans to pay a 6% share-holder dividend to foreign owners

Sat, 03/12/2011 - 08:35 | 1043843 Snidley Whipsnae
Snidley Whipsnae's picture

Vote L ... Rickards has a plausable explanation of how the Fed can announce the end of QE but continue stealth QE... Fed balance sheet is so large that they can continue to purchase treasury debt issues with interest/principal funds from MBS, and interest/principal on treasuries already on balance sheet.

Here is a link to KWN interview (written and audio) of Rickards on Sat 3-11-11... 'Perpetual QE: The Stock Is The Flow'... http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/3/11_Jim_Rickards_-_QE_is_dead%2C_long_live_QE!.html

 

Fri, 03/11/2011 - 17:18 | 1042114 101 years and c...
101 years and counting's picture

media will ignore it and the masses will go on tweeting about how cool their new iPad is.

Fri, 03/11/2011 - 17:20 | 1042126 TeamAmerica
TeamAmerica's picture

Here's the problem: if you re-cast CPI to show "real" inflation, then the already unsustainable entitlement programs get a bump into the stratosphere.   Many here on ZH cheer the apocalpyse, and revising the CPI before we figure out how to tell GrandPa we're not going to increase his Social Security check because of it is a fine way to make it happen.

One of my many problems with Ron Paul is the lack of concern over consequences.   We can agree that the CPI does not capture the reality for Americans who are unable to sell their homes and take advantage of lower prices...they feel only the rising prices and cannot realize the theoretical lower cost of housing.   So Ron Paul is right to be concerned, but he needs to address what happens if he gets his way.  I'm not convinced he has thought it through, or cares.

 

 

Fri, 03/11/2011 - 17:22 | 1042141 SDRII
SDRII's picture

Sec Paulson is that you lurking

Fri, 03/11/2011 - 17:25 | 1042154 EscapeKey
EscapeKey's picture

Right, so fraud is ok, because otherwise America will blow up.

Got'cha.

Fri, 03/11/2011 - 17:34 | 1042188 Cdad
Cdad's picture

You beat me to the punch, Escape.

I think we have ourselves a banker here. 

Fri, 03/11/2011 - 17:47 | 1042231 TeamAmerica
TeamAmerica's picture

Of course I said no such thing.  The real problem isn't the damn CPI calculation, it's what do you do about the entitlement programs - and Ron Paul isn't leading that charge, is he?   

Think for a moment:  why does anyone care if the CPI number is a fraud?   If there was no consequence to it, then only propeller-head economists would pay attention.  

When Dr. Paul holds hearings to discuss how much to cut Social Security TODAY, then I'll be listening.   In the meantime, the net effect of him wanting to change the CPI is to increase Social Security benefits.   Think before you post the knee-jerk response.

Fri, 03/11/2011 - 17:58 | 1042288 EscapeKey
EscapeKey's picture

If that is the case I strongly recommend you rephrase your original post.

 if you re-cast CPI to show "real" inflation, then the already unsustainable entitlement programs get a bump into the stratosphere.

This phrasing seems to suggest you don't think CPI should be re-cast.

Furthermore, if this indeed isn't your suggestion, then what you effectively suggest is a real term reduction in entitlement programs.

Fri, 03/11/2011 - 19:06 | 1042556 TeamAmerica
TeamAmerica's picture

My phrasing suggests that we ought not to increase the entitlement programs.   Eliminate indexing of payments to the CPI, then calculate inflation any way you want - it doesn't matter then.

Fri, 03/11/2011 - 19:16 | 1042594 EscapeKey
EscapeKey's picture

Nice doublespeak.

Either we keep CPI at its manipulated low figure, in which case the entitlement programs are adjusted at rates below real inflation. OR we correct the CPI figures, in which case we need to reduce entitlement programs... to rates below real inflation. Either way, entitlement programs in real terms suffer.

To claim there's an increase in anything but nominal terms is clearly wrong.

Fri, 03/11/2011 - 19:26 | 1042630 TeamAmerica
TeamAmerica's picture

But there is no plan to reduce entitlement programs!   Lacking that, if you increase CPI you increase government spending, with all that implies.   

You say that "we need to reduce entitlement programs" (exactly my point) but it seems you assume that will actually happen.   My bet is we go over the precipice first.

 

Sat, 03/12/2011 - 08:55 | 1043853 EscapeKey
EscapeKey's picture

When exactly did I assume anything? I didn't even state my position with regards to entitlements cuts, my argument is about your apparent inability to call a spade a spade.

Entitlement spending cuts essentially have nothing to do with fraudulently calculated CPI figures, and one is not a valid argument for the other.

