This page has been archived and commenting is disabled.

Ron Paul: Does The Bell Toll For The Fed?

Tyler Durden's picture




 

Submitted by Ron Paul via The Ron Paul Institute for Peace & Prosperity,

Last week Federal Reserve Chair Janet Yellen hinted that the Federal Reserve Board will increase interest rates at the board’s December meeting. The positive jobs report that was released following Yellen’s remarks caused many observers to say that the Federal Reserve’s first interest rate increase in almost a decade is practically inevitable.

However, there are several reasons to doubt that the Fed will increase rates anytime in the near future. One reason is that the official unemployment rate understates unemployment by ignoring the over 94 million Americans who have either withdrawn from the labor force or settled for part-time work. Presumably the Federal Reserve Board has access to the real unemployment numbers and is thus aware that the economy is actually far from full employment.

The decline in the stock market following Friday’s jobs report was attributed to many investors’ fears over the impact of the predicted interest rate increase. Wall Street’s jitters about the effects of a rate increase is another reason to doubt that the Fed will soon increase rates. After all, according to former Federal Reserve official Andrew Huszar, protecting Wall Street was the main goal of “quantitative easing,” so why would the Fed now risk a Christmastime downturn in the stock markets?

Donald Trump made headlines last week by accusing Janet Yellen of keeping interest rates low because she does not want to risk another economic downturn in President Obama’s last year in office. I have many disagreements with Mr. Trump, but I do agree with him that the Federal Reserve’s polices may be influenced by partisan politics.

Janet Yellen would hardly be the first Fed chair to allow politics to influence decision-making. Almost all Fed chairs have felt pressure to “adjust” monetary policy to suit the incumbent administration, and almost all have bowed to the pressure. Economists refer to the Fed’s propensity to tailor monetary policy to suit the needs of incumbent presidents as the “political” business cycle.

Presidents of both parties, and all ideologies, have interfered with the Federal Reserve’s conduct of monetary policy. President Dwight D. Eisenhower actually threatened to force the Fed chair to resign if he did not give in to Ike's demands for easy money, while then-Federal Reserve Chair Arthur Burns was taped joking about Fed independence with President Richard Nixon.

The failure of the Fed’s policies of massive money creation, corporate bailouts, and quantitative easing to produce economic growth is a sign that the fiat money system’s day of reckoning is near. The only way to prevent the monetary system’s inevitable crash from causing a major economic crisis is the restoration of a free-market monetary policy.

One positive step Congress may take this year is passing the Audit the Fed bill. Fortunately, Senator Rand Paul is using Senate rules to force the Senate to hold a roll-call vote on Audit the Fed. The vote is expected to take place in the next two-to-three weeks. If Audit the Fed passes, the American people can finally learn the full truth about the Fed’s operations. If it fails, the American people will at least know which senators side with them and which ones side with the Federal Reserve.

Allowing a secretive central bank to control monetary policy has resulted in an ever-expanding government, growing income inequality, a series of ever-worsening economic crises, and a steady erosion of the dollar’s purchasing power. Unless this system is changed, America, and the world, will soon experience a major economic crisis. It is time to finally audit, then end, the Fed.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 11/09/2015 - 20:14 | 6770085 Francis Marx
Francis Marx's picture

The Fed will never be audited till everything crashes and burns.

Mon, 11/09/2015 - 20:15 | 6770090 gladius17
gladius17's picture

Fuck you Bernanke...and Yellen.

Mon, 11/09/2015 - 20:22 | 6770119 TeamDepends
TeamDepends's picture

Why didn't you fight harder, Ron? You always talked a good game, but when it was time to go toe to toe....

Mon, 11/09/2015 - 20:24 | 6770126 Seasmoke
Seasmoke's picture

Probably because He likes his head attached to his neck.

Mon, 11/09/2015 - 23:15 | 6770781 Casey Jones
Casey Jones's picture

Which just proves how much these assholes got us by the shorthairs. They are willing to go that far. Over and over. That's a chilly fucking enemy.

Mon, 11/09/2015 - 20:26 | 6770132 J S Bach
J S Bach's picture

"Does The Bell Toll For The Fed?"

No... the only sound is the cha-ching of the cash register.

Mon, 11/09/2015 - 20:25 | 6770133 hxc
hxc's picture

The guy did run for president, ya know...

Mon, 11/09/2015 - 20:50 | 6770234 TeamDepends
TeamDepends's picture

Um yeah, we were delegates for him in 2008. Incompetent campaign leadership, money, MSM snubbing, there was always some excuse. During the debates he had several chances to upset the apple cart, but never did. People would have noticed.

Mon, 11/09/2015 - 21:21 | 6770319 Billy the Poet
Billy the Poet's picture

During the debates he had several chances to upset the apple cart, but never did. People would have noticed.

