Ron Paul Subcommittee Hearing On The Relationship Between The Federal Reserve And Government Debt

Tyler Durden's picture

A hearing that is sure to spark a lot of controversy and debate will be held today at 10 am EDT, by the Domestic Monetary Policy Subcommittee, chaired by presidential candidate Ron Paul. As noted, "The hearing will explore the fundamental role that U.S. government debt
plays in the monetary system; the use of Treasury debt by the Federal
Reserve in conducting monetary policy; and the troubling reliance of
Congress on the Fed to print money to facilitate deficit spending.
" Alas, there will be no Fed members testifying at the hearing, instead we will hear from Dr. Richard Ebeling, Professor of Economics, Northwood University, Bert Ely, Ely & Company, Inc., and Dr. Matthew J. Slaughter, Associate Dean, Tuck School of Business, Dartmouth College.

As usual Ron Paul's statement cuts right to the chase:

“The national debt has exploded by more than 60 percent over the past
four years, and it looks like Congress will be asked to approve another
$2 trillion increase for the next year,” Subcommittee Chairman Paul
stated. “On top of trillions of dollars in bailouts, the American people
will not stand for this continuing fiscal profligacy. This is why it is
so important to understand the relationship between monetary policy and
the national debt. Foreign governments cannot continue to purchase
unlimited amounts of U.S. debt. If the federal government cannot cut
spending and bring the budget back into balance, the Fed undoubtedly
will be forced to simply monetize trillions of dollars in Treasury debt,
which is nothing more than a stealth form of default.
That devaluation
of the dollar will lead to such high inflation that QE2 and its effects
will look like a drop in the bucket in comparison.”

The webcast should be available at the link below:

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downwiththebanks's picture

Talk, talk, talk.

GOP - ALL THE WAY!!

i-dog's picture

Indeed. Is it a fucking joke? A hearing on the Fed with nobody from the Fed? pfffft

El Hosel's picture

......Hmmmmmm, Nobody from the Fed? They are all from the Fed, put in place by the Oligarchy.... Or are we to believe they are all too stupid to understand what is going on?

Ident 7777 economy's picture

 

Hmmm ... chopped liver, eh?

 

instead we will hear from

o Dr. Richard Ebeling, Professor of Economics, Northwood University, 

o Bert Ely, Ely & Company, Inc., and 

o Dr. Matthew J. Slaughter, Associate Dean, Tuck School of Business, Dartmouth College.

i-dog's picture

Oh, great ... 3 economists who won't reach a consensus! They will have [conflicting] opinions, but no direct, intimate, relevant inside knowledge of the subject allegedly at hand (Fed and Treasury). That's the sort of thing one should expect to see on Fox or CNBS, not Capitol Hill.

hugolp's picture

Richard Ebeling is awesome. He is a fucking enciclopedia of economic history.

1100-TACTICAL-12's picture

I think Ron Paul is great, but no one man can fix this fucked upmess, the crooks have us in quite the predicament it will not end peacefully. Anyway Ron Paul 2012

Clampit's picture

One man can fix it; executive order 13569 - "The Sound Money Act" - Voila, fixed.

Now whether the US is smart enough to elect that man remains to be seen.

SYantiss's picture

IF Ron was elected, he'd end up with the same pain in the neck Kennedy had...

There's no way the FED would allow him to do what he's suggesting.

Dr. Richard Head's picture

What would you suggest he do?  Jihad the Federal Reserve?  Congressman Paul has never been the bellwether of the GOP.  In fact, the leadership of the GOP has done its best to dimish Congressman Paul's role as it relates to scrutiny of debt monetization. 

Dr. Richard Head's picture

Fuck your junks. The Federal Reserve has monopoly control over the money supply. Until you figure out that our Federal Reserve Notes are not money but debt as currency, you will continue to play the left/right game to your own demise.

DaddyO's picture

 

+1

When people realize they are being played by TPTB regarding left/right politics, we may be able to finally do something about the oligarchs who have control right now. A gold standad would squash the status quo and destroy the current stranglehold the FED has on the country.

DaddyO

Dr. Richard Head's picture

Damn straight.  The only time I see the R's and the D's align together like they do against Congressman Paul is when they are sucking banksters cocks or licking the MIC's balls.

