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Ron Paul Says Next US Crash Will Be Comparable To That Of Soviet Union, Claims QE2 Is "Total Failure" And Fed Is A "Central Planning Cartel"
Ron Paul has just stepped up his war of rhetoric with his nemesis the Archchairsatan Rudolf Vissarionovich von Bernankestein (because never before have we had a genocidal central planner hell bent on printing the world's fate out of a deflationary collapse), and in an interview with Larry Kudlow said what everyone who is watching the day after day melt up (and wondering what comes next) openly thinks: that when all is said and done, and there is no incremental vapor and no incremental HFT levitation effect, that the US collapse will be comparable only to that of the Soviet Union. Needless to say, we are confident he is optimistic. Some economic observations from Paul: "We have so much unemployment, it is so undercounted. The free market economists report that there is probably 22% of unemployment. They pumped in $4 trillion, they should have added a lot of jobs, but how much did it cost us, and that of course is the price inflation that will come. We are moving into another 30 year period where we are going to see a reversal of interest rates, and we are going to see a crashing of the bonds like we saw 30 years ago and it's going to last a long, long time. The Fed deserves the blame for the inflation, and for the unemployment." On the amount of damage done by the Fed: "I think it's unimaginable, it could be so devastating, and could bring a strong, worldwide run on the dollar. We are in uncharted territories. I think we will see changes in our economy and our country almost equivalent to the change that occurred in the Soviet system. I think it will bring down our empire, we won't be able to afford our welfare state, and we won't be able to afford taking care of the world." And as Zero Hedge suggested previously, Ron Paul believes that the Fed's policies will actually lead to a spike in unemployment when all is said and done. Lastly, on Ron Paul view of Bernanke's central planning:"One time when Greenspan was before the committee, I told him if you can make this fiat system work as if it is the market system working, you have repealed economic law. It is positively baffling that we as a country have accepted that one individual can control the economy... I'd like to get the monopoly power away from this cartel that pretends that they know how to run the entire economy."
Full clip:
And just in case the message was not heard loud and clear, Paul followed up earlier with some more thoughts:
QE2 is a "total failure," except for those folks who work on Wall Street," Rep. Paul says. "It hasn't done anything for Main Street; hasn't done anything to give us real jobs; hasn't done anything for people who are losing their houses."
As for inflation, "I think there's plenty," Rep. Paul says, citing "skyrocketing" commodity prices and rising food prices. One problem is the Fed's reliance on core CPI, which famously excludes food and energy and relies on hedonic adjustments. "They rig that number," he says. "[Bernanke] looks at government stats that are fudged to reassure him he doesn't have to do anything."
"We're trying to correct the massive problems we had this decade with more" of the same policies, he laments. "He's supposed to give us full employment and stable prices and we have neither. How did the Fed do?"
Rep. Paul says he'd support stripping the Fed of its dual mandate - full employment and price stability - as others in Congress have discussed. But he doesn't think it will do much good and continue to push for a full audit of the Fed and some "competition" for the dollar, as you'll see in part 2 of this interview.
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When is the last time being 'right' meant jack shit? It's about being part of the 'syste...errr 'scam' or not. Period.
The only business these days is banking... Central to be exact.
Quick, someone get that guy some AAPL and NFLX!
REITs bro....it's all about the REITs. You can't let a little think like triple digit valuations in a declining environment scare you off.
Surely he must be confused! We can't afford our welfare state but we can afford to spend over a $ trillion per year on the military. Oh, he is from Texas, the state that benefits the most from the defense build up(now going on strong for 70 years and consuming every penny collected from individual income taxes.)
Yes end the Fed, but deep six the military industrial complex too, don't use debt as a ruse to kill Social Security to save the military complex.
ron paul has also been against our military budget and money going overseas
Tru dat. So is his yung in.
Where have you been? RP has been railing against the MIC, bases all over the world, empire, illegal wars, you name it, for years. Garden variety republicans despise him for his non-interventionist, misunderstood as isolationist, views.
In fact, he believes that we should end our foreign entanglements and take care of the promises that have been made to entitlement recipients, then phase them out.
The guy is a gem, in a league all his own. He's the only one who is fighting on behalf of Main Street.
ahh lovely, and only what, 16 months? until you can vote for him.
meantime. . .
I gave up on the notion of solutions being found via the ballot box and politicians long, long ago. Ron Paul's value is in creating a revolution between the ears; educating, changing minds. Surely you don't take issue with people unplugging from the propaganda machine?
Oh sure, I'd like to have a prez with his knowledge and principles but I think the chances of that are nil.
absolutely not - thank you for taking the time to make that point clear. . . I'm a bit cynical because so many, even here, seem to just switch sockets every few years, y'know?
and yes, the chances of have a "president" or indeed any national leader, represent the people is nil - the state is fully owned, as are all who subscribe to "nationality" - sadly.