 

If this isn't upsetting the apple cart I don't know what is.   And people noticed. Giuliani certainly noticed. The beautiful part is the way Dr. Paul upsets the cart simply by pointing out in a rational, convincing way that the cart is a broken down piece of crap. Look at how calm and focused he remains despite the vicious attacks against him. And remember this took place while hundreds of American soldiers were still being killed in Iraq each year and the war fever was still high.

 

https://www.youtube.com/watch?v=mDND5tcUFoI

 

This includes one of my favorite Ron Paul moments.

 

"No! I'm saying we should take our marching orders from the Constitution!"

https://www.youtube.com/watch?v=zGyk4TbEiaI

Mon, 11/09/2015 - 21:35 | 6770389 Anonymous User
Anonymous User's picture

Ron Paul is a gentleman talking to a herd of sheep. Even if he were yelling as loud as hell, the sheep woulnd't have understood him.

You need to talk sheep, something people like Trump do. 

Mon, 11/09/2015 - 21:42 | 6770415 Billy the Poet
Billy the Poet's picture

I understood him. Did you understand him? Ron Paul gave listeners some moments of clarity when he discussed war and economics. That's why the Republican party and the media had to marginalize him.  Everything he said about supposedly difficult subjects that had afflicted the US for so long sounded so obvious and reasonable that it was imperative that he not be heard.

Mon, 11/09/2015 - 22:39 | 6770649 Implied Violins
Implied Violins's picture

He's another one of those guys that always seemed to speak truth and came across as a voice of reason. He probably even believes in what he says. But the PTB always have a few people like that hanging around, sort of controlled opposition, to spout drivel that the sheeple will buy up to make it look like - hey, this guy is right on, maybe government really does represent me and work is getting done!

But alas, the words never amount to anything but a pressure valve for people's stress; nothing they ever say or do comes to pass; and we become even more fucked than ever before. And yes: I think that is also Donald Trump's role today - give a voice to people who are upset so they can vent that energy into useless 'hope and change' instead of REAL action that will actually get things done.

Mon, 11/09/2015 - 22:46 | 6770681 Billy the Poet
Billy the Poet's picture

I'm not one of those people who believes that anyone who ever said something truthful is secretly a shill for the cabal. And there's simply no comparison between Dr. Paul and Donald Trump -- not in substance, not in style and not in the role each one plays.

Mon, 11/09/2015 - 23:01 | 6770736 Implied Violins
Implied Violins's picture

No, but the PTB often do target people with certain beliefs/charisma/attitude etc. and use them to their benefit. People who truly believe what they say, if it meshes with their plans, are the best candidates for furthering their goals because they are believable. And, after this crash occurs, I believe they will thrust someone like Mr. Paul up front, saying 'he was right!', and we will go to a gold-based, non-FED dollar...*after* the banksters have otherwise wrapped up the destruction of America and furthered their aim of globalism.

As for Trump, he is voicing a lot of what people want to hear, as does Paul, though in different arenas. I think he is just a release valve, as Mr. Paul was in previous elections.

Mon, 11/09/2015 - 23:53 | 6770913 Billy the Poet
Billy the Poet's picture

Downgrading Dr. Paul from gate keeper to useful idiot doesn't help matters.

 

I believe they will thrust someone like Mr. Paul up front, saying 'he was right!', and we will go to a gold-based, non-FED dollar...*after* the banksters have otherwise wrapped up the destruction of America and furthered their aim of globalism.

 

I don't see that happening.  The globalists want a currency with less substance not more substance. When the globalists get their way confidence in money, government or anything else will no longer be an issue.

Tue, 11/10/2015 - 00:10 | 6770961 Implied Violins
Implied Violins's picture

They'll still want an enamored populace that happily embraces their new slave status. In fact, their goal is to make things so horrible that we ASK them to save us, and then they will present their solution - which they had from the start, of course: the NWO and one world currency. But to sell it, they will want people in leadership positions who the populace will accept as legitimate authorities, sharing their interests. Hence, Mr. Paul.

As for the money scheme - from what I have read, there may eventually be an American dollar for local consumption, and the SDR for international business. The USD will be worth a fraction of the SDR, but will be OK for domestic purposes.

Anyway, thanks for the debate. I always appreciate the thinkers on this site, and I always learn something from the interactions. Have had to eat a lot of crow, but that's a good thing: I'm already acclimated to life after the fall.

Tue, 11/10/2015 - 00:38 | 6771014 Billy the Poet
Billy the Poet's picture

I'm already acclimated to life after the fall.

 

Let's hope it's not a hard winter.

Mon, 11/09/2015 - 23:30 | 6770844 greenskeeper carl
greenskeeper carl's picture

Ron Paul was not attempting to make people think " gee maybe the government is looking out for me". He said the exact opposite, many times. He even had a placard on his desk that said 'don't steal, the government hates competition". His goal was not to make people trust the government.

