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Ron Paul Slugs At The Fed One More Time
Wolf Richter www.testosteronepit.com
You just have to admire Ron Paul for his tenacity and non-flip-flopping straightforwardness—a breath of fresh air in the putrid morass of Washington—even if you disagree with his policies. And while he still can, before retiring from Congress, he is slugging at the Fed again. This time, as Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology. The committee, which has oversight authority over the Fed, will convene on Tuesday to weigh six bills to “Reform or Abolish” the Federal Reserve, including his Federal Reserve Board Abolition Act. From the press release:
"More and more people are beginning to understand just how destructive the Federal Reserve’s monetary policy has been. I hope that this hearing will kick start a serious discussion on the need to rein in the Fed,” said Chairman Paul. “100 years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar’s purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end."
While his efforts to abolish the Fed have been fruitless, he scored a huge victory—after years of trying, and being shunted aside by members of Congress—when his legislation to slap the Fed with an audit was included in the Dodd-Frank Act. It made possible not just one but two audits of the Federal Reserve System by the Government Accountability Office (GAO). Though limited in scope, they nevertheless allowed a few rays of sunshine to pierce the Fed’s plantation shutters and illuminate some of the shenanigans, including octopus-like conflicts of interests that twisted their arms around everything during the multi-trillion-dollar bailout mania between 2007 and 2009. For some gory details, read.... The GAO Audit of the Fed Doesn’t Call It ‘Corruption’ but it should.
Rep. Paul’s Federal Reserve Board Abolition Act might once again rev up the debate, but it is doomed in Congress—because Congress is addicted to the crack cocaine of deficit spending, and only the Fed’s printing press can make sure that there are no Greece-like funding disruptions. Last year was a great example because of the silly gyrations lawmakers performed publicly in trying to cut the deficit via the infamous Supercommittee—where spending cuts went to die. And the agreed-to “automatic” spending cuts will be modified away before they kick in. So, outlays in fiscal 2011 rose by 4.2% to $3.6 trillion, of which a sickening 38% was paid for with borrowed money ... which, as of May 3, per the Treasury’s “Debt to the Penny,” amounted to 15,671,202,480,642 dollars and, indeed, ninety-eight cents.
At the rate Congress is shoveling moolah out the door, the national debt will balloon to $16 trillion in a few months. There are no guarantees that credit markets would be able or willing to digest that kind of onslaught, at least not at the current below-inflation and highly unappetizing yields. A debt crisis of epic proportions would practically be a certainty—if it weren’t for the Fed’s miraculous money machine whose humming and rattling we hear every day.
But we have to be sympathetic to lawmakers and their plight. They’re caught in a vice between raising taxes and cutting outlays—we can’t really talk about “cutting the budget” because Congress hasn’t passed a budget in years but instead lumbers from continuing resolution to continuing resolution.
Cutting outlays—ironically, even a micro-step towards living within one’s means is called “austerity” these days—would scoop money out of the big trough that is feeding just about everybody and everything in the US and often overseas: retirees, Big Oil, museums, Solyndra, defense contractors, GM, GE, non-profits, government agencies (useful or not), the rich, the poor, etc. And they’re all screaming for more. A very painful situation for lawmakers, whose ears can only take so much, and whose jobs depend on doling out money. And raising taxes? Deafening cacophony. Lawmakers have millions of reasons not to venture into that thorny thicket.
Instead, the Fed makes sure the money is there. Thus, campaigns can go on unperturbed, while the future of America is threatened by huge deficits and a gross national debt that will reach 120% of GDP possibly by 2014—a level that Italy is struggling with today. The Fed’s near-zero interest rate policy and monetization of the deficit shield Congress from the harsh but medicinal discipline of the markets—a medicine Congress fears more than anything else. And so, lawmakers will brush off Ron Paul’s efforts to slug at the Fed one more time, before he retires.
Here is an insanely awesome and hilarious cartoon by Ben Garrison on how Ron Paul is shedding light on the horrid creatures “underneath” the Fed.
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Yep, it wont go far.