Correct me if I'm wrong. Is the head of the Fed not just a puppet for the big banks?
Ditto for the President's role with large corporations for that matter.
Should just vote for "none of the above" like in that movie "Brewster's Millions."
run ron run
My fellow Americans - 95% of them - are clueless when it comes to QE 1, 2,3,4, ad infinitum.
I have been talking POMO for a year now and people look at me with a glazed look in their eyes or they think I am nuts.
Ater all this time, what close to 2 years now, you'd think the sheeple would get a scent but the media does it's job well for its masters.
Then do you job- spread the word.
Paging Dr. Paul. Paging Dr. Paul. Needed in printing room five for swift removal of a madman named BenShalom. Bring elephant tranquilizer.
Longevity and acceptance have given the FED credibility. It's a tough mf'er to tackle and more than a few people seem to drop dead when they do. The FED is dead money. When the imploson occurs, people will go huh? Wtf happened, Marge? That's ok. I am as prepared as I can be. Got gold, silver, and lead. When did a wolf ever hire a flock of sheep to save him?
And the reason the insiders have been selling and selling... because they are all too aware of the mess the fed has created and taking the money, thank you very much and running away with it.
Fed aided robbing of the people of the world for the benefit for the 1% richest
Dr. Paul was an obstetrician who delivered many babies in his medical career.
Had he delivered Bernanke, would it have been like a scene from Rosemary's Baby?
Yes, with John Cassavettes playing Geithner
+1
This is a country that just got swindled out of trillions. They haven't done a fucking thing except stand there and get sheared. Why would anyone, based on that premise and precedent, ever think that our voting public could grasp the leap of faith required to end the Fed? That can only occur, when a FED hater like Paul gets elected Prez. The banking cabal will do everything in their power, as will the media, the body politic, to paint him a madman and a fringe player. If that doesn't work, there might be a little car crash in his future.
Sorry a long ways to guys the Corporate lemmings are worse than the Corporate Mantra ones. Some are trying but the one you must have pity on are the 90 percenters who just cannot make it since that requires work.
Good news is, there are ways to protect oneself. Other than that, there is no way to stop this runaway train from collusion. And I am really optimist at heart...
Watched the hearing last night. Two of the other congressmen jumped on the two Austrians in a nasty way. Seems they went on the attack to scare off other possible future witnesses.
Very ugly.
http://financialservices.house.gov/Hearings/hearingDetails.aspx?NewsID=1752
The ugliness starts at 53:06.
I feel my Econ proffs, back a while, did me a disservice. They had formulae and everything!
This part:
...
Rep. Paul says he'd support stripping the Fed of its dual mandate - full employment and price stability - as others in Congress have discussed. But he doesn't think it will do much good and continue to push for a full audit of the Fed and some "competition" for the dollar, as you'll see in part 2 of this interview.
The whole controlled money supply thing was "supposed" to do fiscal and monetary things, and one of the fine tricks to it was to keep fiscal tricks out of monetary persons hands...anyway, perhaps the prollem rolling on is the digital money? Language section here calls it "fiat currency", but I fail to see what the Italians have to do with it - it's Globbelized.
You know, you load yourself up to play Ebayzork, catch some trolls, get the bag of virtual money, buy some Ebayzork goods. Send them via UPS. Save up and sell omni-money to the next game over? They have whole farms of the fake money in places in Asia. So it must be real.
Utilitarians would be spinning in their graves - but this generates rotational energy so that's okay!
So. As stated - Feel done disservice. Pip!
Is he serious about that? I think the world will be fine with that proposition. Those unconnected with the fear-war complex will accept it, too.
Jeez, Dr. Paul, maybe then we will be able to afford the "welfare state" after all. Expand your mind.
This is the change that the little Communist Obama was promising, wasn't it?
This remaking of America he promised is nothing more than the destruction of the status quo, which isn't such a bad thing, but his hope is surely a totalitarian world government.
That isn't on my wish list and that's exactly what these fuckers have in mind.
I'll believe that a world government is possible when a team of cats wins the Olympic gold medal for synchronized swimming.
5000 feet and still a few miles from the narrow dirt strip. All four props twisting under the load. It's a fimilar situation for many CIA pilots, and all that baggage. Hmmm, ditch the coke or go for it.
The main gear are up and locked. Will he deploy them? The drag alone will cause a stall. Its recovery or dust.
The pucker factor is starting to kick in. The truth bailed out, a few miles back.
Ben is not controlling the economy; he's working working for the banks!
The bankers work the economy in return for bunuses!
And bailouts if they run it on to the rocks.
space goats .....
will eat
all the debt
If Ron can rattle enough sabers and get this message hammered home, I don't think QU3 and infinity are guaranteed like Tyler does...