As to the rest of it, most Americans are fucking idiots who aren't able to wrap their little minds around the complex issues he would try explaining. They need someone who talks like them. That's why Donald trump is so popular, he speaks simply, sounds just like the average dumbass American voter, and speaks in carefully planned sound bites that are easy for people to memorize and repeat. Sound bites that have no basis in reality, as most of what trump says is utter nonsense, much of it dangerous nonsense.

Mon, 11/09/2015 - 23:44 | 6770895 Implied Violins
Implied Violins's picture

Paul's presence in congress made many people feel that there was someone there who really did care, and who had their interests in mind. And maybe he did, and yet does. There are always a few people like that in congress and the senate, some who really do speak as a representative of the people. The illusion that 'government works' has to be held up after all, and Mr. Paul has a following that believe in what he says and that he can make a difference. That's what I was implying. And the PTB may yet 'use' him (or someone like him) after the crash, when government will be blamed for everything, as someone who was 'right' and who the public will trust to rebuild behind.

As for Trump, you are dead on. I don't trust that snake for anything.

Tue, 11/10/2015 - 00:01 | 6770936 Billy the Poet
Billy the Poet's picture

I'll admit to a bit of hero worship for Dr. Paul and that's despite the fact that I'm an anarchist at heart. My affection for the man has nothing to do with his position in government but rather his adherence to sound principles and fearless pursuit of the truth as he sees it.  For a congressman he was truly unique in that regard. More's the pity.

Tue, 11/10/2015 - 00:18 | 6770977 Implied Violins
Implied Violins's picture

I have friends who feel as you do towards Dr. Paul (I keep shorting him; he deserves those initials). I've had a lot of discussions like this with them, and have learned much from them, including reading the greats that Paul must have learned from: Rothbard and Rockwell, Sutton, Quigley, Mises, etc. and I agree, his ideas have a lot of merit. I have just learned a degree of skepticism for government - especially after being burned by Mr. "Hope and Change," and have begun holding EVERYONE up to the light. Maybe that's not a healthy way to approach life, but when you are dealing with psychopathic leadership, EVERYTHING needs to be examined. But I do believe Dr. Paul is the real deal; he just came along at a particularly...interesting...time in history.

Tue, 11/10/2015 - 08:19 | 6771530 herkomilchen
herkomilchen's picture

Strong arguments on both sides, bravo.  Arguably the only principled way to send the right message is not to get into politics.  But then no one listens to your political message.

If the crowd keeping TPTB in place are brainwashed into only considering political ideas in the context of a campaign and implicit sanction of the existing system, then donning those silly politician robes and walking the walk as part of successfully opening eyes to the farce of the whole thing makes some sense.

Tue, 11/10/2015 - 03:03 | 6771251 Tall Tom
Tall Tom's picture

Far too many did not understand him Billy the Poet. Far too many. And many of the ones who did understand him considered him as a threat to be silenced at allcosts if necessary.

 

I am pleased that he was not elected President as he would have been shot...(Just like Reagan was shot...and then Reagan had to follow the prders of Bush Family Line, and the CIA, in order to stay alive.)

 

There is NO POLITICAL SOLUTION. I know that you are hoping for one. 

 

But you will get true freedom when you abandon all of your hopes. Give freedom a chance. It ain't all that bad...It comes from within. Stop searching for it on the outside.

Tue, 11/10/2015 - 10:24 | 6771918 Billy the Poet
Billy the Poet's picture

There is NO POLITICAL SOLUTION. I know that you are hoping for one.

 

No I'm not. I'm just hoping for the crash to occur while I'm still relatively young (too late!).

 

Give freedom a chance. It ain't all that bad...It comes from within. Stop searching for it on the outside.

 

That was the best lesson I learned from Dr. Paul.

Tue, 11/10/2015 - 09:04 | 6771629 Slomotrainwreck
Slomotrainwreck's picture

A shame that he is "too old" to be president, according to MSM.

Mon, 11/09/2015 - 20:37 | 6770177 negative rates
negative rates's picture

His competition was sick, and thick as a brick.

Mon, 11/09/2015 - 21:48 | 6770425 Give up. Realit...
Give up. Reality is not scientific nor even mathematical.'s picture

I never supported Ron Paul.  He was all for the destruction of the poker-face-quality of ther FED with his audit-the-FED cliche, but he never once said what his instruction would be to the FED had he been elected president.  Ron paul would have been worse than Barack Obama.  I despise Obama, because he's really just a mamby-pamby socialist who is unable to do almost anything in office without contacting his handlers first.  But Ron Paul would have been worse, of that I am convinced.  The Libertarians are fruitcakes on a mission.  Stand back.