A bit like requesting from a physician to prove that his decisions helped a patient who was in terminal conditions.
FED is helping US citizens undubiously. Bernanke cant be praised for it because for this, it will have to admit that US citizens are maxing out the credit cards.
FED is robbing the rest of the world blind, US citizens get the loot, it is not enough but they get it. Bernanke cant tell he is robbing blind the rest of the world. So he has to put up with the likes of Paul and co.
I think you meant to say US Corporations are getting the loot. US Citizens just happen to be in the same fish tank during feeding time so are able to get some of the leftover food that the sharks don't immediately ingest. The sharks can always and do snack on the fish in the tank with them so end up getting all of the food in the end.
RopeADope, I think you have struck to the heart of the matter here regarding this foul troll AnAnonymous: he collectivistically, mindlessly, unjustifiably, and irrationally lumps together the victims with the criminals when he condemns EVERY American under his absurd rubric of "US Citizenism". He thinks in such a kneejerkedly collectivist manner that he cannot see, or refuses to see, that many if not most Americans are as equally the victims of our sociopathic power elite as are most non-Americans throughout the world --- but in his mind, which can apparently only grasp national borders and NO other distinctions, ALL Americans are equally to blame for the actions of a power-abusing handful. It is for this reason that I utterly despise this autistic moron, and continue to mock his insanity and his nationalistic bigotry in this forum.
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More Chinese citizenism insanitation.
More fallacy of unedulcorated demand.
If you say so.
Dude, you are a laff RIOT!
Please keep to loquacious counterintellination postings, such as long as PRC maintains 0.50 RMB per.
...Or until the mobs burn your government building to the ground. Whichever comes first!
NOW I could swear the FourthStoog(whatever) and AnAnonymous are the same person. Is this actually one troll with three heads (including Akak)?
Put him on a polygraph, his kind pujure themselves.
Another good question would be: Since you have to be ahead of the curve on unemployment, CPI and other data, do you rely on the delayed BLS data and gov CPI. If not, which data do you rely on.
US citizen Paul opiniatedness flows normally.
Paul is a niche politician who has farmed properly the same segment of US citizen population. He wont change his message. That is his business.
He changes the tune? he is out of business.
AnAnonymous said:
Funny, sounds much like Chinese citizenism propagandist, who sings the fantasy musical production called US citizenism.
He changes the tune? He is out of ... ?
Easy to prove me wrong, Chinese citizenism propagandist. Just requires one simple step.
Say something to denounce Chairman Mow, or to denounce the citizenism Communist Party of China.
Or how about you directly question the validity of the Four Cardinal Principles? Take your choice, any will suffice.
Or will you lose your job as paid troll propagandist?
Or will you lose something else?
Made me laugh.
Some US citizens have really grown into hardcore fantaisists who believe their own spin.
No one needs to be a Chinese to assess US citizenism.
But one might need not to be a US citizen though.
The statement on Paul is not made true or false by bashing another person. It is either true or false.
The funniest part
Proving wrong? on what? It's been a while you have sunk into fantasy, exhibiting your eternal US citizen nature in multiple ways. You are true to it and then not wrong.
Disparaging Mao or anyother? China is no different from US citizen nations. Or any power elite. Freedom of speech is a pipe dream. It does not exist in US citizen nations.Only the power to censor.
You air a threatening point to the established power apparatus? You are censored. Chinese can disparage their leaders all day long as long as they do not challenge for power. That is the same as in US citizen nations. No US citizen exceptionalism.
Now the most crutiest part:
Toying with US citizens and showing that stuff will never be enough to meet their standards.
Mao is a communism. As such, he believed in the same drivel infinite growth as US citizens.
Just like Paul, Mao aimed at dynastic ruling. The option went off with his son killed in Korea war.
That is one difference between Paul and Mao. Paul went to Korea and came back to establish his son political career. Mao's son did not come back from Korea.
The communist party in China had a bit of revelation, they suddenly rediscovered that land plowers are divided into two categories: land plowers who plow their own land and land plower who plow the land of others. The distinction existed for millenia in most parts of the world but hey, the chinese communist party did not know of that and thought they could base their communist stuff on land owners and start a communist peasant stuff.
