Watch Ron Paul Hearing On "Legislation To Reform Fed And Other Alternatives"

Tyler Durden's picture

We skipped the first part of today's hearing by the Ron Paul-chaired Domestic Monetary Policy and Technology Subcommittee titled “Improving the Federal Reserve System: Examining Legislation to Reform the Fed and Other Alternatives” as one of the two panelists was Barney Frank, which immediately meant it would be a complete and utter waste of time, and everyone would walk away far dumber from it, with god likely not having mercy on anyone's soul. The second part however promises to be far more interesting featuring such names as John Taylor (not the FX Concepts Taylor or the musician), Peter Klein, James Galbraith and Alice Rivlin. While everyone knows wha has to be done about the Fed, the likelihood that this will happen before the Big Reset is zero, but at least people can talk, dream and speculate. Watch the live webcast for more of the latter.

Panelists and their prepared testimony below:

  • Dr. Jeffrey M. Herbener, Chairman, Economics Department, Grove City College
  • Dr. Peter G. Klein,
    Associate Professor, Applied Social Sciences and Director, McQuinn
    Center for Entrepreneurial Leadership, University of Missouri
  • Dr. John B. Taylor,
    Mary and Robert Raymond Professor of Economics, Stanford University and
    George P. Schultz Senior Fellow in Economics, Hoover Institution
  • Dr. James K. Galbraith, Lloyd M. Bentsen, Jr. Chair in Government/Business Relations, LBJ School of Public Affairs, University of Texas at Austin
  • Dr. Alice Rivlin, Senior Fellow, Economic Studies, Brookings Institution, and former Vice Chair, Federal Reserve Board of Governors

Click on link for live webcast:

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Dead Canary's picture

We are as private parts to the Gods. They play with us for their sport.

GetZeeGold's picture


Crap if I'd known Ron was going to talk about that today I would have taken more money out of my checking account for the trip to the coinstore.

Cognitive Dissonance's picture

Unfortunately a pain greater than simply economic must strike before people become willing desperate to do what needs to be done. The only reason the can gets kicked down the road is because the majority of us want it to be kicked.

When this is no longer the case the Fed in its present form will be dead. But not before most of the middle class wealth has been extracted and converted to the financial elite.

Sadly we are our own worst enemy. We are still enamored by our false hopes which are helpfully promoted by those who stand to benefit.

AlaricBalth's picture

The majority are oblivious to the fact that a can even exists. Self-deception is pervasive in our society.
"There is an almost gravitational pull toward putting out of mind unpleasant facts. And our collective ability to face painful facts is no greater than our personal one. We tune out, we turn away, we avoid. Finally we forget, and forget we have forgotten" WHY WE STICK OUR HEADS IN THE SAND
By Zick Rubin; Zick Rubin is the Louis and Frances Salvage Professor of Social Psychology at Brandeis University and the author of ''Psychology: Being Human.''
Published: June 16, 1985

Vince Clortho's picture

"... Sadly we are our own worst enemy".


Make no mistake.  The worst enemy of 99% of the life forms on this planet are the parasitical Central Planners.  Nothing else comes remotely close.

If your point is that a large majority are ignorant of the problem, or that many are too lazy or distracted to respond, I would agree with you.

Never lose focus on the true source of the problem.  And never give the ruthless bastards a free pass.

Cognitive Dissonance's picture

"If your point is that a large majority are ignorant of the problem, or that many are too lazy or distracted to respond, I would agree with you."

Yeah. That. :>)

Blissfully ignorant I might add because the system is designed to encourage precisely that state of mind.....until the piano falls on them that is.

Blankenstein's picture

"The world is a dangerous place.  Not because of the people who are evil; but because of the people who don't do anything about it."


-Albert Einstein

Dr. Engali's picture

Funny how when there is any light brought on the fed the economic terrorists tank the market.

Lord Blankcheck's picture

CSPAN3 feed kept droping out when the hearing began.(unwatchable),this link didn't work either.

GetZeeGold's picture



Something about double secret probation.


It's on now.....must be done talking about the metals.



Zero Govt's picture

Ron Paul helps to re-arrange the deckchairs on the Titanic

...gripping TV, wake me up when they drown as i'd like to take note of Pauls final words capping his worthless (pissing into a hurricane) political career

Seize Mars's picture

You are incorrect. I have concluded that your ability to ascertain worth is bad.

aheady's picture

Can sadly agree with you there, Zero G.

razorthin's picture

Well I will agree that we need a real ATTACK DOG on our side in this circus.  RP is far too cordial when he's in the same room with these idiots.

Zero Govt's picture

you cannot attack Govt through the rigged 'democratic process'

there's only one way to stop Govt, stop feeding the sucker/s

Stop Paying Your Taxes 

wisefool's picture

Go Galt. ... or just dont pay them and maybe one of us zerohedgers will get to be SEC-TRES like Timmah.

Ace Ventura's picture

Been asking ever since this method keeps getting suggested:  HOW does one stop paying taxes?   Still no answer.

Don't get me wrong, I am fully onboard with the idea. Just now certain how it can be done without ending up in prison.

Whiner's picture

You go first. I am behind you.

aheady's picture

Unfortunately, if he were any less cordial, he'd be dead now.

NemoDeNovo's picture

Ron Paul is an anagram for "Our Plan"

Weird huh?



Revert_Back_to_1792_Act's picture

He has been doing it for so long that it might start moving the other way.


tu-ne-cede-malis's picture

And Peter Klein


Fuck you, Galbraith!