I never supported Mitt Romney either, though I supported George Romney his father.  George Romney was one the country's first billionaires.  And Mitt Romnwey has done little more with the money his father left him, than simply watch as Wall Street hoodwinked him repeatedly.  Wall Street hustlers having left Mitty with but $300 million, Mitt Romney is a mere pauper compared to the fortune his father left him.  It was the very same Wall Street that told Mitty, "Run, Mitt, Run!"  And behind his back muttered, "Run, you dumb ass!"

Does the bell toll for the FED?  It's doubtful.  No, it's really much more like, impossible.

The real question is, can China sidestep the sea change that the FED is doubtlessly going to unleash?  For if not, the bell tolls for China.

And I honestly think that has been the inescapable game plan all along.  Just as China is trying desperately to stay focused on looking up, the sword of Damocles is going to drop right down their gullet and disembowel the Chinese manufacturing miracle completely.  It's really already happening.

One hundred years ago, the Chinese still bound their women's feet, a practive which left their women almost unable to walk.  In terms of Chinese history, it's really not that long a period of time.  Some jackasses here think China is an effective meritocracy.  It just goes to show ya, P.T. Barnum was abso-loot-ely right about suckers.

Mon, 11/09/2015 - 22:54 | 6770711 StateofFraud
StateofFraud's picture

"but he never once said what his instruction would be to the FED had he been elected president."

Read his book, "End the Fed" and then try again.

Mon, 11/09/2015 - 23:33 | 6770852 greenskeeper carl
greenskeeper carl's picture

No shit, where has this guy been? He wrote an entire book on 'ending the fed' I don't know how much more clear RP could have been with his plans.

Mon, 11/09/2015 - 22:55 | 6770715 acetinker
acetinker's picture

You're wrong dude, just wrong.  RP said that we should audit the Fed and then, abolish it.  No further instruction needed.

Oh, and since you jumped from there to China through your own personal wormhole in the space-time continuum-

China's mistake was to believe the lie that the American consumer could/would endlessly take on debt, fueling perpetual growth in exports.

As Otter explained to Flounder, "You fucked up, you trusted us."

All that aside; You have stumbled into a room filled with the smartest people you're likely to ever meet (myself excluded).

So, in the most repectful way, my advice to you is STFU!

Listen and learn.

Tue, 11/10/2015 - 04:22 | 6771313 jcdenton
jcdenton's picture

Why? Perhaps Gordon Duff, who was to be recruited as Paul's Chief of Staff can answer ..

https://app.box.com/s/769a4o7oixga7au2iz0a7nnxouicngrq

Gordon Discusses Romney and Dr. Paul 11_01_2012.mp3

 

Why? Because Dr. Paul simply did not TRUST enough of us, to follow through with him upon his election. It is not about the POTUS. It never is. It is about "the consent of the governed."

Perhaps we are ready now? As it stands now, the election system is broken. The only way Dr. Paul will ever get the mantle of POTUS, is via being appointed provisional POTUS after a benevolent [military] coup. The data is in that he did in fact win the GOP nomination in 2012. The numbers show that he would have prevailed over Soetoro. Perhaps it is not too late, and we are in for one big surprise.


Tue, 11/10/2015 - 06:13 | 6771400 Big_Hitman
Big_Hitman's picture

My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... www.wallstreet34.com

Mon, 11/09/2015 - 20:19 | 6770106 BiPolarFrenchman
BiPolarFrenchman's picture

It's up to WE THE PEOPLE to end the Fed.  It won't happen from DC, for our benefit.  

 

 

Mon, 11/09/2015 - 21:23 | 6770357 Billy the Poet
Billy the Poet's picture

It's up to WE THE PEOPLE to end the Fed.

 

Agreed, but if we do it, we'll do it as individuals and not as that fictitious entity called "The People" which was created for no other reason than to give an excuse for the tender mercies of government.

Mon, 11/09/2015 - 23:38 | 6770871 acetinker
acetinker's picture

Billy-

Could be I'm just gettin' sentimental in my old age, but I just wanted to say that you have a way of articulating a complex thought process via an extreme economy of words.

Kudos!

Tue, 11/10/2015 - 00:04 | 6770950 Billy the Poet
Billy the Poet's picture

Thank you, acetinker. I appreciate that.

Mon, 11/09/2015 - 20:21 | 6770111 i_call_you_my_base
i_call_you_my_base's picture

I'm not sure the fed is "political" in nature beyond the fact that the FOMC members, including Yellen, want a high six-figure job at virtu or citadel after their terms.

I also think the numbers will be fudged negative to provide cover to the no rate rise. Or there will be another asia downturn to force the situation in favor of banks (no raise).

Mon, 11/09/2015 - 20:21 | 6770115 ultraticum
ultraticum's picture

END the Fed!