Fri, 03/11/2011 - 17:59 | 1042298 ronin12
ronin12's picture

"Think for a moment:  why does anyone care if the CPI number is a fraud?"

Because it serves to obscure the massive theft that occurs.

 

 

Fri, 03/11/2011 - 19:10 | 1042576 TeamAmerica
TeamAmerica's picture

That's an emotional concern more than a practical concern.   Most people judge inflation by personal experience - the CPI may make you angry but it doesn't put money in your wallet or take it away...it's just a number, unless you are on Social Security.   Then you care big time.

Fri, 03/11/2011 - 19:18 | 1042603 EscapeKey
EscapeKey's picture

In other words, you DO operate in nominal terms, not real.

Inflation might not take fiat currency notes with arbitrary denominations away, but it absolutely, positively does take purchasing power out of your wallet.

Fri, 03/11/2011 - 19:33 | 1042663 TeamAmerica
TeamAmerica's picture

Beginning to remind me of a Monty Python skit...

CPI is not real inflation.  CPI is a number.   Real inflation is what makes a difference to your wallet.  CPI does not.  Getting wound up about a number makes no sense to me unless your real concern is the real dollars - and the only link between CPI and real dollars is to indexed entitlements.   I'm not going to bother repeating that anymore.

Fri, 03/11/2011 - 20:01 | 1042750 Wascally Wabbit
Wascally Wabbit's picture

"CPI is not real inflation.  CPI is a number.   Real inflation is what makes a difference to your wallet.  CPI does not."

Tax policy is indeed related to the CPI as is the Fed's justification for creating more inflation. Instead of allowing the market to correct distorted prices, the Fed points to fudged CPI and other stats to continue reckless policies. Implementing policies based on fraudulent data does effect our wallets.

It's like saying, "well the intelligence report said they had weapons of mass destruction."

 

Fri, 03/11/2011 - 20:28 | 1042857 cranky-old-geezer
cranky-old-geezer's picture

Because it serves to obscure the massive theft that occurs.

What theft?

You mean theft of social security momey? Implying said money is owed to you?

If that's your thinking, then you're part of the problem. 

That money isn't owed to you.  Congress can reduce social security benefits anytime they wish.

Consider it a gift.  That's the wiser way to view it. 

A gift that can be reduced or stopped at any time, regardless of how much you "paid in".

Social security is an insurance plan.  It works just like any other insurance plan.  Money you pay in is insurance premiums.  Money paid out is benefits to claimants. 

Congress can adjust those premiums and benefits anytime they wish.

The idea of social security having a "trust fund" is complete nonsense.  There is no "trust fund".  Money paid in goes right back out in benefits.

Fri, 03/11/2011 - 20:54 | 1042932 downwiththebanks
downwiththebanks's picture

Yep.

And so, when tax cuts go through for the ruling class which cut 'projected' flows into the ILLUSORY trust fund, it simply gives ammunition to those liars and class warriors who intimate that Social Security just CAN'T be funded when AIG can, no questions asked. 

It's a pure confidence game.

Fri, 03/11/2011 - 21:09 | 1042980 cranky-old-geezer
cranky-old-geezer's picture

Actually it's called "loot the middle class".

... and it's going rather well.

Fri, 03/11/2011 - 22:01 | 1043085 downwiththebanks
downwiththebanks's picture

The 'middle class' is an illusion.  There are workers, and there are owners.

Just like George Carlin said:

http://www.youtube.com/watch?v=rsL6mKxtOlQ

Fri, 03/11/2011 - 18:31 | 1042399 Papi_Al-Mahdi
Papi_Al-Mahdi's picture

Team America- Social Security is nothing compared to our "defense" spending We should focus on cutting that before cutting important social programs. From reading other posts you've made I know you are really gung-ho about our military, but let's be honest about what's sucking the life out of our country.

Fri, 03/11/2011 - 19:09 | 1042573 Wascally Wabbit
Wascally Wabbit's picture

Bravo! Bravo! Papi! 

Ron Paul's point is that he would rather we cut excess from the military instead of cutting from regular people who are the system's foundation. 

He suggests cutting across the board, including military largess.  Making Grannie and Gramps eat i-pads while expanding overseas is not going to work. 

 

Fri, 03/11/2011 - 19:17 | 1042601 TeamAmerica
TeamAmerica's picture

Social Security outlays are now bigger than military spending (depends on who's drawing the pie chart*) and growing faster.   BOTH issues need to be addressed.   The topic of this thread is CPI, and military spending isn't driven by that number.