Your left, your left, your left right left.  Company march - left, left, left right left. Company halt.  Company slit your wrists for the good of the country.  Pile up debt company.  Slave march commence. 

I don't know what I've been told

Terrorists gonna kill us all

Deomcrats republicans banksters too

They all wanna just fist fuck you.

Left, right, left, right.......

Ident 7777 economy's picture

by Dr. Richard Head  on Wed, 05/11/2011 - 10:36 #1262894 

Damn straight. The only time I see the R's and the D's align together

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Ummm 'ol Paul is, what - an "L" (at heart, and until he switched to get some 'numbers' and a couple pres. bids in) ...

 

Or don't you think this kind of history is important?

 

 

 

Dr. Richard Head's picture

Congressman Paul has decided to try and work within the system.  L's don't get into national ofice to fight the national problems.  R is the only way the people will even bother listening. Grayson had a D next to his name, but fought the same battle.

kridkrid's picture

There was, for a long time, a part of the Republican Party that Ron Paul easily would have been a part of... Mr. Republican Robert Taft... he and Ron Paul are philosophically very similar.  That part of the party was destroyed.  The party has driven hard away from any defense of "liberty".  I could make the case that Ron Paul is far more "Republican" than anyone in the Republican Party.

centerline's picture

Nice rant.  Right on the money too (pun intended).

 

downrodeo's picture

The only time I see the R's and the D's align together like they do against Congressman Paul is when they are sucking banksters cocks or licking the MIC's balls.

 

+1000 

Can I put this on a bumper sticker?

Ident 7777 economy's picture

by DaddyO  on Wed, 05/11/2011 - 10:28 #1262867 

When people realize they are being played by TPTB regarding left/right politics,

- - - - - - - - - - - - - - - - - - - - - - - - - - - -

Ummm ... so, which way would label a LIBERTARIAN?

 

See, that's Paul's roots you see, he only migrated over to the Repub Party to gain some 'numbers' as in followers for a couple trys at a presidential runs ...

 

Didn't know this did you ?

 

 

Dr. Richard Head's picture

What do you suppose we can do then?  Any ideas instead of pointing out the obvious flaws?

A.W.E.S.O.M.-O 4000's picture

But be careful. That nice man on Fox News who cries a lot told me that Libertarians are really Socialists. Or did he say that Progressives were Facists? Or were they all Communists? Now even I'm confused!

 

I'll have to get back to you on this one.

Lucky Guesst's picture

Could you provide a link please? A Libertarian is the opposite of a socialist and I doubt anyone on any program tried to suggest otherwise.

Hugh G Rection's picture

You mean BeckAdict Arnold?

 

Fuck that Illuminati scumbag.  His job is to hijack dissent and mock 9-11 truthseekers. 

 

FUCK YOU GLENN BECK YOU PIECE OF SHIT!  Now that your show is going away, who is going to steal Alex Jones' material and spin it for the globalists???

downwiththebanks's picture

So the answer to this problem is voting GOP?

Dr. Richard Head's picture

Not at all.  The answer is to withdraw consent.  I have been doing it now for two years.  I refuse to comply with much of the bullshit and I stikc it to the banksters with defaults.  I laugh in the face of local officials and ridicule national officials in all possible situations. 

I drag my feet on federal taxes and tell them to fuck off.  Sooner or later their force will come down upon, but I don't care.  I will not stop fighting.

Not so sure voting changes much of anything, but I vote for principle over gambling on a horse race and voting for the person who has the best chance to win. 

I don't watch cable, I don't buy the corporate bankster products, I buy silver and gold, and I take away my productive capacity from being able to be manipulated by fractional reserve banking practices.

Fuck them, fuck them all.  I do not consent and I will continue to not consent.   

LowProfile's picture

Stay safe, and have fun!

FIGHT DA POWA!

Chump's picture

You are magnificent and far more effective than Ron Paul.  By several orders of magnitude.

Dr. Richard Head's picture

Not sure if your sarcasm is showing or not, but if it wasn't for Ron Paul Iwould still be gathering up credit cards, buying bigger homes, and "saving" all of my productivity in a bank.  I understand your point very well and they have some valid points, but Ron Paul cured my apathy.  Rehabilitation was my responsibility and no one elses.