Mon, 11/09/2015 - 20:22 | 6770122 Salah
Salah's picture

"rube-bait" for goldbugs.  The Fed just has to bump i-rates, AND WILL, now that they've discovered (Oh, the Horror!) of $9 trillion, in off-shore, unsanctioned carry-trade.

2016 election year! time for the old "Mexican Presidential Shit-Flush" to be worked on the American boobgeoisie 

Mon, 11/09/2015 - 20:28 | 6770142 Salsa Verde
Salsa Verde's picture

The FED answers to nobody.

Audits and accountability are for little people.

Mon, 11/09/2015 - 20:39 | 6770185 negative rates
negative rates's picture

Providence will take down the fed like NOBODYS busness.

Mon, 11/09/2015 - 20:30 | 6770152 sschu
sschu's picture

The only way to prevent the monetary system’s inevitable crash from causing a major economic crisis is the restoration of a free-market monetary policy.

Sorry Ron, not true:

‘There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.’  Von Mises.

 

Oh if were as easy as just adopting a "free market".  Even the criminal banksters would have done this if they thought it would keep them in power.  Now their only option is to prepare for the worst and hope they can avoid the guillotine.  Some of them might.

sschu 

 

Mon, 11/09/2015 - 21:58 | 6770449 Billy the Poet
Billy the Poet's picture

The Mises quote is welcome but note that Ron knows that and has used that quote himself on occasion. Ron has always been an upbeat guy for a doomer so he's probably thinking in terms of preparing a better system that can sustain an economy after the crash so that once we are in the inevitable frying pan we don't get summarily dumped into the fire.

 

Oh if were as easy as just adopting a "free market".  Even the criminal banksters would have done this if they thought it would keep them in power.

But that's like saying that Superman would eat Kryptonite if he thought it would keep him alive. The Fed couldn't exist in a free market because free markets allow competition in banking and free markets have no legal tender laws (legal tender laws did not come into effect in most places until around the turn of the last century and contracts could still be written to be payable in gold until FDR did his thing).

 

Mon, 11/09/2015 - 22:16 | 6770547 sschu
sschu's picture

Agree with what you are saying, so I am not trying to argue.

But Paul in this article clearly gives the impression that we can "free market" our way out of a collapse.  Not sure we can.

Hence the "quotes" around free market as we know if this was the banksters choice it would only be based upon them retaining power for future looting.  This is not the same "free market" that we would all prefer.

sschu

Mon, 11/09/2015 - 22:34 | 6770618 Billy the Poet
Billy the Poet's picture

Well, I was looking for an argument but you had to go and be so damned reasonable. Quiet night around here. As far as free markets go, it couldn't hoit.

Tue, 11/10/2015 - 03:12 | 6771261 Tall Tom
Tall Tom's picture

Fuckin' Agreement Club!!!

Tue, 11/10/2015 - 10:25 | 6771924 Billy the Poet
Billy the Poet's picture

They must have put something in the water yesterday. Or took something out of the water.

Mon, 11/09/2015 - 22:30 | 6770159 Demdere
Demdere's picture

 

No, not for the Fed.  For the entire Status Quo.

As power has consolidated, centralized, the compromises locked their political futures together.  Supporters of the Fed are not just banksters, but all of government and the entire world of finance now depend on things working the way the Fed makes them work.  That includes all of the corporations that borrowed $ to buy back their stocks.  Raising the interest rate will hurt those companies, impair the performance of the banks, the cascade of failure that will result from an unexpected failure to pay a bond will take down the system.  The whole system.

Do they seriously think we are going to allow 'so sorry, it was the Fed'  All gone, back to normal'?  When US government bonds have defaulted and SSI checks are worth a loaf of bread?  It was their system, entirely controlled by our Progressives of the Left and the Right.  Their system is failing dismally, as we have told them it was destined to do, since before America had an empire.

Pitchforks, I think.

https://thinkpatriot.wordpress.com/2015/11/09/oil-is-the-excuse/

More on this topic soon.

Mon, 11/09/2015 - 20:39 | 6770183 blindman
blindman's picture

Donne's early career was also notable for his erotic poetry, especially his elegies, in which he employed unconventional metaphors, such as a flea biting two lovers being compared to sex.[11] In Elegy XIX: To His Mistris Going to Bed, he poetically undressed his mistress and compared the act of fondling to the exploration of America. In Elegy XVIII, he compared the gap between his lover's breasts to the Hellespont.[11] Donne did not publish these poems, although he did allow them to circulate widely in manuscript form.[11]

... any mans death diminishes me, because I am involved in Mankinde; And therefore never send to know for whom the bell tolls; It tolls for thee..