NotApplicable's picture

Gailbraith and Rivlin should both have fun!

Blotsky's picture

Talk, and nothing else.


There was a time when I believed something could be done, what an idiot I was.

Seize Mars's picture

It took the founders about four years.

WSMassiv's picture

How else can you educate and agitate?  Do nothing? Watching prime time TV seems to be a good way of protesting the sytem...

I remind my parents that not many things that are actually happening in the world are being broadcast on American news.

Wonder why that is?

NotApplicable's picture

Something can be done, just not by any organized criminal group (even if Dr. Paul can leverage their facade against them). Mob rule, regardless of intent, can never evolve beyond non-thinking action.

Change, social harmony, and all other aspects of life blossom only from the individual, the only entity with the capacity to think, feel and act.


By time the Big Reset happens, most of the congress, economists, and all other cocksucking fed apologists will have gone into hiding or fled the country. 

NotApplicable's picture

Then there's Long Island, last refuge in NE CONUS. I wonder how long they can hold off a siege?

Everybodys All American's picture

Tell them to stop playing with the Russell 2000 index like it's their own personal toy.

hedgeless_horseman's picture



Reform the Fed? 


Wake me when one of them is testifying with a rifle slung over his shoulder.

icanhasbailout's picture

wake me up when they're testifying in leg irons and body armor

razorthin's picture

Galbraith is an asshole like the rest of who tout the "full employment" mandate.  Bang up job they've done if you look at U-6.  And Rivlin with her "inflation controlled" mantra is another shill.  ALL these fukkers need to be taken to the woodshed.  Sorry.

midgetrannyporn's picture

"reform" and "fed", isn't that an oxymoron?

youngman's picture

Ron Paul is talking and gold is going back up...hmmmmmmm

veyron's picture

that, my friend, is one massive jew nose

youngman's picture

I always get some extra part time work at the Winter Olympics.....moveable temporary ski jump

tocointhephrase's picture

Looks like yours is so big, you had to put a bag over your head!

Negro Primero's picture


4-Week Treasury Bill Auction Results


Issue Date: 05/10/2012 -  Maturity Date: 06/07/2012

Price: $99.994167

High Rate:                    0.075%
Investment Rate*:         0.076%

Allotted at High:             60.58%
Total Tendered:             $155,169,689,100
Total Accepted:              $  33,782,069,500

NotApplicable's picture

Why, you'll take those 7.5 basis points and be happy that it isn't any lower!


Meanwhile in 11/2005

"Today, the new rate for the 4-week T-Bill is 3.788%"

Can a brother get a ZIRP?

Revert_Back_to_1792_Act's picture


Facsimilie of Congressional Record:

Senator Glass makes the following statement:

"The only other feature of the currency bill around which a conflict raged at this time was the note-issue provision. Long before I knew it, the President was desperately worried over it. His economic good sense told him the notes should be issued by the banks and not by the Government; but some of his advisers told him Mr. Bryan could not be induced to give his support to any bill that did not provide for a "Government note." There was in the Senate and House a large Bryan following which, united with a naturally adversary party vote, could prevent legislation. Certain overconfident gentlemen proffered their services in the task of "managing Bryan." They did not budge him.... When a decision could no longer be postponed the President summoned me to the White House to say he wanted Federal Reserve notes to "be obligations of the United States." I was for an instant speechless. With all the earnestness of my being I remonstrated, pointing out the unscientific nature of such a thing, as well as the evident inconsistency of it. "
         "There is not, in truth, any Government obligation here, Mr. President," I exclaimed. "It would be a pretense on its face. Was there ever a Government note based primarily on the property of banking institutions? Was there ever a Government issue not one dollar of which could be put out except by demand of a bank? The suggested Government obligation is so remote it could never be discerned," I concluded, out of breath.
         "Exactly so, Glass," earnestly said the President. "Every word you say is true; the Government liability is a mere thought. And so, if we can hold to the substance of the thing and give the other fellow the shadow, why not do it, if thereby we may save our bill?"

NotApplicable's picture

Mixin' tha muthafuckin' Kool-Aid, old skool!

Revert_Back_to_1792_Act's picture

How is it Kool-Aid?  I am a little confused about the inconsistencies I find when researching this subject.  The so-called Federal Reserve Act was known by another name when the bill was signed according to the newspapers of that day.  I have a series 1914 note redeemable in gold that specifically refers to "The Federal Reserve Act and the date it was passed" on the front and Federal Reserve Bank on the back.

I have copies of historical writings which I believe are genuine and follow sound logic warning against the establishment of a Central Bank - for instance;

I have my own experience; when I was younger and honest silver values were still circulating in society - there was much more liberty and much more prosperity.  Those values have been encumbered and drawn out of society.  They are now sitting idle in sock drawers and bank vaults.  The 1965 Coinage Act?

I have the historical observation that paper money is almost always used to finance war - because it is difficult to do so when the money power is in the hands of the people.

This video is excellent on that subject.

What do we have all this history for if no one reads it and uses it to learn from?

So tell me then, how is it Kool-Aid.  I am taking that as a Jim Jones reference - a false belief; that kills. Please elaborate.



NotApplicable's picture

This part.

"And so, if we can hold to the substance of the thing and give the other fellow the shadow, why not do it, if thereby we may save our bill?"

Kool-Aid/Smoke and Mirrors/Dog and Pony Show/etc... It's all about maintainence of the facade at the expense of the truth. Might kill ya if you're in Jonestown, or it might feed ya, if you're in DC.