The four cardinal principles? Made it already. And quite often.
Following the link, the communist party leadership is supposed to be uphold.
Bad news for them, US citizenism is coming to China. More and more chinese adopt US citizenism, which mean that upholding the communist party leadership will be soon history.
Communist party as the primary ruling party (or ruling party at all)? To the bog. US citizenism will prevail in China.
The conclusion:none of this will be enough and you will not be proven wrong, wrong in what, wrong how, that is the mystery of your own fantasy.
AnAnonymous said:
Ah, the most crutiest part is your meek and mild criticism of CCP, which is permissible under Ministry of Truth rules for online propagandists.
And again, same old Chinese citizenism fallacy of unedulcorated demand. Push causes and blame to exterior. Call Chinese citizenism fantasy when it is in fact the very real foundation of your US citizenism fantasy.
Just more self justifying, externally blaming, Chinese citizenism propaganda.
Just another turd on the roadside.
That is good. As predicted, the criteria could not be met.
The best is that I wrote it beforehand and US citizen nature being eternal, you had to react according to it.
US citizenism constraints human nature in a deterministic way.
It is the best. Preserving the fantasy at all costs.
Another failing point is that you'd have to know the criteria applied by chinese (if there is any by the way) on their internet propagandist workforce (if there is any)
Inside knowledge that you pretend to have when you state that my statements on the three points (you only requested one) are allowed for online propagandists.
_______________________________________________
It is a very important thing, that is the cultural thing propagated by US citizens.
If you behave this way, if you adopt this cultural mindset, you'll get that.
Of course, in the end, US citizens call the shots. They give or not based on their arbitrariness.
Work ethics, foreigner assimilation etc... All based on the stuff.
Dear AA,
I think somewhere in your diatribe there are some good ideas trying to get out. But this is the funny thing: you're ranting at entirely the wrong audience.
Perhaps you haven't read much of ZH & have been directed here mistakenly - I think you genuinely believe that ZH advocates & back-stops the whole idea of the Federal Reserve / Wall St / London finance view of the world?
Your written english is nearly sufficient, but your reading perhaps less so - and hey, I'm not trying to be insulting or anything, but really do feel you've got hold of the wrong end of the stick (not sure how that will translate for you - similes can be awkward sometimes..). How could you not understand that sound money, the raison 'd'etre of ZH, could be anything other than good for the Chinese people/society? I think you're misconstruing & conflating a simple desire of Americans citizens (and by extension Western citizens in general) with the ideological power battle going between Western Govts & the Chinese hierarchy. Every good Chinese citizen wants exactly the same as every good Western citizen - can you not see that obvious convergence of interests? The citizens of the WORLD are in de facto battle with the current economic hegemoney / status quo. Perhaps try reading the actual American constitution & its requirments & obligations for state & people - a simpler & fairer system I've yet to come across to regulate attempts at over-arching power of citizens, corporate entities or the the state (although certain ammendments/interpretations have created damaging ambiguities between 'corporate entities' & 'citizens').
Until you grasp that idea, any good points you make appear controlled & directed, and hence transparently, politically, vested.
I'll let the good chinese citizens as you call them speak for themselves. But you are right on a point, US citizenism is spreading around the world and more and more US citizens are appearing around the world, including China.
Will make them good? Absolutely, as US citizens can only perceive themselves as good. Expect any new US citizen to behave the same.
Will Chinese US citizens be recognized as US citizens by the traditional US citizens? No, they wont. It cant be.
It is going to be a source of tension in the near future, especially as the expression of newly acquired US citizenism might come at the expense of traditional US citizens.
There is a world at large and reading that site only to draw conclusions on US citizens and US citizenism would be a biased protocol.
This site population and the rest of the world are not disconnected though. On the very contrary.
Quite a lot of posters would like to perceive themselves different from the rest of the US citizen population.The other US citizens are sheeple, the elite, the conspirationists, the MIC, the banksters...
They are not. They are the same in their US citizenism.