—?Donne, Meditation XVII[20]
Some have speculated that Donne's numerous illnesses, financial strain, and the deaths of his friends all contributed to the development of a more somber and pious tone in his later poems.[11] The change can be clearly seen in "An Anatomy of the World" (1611), a poem that Donne wrote in memory of Elizabeth Drury, daughter of his patron, Sir Robert Drury of Hawstead, Suffolk. This poem treats Elizabeth's demise with extreme gloominess, using it as a symbol for the Fall of Man and the destruction of the universe.[11]
.
https://en.wikipedia.org/wiki/John_Donne

Mon, 11/09/2015 - 22:02 | 6770472 Billy the Poet
Billy the Poet's picture

Donne is wonderful but did I miss something? What's the connection?

Mon, 11/09/2015 - 22:06 | 6770496 blindman
blindman's picture

for who the bell tolls,
you cannot miss that.
.
http://www.smh.com.au/business/banking-and-finance/nugan-hand-bank-myste...

Mon, 11/09/2015 - 22:15 | 6770545 Billy the Poet
Billy the Poet's picture

After reading your comment I scanned the article but missed the title. Hell, even a blind man could see it!

Mon, 11/09/2015 - 20:45 | 6770191 THE DORK OF CORK
THE DORK OF CORK's picture

The destruction of state sponsored usury and the restoration of private usury is not freedom and is most certainly not Christian. 

 

This little funker will take you down another few levels of Hell.

Mon, 11/09/2015 - 22:05 | 6770492 Billy the Poet
Billy the Poet's picture

In a free market being subject to usury or not is your choice.

Tue, 11/10/2015 - 07:18 | 6771440 THE DORK OF CORK
THE DORK OF CORK's picture

No its not!!!!! 

Why the hell do you believe in such nonsense? 

It's only freedom for the usury merchants

 

Read Hillaire Bellocs The Servile State

 

ide 

Tue, 11/10/2015 - 10:27 | 6771929 Billy the Poet
Billy the Poet's picture

Yes it is! When you have freedom of choice you make the choice! Unless you choose to get screwed you won't get screwed! Your arguments against freedom are lame! People own their own bodies!

Mon, 11/09/2015 - 20:41 | 6770193 seek
seek's picture

I have to disagree with Dr. Paul on this one. There's no preventing the crash.

They could announce a move to truly free markets tomorrow and enable competing currencies, and it'd probably trigger the collapse that is inevitable anyway.

We have a truly insurmountable pile of debt incurred under the manipulated system, and changing the system without eliminating the hangover from damaged caused by the Fed's central planning just guarantees failure. Heck, they might just do it to so they can let "capitalism" be the fall guy for everything.

No, our future is an economy and country that's a smoking ruin. After that takes place, perhaps we can get back to the fundamental principles Paul is advocating, but not before.

Mon, 11/09/2015 - 20:59 | 6770272 NoBillsOfCredit
NoBillsOfCredit's picture

True but he can't be called a domestic Terr0r1st if he tells the complete truth!

Mon, 11/09/2015 - 21:19 | 6770337 Mirv
Mirv's picture

I agree with New Seek, but there are always alternatives and from the viewpoint of technology things truly are never the same.  Small resilient community development with competing currencies is a better solution and more importantly, can start NOW and proceed without a crash and burn to clear the forest first.   Our technology and the internet potentiates resilient food and energy at the community level, where we dont care about bankers and their politician puppets anymore.

Mon, 11/09/2015 - 22:26 | 6770575 gcjohns1971
gcjohns1971's picture

Not so sure.

World financial arrangements have tremendous momentum.

I would say it is possible, though very, very highly unlikely that they could end the Fed, institute competing currencies, and have only 'A crash' vice 'THE Crash".

How?

By swapping FRN's for Treasury Notes, and then changing the (still current) peg of the Dollar to gold from the current value of $42.22/oz to a value where the Treasury's booked Gold was capable of backing the currency at the Traditional 40%.

Of Course... 90% sure that ALL of that Gold is leased out, 10% sure that only part of it is leased out.

STILL... no one else has a measurably better position except, MAYBE, Russia, as a single nation...and the world at large is much worse.  Hence for a period of decades everyone may know of a certainty that the gold is leased out, but nonetheless be willing to look the other way.

BUT, of course, as a simple matter of halting the inflationary policies of the Fed most commerical international banks are going to collapse.

And huge portions of world trade will collapse.

Totally collapse.

YET, that is still 'A collapse' vice "THE Collapse".

The collapse we are going to get other wise will make the fall of Rome look like a gentle slide into barbarism.  Unfortunately due to the total and complete absence of a numeraire independent of counterparty risk we have a situation where all economic assets can literally go to zero.    Without a counterparty-less numeraire there is nothing to stop the eventual deflation (whether or not we have inflation and hyperinflation first) from taking out all the currencies...and hence the entire pricing system such that all world trade other than barter will come to a screeching halt.