*if you include spending on military retirees then it looks bigger - I'd lump military pensions into Social Security for this discussion because they are both driven by CPI..."entitlements".

Fri, 03/11/2011 - 19:31 | 1042656 Wascally Wabbit
Wascally Wabbit's picture

 

"The real problem isn't the damn CPI calculation, it's what do you do about the entitlement programs - and Ron Paul isn't leading that charge, is he? "

Those are your words, not mine. Your suggesting that cutting retirees benefits alone is going to reduce the debt.  Ron Paul is the only Republican (aside from Rand) who suggests that Democrats and Republicans reach a bipartisan agreement in cutting both entitlementand military spending.  That's leading the charge.  

Rand so far has come up w/ the best budget. Michele Bachmann proved she is willing to spend on military adventures at the expense of current retirees SS (using superlative CPI instead of Core CPI) and veterans.  The fact that these people are focused on Obama's $100 billion tells you they're not serious about cutting their military programs or even the TSA's budget.  

 

Fri, 03/11/2011 - 19:47 | 1042714 TeamAmerica
TeamAmerica's picture

To be clear, my personal preference is not to cut entitlements at all, but do limit the growth (cap the annual increase, for one suggestion).   Military expendures must be cut.  After that, raise taxes...not a popular opinion, but in the end a 50/50 cuts vs. taxes mix is the most practical solution IMHO. 

Fri, 03/11/2011 - 20:57 | 1042914 cranky-old-geezer
cranky-old-geezer's picture

... but in the end a 50/50 cuts vs. taxes mix is the most practical solution IMHO. 

There is no solution.  There is no way to make the present setup work going forward. 

The present setup is designed, engineered, to require constant borrowing with concurrent inflation of the money supply until the dollar is worthless and America collapses. 

This is why nothing is going to be done to "fix" it.  It's going exactly as planned.

The only mandate the federal government has is SPEND MORE MONEY so more money will have to be borrowed, the Fed can keep running the printing presses, and Wall Street can keep making money flipping treasury debt to the Fed.

$14 trillion debt is peanuts.  It's going to $50 trillion, then $100 trillion, then $200 trillion, and keep right on going till the dollar is toilet paper ...exactly as planned.

Fri, 03/11/2011 - 21:46 | 1043063 Fred Hayek
Fred Hayek's picture

Oh please.  Spending has nearly doubled since 2001, going from $1.863 Trillion to $3.456 Trillion. It's a spending problem, not a revenue problem.  It doesn't matter what happens with revenue.  If we had cold fusion tomorrow powering a doubling of revenue, they'd just spend up to that new plateau.  Yes, the defense budget is a joke.  But, please, so much of the rest of it is a joke, too.  

Sat, 03/12/2011 - 03:53 | 1043630 Rick64
Rick64's picture

 We sure could use those missing trillions the Pentagon can't find. In 1999 2.3T missing, 2000 1.1T missing. Thats 3.4 Trillion dollars in 2 consecutive yrs..  Watch Cynthia McKinney question Rumsfeld @ the 1:08 mark in the video. This is a common occurence with the Pentagon.

 http://www.youtube.com/watch?v=9RvLL--vSsA

Fri, 03/11/2011 - 18:43 | 1042452 Blano
Blano's picture

I understand what you're saying, but sometimes the truth has consequences that are unpleasant.  The truth should be exposed and let the chips fall where they may.

Fri, 03/11/2011 - 18:56 | 1042503 chubbar
chubbar's picture

I agree with TeamAmerica, and I would like to say that not only do I respect RP but I wrote in his name on my vote for president.

In a nutshell, this monetary system needs to be revamped from top to bottom. Any jiggering will only cause a collapse of the system because of all the plates spinning in the air, which in my opinion is both necessary and inevitable.

That being said, there should be a plan "B" for doing this so that the least amount of pain is felt by the masses. I can't for the life of me see how we get from "here to there" without massive loss of life.

It goes without saying that the truth needs to be told and that the metrics we as a nation use, to make financial decisions, have to be honest. However, we all know that this system will crash soon. If we know this then what comes next? This needs to be thought out and planned for. Just having a guy in the fight for us and taking down the system willynilly isn't going to turn out well for the innocent victims of Bernank and company if we don't have a plan "B" to implement.

I personally would rather see RP put out a paper on how to enact/reform the system and start that debate PRIOR to our currency becoming worth LESS to the point of starvation for the bottom 40%.

Yes, by all means talk about the fraud and expose it. BUT, get going on plan B and figure out how to seque to that plan. 

That is my interpretation of what TA was alluding to with his remarks. It's my point, in any event.

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