It is quite funny to read and see US citizens on this site attribute specifically behaviours to the so called sheeple,the bankers, the elite... and exhibit them the same way. Not surprising but still funny. Burlesque type.
One central factor of the current crisis is simple:
US citizen middle class has saturated their natural habitat. There are simply not enough resources to maintain that many US citizen middle class peeps in their entitlements.
The situation grows worse in multiple ways:
as US citizenism is spreading, new pools of population wishing for US citizen middle class life style are putting additional pressure
as traditional US citizens want to expand their life of entitlements.
This site is full of the population of US citizens who are slowly being rejected from the main core of US citizen population. They thought they should have been entitled for life as told by the implicit of the US citizen convenant. But they are not.
Expansion is reaching saturation stage, concentration of wealth is still going on, meaning less and less resources to support US citizen middle class in their habits.Hence the consequence: weeding.
US citizens on this site are not looking for solutions but ways to be reinstated in their full US citizen status. They are no other enemy but the people they feel have deprived them of their status.
It can be the elite, the bankers, the immigrants, the third worlders, the fat etc...
The elite can not provide, physical resources are lacking and after the nasa grand fiasco, new sources of physical inputs are a bit hard to find. You dont tumble across a population of Indians who preserved a continent to sponsor your free US citizen freedom, truth and justice project every day.
The weak of the world are already extorted. The poor of the world are already farmed.
US citizens are dying for air. They are trapped under ice.
Ideas, debate. One has to forget about them in US citizenism. US citizenism shows the path.
Any second, the world under the US world order is going to evolve. And that is what is good as you can check US citizen eternal nature.
AnAnonymous said:
That certainly confirms that you yourself have gladly and willingly embraced US citizenism for yourself, living your life according to US citizenism principles.
When one wants to question or debate you, your response is condemnation and ridicule.
When one agrees with you, you change your opinion, and then condemn and ridicule the agreement.
Do not attempt to discuss ideas with supergenius AnAnonymous. Supergenius AnAnonymous is like a US citizenism god, and all others are like US citizenism insects.
US citizenism citizens, worthy only of contempt, must bow down and worship supergenius AnAnonymous, who is all-knowing and wise beyond comprehension.
Do not question, or even presume to speak to AnAnonymous, Lord of US citizenism. It is already more than you deserve just being able to read his words of US citizenism ultimate truth, as he is the ultimate US citizenism citizen.
US citizen eternal nature will never be stopped as long as the mighty supergenius AnAnonymous leads the world into the perpetual glory of US citizenism.
Again, nothing but meaningless gibberish from the Chinese Citizenism troll.
There is no logical sense in anything you say. Rationality is as foreign to you as a flush toilet.
I just wish you could grasp what a complete gibbering and clownish baboon you come across as here. Trying to tease any meaning out of your disjointed statements is like trying to decypher the dead language of some forgotten alien race -- there is simply no overlap of commonality on which to even start the process. The words you use look like English, but are merely strung together in random fashion, without meaning.
If you think that there is any semblance of logic or rationality in your rambling, hate-filled anti-American diatribes, you are sadly mistaken.
Your mind is a fascinating study in random-firing synapses, rote repetition of foundationless prejudiced attacks, and rampaging non sequiturs.
But bigotry, collectivist thinking, and blind hatred are your eternal nature.
Sounds like chink boy is losing his accent. Maybe he needs another carp taco and a lizard foot tea.
This paid Communist Central Committee operative is much more loquacious than the more autistic other one.
You've noticed this as well?
I've also found myself thinking that our laundry washing/dishwashing Chinese citizenism friend is actually a small group of propagandists employed by the PRC Ministry of Truth.
Different writing styles, different word choices, different degrees of insanitation, but same result: roadside crapping on information highway.
Everything about Chinese citizenism always comes back to shameless, uncouth crapping.
ROR!
+ 1,300,000,000!
Defecation is the eternal nature of Chinese citizenism.
The big bad chinese government spending money to annoy US citizens...
Not only hiring one person, but several. US citizens deserve that at least.
And that is the alternative front to mainstream US citizenism.
And that is where the renewal is supposed to come from.