The cities will be unable to sustain 1/10th their current populations.  And there will be rampaging masses of angry humanity wiping each other out in a massive population reduction event.

Sure, the bankers have militarized Police and applied to this or that Oligarch for protection where they are unable to provide it to themselves.  But they are vastly underestimating the scale of the chaos they have wrought, because they are still using a national mental paradigm while we have long since moved to a global and interconnected economy.

They won't get the Orwellian or Huxleian Distopia they want.

They'll get Mad Max.

Restoring a numeraire immediately really is the only alternative.   In that environment, competitive currencies are going to be a fact that no authority will be able to gainsay.

Mon, 11/09/2015 - 22:41 | 6770659 Demdere
Demdere's picture

I am sorry to have to agree with you.

The only short-cut I can see would be a new political party "USA 2.0" that simply replaces the old country's government.  It is in receivership with courts wrapping everything up.  New country starts fresh, no obligations carry over, including all the rest of the country not part of the original 13 colonies.  People have to decide to rejoin and under what conditions.

That could short-cut the failure stage, but would need a lot of solid people fast to get behind it.

Reform is a simple thing, we can easily restart the economy, just stop the taxes and regulations.

https://thinkpatriot.wordpress.com/2015/10/27/military-priorities/

Mon, 11/09/2015 - 20:48 | 6770215 THE DORK OF CORK
THE DORK OF CORK's picture

Without a national credit office you will be forced to engage in mercantalism so as to gain money tokens.

This will be the end.

Take it from me.

Do you want to become another Europe? 

Mon, 11/09/2015 - 22:08 | 6770509 Billy the Poet
Billy the Poet's picture

The US economy and American's standard of living did damned well between the time of the Second Bank and the Fed.

Tue, 11/10/2015 - 07:13 | 6771438 THE DORK OF CORK
THE DORK OF CORK's picture

Read, Jack London's - The Road..

 

 

 

 

Tue, 11/10/2015 - 10:30 | 6771937 Billy the Poet
Billy the Poet's picture

I'll go with the experiences of my own family, history and statistics rather than depend on Mr. London.

Mon, 11/09/2015 - 20:48 | 6770218 FrankieGoesToHo...
FrankieGoesToHollywood's picture

Even if it does pass, who would trust the report? They prob would have the people from labor statistics crunching the Numbers

Mon, 11/09/2015 - 20:50 | 6770229 Flying Wombat
Flying Wombat's picture

Secrets of the Federal Reserve: American Wealth Destroyed by Currency Coup From Within

TND Guest Contributor: Aaron Dykes | Truthstream Media

Follow-up context by Eric Dubin

http://thenewsdoctors.com/?p=537046

Mon, 11/09/2015 - 20:51 | 6770240 Omega_Man
Omega_Man's picture

need a new 

Kristallnacht
Mon, 11/09/2015 - 20:59 | 6770268 TuPhat
TuPhat's picture

I voted for Ron but I think he has bought into the theater of the absurd for this article.  He doesn't seem to understand who controls who.  The show they have been putting on for years is not the same as reality.  They can raise interest rates whenever they want.  It all depends on when they want to pull the pin and cause the crash.  When their banker friends are positioned to profit they'll do it.

Mon, 11/09/2015 - 21:29 | 6770373 arby63
arby63's picture

The Fed can't stop because when they do the music stops. The entire economy has morphed into a gian ponzi scheme. The hosts are dying and the music will stop soon enough. 

Mon, 11/09/2015 - 21:38 | 6770401 arby63
arby63's picture

The Fed can't stop because when they do the music stops. The entire economy has morphed into a gian ponzi scheme. The hosts are dying and the music will stop soon enough. 

Tue, 11/10/2015 - 09:29 | 6771701 Refuse-Resist
Refuse-Resist's picture

Double Upvote!  Play it again Sam!

Mon, 11/09/2015 - 21:00 | 6770274 arby63
arby63's picture

The damage is done. The coals are brewing and Americans in general are poor and getting poorer. 

Mon, 11/09/2015 - 21:00 | 6770275 WTFUD
WTFUD's picture

The Tide is High but i'm Holding On . . . .

Mon, 11/09/2015 - 21:08 | 6770303 Vlad the Inhaler
Vlad the Inhaler's picture

The free market is the answer eventually, but the short term deflation needed to get back to "normal" would be political suicide.  So in the interim we need demand side stimulus.

Mon, 11/09/2015 - 21:14 | 6770320 Aquarius
Aquarius's picture

http://verbewarp.blogspot.com.au/2015/10/its-not-economy-stupid-its-econ...

 

http://verbewarp.blogspot.com.au/2015/03/fiat-currency-and-human-behavio...