This is the main reason you can't be getting into stocks now, Ron Paul. If he ends the muscial chair ride or at least gets enough congressional attention to end it, bye bye markets.
We shall see...to QE3 or not to be...
space goats .....
will eat
all the debt
Looking forward to the Herman Cain/Marco Rubio ticket.
We have to wait and see what Rubio's voting record will look like first to see if he is genuine.
+1.
If QE3 and the ubber stimulus are gone; March lows are just the very first stop.
Ron Paul - as clever as he is - is against abortion and belongs to the Jesus cult. *sigh*
a yup, well spotted - lots of votes in the Xtian camps, just ask every RePub.
Way to throw the baby out with the bathwater. The only guy in DC talking about economics and monetary policy and all you care about is abortion (he doesn't believe it's the purview of the fed.gov) and that he's a Christian--something he doesn't wear on his sleeve.
Keep up that divisive left-right paradigm model. It sure is working out just fine and dandy.
I don't know, I watched the hearing. The mamby pamby keynesian geek seemed pretty smug.
hey you dont need to introduce tarrifs, by the time bens finnished with your doolar no one will be importing anything anyhow. no need to annoy trade partners with tarrifs when poor people wont be importing diddly
Whine whine whine. Paul is a twat. We're not in uncharted territory. Look up the 1970s. It'll just be another period of stagflation. Ho hum. His problem is that stagflation destroys the savings of little right-wing middle-class neofascist grannies.
One nice thing about the 70s. The Shah of Iran got booted out in a revolution. That started a new era of radicalism, with the Baader Meinhofs, the Red Brigade, and so on. Basically, stagflation causes social unrest and violent anti-capitalist revolution. It's started again in the muslim world, it'll come here damn soon.
This is going to be so neat. I watched the movie Der Baader Meinhof Komplex, and all I can say is, it's my fondest desire to live through another such era of hot chicks in miniskirts with machine guns assassinating politicians and blowing up right-wing media establishments. If it's anything like the movie I'll be in frickin' paradise.
I give Faux News 5 years before they get the Alfred P. Murrah treatment. I can only hope Beck and O'Reilly are in the building when it happens.
It's all been said; as for Kudlow; your CNBC attempt to belittle "Dr." or "Congressman" Paul is once again pitiful. He's earned the title of both; as for you, I now entitle you to the mantle of "Idiot Kudlow".
The biggest issue is the Fed assumes the reserve currency is its birthright - until one country publicallt delcares its not and want payments only priced in gold or some other currency.
There are many people starving due to exported inflation, and as a result, many angry and worried leaders. If things get too much, risking the wrath of the US will be the least of their worries.
Voting hasn't made a difference in the last 100 years, and it won't going forward. Look what's happening in Egypt. That's the change we need to get rid of the banksters.
We should probably insert 'Benocide' somewhere in there for the sake of truthfullness.
Otherwise, Ron Paul FTW.
Or should that be FTP - For The President?
+ 4 Trillion for Ron Paul
- 4 Trillion to the Federal Reserve parasites
3 years ago Ron Paul was seen as the 'loon' of the Republican Party. Today he appears the only sane member of the Republicans as every word he's spoken holds water while the rest has leaked like a sieve. Too many lawyers in Washington, not enough men of substance
Ron Paul talks the talk but neverl walks the walk. He did exactly nothing for american people. Just talks. Same mombo-jumbo as other politicians.
So if you cannot fight the Fed, join them. And make some money!
(no matter what and how Ron Paul put it) The Honorable Chairman Doctor Bernanke didn't even give him a fuck. He totally *ignored* Ron Paul, event though a lot of americans like Ron's talk show.)
When I started looking into where the money was coming from to buy off the politicians and subvert the immigration laws of the world, I came across what may be the root of many of our problems. Fiat Money.
No matter how much real money people can put together to build their countries the way they want there are those that can print up what ever it takes to get their way.
Maybe this will help make the danger of fiat money clear.
Imagine you and me are setting across from each other. We create enough money to represent all of the world's wealth. Each one of us has one SUPER Dollar in front of him.
You own half of everything and so do I.
I'm the government though. I get bribed into creating a Central Bank.
You're not doing what I want you to be doing so I print up myself eight more SUPER Dollars to manipulate you with.
All of a sudden your SUPER Dollar only represents one tenth of the wealth of the world!
That isn't the only thing though. You need to get busy and get to work because YOU'VE BEEN STIFFED with the bill for the money I PRINTED UP to get YOU TO DO what I WANTED.
That to me represents what has been happening to the economy, and us, and why so many of our occupations just can't keep up with the fake money presses.
We are going to have to regain control of our government before we can regain control of our currency and regain control of our country.