ConfusedIdiot's picture

Nice DH.. If you are ever down San Miguel way let me know and we can compare notes over a couple margaritas. All the best CI

GreenSideUp's picture

Hell YES!! Bravo to you!  I am working towards the same things and spreading the word.  Love the looks of utter shock on peoples' faces when I discuss withdrawing consent or civil disobedience.  Most are still waiting for the next election...how's that working out? 

SMG's picture

We need a new anti-oligarch, anti-central bank, power decentralizing political party.  Problem is now you really don't have a choice.  You can vote for a federal reserve or for a federal reserve.  You can vote for Goldman sachs running the treasury (Paulson) or Goldman sachs running the treasury (Geithner).  

If someone put a new political party out there that gave a real choice about that stuff, that would be the real solution.

Clampit's picture

"power decentralizing political party"

The market anarchism oxymoron bumper sticker of the month!

Seriously though, I've given up hope of any top down approach and instead look to which state is closest to secession. Political cannibalism should be encouraged.

traderjoe's picture

What I found interesting is that Ron Paul seems to want us to pay our national debt back. If he argues against the Fed, then the debt is a fraud. Sovereign countries do not need to borrow, especially at interest.

If he was truly against the Fed he would discuss this fact, and even offer to repudiate the debt. At this point, austerity is a gift to the bankers.

SMG's picture

We need a new anti-oligarch, anti-central bank, power decentralizing political party.  Problem is now you really don't have a choice.  You can vote for a federal reserve or for a federal reserve.  You can vote for Goldman Sachs running the treasury (Paulson) or Goldman sachs running the treasury (Geithner).  

If someone put a new political party out there that gave a real choice about that stuff, that would be the real solution.

DeadFred's picture

Every two years the GOP finds and funds someone to run against Ron Paul in the primary hoping to knock him out. At the national committee level they hate him.

kridkrid's picture

and spend a lot of money doing it.  It's remarkable to witness.  Like anyone else... i spent a period of my life buying the rhetoric of the two party system... the rhetoric of the right connected with my libertarian sensibilities a bit more than the rhetoric of the left (though over time... the R's have become much more statist).  But the treatment of Ron Paul by the Republican party as created in me an absolute hatred of the Republican Party, Fox News, and the mindless dolts who support either.

Sudden Debt's picture

why do the stars above the eagle form the jewish david star?

 

 

 

augie's picture

Thats not just the star of david. Thats a sacred geometrical pattern dateing back eons.

 

http://www.squidoo.com/metatron

optimator's picture

and the swastika is too.

Huckleberry Finn's picture

because jews run the world my friend.

whstlblwr's picture

Roll eyes. Do excercise of your mind. Just try take other side for laugh, and make argument Christian run world, or black run world, or men run world. You could do it. Anyone say Jew run world looking scapegoat, and easy target. Are you cliche with other things. Do you kick your dog.

Thanks for heads up hearing. At least he doing something. Let's see if it get press.

High Plains Drifter's picture

yes , they use the masonic brotherhood in order to control the goyim. all leaders in all countries (or almost all) are selected, not elected, including this country. there is no real freedom and no real liberty.  if a country is not on the team , then it is called a member of the axis of evil.......and people who fight them are called terrorist and insurgents......and we fight for them , and we die for them, and nobody cares and nobody knows......

High Plains Drifter's picture

13 stars representing 13 tribes..........but wait, there were only 12 tribes , right?   wrong. there were 13 with manasseh receiving a inheritence....now let us be clear here....none of these people that practice judaism of today, and i do mean none.......are in any way shape or form related to or connected with the orginal israelite people of the Book......but they want us to think that they are. also david ,king of all israel, never used that symbol. that symbol started being used by solomon, his son. it is the two interlocking triangles of the kabbalah.......representing the male and female aspects of god or as they believe it to be.......so then, one might extrapolate to other thoughts, that perhaps may get into the realm, of what exactly was the true nature of the beginnings of this nation and why did this nation come to be........if you search long and hard, you may find the answer more or less and that answer will not engender happy thoughts.......

 

now, back to your regulary scheduled programming.......

augie's picture

its funny how many come to that same conclusion when they have been on the path long enough.

Smiley's picture

Its a Star of Rothschild.