 

http://verbewarp.blogspot.com.au/2011/02/economic-heresy.html

 

http://verbewarp.blogspot.com.au/2011/08/delusional-economics.html

 

And about CIA Operations: Finally sprung:

http://www.smh.com.au/business/banking-and-finance/nugan-hand-bank-mystery-michael-hand-found-living-in-the-united-states-20151107-gkthas?utm_source=twitter&utm_medium=social&utm_campaign=nc&eid=socialn%3Atwi-13omn1677-edtrl-other%3Annn-17%2F02%2F2014-edtrs_socialshare-all-nnn-nnn-vars-o%26sa%3DD%26usg%3DALhdy28zsr6qiq

 

Mon, 11/09/2015 - 21:50 | 6770429 thebigunit
thebigunit's picture

Yes, but ...

restoration of a free-market monetary policy.

I'm pretty well convinced that Ron Paul is right about this, but ...

Does anyone know what a "free-market monetary policy" looks like?

Probably no one alive today has ever seen a "free-market monetary policy".

Mon, 11/09/2015 - 22:57 | 6770725 Billy the Poet
Billy the Poet's picture

Does anyone know what a "free-market monetary policy" looks like?

No legal tender laws and contracts payable in any form determined by the parties involved.

 

Probably no one alive today has ever seen a "free-market monetary policy".

You could check with Willard Scott on that.

Wed, 11/11/2015 - 20:12 | 6779548 thebigunit
thebigunit's picture

Interesting.

No legal tender laws and contracts payable in any form determined by the parties involved.

People would go crazy trying to figure out what is trustworthy money.  Money scammers would be more numerous than internet scammers.

Eventually, a few trusted "brands" of money would emerge, but the battle against counterfeiters would be never ending.

Some form of monetary "regulation" is probably a necessary evil.

Mon, 11/09/2015 - 21:56 | 6770453 Chupacabra-322
Chupacabra-322's picture

Allowing a secretive central bank to control monetary policy has resulted in an ever-expanding government, growing income inequality, a series of ever-worsening economic crises, and a steady erosion of the dollar’s purchasing power. Unless this system is changed, America, and the world, will soon experience a major economic crisis. It is time to finally audit, then end, the Fed.

Ron,

You forgot to mention it's also created a Totalitarian Authoritarian Fascist Police State as well.

Mon, 11/09/2015 - 22:19 | 6770497 RMolineaux
RMolineaux's picture

Dr. Ron Paul (who is a medical doctor by training) has stated that he wiishes to "restore a free market monetary policy."  But he does not go into any detail about how this might be done.  Let me suggest some possibilities:

1.  Restore the system in existence prior to the establishment of the Fed in 1913, in which each commercial bank could issue their own notes, based on the full faith and credit OF THAT BANK, to pay the bearer on demand with legal currency (gold and silver).  This could be supplemented by the Treasury's issuance of United States Notes (but that would also be fiat money). 

2.  Outlaw all paper (fiat) currency and use only gold and silver as the legal tender.  Banks would then become mere depositories of these metals.  The value of all such coins would be determined by the "market."  Accounts and invoices would be stated in ounces or grams of each metal.  

3.  Discontinue the issuance of Federal Reserve Notes (since there will be no Federal Reserve) and authorize the Treasury to issue gold and silver certificates in proportion to its own holdings, as well as United States Notes as needed to maintain reasonable price levels in the economy.  

The biggest problem, of course, would be what to do with the enormous balances in banks and in debt instruments that are currently denominated in dollars.  

Mon, 11/09/2015 - 22:20 | 6770566 PoasterToaster
PoasterToaster's picture

Those balances are creatures of the imagination.  Doesn't seem like it would be too hard to figure out what to do with them.

Mon, 11/09/2015 - 23:31 | 6770845 VWAndy
VWAndy's picture

Barter is how fiat dies. Dance around it all ya want. Fiat is slavery.

 

Tue, 11/10/2015 - 01:29 | 6771105 hedgiex
hedgiex's picture

Free markets need Umpires. No such jobs around

Tue, 11/10/2015 - 03:06 | 6771258 AdolfSchicklgruber
AdolfSchicklgruber's picture

What's with all the tip toeing around the Ron Paul criticism in these comments? Everyone seems afraid they will anger their near perfect demi-god who would fix everything if we gave him the keys to the kingdom. People thought of Reagan the same way and look what he left us...ten years of plenty followed by 9/11. Ron Paul may say some smart things but to the average voter he sounds like somebody's crazy uncle who lives in mom's basement (I have one of those and he loves Ron). Anyway, I think its HIGHLY possible that Ron is controlled opposition which is why he's never been able to legislate any of his reforms or go anywhere as a presidential candidate. If we are honest...he's really had ZERO effect in terms of delaying the impending collapse. I know I'll get 4394893 downvotes for daring to speak against Heir Paul but come on guys...

Do NOT follow this link or you will be banned from the site!