More and more, one has to understand US citizen elite...
Contributing to Obamao's relection campaign? Haven't we been punished enough????
No, no. US citizens are slowly facing the unavoidable fact that when you have been robbing everything around, it is more or more foolish to keep glorifying theft (as US citizens have done all along their history) because there is nobody left to rob from but you.
US citizens are slowly moving to that fact but they do it with no order.
Some US citizens, especially middle class, are sliding out of US citizen cocoon, being marked as people to rob from.
They would like the other US citizens to stop their robbing habit because they are on the wrong side of it now.
Not every US citizen is equal in theft: for some, the robbery party is drawing to its end while others can keep partying a bit more.
Scareful thought for those who are given the boot because it means they have joined the ranks of the robbed.
The Ute has Scareful thought.
Behold the Great Wall of Chinese Citizenism Hypocrisy!
"Do as we say, and not as we blob-up!"
China being the world's #1 polluter, and blobber-upper of world resources, is lost on blind and bigoted Chinese Citizenism trolls, who blame all the sins of the world on mythical collectivist creations which exist only in their own perverted and hate-filled minds.
Rhino-horn-grinding quack of a traditional Chinese doctor, heal thyself!
AKAK You have been truly Trolled...showing your racist side LOL
Just ignore him FFS.
I hope you are not one the dumb Americans who think everything is A OK. U! S! A! oooh oooh!
;)
No racism here BE -- I am just throwing the bigoted, collectivist and prejudicial bullshit of our Chinese dishwasher troll back in his own face.
If Ron Paul ends the Fed and returns the nation to a gold standard, that means that the payment for goods and services of imports and exports will be in gold. This will essentially destroy the credibillity of every other paper currency and derivative based on them, down to the last rehypothecated promise to pay.
Ooooooooohhhhh. Delicious. FIGHT CLUB!!!!!!!
'Americanism': How is it a mythical collectivist creation?
I suppose you consider languages to be mythical collectivist creations.
Are they are are they not?
China consumes one third of their own production. The rest is exported.
Pollution comes with production activity. US citizens resolved their pollution issues by pushing abroad their most polluting activity. Bear with it.
Chinese endure pollution so that US citizens can enjoy the pleasures of mass production and a depolluting environment.
Bear with it.
You bring nothing to the conversation here but bigoted hypocrisy and wild lies, and endlessly try to blame inanely simplistic and prejudiced fantasies ("US Citizenism") of your own twisted creation for everything wrong in the world today, while simultaneously always denying ANY faults or wrongdoing on the part of your totalitarian Chinese Communist overlords. You are nothing but a pathetic paid troll and a mindlessly collectivist bigot.
That is quite an answer to the simple question I asked.
Playing defensive, side tracking...
It tells somehow that some US citizens have reached the point of denying their own creed as a way to dilute their responsibility.
'Americanism' does not exist. It has to.
Any 'fault or wrongdoing'? I do the same for any irrelevant nation.
Has Zimbabwe a list of 'fault or wrongdoings'? They have. Do I dismiss them the same for the assessment of the current world situation? Yep, I do. I dismiss any irrelevant nation.
It is quite hard for US citizens to comprehend as US citizens are used to discharging the burden on irrelevant people (like problems of overconsumption come from lower or non consumers or stuff like that)
Chinese, Zimbabweans, they all face the same: they have to try harder, much harder if they want to be treated equally with US citizens.
Funny, I could swear Akak and AnAnonymous were the same person...
You should see the turds he's been dropping on this thread:
http://www.zerohedge.com/contributed/2012-18-04/greece-%E2%80%9Cwe-are-t...
He dumped out a whole pantload of Chinese citizenism.
This has to mean you did not appreciate the statement about the benefits your so called elite has reaped from US citizenism.
Bad stuff because actually, as soon as 1780, thinkers were making the projection it would end this way.
And they were right about that.
Hey clowns, lets stop this "citizenism" O.K.? Basta es basta. Milestones
I agree this "citizenism" is humorous. It reminds me of animals at a slaughterhouse talking about which farm they belong to.
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